Sunrise Homes & Renovations, Inc.

What To Know About Flood Insurance

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What To Know About Flood InsuranceFlooding can happen in any location at any time. Even though many people associate floods with coastal properties, flooding can take place inland as well. That is why you always need to take a look at the map to figure out whether your property is located in a flood zone. There are some situations where your lender might require you to purchase flood insurance. What do you need to know?

What Is Protected And What Is Not?

When you purchase flood insurance, there are three broad components that you should examine. You need to check and see whether the policy covers the building, the contents of your home, and potential replacement expenses. Flood insurance policies generally insure any physical damage done to your house as well as any belongings you have inside your home. This might include your walls, household appliances, plumbing system, electrical system, clothing, and furniture.

On the other hand, most flood insurance policies do not cover your outdoor structures. For example, they will not protect your patio, swimming pool, fence, or vehicles parked outside the home.

What Is Your Flood Risk Level?

Your flood insurance premium will vary depending on where you are located. For example, if you are in a flood zone, your flood insurance premiums will probably be significantly higher; however, a significant percentage of flood claims occur in areas that are not located in a flood plain. While your premium should be lower, you may want to talk to your real estate agent to see whether it is worth it to purchase flood insurance.

Is Flood Insurance Required?

Flood insurance has its limitations, just like any other insurance policy. Therefore, you might be wondering whether it is required.

If it is required, it would be required by your lender. If your house is located in a flood zone, there is a significant chance that your lender will require you to purchase flood insurance as a requirement for financing. If you refuse to purchase flood insurance, then your lender might refuse to finance your property. You should always compare flood insurance premiums across different companies before you decide which one to go with. Be sure to compare policy coverage options and limitations as well. 

 

Current Servicemember or Veteran? 4 Reasons Why a VA Home Loan Is an Excellent Choice

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Current Servicemember or Veteran? 4 Reasons Why a VA Home Loan Is an Excellent ChoiceAre you current or former member of the US military service who is looking to buy a new home? If so, you will be pleased to know that there are some special mortgage programs that are open to you. Let’s take a look at five reasons why a mortgage backed by the Department of Veterans Affairs is an excellent choice when buying your new home.

You Can Borrow Up To 100% Of The Home’s Value

You read that correctly! VA-backed mortgages are available to you even if you choose to put no money towards your down payment. This can be a huge benefit for those individuals and families who are looking to buy a new home but don’t have a large chunk of cash on hand to fund the down payment. Instead, you can work with your VA mortgage advisor to get financing for the entire purchase price of your home.

You Can Qualify For A ‘Jumbo’ Loan

Depending on the real estate market in your city, the size of home you need and how luxurious you want it, you may need a larger mortgage. The great news is that there are ‘jumbo’ options available with VA-backed home loans. In some cases, you may qualify for over $1 million in mortgage financing, which is likely to put most homes in your area within reach.

You Can Avoid Mortgage Insurance Fees

Home buyers using a conventional mortgage with less than 20 percent down are typically required to buy private mortgage insurance or “PMI.” However, this is not a requirement with VA-backed mortgages. If you qualify for a VA home loan, this can save you a significant amount of money over the loan’s term.

You Can Accelerate Your Payments At No Cost

If you decide that you want to pay your VA mortgage off a bit faster by accelerating your payments, you can do so without incurring fees or penalties. For example, if you are gifted a large sum of money or have a significant income tax return, you can contribute that amount directly against your mortgage.

These are just a few of the many great reasons to explore using a VA-backed mortgage to fund your next home purchase. For more information about VA home loans to buy your next home, contact your trusted real estate professionals today.

Let’s Talk Closets: Why a Walk-in Closet Is a Must Have for Any New Home Buyer

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Let's Talk Closets: Why a Walk-in Closet Is a Must Have for Any New Home BuyerAre you in the market for a new house or condo? Whether you’re looking for something luxurious or intimate, you’ll want to ensure that you have enough space for all of life’s necessities. Many home buyers focus on bedrooms, bathrooms and living areas as their top priorities. But have you given any thought to your closet space?

