26 Dec 2019
By Kevin Gahagan

Questions To Ask When Transitioning To A Retirement Community

Real Estate

Questions To Ask When Transitioning To A Retirement CommunityOne of the dreams that many people have is to eventually retire. People work their entire lives and save diligently to be able to enjoy those golden years. When the time finally comes, people need to think about the community that is right for them. With this goal in mind, there are a few common questions that everyone should ask to find their ideal retirement community.

Important Questions To Consider

Some of the key questions that retirees should be asking include:

Do I Want A Communal Setting?

Many retirement homes are built in a communal setting. Think about a bunch of condos that open up into a main hallway. There might also be a main dining area where the residents congregate to spend time. This might be a great way to meet new people; however, it might also sacrifice some independence along the way. Some individuals who require medical care might need a communal setting.

Where Is It Located?

While this might seem obvious, this question is often overlooked. What part of the country is the retirement community located in? Some people might be interested in moving to have access to better weather. Other people might want to move to be closer to family members or friends. Think about geography as well.

Are Meals Provided?

Some people don’t want to cook when they reach their golden years. Other people want to be able to cook every meal. Some individuals may simply want to have options. Some retirement communities provide meals for their residents. Others do not. Be sure to ask about the meals that are provided. Also ask when they are made, what the options are, and how much they cost.

Are There Transportation Options?

Some retirement communities provide their residents with transportation that can take them around town to get groceries, to doctors’ appointments, and other errands. As people get older, they might not be able to drive. Therefore, this transportation can be important.

Asking The Right Questions About A Retirement Community

These are a few of the important questions that everyone needs to ask when moving to a retirement community. This will help everyone find the right living situation for them and their family.

If you are in the market for a new home or interested in refinancing you current property, be sure to discuss your financing options with your trusted home mortgage specialist.

20 Dec 2019
By Kevin Gahagan

The Most Commonly Searched Household How-To Remedies

Real Estate

The Most Commonly Searched Household How-To RemediesOwning a home comes with a lot of responsibility. Many of the responsibilities that people think about involve home maintenance. There are few things that frustrate a homeowner more than having repair and maintenance bills come up. At the same time, it is important to address these properly.

For this reason, it is important for everyone to understand the most common how-tos people search for. This will give someone a glimpse into some of the responsibilities he or she might face when owning a home. Those who can handle these how-tos can save money on maintenance costs and repair bills.

How To Unclog A Drain

One of the most commonly searched how-tos is how to unclog a drain. Some of the drains that might get clogged include kitchen drains, sink drains, and bathtub drains. When these drains are clogged, water can back up and make the equipment unusable.

In order to unclog a drain, it is important to consider the various options available. Some people use a “snake” to unclog a drain. Other people use a liquid, such as Drano. 

How To Stop A Leaky Faucet

Another how-to that people frequently have to handle is a leaky faucet. A dripping faucet can lead to significant increases in someone’s water bills. Furthermore, the dripping noise can also keep people up at night.

Sometimes, the handles on the faucet simply need to be tightened to stop the leaky faucet. In other cases, there might be a loose washer underneath the sink somewhere. These are some of the common causes of a leaky faucet.

How To Patch And Repair Drywall

Another common house issue that people sometimes need to handle involves drywall. Patching drywall can be a complicated process depending on the location and size of the drywall.

Everyone who is thinking about patching drywall should understand the steps involved. This includes how to make the drywall smooth in addition to the various adhesives and tools involved.

Understanding Household How-Tos

These are a few of the various how-tos that people might have to face during homeownership. Homeowners that can handle these how-tos will be able to save money on maintenance and repair bills down the road, provided they are handled properly.

If you are in the market for a new home or if you are interested in refinancing your current property, be sure to contact your trusted home mortgage professional.

19 Dec 2019
By Kevin Gahagan

Culture Clash: Why Boomers Are Moving Back to Big Cities

Real Estate

Culture Clash Why Boomers Are Moving Back to Big Cities“Baby Boomers,” defined as people who were born between 1946-1964, are the wealthiest generation to ever retire, as well as the largest. According to U.S. Census Bureau projections, the population of people 65 and older will increase by 36% between 2013-2023 and is expected to outnumber children by 2034 — for the first time in U.S. history.

Interestingly, in the decade since the Great Recession,people aged 50-59 are increasingly bucking tradition and moving to urban areas. As Boomers retire en masse, they are headed for major cities, favoring amenities-loaded condos over large single-family homes with manicured lawns. What is responsible for this change in older adults?

Home Maintenance Considerations

One of the largest factors causing boomers to migrate to cities is home maintenance. Once adult children are out of the home, many people downsize into more manageable houses. Larger suburban homes take a lot of work between routine home maintenance, not to mention larger emergency repairs. 

It makes sense then, that people 55 and older accounted for the largest increase in the rental home segment from 2007-2017, with a 38% rise in those older than 55 and a 43% increase in people older than 65. In stark contrast, the increase in rentals in people aged 54 and under in the same time period was less than 10%. 

