Author: James Robert

Categories
Real Estate

How to Successfully Refinance a Rental Property in 2020

Single family house on pile of money. Concept of real estate.

Refinancing property is not limited to primary residences. As a rental property owner, you can also enjoy the great benefits of refinancing property such as getting low-interest rates and shortening the length of a mortgage.

If done in the right way and with the right purpose, refinancing a property can be an incredible move. Unfortunately, not too many property owners are familiar with rental property refinancing. This means if they have high-interest loans, they’re barely getting any rental income as the loan could be limiting their income profits.

If you’ve never considered refinancing your rental property, here’s what you should know about refinancing a rental property in 2020.

What Does Refinancing a Rental Property Entail

Refinancing is the process through which a property owner gets a second mortgage on a property to pay off the initial mortgage they took. This is done in a bid to reduce interest rates, monthly payments, or change mortgage financiers.

Refinancing a rental property is a bit different from refinancing a primary residence. For lenders, refinancing a rental property means taking on a high risk since property owners are likely to default more on a rental property than their primary residence if they find themselves struggling financially. This means higher interest rates and stricter terms than a mortgage on a primary home.

When You Should Refinance a Rental Property

The most common reason property owners seek refinancing is to reduce their interest rates. If you have a higher interest rate, you can refinance for a lower rate.

For instance, if you took a mortgage of $300,000 with a 6% interest rate for 30 years, the monthly payments would be around $1,800. This means you’d have to pay nearly $350,000 in interest. However, if you refinanced for an interest rate of 5%, monthly payments would be $1,600 and you’d pay $280,000. That’s a difference of nearly $70,000 from a single percentage point.

Other reasons property owners choose to refinance is so they may increase or decrease the repayment term or buy investment property with cash then refinance so they may buy more property.

What Is Required for Successful Refinancing

To refinance a rental property, lenders will ask you to build more equity as compared to a traditional mortgage because lenders know property owners are not likely to default on their home mortgage as compared to their investment property loans. Therefore, lenders will require you to have at least 25% equity so they may refinance 75%.

A lower interest rate could be the purpose behind seeking refinancing but it’s never a guarantee. The interest rate you acquire depends on the market as well as your income and credit score. Make sure you have good credit to get a low-interest rate. Your debt to income ratio will also be factored in since lenders will want to make sure you’re not taking on too much debt.

Some of the documents the lender will require include your proof of income, proof of homeowners insurance, your W-2 forms, and financial statements to show the assets you have.

You Can Buy Investment Property With Cash Then Refinance

Some property owners refinance not to lower the interest rate but to cash out on the property then refinance to either buy more property or do renovations.

Despite the potential benefits a property owner may enjoy from refinancing their property, refinancing comes with a certain degree of risk. It is, therefore, critical that property owners fully understand both their reasons for refinancing as well as the risks against the rewards.

Categories
Building A Home

How To Protect Your Home Against Burst Pipes In Oxford?

Bursting of pipes of the plumbing system is a common problem for almost all types of properties. It may be due to different reasons such as excessively high water pressure, clogging or blockage in the pipes or any other reasons. Whatever the reason may be, the bursting of pipes may surely cause a great mess around. Also, it will result in wastage of otherwise useful water. Of course, the bursting of pipes results in great damage to the affected pipes and those around it. At the same time, it may lead to great damage to your property and the assets contained in it. Help from the professional burst pipes Oxford providers may be needed to fix such problems. Let us now have a look at some of the ways and means by which you may protect your home against burst pipes.

Maintain normal temperature at your home

Mostly, pipes suffer from the problem of bursting due to freezing of water flowing through them as a consequence of which pressure gets built up. This in turn leads to bursting of the pipes. To prevent such a situation, it is important to maintain the normal temperature at your home so that the chances of pipes getting frozen may be ruled out. The normal temperature during cold weather conditions ensures the normal flow of water as well and hence bursting of pipes is prevented.

Insulate the pipes that are at risk

It is yet another great way by which you may protect your home against the bursting of the pipes. You must ensure that pipes that are at higher risk of getting burst are well-insulated. Again it maintains a normal temperature of the water and hence prevents bursting of the pipes.

