Sunrise Homes & Renovations, Inc.

  • Home
  • About
    • About Us
    • Recognition
      • Disaster Contractors Network
      • US EPA Certified
    • Accessibility Statement
  • Example Models
  • Renovations
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
  • Blog
  • Contact

How to Buy a Home Before Selling Your Current One

April 9, 2025 by Rhonda Costa

Buying a new home before selling your current one can be a smart move, especially in a competitive market where you do not want to risk losing your dream home. However, it requires careful financial planning and a solid strategy to manage the transition smoothly. Here are some of the best ways to navigate this process while minimizing risks and financial strain.

1. Consider a Bridge Loan
A bridge loan is a short-term financing option that allows you to borrow against your current home s equity to fund the purchase of a new one. This can be a great option if you need immediate access to funds before selling your existing home.

  • Pros: Provides quick access to cash, allowing you to make a competitive offer.
  • Cons: Higher interest rates and short repayment periods, which could be risky if your current home does not sell quickly.

2. Use a Home Equity Line of Credit (HELOC)
A HELOC allows you to borrow against the equity in your current home before listing it for sale. This flexible line of credit can be used for a down payment on your new home, giving you the ability to buy before selling.

  • Pros: Lower interest rates compared to bridge loans, and you only pay interest on the amount you use.
  • Cons: You must qualify based on your income and credit profile, and once your home is on the market, lenders may no longer allow you to borrow against it.

3. Explore a Contingency Offer
Some sellers will accept a contingency offer, which means your purchase is dependent on selling your current home first. While this can be a great way to avoid carrying two mortgages, it is not always attractive to sellers in a competitive market.

  • Pros: Limits financial risk and allows for a smoother transition.
  • Cons: Sellers may reject your offer in favor of one without contingencies, especially in a hot market.

4. Qualify for a Second Mortgage
If you have strong income and credit, you may qualify for a second mortgage, allowing you to carry both loans until your first home sells. Lenders will evaluate your debt-to-income ratio to ensure you can handle both payments temporarily.

  • Pros: No need for short-term loans or contingency clauses.
  • Cons: Requires strong financial standing and the ability to make two mortgage payments if your home does not sell quickly.

5. Negotiate a Rent-Back Agreement
If you sell your home before securing a new one, you can negotiate a rent-back agreement with the buyer. This allows you to stay in your home for a set period after closing while you search for a new home.

  • Pros: Provides extra time to find the right home without feeling rushed.
  • Cons: Not all buyers will agree to this, and it may involve additional rental costs.

6. Plan Your Finances Wisely
Regardless of the strategy you choose, it is essential to have a financial plan in place. Consider these key factors:

  • Save for Unexpected Costs: Carrying two homes, even temporarily, can come with added expenses.
  • Work with a Real Estate Agent: An experienced agent can help time the sale and purchase process to minimize overlap.
  • Understand Market Conditions: Knowing whether you are in a buyer’s or seller’s market can help guide your strategy.

Buying a new home before selling your current one requires careful planning, but with the right approach, you can make the transition smoothly and successfully. Exploring your financing options, negotiating terms, and understanding market trends will help you make the best decision for your situation.

Filed Under: Home Buying Tips Tagged With: Buying and selling, Real Estate Tips, Smart Investing

How Will A Short Sale Affect Your Ability To Buy Another House In The Future?

April 1, 2025 by Rhonda Costa

A short sale is a real estate transaction in which a homeowner sells their property for less than the outstanding mortgage balance. While this option can provide relief to homeowners facing financial hardships, it also comes with consequences that may affect their ability to buy another house in the future. We will explore the impact of a short sale on your credit, eligibility for a new mortgage, and the steps you can take to mitigate these effects.

The Short Sale and Your Credit
One of the most immediate consequences of a short sale is its impact on your credit score. When you sell your home for less than the amount owed on your mortgage, the lender reports the debt as “settled” or “paid less than the full amount,” which can significantly lower your credit score.

A lower credit score can make it challenging to obtain new credit, including a mortgage for a future home purchase. Lenders rely on your credit score to assess your creditworthiness, and a low score may lead to higher interest rates, larger down payments, or even mortgage loan denials.

