Weekly Real Estate

When looking to get the most for your dollar with renovations, it is important and a crucial step to finding the right ways of renovation for your property. There are hundreds of things to be renovated and updated in any home to make it feel like a brand new home just with minor but significant changes. In order to make your renovation efficient and effective, you have to decide where to start. Below we discuss the most valuable and cost effective ways of renovation and upgrading.

Painting:
The most important step is painting. The fresh and new coat of paint over the tired and old
walls give a brand new look and helps make things really pop. Compared to other types of improvements, painting is the easiest and most effective way in raising the value of your home by as much as 10%. When it comes to revitalizing your home – it's good to get your hands a little dirty and get involved in the project, but when it comes to painting, the details are critical.
For most houses, you will effectively make your money back by hiring a specialist, and it will
save you precious time and effort. For professionals, one room can be started and finished
within a few hours, with most homeowners trying to complete the same amount of work over a
few days. If you're trying to save a little cash, do the simple things that could save the contractor money, such as removing pictures and nails from the walls, washing down the walls with some soap and water, and removing the boxes around the sockets and light switches. This is going to save you some time, without upsetting your contractor.

Kitchen:

Another significant home improvement project you can do is update your kitchen.
Many buyers find the kitchen the heart of their house and investing money into new
counter tops, nice-looking cabinets, and energy-efficient appliances could make a difference
between paying the top dollar for your home when its time to sell or get less money for it.
The typical return on investment in your kitchen can be as high as 30-50%. Homeowners state that the average refurbishment costs about $6,000, but more extensive
refurbishment will go up as much as $50,000. Homeowners can often confuse their new kitchen with costly, unnecessary features such as expensive appliances and cabinets. It's easy to get wrapped up in the glamour of shiny new appliances and lose sight of the final goal, so here are some important tips to help you stay on track

High-end appliances should only be bought if you plan to keep your home for a while and also
imitate Gordon Ramsey in the kitchen – you should never buy expensive devices that you will
use once and then recycle them as a dust collector. Cabinets may usually be refurbished or painted to bring new life into them. For the counter top, granite is not the only way to go! Seek out some of the modern materials that offer competitive prices with a similar look and durability.

Flooring:
Last but not least, flooring is certainly the best bang for your buck. The first thing to consider
when installing new floors is the sub floor: a layer of plywood or other constructed materials,
such as OSB, which provide noise and heat insulation while also serving as a vapor barrier.
With different options such as laminate, hardwood, tile, and carpet, this is certainly the best way to quickly increase the value of your home.

Garage door replacement:
Anyone with an older garage knows all too well that older doors can lock, jam, or just look
unsightly. A new garage door can make your curb appeal much better as it's generally the main thing people see when driving up to your home. A new coat of paint can help but if you have dents or obvious damage, it's often best to just replace the door. 

Decks:
Outdoor living continues to be valuable to consumers, which is why adding a deck is
worth considering for your home or house. You have 2 main options with materials with composite materials and wood of course. Wood decks are harder to maintain than composite material decks, and while they're cheaper to install, you'll need to balance those savings against the potential work involved if you're doing home renovations on a property you're actually planning to stay in. Installing a deck is something you can do on your own if you have the know how, but an elevated deck can be a job best left to professionals. 

Whatever renovations you decide to do, make sure you have the time to enjoy them while you live there. It's great to update your home to sell, but if you can, you'll want to take the time to see the hard work. If you are you looking to do renovations and are unsure where to start, make sure you reach out!

The decision of whether to rent or own a home is one of the largest life decisions most people will make. The rent vs. buying debate is never ending because both sides have valid points, which is why it can be quite confusing. Often times the bias is more likely to veer towards buying because we equate owning a house with financial strength and success but renting has its own advantages as well. I will try to give you a clear picture of both sides so that you can make an informed decision in the future.  

