Sunrise Homes & Renovations, Inc.

4 Big Incentives for Homeowners to Sell Now

by

4 Big Incentives for Homeowners to Sell NowNow is a great time to sell a home. Inventory is down to historic lows, according to recent reports, which means it’s a sellers’ market. Yes, many homeowners are reluctant to put their homes on the market for a variety of reasons. However, right now there are four big incentives for homeowners to sell, despite these objections.

Unsure Of Being Able To Find A New Home To Purchase

It is good to sell at high prices, but that might leave a homeowner desperate to find a new home. Not exactly.

Buyers are entering bidding wars in order to secure their new dream homes. Using leverage, a homeowner could sell to a buyer but have a stipulation where they lease their home back to the new owner until such time as the homeowner has time to get themselves a new house.

Uncertainty About Being Able To Obtain Top Market Price

It is understandable that homeowners want to be able to recoup the cost of improvements they have made along the way, along with some profit. When neighbors are getting top dollar, homeowners might want the same kind of guarantee if they put their own home up for sale.

The bidding wars have become so common that it is almost guaranteed that a homeowner will get the asking price at a minimum.

Do Renovations Need To Be Completed First?

It is common for homeowners to “put down their brushes” and think about just moving instead of finishing renovations, but will there be a heavy price to pay for selling an unfinished house?

Not in this market. Currently, buyers are willing to overlook most repairs in order to get into the house they want, including unfinished renovations. If you’re a homeowner worried about every little unpainted patch on the wall, rest assured your prospective buyers won’t even flinch.

Worries About Getting A Quick Closing

Homeowners are worried that they might not get a quick closing. Why? Because the longer the closing date is pushed out, the higher the chances that a sale will fall through.

If you’ve been on the fence about selling, it’s time to choose sides. There’s never been a better time to sell. Talk to your real estate agent today to start the listing process.

3 Reasons Why the Cost of Title Insurance is Worth the Investment

by

3 Reasons Why the Cost of Title Insurance is Worth the InvestmentTitle insurance is one of the few types of protection policies available to homebuyers and one that is often overlooked because of its optional nature.

Because title insurance is purchased simultaneously with the home, it can be very easy to forego when looked at alongside all the additional fees that are associated with purchasing property.

This is typicaly not advisable, as title insurance is one of the smartest forms of protection a homeowner can buy. Here are just three reasons why every purchaser should get title insurance.

It’s The Best Protection Against Fraud

Title insurance protects the owner of a home from any claim made against their property, whether or not they are responsible. These include unpaid mortgage balances on the home, an improper foreclosure or any form of real estate fraud perpetrated by the seller.

Fraud is more prevalent now than ever before and has started to gain momentum in real estate as well. Forgeries are easier to create in the electronic age and criminals take advantage of today’s ‘do-it-yourself’ attitude to sell property they don’t actually own to unsuspecting victims.

The Insurer Performs An Exhaustive Title Search

Countless records are now made public online for low one-time payments to access them. But does anybody really know what they should be looking for? Title insurers are experts at finding anything suspicious with a home and researching exhaustively to make sure everything about the transaction is legitimate.

And if it’s not, the insurance still covers the buyer for any losses incurred if they are ordered out of their new home should a claim be made against it. Then they will research the claim to make sure it isn’t a fraudulent one.

Title Insurance Is A One-Time Fee

Although it is a large fee, title insurance only needs to be paid for once. Unlike other insurance policies that are either monthly or annually, title insurance is a one-time fee that is acquired at the time of closing. Most mortgage lenders require that their title insurance policy is paid for by the borrower anyway, so it’s not a giant leap to take out your own policy the same time.

Title insurance will also protect against mortgage fraud or any unpaid mortgages the home already has. Although title insurance is strongly recommended, it is a good idea to speak with a professional about it so that any questions you have may be answered.

Reviewing The Basement Options For Homeowners: What To Know

by

Reviewing The Basement Options For Homeowners: What To KnowEven though not every home has a basement, those that do usually fall into one of three categories. The most common examples of basements include poured concrete, masonry block basement, and precast panels. What do homeowners need to know about the different types of basement construction? 

Concrete Basements

Concrete basements are the most common examples. There are several advantages of going with a concrete basement. First, concrete basement walls are resilient. They can resist possible cave-ins, standing up to natural pressure created by wind, water, and soil. Furthermore, concrete basements are also fire-resistant while creating joint-free basements that can increase property values.

Even though concrete basements are water-resistant, hydrostatic pressure can allow water to permeate over time, creating mold and mildew issues. Homeowners need to keep a close eye on the humidity of a concrete basement to make sure this is not happening in their homes.

Block Masonry Basements

Another popular type of basement is called a block masonry basement. This structure is created with cinder block or masonry units that are connected to one another. Ultimately, this creates a waterproof structure. This is a highly resilient, cost-effective construction option that is much easier to install. Therefore, homeowners can save money on labor and materials. The walls are also more durable if they are reinforced using a steel rebar. 

Precast Panel Basements

Finally, homeowners may also encounter a precast panel basement. These usually involve concrete panels that are molded in a different location before being transported to the construction site using a crane. Typically, these walls are strong and resilient. They do provide waterproof qualities, but if the joists have been neglected, they can develop moisture penetration issues. These panels also have to be treated with boric acid to prevent pest infestations. 

