Tips and Advice for Maintaining a Home
One of the most important parts of owning a home is taking the time to maintain it, so it lasts longer and looks fantastic. Many have fallen behind on the art of home maintenance, but it’s never too late to start! If you follow these simple small tips, you can keep major problems from happening down the line. Check Pavers and Concrete This step is easy to do when following through with other lawn work or outside chores. Simply look at the ground pavers, sidewalk, and driveway on your property and make sure it’s in good condition. If you see any cracks, it’s vital that you get these repaired as soon as possible. When winter sets in, moisture can gather in these cracks and then expand as it freezes and crack further. The average winter season goes through countless thaw and freeze cycles, so a tiny crack could break an entire paver in half by the time spring arrives. Clean Showerheads and Taps This step is easy to do and should be done once every month to two months, depending on how much use the faucets and showerheads are getting. To do this, mix baking soda and water and apply this paste directly to the shower head and tap. Let the paste sit for around thirty minutes, and then wash it off by turning on the tap and wiping it with a clean cloth. If you want to take it further on taps, you can remove the filter to make sure there’s no build-up, but this isn’t as necessary. Ensure Features Are in Great Condition The features on the exterior of your home are important because they’re often the first part of your property that anyone sees. Check areas like your mailbox, patio, and lawn to make sure whatever features you have are well-maintained. From replacing a cracked birdbath to looking at new mailboxes because yours is old and rusted, it’s easy to make a small change that will freshen up your lawn and keep your property value high. Help Your HVAC System Run Smoothly Your HVAC system is the main thing that keeps your property comfortable through every season. Although it can be an added expense if you don’t already do this, it’s a good idea to take care of it and take steps like swapping out the filters every month or so. Beyond that, consider putting in a radiant heating thermostat so you can better control the temperature of your home. If your home has two floors, you may want to consider putting in a second unit to control the top floor separately. Heat rises, and if you try to heat your entire home evenly, you could be facing a lot of problems. Check Security Features Often Security features can make a huge difference in how safe you feel at home. This means going through and checking if your window locks, garage door, and external door lock all function correctly. If you have a doorbell camera, make sure the batteries on that stay charged and that it’s able to do its job without interruption. Install Attractive and Durable Updates When you’re updating your property, look for both quality and attractive features. This could mean manufactured stone panels that will last for years and look fresh, or it could mean updating to triple-paned windows to block out the weather and harsh conditions. If you’re unsure about a brand, don’t be shy to shop around and look at reviews. You want what’s best for your property, so it’s worth the extra legwork. Ensure Windows and Doors Don’t Leak One of the most devastating blows to any property is if there’s an air leak. This can ruin your electricity bill, allows extra moisture into your home, and can even invite insect life into your property. The best way to check if your windows and doors are leaking is to take a lit candle and carefully carry it near doors and windows while they’re closed. If you see the flame pull strongly one way or another when near an opening, that door or window needs a better seal. If all of your windows or doors are leaking, it might be time to replace them fully, depending on your budget. Keep Your Gutters and Roof Clear How often do you clean your gutters and roof? If you don’t currently have gutter guards, it’s a good idea to consider them since the average homeowner needs to have their gutters cleaned two to three times a year, depending on tree coverage and species. This can be dangerous for the homeowner to take on and expensive to have professionals complete. Your Home Can Run Smoothly When Well Maintained By taking the time to create a plan for yourself and keep up with maintenance, you can help your property last longer and look amazing while it does. Follow some of these tips if you want your property to thrive! – Sam Willis 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 Advisor, a new construction industry resource launching in Fall 2022.