Creature Comforts

Another thing responsible for older adults moving away from the suburbs and into more urban areas is the abundance of amenities large cities can offer them. Exceptionally walkable cities such as those where universities are located tend to cluster upscale condos and apartments near major shopping outlets and public transportation lines, as well as a multitude of options for shopping, dining, cultural experiences, and medical services. 

Cities like Lawrence, Kansas and Bloomington, Indiana have taken note of the trend — and the fact that boomers have about 70% of all disposable income in the United States — and have taken steps to lure retirees in, offering recreation opportunities specific to seniors and making public transportation and preventive healthcare more accessible.

This trend of boomers moving back into large cities, while fascinating, makes perfect sense and is expected to continue for the foreseeable future as cities make themselves more and more appealing, as well as accessible.

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

18 Dec 2019
By Kevin Gahagan

The Risks And The Rewards Of Buying Homes In An ‘As-Is’ Condition

Real Estate

The Risks And The Rewards Of Buying Homes In An 'As-Is' ConditionWhen considering buying a home in an “as-is” condition, the buyer takes all the risk of anything needed to bring the property back up to current building codes and make it ready for occupation or re-sale. There can be bargains in as-is properties if you know how to hunt for one. 

How To Find As-Is Bargain Properties

To find these properties, look for those that sell at auction for tax liens or other reasons for governmental asset-seizure. The might be distressed as-is properties that are foreclosures, short-sales, or estate sales.

A popular home-flipping strategy is to buy an as-is property at a price that is far below market value, make the repairs necessary, and then resell the home for a price that covers the repair costs plus makes a profit.

Tips On Buying As-Is Properties

It is a guessing game when buying an as-is property. There may be very unpleasant surprises for repairs that are very costly and are not obvious. Hidden problems include major plumbing troubles, severe electrical system repairs, shifting or broken foundations, dry rot, and termite infestations.

Here are some tips about how to improve the chances of getting a better deal when buying an as-is property:

Home Inspection: Conduct a professional home inspection. This is insurance to avoid a serious mistake. It is worth the few hundred dollars to pay for one, even if you do not get the property. 

Work With A Contractor: Being a contractor yourself is great. Many contractors buy and flip houses when not working on projects for others. The next best thing is working or partnering with a contractor. Just doing a walk-through with a remodeling contractor helps identify things that need to fix. Then, the estimates for the renovation can be done more accurately.

Major Systems: Assume the major systems will need work or replacement. The biggest unknown expenses in a renovation come from the heating, cooling, and other major systems.

Check Drains: Running water into the sinks for a few minutes is an easy way to see if the drains are blocked.

Roof: Based on the home’s age, assume the roof needs replacement if the roof is more than 20 years old. Inside the home look for evidence of roof leaks that left behind stains on the ceilings and walls that are signs of water damage.

Probe For Termites: Drill tiny deep holes into wood, in an inconspicuous area, to test for termite infestation and/or pay for a pest control inspection.

Foundation Problems: Go into the crawl space under a home to look for foundation problems, such as major cracks and shifting. Another indicator of ground movement and settling, which may be a problem, is that the doors in the home are not level or plumb and do not close properly.

Summary

It is possible to get a bargain when buying an as-is property; however, it is not a certainty. If you are just starting with flipping houses, it is better to partner with professionals to get helpful guidance. Work with a qualified real estate agent who specializes in distressed properties and partner with a reputable building contractor to increase the chance of success.

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional to discuss financing options.

17 Dec 2019
By Kevin Gahagan

How Growing, Multi-Generational Families Impact Home Design And Financing

Real Estate

How Growing, Multi-Generational Families Impact Home Design And FinancingThere has been a surge in families who have multiple generations living together. In many cultures, children take care of their parents as they age. This is done in an effort to repay the parents for raising them during their childhood.

At the same time, when there are multiple generations living together in the same home, there are some changes in both home design and financing.

Financing a Multi-Generation Home

Anyone who is looking to finance a multigeneration home will need to detail their financing plan to the mortgage lender. The lender always wants to know how the loan is going to be repaid. The more details someone can supply, the better the chances are that the application will be approved.

A common arrangement is having the grandparents supply the down-payment. They are more likely to have a ready supply of cash-on-hand, often in the home of equity from their prior home.

Then, parents typically supply monthly payments. They are more likely to a stable source of income given that they are likely still employed. 

The Home Design of a Multi-Gen Home

Given that more and more people are indicating their willingness to live in a multi-gen home, this is having an impact on home design as well. Many of these homes have a first-floor bedroom. While these were unusual before, having first-floor bedrooms is important for older relatives. This allows them to avoid having to take the stairs, reducing the risk of falls.

In addition, many people want to provide their older relatives with a feeling of independence while living in the home. This can be accomplished by providing a small kitchenette in the first-floor bedroom. There is often a separate entrance as well. Some families are even interested in having a separate guest house on their property.

Investing in a Multi-Gen Home in the Future

As multiple generation housing arrangements continue to increase throughout society, the financing and home design will continue to evolve. For this reason, it is important for everyone considering this living arrangement to stay up to date on the trends in this industry. It might impact how they design and finance their home for their elderly family members in the future.

Talk with your trusted real estate and mortgage financing professionals to get the best advice on your personal situation. They are experienced in designing solutions for every possible scenario.