Options For Basements: Homeowners Should Work With A Professional

Ultimately, there are plenty of options available when homeowners are looking to construct the basement. Examples include full basements, partial basements, walkout basement, and crawl spaces. Homeowners need to work with a construction professional who has experience building basements. Each option has its individual benefits and drawbacks, so homeowners need to inquire about permits and environmental factors that might make one type of basement superior to another. 

 

The Average Length Of Homeownership For Most Families

by

The Average Length Of Homeownership For Most FamiliesIt is critical for everyone to find a home that is right for them. Given the current lack of inventory, this can be a significant challenge. Fortunately, the National Association of Realtors (NAR) keeps track of numerous market aspects, including how long the average family stays in a home. For the past few decades, the average family has stayed in their home for approximately six years; however, during the past few years, that average has gone up to nine years. This means that the average homeowner is keeping his or her house longer than he or she did in the past. Why is this happening?

Why Are Families Staying In Their Homes Longer Than Before?

There are numerous reasons why this might be taking place. First, the real estate market crashed just over ten years ago. When home prices fell, homeowners were worried that they would not be able to sell their home at a price that would pay off their mortgage, also known as a home sale. Therefore, they decided to stay in their homes longer until their homes recouped their value.

In addition, there was a lot of uncertainty about the economy, causing some homeowners to think twice about making a move. They might have been worried that they wouldn’t have the money to cover emergency expenses if they paid for a move.

Finally, the homeownership rate among the younger generation, including those getting ready to have kids, has still not caught up to previous generations. When this generation starts to look for better school districts or more room, they might start looking for houses, causing them to move more frequently. Because they might not currently own homes, they are not selling homes, and thus not bringing down the median tenure.

What Is The Impact On The Housing Market?

So, what does this mean for the housing market? If families are moving frequently, they might not be in houses that are right for their family circumstances. As a result, baby boomers who are looking to downsize or parents with multiple children in a 2-bedroom house might be looking to move in the foreseeable future.  Given the current lack of inventory, this might be a bit of a challenge.

Financial Preparation: Millennials Are Getting Ready To Buy Homes

by

Financial Preparation: Millennials Are Getting Ready To Buy HomesIn the current economy, there are a lot of millennials who are thinking about buying a home; however, the price of homes is rising quickly. It can be challenging for millennials to save the money they need to buy a home. When this is combined with other monthly expenses they have, millennials might be financially unprepared to buy a home.

Finding the right house takes patience and discipline, so millennials need to avoid jumping in unprepared. What do millennials need to do to make sure they are ready for the expenses that come with owning a home?

Be Aware Of How Much Money Is Required

The first thing that millennials need to do is make sure they have enough money saved up. If prospective homeowners do not have enough money saved up, they could be denied financing by a lender. Conventional mortgage lenders will ask for 20 percent down to avoid PMI, but it might be possible for homebuyers to get a home for as little as 3.5 percent down from some lenders. If the home costs $250,000, then 3.5 percent down is going to be $8,750. If prospective homebuyers have less than this saved up, they could be denied a loan.

After saving up enough money for the down payment, homebuyers also need to cover closing costs. This could include the inspection, the appraisal, and any fees that come from the closing attorney. Even if millennials have parents and grandparents to help them, they still need to save up an emergency fund to cover any possible repairs that are needed. It is a solid rule of thumb to save up and move at least three to six months of emergency money in a liquidity fund. If this money is not there, it might be better to wait.

Millennials Should Wait For The Right Time Instead Of Jumping In Unprepared

Even though it is a great investment to own a home, it is better to wait for the right time instead of jumping in unprepared. Millennials need to make sure they have enough money saved up for a down payment. Then, they should have an additional two to five percent of the loan’s value saved up to cover closing costs. Finally, homeowners should also have a liquidity fund with three to six months of living expenses set aside.

 

An Overview Of Umbrella Insurance: How It Works

by

An Overview Of Umbrella Insurance: How It WorksAccidents can happen from time to time, which is why it is important for people to have insurance. While you might be able to fix some accidents on your own, others can lead to a significant amount of financial stress. This is why people must have insurance. Insurance is supposed to help individuals and families pay for catastrophic expenses; however, what happens if the insurance policy is not big enough to cover the expenses? That is where umbrella insurance can be helpful. What is umbrella insurance, and how does it work? Learn more about how umbrella insurance might be able to help you.

Umbrella Insurance: A Definition

Umbrella insurance provides extra liability that goes above and beyond the limits of other existing policies. If the policyholder is at-fault for damages and the existing insurance policies are not enough to cover the damages, the umbrella insurance kicks in. In addition, umbrella insurance provides coverage for other items, such as legal fees, that other policies might not cover. Umbrella insurance can cover a wide range of issues that could provide important financial protection.

What Does Umbrella Insurance Cover?

Umbrella insurance acts as a fail-safe to protect you and your family against lawsuits that are directly related to accidents that could result in a personal injury lawsuit. Furthermore, umbrella insurance can cover landlord liability, defamation, and a number of other tricky financial situations, depending on how your policy is structured. Your umbrella policy will have a liability limit; however, your policy might continue to cover associated legal costs above that specific limit, depending on the wording of your policy. Because details and exclusions can vary between policies, you should ask a professional for help if you have questions.

What Umbrella Insurance Does Not Cover

Unlike some insurance policies, umbrella insurance will not cover the damages and injuries of the policyholder. This means that if you sustain property damage, your umbrella insurance policy might not cover this. In addition, there are limits to umbrella insurance with respect to breach of contract cases. Finally, umbrella insurance also does not cover intentional acts or criminal issues. It is critical to read the policy carefully to understand what is covered and what is not.