houses

The Offer You Should Have Refused: Tips On Avoiding Home Buyer’s Remorse

- Roshan

Standing in your new property, you quickly realize that you took up an offer you should have refused.

The seller didn’t tell you about those hidden maintenance problems that are now causing you both a literal and a financial headache. They didn’t tell you about the neighbors next door who are clearly fond of the party lifestyle. And you didn’t ask the right questions to your realtor, meaning that you are only now facing the consequences of your impulse decision to buy.

In short, you are now feeling that all-too-common sense of home buyer’s remorse! Well, that could be the case for you. But let’s rewind to the moment before you take up the offer that the seller makes to you. Let’s rewind to that moment when you still have the opportunity to look elsewhere on your property search. Let’s consider the things you need to do to avoid making a mistake with your purchase.

#1: Walk around the location

The right home is clearly important, but never underestimate the location you move into. If it has none of the amenities that are useful to you, and if you can’t commute to and from work easily, then you might want to reconsider a move into the area. You might also want to reconsider if the area is akin to a crime-zone, if there are no opportunities to take part in potentially life-changing hobbies, and if the neighbors are loud, noisy, and clearly unwilling to look after their properties. So, walk around the location to get a good impression of the neighborhood, and then run in the opposite direction if it doesn’t take your fancy!

#2: Bring in a home inspector

Home sellers are very good at disguising problems in their properties. When you attend the viewing, they might distract you away from certain rooms in the house. They could fill the property with sweet aromas to stifle any unwelcome smells of damp. And they could hide any problem sounds with music and chatter. You then leave with a positive impression and only later discover you have moved into a money pit after receiving the keys to move in. So, when you have found a house you are interested in, bring along a home inspector. He or she will assess the property for any maintenance problems and will guide you as to the viability of the purchase.

#3: Create a list of questions

To ensure you don’t forget to ask anything vital to either the seller or the realtor, create a list of questions to ask in advance. So, you might want to review your wants and needs and include them in your questions. You might want to ask about the financial aspect of the property, including information about utility and property tax prices. And you might want to ask the seller why they are selling, as if you can pick up any unhappiness in their reasons for wanting to move, you might want to think twice before buying. Here are just some of the investigative questions you might want to add to your list, but be sure to take the time to add your own.

So, don’t run the risk of home buyer’s remorse. Don’t make a decision that you will later regret. Follow our suggestions, and commit to as much research as you can before taking up an offer that you should have refused.

21st-Century Problems You Must Consider Before Investing In Real Estate

- Roshan

Investing in real estate has been around since the dawn of time, so it’s an opportunity you should always consider. Of course, it isn’t a sure thing that is guaranteed to boost your return on investment. If anything, the recent problems since the Housing Crash have made it harder to turn a profit. It’s not impossible, but you do need to take specific factors into account that you didn’t before. Some people have an interest in glass door or vinyl windows. So, to help, there is a list of the most vital ones you shouldn’t overlook below.

In real estate, there are never any guarantees, but negating the following should make your goals easier to hit.

Fluctuating Interest Rates

Before 2008, interest rates were pretty steady. Now, they go up and down like a yo-yo, and it’s potentially harmful to your property investment. The reason is simple: each fluctuation impacts demand. Should it go up, the cost of a mortgage will rise too, but the competition in the market will fall. On the flip side, low demand means competition will increase as mortgages become cheaper. Therefore, understanding whether you’ll A) get the mortgage you want, and B) land your dream property depends on interest rates somewhat. A mortgage broker can clear things up if you’re unsure.

Renters Vs Buyers

Finding tenants could be a significant part of your plan to pay off a second mortgage and sell the property later down the line for a considerable profit. In that case, you should perform a credit check and top-up your insurance policy. Easy Property has advice if you want more inspiration. Selling is different because millennials don’t have the resources to buy outright, and baby boomers are already on the property ladder. As a result, your ability to flip a house for a quick profit might be compromised if you don’t reevaluate your investment plan.

Environmental Issues

Global warming is here, and it’s not going away any time soon. Whatever you think about the new phenomenon, there’s no doubt that the change in climate affects homes around the world. To buy a beachfront property is a mistake as the tide will wash it away in years. Of course, houses out of the blast zone aren’t always available, which is why you must consider extra protection. Gulf Coast Modular Homes builds their custom designs to withstand hurricane winds of 180 MPH. This is an excellent example of an out-of-the-box feature you have to factor into your decision in 2020 as global warming worsens.

New Governments

Gone are the days when presidents served two terms and handed over to their replacements. Now, it seems as if some of them are lucky to get through one unscathed. As a result, you shouldn’t rely on bursaries and subsidies that exist now. Yes, Trump has been good to investors and will continue to do so if he stays in power, yet it’s impossible to tell. With his approval ratings and the mid-term results, the Republicans could be replaced come 2021.

Do you think about abstract features before investing? You should as they could be the difference between success and failure.

Grand Designs: Is Building A Home The Right Move For You?

- Roshan

It starts with a spark – you picture your ideal home. You watch a programme featuring an awe-inspiring architect or a family self–building the home of their dreams. Before you know it you’re googling self build homes and getting drawn into the item of locating a plot of land and creating your own house. After all, why settle for anyone else’s vision and specifications if you can design exactly what you want from scratch? Of course, the decision to build your own home isn’t that straightforward – there is a very steep learning curve, especially if you’re self-building for the first time. You will have as many set-backs as you will breakthroughs, and the whole process can be a little bit of a roller coaster ride. The prize at the end of the tracks, of course, is the home you’ve always dreamed of.

