Lee Morof's Real Estate Blog

Almost everyone has been locked out of their home before. If you do not have a hidden key or someone else with a key, it can be stressful to wait for a locksmith to come and open the door. Fortunately, there are ways homeowners can address this issue, and one of the options is to get a smart lock or an electronic lock instead. 

How Smart Locks And Electronic Locks Work

Every smart lock is different; however, they have a few themes. Basic electronic locks have a combination that someone has to enter before the door unlocks. Other electronic locks use fingerprints, RFID, or Bluetooth recognition to allow someone to enter. Many smart locks also allow the owner to give out digital keys that allow friends, children, and other people to come and go. The combinations are stored and act as a digital log of who has entered the home. 

The Benefits Of Using Smart Locks And Electronic Locks

There are a number of benefits that come with using smart and electronic locks for homes. First, homeowners never have to worry about getting locked out of the house, as they don’t have to worry about losing manual keys. Second, homeowners can keep track of people, including their children, as they come and go. Finally, smart locks do not necessarily have to be rekeyed or replaced. Homeowners can change the combination when they feel it is nessesary..

Choosing The Right Electronic Lock

Even though smart locks and electronic locks have a variety of benefits, it is important for homeowners to think carefully about which option is best for them. Homeowners need to make sure whatever lock they choose is compatible with their phone. They also need to select locks that have security measures in place that prevent people from cracking the code or getting through the keypad. Finally, take a look at how many combinations the lock can handle. Sometimes, homeowners like to assign people specific codes so they know exactly who is coming and going. Some locks can even be customized so that certain combinations only work on certain days. This can be helpful if there is a maid or tutor who comes from time to time. 

Many people dream of retiring one day, and there are numerous assets that contribute to that retirement goal. Social security, pension plans, and savings accounts have traditionally provided assets people use to enjoy their retirement; however, this traditional plan ignores one of the most valuable assets. Owning a home can contribute significantly to someone’s retirement goals; however, it is important to have a firm plan in place to make those retirement dreams come true. There are several ways a home can play an important role in that plan. 

The Value Of A House Traditionally Increases Over Time

Many people who purchase a home take out a fixed-rate, 30-year mortgage. Then, if they stay in their house long enough, they might have it completely paid off by the time they retire. When someone owns a house outright, they can sell it and use the value of that home to fund their retirement or purchase another house. If they don’t feel like moving, they might take out a home equity line of credit to generate more income and fund their retirement. 

Too Many People Overlook The Value Of A Home

Even though owning a home is a great way to build wealth, a lot of people overlook the value of a home with respect to retirement. Many people are taking on much more debt than they did in the past. This is making it more difficult for people to purchase a home. As a result, it might take longer for someone to pay off their home, making it harder to retire one day. That is why it is critical for people to think about purchasing a house as early as possible. That way, they have more time to build their assets, compound their wealth, and pay off the home. 

Retirement Dreams Require Diversification

Ultimately, those who dream of retiring one day need to focus on diversifying their assets. Even though traditional retirement plans are helpful, it is also critical to think about the value of real estate. It can make a significant difference to the totality of a retirement plan.

It is important for everyone to diversify their investments. One of the ways to do so is to invest in real estate. There are numerous types of properties, and one of the most attractive options is a multifamily property. Even though it might seem like a challenge to manage such a large property, there are several benefits of multifamily properties everyone should keep in mind. 

Hiring A Property Manager

One of the first advantages of purchasing a multifamily property is the potential to hire a property manager. With more families living in the building, it might be worth it to pay a property manager to handle a lot of the day-to-day tasks. Residents might have questions, and property maintenance is critical. The right property manager can handle a lot of these responsibilities. 

Generating Passive Income

By hiring a property manager, it is possible for real estate investors to generate passive income. With the property manager handling just about everything, real estate investors will be free to work another job, identify other properties, or focus on their retirement. This passive income can be used to cover mortgage payments, real estate taxes, and homeowners’ insurance. A smart investor might even use the income generated from this property to purchase another one, starting the cycle again. 