Make sure there is a constant and steady flow of water

Pipes burst when water flow is obstructed due to many reasons in the pipes. As a result, there is excessive pressure on the affected pipes and this may lead to bursting of the same. This problem can be tackled well by making sure that there is a constant and steady flow of water inside the pipes.

Call professionals for help immediately

In case, you feel any risk of pipe bursting at your place due to some indications around, you must call professional burst pipes service providers immediately and get the relevant problem fixed.

By taking some important preventative and curative measures, you can successfully protect your home against burst pipes in Oxford or even other places around.

Categories
Building A Home

What Benefits You Can Expect To Get From Block Paving?

There are plenty of benefits of installing driveways and the first and the foremost benefit that you can get is it makes your house look aesthetically pleasing. Using the right surfacing materials will help in complementing your house. Apart from that, there are various other benefits as well, and here are some of them.

Better versatility

Block paving has already become one of the trending things for almost everyone since it is not only useful but also makes your house premises beautiful. You will be able to park your car, and at the same time use it for relaxing with your family. Block pavers come in different colors as well as style, and you can easily customize it whenever you want to. Before you plan for block paving, make sure that you do better research so that you can get a variety of choices that match your house.

Apart from that, you can use them for making unique shapes and designs, and it will no doubt make your house look appealing. Also, it is necessary to keep in mind that if you are building block paving, then you have to take care of it. So, for that block paving sealer is important since it will keep the paving in good condition.

Eco-friendly and sustainable

When compared to various other surfacing materials present in the market, block paving has been seen as one of the eco-friendliest, and at the same time sustainable one due to the pores present on its surface. So, whenever it will rain, the pores will let the rainwater seep into it and your driveway won’t gather much water.

Hence, it can be said that making driveways using block pavers helps in creating a surface for improved drainage. Also, if you want to keep your driveway in a better condition, then it is best to opt for block paving sealer as it helps in keeping them protected.

Looks visually aesthetic

There are plenty of styles and types available when it comes to choosing block paving. It has been proved that using block paving for driveways helps in making your house visually aesthetic in every way. When choosing, you will get plenty of options, and this can also become one of the future investments as it increases the resale value of your house. Also, you do not have to work very hard to maintain it. So, you can turn your house pleasing, and at the same time, increase its resale value.

Hence, these are some of the benefits that you can expect to get if you invest in block paving for building driveways.

Categories
News

Go Big And Go Home

big home

Graphic created by New City Moving.

Categories
Building A Home

Temperature & Humidity VS. Paint

Temperature & Humidity VS. Paint

Temperature & Humidity vs Paint from Raider Painting
Categories
News

Got creaking pipes at home? Here’s a handy tip you can use

As proud local Houston plumbers, we know that many people call us out for problems big and small. We work on everything from small water checks at the mains to finding problems with the local water supply. However, one thing we do know a lot about is little DIY tricks that you could do at home if you wanted to make your life easier. While we always appreciate the work, we don’t mind sharing a few of our ‘trade secrets’ with you either!

A common problem that we get calls about comes from creaking pipes. It sure is annoying to be trying to get to sleep, only to hear your home sounding like it’s in the middle of an orchestra. The sounds from creaking pipes can be much noisier than you might expect, so what can you do?

We have a simple DIY solution that you could do if you are skilled with a drill. To get started with, make sure that you have some proper pipes like copper pipes fitted. With the regular running water that goes through these pipes, the heat can cause them to extend. This is what causes the noise – the pipes are expanding, pushing strongly against the pipe hangers and the joists.

This leads to all of that creaking and clattering that you can hear. So, what can you do to solve this?

Solving your noisy pipes

To start off with, head to your local hardware store and you can pick up some adhesive-backed felt. Pick some of this up and then cut it into large strips that you can wrap around each of the pipes. Take the hangers off first and foremost, and then wrap the pipe with the adhesive-backed felting. Once this is on, it should help to cut down on the noise that you hear banging around as the water heats up.

