As we have entered the new year, Real Estate bloggers are continuing to share relevant real estate information. This information is to provide education on home buying and selling for the consumer and for real estate professionals. Check out the articles below and let us know what you liked best. Also, please let us know what you would like to see covered.
FHA Loan with No Credit
Eric Jeanette has shared an excellent post about how to obtain an FHA Loan with No Credit. He discusses ways to obtain an FHA Loan if you do not have a credit score and they include submitting a letter from your landlord documenting the on-time rent payments, payment history for your utility companies (gas, electric, water, etc), payment history for your cell phone or internet provider. There are standard guidelines for FHA loans which include a minimum Credit Score of 580 with a down payment of 3.5% or a credit score of 500-579 with a down payment of 10%. He also discusses what documentation you will need to obtain a loan. Be sure to check out this post!
Tips for Making Your Home Shine on the Internet
The very first place a home buyer is going to see your home for sale is on the internet. Presentation is key to getting those home buyers to come and view it in person. Paul Sian has written an excellent post about how to Make Your Home Shine Online. He discusses the importance of making any cosmetic repairs and decluttering. Photos that are cluttered are not going to present well. Other important considerations are adding a fresh coat of paint and to depersonalize it. Remove personal photos so a buyer can be objective. Paul also discusses the importance of professional photography as it will make a difference with how your presents! Excellent tips for preparing your home to sell!
Tips to Create an Eco-Friendly Apartment
Living a toxic-free life can be challenging, however, creating an eco-friendly apartment is attainable. Michelle Gibson has put together an excellent post on how to Create an Eco-Friendly Apartment. There can be chemical toxins in your home from using certain cleaning solutions and it is important to read the labels of what you are u
A home warranty is an annual service contract that a buyer can request at the time they are making an offer on a home. The home warranty will cover repairs and replacements of appliances and systems of the home. Home warranties do have their limitations. They will not cover if an item is damaged due to misuse or neglect. It is important to read and understand what the service contract will cover. Home
sing. They can cause skin and eye irritation. Adding living plants is a wonderful way to purify the air. Examples of plants to utilize in your apartment include sansevieria, ivy, and Boston ferns. There are plants for every home which can grow in different climates including in low, moderate or direct sunlight. Be sure to check out this post as it can be applied to living in a home or apartment.
What are the Benefits of a Home Warranty?
A home warranty is an annual service contract that a buyer can request at the time they are making an offer on a home. The home warranty will cover repairs and replacements of appliances and systems of the home. Home warranties do have their limitations. They will not cover if an item is damaged due to misuse or neglect. It is important to read and understand what the service contract will cover. Home warranty service contracts will protect a buyer's finances if an appliance goes out. There is a service call fee but it is generally much less than the cost of a repair of an appliance. If you have an older dishwasher, it could be $500 or more to repair it. If the home warranty company cannot repair an item, they generally will replace it.
Seven Reasons For Sale By Owner Fails
Bill Gassett has put together an excellent article over at Inman about the Reasons a For Sale By Owner Fails. In this article, he discusses how sellers do not prepare their homes to sell including addressing deferred maintenance and deep cleaning. Bill also recommends that sellers add a fresh coat of paint to make sure the home presents in the best light. Other factors why a FSBO might fail include the sellers who do not know how to market the home for sale. And dealing with potential buyers and navigating through the purchase contract can be a challenge. It is recommended that a seller hire a professional Realtor which will yield you more in the end!
6 Steps for First Time Home Buyers
Kevin Vitali has written an excellent article about Tips for First Time Home Buyers. In the article, he discusses assessing your finances to determine what you will be able to afford. He also discusses reviewing your credit score as this will impact your financing. It is important to work with a lender who will guide you through the lending process. Kevin also discusses working with your own buyer's agent. It is in your best interest to have your own real estate agent. A buyer’s agent is a home buying coach that will work on your behalf. View homes online and be sure to communicate with your agent on the preferences of the homes that you are viewing.
Garden Ideas and Landscape Design
Although we are still in the winter months, it is a good idea to start thinking about your gardening and landscaping plans. Eileen Anderson has put together an informative post about Garden and Landscape Ideas and Design. Eileen discusses the various scenarios where you can plant and what you can plant including shade gardens. She also goes over full sun gardens and explains that for a full sun plant you need at least 6 hours of direct sunlight. Many homeowners do not have a large space for gardening, however, you can still have a garden in a small space with containers and accessorize accordingly. If you have a large space, consider adding a stream or brook.
Does a Dirty Home Impact an Appraisal?
A dirty house will not affect an appraisal. The appraiser will look at the square footage, will measure the home, but will not look at the decor or cleanliness. Geoff Southworth has written a detailed article Does a Dirty Home Impact an Appraisal. He states that if the home is absolutely filthy, it may indicate to the appraiser that there is deferred maintenance on the home. An appraiser will look at the condition of the roof, and they always look for smoke detectors and carbon monoxide detectors. It is a good idea to have the home in good condition if you are selling it, and also remember to have it cleaned up. The last thing you want is for the appraisal not to come in because the home shows signs of deferred maintenance.
Pros and Cons of the WHEDA Loan
The WHEDA program is a great mortgage for people who may have a steady job but have not experienced a high income compared to the average rates in their area. The WHEDA loan is the Wisconsin Housing and Economic Development Authority. Luke Skar has put together an excellent post about the Pros and Cons of the WHEDA Loan. The WHEDA loan may help home buyers to buy a home with a low down payment. It can also save them money with PMI and tax credit. Not everyone will qualify for these mortgages including those with a higher than average income. Also, people looking to buy a home outside of Wisconsin will not be able to qualify for this loan.
How to Forecast Rental Cash Flow
G. Bryan Davis of SparkRental has written an excellent post about How to Forecast Rental Cash Flow. He discusses how to calculate rental cash flow by looking at comparable rents in the area on sites such as Zillow and Craigslist. Another factor that will impact the cash is maintenance and repairs. Maintenance includes work required to keep the property habitable and marketable. This would include carpet and paint. Other factors which impact the cash flow is the vacancy rate. If the property is still unoccupied for several months, that will definitely affect the rental income. There may also be property management fees that need to be taken into account.
2020 is off to a great start with lots of excellent content being curated by top bloggers across the country. I hope you enjoyed this month's edition of the Best Real Estate Articles for January 2020. Please let us know which articles you like best, and let us know what content you would like to see covered in the coming months.
About the Author
The above real estate article “Best Real Estate Articles for January 2020” was written by Sharon Paxson at Newport Beach Real Estate. We have experience since 2005 representing sellers, buyers, and landlords with their real estate transactions and we welcome the opportunity to share our expertise and guide you through the home buying or selling process.
We service the following Orange County CA areas: Corona del Mar, Huntington Beach, Laguna Beach, Newport Beach, Newport Coast, Orange, Santa Ana, Sunset Beach, Tustin and more! If you are considering selling your home, we welcome the opportunity to work with you and list your home with a top Newport Beach CA Realtor.