Renting:

To be realistic, buying a house is not always easy compared to renting a place. One of the most famous myths about renting is that you are giving your money away. It is important to mention here that you always need a place to live and it will cost you money. Now it is up to your preferences and finances which is the best decision for you. Opponents of renting often say the rent you pay is the money you’ll never see again. That’s true to some extent but you are getting something in return which is shelter and safety, even if you are not financially very stable to buy a house. 

Pros of renting a house:

  ·   You don’t have to pay for maintenance:  One of the most appealing advantages of renting is that a tenant does not have to pay the maintenance and repair expenses of the property they live in. It's not the tenant’s responsibility to take care of the petty issues like leakage or painting the house which saves a tenant from a lot of expenses that would come up they owned a home. If you are somebody who wants to live a stress free life renting a place might be a better option for you than buying.

  · Flexibility: If you do not have any long term plans for staying in a city, if your plans are not certain, or maybe the nature of your job is relocation every few months and you can not make a long term commitment to purchasing a home then renting will be the better option for you. When you are renting a place, tenants do not have to make long term commitments which makes relocation a lot easier. when moving out it’s a lot easier for a tenant than for a homeowner. A tenant doesn’t have to worry about finding a buyer to sell the property to. Another factor that makes moving out easier is that tenants are usually more minimalist than a homeowner.

 · Live in the place you always dream about: How many of us have a dream about living in a nice place but cannot do so because we do not have enough money to afford it? Many of us if not all. Renting can make your dream come true if you want to rent a larger home or perhaps live in a unique location. You can temporarily live there when you can not otherwise be able to buy.

 · You don’t have to deal with the real estate market: Prices and loan interest rates of properties fluctuate, but if you are a tenant you have less exposure to these issues. You have a fixed lease and you don’t have to worry about the fluctuations of the market in the short term and mainly focusing on the rental market.

Cons of renting a house:

 · Rents can rise anytime: unless you are living in a state where rent control laws are present to save tenants from unpredictable raise in their rents, your landlord has a complete authority and control over raising your rent once the lease has expired. The best thing you can do is maintain a good relationship with your landlord, it really helps!

 · You won’t get any tax incentives: a homeowner has a deduction they can apply towards their taxes and other expenses from the returns of income tax. Renters may not get any tax benefits.

 · Less control more rules: one of the most annoying parts of renting is that you have to follow the rules of your landlord and as a tenant, you have to follow all the rules. You also have limitations to what you can do with the property.

 · Unpredictability and instability: unpredictability here refers to the idea that as a tenant you don’t know what to expect when your lease duration is over. Your landlord may raise the rates or may ask you to move out. 

Buying your own place

We love the sense of ownership and one of the reasons why “buying” often wins in the rent vs. buy debate is because we enjoy the sense of satisfaction and authority that comes from homeownership. Most of us have the ultimate goal of owning a home because it brings us joy, satisfaction and the feeling of success. In this section, I will try to elaborate on the pros and cons of buying a house.

Pros of buying a house:

 · Tax incentives: as stated earlier, if you buy a house and pay all the taxes and mortgage, it will depend on the state, but this is a big help towards your taxes and a big benefit in the long run.

 · Equity: when paying your mortgage, you are paying down how much you owe on your home and as the market increases in value, you gain equity. This equity helps build long term wealth and gives you options down the road to refinance your home for a home equity line of credit, lower monthly payments or even get some cash out of your home. 

 · Internal satisfaction: once you have bought your place the sense of satisfaction of owning your home is an amazing feeling. You do not have to worry about finding rentals to live in anymore and you have a stable roof over your head.

 · Freedom and privacy: when you are a homeowner, you make your own rules which gives you the freedom of doing everything your way. You can decorate your house the way you like and remodel because you own the entire property yourself. You also do not have to worry about inspections or your landlord coming over unexpectedly.

· Stability: owning a house gives you shelter, safety, certainty and ultimately gives you stability. You don’t have to worry about unpredictable cost raise as you would if you were a renter. You don’t have to leave or move out of the house on short notice.

