Navy Fellas Realty Group

Real Estate, Residential sales and purchase

How Safe is Your Home from a Fire? Learn How to Run a Quick Fire Safety Assessment

by

How Safe is Your Home from a Fire? Learn How to Run a Quick Fire Safety Assessment A fire can rage through your home at a moment’s notice, and it can cause a significant amount of damage in a very short period of time. Damage from the flames, intense heat, smoke and soot can cause tens of thousands of dollars or more in some cases, and a severe fire event can result in a total loss for the homeowner. More than that, a fire can create a serious health and safety risk for you and your loved ones inside the home. If you are concerned about how safe your home is from a fire, consider a few important points.

Do You Have Fire Extinguishers On All Floors?

When a small fire breaks out, you may only have a few seconds to respond. You simply do not have time to rush around the house in search of a fire extinguisher. Instead, you should know immediately where it is at and how to use it. More than that, you should have one available on all floors of your home. While you may want to reach for a fire extinguisher to put out a small flame, you should still yell for others in the home to vacate while you use the fire extinguisher.

Do You Have Smoke Alarms in Ideal Locations?

Fires can break out during all hours of the day and night. When you are awake, you may easily be able to smell smoke from a nearby room. However, when you are asleep or when the smoke is in a removed area of the home, it can be more difficult to observe the signs of a fire until it is too late. Placing a loud smoke alarm in all bedrooms in your home is a wise idea. You will also need one in living areas of the home. If your home is larger in size, you may consider investing in additional smoke alarms.

When Was the Last Time You Replaced the Batteries in Your Smoke Detectors?

It is not enough to simply have the smoke detectors mounted to your walls or ceiling. Instead, you need to make sure that they are loud and that they work well. If you have a hearing impaired person in the home, you should invest in detectors with a visible strobe light to alert them to a danger. Batteries generally should be replaced every few months, and you may consider replacing the batteries each time you replace the filters for your HVAC system. Keep in mind that it is better to replace the batteries before they lose power than to be without the function of an alarm in your home when you need it.

Even a small fire can be a dangerous and costly event. By focusing on these factors in your home, you can most easily prepare for a fire, and you will be able to take immediate action in the event a fire develops in your home.

How To Deal With An Appraisal Gap

by

Three Tips To Get The Best Financing On Your Second Home PurchaseThe vast majority of people will need to go through a mortgage lender when purchasing a home. One of the last steps in the purchase process is the home appraisal. The lender wants to make sure they are not lending more money than the house is worth. If the appraisal value comes in above what the buyer is paying, then the buyer is happy because they might be getting a great deal. On the other hand, if the appraisal comes in below what the buyer is paying, this can be frustrating. What is the appraisal gap, and how does it work? 

Buyers Might Be Asked To Bring More Cash Or Pay PMI

In many situations, buyers will be asked to pay PMI if they are not putting 20 percent down. For example, if someone is buying a $250,000 house, they might be asked to put down $50,000 to avoid dealing with PMI.

Ultimately, if the lender is financing more than 80 percent of the loan’s value, PMI might be required. In the example above, if the house only appraises for $200,000, then the lender will only finance $160,000 before asking for PMI. Therefore, to get the lender down to $160,000, the buyer would have to bring another $40,000 to the closing table (for a total of $90,000 down) to avoid paying PMI. 

If the buyer is not willing to pay PMI or close the gap, the sale could fall through, leading to other ramifications.

Get An Accurate Valuation Before Making An Offer On A House

If there is an appraisal gap, it can be frustrating for a buyer who is asked to bring more cash to the table. Furthermore, if the sale falls through, the buyer could lose his or her earnest money. Depending on the market, earnest money could be tens of thousands of dollars. That is why it is important to get an accurate valuation of the house before making an offer. No matter how beautiful the house might seem, it is important not to overpay, as it increases the chances of dealing with an appraisal gap. If there is an appraisal gap, buyers need to carefully evaluate their options before they decide how to proceed. 

 

What To Know About Airbnb As An Investment Strategy: Pros And Cons

by

What To Know About Airbnb As An Investment Strategy: Pros And ConsMany people rely on Airbnb to go on vacation because this website often makes booking easier, affords more flexibility, and is frequently cheaper when compared to a hotel. Therefore, some real estate investors rely on Airbnb as an investment strategy. At the same time, this is not necessarily the best option for everyone. What do people need to know about using Airbnb as a real estate investment strategy? 

The Pros Of Using Airbnb

If the property is in a great location, it is possible to make more money using an Airbnb rental strategy. On a per-night basis, Airbnb usually leads to more income when compared to a long-term renter. For example, a property in an attractive location could earn hundreds of dollars on a single weekend, while a long-term renter might only pay a thousand dollars for the whole month. Therefore, if an Airbnb property is booked solid for a whole month, the income would be higher.

Furthermore, Airbnb leads to a more diversified portfolio of tenants. Airbnb properties collect money from a variety of renters on a regular basis, so having one cancellation will not necessarily lead to a serious financial situation.

The Cons Of Using Airbnb 

There are a few drawbacks to using Airbnb as well. Income can vary significantly depending on the season, as people may want to vacation more during the summer than in the winter (or vice versa). In addition, overhead expenses might be higher. To make the property more attractive, owners might have to purchase nice furniture, pay the utility bills on the property, and give a portion of the rental income to Airbnb. 

Think Carefully About Using Airbnb As An Investment Strategy

These are just a few of the most important points people need to keep in mind regarding Airbnb as a real estate investment strategy. Even though there is the potential to generate more income, it also leads to greater variability on a month-to-month basis. Furthermore, the potential to use Airbnb as a real estate investment strategy will depend on the location of the property. It is important for everyone to think carefully about the benefits and drawbacks of Airbnb before deciding if this is right for them. 