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
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
Top Features to Look for in a New Home
Your home is your space away from the world, where you can slip away and recharge or relax while connecting with loved ones. It needs to be more than just a few walls and simple rooms. These are the top features everyone should be looking for in their new homes: and why they matter! Fantastic Siding That Will Last Your siding needs to be as strong as possible to protect your home. Although aesthetics matter, deciding what color people refer to your home as and deciding their first impression of your property, it’s also vital for it to be able to handle storms, moisture, and wind. Look for a property with a strong board and batten siding that’s recently been installed. Although you can simply replace the siding with something that matches your tastes if you go for a home with older siding, it’s not necessarily the best call since that can be expensive for a new home buyer. A Roof You Can Trust How old is the roof of the homes you’re looking at? Anything older than 20 years old will probably give you trouble within the next decade or two, causing you to have to put tens of thousands of dollars into replacing it. Instead, seek out a property with composite roofing that’s recently been replaced. Composite roofing, also known as synthetic shingles, is made out of recycled materials and allows you to get the look of slate or cedar shake: while also being ecologically sound. These roofs can last beyond fifty years if completed by the right company and are a good choice for almost anyone. Energy Efficient Details Energy bills are skyrocketing, so many buyers are making the smart choice of seeking out properties that are made to be more efficient. You can see these details throughout the home if you know what to look for. Properties with energy-efficient soffit panels that are well insulated and that have updated HVAC systems often deal with far smaller energy bills than their counterparts. A Feeling of Security and Safety You should feel secure and safe within your home. The best way to ensure you do is to look at the crime rates of the area you’re moving to and look at the details of the home that point towards it being a safer property. Are the windows newer, with good locks on them that you can switch whenever you close them? Are the doors good quality? You should also consider looking for exterior lighting for your lawn. This will not only help you show off your beautiful property at night, but it will stop people from trying to trespass at night since they’ll be easily spotted in the exterior lighting. Gorgeous Details: Even in the Garage Every inch of your new home should have details that show it was thoughtfully constructed and updated. A major point that gets overlooked is the garage! A new garage door ensures you won’t have to struggle with replacing it any time soon, and epoxy-painted concrete floors will save you from worries of staining or discoloring your garage floors by using them. Every garage should also have some form of storage, where you can store items on the walls or up in an attic space so that you don’t have to worry about random boxes taking up all of your space. A Location That Feels Like Home Where your home sits should feel like home. Is this an area where there’s a lot to see and do that you’re interested in? Is it near work or loved ones? Are there good schools nearby for your children? Although every area will grow and change as you live in it, can you see yourself becoming a part of this community and getting to know your local neighbors? This can change everything about how you feel living in a home. The best home possible isn’t worth anything if you don’t feel happy living there. Enough Room to Grow The worst thing you can realize while living in your new home is that you’re suddenly out of space. Although it’s a good idea to try your best to stay within the budget, if your budget leaves you a couple of rooms short, you may need to get creative. We all grow and change as we live, collecting more items and possibly expanding our families. If the home you’re buying isn’t able to handle whatever life changes may come within the next ten years: it’s not a good investment. Your Home Should Have Everything You Need Whether this is the first home you’ve ever bought or you’re buying one to upgrade from your current property: it’s vital that you look for a house that speaks to you. Look for these details while you’re house hunting! – Sam Willis Sam Willis is a contributor to Innovative Building Materials. He is a blogger and content writer for the real estate industry. 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.
