Your Home Renovation Starter’s Guide
Home renovations can be a very daunting task. There are many things to consider, from the initial design stages to the finished product. Homeowners need to be well-informed about the process to make the best decisions for their families and homes. Here we outline a few things to keep in mind when planning a home renovation. Should You Add An Addition to Your Home? One popular home renovation is to add an addition. This can be a great way to create additional living space, but Fixr.com notes that it’s essential to consider the costs and the impact on your home’s resale value. If you’re planning on selling your home soon, an addition may not be the best option. You’ll need to hire a contractor with experience in major home renovations. Remember that this renovation can disrupt your daily life, so plan accordingly for the construction noise and mess. As with the other types of renovations listed here, you can expect your contractors to use various software like estimating apps and construction management software, such as with this solution. Contractors can use construction software with a built-in customer relationship management (CRM) system so they can easily communicate with customers in one place while tracking responses and follow-ups. This is good news for you, as you can expect correspondence with your contractors to be efficient and timely. Add a Home Office A common reason for wanting an addition is to add an extra room or two, such as a home office. This can be a great way to create a dedicated workspace, but it’s essential to look at the noise level and lack of privacy if your office is near a high-traffic area of your home. When reviewing locations, consider an area with lots of natural light. If that’s not possible, adding skylights or extra windows is an excellent way to brighten the space. Basement Renovations Another popular home renovation is to finish or remodel your basement. This can be a great way to add extra living space, but it’s essential to consider the costs and the impact on your home’s resale value. Many homeowners finish their basements for enjoyment, but it’s still necessary to factor in the prices of materials and labor. If you’re planning on selling your home soon, a basement renovation may not be the best option. HVAC and Roofing Two essential elements of any home renovation are the HVAC system and the roof. These are two of the most expensive and complex systems in your home, so it’s essential to consult with a professional before making any changes. Many homeowners choose to upgrade their HVAC system when they renovate, which, as Pendley Heating & Air Conditioning points out, can save money on energy bills. The roof is another essential element to consider. A solid roof is necessary to protect your home from the cold and snow. If your roof is over twenty years old, it’s a good idea to have it inspected by a professional and complete any necessary repairs. New Windows and Doors Another critical aspect of any home renovation is the windows and doors. The weather this time of year can be brutal, so it’s essential to have good quality windows and doors to protect your home. If your home is over twenty years old, the windows and doors are likely outdated and may be in need of replacement. Many homeowners choose to upgrade their windows and doors to energy-efficient models, which can save money on energy bills. Home Renovations Are An Investment Home renovations are a significant investment, both in time and money. If you’d prefer to buy a new home with a stellar home office, contact Franklin Investment Realty for help finding the perfect location. Philadelphia-based Franklin Investment Realty provides clients with a range of experience whether it’s a purchase of a home to occupy or a property to buy within your self-directed IRA. Contact us today for more info! (215) 382-7368 – Shirley Martin
How Adding a New Deck Can Increase a Home’s Value
Your home’s exterior can make a huge difference in the number of people interested in your home: and how much it’s worth. If you’re interested in boosting the price of your property and aren’t afraid to put in a little extra work, here’s how adding a deck can increase your home’s value! Add Visual Appeal Visual appeal is one of the biggest reasons to add a new deck! Not only does a new deck look fantastic, but you can paint or stain it any color you want. This allows for a custom and gorgeous look that will set your lawn apart from anyone else’s. This type of addition is especially valuable if your lawn is otherwise unremarkable or has low spots that gather water near your home. The deck will give you a dry and comfortable place to sit and a way to hide drainage as you guide this water away from your property. Increase Usable Outdoor Space Since 2020 there’s been a large emphasis on usable exterior spaces that allow homeowners to get the most out of their homes. Instead of letting your home be uninspiring outside, you can enjoy a new and usable outdoor space that looks fantastic. This will ensure you get more benefits like vitamin D and can enjoy the fresh air. Over time this is proven to improve mental and physical health and can be awesome for everyone within your home. Affordable Materials Mean High ROI How much of a return you get on your investment depends on how much you paid for your lawn or rooftop deck and whether the market will be able to add that value to your home. Most decks add