Putting the Nail In to Find a Good Contractor

October 20, 2009
Posted by Estate

You are finally in your dream home. You have the perfect layout of the house, you have everything you need in the right place, and you even have a sign on your wall saying welcome home. However, after a few months of moving in, you may have noticed that something wasn't quite right or you wanted to change something. If you don't know exactly how to do this, why not find a good contractor?

A good contractor will have several qualities that they can use in order to help you with home improvement. The first is that they will listen to what you need. Initially, you will want to set up a time to meet with the contractor, than tell them what you are thinking in order to design, improve or change your home. You should make sure that they understand this and are able to meet your needs. While any practical contractor will simply give you a bid based on the area you are fixing and what you are fixing, a good contractor will also relate to these needs and see your overall vision.

The next set of qualities you will want to build on before finding a contractor is in relation to how they relate to outside sources. Before beginning to find a contractor, you will want to see what their reputation is and find some past work that they have done. The most important way to get the best quality in things is by finding the references and going by word of mouth. You will also want to make sure that other outside sources, such as the relative prices from other contractors are met by the standards of the contractor that you are considering for your work.

Home improvement is always important for those who want to invest in a property properly. Before you jump into knocking down the walls, make sure that you have the right people to see why you want to change the outlook and are able to meet your expectations. This will help when you are working towards turning your house into a home.

Continue Reading “

The Ladder of Investment

October 15, 2009
Posted by Estate

Making an investment of any kind doesn't just mean handing over an extra set of hundred dollar bills. With every large investment, there are specific rules and processes that are defined in order to ensure that your money will be going to the right place. If you are investing in real estate, you will want to know what initial investments will be.

If you have found a home and are beginning a process for buying the home, you will begin to make some initial investments soon after the first contract is signed. Most real estate investments will require a down payment, which includes a set amount of money towards the person that is selling the home. This will then be put on your credit towards the investment that you are making. If you have extra money set aside, you will want to put it in the down payment, as this will make a difference in your investment later on and can help with final approvals for the loan that you are receiving.

Another set of investments that you will be making is for any extra costs from the team that you have built. For example, a home inspection will usually cost a small amount of money. There may also be extra fees linked to the lenders paperwork and other things that are related to things such as the contract. Every person that is working with you will receive a commission or part of the investment that you are making in the beginning.

Before you begin house hunting, make sure that you know about the initial investments and how it will affect your bank account. Setting aside a specific amount of money for your first home, or knowing how much to include in a down payment after buying a second home will help you to make the right investments from the beginning. You will want to make sure that you walk into your dream home with enough money to get you completely in the door.

Continue Reading “

Weighing in the Factors with Comparable Sales

October 13, 2009
Posted by Estate

Terms for investments are everywhere in real estate. You may hear lenders, agents and brokers talking the real estate jargon. If you are finding a way to be a part of the real estate world for any type of investment, you will want to become familiar with the different terms that are used in real estate. The first one to define is comparable sales.

Often times, comparable sales will be termed as comps. These will be the basis of your real estate investment and are important to know. If you are looking at a property, always ask what the comps are on the property. Your real estate agent, or you, will then look up a variety of factors to compare your property with the others around it. You can find these through various companies, the multiple listing service, (MLS), and even courthouses and newspapers.

Some of the comps that are included are the history of the property, the sales from the past, the sales of the other homes, the demographics of the area, and the different trends that have affected the sales. Anything that will affect the investment that you plan to make on the home is what you will need to look up when considering comps.

Why is it important to look up the comps. By doing this, you will know whether you are making the right investment or not. Technically, the value of the home should go up. At the same time, the value will need to be the same as the other homes. If you don't have a balance between the historical investments and the neighborhood investments, you could end up paying too much.

When looking at cash flow, you should always begin with the comparable sales. This will give you a good idea about what is happening with the real estate that you are interested in and whether it is worth your time and investment. Finding the comps is the beginning to moving over the threshold and into your new home.

Continue Reading “

Interested In an Interest Only Loan

October 09, 2009
Posted by Estate

You have finally found the property of your dreams. The contract has been signed and you are now in the process of finding exactly how you will be living and paying off the property for the next few years. Your lender may have already contacted you and given you the options. When the question comes up of what kind of loan you want, be prepared for the answer that will benefit you the most.

One of the major types of loans that you may be offered is an interest only loan. This loan is great for some that are getting involved in a home, but for others may not be as beneficial. This loan works by you first paying off the bank interest that is added as a percentage to your loan. After the interest is completely paid off, then you start paying off the house itself.

If you are looking at an interest only loan, you will want to make sure that the standard interest rates at the time are in the lower percentage. Interest only loans will have two types of interest rates that may be applied. The first is a fixed interest rate, which will mean that the percentage you pay will stay the same the entire time that you have the loan. The second will be a variable interest, where it will fluctuate according to the economy. This type of interest rate is good if you want to pay higher or lower amounts at different times, but not good if your pay check doesn't have the same flexibility.