Eligibility for a New Mortgage
A short sale can also impact your eligibility for a new mortgage. Most lenders have waiting periods before they will consider your application for a new home loan. Typically, you can expect a waiting period of 2-7 years.

Mitigating the Impact of a Short Sale
While a short sale can affect your ability to buy another house in the future, there are steps you can take to mitigate its impact and improve your prospects for obtaining a new mortgage:

  • Rebuild Your Credit: Start by addressing any credit issues that led to the short sale. Make payments on time, reduce outstanding debts, and work to improve your credit score.
  • Save for a Down Payment: Building a significant down payment can make you a more attractive borrower to lenders. It also reduces the amount you need to borrow, which can lower your monthly mortgage payments.
  • Shop Around for Lenders: Different lenders have varying policies regarding waiting periods after a short sale. Some may be more lenient than others, so it’s essential to shop around and explore your options.
  • Consider Government-Backed Loans: FHA and VA loans may have more lenient requirements and shorter waiting periods for borrowers with a history of a short sale.

A short sale can have a significant impact on your ability to buy another house in the future, primarily affecting your credit score and eligibility for a new mortgage. However, with patience, financial responsibility, and careful planning, you can improve your financial standing and increase your chances of becoming a homeowner once again. 

Be sure to consult with financial advisors, mortgage experts, and real estate professionals to navigate the complexities of post-short sale homeownership successfully.

Filed Under: Real Estate Tagged With: Credit, Real Estate Tips, Short Sales

How the Direction Your Home Faces Affects Resale Value

March 28, 2025 by Rhonda Costa

When buying or selling a home, factors like location, size, and condition are obvious considerations—but have you thought about the direction your home faces? The orientation of a house can impact everything from natural light and energy efficiency to curb appeal and, ultimately, resale value. Here’s why the direction your home faces matters in real estate.

The Influence of Home Orientation on Resale Value

  • Natural Light and Energy Efficiency:
    • Homes that face south tend to receive the most sunlight throughout the day, making them highly desirable in colder climates where extra warmth and brightness are valued.
    • North-facing homes may require more heating in winter and can feel darker, which might be less appealing to buyers in some regions.
    • East-facing homes enjoy morning sunlight, ideal for early risers, while west-facing homes get warm afternoon and evening light, which can be a plus or minus depending on the climate.
  • Heating and Cooling Costs:
    • South-facing homes can reduce heating costs in winter by maximizing natural warmth, while north-facing homes might be cooler in hot climates, reducing air conditioning expenses.
    • Buyers in regions with extreme weather often consider energy efficiency when evaluating a home’s long-term costs.
  • Curb Appeal and Landscaping:
    • The front yard’s exposure to sunlight affects how greenery thrives. A south-facing front yard may have lush landscaping, while a north-facing yard may struggle with shade and moisture.
    • Snow and ice melt faster on sun-exposed driveways, making south-facing homes preferable in snowy regions.
  • Outdoor Living and Comfort:
    • Homes with west-facing backyards are ideal for evening entertaining since they capture the setting sun’s warmth and light.
    • Buyers who prefer shaded outdoor spaces might favor east-facing backyards, which avoid the harsh afternoon heat.
  • Market Trends and Buyer Preferences:
    • In some cultures, Feng Shui and Vastu Shastra principles place high importance on home orientation. For instance, east- and north-facing homes are often preferred in these philosophies, which could influence demand.
    • Certain neighborhoods or regions may have trends where a specific home direction is more sought after, impacting resale value.

The direction your home faces might not be the first thing on a buyer’s checklist, but it can make a difference in resale value, energy efficiency, and overall appeal. If you’re selling, highlight the benefits of your home’s orientation, whether it’s abundant natural light, lower utility costs, or a perfect backyard setup. And if you’re buying, consider how your home’s direction will affect your comfort and long-term investment.