Cons of buying a house:

 · High cost housing: buying a house these days can be more expensive than what we usually anticipate. Mortgage, taxes, fees and other expenses can add up when buying.

 · You have to take complete responsibility: as an owner, you have to take complete responsibility of bearing expenses of maintenance and repairing work of your home. Sometimes these unexpected costs can add up to be more than expected.

 · Long term commitment: buying a house is generally a longer term commitment due to the mortgage and tax implications you can have if you sell a home too soon. Experts suggest before buying a house ask yourself “do I see myself living in this house for the next 5-10 years?” Buying a house might not be the best option for you if you have uncertain future plans or possibly moving out of the area.

 · Harder to move out: moving out from your own home can difficult for a couple of reasons. First, you have to find a suitable buyer for your house and second, when you own a place you develop a feeling of belonging for it which makes moving out harder. 

Final thoughts:

   I hope this article has made both sides very simple and clear for you. There are a few facts that you might want to consider before making this important decision for yourself. We recommend weighing your options and possibilities. After all, in the end, its all about your vision of comfort. Do not listen to people’s opinions. Do your research and make an informed decision.

A fixer upper in real estate is considered a house that would require repair and remodel before it can be lived in. These types of homes are popular among buyers who want to renovate a house and build some sweat equity. It can be very profitable if you take the necessary measures before buying the property and plan accordingly. Selecting the right property is the first and the most important decision to make. After that, you need will need to effectively examine the detail of repairs needed and anticipate the possible costs of handling them both short term and long term. This step is one of the most important financially that you will make so ensure that you do thorough inspections of the home. One of the most underestimated factors is the expensive and professional work that may need to be done to make your property in more suitable shape. This article intends to give a larger picture of how can you buy a fixer upper. The following are a few important factors to consider before you even begin to consider this option for yourself.

Get the property inspected:  after you have found a home that is in a good location, it’s crucial to hire a professional property inspector as they can guide and educate you about the approximate cost of all the repairs or options. Not every fixer upper needs extensive repairs. Know your financial limits and expertise before buying the place and hiring a property inspector can help you do just that.

Evaluating the fixes:  there are 2 types of repairs in a fixer upper. First, are minor fixes which are mostly cosmetic fixes. The cost may range between a few hundred to several thousand dollars. The second type of fixer is major repairs that require a hefty amount of money and time. These are more expensive repairs and have a huge impact on the value of your property. Doing these major repairs though will increase the value of your property which is why working with an experienced contractor is recommended. A lot of folks underestimate the cost of repairs so plan ahead and accordingly.

How to get a loan for a fixer-upper:  This section aims to provide you with an overview of all the loan options out there to finance fixer properties and make the best out of it. Before choosing a loan program, ask yourself a few questions. How much can I borrow? How much will I need for my renovation? How long will it take to renovate the house? What kind of monthly payment are you comfortable with. Renovation loans are the best option to buy the property and renovate it at the same time. These types of loans provide you a period of time to get the repairs done as well. The following are a few options to consider.  

House renovation loans offered by the government: 

·   FHA 203(k) is a loan provided by federal housing administration which can be the most suitable option for you because it requires only 3.5% down payment and 580 credit scores. It gives the buyers loan up to $ 35,000 for renovation and offers adjustable and flexible loan rates. Usually, two types of FHA 203(k) loans are offered. 

·  Limited FHA 203(k) provides loans up to $35,000 for minor fixes or cosmetic renovations like painting the walls or refurbishing the kitchen.

·  Standard FHA 203(k) offers a loan for major fixes, in order to get this type of loan you will need a professional contractor who can help and guide you through every step of the renovation process.

·  Homestyle loans are offered by Fannie Mae which help buyer to purchase a house that needs repairs or provides a loan to repair or renovate a house that borrower already owns. Homestyle loan requires a higher credit score (620) and down payment (5%) than the FHA 203(k) option. To qualify for this loan you have to hire a professional contractor who can estimate the time required and anticipate the total cost.