around 80% of the price of the build back into the property. Although this may not seem like a lot, if you built your deck five to ten years ago, that means you get to enjoy using it for that period of time and then enjoy selling your home for more money. Don’t cut corners, though! Get materials that are high value and able to last for as long as the future owners will need them. Can Add Square Footage to Property How large is your home? If your deck is large enough, you can often add its space to the square footage of your property. This is an incredible chance for anyone with a smaller house to spread out the area a little and possibly boost the value of their home without having to build an entirely brand-new bedroom onto the home. This can vary from state to state, so look into local laws and guidance, and work with a professional realtor before you decide to follow this update. Makes Home More Interesting to Families If you’re planning on selling your property any time soon, a deck will add a lot of valuable interest to your home. Buyers will love the idea of spending time outside with their loved ones and will instantly picture what their life will be like if they bought your home. Keeping up to date with the best polyurethane for decks you can find, and ensuring it always looks fresh and new, regardless of how old your patio is, is important as well. Nobody wants to buy a property with a rotting or old deck that they’ll have to replace or take down in a matter of years. Safer Area in Backyard In many areas, there are tons of risks within a backyard, from puppy poop to fire ants and even scorpions if you’re in a place like Arizona. Adding simple cedar deck boards and creating a gorgeous deck will give you a chance to pull up and away from your lawn. You can still enjoy it and get the most out of the outdoors without having to worry about where you’re stepping. Adding materials like hog wire deck railing makes it even safer, ensuring nobody falls or trips when they’re on your deck. Great Entertainment Space Entertainment is a must! We all love having friends and family over, so creating a space that’s not only a focal point but also attractive for your friends and family to visit will make a huge difference. You can take this even further by adding a grilling and outdoor kitchen area on your deck. Over time awesome memories will be created here, and it’ll feel like the main space of your home. It’s vital that if you do this, you ensure your wood is treated often and that your property is able to handle anything that’s thrown at it. This is especially true if you have more than ten people in any gathering on your deck. A New Deck Can Change Everything Whether you’re eager to sell soon or you’re trying to create a property that will be a great nest egg eventually- your deck matters. Add value by building this great entertainment space soon. Sam Willis is a freelance writer that loves sharing his knowledge and expertise on real estate. He lives in Atlanta, Georgia where he enjoys spending time with his wife and researching real estate trends in his free time. Sam’s work as a freelance writer can be found on Building Product Advisors, a new construction industry resource launching in Fall 2022. – Sam Willis
How to Hone in Your Home-Buying Priorities
There are a myriad of factors that you must take into account when you’re searching for a home. In addition to your budget, you need to think about how long you want to live in a home, what neighborhood is best, and what school district you want to be in. Of course, some of these considerations are more important than others — especially when you’re choosing between a starter home and your forever home. Consider these tips and help from Franklin Investment Realty to establish your priorities and make the right choice. Assess Your Plans for the Future One of the biggest factors that will influence your home search is how you envision your future. If you plan on having kids in the next few years, for example, investing in your forever home may be a better idea. It will likely be bigger, offering more room to expand your family. Along with the additional space, though, will come more need for upkeep — and a bigger price tag, too. Still, the additional cost may be worthwhile if you really want to put down roots in the area you’re shopping in. You can also avoid the hassle of moving again if you choose to invest in the home that you plan to stay in forever. Although a forever home will cost more, it could also be a wise financial move if you’re able to snag a low interest rate on your mortgage. Conversely, if your plans for the future include a home that you can rent out in a few years, a starter home may be the better bet. A starter home will allow you to build equity and then eventually turn the property into a source of income. Additionally, if you plan on staying for the long haul, it can be a good idea to explore your home warranty options. Not to be mistaken for homeowners’ insurance, a home warranty protects your home from incidentals, like appliance breakdowns or problems with essential systems like HVAC, plumbing, electrical, and more. Check out these steps to find the best home warranty provider. Decide What You Can Afford Your budget will likely be a deciding factor in whether you go for a starter home or your forever home. In most cases, a forever home will be pricier because it will be bigger than a starter home, and it may also be in a