Sunrise Homes & Renovations, Inc.

Rent Is Going Up Across The Country: What People Can Do

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Rent Is Going Up Across The Country: What People Can DoMany people who rent sign a 12-month lease. With many people’s contracts up for renewal during the next few months, people may be surprised to see just how much their rent might be going up in the next year. Just as gas prices, car prices, and prices at the grocery store continue to increase, rent is going up as well. It is important to take a closer look at the reasons why, and what people can do to make their housing costs more affordable. 

Inflation Is Partly To Blame

One of the reasons why rent is getting more expensive is that inflation has reached record levels. Inflation has not been this high since the 1980s, and the cost of everything is getting more expensive. A lot of overhead expenses have gone up, and these rental companies have responded by increasing their prices. With a lot of demand for apartments, rent is going up. 

COVID Pandemic Deals Are Ending

In addition, a lot of rental companies had deals in place to make housing more affordable during the coronavirus pandemic. Some of the major cities provided emergency funding in an effort to keep rent down, particularly as many people were furloughed or laid off. Now that many of these COVID pandemic stipulations are starting to end, apartment buildings are starting to raise their rent significantly.

Buying A Home Is A Way To Save Money

As many people struggle to deal with the sticker shock of their rents going up, it is important to take a look at what people can do to make housing more affordable. Instead of renting, it might be prudent to look at buying a house this year. Interest rates on home loans are still very low, which could make it easier for people to afford a house. Furthermore, unlike rent prices, which tend to increase every time the lease is renewed, people have the option to get a fixed-rate mortgage for 30 years. This means that even as rent continues to go up during the next few decades, the monthly mortgage payment will stay the same even 30 years down the road. Now might be a smart time to buy a house. 

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!

3 Reasons You Might Decide to Retire to a Tiny Home – and Why You’ll Love It!

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3 Reasons You Might Decide to Retire to a Tiny Home - and Why You'll Love ItMany people romanticize the idea of paying off their home mortgage early so they can enjoy their home in retirement, but when it comes to the later years of life, a big house can actually be too much to handle. If you’ve started to consider a smaller home and are wondering why it might be a good decision for you and yours, here are a few things you may want to consider.

It’s Much Easier To Maintain

It is often the idea of the palatial estate with a pool that homeowners get excited about, but when it comes to reality, the larger the home, the harder it is going to be to take care of and maintain. If you don’t have a maid or a butler, a smaller home will enable you to spend a lot more of your free time doing things that you love instead of being bound to a house that is full of repairs and maintenance that needs to be completed.

Save On The Big Home Bills

One of the worries associated with getting older is having the ability to maintain your lifestyle in old age, and a smaller home can actually alleviate many of the high costs that go along with having an oversized home. A smaller home will not only minimize your insurance and taxes, it can also positively impact the amount you pay each month for heating and electricity, so you’ll notice the savings right off the bat.

The Freedom Of A Downsized Lifestyle

One of the best things about downsizing to a smaller home is the huge sense of responsibility that can be left in the dust. Instead of being held back by all of the stuff required to fill a big house, a small home means there is less to worry about. This may mean you’ll have the option to go on longer vacations or can even relocate to a hot climate for the summer months, and you’ll only need someone to come by and water the plants every once in a while!

There are plenty of people that decide to downsize later in life since it can actually be a great way to save money and have a lot more freedom. If you’re considering your smaller home options and are curious about what’s available on the market, you may want to contact one of our real estate professionals for more information.

How to Determine How Big of a Down Payment You Need

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5, 10, 20 Percent or More? How to Determine How Big of a Down Payment You NeedWhether or not you’re new to real estate, there’s little doubt that you’ve heard the term down payment as it relates to purchasing a home. There’s a lot of different information out there in regards to how much this figure should be and it can be hard to determine exactly what the importance of this payment is. If you’re trying to determine the ideal amount to put down, here are some things to consider.

Explaining Down Payments And Why They’re Important

The down payment is probably one of the largest single payments you’ll make for anything, and this is why so many people save for years. When you buy a home, the down payment is the amount of money that goes into the initial home investment, and this is taken off of the cost of the house. In essence, while this money qualifies as an asset, it is tied up in paying off the total cost of your home.

The Differing Amounts For Down Payments

It’s often the case that many figures are thrown around in regards to the ideal down payment percentage, and they generally vary from 3-20% of the home’s cost. If you are paying a percentage on the low side of the scale, this can unfortunately mean that you will have fewer mortgage options and will be stuck with an increased interest rate. The amount you should pay depends on your financial health and purchasing commitment, but the larger the down payment is, the more minimal your monthly payments will be.