If you want to do this right, it really is just a matter of measuring the pipes and cutting the felt to the shape that you would need it. You can do this, and it should make a big difference to how much sound your pipes are making as the water runs through them.

Not sure about doing this alone?

Then don’t worry about – call our local Houston plumbers and we can do it for you, we are the best plumbers around Houston TX . Just show us where the pipes are, and we can get to work on making sure they are protected with noise-cancelling felt. This goes a long way to making sure the felt can help to protect the pipe from swelling too much.

Now, when you go to bed at night you shouldn’t hear the pipes all creaking and moving around the place as they expand. It’s a smart, simple little tip that can do a whole lot to keep your nights a little less noisy.

For anyone who is sick of pipes that sound like they are on the verge of exploding, then, this simple DIY tips can solve the problem right away!

Categories
News

4 Advantages of Elevated Decks

Decks come in single and multiple levels and can be built elevated or at ground level depending on the property and the needs of the homeowner. Elevated decks offer many advantages. Consider these four advantages when deciding which option is best for you.

Flexibility

Elevated decking can allow you to place the entrance to your deck in front of the second story of your home or allow you to work around terrain that would be difficult to place a ground level deck on. Elevated decks can be made out of many different types of materials, such as modular decking components, which can help you customize the deck to meet your specific needs. Elevated decks can also be ideal for ranch or split-level homes which may have the living area on the second floor.

Storage

Storage is often at a premium for homeowners. An elevated deck provides ample storage underneath for items such as grills, gardening tools, bicycles and sporting equipment. You can enclose the area under your deck to provide added protection from the elements.

Avoid Leveling

If the ground you are building your deck on is uneven, you can avoid having to pay to have the ground leveled by building an elevated deck. With an elevated deck, the supports for the deck can be adjusted to work with the slope of the land.

Visual Appeal

An elevated deck can have more eye appeal than a ground-level deck, particularly if you incorporate multiple levels of decking. Additionally, elevated decks can provide a better view of your landscape, so if you have a nice yard, you can show it off with an elevated deck.

Elevated decks are a flexible, aesthetically pleasing option that offers many benefits, such as added storage. If these benefits sound like a good fit for you, consider adding an elevated deck to your home.

Categories
Real Estate

Take Help from Property Listing Platform to Find New Houses for Sale in Mississauga

Purchasing property is different from ordinary shopping. It requires a large sum of money for purchasing a home, 2 bedroom house, 3 bedroom house, condos, apartment and bungalow. Today, you can attain a personal home without much difficulty. If you are unable to arrange for sufficient funds then take assistance from banks to arrange for a loan. Of course, there are many emotional and other advantages of residing in a personal home. You can live freely and independently and there would be no space for the interruption from the side of the landlord.

This age completely belongs to technology. If you are searching for bungalows for sale in Ajax then instead of conducting a manual search, take assistance from digital platforms. There is no harm in taking assistance from property listing platforms that feature the latest homes. Each home tells a story and therefore it is very important to select a home that suits your taste, lifestyle and requirements. You can also take assistance from the sales representative of the property listing platform. Determine your true budget and set your priorities. It is surprising to note that depending upon the area, the buyer can also avail tax benefit. It is good to possess a second home. You can also use the second home as a vacation address.

Once you will start living in a personal home, excitement and enjoyment would become part of everyday life. An external disturbance will no longer disturb you. It is your right to enjoy the journey of life in a personal home. If you want to buy a home in Burlington then just go for it. You can fulfil your long-standing aspirations and luckily in this age of the internet, selecting a fine property is not tough. Just balance your income and expenses. It would be very easy to arrange sufficient funds. Managing current income and expenses is extremely important especially when you are searching for a house for sale in South Richmond Hill. Banks also sanction loans of such applicants whose credit score is impressive and income is regular. These points might appear illogical but in actuality, they do carry value. The real estate sector is not known to fluctuate heavily. Your investment would remain safe and deliver good returns.