 Private loans for financing repairs:

1. HELOC stands for a Home Equity Line Of Credit. This is a one-time loan, so its value does not fluctuate, payments and interest remain pretty much the same. These loans allow you to get into the home and then get funds back out after you have built some equity. For the lender, your house is the collateral, which means if you fail to make the payments, the lender has the complete right of foreclosing on your house.

2.  A cash out refinance provides you a second mortgage which is similar to a HELOC. The borrower uses the house as collateral for the lender. Typically the lender will offer you up to 80% of the value of your house according to the current market rate so you'll need to make sure you have some equity in your home.

3.  If none of the previously described options are feasible for you, applying for a personal loan might work best. You can get this kind of loan from a bank or by an online lender, although it’s not secure like other options but you do not have to put your house as collateral. To qualify personal loan your credit score is the main factor and interest rates are higher. Before taking a personal loan we recommend you to educate yourself about lenders and what options they have, choose wisely keeping in mind what suits you and your situation the best. 

I hope this article has provided you clarity about fixer upper and finances required to make it a profitable experience. Please reach out if you are ready for help in a home purchase!

If you are looking to invest in real estate, you may want to look at the option called multiple units or MDU (multi-dwelling units) as they create a more stable return. These units are typically built either side-by-side or one on top of each other. Apartment building or multiple condominium units are the best investment plan for growing your capital. Over time these can multiply as you find good deals and expand your monthly cash flow.

Why should I invest my money in multiple units?

Experts have been encouraging investments in multiple units because it is a smart strategy to grow your capital and stability. These types of investments have tons of upside to them that include:

·         Financial growth:

The best type of investment is the one that generates bigger and quicker profit and cash flow. Multiple units are best option to maximize your income. For example, investing in multiple family residential units generates quicker income than leasing home to a single family and you do not have to worry as much if the property is rented. With multiple units, you are likely to have the other units rented and thus helping with any loses from one unit. For real estate investors who aim at growing their portfolio, building 10 rental units in different places and leasing it to 10 different families is more expensive than building 10 multiple units in one larger property and it can help you grow your real estate portfolio. 

·         Expensive yet easier to finance: 

the thought of building or buying a multiple unit property and investing that much money can be intimidating at first because building or buying a single family residence seems to be an easier option and requires comparatively lower investments but if we look at the long term benefits multiple family units have an edge. It might seem like a huge investment but it pays off all the time, energy and money you have invested. Multiple family residential homes are easier to finance because the lender knows you have a stable source of paying them back. Lenders are more comfortable with financing a property where they know you have multiple tenants which decreases the dependency on a single tenant. Increased cash flow is one of the reasons why your mortgage request will have more success with your lender. Let’s take an example, where you have 10 multiple units and another person has a single family unit. If you have leased these units to 10 families and one of them moves out or delays the payment you still have 9 other families. In the case of single family unit, if the family moves out your place is 100% unoccupied. So multiple family properties are more desirable to all parties. Sometimes you’ll also be able to get better interest rates as well

·         Easier management and affordable construction costs:

  what is more convenient... 10 single units in different areas of the city with separate property managers or 10 multiple units in one property that requires one manager? Most investors prefer to hire a property management company to assist them with their tenants. Their duties involve handling rent collection, maintenance of the property and selecting tenants.  The cost of construction is affordable and less risky for new investors as well. For many of these reasons, foreclosure rates of multiple units are relatively low compared to single units. 

·         Appreciation rate:

 multi-unit dwellings are more likely to gain a higher appreciation rate. The value of a single family unit is highly dependent on the surroundings. In case of multiple units, you can raise the value of your building by enhancing its quality and by introducing extra services like laundry services. These improvements can help you increase rents and enhance the overall appreciation value of your property on a larger scale. If you want to improve the value of your property, maintain it! People will agree to pay more rent if you have well maintained your property.

