Sunrise Homes & Renovations, Inc.

3 Things You Must Do after Inheriting a Home

by

3 Things You Must Do after Inheriting a HomeThere can be a lot of excitement when it comes to the realization that you’ve inherited a home, but simply because it’s an inheritance doesn’t mean there aren’t a few strings attached. Whether you’re expecting to be gifted with a home in the future or you’re currently going through this process, here are a few things you may need to watch out for.

The State Of The Mortgage

Once a home has been effectively handed over to you, it’s important to determine the status of the mortgage with the lender and if anything is still owed. While you have the option of taking over the mortgage in a lot of cases, in the event that there’s a reversible mortgage or you’re choosing to rent it out as a second property, you may not be able to transfer the mortgage. While this can often be a rather seamless process, if money is owed there can be other factors to consider.

Determine If You Want It

If you already have a first home and don’t want to take care of your second property as a rental unit, it’s important to realize that keeping the home may not be the best decision for you. While you have the option of organizing a short sale if you’d like to get it off of your hands, you can also contact a real estate agent who will be able to provide you with advice on how to proceed if you’re unwilling (or unable) to take control of the property.

Is It In Good Condition?

Whether you want to keep the home or not, there can be cases where it’s not even a question if it’s a home that you’re going to end up investing money into without much return. In the situation that a lot of money is owed on the house or there are serious issues with its general condition, you may want to release yourself from the inheritance and move on with your financial situation still intact.

There can be an instant feeling of acquired wealth in the event that you’ve inherited a home, but a home in bad condition or that you don’t want to take care of can end up being more of a headache than anything else. If you’re currently considering your options when it comes to a home inheritance, contact your local mortgage professional for more information.

Stimulus Checks And Your New Mortgage

by

Stimulus Checks And Your New MortgageMost of the focus on stimulus checks has been on “when” they will arrive, but if you are in the market for a new home (and mortgage) you should know how that payment will impact your financing. Part of the latest Covid 19 relief package includes payments and protections for existing borrowers and renters, but what about those who are looking to buy? According to the IRS, here are a few things to know about how your stimulus impacts your upcoming mortgage. 

Stimulus Money Is Not Taxable

Any funds you are qualified to receive are not taxable; this is important to know as you move forward with your purchase because it allows you to properly anticipate your tax burden for the coming year. 

Stimulus Money Is Not Income

While funds from the stimulus can be used however you’d like, including as part of your downpayment, they are not considered income. If you currently qualify for an income-based mortgage incentive or program, having a one-time boost in income could work against your housing plans. If those extra funds counted as income, some families could find themselves no longer qualifying for programs and loans that have income guidelines. 

Stimulus Money Can Be Used For Your Mortgage

Whether you use it for your down payment, pay points to reduce interest, or even pay off remaining debts to improve your ratios, this money can benefit your home buying plans. 

Every debt you pay regularly impacts the amount of money you can afford to borrow for your mortgage — using a stimulus payment to eliminate one or more credit cards or even car payments can increase the amount of monthly payment you can afford. Making these payments can also improve your credit score, which could qualify you for a better rate. 

Since the current stimulus program can benefit home buyers in several key ways, there is no better time to buy than now. Use your stimulus to maximize your buying power and get the best possible mortgage terms and you’ll be able to access a wider variety of homes.

VA vs FHA vs USDA What’s the Difference?

by

VA vs FHA vs USDA What's the Difference?You may have more options than you think when it comes to securing a mortgage for your new home. While many buyers opt for conventional financing, another option or program might be a better choice for you, depending on your personal and financial situation. Learning more about FHA, USDA, and VA loans ensures you get the best possible deal for your mortgage and that you secure the loan that you need for your new home. Here’s what you need to know about these useful mortgage options.

FHA Loans
These are traditional mortgages that are backed by the FHA: when you take out an FHA loan, this government agency is insuring the loan. This makes your loan more appealing to lenders who might otherwise feel your credit or income history is not strong enough. An FHA loan is available to a wide range of buyers and price points and offers a low-down payment, reasonable interest, and other perks that make it worth exploring for your next mortgage. 

VA Loans
If you are a veteran then this program, which offers loans insured by the VA, is a great option for you as they do not require money down so you can buy immediately, rather than saving for years for a down payment. The VA loan is available to those who have served or are serving in the armed forces and is a good option to help you get the home you want with no money down, unlike a conventional mortgage loan.

USDA Loans
One of the most useful and often overlooked loan programs is from the USDA. While this government office offers direct loans, far more people qualify for their insured loan programs. USDA loans are for rural areas, but a surprising number of suburban communities and locations qualify as well. With a low-down payment and interest, this subsidized loan program is well worth it if you plan to live in a rural or suburban area. 

Not every borrower will qualify for the mortgage options above; the USDA has guidelines on income and the home you are interested in. The FHA does not have income requirements, but you will need to prove your income and this option also has a loan limit.  If you do meet the guidelines of any of the above programs, they can help you access the home you want by dramatically reducing your upfront and deposit costs. 

The right loan for you will depend on your income, credit, and the home you’ve selected. Your agent can help you find the home that suits the program you want and make it easy for you to secure the financing you qualify for. Get in touch today to talk about your home buying options and see which loan option is right for you. 

Do Not Procrastinate On These Spring Maintenance Tasks

by

Do Not Procrastinate On These Spring Maintenance TasksAt the flowers begin to bloom and the weather starts to warm up, everyone is thinking about spring cleaning. It is critical to make sure the house is ready for the warmer weather. What are the top spring maintenance tasks that have to be completed? Do not procrastinate on these tasks, as the price could be high.