Prior proceeding with steps of buying the house, just ensure that you are heading in the correct direction. If your budget is not sufficient then look for cheap houses for sale in Toronto. Certainly, you can find a suitable option where you and your family can enjoy the journey of life. Just calculate how much money you can afford for your new home. It is now easy to find a suitable home within the budget. If you are searching for a well-maintained property for sale in Mississauga, then probably the best idea is approaching a reliable property listing platform. Take assistance from the real estate experts and achieve your goals without spending exorbitantly.

Categories
Real Estate

What Respectable House Buying Companies Are Doing

If you have driven around any town much, the chances are that you have seen billboards or signs that advertise companies that buy houses that are for sale. Often, these signs say, “cash for your house “or “we buy houses”. Now, are these companies true? The best way to find out is if you have a house for sale, contact a local company that advertises doing this or you can search online for them online.

Online search

During your online search, you will find that a majority of we buy houses company do not have any reviews online. When you do read reviews, you will find that often they are very negative. There is a reason for this, real estate agents often go to these real estate investor’s websites to post reviews saying that these companies will only give you a low price and are quite unprofessional. This is simply not the case. The reviews that you should read are from actual customers of these companies.

Valid business profession

Buying houses for sale is a respectable and valid business profession that can help communities and house sellers in many ways. But still, there is a minority of house buyers that make the rest of them all look bad. The bad ones are only trying to buy real estate as cheaply as they can and care nothing about the individual behind that house that is for sale. But most of these houses buyers are ethical and are just trying to improve their communities.

Reputable house buyers

Reputable house buyers do the following:

  • Help people improve their situations by accessing money that they need.
  • Help sellers get rid of a property that is a burden.
  • Create local jobs –they hire electricians, plumbers, as well as title reps, loan officers and others along this path.
  • Buy US products –spend money on materials that are made in the United States.
  • Increase the value of communities and neighbourhoods.

Remember this the next time you have a house up for sale – perhaps you can use one of these companies.

Categories
Apartment Rentals

Easy Tips To Find Your Rental Property

Real estate is the toughest business nowadays and it’s not an easy task to buy a rental property. To buy a perfect rental property for equity growth and cash flow, there are three common things to focus on: population growth, job growth, and affordability. If you focus on these factors you must get a good opportunity. However, to make it easier you should hire a real estate agent to help you to find the rental property. But you also have to search for a rental property with your own effort. Real estate agents may apply unwanted pressure to buy before you find any perfect match.

Get the information:

When you buy any rental property, you should survey its neighbourhood first. Let’s talk to the neighbours to get their point of view. Have a talk to the renters instead of landowners because renters will share their negative experiences honestly. It makes your decision easy to buy the rental property. Get the idea from the agents about the local market price for the rental property. If you get the desirable amenities near the property like schools, universities, shopping stores, fitness centres, health centres, restaurants, markets, and the garden is the best way to make your rental property profitable.

Choose a property:

The key step of a profitable business is to buy a property at a reasonable price. Generally, beginners should invest in a condominium (a single-family house). The condo is associated with low maintenance services. Couples or families are usually good options as renters instead of singles because families pay rent regularly and they seem to be financially stable.

Set the rent:

When you set your rent at very high rates, the result ends up empty for months and ruins your overall profit. Always make a start with an average rent, especially for those who work nearby and your neighbours. The suggestion for rental property is not to pay the annual rent more than twelve times as you hope.

Make a deal:

When you find your perfect rental property, make a purchase or end up the deal by giving 20%-30% of down payment. Before signing, read the terms and conditions carefully, and have a strict inspection through a professional and a lawyer’s review.

The line of bottom:

All the states have great cities, all the cities have great neighbourhoods, all the neighbourhoods have great properties. It gets a ton of research and footwork to arrange each of the three. If you find your perfect rental property, make your desires possible and keep in mind that your finances should be enough healthy. So, in the beginning, you can make your property generating money instead of requiring it urgently.

Set a bonus:

Set a welcome bonus of 15% off on their first rent. It makes the renters excited and you will get the renter earlier.

I hope these tips will be helpful for you in finding your perfect rental property. Good luck with your better deal.