15
Nov
By First Rate Financial Group
Real Estate

How To Navigate The Changing Remodeling Market

How To Navigate The Changing Remodeling MarketRemodeling is a common project that homeowners take on. If you are looking to remodel your home, it is important to keep in mind that this involves more than just improving your living area. If you remodel your home, you might also be expecting to generate a return on your investment. 

In prior years, a home remodel meant an increase in the value of your home. Furthermore, some people actually make money by buying homes, fixing them up, and selling them. This is commonly called “flipping.” Unfortunately, like other sectors of the economy, this market ebbs and flows. Recently, it looks like the drive to remodel homes has taken a downturn.

Why Homeowners Steer Away From Remodeling

There are financial and real estate professionals who analyze this market just as other professionals look at other areas of the economy. According to the professionals, there are a number of reasons why people might be steering away from a home remodel.

First, there has actually been a decline in home sales. This goes along with a decline in homebuilding activity. 

These factors cause homeowners to hesitate when they remodel their homes. If you are looking to sell your home, this is a prime time to remodel. You might think this remodel is necessary for your home to succeed on the market. If you aren’t looking to sell your home, there is less reason to remodel. When home sales drop, the remodeling market drops as well.

Home Price Appreciation Plays A Role

Another important factor involved in the home remodeling market is the pace of home appreciation. In prior years, the growth of home prices was outpacing the rate of income appreciation. In recent years, this trend has flipped.

When home prices aren’t rising faster than wages, there is less pressure to remodel. Instead of investing this money in a remodel, homeowners are looking to invest this money in other areas that might generate a bigger return. This has led to a reduction in the remodeling market.

Considering A Home Remodel

If you are looking to remodel your home, think about these factors ahead of time. You should expect a return on your remodeling investment. Take a look at the market before the remodel begins.

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 to discuss financing options.

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.

22
Oct
By First Rate Financial Group
Real Estate

4 Easy Ways to Make the Most of Your Outdoor Living Space

4 Easy Ways to Make the Most of Your Outdoor Living SpaceIf you want to maximize your outdoor living areas, the ideas below will help you do so. Backyards are seldom used to their full potential. No matter how large or small your yard is, a makeover can create cozy sitting areas and larger spaces that are perfect for entertaining.

Here are four ideas to transform how you use your yard:

1. Move Your Kitchen Outside
Outdoor kitchens let you enjoy fine weather while you cook. It also makes feeding a large gathering easier since there’s probably a lot of room to expand. Setting up a fully stocked outdoor kitchen gives you a multi-purpose space that can double as a lounge or dining area. It’s all about choosing the right furnishings, such as convertible picnic tables that turn into comfy benches.

2. Decorate To Attract Company
Patio and deck parties are fun and easy — especially if you can get everyone to come to you. Put up umbrellas or add an overhang to keep out the worst of the sun. Plushy seating with room to place snacks or meals keeps guests comfy and satisfied. It’s a great place to host poker night, a girls’ night in or your kids’ soccer team.

3. Create Green Space
Gardens have come a long way from your mom’s veggie patch. Reinvigorate your outdoor space with fresh ideas, such as raised beds that save your back when it comes time to harvest your tomatoes and cucumbers. Add brightly colored flowers around trees or in window boxes for a lush look that transforms your yard into a botanical retreat. If you really have a green thumb, consider building a greenhouse where you can grow things most of the year.

4. Light It Up

Area lighting really looks fantastic during nighttime get-togethers and lets you determine when the party’s over, not the sunset. Solar lights save energy and work well as guide lights along pathways. String lights create a magical effect around gazebos and patios. However, you’ll need brighter illumination if you have guests over. This may mean adding a circuit and hiring an electrician to put up spotlights and security lighting. The good news is that the changes also make your home more secure.

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 financing options.