Preparation Is Key

Although you may not think it from the numerous television programmes on the subject, not all self-build projects are imposing mansions. In fact, the majority of self-builds are quite modest designs, so don’t think you have to be building a huge estate in order to think about creating a house. It’s important to remember that you will need planning permission in place – either outline or the full process, in order to secure financing for the build. So a lot of the huge, ambitious projects on your tv screen would struggle to get financing from traditional routes such as mortgage lenders. You’ll need one thing in huge supply in order to work through the initial stages of the planning process and securing the funding: patience. A hugely quirky, avant-garde home design would not only be difficult to secure permission and therefore money for, but they are also extremely difficult to value, which is another requirement for most lenders.

Financing Your Build

Although they may not quite be the mansions built out of recycled shipping containers that claim the most airtime, most self-build projects are detached homes, slightly costlier than the average residence and done to a high specification. Most new designs are also ‘intelligent’ – using eco-friendly materials and smart appliances. Self-build projects require more upfront capital than a conventional mortgage application  – it’s quite usual to have to buy the plot of land and pay for planning applications before you can access any kind of loan financing, and the mortgages they can access are typically interest-only. In essence, they have more in common with a specially-arranged overdraft facility than a traditional mortgage – as the build is paid for in stages, the money is drawn down in that fashion to, after each phase of the project is completed. So the cheaper, fixed-rate loans are not usually a product available to self-build applicants, and if the loan amount needs to change during the build there can be exit fees. It can take as long as six months to get financing in place for a project, and you may need up to 25 per cent of the cost of building materials upfront. However, you may find that a lender will offer a conventional mortgage at a lower rate once the build is complete.

Identifying Your Plot

One of the most difficult parts of the whole self-build housing journey can actually be one of the initial ones: finding the perfect plot to build on. Online plot finding services can be a really good place to start, and traditional real estate agents sometimes also list land for sale. Occasionally you may find auction listings or your local newspaper useful tools for finding your land. Think outside the box – depending on what you want to build, and how concerned you are about the exact location, there may be possibilities you haven’t considered – these could include the sale of grounds which were formerly part of an existing house, infill sites reconditioned by land agents or brownfield sites. Sometimes you may also find serviced plots which generally already have planning permission and sometimes connection to utilities – this can be a straightforward option for first-time self-builders. You need to first determine how much space is needed in order to accomodate the design you have in mind. In general terms, the smallest plot you should consider for a four-bedroom home would be a tenth of an acre, but if you’re wanting a more spread out home design or a large garden area then a third or a half of an acre will work better. And how do you know what to pay as a guide price? Have a look at previous sale prices in the area  – these can be highly location-dependent, but are generally around a quarter to two-thirds of your finished home value.”

Finding Your Support

Of course, building a home is very much a team effort – and the architect and the building firm that you appoint will have a huge impact on the success and stress levels of your project, so choose wisely. It’s not a great idea to go solely on cost – experience far outweighs this, and what you may save on an initial quote price you could very well soon lose in costly mistakes if your builder is not sufficiently experienced with a project of that scale. Most architects will have recommended builders with whom they have worked successfully before, so it may be a good idea to choose from a list of their recommendations. You will also have to decide if you want an architect or a builder who will also fulfill the role of project manager, or if you have the time and energy to devote to this function yourself.

Tasks range from keeping a close and continuing eye on the budget to ensure costs don’t escalate, to arranging for functions such as crane hire, sorting out skips and arranging contractors from plumbers to carpet fitters. Watching the shell of your home finally materialise into reality is a deeply exciting time when you have managed the project from approving the earliest draft designs. There are several different construction methods that you can use to create your home – brick and block is a traditional route, while timber-frame is relatively quick to put up. Some houses are built using concrete formwork and others made of insulated panels. Then there are entirely prefabricated structures such as the Huf Haus system, where buildings are manufactured entirely in advance and constructed very quickly once on site. All of these choices have a huge effect on what construction firm and architect you should appoint.

Ensure Your Build Is Covered

Self-build projects are notorious for not running perfectly smoothly, and often there can be a few more twists, turns and design revisions that you have have been expecting. Hopefully, these are relatively smooth and can be ironed out during the process. But in case of bigger problems, it’s very wise to source a self-build insurance policy, the cost of which will depend on the size of the overall project. You will also need a structural warranty which covers at least a ten year period and also one to cover against defects – whether from workmanship, materials or even the design itself. It’s wise to consider coverage for if the construction firm appointed goes bust halfway through the project. Do not release any staged payments earlier than planned, as many firms will ask when they start to experience cashflow issues, often a sign of imminent collapse. Without adequate insurance coverage, you may find yourself at the mercy of company liquidators and unpaid contractors appearing at your door demanding payment. It’s worth hiring a tradesman who is a member of a professional association that has an insurance backed guarantee of the quality of their work.

Making Your Home Smart – Now And In Future

When you create your own home, you have an unique opportunity to add in technology from the very bottom up, creating a truly smart home that serves the needs of your family perfectly. To get this right, it’s worth spending some time thinking about the goals you have and how integrated smart home technology could help you achieve them – from making energy savings with eco-friendly heating and water systems which are automated, to simply creating an amazing entertainment centre, an intelligent kitchen, vinyl windows, a more secure home or one which can support the switch to an electric vehicle more seamlessly.

When you’re clear on what you want to achieve, there is less temptation to get distracted by the latest new, shiny innovation that won’t actually enhance your life and needs. Think beyond Alexa – try to consider how the needs of you and your family might change over time, and how you can create a smart infrastructure that is capable of taking future technological developments in it’s stride. Creating an holistic smart home is more than just a bunch of intelligent controls, it’s about how they work together to make your life easier. A new smart home can also be designed specifically with energy efficiency in mind – with integrated solar panels, eco-friendly heating and water systems, and an in-garage charging point for an electric car.