Tag: homebuying

Considering Buying a Rental Property? Here’s What You Need to Know About Property Managers

If you’re considering purchasing a rental property, here’s the good news: they can be a great investment. But they can also be a lot of work, and some homeowners don’t have the skills or desire to put in the work necessary to both take care of their property and ensure it brings in steady income.

That’s where property managers come in.

A good property manager can bring a ton of value to rental property owners, so if you’re considering buying a rental property, you may also want to consider hiring an experienced, trustworthy property manager.

But what, exactly, do property managers do—and how does that help the property owner?

A recent article from realtor.com outlines some of their main responsibilities, and the value they can deliver to property owners, including:

  • Market your property. Finding new renters can be a hassle. Property managers leverage a variety of channels (including social media, paid ads, and the MLS) to get your property in front of qualified potential tenants.
  • Vet potential tenants. Once they’ve marketed your property and generated interest, property managers will vet all potential tenants (including running a credit check, checking for past criminal history, verifying employment and income, and calling former landlords for references) to ensure you rent your property to qualified, responsible tenants.
  • Perform property checks. If you live in a different area than your rental property, it can be hard to stay on top of the home’s maintenance and condition. Most property managers do regular home checks (typically, once per quarter or twice per year) to ensure the tenants are taking good care of the property—and will report back if any major repairs or maintenance tasks are necessary to keep the property in good condition.
by megpachas

Break These Kitchen Design Rules in 2023

It’s a new year, and with it comes the opportunity to rethink your approach to design and break the design rules that no longer make sense.

And that includes kitchen design.

So the question is, in 2023, what kitchen trends should you embrace—and what design rules should you break?

A recent article from realtor.com outlined the kitchen design rules you should consider breaking in 2023, including:

  • Neutrals are the best choice for the kitchen. White, neutral-toned kitchens will never go out of style. But in 2023, expect there to be a definite shift to more color in the kitchen, particularly in the warm and/or dark tones. To embrace this trend, try painting the cabinets in a warm green or add a pop of color with a navy blue accent wall.
  • Microwaves belong over the range. Many homeowners install a microwave over the range to save space. But to be on trend in 2023, the real estate above the range would be better suited for a more eye-catching design feature, like a modern range hood. (The good news? You can embrace this trend without losing precious counter space; there are lots of space-saving options for storing your microwave, like installing a microwave drawer with your lower cabinets.)
  • You can go cheap with floors and countertops. Renovating a kitchen is expensive. As such, it makes sense to look for any opportunity to save money. In 2022, many homeowners opted for cheaper flooring and countertop materials as a cost-saving measure—but in 2023, experts predict a return to more high-end, sustainable materials like quartz, hardwood, and natural stone.
by megpachas

Recently Married? Here Are the Mortgage Tips You Need to Know

You’re recently married. Congratulations! If you’re like many newlyweds, the next thing on your agenda is probably buying a house—and, in order to do that, you may need a mortgage.

But, as a newly-married couple, what do you need to know about successfully getting a mortgage?

A recent article from realtor.com outlined key mortgage tips and insights newlyweds should keep in mind as they search for their dream home, including:

  • Review your finances. Before you jump into the home search process, it’s important to understand where both you and your partner stand financially. Sit down and discuss your credit scores and outstanding debt, as both will play a major role in your ability to secure a mortgage.
  • You don’t necessarily have to put both names on the mortgage. If you have excellent credit and little debt, but your partner is in a less ideal financial position (or vice versa), you might want to consider only having one half of your partnership apply for a mortgage; that way, one person’s credit score or debt won’t negatively impact your loan terms (for example, higher interest rates). And don’t worry; as long as both names are on the title, you both own the house—regardless of whether both spouses are on the mortgage.
  • If an interest rate seems too good to be true, it probably is. As newlyweds, you and your partner want to get the most competitive interest rate possible for your mortgage. But if a mortgage rate seems too low to be true, it probably is. For example, there are lenders out there that will offer a super-low interest rate—but also super harsh penalties for late payments, which could put you in a financial bind if you’re ever late with your mortgage payment. If you get offered a loan with a so-low-it’s-hard-to-believe interest rate, it could be a red flag—so make sure you fully understand the terms and conditions before moving forward.
by megpachas

You Can Still Find Your Dream Home During The COVID-19 Pandemic

    In the midst of the coronavirus pandemic, social distancing is our new normal—and could continue to be the norm for the foreseeable future. But staying at home and keeping a safe distance from others isn’t preventing real estate agents from helping their clients or potential buyers from exploring and finding their dream homes—they’re just having to get creative.

    Thanks to video conferencing tools like Zoom, Skype, and FaceTime, virtual tours are becoming the go-to method for real estate agents to show their properties—and for would-be buyers to continue to explore homes while they’re social distancing at home. Just how popular are these video walkthroughs? According to recent data from Redfinbb, requests for agent-led video home tours increased a whopping 500 percent last week.

    The Takeaway:

    What does this mean for you? The coronavirus pandemic doesn’t have to put your home search on hold. Thanks to technology, you can continue to tour properties and find the right home for you and your family—all from a safe distance.

    by megpachas

    Are Mortgage Myths Holding You Back From Buying A Home?

    According to a recent survey from Fannie Mae, a huge percentage of Americans are overestimating what it takes to secure a mortgage—and those misconceptions about mortgage qualifications could be holding people back from purchasing their dream home.

    Fannie Mae’s survey aimed at exploring how well consumers understand the basic requirements for obtaining a mortgage. And what they found were a lot of misconceptions. For example, the average consumer believes you need a 10% down payment and a credit score of 650 to secure a mortgage—when, in reality, you only need a down payment of 3% and a credit score of 580 to qualify. Most consumers (a whopping 77%) aren’t even aware that low down payment mortgage programs exist.

    The Takeaway:

    Don’t let your misconceptions about mortgages hold you back from buying your dream home. Getting a mortgage might be more attainable than you originally believed—even if you have a less-than-perfect credit score or a smaller down payment.

    by megpachas