Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Tips For Deciding The Value Of A Home

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Tips For Deciding The Value Of A HomeHomes are more than just a building. They are filled with memories of children taking their first steps, holidays that were celebrated with family members and friends, and Super Bowl parties filled with smiles and cheers.

These memories are priceless; however, people cannot let emotions cloud their judgment when they are trying to sell a house. Instead, it is important to focus on the building. There are a few tips that everyone should follow as they try to figure out how much their home is worth.

Be Reasonable

The first tip is not to price a home too high out of the gate. While it is tempting to start high and reduce when necessary, the reality is that a price that is too high is going to scare off potential offers. It is better to start with a reasonable price that will get people interested. Then, if the offers start to pour in, there is a bidding war. The price will naturally take care of itself.

Upgrades Don’t Always Lead To A Higher Price

It is tempting to follow in the footsteps of TV shows and pour money into renovations that might lead to a large return on investment. The sad fact is that this is not always the case. Even though the homeowners might love the renovation, this doesn’t mean that a potential buyer will. Do not renovate purely to raise the value of a home. Upgrades can go out of style just as quickly as they came in.

Don’t Price Out Of Necessity

Never price a home based on a dollar amount that has to be reached. It is always better to price a home relative to what the market indicates. Nobody is going to make an offer on an overpriced home purely because that is how much money the seller needs to make.

Leave Emotions At The Door

Finally, do not price a home based on emotions. Yes, a home is a special place; however, remember that the home is on the market, not the memories. Instead, always price a home based on what the comparables are showing. This will lead to a smoother selling process, a higher price, and a bigger return on the initial investment.

Protect Your Home When You’re On Vacation With These Five Simple Tips

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Protect Your Home When You’re on Vacation with These Five Simple TipsWhen making plans for a fun-filled vacation, you shouldn’t forget implementing certain home security measures to ward off thieves. Nobody wants to return home only to find that intruders had ransacked the residence from top to bottom.

If you’re going away on vacation, make sure you protect your home against break-and-enters with these five tips.

Alarm Intruders With Audible Deterrence Measures

Installing a professional home security alarm is one of the most cost-effective ways for people to protect their homes when they are away.

Buying and setting up the right system will ensure that the proper authorities will be notified if thieves break in or attempt to force their way in.

While determined crooks will be hard to discourage, most would-be intruders will look for easier targets if they inadvertently trigger a loud, piercing alarm that attracts too much attention from anyone who could call the police.

Make Forced Entry Difficult With Solid Doors

Some thieves will take a very direct approach to break-ins by simply trying to force their way through a locked door. If the exterior doors are hollow, thieves will have a pretty easy time getting through. This is why it is important to install solid doors rather than hollow ones; solid doors are much harder to break through. 

If you’re concerned about intruders forcing their way through your hollow doors, your best recourse is to upgrade to solid doors. Upgrading will cost a pretty penny, but the added protection they will provide will be well worth the investment.

While getting solid doors installed, you can go one step further by investing in good locks, deadbolts and reinforced strike plates.

Do Not Advertise Your Departures

A pile of newspapers at the front door or a mailbox full of mail and flyers will be proof positive to crooks that no one’s home. Homeowners who are going to be away on vacation should ask neighbors or other people they trust to collect their mail while they are away. 

If having a neighbor collect your mail isn’t an option, go to the post office and request that mail service to your home be suspended until you get back. It is also best to suspend newspaper deliveries for the vacation period as well.

Neighborhood Watch To The Rescue

One great home security solution that won’t cost a penny is having neighbors who look out for you. Homeowners would do well to ask trusted neighbors to keep an eye on their property while they are away on vacation. Tell those trusted neighbors to be on the lookout for any suspicious activity and to call the authorities if necessary.

Protect Sliding Doors With This Simple Trick

Before heading off on vacation, you should safeguard the sliding glass doors in your home by putting something like a metal rod in the track. This way, thieves will not be able to force the door open.

