Sunrise Homes & Renovations, Inc.

Thinking about a ‘Fixer Upper’? Understanding the Balance Between Purchase and Reno Costs

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Thinking about a 'Fixer Upper'? Understanding the Balance Between Purchase and Reno CostsFixer uppers can come with huge price benefits and opportunity, as well as problems. Make sure you understand what you’re getting yourself into before you purchase a home that needs significant restoration.

Carefully Calculate

Do the math very carefully before jumping in. Add up the expected renovation costs based on a thorough evaluation of the property. As some of the expected costs will lie within a grey area, it is important that you base your estimation on the higher end of the price range. Be sure to account for all materials and labor.

Once you have calculated your expected renovation costs, subtract this number from the home’s projected post-renovation market value. It is important that you base this projection on comparable listings in the same neighborhood. Consulting a real estate professional can offer very valuable assistance with this step.

To be conservative, deduct at least another 10 percent for any unforeseen costs, mistakes, or issues that arise. That final number should be the highest offer you make on the property.

Work With The Right Team

When looking for a fixer upper that is a sound investment, make sure that you have a solid team of professionals to work with. Choose a real estate agent who is familiar with the area and type of property that you are interested in, and make sure that all laborers you hire are not only competent to deal with the problems that you’ll face during renos, but who won’t cut corners. Aesthetically appealing housing don’t always pass inspections – it’s important to make sure that the property is fit for sale or it may never close at your asking price.

Aesthetic Problems Are The Best Problems

If you’ve managed to find a home that’s in great condition but is visually unappealing, you may have found yourself an excellent fixer upper. Ugly carpet, old appliances, and tacky wallpaper are easy fixes that won’t eat up much of your budget or your time.

Asbestos, leaky water lines, a cracked foundation, or a rotted frame are examples of more significant issues that will require the help of a professional. Be wary when investing in a property that has one or several of these problems, as they are the kind of issues that snowball into larger costs and a longer timeline for repairs.

Ready to find a great fixer upper and tackle it as your next investment? Move forward with the help of your trusted real estate professional today.

Three Key Points to Remember When Investing in a Cottage or Waterfront Getaway

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Three Key Points to Remember When Investing in a Cottage or Waterfront GetawayIf you’re looking to invest in a cottage or waterfront getaway, there are three key things to keep in mind throughout your search.

How’s The House?

Even if the lake is the highlight of a property you’re considering, it is important to make sure that the home is equally as great as the beautiful body of water it borders.

How’s its orientation? Is it built on the ideal angle to take full advantage of the sun? Does the deck or large windows face another house directly? The orientation is an important factor to consider as it can make or break the comfort of the property.

You’ll also want to consider the lot itself, as many waterfront properties are not built on level lots, but rather on sloping hills. If this is the case with a cottage you are looking to buy, it is important to have the land inspected to uncover any potential dangers or deficiencies. This is especially significant if you want to pursue further construction on the property in the future.

The waste system is another factor to consider, as many lakefront properties utilize a septic tank or public sewer system, which may differ from what you are used to and could cause more hassle than the home is worth.

Just How Lakefront Is It?

It is also important to consider the proximity of a house to the water, as there are unique risks that come along with bordering on a body of water. If the home is very close to the lake, research the typical rise and fall of water levels throughout the year as well as whether ice or frost develops in winter.

Make sure you have a thorough understanding of the lake specifics as well. Know the lake rules, what types of water crafts are permitted for use, how deep it is, and how busy it is throughout the year. A lake may look beautiful, but it’s equally important to ensure it will provide the experience you are looking for as well.

Protect Your Privacy

Lake front getaway homes often come with limited privacy as many properties may face each other across the water. Additionally, since space is limited around a lake, properties may be squished together to make the most of the land that’s available, and that can also compromise your privacy. Be sure to check out who you can see and who can see you, and take note of whether or not there are substantial tree barriers between you and your potential neighbors.

If you’re serious about finding a waterfront getaway home, speak with your trusted real estate professional today to find the property of your dreams.

5 Tips to Make Moving With Kids Easier

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5 Tips to Make Moving With Kids EasierSometimes a move is unavoidable, regardless of how much you or your kids’ would rather stay in your current home. If your young ones are not looking forward to a change in scenery, here are a few tips to help them make a smoother transition into their new home.

1. Involve Them

Involving your children in the moving process will not only help them to better understand the move, it will also make them feel as though they are more in control of the situation. By taking them to open houses they’ll become familiar with the neighborhoods you’re considering moving to, and will have the chance to see first-hand some of the benefits that a new home would offer over your current one.

2. Say Goodbye

Moving can be an emotional time for children, and it’s important to allow them to face and embrace their feelings. Hosting a goodbye party will provide closure to an important chapter of their life, and creating a memory book will offer comfort on days when they miss your old home. It is totally normal for there to be some sadness associated with a move, so do not feel guilty if your child is upset, but be there for them if they struggle with letting go.

3. New Beginnings

Although it’s okay for your child to feel sad about leaving your old home, it will help their transition if you give them something to be excited about, such as a new bedroom. By allowing your child to help plan and pick out the layout, paint colors, or bedding for their room, you will give them something to look forward to.

4. No Benchwarmers

When it comes to packing and unpacking, don’t let your kids sit on the sidelines as mom and dad do all the work. By helping you pack and unpack, your children will feel secure knowing that their belongings are all on their way to your new home, and will feel more welcome knowing where items have been put when they’re unpacked.

