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How Your Home Equity Can Help You Reach Your Retirement Goals

September 25, 2024 by Rhonda Costa

How Your Home Equity Can Help You Reach Your Retirement GoalsIf you plan on retiring soon, you are probably looking at a few options that can get you over the hump. You are probably excited to start a new phase of life. With a record number of people closing in on their retirement age, many are starting to assess their resources to make sure they have enough money to last them for the rest of their lives. If you already own a home, you might be able to tap into your home equity to help you fuel your retirement.

Your Home Has Probably Gone Up In Value

Your house is an investment and now is your opportunity to capitalize on that investment. There is a great chance that the value of your home has significantly increased since you first bought it. Furthermore, if you have been in your house for a long time, your mortgage may have been completely paid off. This means that just about all of your home’s value could be yours to keep. Your house could be worth hundreds of thousands of dollars, which you can put towards your retirement.

How To Use Your Home Equity For Your Retirement

Of course, you still need a place to live, but there are ways for you to tap into your home equity for your retirement. If you have children who have already moved out, you might be ready to downsize. As a result, you could sell your house and use the cash from the sale of your house to purchase a smaller home. Then, you can use the money left over to fund your retirement. It might not be enough to cover your retirement completely, but it could be enough to get you over the hump if you are wondering when you can retire.

Consider The Implications Of Selling Your Home

When you sell your home, there is a chance that you may have to pay taxes on the capital gains stemming from the value of your home. On the other hand, you might be able to shield some of those gains if you use the money to buy another house quickly. You should reach out to a professional who can help you understand the tax implications of selling your home.

 

Filed Under: Homeowner Tips Tagged With: Equity, Homeowner Tips, Retirement

4 Common Remodeling Mistakes and How to Avoid Them

December 21, 2023 by Rhonda Costa

Investing in your home by remodeling or renovating is an excellent way to increase its value. However, a significant renovation project can quickly turn into a disaster, especially for those who are inexperienced. Let’s take a look at four of the more common home renovation mistakes that homeowners make and how you can avoid them.

Mistake #1: Skipping The Permit Process

The first mistake you will want to avoid is undertaking any home renovation without the required permits. While some remodeling projects will not require a permit, others will. Regardless, it is more than worth taking the time to do your research to ensure you do not run afoul of the law. A visit to the city’s website or a quick phone call is all you will need to find out if a permit is required and how much it will cost.

Mistake #2: Being Afraid

A great way to ruin your renovation is to be too afraid to transform the space into whatever best suits your family. Try to avoid being trendy and going with renos that you saw recently on television. Instead, consider how you currently use your kitchen, bathroom, or whatever other space you’re changing and improve it for the better.

Mistake #3: Using Cheap Materials Or Labor

When it comes to contractors, going cheap is rarely a good idea. You want someone who is going to do the best quality of work at a fair, affordable price. Moreover, since you’re investing in that contractor, it is best to also invest in using high-quality materials for the job.

Also, don’t be the type that skimps on costs just because something isn’t visible. A good example is if your contractor recommends that you install something like a bathroom membrane system. Yes, it’s an extra cost that is mostly a preventive measure against mold getting under your tiles. However, it is a small consideration in protecting the more substantial investment you’re making in upgrading your home.

Mistake #4: Changing Your Mind

As the old saying goes: “measure twice, cut once.” Changing your mind in the middle of your renovation is almost certainly going to cost you. Once you commit, try to stick to the plan unless circumstances force you to make a change. These are just four of the many mistakes that can be made by an inexperienced home renovator.

Filed Under: Around The Home Tagged With: Around the Home, Homeowner Tips, Upgrades and Renovations

Appliance Therapy: What to Do If Your Dishwasher Is Terrible at Cleaning Your Dishes

December 14, 2023 by Rhonda Costa

As kitchen appliances go, there are few loved more than the dishwasher. They can be a major time saver – that is if your dishes are coming out clean. Let’s take a quick look at a few steps you can take if your dishwasher is not doing its job.

