Sunrise Homes & Renovations, Inc.

Spring Is Real Estate’s ‘Rush Hour’ — Here’s How to Tell If You’re Prepared

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Spring Is Real Estate's 'Rush Hour' -- Here's How to Tell If You're PreparedThe most popular time of year to buy a home is in the spring, and this means that if you’re preparing yourself for getting into the real estate market, you may be experiencing a time crunch. If you’re wondering if you’ll be ready to put your home up for sale in time to take advantage of the season, here are few things you’ll want to think about.

Have You Cleaned Up And De-cluttered?

Spring is not only an optimal time to put your home up for sale, it’s also an ideal time for spring-cleaning! Instead of leaving all of the de-cluttering and clearing away to the time when you know you’ll be moving, get prepared by going through your stuff and discarding anything that you don’t want to move. This will not only make the packing up procedure more streamlined, it will also make the basic cleaning duties like vacuuming a dusting a little easier to carry out.

Are You Prepared To Move?

A home can sit on the market for a few weeks or months, and it can also sell on the first day, so you’ll want to have a game plan for moving beforehand. If you don’t yet have a place to stay, determine a plan for yourself and your family so that you can start looking for a home to invest in or at least rental property. You don’t want to lose out on a good offer by not being prepared, so make sure you know where you’re going before getting into the market.

Do You Know The Market Conditions?

Spring is certainly the most popular time to buy, but if your home isn’t priced right for the conditions of the market, it may linger longer than you’d expect. If you’re selling on your own, you may want to take a look at the MLS listings to determine what similar homes in similar areas are selling for. It can also be a great idea to utilize the services of a local real estate agent who will have background knowledge of the market and be able to do the tough negotiating for you.

With spring being the best time to sell, it’s important to de-clutter your house ahead of time and be aware of the market conditions you’ll be dealing with. If you’re about to put your home up for sale, contact your trusted real estate professionals for more information.

Feeling ‘Priced Out’ of Your Local Market? Here’s How You Can Still Buy a Great New Home

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Feeling 'Priced Out' of Your Local Market? Here's How You Can Still Buy a Great New HomeIf you’re trying to buy a new home, few things are more frustrating than a hot real estate market. When home prices are climbing fast it can feel like you’ll never be able to save enough for your down payment. In today’s post we’ll share a few ways that you can get in – even if you’re feeling priced out.

Start Smaller And Upgrade Later

If you’re a single professional or a young couple, it might be wise to start with a smaller starter home. While a townhouse or condo might not feel as large as a detached house, they are more affordable options. Starting small allows you to build equity in your home. This, plus your increased earning power as you work for longer, can open up more home options later.

Another benefit of starting small is that you’ll already have a home. If the local real estate market experiences a quick change, you won’t need to scramble. You can plan to buy a larger home – that ‘perfect’ house – when the time is right.

Bring In Family As Investors

Do you have family members who might be willing to provide a loan or financing? If so, start the conversation with them to see if they are willing to co-invest in your new home.

There are many ways to bring in family as investors when you buy. They can provide a straight loan of funds to increase your down payment. Or if they want to be less involved, they can co-sign your mortgage, which will allow you to borrow a larger amount. In many areas, a family member or investor can also be a legal co-owner of the house or the property it sits on.

Make Use Of Experienced Professionals

Finally, don’t forget to ask the local experts for more advice. Real estate agents and mortgage brokers are in-tune with the local market. They spend each day helping buyers like you with understanding their options. If you’re short on ideas, a real estate professional is a great place to start.

It can be tough to stay positive when you’re feeling priced out of the local real estate market. But with a little ingenuity and planning, you can get out of the rental market and into a great new home.

Buying a Home on a Single Income? 3 Budgeting Tips That Will Make Things Easier

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Buying a Home on a Single Income? 3 Budgeting Tips That Will Make Things EasierAre you thinking about buying that perfect new home? Whether you’re buying for yourself or a new home for a family, there will be many costs involved. Let’s take a look at 3 budgeting tips that will help make home ownership on a single income easier.

Get A Full Picture Of Home Ownership Costs

Buying a home is never as simple as paying a mortgage payment each month. So, as with most budgets the first place to start is a full consideration of everything involved.

On top of your mortgage, what other monthly costs will come up? Consider utilities like electricity, phone, cable, water and others. You’ll be responsible for property taxes, so find out how much other local owners are paying. If you’re buying into a community, you may have to pay monthly fees to a homeowners’ association.

When you’re visiting open houses and talking to owners, be sure to get a full picture of their monthly costs. It will help you build a responsible budget.

Keep Your Credit As Strong As Possible

It might sound obvious, but keeping your credit or FICO score spotless is important. Buying a home on a single income means that you’ll need a mortgage. Depending on the home you’re buying, this might be significant. Your credit score is one of many factors your lender will use to assess you, but it’s the most important. So keep those bills paid on time and avoid any black marks on your credit report.

Plan Ahead For Unexpected Budget Shocks

Don’t forget to think ahead at events that — while unlikely — may shock your finances. Having one income means that you’re one negative health event away from being out of work. What happens if the income-earner gets sick, fired or laid off? Is there other work nearby, or would you need to move? Consider the different types of insurance you can get on your mortgage and home. And how much you’ll need to put away in a ‘rainy day fund’ each month.

While it might be a bit more of a struggle, it’s still possible to buy a home on a single income. For more tips and insight, be sure to contact your local real estate professional. They’ll be able to share how other single-income families have bought homes in your local market.