First-Time House-Flipping How-Tos for Seniors
Have you considered starting a house-flipping business? As a senior with time and the motivation to work hard, it can be a good idea to go into the house-flipping industry. This is one of the businesses that give you the opportunity to get exercise while making some money. Here is an outline the things you should consider that will help you get started with flipping houses. Consider Financing To acquire the first house to flip, you need money. There are costs involved when buying a house to flip, including renovations and marketing. The money you need to renovate the house depends on market conditions and you should also consider utilities, taxes, and insurance while working on it. The Mortgage Reports notes that one of the options is getting a loan, which can be difficult sometimes as banks consider first-time flippers risky borrowers. Once you get several houses under your belt, you’ll raise your profile and find it easier to get approved for credit. Use Software to Your Advantage As a property flipper, you’re now running your own business, which calls for utilizing technology to help with areas like marketing. Your logo, for example, will be on your business cards, your letterhead, your website, and all your social media accounts. The challenge with designing an eye-catching logo is that the combination of graphics and text must convey your values and your messaging, but you don’t have to spend a fortune on a graphic designer to get this done. You can go online and make a logo for free today using one of thousands of professionally designed logo templates that you can customize to your liking. SimplyShowing points out that there will likely be pros that you’ll use for repairs and upgrades that you either aren’t equipped to do yourself or don’t have the time to complete. You may also employ a property manager to handle ongoing maintenance like lawncare and appliance upkeep. In any of these cases, your best bet is to check out payroll software that is robust enough to handle timely distribution of paychecks, as well as tracking labor expenses per project. Look for a platform that will generate W-2s and direct deposit. How to Find the Ideal Property Not every house out there is a good investment. Buying a house “as is” for example may not be as beneficial as you’d think, as there’s always the possibility of costly repairs in the future. Finding good real estate will help you sell without problems, and you can raise your profits significantly. First, ensure the home is in a great location. Begin with searching local cities and neighborhoods. Consider areas with rising real estate sales, a thriving town, employment growth, and other indicators. Also, consider safety in each neighborhood. You can use services like ADT to know what’s happening in a neighborhood. Next, check the condition of the home to know if it would require too many renovations. If the condition is not too bad, calculate the market value of the property. Don’t overvalue as you still need money for renovations and other upgrades. Understand the 70% Rule When analyzing the amount they can pay for a house, skilled flippers use the 70% rule. The rule states one should never pay more than 70% of the properties’ value after repair before all those repairs are done. This means if the after repair value (ARV) of the home is $200,000 and you need $30,000 in repairs, the rule states you should not pay anything more than $110,000 for the home. This is a valuable guide you can use when you enter the house flipping business. Be Cautious About Fixer-Upper Property When buying fixer-upper property, you need to be cautious. While it’s an option when you want to save money, you can be stuck with massive costs for renovations and repairs. Ensure the home does not require a major overhaul to be ready for the market. Things like foundation problems, HVAC upgrades, mold and asbestos, and electrical work could be a deal-breaker. While estimating repair costs, always add about 20% in the estimate to ensure you don’t end with a property that would take you ages to sell. Flipping houses is a risky business that can also be rewarding if you understand how to approach it. If you make the right decisions, you will make good money. Learn everything about flipping houses, including payroll processing, dealing with taxes, evaluating a property for repairs, and calculating market value. This guide could be the starting place for your journey in house-flipping. Franklin Investment Realty specializes in the acquisition of investment properties, leasing, management, sales and development of properties in the Greater Philadelphia area. Contact us today for more info! (215) 382-7368 – Shirley Martin
What to Know Before Buying a Commercial Building
Buying a commercial building is the best way to push your business ahead and make massive strides: but if you decide poorly or don’t plan well enough, you could be setting your company up for failure. Whether this is your first commercial building or your fiftieth, it’s vital that you consider some things before making that purchase. These are the top ideas to think over. How Much Space You Need Now and Will Need in Ten Years Although you may be looking at some of the most incredible buildings and feeling inspired by them: it’s vital that you consider the space within them. Before anything else, plot out what a reasonable growth plan for your business for the next ten years would be. Of course, it’s a good idea to be realistic, but every company changes and shifts over time, so it’s vital that when you put in the money, you know that this building will be able to handle your needs. If you’re expecting to bring in more employees or change to bulkier equipment within the next five years, you’ll need to get a commercial building that has room for you to grow into. What Features The Building Has, And Which You Need What features does this commercial building have? Does it offer an updated breakroom with awesome options for your employees? Does it have attractive architectural louvers that ensure the HVAC system runs like a dream? Is there ample parking with easy access to the building? These may seem obvious, but one of the biggest mistakes you can make is buying a building without looking at what it offers: and considering what you need. On the other hand, if a building is just outside of