Filed Under: Real Estate Tagged With: Curb Appeal, Home Buying, Home Value, Real Estate Tips, Resale Value

Understanding the Probate Process

March 20, 2025 by Rhonda Costa

The probate process can seem complicated, but for homeowners and beneficiaries, understanding its key steps can make a significant difference. Whether you are dealing with a loved one’s estate or planning for the future, knowing how probate works can help you navigate the legal aspects of transferring property efficiently.

What is Probate?

Probate is a legal process that takes place after someone passes away. It ensures that the deceased person’s debts are settled and their remaining assets, including real estate, are distributed to the rightful heirs or beneficiaries. If the deceased left a valid will, the probate court follows their instructions. If no will exists, the court distributes the estate according to state intestacy laws.

While probate is often necessary for transferring property, it can be time-consuming and costly. Knowing the process and potential alternatives can help homeowners and their families make informed decisions.

Steps in the Probate Process

Understanding the probate process can help beneficiaries manage expectations and prepare for the legal requirements involved. Here’s an overview of the key steps:

  1. Initiating Probate – A family member or the named executor files a petition with the probate court to begin the process. The deceased person’s will (if available) and death certificate must be submitted.
  2. Appointing an Executor – If an executor is not named in the will, the court appoints a personal representative to oversee the estate.
  3. Inventorying Assets – The executor compiles a list of all assets, including real estate, bank accounts, investments, and personal property.
  4. Notifying Creditors – Creditors are informed of the death and given an opportunity to present claims against the estate.
  5. Paying Debts and Taxes – The executor settles outstanding debts, including mortgages, estate taxes, and legal fees, before distributing assets.
  6. Distributing Remaining Assets – Once debts and expenses are covered, the remaining estate is distributed to heirs as outlined in the will or state law.

Avoiding Probate: Options for Homeowners

Many homeowners take proactive steps to avoid probate, simplifying asset transfer for their heirs. Some effective strategies include:

  • Revocable Living Trust – Transferring property into a trust allows homeowners to maintain control during their lifetime while ensuring a seamless transition upon death.
  • Joint Tenancy with Right of Survivorship – Property owned jointly with another individual, such as a spouse, automatically passes to the surviving owner without probate.
  • Transfer-on-Death Deed – In some states, homeowners can designate a beneficiary to inherit their property directly upon death.
  • Named Beneficiaries – Financial accounts, retirement funds, and life insurance policies with designated beneficiaries bypass probate and go directly to the named individuals.

Understanding Probate vs. Non-Probate Assets

It’s important to distinguish between assets that require probate and those that don’t:

  • Probate Assets – Solely owned real estate, personal property, and accounts without named beneficiaries must go through probate.
  • Non-Probate Assets – Assets held in trusts, jointly owned property, and accounts with designated beneficiaries avoid probate.

Reducing Costs and Delays by Planning Ahead

Probate can be time-consuming and expensive due to court fees, attorney costs, and administrative expenses. By understanding the probate process and taking proactive steps, homeowners can protect their assets, minimize legal complications, and provide peace of mind for their loved ones.

Filed Under: Real Estate Tagged With: Estate Planning, Probate, Real Estate Tips

What You May Not Know About Owner Financing When Buying a Home

February 27, 2025 by Rhonda Costa

Owner financing is an alternative home-buying method that many buyers and sellers overlook. Instead of securing a mortgage through a traditional lender, the buyer makes payments directly to the seller under agreed-upon terms. While this arrangement can be beneficial, there are key details to consider before choosing owner financing.

1. No Traditional Lender Involvement

One of the biggest advantages of owner financing is that it bypasses banks and mortgage lenders. This can be helpful for buyers who may not qualify for a traditional loan due to credit history, self-employment income, or other financial factors. Instead, the buyer and seller agree on loan terms, including the interest rate, repayment schedule, and down payment.

2. Faster and More Flexible Closing Process

Since there’s no need for lender approval, the closing process is typically faster and involves less paperwork. Buyers and sellers can negotiate customized terms, such as a lower down payment or a flexible repayment schedule that suits both parties.

3. Higher Interest Rates and Balloon Payments

While owner financing can be a great option, it often comes with higher interest rates than conventional loans. Additionally, many owner-financed agreements include a balloon payment—a large sum due at the end of the loan term. Buyers need to plan ahead for this, either by refinancing with a traditional lender or saving enough to make the payment.