The interest that you get with an interest only loan will be determined by the lender and how they decide to set up your loan. It may also be determined by the amount of the down payment that you make and specific rules that are set to the loan. Before signing the papers, make sure that you know how all of these apply and what it means.

If you want to make sure that you get the best deal, then it will be important to know what the individual rules are. By doing this, you can ensure that your payments are beneficial to you as well as everyone else. One place to investigate is with the possibilities of an interest only loan.

Continue Reading “

Options for Improvement with Refinancing

Posted by Estate

You have the house, you have the loan, and you have everything set in place. You know that it feels great to have a place to call home. However, there is something that is not fitting quite right. Maybe your home feels like it needs more investment or maybe you want to find a different way to approach your loan. If you are looking at options for improvement, refinancing is the way to turn.

Refinancing is a step that you can take if you want to put in a little extra investment to your home. Whether it is to feel more comfortable or to get more out of your investment when you sell, refinancing is a great option for building up your home investment. Not only will it be good for you to invest more and get more in return, but it can also help you to build credit from the investment.

Usually, refinancing will begin with you applying for a second loan or mortgage. Home equity loans are one way to help with refinancing your home. There are also lines of credit and other considerations that you can make in order to get some extra money into your home. The advantage of this is that when you go to sell your home, you will be able to value the price higher than it would have been with just the regular loan.

If you are deciding on whether to refinance your home, you will want to consider several parts of the refinancing. First, you will want to make sure that you are not taking your home out of the market. You can determine this by researching to see what the market value of the area is and how this relates to your home. If you are using a refinancing loan in order to consolidate bills or improve your credit, make sure that your finances are stable enough to allow you to pay off the refinancing loan.

If you begin to refinance at the right time and with the right idea in mind, you can benefit off of a second mortgage and with some home improvement. Polishing the floors and removing the old to put in the new can be beneficial not only for your check book, but also for your future.

Continue Reading “

Keeping Up Potential Property with Property Management

Posted by Estate

Each property that is owned by someone has a different set of job descriptions that are added to it. If you are familiar with real estate, you are also probably familiar with the roles that are linked to the properties that you are on. One of the important job descriptions for particular properties is in property management.

If you are renting or owning a particular type of home, such as a town home, you will most likely have property management linked to it. The major part of the property managers' job description is to maintain the property that you are on. This not only includes regular maintenance, but also includes refurbishing the property when it is needed. If there are problems with the property, it is up to the property manager to ensure that whatever the problem is can be fixed. If the building is old, the property manager will need to determine what to change in order to allow the area to function to its best ability without causing problems later.

The property managers also act as a link between those who are renting, leasing or working towards owning a property and telling the owner what the problem is. If there are maintenance problems or payment problems, it is up to property management to make sure that the problem is taken care of. Some property managers may also have the responsibility of providing accounting upkeep in relation to the payments that are being made.

The property manager provides a level of security that is offered to both owners of a property as well as to those who are renting or leasing the area. By having a property manager in place, it ensures that there will be certain levels of upkeep in the building that is being rented as well as allow for continuity in one who is renting or leasing an area.

Continue Reading “

Defining a Real Estate Team

May 30, 2009
Posted by Estate

Finding a place to call home is one of the ultimate goals of anyone who is using the term real estate. However, actually moving into finding that home includes much more than packing boxes and moving in. Not only will you have to find a home, but you will also have to find the right resources and people to help you achieve your goal of finding exactly what you want.

The first person that you will want to include on your team is a real estate agent. When you are trying to find a real estate agent, you will want to make sure they have the right credentials and understand your goals. Real estate agents will be the mediators between you and the right home, as well as the other people that will be considered on the list.

Often times, you will want to find a broker as well as real estate agent, or one who can wear both hats. Brokers will have the ability to sell you their own properties instead of going through a third person and will also be able to show you what property is available. This can be an advantage if you want to save money or don't want to deal with a third source.

After you have examined the various places and are set on investing in a specific place, you will want to begin finding others who will help you with the rest of the process. Either you or your real estate agent will be responsible for finding an inspector. The house that you are buying will need to be looked at in order to make sure everything from plumbing to wiring is in the right place.

The last person that will need to be on the real estate team is a lender. Often times, lenders will be a bank that works through a lending company. You will want to make sure that the lenders or the company you are working with understand what type of investment you are trying to make and how this will make a difference in what you are trying to do.

If you want property, you will also want the right people in the right place to make sure that you achieve your goals. Finding the above people that will have your best interests in mind can help you to move in faster and more efficient. By getting the right people in place, you can pack your bags and know that you won't be waiting for a better place to show up next year.

Continue Reading “