better area or have more amenities. You will need to weigh whether these additional features are worth the bigger monthly payment you’ll be faced with. Although a starter home may have a lower listing price, there may be substantial repairs or upgrades necessary to get it to the point you want. According to statistics, the average home remodel costs between $19,800 and $73,200. This is no small sum, and it could offset the savings you gained by choosing a starter home. This is especially true if you choose a fixer-upper that needs extensive repairs. Finally, you should consider how easy it will be to resell the home you choose. Life changes can happen unexpectedly, and even if you opt for your forever home, you may find yourself needing to sell it. A starter home will likely be more difficult to resell — especially if you only invest in minimal upgrades. A forever home, on the other hand, will likely attract more interest from prospective buyers. Get Your Priorities Straight Before House Shopping Finding the right house can be difficult, but it can also be rewarding when you finally find the perfect home. Before you can find the perfect home, you need to determine whether you’re looking for a starter house or a forever house — and you need to get your priorities straight. – Suzie Wilson
Durable Renovation Projects to Reduce Maintenance
Maintenance can be one of the worst parts of any property. We all want a home that will last and look great while also being cost-effective: but is that realistic without putting in a ton of constant work? It can be! These are some of the best ways to get your property into great condition and halt the need for tons of maintenance! Windows That Can Handle Anything Your windows can be the best or worst part of your property. If they’re loose and leak air, you know that your heating and cooling bill will be wildly expensive at all times. If you’re struggling with these bills, consider updating to storm windows. Not only are storm windows more likely to stay sealed for longer regardless of weather and surroundings: but they’ll also protect your property if you’re in an area that deals with hurricanes, tornadoes, or thunderstorms. Of course, storm windows cost more than the average window: but it’s worth it. Updating Your Appliances How old are your appliances? If you’ve had to call someone out to help with your dishwasher more than twice in the last year, or your oven feels like it’s letting out tons of heat and isn’t cooking your food as evenly as it used to: it could be time to update your appliances. This is an expensive fix: but you don’t have to worry about that expense for long! Going for energy-efficient appliances means that your home will be comfortable, and your electricity bills will stay lower than you’d ever expect. Replacing An Older Roof How old is your roof? An older roof will let out far more air and cause leaks, make your home more susceptible to rodent and insect life, and can be generally hazardous. If you’ve been spending years using a roof cover board and doing one-off repairs to try and make your roof last longer, it could be time to give up the chase and replace it full out. This replacement will give you the chance to kill off the amount of maintenance you need to complete on your home. Composite insulated roof panels can also boost how well your home keeps the temperature. Keeping an Eye on Your Siding How old is your siding? If you notice you have issues with ants, or your home seems to be getting a lot of noise pollution:, it could be time to update your siding. By looking at it, you can check to see if it’s warping, bent, discolored, or cracked: all signs that it’s time to update it. Updating your siding will fix a host of other issues and allow you to have a low-maintenance home with lower monthly bills to boot. Updating Your Lawn With Native Plants Plants that are native to where you live are one of the best things you can do to reduce maintenance and work on your property. These native plants will ensure your lawn doesn’t flood and, instead, the water into the soil. They can also reduce the amount of work and watering your news to do on your lawn since these plants will already be acclimated to the surroundings they’re in. Replacing an Older Garage Door How old is your garage door? An older one will be worse at keeping out moisture and insect life and can even get stuck open or closed: making it hazardous for whoever is in the garage. Replacing this door is also a home renovation project that offers the largest return on investment and gives you the chance to update your property’s look. This is a must to avoid future trouble. Repairing Cracked Concrete Cracked concrete is going to hurt you in the long run. When it goes through freeze and thaw cycles, these cracks will get larger and larger until you have to replace the entire slab. Instead of ignoring them, or working around them, consider either repairing the cracks: or replacing the pavers with some that are designed to be cracked. These come in gorgeous patterns that can allow them to move more fluidly with changes in the ground without cracking and can last longer. Swapping Carpet for Sturdier Options You may love your carpet flooring, but it’s not good for you and could be adding to how often you have to replace your HVAC filters. Carpet traps dirt, grime, and dust, and even if you vacuum, it doesn’t give up all of it. Although it may look cleaner than the average wood floor, it’s full of oils and debris that nobody should want to keep on their floor at all times. Beyond this, carpet ages quickly and can go even faster if you have pets or children. Swapping the carpet for hardwood, tile, or laminate can save you in the long run. Your Home Can Be Low Maintenance Although you may have already poured hours of work and time into your property: there’s no reason it can’t start to be lower maintenance starting today! Take the time to follow some of these tips, and make your property a dream to take care of in no time. Sam Willis is a contributor to Innovative Building Materials. He is a blogger and content writer. Sam is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes. – Sam Willis