Taking Advantage Of Tax Write-Offs

It is true that there are a lot of expenses that come with owning a multi-family property. Examples include maintenance expenses, repair bills, insurance premiums, real estate taxes, and marketing costs. Fortunately, a lot of these expenses could be tax-deductible. This could save property owners a significant amount of money. Of course, anyone who is interested in exploring the tax advantages that come with owning a multi-family property should reach out to an experienced tax professional for assistance. 

Consider Owning A Multifamily Property

These are just a few of the many advantages that come with owning a multifamily property. Even though there might be a larger upfront expense, there are numerous advantages that a multifamily property might provide. There are potential tax advantages, an opportunity to delegate responsibility, and a consistent flow of passive income. Those interested in real estate investing should explore the opportunities afforded by multifamily housing.

Life has changed for a lot of people during the past few years. Some people reached retirement age while other people decided to retire early due to other reasons. As the baby boomer generation reaches retirement age, millions more people are going to retire during the next few years. As a result, they might be thinking about moving to make some of their dreams come true. At the same time, retirement might change what people need in a home. What are some of the most important factors retirees need to consider when looking for a home? 

Moving Closer To Loved Ones

Location remains one of the most important factors when looking for a new home; however, retirees no longer need to live close to work if they are no longer fully employed. Therefore, it might be time to look for a home closer to loved ones. Retirees can use the equity in their current house, along with its appreciated value, to power a move closer to loved ones. 

A Smaller Home

While not all retirees want to downsize, a lot of retirees decide to purchase a smaller home. With the kids out of the house, it might be easier to take care of a smaller home. Retirees should consider the maintenance required before purchasing it. Furthermore, some retirees may not want to purchase a house with stairs in it because stairs may become more difficult as they get older. 

A House Meant For Retirees

Finally, those retiring might be looking for a house meant for retirees. For example, they might be looking for a home in a retirement community. Or, they might be looking for a house where the light switches, sinks, and toilets are a bit lower, making them easier for older people to access. Retirees might also be looking for homes with seats in the shower, grab bars next to the tub, and other features designed for elderly individuals.

Work With A Real Estate Professional

Retirement is a goal for many people, and retiring might mean that housing needs change. Anyone looking to move should work with a real estate professional who can help them navigate the real estate market and find the right house to meet their needs. 

The real estate market has been red hot this year, with many people looking to purchase a home because of record-low interest rates. This includes younger individuals, as younger generations are interested in owning a house for the first time. The past couple of years have been anything except normal, and the housing market has taken off, with demand far exceeding supply. Why is this taking place?

Record Low-Interest Rates Are Driving People Into the Market

Even though there are many reasons why people are interested in purchasing a home, incredibly low-interest rates are one of the biggest reasons. Many people are interested in taking out a home loan with a 30-year term. Potential homebuyers think that they may never see interest rates this low again. As a result, many are looking to capitalize on this opportunity before it disappears. This is increasing competition for homes on the market, driving up their values.

Interest Is Skyrocketing Among Younger Individuals

Record-low interest rates are appealing to just about everyone, but it is a particularly attractive option for young homebuyers. Many are just beginning their careers and are looking for ways to build wealth. One of the best ways to do so is through homeownership. Many research bureaus have noted that there is a sharp increase in younger individuals looking at houses. 

Many Are Facing An Uphill Battle

Even though there are many young individuals and families looking for houses, there are a number of challenges they will need to overcome. One of the biggest challenges is that there is a historic shortage of inventory. Even though potential homeowners might be able to lock in a low interest rate on a loan, they might not find a house they can purchase. It is difficult for young home buyers to compete against older individuals and families who can make a cash offer. If a bidding war takes place, younger homeowners rarely have the cash to come out on top. 