your budget, but you love the details and amenities it has: consider buying lower and looking into the cost of adding those amenities yourself. Although this will make you put more money upfront, it can turn out cheaper overall. Do The Spaces Work For Your Specific Needs Many features that buyers look for in commercial office design ensure the building is perfectly suited to their business. If your budget is tight, it’s good to be flexible, but not so flexible that you try to turn an overheated warehouse into a call center. Look at the layout of the space, consider the number of rooms and their current use, and think about whether or not this speaks to what your business needs. Although you can update things and change walls or the layout whenever you want, it’s expensive to do so and should be avoided if possible. Is The Location In An Area Easy to Reach By Customers and Employees Whether you’re going for a 5,000 square foot or 20,000 square foot building: it’s vital that you consider the location. If you’re not planning on running your business alone, is this location a space that customers and employees could easily access? Although you shouldn’t buy a city-center location if you can’t afford it, it’s a good idea to keep as close to populated areas as you can. Land may be extremely cheap in distant communities, but if you can’t get enough employees to work the machinery or handle operations: it’s not worth the saved money. Try to find a balance between affordable and accessible for your employees. How Are You Financing This? Can You Afford it Even if Sales Dropped? How do you plan on financing your commercial building? Are you planning on getting a long-term loan that you’ll pay back in sales, or are you paying for it out of pocket? If you’re getting a loan, it’s vital that you ensure even if you lost fifty percent of your sales, you’d still be able to afford this space. Although nobody wants to think about their business dropping that much, 2020 showed many companies that they have to be prepared for any possible incidents that could happen. Careful planning and budgeting will protect your company even if everything else goes south. Do You Have a Team Behind You Helping Make Decisions? How are you deciding on this property? Are you the only decision-maker, or is there a board you have to gain approval from? Try not to work alone on this decision, and loop in an experienced commercial real estate agent to help you. Not only will they be able to show you more properties that you may not have considered, but their experience will also help you avoid making any big mistakes. Your business is a large investment of time, work, and money, so don’t go into any huge decision until it’s been thoroughly discussed and plotted out. Buying a Commercial Building is a Huge Investment Buying a commercial building is a massive investment that will tie your entire financial future into whether or not your company succeeds. It’s important to plan ahead and work with an experienced real estate agent to make sure you’re making the right choices. Sam Willis is a contributor to Innovative Building Materials. He is a blogger and content writer for the real estate industry. 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
Should I Renovate or Buy: 5 Things to Think About Before Deciding
When your house needs a lot of significant repairs to stay functional and comfortable for you and your family to live in, you may think the best choice is walking away from your current home and buying a new one. This is the right choice for some people, but others prefer to invest money into their current homes. If you are trying to decide which option is right for you, here are five things you need to think about. When you’re ready to purchase a Philadelphia-area home, connect with the Franklin Investment Realty team! Budget The size of your budget is the biggest factor in whether you should buy a new home or improve your current one to meet your needs. A new house is a huge expense, and even if you qualify for financing, you need to have a sizeable down payment. Your current home may need a lot of work to stay in good condition. You may want to contact a contractor to get an estimate on how much the repairs will cost. If the work will cost more than buying a new home, it’s not worth sinking money into the project. However, this is usually the more cost-efficient option. Current Real Estate Market The state of the current real estate market also has a huge impact on your decision. If the housing market is strong, you can expect to spend a lot of money on buying a new house. You may also have trouble purchasing the house you want because there are multiple offers as soon as it hits the market. When the housing market is slow, you may be able to find the house of your dreams for a better price with less competition. The state of the market also affects the price you will get for your current home if you decide to sell it. Emotional Attachment One study shows that 70% of Americans have emotional attachments to their homes. If you feel a strong connection with the house you currently live in, you may not be ready to move if you decide to buy a new house. Your emotional health may benefit more from upgrading your current home to meet your needs. Timing Many people find the process of buying a new house and moving stressful. If you have other life changes that are stressing you out, now is probably not a good time to move. Only consider moving if you’re not in the middle of a major change such as bringing home a new baby, starting a business or adopting a pet to reduce stress. Credit Score You need a good credit score to get a loan for a new house. If your credit history isn’t the best, you probably aren’t in a position to buy a new house at the moment. You may need more time to improve your credit score, or you can think about applying for alternative mortgage solutions. One good option for veterans is a VA loan. This option doesn’t require you to pay for private mortgage insurance and usually has a little to no down payment feature. VA loans also feature better interest rates than most other types of financing. Review current VA loan rates to determine your best options. Deciding whether to buy a new home or update your current one can be difficult. Think about these five things to make the best choice for you and your family. – Shirley Martin