Five Ways Real Estate Developers Can Invest in Safety
Successful real estate investors know how to juggle everything. They can make a profit, attract prospective tenants, and protect workers’ safety all at the same time. Developers who cut corners, though, may pursue profits above all else. In addition to the ethical concerns this brings up, it’s typically not an effective approach. When you skimp on safety, costly liabilities may come to fruition. Find out what it takes to become a real estate developer — and how you emphasize safety in your projects. Always Implement a Contract You may not think of a contract as a safety feature, but in many ways it is. An effective contract will outline the responsibilities of each party. This is important when you’re contracting with construction workers. Your contract should clearly identify the standards that they will be held to regarding safety. As you’re drafting this document, you may use Word so that it’s easier to edit, but you should convert it to a PDF before sending it to a client. You can do so with a Word-to-PDF converter tool. Keep an Eye on Construction Some real estate developers may take a metaphorical vacation between the time when a property is purchased and tenants are sought. This is a major safety risk, though, as a construction site should have constant oversight so that liabilities are avoided. This starts with choosing a site that has minimal flood or fire risk. Once building starts, a developer should further ensure its safety by establishing clear guidelines and enforcing them consistently. Personal protective equipment should be supplied, for example, and required at all times. Work With Trustworthy People It can be hard to know who’s trustworthy in a business context, but making this discernment is an essential safety issue for any real estate developer. In addition to a construction crew, you may need to work with professionals such as investors, a marketing and sales team, and an attorney. When you are looking for these people, you should ensure that they care about safety as much as you do. Install Lighting to Protect Pedestrians and Drivers Lighting is another essential component of your development’s overall safety. You might not think that lights can play a major role in reducing crime and preventing accidents, but research proves that they do. Indeed, if you have a parking garage on your premises, you need to ensure that drivers are able to see — even if there are canopies or tunnels. If you’re looking for canopy lighting, strategically placed lighting will ensure visibility so that pedestrians are safe. Ensure You Have the Right Qualifications In many states, there are no explicit requirements to become a real estate developer. If you aim to conduct real estate transactions, you may need to obtain a real estate license to do so. The criteria for licensure vary from state to state, but most areas require an educational component and passing a test. If you simply want to develop properties, though — and allow somebody else to manage the real estate — you can likely do so without a license. If you are seeking funding from a bank or investor, though, they may be more willing to provide financing if you can prove your qualifications. Pursuing real estate development is an ambitious decision, but it can pay off if you’re willing to invest in safety, protect yourself with contracts, install the right lighting, and ensure you have the necessary qualifications. If you’re looking to buy or sell an investment property, contact the experts at Franklin Investment Realty today! – Shirley Martin
How to Make Your Rental Property More Desirable
When it comes to investing in rental properties, it’s all about generating income to ensure profit. But like all types of investments, it comes with a risk. Mitigating those risks will require preparation, proper planning, and knowledge. Are you aware of the features that renters look for in a property? Are you sure those features will appeal to them? Whether you want to market your investment property or upgrade your current rental property, you should make it stand out. From significant modifications to minor tweaks, there are many tricks and hacks to make your property more appealing. To get you started, here are three of the most important steps you can take to make your property stand out from all the competition in Philadelphia, PA, and boost your revenue. 