Sunrise Homes & Renovations, Inc.

Four Common Headaches Of A Homeowners Association

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Four Common Headaches Of A Home Owners AssociationWhen you are looking to purchase a home, you might hear a lot about something called a homeowners association, often shortened to HOA. While there are benefits of having an HOA in a living community, these benefits also have their drawbacks.

There are a few common headaches that people often experience when they move into a community that has an HOA. Anticipating these problems ahead of time can help everyone prepare for what they might encounter.

The Maintenance In The Common Area

Whether you are living in a condo or in a neighborhood, the HOA is supposed to maintain the community common areas. This includes pool maintenance, lawns, landscaping, gyms, and more.

In some areas, your HOA might even be responsible for cleaning up after a storm goes through the area. Sometimes, this simply doesn’t happen. This can cause the neighborhood to look like a mess. If the neighborhood isn’t properly maintained, your property values may suffer. 

Problems With Parking

Without a doubt, parking issues are among the most common problems that you might encounter with your HOA. When someone is driving through town, traffic and parking issues are handled by the police.

In the neighborhood, the HOA is typically responsible. The bylaws of the homeowners association might even give them the right to fine people. Make sure you read the agreement with the HOA carefully. You need to know the laws as well as your rights.

Antenna Issues

It is important for you to remember that your HOA cannot control who you have handle your cable and internet connections. In addition, they cannot force you to remove a satellite dish from your house even if they don’t like the look of it.

On the other hand, if you use an antenna, there are still some HOA rules that can control its location. Make sure you read the rules if you elect to go with an antenna.

Understanding Homeowners Association Problems

Some of the other issues that you might encounter with your local homeowners’ association involve pets, holiday decorations, and other random fines. You should read up on the bylaws ahead of time so you know what lies ahead. While not every HOA creates problems, others can be a real headache.

As always, your local real estate professional can answer specific HOA-related questions on any community in the area. They’re a great first step to get answers!

Three Important Benefits Of An Open Floor Plan

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Three Important Benefits Of An Open Floor PlanIf you are looking for a new home, or if you are looking to renovate your existing home, you might have heard about something called an open floor plan. In today’s era of housing, this layout has become more popular.

In an open floor plan, there is a single, large space that can act as multiple rooms all in one. Often, hallways, walls, and doors are left out. This makes the entire space feel more inviting. There are numerous advantages to this plan that everyone should keep in mind.

Added Natural Light

One of the biggest benefits of this plan is that there is added natural light. Without the interior walls, light has an easier time passing through space. This connects the indoor world to the outdoor area.

In order to maximize this benefit, it is a good idea to add a few extra windows in the kitchen or living area. This will bring a little bit of brightness to the indoors, making it glow. Also, because fewer light fixtures are needed, this may reduce your utility costs.

Makes Space Feel Bigger

Next, if the home has an open floor concept, the whole area is going to feel larger. Typically, when this plan is put in place, there are vaulted ceilings.

Without the added walls, there is room to open the space upwards. This is going to make the entire area feel larger than it actually is.

With the added, spacious feel, family and friends will be able to relax and enjoy each other’s company that much more!

An Easy Space To Entertain

If someone has a traditional floor plan, the spaces often feel a little bit cramped. This can make it hard to entertain a large group of people.

With an open concept, this is a worry of the past. Now, you can be in the kitchen and still interact with people who are in the living or dining area. This concept is great for people who like to throw parties.

Advantages Of An Open Floor Plan

These are a few of the most important benefits of an open floor plan. It is easy to see why these plans have become more popular in recent years. 

If you are in the market for a new home or interested in listing your current property, be sure to contact your trusted real estate professional.

4 Critical Tips To Consider When Hiring A Home Contractor

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4 Critical Tips To Consider When Hiring A Home ContractorThere are many reasons why you might be interested in hiring a home contractor. These professionals are an important part of helping someone attain their dream home. While everyone cares about the price of the contractor, this is not the only factor that you should consider.

After all, the home is where people spend a lot of their time. By thinking about price alone, you might be sacrificing quality. It is important for you to take the proper steps when it comes to hiring a home contractor. There are a few factors that you should keep in mind.

Start The Process With A Detailed Plan

This is the step that absolutely must be completed before you even approach a contractor. If you need help with this, think about reaching out to a designer or an architect who can help you. Walk your contractor through your plan step by step. This will help the contractor give you a more accurate price estimate and will allow the contractor to ask important questions. 

Give The Project Specifications Upfront

There are certain finishes or fixtures that you might want in your home. Make sure to provide your contractor with this list ahead of time. These specifications can drastically influence the price estimate. Save your time, as well as the contractors, by providing the specifications as early as possible. That way, the contractor can figure out how much each of these specifications is going to cost.

Ask About Insurance

It is also important for you to make sure your contractor has insurance. Sometimes, accidents happen. This is a reality of the industry. The contractor probably has a large crew that he or she needs to work with to help your project come together. This is not easy. When mishaps happen, your contractor needs to be set up to deal with these issues professionally.

Ask For Client References

Lastly, it is important for you to take a look at some of your home contractor’s work. Take a look at some of the prior projects and make sure you are satisfied with what you see. This will help you get a solid idea of what your project might look like when all is said and done. 

As always, your trusted local real estate professional is an excellent resource for referrals to other quality service providers around the home.  Give them a call today and ask for a referral!

How To Find Hot Markets For Real Estate Investment

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How To Find Hot Markets For Real Estate InvestmentReal estate investors who want to build up a strong investment portfolio always keep an eye out for hot markets, which gives them a chance to pick up properties that add to their portfolio value.

