Tag Archives: Housing

House under renovation

What to Keep in Mind when Buying an Old House

House under renovationOld houses and other real estate properties have their own distinct charm. However, they also bring with them a couple of issues that buyers need to look out for. Like in any other investment, it pays to do your research if you’re planning to buy a nifty yet affordable piece of history.

Investment value

An old wreck may gain you more profit than a property in an excellent condition. Though it may take longer and you’ll have to shell out money to hire a professional and renovate it, you’ll be adding more value to it as compared to something in a reasonable condition.

Insulation

Insulation is one of the basic things that are often taken for granted, especially when buying an old property. Insulation in old houses is different from new house insulation, so you have to inspect its current state. Finding out whether the property uses external insulation or dry lining will help you decide on what course of action to take. Remember that a carefully executed insulation helps reduce utility bills, provides comfort during extreme weather conditions, and makes the house lasts longer.

Electrical works

Rewiring can be expensive. That’s why most old houses still have their outdated wiring systems, which could be hazardous. Such electrical systems can’t keep up with modern usage, so make sure that it can sustain your needs if your lifestyle uses a variety of electronics. Look out for knob and tube wiring, as they cannot meet today’s electrical demands.

Foundations and structural conditions

Even the most solidly built house can’t weather time and can form cracks or unevenness. Everything on the house sits on the foundation, so you have to keep an eye out for any cracked, leaning, sunken or damaged parts.

Plumbing

Corroded pipes not only results in weak water flow but also leaks, which are the main reason for the presence of mould. Mould remediation can be expensive, so check for any leaks or update your pipes if necessary.

Purchasing an older property can be a great investment especially for first-time buyers, just make sure that you do your due diligence before signing a contract with your realtor.

Report: Salt Lake City Ranks on Top 10 Housing Market for 2018

Salt Lake City, UtahSalt Lake City’s booming residential real estate sector makes it the top 6th market in the country for 2018, according to Realtor.com’s National Housing Forecast report.

While home buyers nationwide have faced difficulty in finding properties, the situation next year could offer some relief for Americans, according to Realtor.com chief economist Danielle Hale. The report noted that home prices might only increase 3.2% in 2018 compared to a 5.5% increase this year.

Salt Lake Agents

Local property agents in Utah’s capital agreed that the city would be one of the top markets next year. Salt Lake Valley realtor Joel Carson believes that the influx of businesses serves as a factor for increasing home prices. As more companies move into Salt Lake City, it brings buyers with different price ranges for a potential purchase.

Hale said that property prices and sales in the city to perform well in 2018 with a growth expectation of 4.5%, which is higher than the national average. An indirect benefit of higher demand for homes involves an eventual need for certain services from companies that assist in relocation tocarpet cleaning in Salt Lake City.

Affordable Housing

Since 2012, the median home price in Salt Lake County has increased 55% to $325,000 from $210,000, according to Jim Wood of the University of Utah’s Kem C. Gardner Policy Institute. This significant growth may be good for investors and sellers, but it has constrained the supply of affordable housing in the market.

The situation could be the same in Las Vegas, which landed on top of Realtor.com’s list. The markets in Dallas-Fort Worth-Arlington, Texas; Deltona-Daytona Beach-Ormond Beach, Florida; Stockton-Lodi, California; and Lakeland-Winter Haven, Florida completed the top five markets next year.

Conclusion

Salt Lake City’s economy and its appeal as a business destination have influenced the residential property market’s growth. Do you think that buying a home in the city will be more worth it in 2018?

Why Rental Investment Sometimes Makes More Sense

A CondoMore people are shunning the American dream of homeownership, as renters have increased today compared to any time in the last 50 years, according to a Pew Research Center analysis.

There are several reasons why renting properties makes more senses than buying homes. For property owners, the profitability of a section 8 rental investment becomes more achievable due to the stable demand for leasing houses.

Timing is Key

The length of your stay will determine the advantage of renting over buying a house. You may have an attraction to rising prices for homes in certain markets, which leads you to think that home equity will be higher in the near future.

However, a Trulia report showed that you might need to wait until 2025 before unlocking the cash value of your house if you acquire one today.

You would most likely take out a fixed mortgage if you plan to buy a house, which would further require you to keep the property. On the other hand, renters have the option of moving elsewhere at the end of their contract.

Cost Comparison

Renters would be unable to collect tax incentives that exclusive for homeowners, as well as having no home equity. However, they also do not have to pay home insurance, real estate taxes and maintenance costs.

For investors, owning a rental property becomes a better choice if you know the best markets in the country. In Dallas, for instance, property owners could achieve a 5.6% annual return after operating costs, including insurance, taxes and maintenance.

The median investment price in the city costs almost $200,000 with a monthly mortgage of $856, which would likely be covered by rental income.

Housing rentals make more sense only if you have a clear understanding of the benefits and disadvantages. If you think the advantages of renting outweigh the risks, then renting may be the wiser choice for now.