14 Jul 2020
By Kevin Gahagan

4 Ways To Choose The Right Home Service Professional

Mortagage Tips

4 Ways To Choose The Right Home Service ProfessionalAs a homeowner, there are numerous situations in which someone might need a home service professional. On the other hand, this can also create a sense of vulnerability because people might not know who to choose. In order to find the right home service professional, there are a few tips that people need to follow.

Confirm Credentials

Credentials and experience are great markers of a home service professional’s training and track record; however, it is still important to confirm these credentials. Be sure to ask the contractor for references regarding his or her prior work.

Then, take the time to confirm these references. This will help homeowners make sure they are getting the right person for the job. If the past contracts went well, the future ones are likely to meet expectations as well.

Talk About Licensing And Permits

Home service professionals need to have the right licensing and permits for the project. In some cases, it might be the responsibility of the homeowner to collect these permits. If someone doesn’t have the right permits for the job, this could lead to a ticket. This might also impact the home’s value when it comes time to sell it. A contractor should be able to help homeowners work through these issues.

Ask About Insurance

All contractors need to have insurance for their work. In some cases, problems might arise as the project unfolds. This could lead to expensive home repairs. Contractors are supposed to have insurance to cover the cost of these repairs. If not, the contractor is opening himself or herself up to a lawsuit. Ask to see the contractor’s proof of insurance upfront before the project starts. This will provide an extra layer of protection.

Get Everything In Writing

Finally, all expectations need to be written down. While some contractors might not like to have their words set in stone, professionals who are confident in their ability to deliver should not have a problem with this. This is particularly true when it comes to price quotes. Make sure that all guarantees are received in writing and kept organized. Any agreements on behalf of either the client or contractor need to be tracked. This way, everyone is held accountable.

03 Jul 2020
By Kevin Gahagan

Pros And Cons Of Completing Home Renovations Before Selling

Mortagage Tips

Pros And Cons Of Completing Home Renovations Before Selling

Whether you originally bought a fixer-upper or you’re just a homeowner who wanted to update their house, chances are you have seen your share of home renovations. Home renovations have the potential to greatly add to the value of your property, but they can also add to your own quality of life. Hopefully, you have completed your home renovations and gotten plenty of use out of them before listing your home for sale. 
If not, you may find yourself wanted to move before all the renovations are complete. What’s the best course of action? Should you put the time and money in to finish? Or should you cut your losses and list the home for sale? What are the pros and cons of completing home renovations before selling?
Pro: The Home May Sell Easier
Your real estate agent will be happier if your home is fully renovated. That’s because they know that the home may sell easier in a fully renovated condition. Of course, you could get a prospective DIY homebuyer eager to put their own “stamp” on the home, but that is nothing you can count on.
Con: You May Not Recoup The Extra Expenses
Not all home renovations equate to value-added improvements that you can count in your wallet. If your renovations are small things like replacing door hinges, patching a hole in the plaster, or stripping outdated wallpaper, you are unlikely to see an equal increase in what you can get for your home sale.
Pro: There Will Be Less Explaining
If you have finished the renovation, you have nothing to explain and no excuses to make to anyone. In the renovated condition, the home is what it is. Even if a prospective home buyer does not happen to like the new paint color you have chosen, they still can?t complain that it is old or worn looking. 
Con: You Will Need To Delay Your Listing
Home renovations can take up a lot of time, as you may know, if you have done a lot of them already. You will have to delay listing your home, which in turn will mean putting your moving plans on hold for what could be an extra month or two. Depending on your future plans, this could impact your child’s school entry date and more.
No one will force you to complete half-finished renovations. But consider these pros and cons before deciding how to proceed.

Whether you originally bought a fixer-upper or you’re just a homeowner who wanted to update their house, chances are you have seen your share of home renovations. Home renovations have the potential to greatly add to the value of your property, but they can also add to your own quality of life.

Hopefully, you have completed your home renovations and gotten plenty of use out of them before listing your home for sale. 

If not, you may find yourself wanted to move before all the renovations are complete. What’s the best course of action?

Should you put the time and money in to finish? Or should you cut your losses and list the home for sale?

What are the pros and cons of completing home renovations before selling?

Pro: The Home May Sell Easier
Your real estate agent will be happier if your home is fully renovated. That’s because they know that the home may sell easier in a fully renovated condition. Of course, you could get a prospective DIY homebuyer eager to put their own “stamp” on the home, but that is nothing you can count on.

Con: You May Not Recoup The Extra Expenses
Not all home renovations equate to value-added improvements that you can count in your wallet. If your renovations are small things like replacing door hinges, patching a hole in the plaster, or stripping outdated wallpaper, you are unlikely to see an equal increase in what you can get for your home sale.

Pro: There Will Be Less Explaining
If you have finished the renovation, you have nothing to explain and no excuses to make to anyone. In the renovated condition, the home is what it is. Even if a prospective home buyer does not happen to like the new paint color you have chosen, they still can?t complain that it is old or worn looking. 

Con: You Will Need To Delay Your Listing
Home renovations can take up a lot of time, as you may know, if you have done a lot of them already. You will have to delay listing your home, which in turn will mean putting your moving plans on hold for what could be an extra month or two. Depending on your future plans, this could impact your child’s school entry date and more.

No one will force you to complete half-finished renovations. But consider these pros and cons before deciding how to proceed.