1. Hire a property manager You can always decide to manage the property independently, but you should know that managing a rental or even multiple properties is a full-time job. Achieving high returns requires constant attention and assessment of expenses versus the rental value to maintain quality tenants. An experienced and licensed professional will handle all the daily operations as they evaluate all areas with a focus on the long-term goal. You can also hire a backyard landscaping professional to upgrade your outdoors and lawn. But before you connect with a local contractor to discuss the upgrades and request a quote, you can research and assess companies by reading their online reviews. If you’re on a budget and worried about the costs, you can also evaluate which companies offer the best deals or credits for your landscaping project. 2. Fix any repairs This might sound obvious, but it’s easily overlooked. Walk around the property and look for areas that need fixing. Do you see any cracks in the walls? Are there any loose door knobs, light switches, or anything that seems off? Some quick fixes might seem minor, but they can make a huge difference. You want a good reputation and to show tenants that you’re an attentive and active landlord from the beginning – so ensure all appliances are in great condition. Constant maintenance during tenancies is important since it shows you care for your tenants and property; plus, it’s a good strategy to attract quality clients. 3. Video marketing your property If a picture is worth a thousand words, how many is a video worth? Video marketing is one of the most effective marketing techniques. And for other obvious reasons, renters connect more with houses visually, making it ideal for real estate expansion. Start by designing a video showcasing your property to attract prospective tenants. You can use a merge video tool to edit and quickly combine videos and images to design meaningful content. The tool basically allows the user to edit and share the exact moment they want to film/capture. Stand Out From the Competition Designing an appealing rental property can seem overwhelming or costly, but with the tips highlighted in this guide, and a compelling marketing video to attract quality tenants, all the hassle should be worthwhile. If you need a reputable property investment company in Philadelphia, PA, contact Franklin Investment Realty to help you in your venture. – Rhonda Underhill
Tips for Successfully Downsizing Your Home as a Senior
Downsizing is a common move for seniors. Smaller homes are easier and cheaper to maintain, which is why they appeal to retirees looking to save money and simplify life. Plus, downsizing is the perfect opportunity to move somewhere you’ve always wanted to live! By selling your home and buying a smaller space, you can free up cash for your retirement goals and get the most out of your golden years. Here’s how to navigate the downsizing process and ensure your move is a success! Talk to a Local Real Estate Agent Once you know where you want to live, get in touch with a real estate agent who is familiar with the area. A local real estate company like Franklin Investment Realty will help you find the perfect downsized home in your desired area. A great real estate professional can also help you determine how much money you can get for your existing home so you can arrive at a realistic budget for your new purchase. Consider Your Care Needs Before you start house-hunting, think carefully about your care needs. Do you anticipate yourself or your partner requiring assisted living or skilled nursing care in the future? If so, you may want to look for homes for sale near good nursing facilities. Skilled nursing facilities provide 24/7 care to people with medical issues. Do some research online to find information about the skilled nursing facilities in your area and be sure to read about pricing information and payment options. If you decide to move into a care facility, consider all the ways you can use your home equity to fund your care. Besides selling your home to cover your costs, you could also rent it out for monthly income. Prepare to Sell Your Home Unless you decide to hold onto your home and rent it out after moving, start preparing it for sale so you can find a buyer quickly. You may want to invest in a few low-cost upgrades to grab the attention of buyers. Certain upgrades might even pay off when you sell, increasing the value of your home enough to offer a return on your investment. Research which home projects are most likely to boost your home value so you can optimize your investment. Declutter Your Possessions If you’re downsizing your home, you’ll need to downsize your possessions as well. Start this process as early as possible. You might be surprised at how exhausting decluttering can be! Divide your home into sections and start small, working your way through single drawers and shelves at a time. It can help to create a couple of different piles for things you no longer want—one for the trash, one to sell, and one to donate. You can always hire someone to help with decluttering if it feels too overwhelming. The Simplicity Habit explains that a professional can help if you’re not sure where to start or have difficulty making decisions about what to keep and what to toss. Look for a professional who will work with you rather than take over the process entirely. Pack Early for an Easy Move The earlier you start packing for your downsizing move, the better. As you start packing up your things, you’ll likely come across more stuff that you can donate or throw away. Getting rid of excess clutter can help you save money on your move! By starting early, you’ll have plenty of time to sort through the last of your stuff and ensure you’re only moving things that will add to your quality of life after downsizing. This will also free up time to focus on all those last-minute moving tasks closer to your move date. Downsizing is a great way to simplify your life in retirement. Whether you decide to move across town or across the country, you won’t regret trading your big house for a smaller space. By downsizing, you’ll have more time and money to build the retirement of your dreams! Are you looking for a small home in the Philadelphia area? Franklin Investment Realty can help! Contact us today so we can answer any questions you have and discuss your home buying or selling needs. Call 215-382-7368 – Rhonda Underhill