A word of caution about hot markets is that if you learn about them after they are already hot, you may have missed much of the run-up that made them hot. 

Clever real estate investors try to anticipate markets that will heat up before they do, so they can buy properties in advance of increasing values. Selling properties in a hot market is how they capture profits. 

The Hot Markets

Realtor.com® identified seven markets in the United States that are currently hot markets for flipping houses. The average gross profit for house flippers is $62,700. This figure does not include the cost of making the repairs. The gross profit equals about 20% to 33% of the home’s sales price after making the repairs.

An evaluation looking for hot markets for flipping homes considered the percentage of home sales that were investment properties.

The current hot markets, in the order of activity, are:

  1. St. Louis, MO – 18.8% of home sales are investment properties. The median sales price is $189,900.
  2. Birmingham, AL – 17.3% of home sales are investment properties. The median sales price is $190,000.
  3. Miami, FL – 17% of home sales are investment properties. The median sales price is $299,900.
  4. Tampa, FL – 16.2% of home sales are investment properties. The median sales price is $230,000.
  5. Memphis, TN – 16.1% of home sales are investment properties. The median sales price is $206,300.
  6. Las Vegas, NV – 15.7% of home sales are investment properties. The median sales price is $301,800.
  7. Phoenix, AZ – 15.1% of home sales are investment properties. The median sales price is $275,800.

Hot Pockets In Cooler Markets

Another way to find opportunities is to know your local market very well and look for areas that are up and coming. Look for a fixer-upper in a decent area. Also, search in areas that are adjacent to high-priced areas. 

Look for soft barriers that can be passed easily, such as a block that is improving, which is next to another block that has already improved. Hard barriers, such as a wide street, a freeway, or a river make it more challenging for an improving neighborhood trend to pass across them.

Summary

Finding a hot market or a hot pocket comes from investigating potential growth areas and watching them. Get a feel for the trends. One strategy is to buy early when the prices are still low, rent the property for a while, and then sell later, once the market heats up.

If you are in the market for a new home or want to find out about the hot neighborhoods in your area, be sure to consult with your trusted real estate professional.

What Is Passive Real Estate Investing?

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What Is Passive Real Estate InvestingWhen you are looking to purchase a home, you might be looking for a place for you and your family to live. It might surprise you to learn that not everyone who is looking for a house is necessarily in search of a place to live.

Real estate is also a great way for someone to grow wealth. Furthermore, real estate is actually one of the most common ways that people become millionaires.

Some of the active ways that people invest in real estate include flipping houses and renting out property. This can be time-consuming and isn’t right for everyone.

If you are looking for a way to make money in real estate without flipping houses or looking for tenants, passive real estate investing might be the answer.

An Overview Of Passive Real Estate Investing

While passive is the opposite of active in this scenario, passive real estate investing does not mean that you won’t have to do anything. There is still work to be done.

When you invest in a passive manner, this means that you aren’t playing an active role in the growth of the asset, which is property in this example.

One example of passive investing is the stock market. You need to make sure that you do your homework before you start throwing money at the real estate market.

There is a serious time commitment that comes with passive real estate investing. You will also need to monitor the property values to make sure your investment is generating a solid return.

Ways To Get Involved In Passive Real Estate Investing

There are a few common ways that you can start investing in real estate, in a passive manner.

First, one of the most common ways is through the stock market. There are businesses that make their money by investing in the real estate market for you. You can buy shares of these companies who then invest your money in real estate.

Alternatively, you can also set up a partnership with an active investor. You might own the properties and then pay the active investor to rent them out to someone else.

Finally, there is also real estate crowdfunding that has come on the scene. Those looking to invest smaller amounts of money might be interested in this method which pools smaller investments together to invest in much larger real estate projects.

It’s important to talk with your trusted local real estate and mortgage professionals to get the best information for your personal situation.

How To Navigate The Changing Remodeling Market

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How To Navigate The Changing Remodeling MarketRemodeling is a common project that homeowners take on. If you are looking to remodel your home, it is important to keep in mind that this involves more than just improving your living area. If you remodel your home, you might also be expecting to generate a return on your investment. 

In prior years, a home remodel meant an increase in the value of your home. Furthermore, some people actually make money by buying homes, fixing them up, and selling them. This is commonly called “flipping.” Unfortunately, like other sectors of the economy, this market ebbs and flows. Recently, it looks like the drive to remodel homes has taken a downturn.

Why Homeowners Steer Away From Remodeling

There are financial and real estate professionals who analyze this market just as other professionals look at other areas of the economy. According to the professionals, there are a number of reasons why people might be steering away from a home remodel.

First, there has actually been a decline in home sales. This goes along with a decline in homebuilding activity. 

These factors cause homeowners to hesitate when they remodel their homes. If you are looking to sell your home, this is a prime time to remodel. You might think this remodel is necessary for your home to succeed on the market. If you aren’t looking to sell your home, there is less reason to remodel. When home sales drop, the remodeling market drops as well.

Home Price Appreciation Plays A Role

Another important factor involved in the home remodeling market is the pace of home appreciation. In prior years, the growth of home prices was outpacing the rate of income appreciation. In recent years, this trend has flipped.

When home prices aren’t rising faster than wages, there is less pressure to remodel. Instead of investing this money in a remodel, homeowners are looking to invest this money in other areas that might generate a bigger return. This has led to a reduction in the remodeling market.

Considering A Home Remodel

If you are looking to remodel your home, think about these factors ahead of time. You should expect a return on your remodeling investment. Take a look at the market before the remodel begins.

As always, your trusted real estate professional can offer advice on what improvements might help the value of your home with their experience in your marketplace.