10
Sep
By First Rate Financial Group
Mortgage Tips

Does Your Home Have What Buyers Are Interested In?

Does Your Home Have What Buyers Are Interested In?If you are looking to sell a home in the current market, then you know that the COVID-19 pandemic has changed the way many people look at the world and this includes their home.

Therefore, buyers need to think about whether or not their homes have what buyers are looking for. While this is a hot market and sellers could quickly end up with multiple offers for their homes, they are more likely to get a higher offer if their home has one of the key features that buyers in today’s market will love.

A Home Office

Without a doubt, this is one of the most popular features today. With the pandemic changing the way people work, workers are spending more time at home than ever before. Everyone is looking for a way to be productive at home and this means having a home office. A home office is essential because it gives those working remotely with a place where they can seclude themselves in their own home and be productive. At the same time, if there is an emergency, they can still respond quickly. Buyers today are looking for a home office.

More Space To Accommodate

Lots of families are looking for ways to accommodate their loved ones and this means more space. For example, many schools are still operating virtually. This means that the kids are at home during the day and will need their space. In addition, elderly individuals are particularly vulnerable in today’s environment, so many families have welcomed their elderly family members as well. Homes with the space to accommodate these desires are going to be more popular.

Powerful Internet Access

While this is something that can be adjusted if necessary, powerful internet access is important. Think about everyone who is going to be putting a drain on the home’s internet connection. People are streaming TV more than ever. Kids need to be able to pay attention to their lectures. Those working from home are going to have video conferences. Having strong internet access is a must.

Sell A Home With These Features

Anyone who is looking to get the most for their home should keep these features in mind. They can drive up a home’s value in the current market.  

09
Sep
By First Rate Financial Group
Mortgage Tips

You May Need More Than You Think To Buy Your First Home

You May Need More Than You Think To Buy Your First HomeThose who are thinking about buying their first home soon are likely saving up for a down payment. This can be a challenging process because, for many people, this is the largest amount of money they have ever saved in their lives. Sadly, the amount that people might need to buy their first home is more than they think.

There are numerous other costs that go along with buying and maintaining a home. As a result, people need to save up more than they think. Even for starter homes that are usually less expensive than family homes, there are numerous costs that need to be included.

Think about a home that is $250,000. A 20 percent down payment is $50,000. That is already a lot of money. Even for those who might try to get away with a 10 percent down payment, that is still $25,000. That is enough money to buy a very nice car. Where do these other expenses come from?

Buying A Home Has Other Costs

There are other costs that go along with buying a home. For example, there are closing costs that accompany this process. This could be thousands of dollars. In addition, there might be points due at signing and origination fees that accompany the process of taking out a loan. Of course, people could avoid these costs by buying the house in cash; however, for most people, this is simply not realistic.

Furnishing A New Home

On top of this, there are costs that come with furnishing a new home. Think about how much money coffee tables, dressers, desks, beds, and wardrobes cost. This might also include new kitchen appliances, a washer, a dryer, and more. All of these need to be included when trying to figure out the cost of a new home.

Take Advantage Of Low Mortgage Rates

It is possible for people to save up enough money to buy their first home. They simply need to keep a few tips in mind. First, take advantage of low mortgage rates. Use this to avoid PMI, origination fees, and points. Then, find ways to reduce moving costs. Bring old furniture to the new home and try to make sure that all appliances are up to date to avoid repair bills. This will make a new home more affordable.

28
Aug
By First Rate Financial Group
Mortgage Tips

Condo Damage Caused By Contractors Hired By The HOA: Who Pays?

Condo Damage Caused By Contractors Hired By The HOA: Who Pays?For those who live in a condo, they know that there are numerous advantages that come with this living arrangement. Living in a condo means that other people are going to be responsible for landscaping and common areas while homeowners are still able to build equity in the home.

At the same time, the HOA has quite a bit of power and one of the biggest concerns that people might have involves who pays for the damage in the event that something in the building has been damaged. There are a few important points to keep in mind.

Roof Replacement Contractors

Sometimes, the HOA might hire contractors to work on the roof. During this process, there might be a leak that develops in the roof. This could leak through and damage condos that are on the top floor of the building. This could damage the kitchen ceiling. The association might try to get out of paying to fix certain damages.

It is important to note that those who live in a condo building buy into everything that goes along with ownership. This includes the management and the contractors that are hired by the manager.

Read The Document Carefully

When people move into a condo building, there are certain bylaws they agree to follow. Sometimes, this packet might state that the unit owner is responsible for any damage to a unit that is caused by the association. The bylaws usually state something along the lines of “unit owners need to have homeowner’s insurance.” In this case, the insurance carrier should help the unit owner cover some of the costs of the repairs.

If the condo docs are drafted in this manner, then the unit owner is responsible for the repairs even though the contractor caused the damage.

File An Insurance Claim

While this might not sound like a perfect solution, the unit owner might still not have to pay for the damages. This is why unit owners need to have home insurance. The next step should be to file a claim with the home insurance company. This claim might be able to cover the cost of the repairs that were caused by the contractors hired by the HOA.