Sunrise Homes & Renovations, Inc.

Buying A New Car Impacts The Ability To Buy A New Home

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Buying A New Car Impacts The Ability To Buy A New HomeThose who are in the process of buying a new home need to be aware of some of the factors that might influence their ability to do so. Even though credit score, income, and assets will play major roles in whether or not someone might be approved for a loan, there are other factors that will play a role as well.

Buying a new car might even have an impact on the homebuying process.

Why is this the case?

The Debt Payments On The Car Will Play A Role

There are multiple ways to buy a car. Some people elect to pay cash for the entire vehicle. While this is a challenge for most families, this will prevent any new debt from being added to the family’s finances. At the same time, this could also reduce the amount of cash the family has on hand to put toward the new home.

Most families end up putting a down payment on a car and taking out a loan for the rest. While this is a financially responsible decision, this can also make it harder to purchase a new home. This is because the payments on the car are going to be added to the family’s existing debt. A potential lender is going to see these debt payments and reduce the amount of money they are willing to provide. This could make it hard for a family to purchase their dream home.

Factor In The Cost Of The Car

Those who need a new car need to factor the monthly cost of the car into the home buying equation. For example, if the monthly payments on the car are going to be $200, then this is $200 less that the family can afford for the mortgage payment. The same math has to be done by removing the down payment for the car from the potential down payment on the house.

Do The Math Carefully

People need cars to get around in most parts of the country. At the same time, the financially responsible decision is to take the cost of the car and deduct this from the assets that are available to pay for the home to avoid any surprises. The lender is going to do the same thing.

Understand Coronavirus Mortgage Relief Options

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Understand Coronavirus Mortgage Relief OptionsThe coronavirus pandemic has impacted everyone. For homeowners, they might be wondering how they are able to keep up with their mortgage in light of shelter in place orders, financial difficulties, and unemployment problems.

Federal agencies and regulatory authorities are putting relief measures in place during the pandemic to help people who might have trouble keeping up with their mortgage. When it comes to coronavirus mortgage relief, there are a few tips that everyone should keep in mind. 

Talk To The Lender First

The first step is always to talk to the lender directly and see if there are relief options. The last thing A lender wants us to have a bunch of loans go into default. When this happens, the lender might be forced to sell the property for a significantly reduced cost, meaning they will lose a significant amount of money. They do not want their borrowers to foreclose either. Therefore, as long as they are given enough notice, they should be able to help borrowers by adjusting their payment plans. 

Understand The Options

Everyone has a different type of mortgage and every contract is different. Borrowers me to take a look at the details of their plans and make sure they understand what their options are. For example, borrowers with certain types of loans might have lenders who are obligated to offer deferred or reduce mortgage payments for a period of six months. This is called forbearance. 

This means that borrowers do not have to pay their mortgage for a few months and will not be charged late fees or added interest. It is important to know that they will owe this money eventually. All borrowers need to read their contracts to see if they qualify for forbearance. 

Foreclosures And Evictions Have Been Halted

Finally, during the pandemic, Federal officials have imposed a nationwide halt when it comes to foreclosures and evictions. This moratorium only affects borrowers with certain plans. Therefore, everyone needs to read their contracts closely to see if they’re playing qualifies. Furthermore, there are certain cities, counties, and states that have halted foreclosures for everybody. 

The coronavirus pandemic has been difficult for everyone. It is important to keep these mortgage relief options in mind and ask for help from professionals. That way, everyone can understand all of your options.

 

Shopping For Home Improvement Supplies Safely

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Shopping For Home Improvement Supplies SafelyThe coronavirus pandemic has impacted everyone and everyone is trying to go about their lives in a safe manner. With so many people spending time at home, now is the perfect time to conduct home improvement projects. At the same time, carrying out a home improvement project is going to require supplies.

While many people are trying to avoid going to the store to buy supplies right now, there are also no contact ways to shop for home improvement supplies. Take a look at the tips below and collect supplies for the home improvement project in a safe way.

Invest In Curbside Pickup

There are lots of home improvement stores that have curbside pickup options available. Even some of the biggest department stores in the country are offering the service. Therefore, take a look at the website of some of the local stores. Then, see if they do curbside pickup. If they do, then it might be possible to place an entire order online. Then, simply pull up to the curb and have it loaded into the trunk. 

Have The Supplies Delivered

In some cases, it might even be possible to have these supplies delivered to the home. Even though this is going to come with an extra cost, there are some home improvement projects that are large enough to make this option worth it. That way, not only is this a no-contact way of shopping but it also prevents the supplies from being damaged on the way to the house. 

Hire A Personal Shopper

There are lots of people who are looking for ways to avoid going to any store right now. This includes not only grocery stores but home improvement stores as well. Therefore, it might be possible to use an app to hire a personal shopper to do all of the shopping. This is a great way to not only have the supplies delivered to the home but also a boy having to take a trip to the store. 

Shop For Home Improvement Supplies Safely

These are a few of the most important tips to keep in mind when it comes to shopping for home improvement supplies during the coronavirus pandemic. These no contact tips can help people pull off home improvement projects safely without having to set foot in a store.

