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How To Handle Common Homeowner Challenges

February 7, 2019 by Gina Farrell

How To Handle Common Homeowner ChallengesIt takes hard work to achieve the American Dream of homeownership. Everyday people work to save for a down payment and build a good credit score. When you turn the key to your first home or dream home, the sweat equity feels well worth it.

But the hard work of buying a home continues long after hanging family photos and hooking up a big-screen TV. There are challenges that property owners are unprepared to handle. These are three of the more common ones you may want to be ready to manage.

Leaking Pipes

Plumbing does not last forever and at some point, it will begin to leak. For people who have wells on their property, copper pipes can wear thin faster. That’s because the pH of well water can tend to be on the more acidic side and corrode pipes quicker.

Many homeowners are ill prepared to deal with pipes that spring a leak. If a leak goes unchecked, the water can cause other damage or hazardous mold growth behind walls and under floorboards. While one solution is often having a plumber make an expensive emergency call, there are other simple solutions.

Take a piece of an old bicycle tire tube and fasten it tight over the leak using a pair of hosepipe screw clamps. These clamps wrap around the pipe and can be closed over the rubber and leak using a screwdriver. If you do not have these items handy, it may be in your best interest to spend less the $5 and get them sooner rather than later.

Moisture In The Bathroom

The single most destructive force to any home is not rodents or termite infestations. Water can do more damage than the average homeowner might imagine. A poorly ventilated bathroom can create one of the most hazardous problems.

When moisture seeps behind walls or under the floor, it can spur on dangerous mold growth. These health hazards often go undetected and sick family members may not know the root cause is hidden behind the walls.

Overly moist bathroom walls from hot showers are a telltale sign that you need improved ventilation. Start immediately by opening a window when showering and enlist the help of a professional to properly vent the bathroom. The difference could be thousands of dollars in ripping out walls and rebuilding, not to mention your health.

Power Outages

There are two types of power outages that homeowners would be wise to prepare for — short ones and long ones. If your power is interrupted for a few hours or half of a day, keep the refrigerator shut and enjoy the time without television noise. A few inexpensive battery-operated lanterns or candles will provide enough light.

But if you are hit by a long-term outage, there are things you can do ahead of time to be prepared. Many homeowners in areas that suffer annual severe weather incidents purchase generators. Small ones can be set outside and run electricity to important items. Even a modest generator can help a homeowner through a week-long outage.

If you don’t have a backup generator, the time is now to prepare. They will fly off the shelves when the lights go out.

The joy of homeownership is coupled with ongoing challenges. Planning ahead can save time, money and help keep your dream home in tip-top shape.

Whether you are interested in buying a new home or refinancing your current property, your trusted home mortgage professional is available to help you find the most current and beneficial financing options.

Filed Under: Real Estate Tagged With: Home Renovations, Home Repairs, Real Estate

Tech Jobs Driving House Flipping Projects

October 18, 2018 by Gina Farrell

Tech Jobs Driving House Flipping ProjectsReality TV shows about house flipping make it look easy. But behind every lucrative renovation project, there are factors that impact profitability such as buying price, labor costs, unforeseen setbacks and perhaps most importantly, location.

There is no escaping the old real estate adage of “location, location, location.” Home-flipping entrepreneurs must take into account whether polishing up a blighted building is in a viable resale neighborhood. One of the location factors some house flippers are following is the trend in tech jobs.

Because the tech industry does not necessarily rely on interstate highways, commercial hubs or seaports, computer-oriented businesses are taking advantage of once vibrant manufacturing areas that have fallen on hard times. Property values in these areas seem to be trending behind some of the nation’s hotspots despite having many desirable community living aspects such as parks, walking trails, waterfronts, restaurants, and a vibrant arts scene.

Rust Belt Resurgence

Following the decline in industrial work in areas throughout Pennsylvania, West Virginia, Ohio, Illinois and others, once highly sought after cities and towns saw mass population declines. The lack of good-paying jobs left large numbers of wonderful homes and commercial buildings under-occupied.

Tech companies have been putting some economic lifeblood back into these communities in recent years. House flippers have been hot on their heels to renovate properties as high-paying workers migrate into the communities. Some of the numbers coming out of cities such as Pittsburgh and Buffalo have been impressive.

In Pittsburgh alone, house-flipping profits exceeded 162 percent in the second quarter, and Buffalo topped 100 percent. Considering the national average for this sector stands at about 44 percent, chasing tech outfits appears to be rewarding. Pennsylvania is reportedly now the second best place for home-flipping profits at 132.7 percent statewide.

Tech Trends Nationwide

The former mill and mining areas of the Rust Belt are among the top trending regions for flipping homes as Internet-based companies set up shop. There are also smaller pockets of tech-driven opportunities for contractors and real estate professionals to turn profits.

In New England, small cities such as Providence, RI, are seeing an upsurge in old mills being converted into online and tech business spaces. In Massachusetts, technology jobs have been on the rise in the region north of Boston. Former manufacturing hubs are seeing properties move as high-paying jobs increase. The opportunities for home flippers are growing.

Nashville, Tennessee, is reportedly outpacing tech-heavy Seattle in terms of employment growth. The professional networking website LinkedIn reported that 85 in 10,000 members relocated to Nashville through September. Approximately 118 in 10,000 moved to Austin and 96 to Denver. It appears the country is in the midst of tech-industry migration.

This trend is likely to continue, and house-flipping entrepreneurs are likely to have robust opportunities in these emerging housing markets across the country.

Contact your trusted mortgage professional to learn about your current finance options.

Filed Under: Real Estate Tagged With: Home Renovations, House Flipping, Real Estate

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