4. Sellers Take on More Risk

For sellers, owner financing can help attract more buyers and generate steady income. However, it also comes with risks—if the buyer defaults on payments, the seller may need to go through the foreclosure process to reclaim the property. To protect themselves, sellers should thoroughly vet buyers and work with a real estate attorney to draft a solid agreement.

5. Due-on-Sale Clause Concerns

If the home still has an existing mortgage, the seller must check whether a due-on-sale clause applies. Many traditional mortgages require the full balance to be paid if the home is sold, which could create legal and financial issues for an owner-financing arrangement.

Is Owner Financing Right for You?

Owner financing can be a win-win solution for buyers who struggle to secure a loan and for sellers looking for an alternative way to sell their home. However, it requires careful negotiation, legal protection, and a solid repayment strategy. Consulting with a real estate professional or attorney is crucial to ensure a smooth transaction.

Filed Under: Homeowner Tips Tagged With: Home Buying, Owner Financing, Real Estate Tips

Understanding the Risks of Buying a Home With a History of Termite Infestation

February 26, 2025 by Rhonda Costa

Buying a home is one of the biggest investments you’ll ever make, and discovering that a property has a history of termite infestation can be a major red flag. However, this doesn’t always mean you should walk away. Understanding the risks, potential costs, and ways to protect yourself can help you make an informed decision.

What Are the Risks?

  1. Structural Damage: Termites feed on wood, and if an infestation went undetected for a long time, it could lead to significant structural issues. Damage to load-bearing beams, flooring, and walls can compromise the integrity of the home.
  2. Recurring Infestations: Even if a previous infestation has been treated, there’s always a risk of termites returning, especially if the root cause (such as moisture or untreated wood) hasn’t been addressed.
  3. Costly Repairs: Depending on the extent of the damage, repairs can be expensive. Replacing structural elements, flooring, and even drywall can add thousands of dollars to your budget.
  4. Insurance Challenges: Homeowners insurance typically does not cover termite damage, considering it a maintenance issue rather than a sudden event. This means any future damage would likely be an out-of-pocket expense.
  5. Resale Concerns: A history of termite infestation can make a home more difficult to sell in the future, as buyers may hesitate or demand additional inspections and repairs before closing.

How to Protect Yourself as a Buyer

  • Get a Termite Inspection: A standard home inspection may not be enough to detect past or present termite damage. Hiring a licensed pest control specialist for a termite-specific inspection is crucial.
  • Review Past Treatment Records: If the home has been treated for termites, ask for documentation of the treatment, including when it was done, what methods were used, and if there’s an active termite bond (warranty or service agreement).
  • Assess the Damage and Repairs: If termites caused structural damage, request repair records or hire a contractor to evaluate the extent of the repairs. If necessary, negotiate with the seller to cover some or all of the costs.
  • Consider a Termite Bond: Some pest control companies offer termite bonds, which act as a service agreement to provide ongoing inspections and treatment if needed. This can offer peace of mind and financial protection.
  • Negotiate the Price: If you’re still interested in the home but concerned about past infestations, you may be able to negotiate a lower purchase price to account for potential risks or upcoming maintenance.

Buying a home with a history of termite infestation comes with risks, but it doesn’t have to be a dealbreaker. By conducting thorough inspections, reviewing past treatments, and negotiating smartly, you can make an informed decision. If you’re unsure, working with a knowledgeable real estate agent can help guide you through the process and ensure you protect your investment.

Filed Under: Home Buyer Tips Tagged With: Home Buying, Protect Your Investment, Real Estate Tips

  • « Previous Page
  • 1
  • …
  • 3
  • 4
  • 5
  • 6
  • 7
  • …
  • 51
  • Next Page »

Rhonda & Steve Costa

Rhonda & Steve Costa

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

Contractors License #CBC 1254207

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Connect With Us on Social Media

Categories

Looking For Something?

Our Location


Spring Hill, FL 34608

Equal Housing Opp

Return to top of page

Copyright © 2025 Sunrise Homes & Renovations, Inc.. All rights reserved.   Log In