Drawbacks of multiple units:

We have discussed all the benefits of buying and building a multiple unit portfolio, it’s crucial to consider some of the drawbacks. This section will discuss potential risks that you might want to consider before making your decision.

·         Resale: the buyer pool for multiple unit properties is smaller than for traditional single family residences. It does not mean the value or equity will go up as quick, it may just take longer to sell than a single family residence. 

·         Unexpected maintenance expenses: like most rentals and properties you are renting out, you are renting your property so do not expect your tenants to respect your property the way you do. So stay prepared for the covering damages and paying for repairs. 

If you are considering investing in real estate but unsure of the first steps to get there, make sure you reach out and we can put together a formal game plan!

If you have thought about buying a new home for a while, this spring season in 2020 is the perfect time to do so! Since all the presents are altogether opened, all the New Year festivity has been cheered up and finally, the time has come to prepare yourself to return to work. Well, what can be more amazing, if 2020 is the year for you to get a new house you always dream of? Here are a couple of suggestions that you should keep in mind as you get ready to go home hunting and viewing homes. These tips will help you out to make the whole process systematic and interesting too but when children are also with you, you’ll want to take some extra care in your planning that we discuss below.

·         Do some Pre-Planning

Before going out to view homes, you must do some planning first. It will definitely make this process less hectic, less daunting and will save you time. This pre-planning can be for food, how to entertain your little ones and be aware of their potty breaks as well. Don’t forget to make sure that they've had a proper breakfast or lunch before you set out for the tour. Take a bottle of water with you and some snacks. Keep in mind when going in and out of homes and the car to make these items portable and easy to carry to avoid any kind of a mess. 

·         Be in your own car for home tours

It is often more convenient to follow your agent in your own vehicle rather than traveling in the same car. In your own vehicle, you can have some engaging toys for your child and snacks easily accessible. This will also give you some private time to discuss each home and see if any additional questions about the home or property may come up.

·         Make some rules before starting your home tour

You should never take any of their toys with you into the homes you are visiting just to be sure that they can't lose anything while in the home. Moreover, another rule to be followed is not to touch any toys of other children whenever you are touring someone’s home. Often times homeowners leave toys or items that can be considered toys to a little one out in the home so you’ll want to keep a close eye out.

·         Make a must-have list before visiting

Regardless of whether you are alone while visiting or having your family or a friend with you, prepare a list for what you have to notice as you visit each home. You might be having some preferences and ideas in your mind but after viewing some homes these may change. To make the whole process more comfortable, you’ll need to have your “must-haves” list completed. 

·         Write down some comments about each home

Use the print out your agent provides with each home in your visit and write some comments related to the environment, facilities and other things that you noticed during your visit. It may include details about the interior, architectural style, family room, other buildings in that particular area and neighborhood as well. Having pictures of each home and your own comments about them are ultimately going to help you out to select the best one in the end. While not all pictures are posted online when you have notes that you have made, it helps to track each home and what home had what features.

After all the New Year celebrations, make this spring season of 2020 a little more amazing by buying a new home and make your dream a reality. We really hope that all these tips are really going to be very valuable for you while preparing for home-shopping home tours. We wish you all the very best and sending many blessings to your way. 

Do you wonder what exactly you are paying with a mortgage payment? This article is for you. We are going to discuss how mortgage payments are calculated. Mortgage payments include payments to the base loan amount, annual property taxes, interest for the loan and homeowners insurance. The mortgage payment amount is usually determined by the following factors:

• How large of a loan do you want to have
• What the interest rate on your mortgage is
• The time span of paying your mortgage back

The higher the interest rate, the larger the mortgage payment every month will be. Similarly, the more money you borrow, the larger the loan amount and your monthly payment will be. If you pay back the loan over a longer time frame, your monthly payment will be lower but you’ll end up paying more interest over the life of the loan.  