Vacations are a time to unwind and to have some fun. However, responsible homeowners will do what it takes to make their residence less attractive to would-be thieves while they are away.

For more information on how to safeguard your home, or to get answers to your pressing real estate questions, contact your trusted real estate professional for prompt and practical advice.

The 5-Minute Guide To Flood Insurance: What It Is, How It Works, And Whether You Need It

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The 5-Minute Guide to Flood Insurance: What It Is, How It Works, and Whether You Need ItYou’ve got house insurance, and assume your property is covered for any type of detrimental occurrence that can possibly take place.

However, not all homeowners are aware that home insurance policies don’t necessarily cover damage related to a flood, as the risks are too great. As a result, homeowners must purchase flood insurance through a private company.

Floods are one of the most common hazards in the US, costing billions of dollars in damage to properties every year.

Since this is a common issue lately, the federal government updating these policies currently so please talk with your real estate professional or local insurance company for the most up to date information.

What Is Flood Insurance?

Flood insurance policies are typically made available to homeowners in flood-prone areas. The majority of insurance policies cover some form of water damage, from things like leaking faucets to bursting plumbing pipes.

However, such policies don’t cover water damage as a result of flooding of rivers or sewers that cause water to ruin a home.

Specific flood protection is provided by the National Flood Insurance Program (NFIP), which is run by the Federal Emergency Management Agency (FEMA). Standard flood insurance policies cover “direct physical damage” to a property resulting from floods.

A separate policy must be purchased to protect the belongings inside the home or building. Homeowners can buy up to $250,000 in coverage for the home, and up to $100,000 in coverage for possessions. Even renters are permitted to purchase flood insurance to cover their possessions.

How Does Flood Insurance Work?

Flood insurance isn’t sold by FEMA directly, but rather is sold to customers through private insurance agencies. Premium rates are determined by the government, and they remain consistent from one insurer to the next.

How much a homeowner pays for their own specific flood insurance depends on a number of factors, including how prone the neighborhood is to floods and how much coverage a homeowner wants. The average annual premium is approximately $520 for $100,000 worth of coverage for a property with no basement, and approximately $615 annually for a property with a basement.

Filing A Flood Insurance Claim

The claims process is like any other insurance claim. Once the claim is filed, the damage will be analyzed by an adjustor assigned by the insurance company. A “proof of loss” form will need to filled out and submitted to the insurer within 60 days of the flood occurrence.

Do You Need Flood Insurance?

It’s necessary to find out if you are eligible for flood insurance before buying it. For residents of a community to be eligible, the community needs to enforce floodplain statutes to lessen the chances of flood damage, after which FEMA ensures that such regulations are followed.

Only those who reside in a community that participates in NFIP can buy insurance – today, about 20,000 communities across the country participate in this program.

FEMA offers maps that outline what areas are at high risk for floods, and those that are at moderate-to-low risk. The law requires homeowners to have flood insurance if the properties are located in a high-risk zone and have a federally-backed mortgage. This is because properties located in these high-risk areas have a 26 percent chance of suffering flood damage during the 30 years that it would take to pay off a mortgage.

Homeowners are not required to buy flood insurance if they reside in a moderate-to-low-risk zone, though it may be a good idea to purchase it anyway. Properties outside the high-risk areas make up over 20 percent of NFIP claims. Homeowners in these areas can purchase up to $200,000 in flood insurance.

The bottom line is, even if you don’t necessarily live in a high-risk zone, this doesn’t mean your home won’t ever get flooded. Many conditions can result in flood damage, including clogged drain systems, flash rainstorms, and damaged levees.

The Top New Power Tools For Home Improvement Projects Currently On The Market

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The Top New Power Tools For Home Improvement Projects Currently On The MarketFor many people, their home is the most important investment they will ever make. Therefore, it only makes sense that people will want to spend time improving their house. Sometimes, they simply want to make a nicer place to live.

In other cases, they might be looking to raise the value of their home. Regardless, it is important for people to think about the power tools they are going to use to get the job done.

The right tool could make the difference between a successful project and having to hire someone else. There are a few tools on the market that every homeowner should consider.