In today’s blog post we’ll explore why a spacious walk-in closet should be high on your list of “must-haves” for your new home.

Enough Storage For A Stylish Couple

An upgrade in storage space is the main reason to have a large walk-in closet – and for good reason. Today’s working professional needs a large wardrobe to store suits, work outfits, social attire, shoes, accessories and more. It’s almost impossible to cram everything needed in a small closet with one large hanging rack and a shelf or two. And even if you do decide to fill a smaller closet until it’s bursting at the seams, you’re stuck with having to try to organize it regularly just to be able to find anything. Forget it!

A Showcase For Clothes, Shoes And Accessories

A walk-in closet isn’t just for piling a ton of clothes into. It’s a showcase for your wardrobe and all of the items in it. Most walk-in closets are designed with numerous shelves, racks and other display areas. Take advantage of these to show off the best pieces in your collection. For example, are you particularly proud of that oxblood leather bag that you found while traveling Europe? Or the hat that you wore to last year’s Kentucky Derby? Your walk-in closet is the right place to show it off.

Room For Elegant Touches Like A Dressing Island

Finally, if you have enough space in your walk-in closet, you’ll be able to add some elegant touches. A dressing island with built-in shelves is the perfect feature for storing accessories and shoes. You can also add matching jewelry boxes on top to store frequently-used items. An ottoman is another elegant touch that can help make your walk-in closet feel more roomy and comfortable. And don’t forget to include a couple of mirrors for checking your look from multiple angles before you leave the house.

These are just a few of the (many!) reasons why a walk-in closet is an absolute must-have for any new home. When you’re ready to explore local real estate opportunities – including those with incredible walk-in closets – contact us. Our professional team is happy to assist you.

What’s Ahead For Mortgage Rates This Week – October 10, 2022

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What's Ahead For Mortgage Rates This Week - October 10, 2022Last week’s economic reporting included readings on construction spending, public and private sector job growth, and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also released.

Construction Spending Falls in August

The Commerce Department reported less construction spending in August as spending fell by -0.70 percent to $1.78 trillion as compared to July’s reading of $1.79 trillion. August construction spending was lower than the expected reading of -0.20 percent and July’s revised construction spending reading of -0.60 percent. Year-over-year construction spending rose by 8.50 percent.

Mortgage Rates Mixed, Jobless Claims Rise

Freddie Mac reported lower fixed mortgage rates last week as the average rate for 30-year fixed-rate mortgages dropped by four basis points to 6.66 percent. The average rate for 15-year fixed-rate mortgages fell by six basis points to 5.90 percent and the average rate for 5/1 adjustable rate mortgages rose by six basis points to 5.36 percent.

Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 1.00 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

 Higher-than-expected jobless claims were reported last week with 219,000 initial claims filed. Analysts expected  203,000 new claims to be filed and the previous week’s reading was 190,000 first-time jobless claims filed. Continuing jobless claims were also higher with 1.36 million jobless claims filed as compared to 1.35 million ongoing claims filed during the previous week. Rising jobless claims suggest that layoffs are increasing.

The federal government also released month-to-month readings for public and private sector job growth and the national unemployment rate. Non-farm payrolls rose by 263,000 jobs in September, which fell short of the expected reading of 275,000 jobs added and the previous month’s reading of 315,000 jobs added. The national unemployment rate fell to 3.50 percent in September as compared to August’s reading of 3.70 percent and the expected reading of 3.70 percent.

ADP reported that 208,000 private-sector jobs were added in September as compared to August’s reading of 185,000 jobs added; Analysts expected 200,000 jobs added, which was revised from initial expectations of 132,000 jobs added. Nela Richardson, the chief economist at ADP, said that reopened schools and childcare providers supported parents’ ability to return to work after pandemic shutdowns.

What’s Ahead

This week’s scheduled economic reporting includes readings from the Fed’s Federal Open Market Committee, readings on retail sales, and the University of Michigan’s initial monthly report on consumer sentiment. 