Prune The Trees Before They Start To Bloom

Take a closer look at the trees, particularly those that hang over the house. As they begin to bloom, the weight on these branches could start to increase. If that happens, branches could snap over the house, leading to serious roof damage. Prune these trees before they start to bloom. If they are too high, it may be better to reach out to a trained professional who can prune them safely. 

Always Look For Signs of Leaks And Water Damage

Check around the house for signs of leaks and water damage. If the floor is buckling, the walls are starting to change color, or the water bill is going up without an explanation, these could be signs there is a leak somewhere. Address any signs of water leakage now. Waiting to address a water leak could lead to serious repair bills down the road. Be sure to get the plumbing system maintained regularly. That way, these leaks can be avoided. 

Inspect The Water Heater

Take a closer look at the water heater. It is important to get it inspected by a trained professional once per year. Over time, mineral scaling and gunk can accumulate in the water heater. It needs to be flushed regularly. Even though online tutorials can be helpful, it may be better to reach out to trained professionals who have the equipment to do this properly. In addition, professionals may take a look at other areas of the water heater that might have to be addressed.

Get Ready For Spring

These are a few of the most important spring cleaning maintenance tasks that have to be completed now. Make sure these systems are ready to go before they are called upon. If homeowners do not procrastinate on these important tasks, they could save a lot of money down the road.

 

Five Places Mold Could Be Hiding In Your Home

by

Five Places Mold Could Be Hiding in Your HomeEven the most aesthetically pleasing homes can have mold issues. A type of fungus that thrives on moisture, mold can trigger symptoms such as itching eyes, asthma attacks and bouts of sneezing or coughing.

As a result of the possible health issues, mold is the sort of problem that should be dealt with prior to listing a home, and people who are in the market to buy a home would do well to have a licensed professional conduct a mold test on any home they’re seriously interested in buying.

What follows is a rundown of five places in the home where mold could be hiding.

The Unwanted Basement Tenant

If climate control measures are not implemented, basements can end up becoming breeding grounds for mold. Most basements get little or no direct sunlight, are often more humid than other areas of the house, and get scant ventilation, which can pose a problem should water somehow get into the basement.

Mold can go undetected for years in such spaces since it can grow behind walls, baseboards and insulation. Fortunately, detecting mold is possible not only by sight, but also by scent. A moldy or musty smell should not be ignored since it could be evidence that there is a mold problem.

The Air Conditioner’s Chilly Reception

Unfortunately, mold can take root in places that people cannot easily access and monitor such as on the inside of their air conditioner units. Mold can grow on the coils and, when moisture enters into the picture, a small problem can become a big one quickly.

People who find themselves coughing or sneezing whenever they turn on their air conditioners ought to be suspicious since mold could be the culprit.

Not On The Kitchen Menu

Leaving leftovers in the fridge for too long can create conditions where mold thrives. The mold can then get into crevices where it will have even more places to grow. The problem can become even more serious if contaminated food and appliances transfer the mold to other areas in the kitchen.

Furthermore, kitchens that are insufficiently ventilated can also have negative implications as far as food safety is concerned,

The Chimney: Where There’s Smoke…

Leaky chimneys can cause mold problems that, if not fixed, may end up infecting other areas of the house. In a leaky chimney, moisture can seep into crevices and create mold areas that may eventually make their way down to the walls. Therefore chimneys that are in need of repair should be fixed promptly so that problems don’t pop up later.

If Walls Could Talk

One of the most common places for mold to form and grow is behind walls. Humid air behind the walls can be problematic, particularly if water finds its way back there as a result of things like flooding.

It’s also possible for mold to form behind wallpaper. People can determine whether or not they have mold behind their walls by having an inspector come in and check.

Mold is no laughing matter. Before listing, it wouldn’t be a bad idea to address any mold issues. People who are planning to buy a home should have an inspector conduct a test to ascertain if there are any problems.

Taking the proper steps will help to remedy any mold situation that may be present. Whether you’re looking to sell or looking to buy, the right real estate agent can make all the difference. Call your trusted real estate professional today for more information on how to deal with mold when buying or selling a home.

In Less Than An Hour A Day, A Home Can Be Organized Quickly

by

In Less Than An Hour A Day, A Home Can Be Organized QuicklyOrganizing a home seems like a significant challenge. Fortunately, there are easier ways to make this happen. In less than an hour per day, it is possible to organize a home from top to bottom. Getting these unnecessary items out of the way might even prevent people from stubbing their toes! How can this be possible? 

Start Getting Rid Of Unnecessary Items

Start by creating two boxes. The first box should have the word “donate” written on it. The second box should have the “trash” written on it. Then, go through every room in the home. Find items that can be donating. Take them to a local Goodwill or Salvation Army. Remember to get a receipt because these items may be tax-deductible, as long as you work with a trained tax professional.

Then, take items that can be thrown away and place them in the “trash” box. Be prepared to throw these out. This will instantly create more room in the home. 

Target The Spice Cabinet

A lot of homes have unnecessary space wasted in the spice cabinet. Think about organizing them alphabetically. Be sure to check if any spices have expired, as they might need to be tossed out. Once the spices are all in the right spot, there will be a lot more space in the kitchen. That way, it will be easier to organize utensils, appliances, plates, bowls, cups, and the pantry itself.

Time To Deal With The Decorations

Once the holidays are over, it is time to organize the decorations. Make sure that each holiday has its own separate box. Then, make sure the boxes stack on top of each other. With a separate box for each holiday, it should be easy to store all the decorations in one place. This will free up a lot of other space in closets, storage areas, and cabinets.

Get The House Organized In An Hour Per Day

Concentrate on each small area, going room by room and “decluttering” as it will create a lot more space in the home, and in sections, it is easier to get everything organized. Ensure that everything has its place. It might even be helpful to write this down somewhere. Even though it might take some time to get used to it, having more open space in the home is never a bad thing!