A New Power Drill

This is usually the first item on the list when it comes to a home improvement project. While many homeowners probably already have a power drill, there are a few new models that have reached the market. Take a look at some of the top brands and look at their latest models.

Sometimes, they have removable drill bits for specialized tasks, different power settings, and could even reverse the direction in which they spin. This is important for every home improvement project.

A Circular Saw

This is one of the most important saws that everyone should have when it comes to a home improvement project. When it comes to this saw, safety should always come first; however, these saws are popular because they can slice through thick materials with ease. They come both with and without a cord. When it comes to strength, a circular saw is tough to beat. They are ideal for working in tight spaces.

A Cordless Screwdriver

While a screwdriver is a traditional tool for home improvement projects, a power screwdriver is ideal. A cordless option takes the effort out of most tasks and makes it easier for someone to complete home improvement tasks in a short amount of time. They can even spin in both directions, making them useful for both tightening and loosening screws.

Find The Right Power Tools

These are just a few of the top power tools for home improvement projects. Everyone must take the time to find the right power tools for their next home improvement job.

Maximize Your Backyard’s Privacy With These Unique Ideas

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Maximize Your Backyard’s Privacy with These Unique IdeasIf you’re a homeowner, your backyard is probably a space where you look forward to spending private, quality time watching your children play or entertaining dinner guests.

The privacy you and your family treasure could suddenly be put at risk if your neighbors finish renovations allowing them to see into your backyard, or if a tree that once hid your backyard from view needs to be removed.

If you’re looking to reclaim the privacy you’ve lost in your yard, here are some options you will want to consider.

Your Property Line Is A Natural Barrier That You Can Use To Reclaim Your Family’s Privacy

The first option you might consider if you’re looking to reclaim your yard’s privacy is probably building a fence – but depending on your budget, your relationship with your neighbors, and the look you want in your yard, a fence might not be the best option.

Consider planting a fast-growing hedge or other greenery along your property line instead. Italian cypress, for instance, will look great, grow very quickly, and will eventually give you all the privacy you need. 

Break Up Your Nosey Neighbors’ Line Of Sight By Installing Raised Beds Or Berms

If you already have a green thumb and love nothing more than working on your backyard garden, you can have your cake and eat it too by replanting your current backyard plants in raised beds or berms.

Raised beds will add up to two or three feet of height to your plants without taking away the area or square footage in the rest of your backyard, making it an ideal option for homeowners will smaller backyard spaces. Installing raised beds or berms could also be a great solution for your garden if you have trouble planting due to the presence of clay or simply poor soil.

Lumber Isn’t Your Only Fencing Option

Though fencing seems like an obvious and possibly boring option to liven up your backyard and improve the aesthetic of your space at the same time, there are ways you can get creative with fencing that you might not have considered. Putting in latticework can alleviate the claustrophobic feeling that might come with enclosing your space fully with a solid fence, giving you some visibility through the lattice.

You can spice up the look of your enclosure by weaving plants through your lattice, or if you have the patience, get some ivy growing through your enclosure.

Maximizing the privacy of your outdoor space is easy if you’re creative and you enjoy working outdoors. If you love nothing more than pruning and shearing, then try to reclaim your space through planting rather than installing a fence or another permanent structure that you can’t change and therefore might regret later.

If you’re worried about how your backyard transformation could affect the value of your home, or if you’re looking for more privacy options, contact a real estate professional that you trust for the backyard design help you need.  

Get Your Finances In Order With A Few Simple Steps

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Get Your Finances In Order With A Few Simple StepsIf you are looking to buy a home one day but don’t think you are ready just yet, you are not alone. One of the most important tasks that you have to complete involves getting your finances in order.

There are a few ways to get your finances in order before you buy, no matter how long you have been waiting to buy a home. Getting your finances in order with these simple steps can help you become a more competitive applicant both for a mortgage and a home that is on the market.