Selling Your House? 3 Strange Questions That Potential Buyers Might Ask and How to Answer Them

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Selling Your House? 3 Strange Questions That Potential Buyers Might Ask and How to Answer ThemAre you listing your home for sale now, or in the near future? If so, you have probably come to terms with the fact that soon you’ll be having strangers tour through your home asking all kinds of questions about it. In today’s blog post we’ll take a look at three strange questions that buyers might ask and how to approach answering them.

“Has Anyone Died In This House Or Is It Haunted?”

You might have chuckled when you read that, but questions about paranormal activity are more common than you think. Many people have beliefs and superstitions about ghosts, ghouls, demons and other spirits that haunt homes. Learning that someone has died in your house – even if it was long before you owned the place – is enough for some potential buyers to pass and move on to the next listing.

“Is Anything Buried In The Backyard?”

Have you ever owned a pet that has grown old or otherwise perished? Think back to that experience and ask yourself: where did you bury them? Many families bury deceased pets in their backyard, thinking that it is a good final resting place. And that may be true if you own the house for the rest of your life. However, if you decide to sell, then you have passed on a backyard that has a corpse resting in it. That can end up as a startling surprise for the next family to live there, especially if they have a dog that enjoys digging up the turf.

“Have There Been Any Infestations?”

Asking about pest problems is a bit less on the weird side of things, but it is one question that is almost certain to come up. Visitors will want to know if your home has experienced mice, rats, termites, ants, cockroaches and a variety of other plagues. Some of these will make sense for your home or the area you live – termites in a wood-framed house, for example – while others will make no sense at all.

Rest assured that the above are just a couple of the many bizarre and strange questions you might get while showing your house to potential buyers. If you do encounter something that seems a bit funny, aim to be polite and answer thoughtfully. When you are ready to list your home for sale, or for more tips and real estate advice, contact us. Our professional real estate team is here to answer any questions you have.

4 Home Staging Ideas That Are Heavy on the “Wow” Factor but Light on the Wallet

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4 Home Staging Ideas That Are Heavy on the Staging is one of the most important aspects of any home sale. The more attractive your home is to potential buyers, the faster you can finalize the sale and move on. With that in mind, let’s explore four home staging ideas that won’t cost a fortune but are sure to impress your buyers.

#1: Clean The Place Until It Shines

The first and most obvious option is not going to cost much more than your time. Your home needs to be absolutely, positively spotless. The floors should be so clean that you would have no issue with eating off of them. The walls should be clean and free of marks. Windows and mirrors buffed to a sparkling shine. If there’s dirt to be found, rest assured that potential buyers will see it!

#2: Buy New Slip Covers And Sheet Sets

If your furniture is starting to look a little dated, you can spruce it up by investing in new slipcovers. These can be color matched to the rest of the room’s palette so that your furniture fits in. It is also a great idea to ensure that you have new-looking, matching sheet sets on all of the beds. The bedrooms don’t need to look like hotel rooms, but they do need to look good.

#3: Invest In Better Lighting For Important Rooms

When was the last time you replaced the bulbs in your fixtures and lamps? If you are still using dull older incandescent bulbs, it’s time to invest in newer LED or compact fluorescent lighting. It is best to try to match the color temperature of the bulbs to the rest of the room so that the room’s color and ‘feel’ don’t clash with the lighting. If this is a bit above your head, consider having a lighting expert come in to help light the important, high-traffic areas.

#4: Use Plants To Add A Bit Of Warmth And Life

Finally, if your home is lacking a bit of plant life, it might be time to take a quick trip to the local nursery. Adding one or two plants to your common areas adds a touch of life and even helps to keep the air fresh. If you prefer a pop of color, you can always add a flowering plant that’s currently in bloom.

Spending a few hours and a few dollars on staging is an investment that will pay off immensely when you sell your home. If you are thinking about listing your home for sale, or for more staging tips, contact our real estate team. We are happy to share our experience and help get your home sold quickly at a great price.