Buying a house is one of the largest financial decisions of your life, how are you going to finance it and what will your budget be? These are the crucial questions you should ask yourself carefully before you fall in love with a house and find out later that you can’t afford it or you are not comfortable with the monthly payment.

Calculating the costs of your interest rate:

The interest rate is simply the bank’s way of charging their fee for the money that you have borrowed. This interest rate is generally a fixed percentage but can also be adjustable. If your interest rate is 5%, this is your annual interest rate and the amount that will be added to your loan. Most of the time interest is paid on a monthly basis which is why you should know how to calculate it. You can always use an interest calculator but if you prefer to do it manually, you can use the formula below.

• Principal amount X interest rate X mortgage term = interest
  
  

For example: $250,000(Principal) X 0.50 (5% interest Rate) X 1 Year (Time) = $12,500 is your annual interest amount.

Calculating real estate property taxes:

Calculating the property tax can be a little more challenging depending on the area, age of the home and any additional taxes. Generally, newer home communities will have additional Mello Roos that are added to your taxes for things like parks and playgrounds. The amount will vary by the community and area so make sure you check the tax records with the local county which can be done online typically. 

Calculating insurance

To protect your house from unexpected losses, you are required to take precautionary measures such as purchasing a homeowner's insurance plan. Homeowner's insurance is a requirement of your lender as well in case something serious happens, they are not losing the loan amount. Costs of insurance vary from place to place and depend on your priorities and levels of protection. In order to estimate your property insurance, you should connect with a qualified and experienced insurance agent who can ensure you are properly covered.

If you want to get a better understanding of what you would be comfortable with for a mortgage payment or have additional questions about how payments are calculated, please reach out! 

In order for someone to go through a foreclosure, they will have to miss a couple of mortgage payments in a row and then the bank will begin the process. The time frame can be different but typically if someone misses two or three payments, a person falls into what is known as default and that is what begins the foreclosure process.

Foreclosing a property:
The foreclosure process basically means that the property goes back to the bank and they become a real estate owned property, also known as an REO. This process can be quick but most often can be several months to years as the bank regains possession of the property and they bring the property back on the market for sale.

6 phases of a foreclosure
Phase 1: Default in payment:
After missed payments, a notice will be sent by the lender to indicate that they have not received the monthly payment for those months. Usually, mortgage payments are on the first day of each month, and some lenders also provide an offer of grace period till the 15th of that month. But after that, the lender can send the borrower with a missed payment notice and can also charge a late payment fee. If no resolution, a demand letter can be sent by the lender if two payments are missed consecutively. This is a more serious matter than a missed payment notice. At this point, if the lender is trying to make mutual agreements and making arrangements to catch up on the payments, then they are still willing to work with the borrower. Normally, the late payments should be remit by the borrower within 30 days of receiving the missed payment letter to stop things from proceeding.

Phase 2: NOD
After 90 days of missed payments, a Notice of Default is sent. The Notice of Default, in various states, is delivered to the home. The lender's foreclosure department will be given the lender's loan which is in the same county where the property is located. The lender usually gives the borrower more two months in order to resolve the matter, settle the payments and restore the loan. This process is called the reinstatement period.

         

Phase 3: Trustee's Sale Notice:
After two months of the Notice of Default, if the loan has still not been made up, a Notice of Trustee's Sale will be issued and recorded within the county, where the property is located.

Phase 4: Trustee's Sale
The property will be placed for public auction. Then the property is sold to the highest bidder who satisfies all of the required conditions for that property. The firm representing the lender or the lender themselves calculates the opening bid based on the value of the outstanding loan. When the highest bidder is confirmed and the Sale of Trustee is completed, a Trustee's Deed Upon Sale is given to the highest bidder who won the property. Then the purchaser owns the property and is designated to take instant possession.

Phase 5: REO
During the public auction, if the property is not sold, the lender will automatically become the owner and will be eligible to sell the property themselves. It can either be through the assistance of an REO Asset Manager or through a real estate agent. These properties are known as "bank-owned" or REO's. 