Focus On Your Credit Score

While it is true that your credit doesn’t have to be perfect in order to get a home, a strong credit score will increase your chances of getting approved. In addition, a great credit score can also help you get a lower interest rate on your mortgage.

Some of the ways that you can improve your credit score include disputing errors that might be on your report, reducing your debt, producing a long track record of on-time payments, and avoiding late payments. All of this will help you get ready to apply for a mortgage.

Open A Bank Account For Homeownership

The cost of a home is far more than a down payment and mortgage bills. The reality is that owning a home comes with a variety of expenses for which you must be prepared. Therefore, it is a prudent idea to open a bank account that is solely for homeownership expenses. This account should contain a variety of funds including those for utilities, maintenance, landscaping costs, and even renovation expenses. This will help you visualize the amount of money that you have set aside.

Calculate The Budget

Finally, it is also smart to calculate a budget for the home. Some of the factors that are going to play a role in the sticker price of a home include the down payment, closing costs, and potential taxes. For help with this calculation, it is a smart idea to meet with a trained mortgage professional.

Prepare To Buy A Home

These are a few of the steps that you should follow to get your finances in order. These steps will make you a more competitive applicant for a mortgage.

Buying A Home: You Might Be Able To Skip The Home Appraisal – But Should You?

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Buying A Home: You Might Be Able To Skip The Home Appraisal - But Should You?When someone is thinking about buying a home, one of the key parts is the home appraisal. The appraisal ensures that the buyer is paying a fair price for the home while also protecting the mortgage lender against taking a loss.

On the other hand, an appraisal is also an added cost of the buyer can be a serious source of stress for both sellers and brokers.

Recently, government agencies have passed a rule saying that home appraisals are no longer going to be required on homes that are less than $400,000; however, many lenders will still require them.

Therefore, when should someone consider skipping a home appraisal to save some money?

Appraisals And Mortgages

One of the first ways to take a look at the value of a home appraisal is by comparing it to the mortgage. The two go hand in hand. Appraisals are important because they protect not only the seller and buyer but also the lender. The lender wants to make sure they know what the property is worth.

Therefore, an appraisal is more about valuing the property and not about the price of the home.

In addition, lenders make loans based on either the sale price or the appraised value, whichever is lower. Lenders do this to make sure that buyers have invested enough in their own property.

Borrowers And Appraisals

In addition to considering the lender, it is also important to consider the borrower. An appraisal is helpful for the borrower because this prevents someone from overpaying for a property.

Therefore, they act as a form of consumer protection. On the other hand, they also cost the borrower a few hundred dollars. If money is tight, this can be a serious problem and could dull the appeal of a home.

Choosing Between The Two Options

In the end, people should consider skipping the appraisal if it saves them money. Lenders might still require someone to obtain an evaluation as a form of protection. If the buyer is not confident in this evaluation method, then a traditional evaluation might be a better approach.

It is important for people to feel confident in the sale price, regardless of how this happens.

Activities To Do Outside While Adhering Social Distancing

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Activities To Do Outside While Adhering Social DistancingThe era of social distancing has impacted everyone and this has left people wondering how they are going to maintain control over their sanity. The positive news is that social distancing doesn’t mean that people have to stay inside at all times.
There are still ways to go outside and remain socially distant. Check out a few fun activities that people can do together while still social distancing.

Take A Trip To A Local State Park

One of the great ideas that people should try this summer involves taking a trip to a local state park. While a lot of businesses have remained closed, there are state parks that remain open. These parks often have dozens of miles of trails that people can hike and explore plants, animals, and the beauty of the great outdoors. While it is possible that other people will be on the trails, it isn’t hard for friends and family members to remain socially distant during a visit to a state park.

Explore The Neighborhood

Perhaps the local community park is packed. Instead, think about walking around the rest of the neighborhood. Chances are, there are spots right in the backyard that are brand new. There might even be a spot that has always been on the bucket list that has never been visited. This is an opportunity for people to open their eyes to the rest of the neighborhood while social distancing. Why not take this chance to say hello to someone new?