Give It A Good Cleaning

It may seem a bit strange to think about having to clean the dishwasher, but they do require maintenance from time to time. Grease, bits of food, and leftover detergent can all build up, leading to reduced performance.

Here’s one cleaning recipe to try. On the top rack of the dishwasher, place a cup of white vinegar in a dishwasher-safe container and run a cleaning cycle. Once it has finished, sprinkle a cup of baking soda around the bottom of the dishwasher, and run it again.

Check That You’re Loading It Correctly

You might be surprised to learn that there are ‘right’ and ‘wrong’ ways to load a dishwasher. And that loading instructions vary between different models. If your dishes are not coming out sparkling clean, see if you can track down the operator’s manual. Follow the manufacturer’s instructions for how to load the dishes in the dish racks. This is a simple step that might fix the problem.

Check That The Drainage Is Clear

Although you can’t see anything clogging the inside of the drain filter, that does not mean that the drain itself is clear. Most dishwasher models allow you to take the internal drain assembly off so that you can get to the drain without having to pull out the dishwasher. If yours does, it is worth taking some time to get in there and clean out the gunk. A partially blocked drain will lead to dirty dishes. A fully-blocked drain can lead to a messy catastrophe.

Still Not Working? Make The Call

If you have exhausted the list above and your dishwasher still isn’t working correctly, it is time to call in an appliance repair professional. If you continue to use the dishwasher, it may end up failing and causing water damage to your kitchen flooring. If the dishwasher is still under warranty, contact the manufacturer as they will likely have a contract with a local repair shop.

If you’re in the market to buy a home with a fabulous dishwasher, contact us today. Our professional team is happy to help.

Filed Under: Around The Home Tagged With: Around the Home, Homeowner Tips, Upgrades and Renovations

Home Improvement Shortcuts That Can Lead to Disaster — and How to Avoid Them

December 5, 2023 by Rhonda Costa

Are you starting to get the renovation itch? With spring on the way, you might be tempted to launch those home improvement projects that you contemplated over the winter. However, as with any project, you will want to get things right. Let’s take a look at four renovation shortcuts that can lead to disaster and the steps you can take to avoid them.

Shortcut #1: Not Understanding Your Home’s Structure

Before you undertake any renovation involving your home’s structure, you must be confident that you know exactly what is where. For example, do you know what is inside of your walls? You might be surprised to learn what is hiding behind those pieces of painted drywall. Electrical wiring, plumbing, structural supports, insulation and possibly even soundproofing material can all be damaged by misplaced nails or cuts. You might also discover damage caused by pests, mold, or water which needs to be repaired.

Shortcut #2: Not Measuring Everything (At Least) Twice

You have likely heard this tired cliché: “measure twice, cut once.” However, what you may not realize is that was intended for professionals. If you are new to renovating, you will want to measure at least twice, if not three times or more. A small measuring mistake of one-half-inch can mean the difference between your new cabinets fitting and not fitting. Or your tiles lining up with one another or not.

Shortcut #3: Not Using Quality Tools And Materials

Another shortcut that homeowners try to take when starting do-it-yourself home projects is using cheaper materials or whatever tools they have handy. Keep in mind that you are investing in your home and that you are saving money by not paying for the labor. Use those savings on top-quality materials that will withstand the test of time.

Shortcut #4: Not Calling A Professional After You Mess Up

Finally, one shortcut that must be avoided at all costs is not calling a professional if you have made a significant mistake. If you end up drilling into the wrong wire, or you damage something else beyond your repair skills, don’t try to patch it up. Swallow your pride and make the call. You will be able to sleep soundly knowing that whatever was damaged isn’t at risk of failing later.

Renovating your home is the best way to increase its value, but even the smallest mistake can blow up into a major problem in the future. To learn more about your home’s value, contact us today. 

Filed Under: Around The Home Tagged With: Around the Home, Homeowner Tips, Upgrades and Renovations

How to Find the Perfect Tenant for Your Basement Living Quarter’s

October 3, 2023 by Rhonda Costa

The Mortgage Helper: How to Find the Perfect Tenant for Your Basement SuiteDo you have an empty basement or separated suite in your home? If you have a suite sitting empty, you are missing out on collecting some extra monthly income in the form of rent. Let’s take a look at a quick four-step process that will help you find the perfect tenant to rent out your basement suite.