Great DIY Remodeling Ideas to Help Sell a Home
Selling a home can be exciting: but listing an unfinished home can leave you receiving far less money than you deserve. Instead, consider updating the home in small ways that can add up to a huge payout. These are some of the best remodeling ideas that will help you sell your home! Updating Your Windows Without Replacing Them We all want brand new-looking windows, but we don’t always necessarily need to replace them. If your windows are still in good condition, and you want to make sure they look great when you list your home: consider a window sash replacement! Your window sash is the part of your window that allows it to move up and down. These can quickly yellow or look rough over time, so replacing them can allow your whole window to look fresh and new. Although you can definitely replace the entire window if you feel the need to, it’s not always necessary: and this step can save you some money, allowing for a higher return on investment. Make The Master Bathroom Paradise What’s the master bathroom of the home look like? If it’s not gorgeous, it’s time to make it gorgeous. Put in the work to create a bathroom where buyers will picture themselves luxuriating and enjoying the soothing atmosphere. You can do this by adding a larger tub if there’s room, repainting, and replacing fixtures with more stylish ones. Remember to use materials that can handle a large amount of moisture in the air. Adding Better Water Drainage Water is one of the most corrosive materials on Earth, so it’s vital that you don’t allow too much of it to come into contact with your home. One of the best ways to do this is to complete a trench drain install. These trenches divert water away from your home, pulling it to a better area off of your property that won’t leave it damaged and at risk of flooding. If you’re not sure where to lead it to, check your local property lines and make sure you’re not diverting it into a neighbor’s lawn. Beautify Your Driveway Our driveway is our first and last point of contact with our homes: don’t allow this to come stained. Instead, look into how to remove oil stains from driveways. You can do this by using cat litter and chemical cleaners or any other absorbent material and a power washer. These will get the oil up and out and will allow you to deep clean the driveway without damaging it. If you want to take it further while you’re renting a power washer, take the time to powerwash any brick or stone on the exterior of your home. You can power wash siding, but it’s vital that you aim the nozzle downwards when you do to ensure that you don’t spray upwards into your insulation and damage your home. Let Nature Help Add Intrigue If your home sits on a lot of nothing but grass, you’re going to struggle to find people who feel inspired by that lawn. Lawn work is the cheapest way to add value and interest to your home while demanding you put in extra time and work. To add intrigue with plants, add flower beds at least six inches away from your home’s exterior walls and add features like shrubberies and flowering bushes. If you live in a climate that doesn’t allow for these: use plants that are native to your area instead. Use Great Stain to Touch Up Your Interior Photo: HGTV.com The interior of your home needs to flow naturally and feel like it’s unified without having to try too hard. One of the best ways to do this is to find the best stain for interior wood and allow your home to match thoroughly. It’s okay if there are one or two variances, but you should try for one main texture or stain. If you’re touching up your interior’s stain, take the time to remove previous stains or paint, sand it down, and prep the area correctly. This will allow the color to be applied in the smoothest way possible. Create Exterior Seating and Lounging Areas More people are looking for outdoor spaces for lounging than ever before. Thanks to so many people feeling cramped and stuck inside from 2020 to 2021; countless house hunters are looking for private outdoor areas where they can sit, enjoy the company of loved ones, and get in some fresh air. To do this, you can either lay down a concrete slab porch, create a gorgeous brick patio, or even build a deck if you can get the supplies for cheap enough while not wavering on quality. Make this a space where people will be excited to live. Every Property Can Sell if Well Planned Whether you’re selling your first home or you’re flipping a property and want to get the most out of it: consider these updates! Not only will they get more buyers in the door, but they’ll also inspire higher payments! – Sam Willis Sam Willis is a contributor to Innovative Building Materials. He is a blogger and content writer. Sam is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes.