 

26 Jun 2020
By Kevin Gahagan

The Ultimate Guide To Hard Money Loans

Mortgage

The Ultimate Guide To Hard Money LoansThere are multiple types of loans out there and one of the easiest to get is called a hard money loan. On the other hand, it is also important for people to avoid being lured in by an attractive loan offer because it might be expensive. When it comes to a hard money loan, there are a few important points that people should note. These can be an essential tool for investors.

What Is A Hard Money Loan?

As a rule of thumb, most people look at a hard money loan as a tool of last resort. This is usually employed as a short-term loan or a bridge loan. This type of loan is commonly found in real estate deals.

Even though many people refer to a hard money loan as a loan of last resort, they serve a bigger purpose than this. Lots of real estate investors take out a hard money loan as part of their financing strategy, particularly if the goal is to fix the house and flip it. There are a few ways that a hard money loan will differ from a traditional loan.

How A Hard Money Loan Is Different

It is important to compare a hard money loan to a traditional loan that people get from a lender, such as a mortgage. Some of the key differences regarding a hard money loan include:

  • They are more expensive
  • The approval process is faster
  • There is more flexibility in terms of repayment
  • The requirements for approval are much lighter

In contrast, the approval process for a mortgage takes a longer time and is harder to get. On the other hand, a mortgage typically comes with a lower interest rate when compared to a hard money loan. This is what people mean when they say a hard money loan is more expensive.

Should Investors Get A Hard Money Loan?

If the goal is to buy a house and flip it quickly, it is important to get approved for loans in a short amount of time. This is where a hard money loan can be helpful. If the loan is going to be paid off quickly with the sale of the house, then the expensive interest rate isn’t as big of a deal. This is the major advantage of a hard money loan.

25 Jun 2020
By Kevin Gahagan

A Guide To Everything Regarding Instant Pre Approved Home Loans

Mortgage

A Guide To Everything Regarding Instant Pre Approved Home LoansThere are many people who set buying a home as one of their major life goals. There is a lot that comes with owning a home including a major investment opportunity, a sense of stability, and a feeling of pride; however, homes are also expensive. It can be challenging to find a home loan.

A traditional mortgage requires a thorough credit check and could take a long time to get approved. Some people might not even qualify.

On the other hand, there is also a helpful alternative called an instant pre-approved home loan. There are a few important points that everyone should keep in mind.

What Is An Instant Pre-Approved Home Loan?

A pre-approved home loan is a loan that has been offered to existing customers of a certain lender with an immediate sanction. The funds are disbursed once the property has been verified.

The point of a pre-approved home loan is to skip the lengthy procedure that is usually required for someone to obtain a home loan. The bank makes this loan offer available to customers even before they have selected the property they want to buy. A pre-approved home loan often comes with a strong offer at an affordable price. Sometimes, the pre-approved home loan is even offered at a lower interest rate when compared to the current market average.

In order to offer a pre-approved home loan, the bank will still go through the credit history, payment history, and bank statements of its customers.

There are a few major features of a pre-approved home loan that people should note. Usually, these loans are only available for a short period of time. Second, the pre-approved home loan allows borrowers to manage their funds well. They usually bank with the same lender. Finally, there is some room for negotiation when it comes to a pre-approved home loan.

Is A Pre-Approved Home Loan The Right Option?

Many people are wondering if a pre-approved home loan is the right option for them. The downside of a pre-approved home loan is that people are limited to that specific lender. Therefore, it is a solid strategy to continue to check around with other lenders to find out about their comparable rates.

17 Jun 2020
By Kevin Gahagan

How To Tell If A Home Has Been Well-Maintained

Mortgage

How To Tell If A Home Has Been Well-MaintainedAs a homebuyer, your real estate agent will do their best bring you to see homes that meet the criteria you asked for. However, there’s no guarantee that a home will have a history of being properly cared for.

Your real estate agent can choose the homes you see, but they have no control over the property owner’s homeownership habits.

Why Home Maintenance Matters

Home maintenance should matter to you as a homebuyer and later on as a homeowner. A home needs consistent and proper maintenance in order to run efficiently, and that doesn’t only apply to moving parts like the HVAC system. If a home isn’t looked after, it begins to run down and then break down.

Just as a poorly maintained vehicle will eventually strand its owner on the side of the road, a poorly maintained home will eventually fail to properly house its occupants.

How To Tell If A Home Has Been Well-Maintained

A home that hasn’t been cared for will easily give up its secrets to a discerning homebuyer. Conversely, you can tell if a home has been cherished and well-maintained over the years.

  • Home maintenance warranties in place would be a selling feature and indicates the owner understands the power of proactive maintenance.
  • Solid, quality flooring indicates that the owner has shored up the subfloor beneath tile, removed carpet spills expeditiously and replaced cracked, peeling or missing planks or tiles.
  • No signs of basement water damage may signify that owner has installed sufficient sump pump or other drainage solutions, applied basement waterproofing or taken other steps to ensure a dry basement.
  • Finished basement shows that owner has taken care to improve the home where possible and that the owner trusts their basement possessions will be safe from water damage.
  • Straight roof lines mean that there is likely no sagging roof problem that hasn’t already been addressed.
  • Mature, healthy plantings are a sign that the owner has given thought and care to the surrounding landscape over a long period of time.
  • Sound gutters in good condition show that the owner has taken steps to ensure proper roof drainage to water damage.

These are all positive signs for a prospective homebuyer. Of course, you must still pay attention to the home inspection report. But odds are if you see all these signs, you’re probably looking at a new home that will serve your needs for many years to come.