14
Nov
By First Rate Financial Group
Real Estate

How To Practice Electrical Safety Around Your Home

How To Practice Electrical Safety Around Your HomeElectricity plays an important role in your home. It helps keep you warm, allows you to cook meals, and brightens up the interior of your house. At the same time, electricity is a common hazard.

Electrocution accidents can lead to burns, serious injuries, and even death. You should feel safe in your own home. Therefore, it is a smart idea for you to remember a few important tips when it comes to electrical safety at home.

Watch Out For Damaged Power Cords

One of the most common causes of electrocution accidents at home is from damaged power cords. Over time, the wires that run through the home might start to degrade. This is a danger that is often overlooked. If the protective coating on any of your wires has been stripped away, cover the cord or replace it. If you need help doing this, call a professional for help.

Overloading The Electrical Outlets

Another common source of electrical accidents comes from outlets that have been overloaded. Your outlets have been designed to deliver a certain amount of power. If you plug too many devices into the same outlet, the circuit will become overloaded. This can lead to a fire or an explosion. If you need to plug in more devices, use a power strip. These are designed to add additional outlets in a safe manner.

An Extension Cord Is A Tripping Hazard

Extension cords are great for providing electrical power to something that is far away. On the other hand, they also should not be left out constantly. These cords are long and represent a tripping hazard. In addition to a fall injury, this can also lead to serious damage to the outlet and the cord itself. This can increase the chances of something bad happening with the home’s wiring. If you are using extension cords all the time, it is a smart idea to call an electrician who can add additional outlets to the home.

Avoiding Injuries With Electrical Safety

Other common electrical safety tips include keeping powered devices away from water and supervising children at all times. Electrical injuries are serious and should be avoided at all cost. Practicing proper electrical safety is vital to preventing injuries.

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

13
Nov
By First Rate Financial Group
Real Estate

4 Critical Tips To Consider When Hiring A Home Contractor

4 Critical Tips To Consider When Hiring A Home ContractorThere are many reasons why you might be interested in hiring a home contractor. These professionals are an important part of helping someone attain their dream home. While everyone cares about the price of the contractor, this is not the only factor that you should consider.

After all, the home is where people spend a lot of their time. By thinking about price alone, you might be sacrificing quality. It is important for you to take the proper steps when it comes to hiring a home contractor. There are a few factors that you should keep in mind.

Start The Process With A Detailed Plan

This is the step that absolutely must be completed before you even approach a contractor. If you need help with this, think about reaching out to a designer or an architect who can help you. Walk your contractor through your plan step by step. This will help the contractor give you a more accurate price estimate and will allow the contractor to ask important questions. 

Give The Project Specifications Upfront

There are certain finishes or fixtures that you might want in your home. Make sure to provide your contractor with this list ahead of time. These specifications can drastically influence the price estimate. Save your time, as well as the contractors, by providing the specifications as early as possible. That way, the contractor can figure out how much each of these specifications is going to cost.

Ask About Insurance

It is also important for you to make sure your contractor has insurance. Sometimes, accidents happen. This is a reality of the industry. The contractor probably has a large crew that he or she needs to work with to help your project come together. This is not easy. When mishaps happen, your contractor needs to be set up to deal with these issues professionally.

Ask For Client References

Lastly, it is important for you to take a look at some of your home contractor’s work. Take a look at some of the prior projects and make sure you are satisfied with what you see. This will help you get a solid idea of what your project might look like when all is said and done. 

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

08
Nov
By First Rate Financial Group
Real Estate

How To Find Hot Markets For Real Estate Investment

How To Find Hot Markets For Real Estate InvestmentReal estate investors who want to build up a strong investment portfolio always keep an eye out for hot markets, which gives them a chance to pick up properties that add to their portfolio value.

A word of caution about hot markets is that if you learn about them after they are already hot, you may have missed much of the run-up that made them hot. 

Clever real estate investors try to anticipate markets that will heat up before they do, so they can buy properties in advance of increasing values. Selling properties in a hot market is how they capture profits. 

The Hot Markets

Realtor.com® identified seven markets in the United States that are currently hot markets for flipping houses. The average gross profit for house flippers is $62,700. This figure does not include the cost of making the repairs. The gross profit equals about 20% to 33% of the home’s sales price after making the repairs.

An evaluation looking for hot markets for flipping homes considered the percentage of home sales that were investment properties.

The current hot markets, in the order of activity, are:

  1. St. Louis, MO – 18.8% of home sales are investment properties. The median sales price is $189,900.
  2. Birmingham, AL – 17.3% of home sales are investment properties. The median sales price is $190,000.
  3. Miami, FL – 17% of home sales are investment properties. The median sales price is $299,900.
  4. Tampa, FL – 16.2% of home sales are investment properties. The median sales price is $230,000.
  5. Memphis, TN – 16.1% of home sales are investment properties. The median sales price is $206,300.
  6. Las Vegas, NV – 15.7% of home sales are investment properties. The median sales price is $301,800.
  7. Phoenix, AZ – 15.1% of home sales are investment properties. The median sales price is $275,800.

Hot Pockets In Cooler Markets

Another way to find opportunities is to know your local market very well and look for areas that are up and coming. Look for a fixer-upper in a decent area. Also, search in areas that are adjacent to high-priced areas. 

Look for soft barriers that can be passed easily, such as a block that is improving, which is next to another block that has already improved. Hard barriers, such as a wide street, a freeway, or a river make it more challenging for an improving neighborhood trend to pass across them.

Summary

Finding a hot market or a hot pocket comes from investigating potential growth areas and watching them. Get a feel for the trends. One strategy is to buy early when the prices are still low, rent the property for a while, and then sell later, once the market heats up.

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