5 Tips to Keep in Mind When Home Buying Amid Rumors of a Crash
Pandemic trends led to a high-demand real estate market, with a new wave of remote workers buying in more affordable rural areas, and driving prices up. With inflation on the rise in general, and many housing markets remaining hot through a predicted downturn, it may seem a risky time to buy a home, or to invest in a new property. Despite signs of real estate being overpriced, the growing number of first-time buyers and investors are keeping the real estate market growing, even while slowing. There are plenty of deals to be had, but no one wants to get stuck paying too much for something that doesn’t keep its value. Homes, and property, as a general rule, are good investments, but as we learned in 2008, investors can tip the scales enough to bring a crash. While it’s true we’re in new territory, and one would expect a “correction” in markets where prices continue to rise beyond what local median incomes can support, the comparisons to the 2007-2008 housing market crash and the Great Recession are stirring unfounded anxieties. Consider these tips for navigating the homebuying process. Tread Carefully with Foreclosures Buying a foreclosed home could be one option to save money on your investment. But it’s crucial to understand what you’re getting into with an as-is property deal. For example, though you may be able to waive an inspection (especially if you’re buying cash), it’s not always a good idea. A home inspection can reveal issues that you would otherwise be oblivious to – leading your new property to become a money pit in no time. Hiring an inspector ensures that you find out about leaky plumbing, out-of-date HVAC systems, and roof issues long before signing over your cash. Make Essential Improvements First Treating mold and other hazards is a solid first step, and a good deep cleaning is often in order. You may also consider low-maintenance landscaping to increase your (or your tenants’) enjoyment of the home and yard. After all, the less time spent working, the more time you’ll have for relaxation. Cleaning the windows, because it’s often neglected by even the most fastidious homeowners, can make a real difference in the presentation of the home. The rooms are slightly brighter, the views more crisp. Cleanliness can have an overwhelmingly positive effect on our response to new surroundings. Thankfully, you can comparison-shop for the best window washers near me. Verify Potential Purchases Ahead of Time When buying a home while there’s looming uncertainty, there’s always a possibility that legal issues will crop up. Foreclosures are particularly susceptible to both structural and legal problems. But it’s smart to check out the property’s title status before making an offer – or at least before locking in a contract. As Rocket Lawyer explains, in most areas, you can perform a free property title search through the county assessor. It could take some digging. But confirming that the title is in good shape is a must when you’re investing in a potentially awful investment. Have Cash In Hand If you’re looking for a rental property to invest in, you may have funds available for an outright purchase. But if you’re a first-time homebuyer or are taking out a conventional loan, low rates aren’t the only thing to know about in a recession. Because many real estate markets are becoming increasingly competitive, prospective homeowners can expect to play hardball when it comes to making an offer. That might mean asking for seller concessions or closing cost support is a no-go. You’ll also need cash for your down payment and incidentals, whether you’re going with a conventional loan or an alternative with lower up-front costs. Conventional loans require a 3 percent down payment minimum, and they are available at fixed or adjustable rates. By paying more up-front, a homebuyer is proving to the seller that they can afford any unexpected costs during escrow. To be the most appealing to sellers, waving around a bit of cash can’t hurt. Plus, if your down payment is 20 percent or more of the loan amount, you could skip private mortgage insurance (PMI) – a significant savings over the lifetime of the loan. Keep an Open Mind Because talk around the real estate markets and anxiety over a repeat of the housing crash and great recession, the perception of a volatile market, of an impending crash, or even of a slowing market could affect the prices of individual homes. Another look at a fixer property in a good neighborhood could be worth your time. Similarly, comparing financing options or offering more cash at closing could boost your appeal to sellers. The predictions are in and despite similarities to the last housing crash, most housing markets will only slow slightly and the demand for housing will continue to drive home prices up. The current forecasts predict that buying today is still a good investment over the long haul. Buying or selling in the greater Philadelphia area? Make sure to work with a skilled agent from Franklin Investment Realty! Contact them today! – Shirley Martin