 

Increase Your Home’s Value By Handling Minor Repairs

by

Increase Your Home's Value By Handling Minor RepairsA house is an investment, and it is important to treat it as such. Homeowners must capitalize on the value of their homes when they go to sell them. One of the best ways to do so is to handle minor repairs before listing the house. Minor repairs do not take that long, so homeowners don’t have to worry about delaying their timeline. Furthermore, they are not that expensive to fix, but they can have a significant impact on the value of the home. Why is this the case?

Repair Broken Items in Rooms

Even though broken items in certain rooms might not be a big deal, they can send the wrong message to a prospective buyer. For example, if there is a door that doesn’t latch well, try to repair it. If there is a drawer that doesn’t close properly, fix this issue. If homeowners see that there are no broken items, they will immediately realize the house has been well taken care of.

Ger Rid of Annoying Noises 

Annoying noises can be incredibly distracting as someone walks through a house in which they might be interested. If there are creaky stairs, try to figure out where this is coming from. If the ceiling fan rattles, try to tighten it. Annoying noises can detract from the value of the house by distracting potential buyers. 

Fix Any Leaks in the Home

Small drips and leagues can have a significant impact on the value of a home. If someone believes they are a sign of bigger plumbing issues, they might not make an offer. Inspect all faucets, toilets, and outdoor spigots to make sure they work properly. If anything is dripping, try to fix it before listing the house. 

Maximize the Home’s Value

Ultimately, the biggest reason why minor repairs can make a big difference is that they can drive up the amount of money someone is willing to pay for a home. A lot of people steer away from houses that require repairs because they don’t know if something more serious is lurking underneath. When homeowners address minor repairs, they increase their chances of making a positive first impression on a buyer. This can make the difference between someone walking away and someone making an offer. 

 

What’s Ahead For Mortgage Rates This Week – February 14, 2022

by

What's Ahead For Mortgage Rates This Week - February 14, 2022Last week’s economic reporting included readings on inflation and the University of Michigan’s preliminary February reporting on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.

Inflation Rises as Fed Considers Raising Key Rate

The government’s Consumer Price Index for January reported that month-to-month inflation rose by 0.60 percent as compared to an expected increase of 0.40 percent which was based on December’s month-to-month increase of 0.50 percent.  Year-over-year inflation rose to a rate of 7.50 percent, which was the highest inflation rate in 40 years. Core inflation, which excludes volatile food and energy sectors, also rose 0.60 percent in January from December’s reading of 5.50 percent.

Analysts said that the Federal Reserve will likely raise its key federal funds rate range to help slow inflation, but drastic dips in the inflation rate aren’t expected. While the Fed predicted inflation to ease in a statement made last December, inflation has only increased. The Fed’s strategy of raising interest rates would ease high consumer demand and help slow rapidly rising prices for housing, goods, and services.

Mortgage Rates Rise, Jobless Claims and Consumer Sentiment Fall

Freddie Mac reported higher mortgage rates last week as the average rate for 30-year fixed-rate mortgages rose by 14 basis points to 3.69 percent. The average rate for 15-year fixed-rate mortgages rose by 16 basis points to 2.93 percent. Rates for 5/1 adjustable-rate mortgages averaged 2.80 percent and nine basis points higher. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for  5/1 adjustable-rate mortgages.

223,000 new jobless claims were filed last week as compared to the prior week’s reading of 239,000 first-time claims filed. No information for continuing jobless claims was released last week.

The University of Michigan reported a preliminary index reading of 61.7 for January’s Consumer Sentiment Index. This was the lowest consumer sentiment reading in ten years and was attributed to consumer concerns over rising inflation.

What’s Ahead

This week’s scheduled economic news includes readings from the National Association of Home Builders on housing market conditions, Commerce Department readings on building permits issued, and housing starts. Data on sales of pre-owned homes will be released along with weekly reporting on mortgage rates and jobless claims.

A Guide To Helping A Dog Adjust To A New Home

by

A Guide To Helping A Dog Adjust To A New HomeMost people treat their dogs as members of the family. Just as moving can be difficult for children, moving can be a challenge for dogs as well. Dogs develop an attachment to their homes, and they can have a hard time adjusting to a new place. Fortunately, there are a few steps that homeowners can take to make the moving process easier for everyone involved, including dogs. 

Let The Dog Get Familiar With The Moving Supplies 

A lot of dog owners have found that it is easier to take a dog to the vet if he or she can acclimate to the carrier. The same is true with the moving process. Dogs have a difficult time understanding what is happening when the family moves. Consider giving your dog an opportunity to become accustomed to the packing and moving supplies. That way, they will be comfortable in the car on the way to their new home. 

Allow Dogs Alone Time In The New Home

Moving is stressful for everyone, including dogs. Dogs will need a bit of time on their own in their new home. Give dogs the freedom to explore. When they find a corner they like, let them stay there and decompress. Eventually, dogs will get more comfortable in the new environment, and they will resume their normal behaviors. 

Stick To A Regular Schedule

Even though the home is changing, not everything has to change. For example, try to keep dogs on their regular schedules. If dogs tend to go out and use the bathroom at a certain time, stick to that time. If dogs go for a walk at a certain time of day, stick to that schedule as well. By keeping other environmental factors consistent, dogs will have an easier time adjusting to the home. 

Keep A Consistent Environment

Dogs have already experienced a lot of changes by moving to a new home. It is important to keep the new environment as consistent as possible. Even though some changes will be expected as boxes are unpacked, try to keep the home looking as normal as possible. The faster things get into their new places, the easier it will be for dogs to adjust. By following these tips, it is possible for homeowners to make their dogs as comfortable as possible with the moving process.