Phase 6: Expulsion
The borrower is allowed to stay at the home until the house is either purchased by public auction or purchased as an REO property.

An eviction notice is sent at this point which demands any person to vacate the premises as soon as possible. To allow the occupants sufficient time many days are provided in order to remove any personal belongings. Otherwise, the local sheriff will visit the property and typically lock the property so the previous owners are unable to access the property.

There are also 3 main different types of foreclosures/REO type properties. 

Short sale foreclosure:
Short sale foreclosure is when the homeowner is still on deed they either may still live in the home or they have moved out of the home. When you submit your offer to the homeowner, the homeowner then submits that If the bank is concerned with the offer price, they may send out another agent to do a broker's price opinion and understand how the value better and what are the market conditions.

Bank owned foreclosure:
In this foreclosure, the bank has gone ahead and bought back the property. The homeowner no longer lives there and the bank has decided to advertise the property with a local agent to sell it.

Auction foreclosure:
This is also a kind of bank-owned foreclosure. The bank decides to hire an auction house to auction off the property. Auction properties usually have a low starting price but an auction house fee that is added in addition to the purchase price.

It is possible to buy a house even if you have a lower income by using some effective strategies. Don’t think that it is impossible although you have to be honest with yourself, then you'll be able to accomplish whatever you want.
The following are some strategies to save money if you want to own a house.

Tighten your budget:
The people who are already facing lower incomes have learned how to cut down on their expenses. So the people who want to save money need to have a look at where they are spending their money and are they spending on necessary products.

Make a list:
It’s a great idea to make a budget for the whole month and then remove the unnecessary items from that budget list. In this way, the impulsive buying of products will be controlled which will help you in saving more money from getting wasted on unnecessary items.

Build your qualifications:
Undoubtedly, this is a long-term solution to make and save money for your dream home but certainly the most accurate and sustainable opportunity to build wealth. If you become more qualified with better credit scores, income and reducing debt, there is a chance that you will get a better home loan. The more you can reduce your debt, generally, it will help improve your credit scores and allow better opportunities.

Rent out a room, or a garage:
If you have a spare room or garage in your house, rent them out for some extra income. In this way, you'll create extra income to put towards your new house. If you live in a busy area, you'll likely be able to earn more by renting a garage.

         

Sell unnecessary stuff:
Often we have items that were bought with good intentions but we did not end up using. These items can be sold to cluttered and also provide extra money that you can put towards your new home fund or paying off debt.

Make second income:
Almost everyone can generate a second income for themselves. You can live on your current income and save all the secondary income for your new house fund. You can create a second income by using your talents or you can do other businesses such as reselling of retail products.

Some other very basic strategies which you help you save money in long-term include:
• Eat at home:
Eating at home can save you a lot of money. If you go to a restaurant you have to bear their charges and additional tip. So when you calculate your spending on restaurant food, a considerable amount of money is spent there compared to eating at home. Also, try to bring your food to work instead of eating out every day.

• Always use a shopping list:
Avoid going to the store without a shopping list. According to studies, when you bring your shopping list to the stores, you usually spend less because you avoid taking unnecessary stuff which is not present in the list of necessities. In this way, you will spend less money on impulse purchases and narrow down your expenses.

• Use cash for buying
bring the amount of cash you need to buy the products you need and do not bring extra money that may tempt you. Go to the store and do not take any credit or debit cards along with you.

• Don’t use credit cards
if you want to save more money to own a house you need to avoid using credit cards because they encourage overspending and can get you into debt quickly? This will also affect how much you can be approved for if you carry a debt balance on your credit cards.

• Create an account for your new home fund:
If you want to save money for your dream house, open up a separate savings account so that you don't use the amount of money you're saving for your home. Out of sight, out of mind.