How the Right Kind of Lighting Can Transform Your Home
The right lighting can totally change the aesthetics of any room. In fact, the right kind can liven up a room, making it exciting and extremely eye-pleasing. It is important that you use reliable and good-quality electrical wires and cables while installing the lights. Let us learn more about lighting and how it can change the appearance of any room. Key Lighting Design Factors Area and size of the room Your preferences Height and shape of the ceiling Color of the walls, furniture and accessories Shadows and reflections in the room Daylight integrations Energy efficiency Level of illumination (lux) Electrical codes, documentation, and specifications 3 Types of Lighting General or Ambient Lighting This type of lighting is simply used to make an interior space visible. Ambient lighting is soft and allows you to function without a harsh glare. Use the right type of home wiring while installing these lights. Task Lighting Task lighting is concentrated, smaller lighting. It is meant to help you see clearly when you do activities like reading or sewing. It works well only when it is used as a contrasting light. Accent Lighting The primary objection of accent lighting is to draw the eye to its focal point. You can use it to add style and even drama to a room. Ensure house wiring is of high quality while installing these lights. How to Light Different Rooms of a House Entryways The entryways should be well-lit. One of the best lighting options for entryways is ceiling fixtures. Avoid downlights as they can create high contrast shadows. You can also use track lighting if you want to create a wall wash. Make sure the electrical cables are not visible when you fix the lights in the entryway. Stairs and Hallways There should be enough lighting in stairs and hallways to provide a safe passage for those using them. Install a light fixture every 4 – 6 feet. If you use the right type of lighting, you can make the area seem more spacious. You can use different light sources like wash lights or wall fixtures. Utility Rooms and Garages In these areas, you need plenty of ambient and recessed lighting. Utility rooms like the laundry area would require task lighting. Do not place the lights directly over the vehicles in the garage. Installing moisture-proof fluorescent lighting would be ideal. Go over the house electrical wiring to determine which would be the best spots to install lights. Living Rooms A living room is where you spend most of your waking hours. This is where you would gather with your family, host guests, watch television, read, or work. Multiple light layers, along with dimmable lights would look great. You can also use a combination of accent lighting and ambient lighting. Kitchens This is undoubtedly one of the most functional areas of the house. You don’t just cook in the kitchen, but also eat, hang out or even work. This means you need plenty of ambient light along with task lighting in the kitchen. Under-cabinet lighting can provide task lighting for the counters. Consider using energy-efficient lighting since you would use this space a lot. Dining Room Install beautiful light fixtures like chandeliers or pendant lighting above the dining table. You can also use track lighting and dimmers to create a more relaxed or romantic ambience. If you want to use recessed lighting, then aim the light toward the walls as it will create ambient light. Ensure that the home electrical wiring supports the installation of these lights. Bedroom Bedrooms should be relaxing and help you wind down after a long and tiring day. Moreover, the lighting should help you fall asleep. Ambient lighting, along with dimmer controls, will help you achieve that. Accent lighting will give the room a more decorative look. Don’t install any light directly above the bed. Bathrooms Bathrooms are all about function, safety, and aesthetics. You must have bright, even light that is shadow-free. Use recessed lighting as it would help free up space and offer a glare-free look. Choose a neutral light that is directed toward your face when you look at the mirror. To Conclude Remember that you must pay attention to the home electrical wiring system when you install the lights of your choice. Choose the right type of lighting, and you will see your home transform into a relaxing, comfortable and stunning place. – Jesson Pitt