21
Nov
By Fred Gruber
Around The Home

Why Regular Home Maintenance Is More Than Just a Chore

Owning a home is huge and one of the most valuable investments many of us will ever make. Like any valuable asset, your home requires care and upkeep to ensure it stays in great condition, retains value, and remains a safe, comfortable haven.

Here’s why making regular home maintenance a priority pays off in the long run:

1. Preserve Property Value
A well-maintained home can significantly enhance curb appeal and preserve, or even increase, property value. Regular upkeep such as painting the exterior, maintaining landscaping, and fixing minor issues as they arise helps prevent wear and tear. If you ever decide to sell, a home in great condition can command a higher market price and attract more interested buyers.

2. Avoid Costly Repairs
Regular home maintenance can prevent small problems from escalating into expensive repairs. For instance, addressing minor leaks early can help you avoid costly water damage, while keeping gutters clean can prevent structural damage to your foundation. Routine inspections of key systems such as your roof, HVAC, plumbing, and electrical can catch potential issues before they become major headaches, saving you both stress and money in the long run.

3. Ensure Safety and Comfort
A safe and comfortable home is a happy home. Tasks like checking smoke detectors and carbon monoxide alarms, inspecting electrical systems for hazards, and maintaining your heating and cooling systems are critical to your family’s safety. In addition, regular maintenance helps ensure that your home remains a comfortable place to live, whether it’s by keeping temperatures stable, addressing drafts, or making sure key systems are functioning properly.

4. Improve Energy Efficiency
Energy efficiency not only helps reduce utility bills but also minimizes your environmental footprint. Simple maintenance tasks like replacing air filters, sealing gaps around windows and doors, and keeping your HVAC system in top shape can lower energy consumption. Regularly servicing your appliances ensures that they operate at peak efficiency, keeping your home comfortable while saving you money month after month.

5. Extend the Lifespan of Home Systems
Everything from your HVAC system and appliances to your roof and plumbing has a finite lifespan. However, with regular maintenance, you can significantly extend the life of these systems. Proper care, like cleaning and servicing, reduces wear and tear and minimizes the chance of unexpected breakdowns. This means fewer replacement costs and more years of use of your home’s systems and appliances.

Regular home maintenance is an investment in your home’s future, safeguarding its value and your comfort. By proactively taking care of small tasks and addressing issues early, you can save money, enhance your quality of life, and protect the longevity of your home systems. Embrace maintenance as a means of preserving and enhancing one of your greatest investments.

12
Nov
By First Rate Financial Group
Mortgage

What To Know About Property Values and Refinancing

What To Know About Property Values and RefinancingThere are many people who are thinking about refinancing their homes. For example, some people may be interested in reducing their monthly payments, while other people may be interested in tapping into the value of the home to fund a home improvement project. What is the relationship between property values and refinancing? There are several important points to keep in mind. 

Property Values Tend To Rise

First, it is important for homeowners to understand that property values tend to rise during the life of a mortgage. For example, someone may purchase a home valued at $250,000. Then, fifteen years later, the home might be valued at $350,000. This might mean that homeowners have access to an extra $100,000 in equity. They might use some of this money to put towards a new home when they sell their current home. Or, they might refinance their home and access that equity to complete a home improvement project. 

Monthly Payments Might Go Up

If homeowners decide to refinance their houses and take all of the equity out of the home, they might be starting their 30-year mortgage over again. Then, because the property is worth more money, they may end up with a higher monthly payment. That is why homeowners need to work with a professional who can help them figure out how the refinancing process may impact their finances in the future.

Why Property Values May Rise

There are several reasons why property values may go up. First, there might not be enough homes in the local area. Therefore, the ones that are available might be worth more money. The popularity of a specific location might increase as well. There might be a new company moving to the area with attractive job opportunities. Finally, home improvements might also increase the value of the property. 

Why Refinancing Might Make Sense

There are several reasons why it might be a good idea to refinance a home. First, homeowners might use some of the equity to pay off existing debt, such as medical bills. Some homeowners like to refinance their homes to reduce their monthly payments with a lower interest rate. Finally, there are homeowners who refinance to complete home renovation projects. 

 

27
Aug
By First Rate Financial Group
Mortgage

The Process Of Estimating Property Values

The Process Of Estimating Property ValuesProperty values are a moving target. They are important to buyers and sellers because everyone wants to get the best deal possible. Sellers want to get as much money for their investment while buyers do not want to overpay for a home. There are a lot of factors that play a role in property values including the economy, the number of people looking for homes, new home construction, schools, the job market, and more. How do real estate agents estimate the value of a home?

How Much Will Someone Pay For A Home?

The market value of a home is the amount of money someone is willing to pay for that home. This is how real estate agents estimate the value of the home. He or she will usually take a look at similarly priced homes in the area (sometimes in the same neighborhood) to see what those homes are selling for. Then, the price per square foot will be applied to that specific home to calculate its value.

Often, real estate agents use the past six months as a guideline; however, if there has not been much action, agents might go back further. Agents will usually draw a radius of one mile to ensure homes are similar; however, some homes, such as luxury homes, are harder to compare.

A Professional Appraiser Is Usually Involved

Sometimes, home values are calculated by a professional appraiser who is typically hired by a lender. Lenders want to make sure they will get their money back if the home sells in the future. If the buyer is paying more than the appraiser says it is worth, then the lender might ask the buyer to put more money down before financing it.

Real Estate Agents Could Ask For More Information

Real estate agents might also ask homeowners for more information. If one house stands out on the comps sheet, the agent might ask the homeowner what happened. What makes this house different? Is the location different? Did the home sell as furnished? All of this is important for helping realtors ensure they are doing the best possible job in guiding their clients in the right direction. Some sales may still require the help of a licensed appraiser.