Pick Up A New Sport

While there are some sports that cannot be played while social distancing, there are some that can. Some of the great options include running, swimming, golf, tennis, and even frisbee golf. While social distancing can be hard for those who love to play team sports, there are still other sports that can be played even during the era of social distancing. It is important for people to take care of their physical health during this time. This is a great chance to pick up a new sport.

Activities For Social Distancing

These are a few of the top activities that people can do outside while still social distancing. Why not give them a try?

Routine Maintenance Of Various Systems In Your Home

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Routine Maintenance Of Various Systems In Your HomeWhen you are a new homeowner, learning about your property can feel overwhelming. There are a number of systems in your home that require routine maintenance.

Knowing when to have system serviced will help keep your home running smoothly. From the plumbing in your home, to the heating and cooling, understand that each system may need routine maintenance from time to time. 

Your Heating And Cooling System

To maintain comfortable air temperatures in your home, it’s important to keep your heating and cooling system up-to-date. If you have a whole home system, it should be serviced once before the heating season and once before the cooling season.

When you get filters changed, and your system serviced, you are less likely to have to deal with emergency repairs. In addition, your HVAC system will run more efficiently.

When You Have A Septic System

Waste water leaves your home either through the town sewer system or through a septic tank. If you have a septic system on your property, you need to have the system serviced every other year. Check the records of your septic system to see when it was serviced previously.

Address Plumbing Issues

A leaky faucet is a localized problem, while discovering that all of the drains in your home are draining slowly is systemic. You need to repair small leaks to avoid wasting water in your home, while systemic problems must be addressed by a professional.

If your drains aren’t working correctly, you may have a block in your main sewer line. Know where the main shut off valve is for the water coming in to your home in case of an emergency.

Electrical Needs In Your Home

Your home has an intricate electrical system that is controlled by an electrical panel usually located in your basement. When a circuit trips, you will need to reset the circuit breaker. If your home consistently has problems with a specific circuit, you’ll want to have the circuit checked by an electrician to see if it is overloaded.

It’s exciting to own a home for the first time. Once you understand the various systems in your home, it becomes easier to take care of your property. With good maintenance, you can help avoid emergency repairs to your home.

Your heating and cooling will be more efficient, and you won’t run in to problems with your septic system if you have one. If there is something you don’t understand in your home, call a professional to get the problem looked at.

Managing Finances Before Applying For A Mortgage

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Managing Finances Before Applying For A MortgageAre you planning on using a mortgage to help cover the cost of a new home? If so, you will want to prepare your finances and figure out how you will manage all those wallet-draining monthly expenses. Let’s take a look at how to run a quick financial health check to ensure you are ready to apply for a mortgage.

Update (Or Start) Your Monthly Budget

First, it is essential to get the basics out of the way. If you haven’t already, it’s time to start a monthly budget to keep track of your income and expenses. Once you have a mortgage, it will be important to prioritize your monthly payments so that you don’t end up falling behind.

Starting a budget is easy and can be done with mobile apps, software, a spreadsheet or a pen and paper. List all sources of income so that you know exactly how much cash you are working with. Then, list out every one of your expenses. It can be tough to remember them all, so consider using debit and credit card statements from the past few months as a reminder.

Get A Copy Of Your Credit Report

Next, you will want to get a copy of your credit report so you can see what potential mortgage lenders will see when assessing your financial history. This is a free service that you can request once per year, so be sure to take advantage. Note that you will want to use government-approved websites for requesting your credit report. Be wary of scams.

Do You Have A Down Payment?

A down payment is not required for every home purchase, but having one saved up can make the buying process easier. The amount you will want to have saved up will depend on the cost of your home, whether you plan on carrying private mortgage insurance and a variety of other factors. If possible, try to save up an amount close to (or more than) twenty percent of the home’s purchase price.

Ready? Chat With A Professional

Now that you have your financial health in check, it is time to meet with a mortgage professional to discuss your financing options. 

As soon as you know what you can afford, the next step is to contact your trusted real estate agent who can help you find the house of your dreams!