19
May
By support
Home Buyer Tips

Buying a Classic Older Home? Three Upgrades You’ll Need to Make Immediately

Buying a Classic Older Home? Three Upgrades You'll Need to Make ImmediatelyWhile some home buyers only want to live in a brand new home and will custom build a home to their specifications, others are drawn to the historic character and charm of a classic home. Older homes may have incredible architectural detail and special features that you simply do not want to change. These older homes can sometimes be a much better investment than a brand new home. However, there are some essential features that should be upgraded as soon as possible after you take ownership of your classic home.

The Electrical Panel

Many older homes were built at a time when electricity use was at a minimum, but the reliance on electricity has increased over the years. Older homes may commonly have an electrical panel with 50 amps or less, but your current needs may require you to have a panel with at least 200 amps. It may be good to have an electrician inspect the electrical panel as well as the wiring in the home to determine if an upgrade is needed in your new home.

Re-Plumbing the Pipes

A quick plumbing inspection will tell you if the home has copper, steel or other materials used with piping. The best material is copper because it is resistant to leaking, corrosion and rusting. Steel pipes generally should be replaced with copper as soon as possible. Other materials, such as cast iron, may be acceptable to keep in place. However, sections may need to be replaced if the pipes are more than 50 years old.

Firestops in the Structure

The good news about the structure of older homes is that older homes generally are better built than newer homes. However, most lack the critical feature of a firestop. A firestop essentially can minimize how fire travels through a home. Adding firestops to an older home can improve safety for the home’s occupants in the event of a fire and can minimize fire damage.

It is understandable that you will likely want to retain the historic character and charm of your older home. These may have been the features that you fell in love with when you bought it. However, you also want to ensure that the home has modern features that will make it comfortable and safe for you and your family to live in. These are all important improvements that you will want to make now that ultimately could improve your experience throughout the entire time you live in your home and they can also increase the value of the home.

15
May
By support
Home Buyer Tips

Multi-Generational Living: Our Guide to Buying a Home That Suits Your Whole Family

Multi-generational Living: Our Guide to Buying a Home That Suits Your Whole Family It was very common decades ago for several generations of a family to live together, and this may have included kids, parents, grandparents and even great-grandparents in some cases. Today’s modern homes are generally designed to accommodate a more traditional modern family, which includes only parents and kids or for only a married couple without kids. When you are buying a home for other generations as well, it is important for you to pay attention to a few important points.

The Right Living Spaces and Accommodations

Generally, a home with a floor plan that is most suitable for multiple generations is one with different wings of bedrooms and several different living areas. There is something to be said for togetherness, but you may find that having several different living areas as well as having a floor plan that keeps older family members’ bedrooms away from the bedrooms of younger family members is a good idea.

After all, there will be plenty of times when older family members may want to chit chat or read a good book in a living area while others may want to turn on the TV or music. In addition, they may have different sleeping schedules, and noise from either of their rooms can be bothersome.

Special Considerations for Older and Younger Generations

You should also think about the special needs of older and younger generations. Very young family members, for example, may benefit from a large, enclosed backyard, a play room and well-insulated windows or a home location removed from loud busy roadways. Older generations may prefer a bedroom on the first floor, special safety features in the bathroom and a home without many steps or steep elevations outdoors.

It may be challenging to find a home that can accommodate older and younger generations perfectly, so some modifications may need to be made to a home after purchasing it.

Finding the perfect home for a basic nuclear family is rarely easy, and your challenges may be more significant when you are searching for a home for a multi-generational family. While you may have more needs and desires when looking for a home that is ideal for a larger number of people with more variation in their ages, the fact is that most will be able to find a great home that is ideal for most or all of their needs with a little time and effort.

14
May
By support
Real Estate Tips

Real Estate Investing: Why Buying Raw Land Can Be an Excellent Long-Term Strategy

Real Estate Investing: Why Buying Raw Land Can Be an Excellent Long-term Strategy When many people think about investing in property, they think about purchasing income-producing real estate such as a residential property or an office building with tenants. There are indeed many benefits associated with investing in income-producing property. For example, these properties may produce rent that can offset your ownership expenses. However, buying raw land can also be an excellent long-term investment strategy.

By learning more about the benefits of investing in raw land, you may be ready to start searching for real estate to invest in soon.

Minimal Ownership Expenses

Raw land will not have as many ownership expenses as land. This property may not produce rental income for you, but you also will not have to maintain or repair a building or pay for property insurance. Property taxes and a mortgage payment may be lower as well. Typically, your main expense will be the mortgage payment, and this may be far less than what a mortgage payment on developed land may be.

You essentially will be able to pay for the property outright to have no expenses or to leverage your investment and make affordable mortgage payments to pay for your investment.

Significant Potential Gain

There is a significant potential for long-term financial gain with your purchase of raw land. Consider that you can adjust the zoning or subdivide the property as desired. You can also wait for urban sprawl to reach the area to drive up demand and value for the property. It can be difficult to predict when the property value will increase. However, when you select a property in an area that seems to be growing, you may expect there to be some demand for that property in the coming years. Many who have invested in raw land may realize a significant gain when they make plans to hold onto the property for several years or longer before selling it.

Before you make any financial investment, it is important that you consider the amount of time that you wish to hold the investment before seeing a return on it. With raw land, you generally need to anticipate hanging onto the asset for several years or even decades before seeing a financial gain.

Keep in mind that land is a limited resource, and there is increasing demand for it as populations rise in many areas. With this in mind, you can generally expect most property values to eventually rise over time.