 

You May Need More Than You Think To Buy Your First Home

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You May Need More Than You Think To Buy Your First HomeThose who are thinking about buying their first home soon are likely saving up for a down payment. This can be a challenging process because, for many people, this is the largest amount of money they have ever saved in their lives. Sadly, the amount that people might need to buy their first home is more than they think.

There are numerous other costs that go along with buying and maintaining a home. As a result, people need to save up more than they think. Even for starter homes that are usually less expensive than family homes, there are numerous costs that need to be included.

Think about a home that is $250,000. A 20 percent down payment is $50,000. That is already a lot of money. Even for those who might try to get away with a 10 percent down payment, that is still $25,000. That is enough money to buy a very nice car. Where do these other expenses come from?

Buying A Home Has Other Costs

There are other costs that go along with buying a home. For example, there are closing costs that accompany this process. This could be thousands of dollars. In addition, there might be points due at signing and origination fees that accompany the process of taking out a loan. Of course, people could avoid these costs by buying the house in cash; however, for most people, this is simply not realistic.

Furnishing A New Home

On top of this, there are costs that come with furnishing a new home. Think about how much money coffee tables, dressers, desks, beds, and wardrobes cost. This might also include new kitchen appliances, a washer, a dryer, and more. All of these need to be included when trying to figure out the cost of a new home.

Take Advantage Of Low Mortgage Rates

It is possible for people to save up enough money to buy their first home. They simply need to keep a few tips in mind. First, take advantage of low mortgage rates. Use this to avoid PMI, origination fees, and points. Then, find ways to reduce moving costs. Bring old furniture to the new home and try to make sure that all appliances are up to date to avoid repair bills. This will make a new home more affordable.

3 Handy Tips That Will Prevent Serious Stress when Buying and Selling a Home at the Same Time

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3 Handy Tips That Will Prevent Serious Stress when Buying and Selling a Home at the Same TimeIf you’re in the process of simultaneously buying and selling a home, you may be in for the most stressful experience of your life. One UK-based real estate survey of over two thousand people found that buying and selling a house is more stressful than divorce, bankruptcy, a death in the family, becoming a parent for the first time, and even planning a wedding!

It’s not easy, but staying calm will help you to plan for your upcoming home purchase and sale and make the process easier. So how can you avoid the stress? Here are three strategies that will keep you calm, no matter what may happen.

Have A Thorough Plan In Place…

Much of the stress that you’ll experience will probably be the result of poor planning. You may feel stressed if you don’t have enough time to move or if you have to pay mortgages on two homes because your old home isn’t selling fast enough.

Before you get too far into the buying and selling process, talk with a real estate agent and ensure you have a solid plan in place for how you’ll manage buying and selling at the same time. Leave a time and expense buffer for unexpected complications – even if nothing goes wrong, it’s still nice to know you have some room to work with.

…But Be Ready To Improvise If Things Go Sideways

There are a number of ways that buying and selling at the same time might result in complications. Poor timing might mean you need to move out before you have a home to move into, or it might mean you don’t have the money for your new home if your old home hasn’t sold. Be prepared to rent a hotel room, take out a short-term loan, or move your belongings into storage if the sale doesn’t go according to plan.

Talk Out Your Problems With Loved Ones

In times of stress, it’s helpful to turn to friends and family for a helping hand. Studies have shown that having a strong social support network can mitigate the effects of stress, and even the Mayo Clinic suggests reaching out to loved ones when you feel overwhelmed. Don’t be afraid to ask your friends for emotional support, and whenever you have an opportunity to socialize, take it – you’ll find it easier to handle stress after a fun night out with friends.

Buying and selling a home at the same time is bound to be stressful, but an experienced real estate agent can minimize the agony. Call a real estate agent near you to learn how you can successfully buy and sell a home at the same time.

Tips For Deciding The Value Of A Home

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Tips For Deciding The Value Of A HomeHomes are more than just a building. They are filled with memories of children taking their first steps, holidays that were celebrated with family members and friends, and Super Bowl parties filled with smiles and cheers.

These memories are priceless; however, people cannot let emotions cloud their judgment when they are trying to sell a house. Instead, it is important to focus on the building. There are a few tips that everyone should follow as they try to figure out how much their home is worth.

Be Reasonable

The first tip is not to price a home too high out of the gate. While it is tempting to start high and reduce when necessary, the reality is that a price that is too high is going to scare off potential offers. It is better to start with a reasonable price that will get people interested. Then, if the offers start to pour in, there is a bidding war. The price will naturally take care of itself.

Upgrades Don’t Always Lead To A Higher Price

It is tempting to follow in the footsteps of TV shows and pour money into renovations that might lead to a large return on investment. The sad fact is that this is not always the case. Even though the homeowners might love the renovation, this doesn’t mean that a potential buyer will. Do not renovate purely to raise the value of a home. Upgrades can go out of style just as quickly as they came in.

Don’t Price Out Of Necessity

Never price a home based on a dollar amount that has to be reached. It is always better to price a home relative to what the market indicates. Nobody is going to make an offer on an overpriced home purely because that is how much money the seller needs to make.

Leave Emotions At The Door

Finally, do not price a home based on emotions. Yes, a home is a special place; however, remember that the home is on the market, not the memories. Instead, always price a home based on what the comparables are showing. This will lead to a smoother selling process, a higher price, and a bigger return on the initial investment.