5. Make Friends

Being the new kid on the block can be lonely, which is why it’s important to encourage your child to socialize within your new community. Make an effort to meet the neighbors, enroll them in an extra-curricular activity, and schedule play dates with classmates if they have had to move to a new school. It can be intimidating for a child to socialize when faced with a whole new environment, but a little extra encouragement can go a long way.

Considering moving your family into a new home? Speak with your real estate professional who is experienced in family relocation today!

Did You Know?: 4 Ways That a Real Estate Attorney Can Make Your Home Purchase Easier

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Did You Know?: 4 Ways That a Real Estate Attorney Can Make Your Home Purchase Easier It is common for home buyers to take steps to keep their out-of-pocket expenses to a minimum, and many will try to avoid paying for optional services for this reason. While you may not want to pay for all optional services, there are some that can be truly beneficial to you even if they are not required. After learning more about the services provided to you by a real estate attorney, you may be ready to seek out these professional legal services for your upcoming purchase.

Explaining the Contract

A real estate sales contract can be confusing to understand because parts of it use real estate or legal jargon. Your real estate attorney can review the contract for you to ensure that your rights are protected, and he or she can also help you to better understand your obligations and requirements under the contract.

Assisting With Title Research

A real estate attorney can also assist you with researching the title. Everything from liens and covenants to easements and more may impact your ownership of the property. The real estate attorney will provide you with more information to ensure that you have title to the property free and clear.

Helping You With the Mortgage Documents

A mortgage is a legally binding agreement. You will be contractually bound by the terms of the mortgage. From the monthly payment obligation to the ability of the lender to foreclose on the property if you do not follow through on the terms of the mortgage, there are many legal nuances to consider. The real estate attorney can review these documents on your behalf before you sign them.

Representing You at Closing

Your closing is both a financial and a legal process. This is where you will sign all of the mortgage, title and sales documents to finalize the purchase. Generally, after closing, you will own the property and will be contractually tied to the mortgage. While many documents will be available for your attorney to review before closing, there may be last minute changes or other documents available at closing that your attorney has not reviewed. Your attorney can represent your interests and answer your questions at the closing table.

You do not need a real estate attorney to assist you throughout the purchase process. However, you can see that there are many beneficial services provided to you by an attorney. Contact your trusted local real estate professional for more information.

Why Home Buyers Should Hire Their Own Home Inspector and How to Choose One

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Why Home Buyers Should Hire Their Own Home Inspector and How to Choose OneWhen you’ve found the perfect home and you’re preparing for all of the final details to be sorted, there are a few important things that should not be forgotten about. As a home inspection is among the last steps in the transfer of the home, here’s why it’s very important to find the right person for the job.

Assessing All The Elements

Purchasing a home is among the most important and expensive decisions you will ever make, and for this reason it’s necessary to hire a professional that has experience with how a home should function. Because there are so many things that make a house run smoothly, the right inspector will be able to assess any major issues for you so that you’re not forced to pay a high price for fix-ups when the deal is already set in stone.

What The Inspector Will Look For

There are a number of things a home inspector will look at that encompass all of the main functioning systems of a house, and this should determine if your home will be a good investment for you. There will be items that need regular or routine maintenance that will be identified, but the most important issues like a cracking home foundation or mold can be a major expense. From start to finish, a home inspector will be able to give you a written report of any minor and major issues that will help you determine the value of your investment.

How To Find The Ideal Inspector

One of the most important factors when it comes to the right inspector is experience, and no piece of paper can make up for this. While your inspector should certainly have professional certification from organizations like the National Association of Home Inspectors (NAHI) or the International Conference of Building Officials (ICBO), they should have a number of years under their belt and have seen enough to know what to look for.

There are a lot of things to think about when buying a home, but finding the right inspector can go a long way in positively impacting your purchase. If you’re currently on the market for a home and are considering your options, contact your trusted real estate professional for more information.

Homeowner Association Rules: How They May Affect Your Buying Decision

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Homeowner Association Rules: How They May Affect Your Buying DecisionBeyond the mortgage, maintenance and property taxes of a new home, you may not be aware that many newer communities require you to be part of the Homeowner Association (HOA). If you’re wondering about what the HOA entails and how this can impact the home and community you live in, here are some facts that may be important to know before you buy.

What Is A HOA?

If you happen to have a Homeowner Association present in your new community, it’s important to know that this body works to enforce the rules of the neighborhood. Made up of a group of volunteers that live within a given area, different community members will be responsible for different aspects of the community. While there are annual fees for an HOA and they vary from place to place, communities with this type of association often come with a higher price tag on the market.

The Types Of Rules Enforced

The rules that are enforced by a HOA differ depending on the community, but they can range from issues as diverse as the height of fences to the number of pets per residence to the amount owed for fines. While you may have found your ideal home in a great community, it can be worth looking into the rules of your local HOA so that you can determine if they’ll work for you. If there are any red flags, you may want to consider your options or decide if the sacrifice is worth it.

Dealing With The Rules

It’s important to stick to the rules of the community you live in because you can be taken to small claims court if you don’t pay your fees or respond appropriately to complaints. If you’re in a position where you disagree with the rules and would like to pursue another option, you will want to make a written request to the board and wait it out. You may not get a response very quickly due to the voluntary nature of most HOA, but it’s important to be compliant with the regulations until your request is approved.

It’s great news if you’ve found your dream home in a nice new community, but it’s important to be aware of the HOA rules that you’ll have to comply with. If you’re currently on the market for a new home, contact your local real estate professional for more information.