Saving for a home is the biggest and most expensive item most people will purchase in their lifetime. It’s important to take the time to set yourself up for success and create a long term wealth plan that can be handed down for generations. If you are looking to buy a home and want to put together a game plan, let me know and I’m happy to see what we can do!

If you are thinking about selling your home, what condition do you plan to put your home on the market in? I am here today with Aaron Lewis who is a fantastic home inspector with BPG inspections and one preferred inspectors when inspecting our homes. He will share useful tips to follow before the home inspection part of your home selling process.

“I believe one of the main things to focus on during your home selling process include the things that can potentially hang up your transaction and a big one for that is just access. If we, the realtor or home inspector, are not able to access something in the home for inspection it that can potentially scare the buyer and get them nervous. This will result in delaying your transactions because you will need to provide them an access and will have to come back out to reinspect that area, so make sure to address this kind of problem ahead of time,” Aaron said. “When we have clients buying homes we often run into areas we are not able to access such as garages, certain rooms or storage areas which greatly limit what we can inspect.

“Take attics, for example, sometimes these are located in closets where personal belongings are or any part of the home where you are storing a lot of personal belongings. If we are not able to get a ladder in there to access it, then space needs to be cleared ahead of time. We are not going to move personal belongings for risk of a liability. Another example are garages. It is a common place we use when trying to get ready to move. You store a lot of boxes and personal belongings there and frequently in many garages, we find the water heaters, the furnaces, and then some of the newer homes we had had the main water shut off in there and other things. If we are not again, able to inspect these critical components of the home, things can be delayed.

Another big one is the access to particular rooms of the house that might be locked for some the reason. Secondary structures are also of concern. If there is a detached shed or a guest house, a lot of times people won’t think about having access to them ready. So just make sure that everything is unlocked and speaking of locks themselves, keeping them unlocked on electric panels and any other access panels that we might need to get into it should be taken care of before the actual home inspection.” Aaron added.

If you are looking to list your home make sure that you keep an eye out for those specific items just make things a little bit smoother. They are small items that can be unexpected but make a huge difference in time and convenience. I look forward listing your home as well and help ensure you have a smooth escrow!

When you are looking to hire someone to represent you, you want to make sure they are experienced. What exactly does that mean in real estate? One of the main things many folks ask is: how long have you been in the business? Well, if you’ve been in the business for 10 years and you sell an average of 6 homes a year; you’re looking at 60 homes that have been sold in their career, which is great! If you look at other agents that are selling more homes and let’s say they are selling around 20 homes a year, they have that same amount of transactional experience in 3 years compared to 10 years.It really does make a significant difference for you as a client and how they’ve managed their business. How often are they working for their clients with attending inspections on a regular basis, marketing a home, negotiating for your home and other qualities that can make a huge impact in the long run? These all need to be done regularly to keep all of your negotiation skills sharp, you are knowledgeable about current trends and make sure you’re doing the best you can for your client.

When asking an agent about their experience, also make sure you’re asking how many transactions they have personally closed. I can promise that will tell you far more than how many years they’ve been in the business! I often ask this to home inspectors and other vendors that we contact when purchasing or selling a home in order to make sure they’ve been hands-on in their trade and have been working with a lot of clients. This also helps ensure they are not just doing this as a side gig and may or may not work out for my clients in the long run. One of the most important things to me is that you have a good experience. I want to make sure that happens! Make sure you ask the same questions of the real estate agent you are considering and hire the best agent for YOU!

It is vital for you to meet with potential real estate agents and ask them about their experience and track-record of success before you hire someone for likely the largest purchase or sale of your life. While knowledge counts for a great deal, ultimately only real-world experience will give an agent the tools required to generate speedy, profitable sales. One of place that you can look at that is helpful to be able to independently look at agent status in terms of how many homes that they’ve sold, the price points that they work in, how many buyers or sellers they work with and the actual reviews from clients are all going to be on Zillow. Make sure you’re working with a quality agent and I look forward to being able to interview for that position soon.