Asking For Help Is Key

Even though today’s mortgage rates are attractive, it is critical not to overpay for a house. Asking for help from a professional can help potential homeowners make the right decision. 

Home sellers often feel like there may only be a small window of opportunity to sell their home. Winter is typically regarded as a “waiting period,” until buyers start being active again. But winter may be a great time to sell and move.

Your House Will Probably Have Less Competition

More and more sellers are realizing that winter can be a favorable time to put a house on the market. Still, when you decide to sell during the winter months, you’ll have much less competition due to lower inventory. In turn, this will make your house stand out and capture more attention from interested buyers.

Multiple Offers Are Likely

For the same reason that your home will have less competition, it’s likely that you’ll receive multiple offers when you list your house in the winter. You could even have a situation where there’s competitive bidding on your house! This is due to low inventory, as well as buyers’ eagerness to get settled into their new home before the first daffodils have broken ground in the spring.

Houses Sell Faster In Winter

Statistics show that houses are on the market for shorter periods of time in winter than in other seasons. The average tends to be just a little over two weeks. Again, this is likely due to buyers wanting to hurry and move into their new home so they can be ready for the first beautiful spring days.

Now Is A Great Time To Sell

Home values are at record highs right now. At the same time, mortgage rates are still at historically low rates. Therefore, this perfect storm of opportunity is ideal for both sellers and buyers. You can likely get a great sale price on your home, and your buyers will be getting terrific low rates on borrowed money to buy. It’s a win-win situation that you should take advantage of!

Don’t wait any longer to list your home for sale. If you’ve been planning to move, now’s the time to win when you sell and move. To make the transaction easy, contact a licensed real estate agent in your area to get started.

One of the top ways to build wealth is to own a home; however, it can be challenging to qualify for a home loan. Not everyone has the finances to maintain a house, and some people might not be ready to settle down for a prolonged amount of time. Therefore, everyone has to think carefully before deciding homeownership is the right move. What are the top signs that someone is ready to be a homeowner? 

There Is Enough Money for a Down Payment

One of the top signs that someone is ready to be a homeowner is that they have enough money for a down payment. Even though it might be possible for someone to qualify for a first-time home loan with only 3.5 percent down, this might not be the best financial move. Putting more money down could secure a lower interest rate, helping someone save thousands of dollars over the life of the loan.

The Credit Score Is High Enough

For someone to afford a home, they need to have a solid credit score. A credit score is a reflection of someone’s financial character. Most lenders have a minimum credit score someone has to achieve before they can qualify for a home loan. There are many credit monitoring systems that will provide a free credit report, so potential homeowners should frequently check the report and make sure there are no inaccuracies. Then, when the credit score is high enough, it might be time to apply for a home loan. 

Geographic Stability

Finally, potential homeowners should make sure they are going to stay in one place for the foreseeable future. There is not a lot of stability when renting. A landlord could decide to terminate the lease, or they could decide to sell the property entirely. This is not an issue with homeownership. If someone is not planning on moving in the near future, they should consider buying a house. 

Consider The Prospect Of Homeownership

These are a few of the top signs someone is ready to own a home. Anyone who is tired of throwing money away on rent should consider purchasing a home instead. This is one of the top ways to build wealth and save for retirement.

One of the most common dreams is homeownership; however, the cost of buying a house is rising quickly, and many children cannot afford to buy a house even after they finish school. They might be encumbered with student loans, and they could have a difficult time finding a job. Fortunately, there are ways parents can help their adult children buy a home.

Help Children Build A Healthy Credit History As Early As Possible

One of the biggest factors involved in an application for a home loan is the credit score. One reason why children have a difficult time qualifying for a home loan is that their credit scores are not high enough. They simply do not have a lengthy credit history. Parents should help their children build credit as early as possible. One way to do that is to help them take out a credit card and co-sign for it, giving children a lengthy credit history of on-time payments when they apply for a home loan.

