home improvement

Mortgage and Fixer Uppers – Pro and Cons

Businessman's hands with calculator and cost at the office and F

Businessman's hands with calculator and cost at the office and FPeople from all walks of life will wander into the world of real estate without the initial intention. The urge to invest in a property that you could call your home for life is hard to resist. Not only this, but more and more homebuyers are looking into what are known as “fixer-upper” projects. These projects are unique in the sense that they provide the buyer with the freedom and creativity to do what they want with the property.

Once they have fixed it up and restored it into a condition that neatly slots into the real estate market, the financial gain opportunities will begin to transpire. If you are to succeed in this type of property investment as a newbie or simply want to educate yourself more on the subject, there are a few things you ought to take note of.

Fixing Up a Home for Financial Gain

Well, why not, right? A lot of people are seeing an opportunity and grabbing it with both hands. By opportunity, we mean securing a low interest rate on a property with a fairly low net worth and capitalizing on that opportunity to restore, renovate, and reap the financial rewards. It is possible to make thousands, if not hundreds of thousands depending on the type of “fix-up”, of dollars by selling the property on when interest rates peak.

Selecting a Mortgage for a Fixer Upper Project

A project of this kind is not just like any other. There is some risk attached in the sense that you may struggle (which is highly unlikely in a market where millennials are house hunting in their millions), or that you may not rake in as much of a profit as you would have initially hoped.

Nonetheless, the prospect of having something fun to work on and more importantly, something that you are passionate about, is exciting to say the least. In the event that your funds are not exactly prime for investment purposes, there are a few things to consider mortgage-wise.

Here are the most popular financing options for property purchases of this kind:

Standard 203(k) loan - Suitable for most types of home repair and improvement.

Limited 203(k) mortgage – If your home repair project is limited to minor improvements, such as repairing gutter pipes, this type of mortgage will be best suited.

Things to Consider with Fix-Ups

Don’t let yourself fall into a financial pitfall unnecessarily. If you discuss your mortgage financing options with an expert, you can better understand if you would suit a loan that is flexible or one that has a fixed interest rate. Remember that the home improvements will be assessed by the lender to ensure everything is being dealt with fairly and professionally.

The method of “fixing and flipping” a home is one that property buyers have been gaining profit from for years. Doing it successfully requires proper financial planning. On that note, it may be worth considering your financing options to ensure your financial stability for the future.

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Transform Your Backyard into BBQ Headquarters

For some people, barbecuing is just an occasional thing you do in the summer: haul out the grill and the charcoal, throw on some burger, and call it a day. But for others, it’s a way of life. Your barbecuing is legendary—and so are your barbecue parties. But if you really want to throw some parties this summer, you’re going to have to do some landscaping. What can you do to turn your backyard into the top spot for outdoor parties? Here are a few ideas

Fix Up Your Lawn. The first thing you need to do before you invite people over is make sure your lawn looks good. If you’ve got brown patches, or bare patches, you might want to reseed. Also consider bringing in some potted plants, to add to the atmosphere. You can even have a potted herb garden, and impress your guests by picking fresh thyme or rosemary and bringing it straight over to the grill to season the meat. (more…)

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Three Alternatives to Your Average Grass Lawn

Maintaining a grass lawn takes time and effort even under the best of circumstances. It needs to be watered regularly to stay green, and mown regularly to keep it from becoming overgrown. But in California lately, both of those tasks are getting harder and harder. Gas prices are soaring, making it more expensive to operate a gas-powered mower.

More importantly, though, the state is also in the midst of what’s turning out to be the worst drought in over a millennium. Therefore, watering the grass must be done sparingly, and keeping it green and luscious is off the table. So what can you do to keep your lawn green and luscious in the midst of these crises? Here are three grass alternatives, that look great, but require less maintenance. (more…)

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Automate Your Home…Today!

It’s amazing to think that all the automation features you learned about for the “Home of the Future” are actually available to today’s homeowners. Almost every function in your home can be controlled by a switch, device or smart phone, and there are considerable benefits for automating certain operations. You can make your place more secure, save on energy bills and home insurance, and generally make everyday life more convenient around the house. Have a look at some basic information if you’re ready to get started with home automation.

Start with a smaller-scale system. You don’t have to install a household-wide system to gain the benefits of home automation – and it’s an especially unwise move if you’re new to this type of technology. Go with some of the basics, such as: (more…)

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Landscaping 101

Landscaping  101 - Paramount Equity®

Having your own yard and open garden area is a wonderful thing- you can grow healthy organic fruits and vegetables, make the outside of your home look lovely with elegantly placed plants and flowers, and decorate to your heart’s content. If you lack natural landscaping and gardening savvy, though, having a yard can quickly turn your dream come true into a nightmare. If you are looking for a little bit of landscaping 101, here are some tips to help you get started.

1. Assess what you have to work with 

Not all lawns are alike- that’s where the fun of designing your landscape comes in. However, if you only have 500 square feet to work with, you cannot map out a 100 acre pasture. You need to scrutinize the grounds you have to work with (including types of natural (more…)

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