Deciding The Perfect Percentage

Saving up 20% of a home’s total price may seem like a lot of time and effort, but this can be the ideal amount to put down. In addition to lowered monthly payments and a better interest rate, you’ll also be able to avoid Private Mortgage Insurance (PMI), which is required if you put down less than 20%. There is no right answer to the question of how much to put towards a down payment, but you may end up spending less in the long run if you can invest more in the beginning.

There are many figures thrown around when it comes to real estate, but the amount of a down payment should be economically feasible for you and enable you to make your monthly payments consistently. If you’re planning on purchasing soon and are looking for home options, you may want to contact one of our local real estate professionals for more information.

Dealing with an Empty Nest? 5 Great Reasons to Downsize into a New Condo

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Dealing with an Empty Nest? 5 Great Reasons to Downsize into a New CondoThere’s a good chance if your children have recently moved out that your home is feeling a lot larger than it used to, and perhaps you’re re-considering the extra space. If downsizing to a condo is on your mind and you’re weighing the benefits of this kind of move, here are some that might make it worth the switch in size.

A Little Extra Money

With the additional money you should be making off the sale of your home, there’s a good chance that downsizing may provide you with extra assets to sock away for retirement, travel or whatever your heart fancies. If you don’t need the money, it might not matter, but in the retirement years a little extra can be of benefit for many.

Minimize Your Costs

Usually, there are many utility and heating costs that go along with home ownership, but by moving into a condo you can alleviate many monthly payments instantly. Instead of paying for every utility, condo living can help to simplify and minimize the amount you owe each month.

Free Up Your Retirement

Often times it may seem like home ownership is the dream, but many people approaching retirement would rather have the flexibility of renting. Because there are limited responsibilities with a rental, it means you can spend the winter months in Mexico without having to worry about who will take care of your home.

A Condominium Community

The great thing about many condo buildings is that they are built close to amenities like grocery stores, drycleaners and restaurants, so you don’t have to worry about venturing far out. It might not seem important if you’re used to driving to the store to make your purchases, but being able to walk might make you a convert to a different way of life.

Forget About The Maintenance

If you’ve gotten used to all of the maintenance that goes into a home, downsizing can be a great relief in terms of the time you’ll be saving. Instead of a lawn to cut or a multi-level home you’re responsible for, you’ll be able to rely on the building manager to do this for you.

It can be comforting to have a home you’ve bought and paid for that belongs to you, but by downsizing you may be able to save on time and significantly lower your living costs. If you’re considering purchasing a condo and would like to learn more about your options, you may want to contact one of our local real estate agents for more information.

Mind Your Manners: Four Etiquette Tips That Will Help Make the Home Buying Process Go Smoothly

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Mind Your Manners: Four Etiquette Tips That Will Help Make the Home Buying Process Go SmoothlyAre you currently shopping for a new home? While it’s true that real estate transactions can be stressful, this stress can be minimized by following a few simple tips. For example, following proper etiquette plays a big role in making your real estate experience go smoothly, and in this post we’ll share four key etiquette tips that are sure to help.

Get Preapproved

Prior to shopping, a buyer should check with a lender to determine the maximum loan amount they qualify for. This is proper etiquette because both the seller and the real estate broker have likely prepared themselves and assume you have as well.

Keep It Professional

Shopping for a home seems personal, but keeping interactions on a professional level can ease the awkwardness of the process. One step in that direction is being considerate of others’ schedules. Proper etiquette includes being realistic about how many properties can be seen in a span of time. Allowing time for a sellers’ special conditions, pets or children is also good etiquette.

Negotiate Through A Representative

When it’s time to negotiate pricing between a buyer and seller, the real estate agent should be used as the intermediary. While touring a property, it is best not to make offers or discuss how much the house is priced for, or make any counter offers without involving the real estate agent. It is also not advisable to point out stains, outdated designs or noticeable damage in the hopes of getting a discount.

Use Closing Credits

Home sellers should not be surprised once a buyer has decided to close and begins to negotiate the price. Home inspections reveal problems a home has and the buyer’s willingness to continue negotiating can depend on how willing the seller is to address those problems. A closing credit can be a win-win for both parties. If the buyer and seller of the home agree on closing credits instead of repairs and inspections, the buyer has the option of hiring a contractor and dealing directly with the contractor if not satisfied. Meanwhile, sellers are typically ready to move out or are not living at the property, so closing credits save them time.

Well-mannered people handle real estate transactions in a way that lets them join the ranks of successful buyers and sellers who operate with as little stress as possible. The good news is that real estate agents can help with understanding what proper home-buying etiquette is. Call a real estate agent to receive guidance on how to navigate a real estate transaction with ease.