Let Children Live At Home Temporarily

Another obstacle that gets in the way of homeownership is the size of the down payment. For children to qualify for a home loan with a favorable interest rate, they need to have a sizable down payment. It can take a long time for children to save 20 percent for a down payment, so parents should consider letting children live at home temporarily, rent-free, so they can save money for a down payment.

Offer To Be A Co-Signer

Finally, parents can also make it easier for children to buy a home by co-signing for the loan. While some parents might be reluctant to do so, this could be the best way to help children qualify for a mortgage. If parents are confident that their children can afford the mortgage, they should consider becoming a co-signer to give the lender a greater degree of confidence.

Make It Easier For Adult Children To Buy A Home

These are a few of the best ways parents can make it easier for their children to purchase a new home. Even though homeownership can be a challenge, it doesn’t have to be a fantasy. Parents should start planning for their children as early as possible to make it easier for them to qualify for a home loan.

Everyone is looking for something slightly different in a home. Even though the location is still the most important factor, some people have specific criteria they require. For example, those who love the water might be looking for a house with parking for boats and RVs.

What are a few benefits of purchasing a house with room for these extra vehicles? 

Reduced Storage Expenses

The first benefit of owning a home with a boat for RV parking is reduced storage expenses. Owning a boat means you have to take care of it, and some people have to pay for space at the dock or the marina. If a house already has parking for a boat, owners do not have to worry about paying extra dock or parking fees. All they have to do is park the boat at their house. 

Added Security

It is also far safer to park a boat at the house instead of off-site somewhere else. Unfortunately, boats at docks and marinas can get vandalized. Homeowners can tailor their house’s boat parking to meet their needs. For example, they may want to put an extra lock, added security cameras, and a cover on the boat while it is parked. It is also easier to protect the boat against the elements if it is parked at the house. 

More Convenient

Of course, it is also far more convenient to park the boat or RV at the house. If the boat or RV is stored off-site, it will take a while to drive to that location, get the RV or boat ready to go, and then head to the final destination. It is always easier to simply walk outside and get the vehicle ready to go instead of having to add an extra trip. 

Consider A Home With RV And Boat Parking

These are just a few of the many benefits of purchasing a house that comes with boat and RV parking. Even though this might not be for everyone, those who are looking for a bit of adventure in their lives may want to consider a house that already has parking built-in. It can save a lot of time and money during the next trip.

There are many reasons why people need to move. Some people might be moving to be closer to a school. Other people might be moving to live closer to family members. Some people might have gotten a job in another state. Purchasing a home in another state can be a challenge, but technology has made it easier. Even though a lot of people still prefer to see a potential home in person, it is possible to take a virtual tour of a house. As a result, some people purchase homes they have never seen in person. On the other hand, there are many challenges that come with purchasing a house in another state. What can potential homeowners do to make the process easier?

Choose The Right Real Estate Agent

One of the first tips potential homeowners need to keep in mind is that they need to choose the right real estate agent. Even though it is always important to work with a real estate agent, it is even more important when purchasing a home in a new area. Potential homeowners are unfamiliar with the area, and they need to learn more about the community. A real estate agent can talk to homeowners about local schools, shopping and dining opportunities, potential development, and property values. The right real estate agent should take the time to understand the needs of his or her clients and generate a list of potential properties based on those preferences. 

Ask Questions About The Area

Next, homeowners should not be afraid to ask questions about the area. There is no such thing as a dumb question, and homeowners need to collect all the necessary information to make an educated decision. How much earnest money is required? What is it like to get an inspection? How long does it take to close? Don’t hesitate to ask a few questions about the region. 

Request A Remote Closing 

Speaking of closing, homeowners can request a remote closing. That way, they don’t have to worry about altering their schedules to be physically present at the closing table. The real estate agent can be the representative of the buyer at closing. This can make the process easier, saving money on travel expenses along the way.