Real Estate Investment: Three Telltale Signs You’re Not Cut Out to Be a Landlord

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Real Estate Investment: Three Telltale Signs You're Not Cut Out to Be a LandlordThe idea of purchasing a property and having renters can be an exciting business venture that offers lucrative financial rewards. However, there’s a lot involved in being a successful landlord and it’s important to be aware of what’s required before making the commitment. Whether you’re investing in one rental property or five, here are some questions you should ask yourself before getting involved.

Can You Do-It-Yourself?

There’s a lot more to being a landlord than taking the rental check, and one of these things is being there for the tenant when push comes to shove. If there are issues with the heating or the fridge breaks down, you’re going to be the one who has to facilitate or complete the repair, so you’ll need to have the wherewithal to fix problems effectively. While there are many situations where a repairperson can help, having some DIY skills goes a long way towards turning a better profit.

Do You Have The Time?

Weeks and even months may go by where your tenant requires little to nothing from you, but if you own an older property or have several renters, even maintaining the place can get to be quite a bit of a chore. It can be a good expenditure to have a contractor take care of these issues, but you’ll still have to use your time to find the right person and oversee the budget. If you already have a pretty full schedule, being a landlord will add a lot more to the pile.

Can You Deal With The Risk?

It can be easy to turn a profit if you have a renter, but if you happen to own property in a vacation area or a community on a downturn, it may be more difficult to find renters consistently. There may be periods of time where tenants are scarce, and this means that you’ll have to be comfortable with financial instability in order to weather the storm. While the moneymaking months can make up for the off-season, if you doubt your ability to take on the financial risk, this may not be the right choice.

Being a landlord is a considerable responsibility that will require you to take on financial risk and serve your tenants effectively and efficiently. If you’re thinking of becoming a landlord and are looking for a rental property, you may want to contact one of our real estate professionals for more information.

Buying Small, Living Large: 4 Big Pros to Buying a Smaller House or Condo

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Buying Small, Living Large: 4 Big Pros to Buying a Smaller House or CondoAre you on the hunt for a more efficient living space? Whether you’re a first-time buyer or downsizing from a larger home, buying small can still mean living big. Let’s explore four positives to living in a smaller, more intimate house or condo.

You’re Going To Save Money

The first, most obvious and most exciting reason is that you’re going to save money. The home itself will cost less than a larger one, especially if there is less land or property included. Even better: the money you save on space can be re-invested in quality. Losing a bedroom or two but having brand-new appliances? It might be a fair trade.

It’s Much Easier To Customize

Are you excited to renovate and customize your home to suit your family’s tastes? A smaller space is going to be far easier to make changes to. And while you may think that this limits your options, that’s not the case. As long as you buy with renovations in mind, you’ll be all set.

Bear in mind that some upgrades won’t work with a smaller home. For example, you may not be able to add that large deck or patio you’ve always wanted. Before you buy a small home, make sure it suits your future vision.

Living Small Is More Energy Efficient

Yes, it’s true: living smaller means using less energy. Much of the energy we use in our homes is for heating and/or cooling our living space. The smaller the home, the less energy needed for either. Depending on where you live, that difference can mean a lot of energy — and money — saved.

Cleaning Is A Lot Less Of A Chore

The smaller the space, the less of it there is to clean. It’s as simple as that. Even if the difference in cleaning time is as short as an hour each week, it adds up. Over ten years, that small one-hour difference becomes a total of more than three weeks! So if you’d rather not spend extra weeks or months cleaning your home, a smaller space is a big plus.

If you want to leave a smaller footprint, a great place to start is with a smaller new home. Contact your real estate agent today to learn more about small houses and condos in your local area.

Real Estate Investing: How to Find — and Hang on to — Great Rental Tenants

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Real Estate Investing: How to Find -- and Hang on to -- Great Rental TenantsIt’s great news if you have enough financial capital that you have the option of investing in a rental property, but being able to afford it is only half the battle. Since you’ll need to find and keep the right renters in order to make a profit, here are some ways that you can ensure your property will be a financial benefit.

Price It Right

It’s important to turn a profit, but overpricing your property may mean that you’ll have limited options. Instead of making it a guessing game, take a look at the rent in the neighborhood and read through the listings to determine a potential price. This will enable you to find the ideal tenant who knows your apartment is worth what you’re charging without pricing yourself out of the market.

Keep It Clean

A lived-in home can be quite time consuming to show well, but it’s very important to clean up before potential renters see it. While a spick-and-span space that is clutter free will give viewers the sense that you’re a responsible landlord, a disorganized area full of stuff will probably lead them to look elsewhere.

Go With Your Gut

It may be one thing for a potential tenant to have good references and ample income, but it’s important to think about more than what a person looks like on paper when choosing a tenant. Instead of going for the sure bet, choose a tenant that you feel you can trust as they might just be the least likely to let you down.

Deal With The Details

There are numerous stories about bad landlords, but it’s important to attend to the needs of your tenants so that you can avoid a high turnover rate. While the wrong tenant can be difficult to deal with, the right tenant will be someone that will behave responsibly and will expect the same from you. This means you’ll have to fix minor repairs and replace leaking faucets in a timely manner, and you’ll be able to expect the same courtesy when it comes to paying on time.

Having a rental property can be a very beneficial investment, but it’s important to be a good landlord and set the right rental price so that you can retain good tenants. If you’re currently searching for an investment property, contact your local real estate professional for more information.