17
Jun
By First Rate Financial Group
Mortgage

Updating Your Home: The Top Options

Update Your Home Without RenovatingIf you want to improve your quality of life while also increasing the value of your home, you might be interested in updating it. You probably want to live in a home that is well-designed, and a prospective buyer wants the same thing. Unfortunately, performing a major renovation can be time-consuming and expensive, but there are more cost-effective ways to update your home. What are a few of the top ideas?

Paint Your House

One of the first ways you can update your home is to give it a fresh paint job. If you have an older home, a fresh coat of paint can go a long way toward making your home feel younger. Furthermore, there are still homes that have very outdated color schemes, and some of them even use wallpaper. Right now, neutral colors, such as grey, are very popular among homebuyers. In addition, neutral colors are very easy to match with furniture. 

Update Your Lighting

You can also update your home by improving the lighting system. If your lights are not that strong, certain rooms might feel small and cramped. On the other hand, a room that has plenty of natural light feels much more open and welcoming. Even something as simple as swapping out your light bulbs for LED bulbs can go a long way toward making your home feel more inviting. New light bulbs might also use less electricity, which can help you save money.

Swap Out The Handles And Cabinet Pulls

The kitchen is the heart of the home, so you should consider updating this room as well. You do not need to swap out all of the appliances and cabinets. Even something as simple as updating the handles and cabinet pulls can make your house look young and fresh. For example, stainless steel, aged copper, and brushed nickel are a few of the most popular materials for cabinet and drawer pulls. 

Get A Landscaper 

Finally, you can also update your home by hiring a landscaper. You may want to start by mowing your lawn, but you can also make your home look younger and more welcoming by planting a few flowers and bushes. This is also a great way to make your home more sustainable without breaking the bank.

 

14
Jun
By First Rate Financial Group
Mortgage

What Are The Advantages Of Owning A Multifamily Property?

What Are The Advantages Of Owning A Multifamily Property?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.

 

07
Jun
By First Rate Financial Group
Mortgage

The Majority Of Millennials Plan On Buying A House In The Next Few Years

The Majority Of Millennials Plan On Buying A House In The Next Few YearsDuring the past year, the housing market has been on fire. There are not a lot of houses for sale, many people are interested in moving, and there is a rising demand from the people who put off moving during the coronavirus pandemic. Furthermore, Millennial demand is picking up, which will only make the housing market even hotter. Recently, a survey found that approximately two-thirds of people who qualify for Generation Y are thinking about buying a home in the near future. Many of them have improving financial circumstances, and they are looking for a way to build wealth and settle down. 

A Majority Of Millennials Are Now Homeowners

Millennials make up approximately 43 percent of all new home purchases so far this year, which is up from 37 percent in 2021. In addition, Millennials represent approximately 20 percent of the United States population, and they represent the fastest-growing segment of homebuyers in the country. Furthermore, approximately 53 percent of all Millennials now own their own home. Many Millennials have become homeowners by purchasing homes that require updating. As a result, many Millennials are spending money renovating and upgrading their homes.

Has The Housing Market Hit Its Peak?

Even though a lot of Millennials have become homeowners, there are many who are still struggling to afford the cost of a house. With rising mortgage interest rates and home prices, it will only become more difficult for them to do so in the future. Some people are wondering if the housing market has peaked. If a price correction takes place, it could make it easier for Millennials who have not yet purchased a house to do so. Even though it is impossible to predict the future, some financial experts believe that the housing market is headed for a correction.

More Homes Are Needed

One of the reasons why housing prices are so high is that there are not a lot of new houses being built. A shortage of labor and materials has made it difficult for construction companies to keep up with demand. If construction companies are able to start building more houses, it could increase the supply of homes on the market, reducing prices overall.