Step 1: Play By The Rules

Is this your first time renting out a home or suite to a tenant? If so, you will want to do a bit of research first. Read up on Fair Housing Rules and other regulations as these will inform you of your responsibilities as a landlord. Keep in mind that you cannot discriminate in any way when it comes to race, religion, gender, family status or disability. Anyone who applies must be given a fair chance.

Step 2: Be Specific In Your Advertising

When you place a rental listing, be as specific as possible in what you are looking for in a tenant. If you are a single, quiet person, you may want someone similar as you will be compatible. Conversely, if you are a young couple, you may clash with a retired senior or someone older. Be as specific as possible but remember that you cannot be discriminatory.

Step 3: Meet Potential Tenants In Person

Be sure to take the time to meet with every short-listed applicant in person. If you are not comfortable with having so many strangers over to your home, consider meeting at a local coffee shop. An in-person meeting will allow you to visually assess the person and determine if your personalities are a fit for living in the same home.

Step 4: Don’t Skip The Checks

Finally, don’t take any shortcuts when performing background, credit and other checks. Ask your tenant for at least one or two references that you can call to verify their rental history. Investing in a credit check will help to assess their risk of missing monthly rent payments. And if necessary, a criminal records check can let you know if they have been in trouble with the law.

As long as you are well-prepared and diligent, finding a suitable tenant for your basement suite can be a painless process. To learn more about mortgage products are perfect for rentals, contact us today. Our mortgage team will be happy to help you!

Filed Under: Around The Home Tagged With: Home Buyer Tips, Homeowner Tips, Real Estate Investing

Kids Moving Out of the House? Here Are 3 Tips for Creating a Warm, Welcoming Guest Bedroom

September 28, 2023 by Rhonda Costa

Kids Moving Out of the House? Here Are 3 Tips for Creating a Warm, Welcoming Guest BedroomIf you’re a homeowner with children, at some point, you’ll be saying goodbye. They’ll move off to college or to start their career and adult life. As children move out, you’ll discover that you have extra bedrooms and other living spaces that will need a new purpose. Let’s take a look at three ways that you can transform an unused bedroom into a welcoming place for guests to stay.

Get Started With A Deep Clean

The first thing you’ll want to do is engage in a top-to-bottom deep clean of the room. Get everything out of the room so that nothing’s left but the carpet. Clean the walls, windows, light fixtures and closets until they’re sparkling clean. If the carpet is still in good condition and doesn’t have a lot of stains, have it professionally steam-cleaned. Or if it’s a little beat up from years of abuse, consider replacing it with beautiful new carpeting.

Consider A Fresh Coat Of Paint

Have a look at the condition of the paint and walls. Does the paint still add a colorful “pop” to the room? Or have the years taken away its luster? Do the walls have scratches, dents, and holes in random areas? Are they in need of repairs?

Even if the paint is in good condition, this is an excellent opportunity to completely change the look and feel of the room. Consider going with a lighter color palette that gives off a welcoming vibe.

Go With Matching Furniture And Tables

Once the room itself is in tip-top shape, you’ll need to focus on the bed, dresser, tables and other furniture. As mentioned above, this is the perfect time to get rid of any mismatched furniture and replace it with a matching bedroom set. Also, be sure to toss out any dated mirrors or light fixtures that don’t match up with the room’s new look.

As your children get older and move out of the family home to start their own lives, you’ll be granted with a lot more space to make use of. Having a welcoming guest bedroom or two will ensure that you’ve always got some room for family members to come and visit. But if you decide that you’ve got too much space, contact your trusted mortgage professional.

Filed Under: Around The Home Tagged With: Around the Home, Homeowner Tips, Upgrades and Renovations

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Rhonda & Steve Costa

Rhonda & Steve Costa

Call (352) 398-6790
Sunrise Homes & Renovations, Inc.

Contractors License #CBC 1254207

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