What You Need to Know About Fixing Up An Old House

New classic house

You bought an older home for several reasons, with the first one being the lower price. You also love the house’s location; it’s near parks, shopping, and close to the highway. After going through the first year to get an idea of the costs, you’re now ready to begin the process of restoration.

The Financing

Chances are high that your older home will need major updates to its plumbing and electricity as well as interior remodeling. Just those two repairs can cost upwards of $10,000.00 or more. Before you start the search for the perfect plumber, electrician, and contractor, you’ll need to have your financing in place. This way you’ll know the amount you can borrow and then, once you know the exact amount, you can figure out where the best places are to spend the money. Home equity loans are something that many homeowners apply for, especially when it comes to updating their home.

Get Several Quotes

You may be tempted by the finances secured to hire the first professional contractor just to get the process in motion. However, that would be a huge mistake followed by many regrets. This is not a process that you want to rush. Contact several professionals in each field and then acquire written, not verbal, quotes. Too many homeowners who hired the first contractor they met are still in the small claims courts across the states. Reputable, certified and properly insured are all requirements you should have when searching for a licensed professional to work on your home.

The Maybe’s

While plumbing and electrical work may be something you need to hire a professional for, there are many other projects that are much smaller and that you are able to complete yourself and save money. These may include things like replacing faucets, showerheads, and outlet covers. If you have an entire home to paint, you more than likely can do it yourself. However, there’s a lot of work involved in completing the project. In some cases, especially if you have a time-frame for the completion, hiring local painters will allow you to have all your ceilings and walls done in a matter of a couple of days.

The Exterior

Often, an older home that’s not maintained also needs work to be done on its exterior. Once again, this can run into a large sum of money. The roof is more than likely in good enough condition to pass an initial home inspection. However, the porch, steps, and yard may leave much to be desired. Luckily, these are not immediate things that you have to fix in order to live there. In the event that you have money left over from the HELOC, you can use the balance to start cleaning up your outdoors.

Other Decisions

Before investing in customizing the interior, you need to ask yourself a few questions. The first one would be how long you plan to live in the dwelling? Is it large enough to accommodate yourself and your family in the future? Or are you more than likely going to need to purchase a larger home in the next 5 years? The reason for these questions is to make a decision on the expense of the interior. For example, putting in stainless steel appliances and quartz countertops is something you would do for your own personal pleasure. The same applies to the quality of the cabinets and the flooring. This is not to say that you won’t need to spend money to have nice things. It’s simply that you want to get the most in return from your home for the short term.

Older homes have character and can be quite appealing to first-time homebuyers on a tight budget. With a few renovations and the willingness to do some of the work on your own, you can create a beautiful house worthy of calling home.

Home Upgrades That Are Worth the Money

There are many things that you can do to upgrade your home. Upgrading your home is a great idea if you want to increase the value of your home as well as make your life easier. While it may cost some money upfront, the return on your investment will be great.

Upgrading your Flooring

The flooring of your home gives the home the right look and feel. You want your floor to never go out of style. Wood floors seem to be the most popular. If you cannot afford to invest in wood floors throughout, consider upgrading your floors one room at the time, with a strong focus on the living room and the kitchen. If you live in an area where the winters are brutal, consider upgrading your flooring with radiant heat. This is a big selling point for potential buyers. Radiant flooring will also help you to be warmer in the winter months.

Upgrading to Energy Saving Appliances

Consider upgrading your appliances to those that offer energy savings. Being eco-friendly is highly important today, and it is a big selling point among buyers. Switching all of your appliances over to energy-efficient ones will help you to save money each month on your utility bill. While you are upgrading your appliances, consider looking at the popular stainless-steel ones. These are increasingly popular in homes all over the country.

Installing a Water Softener

Hard water can damage skin and clothing, as well as contain bacteria and other contaminants. Having hard water in your home can also lead to stains in your bathtub and other issues with your plumbing. Opting for a home water softener installation in San Diego and other cities with hard water might be the best path forward. Adding in a water softener will help to alleviate heavy minerals in the water. Many home buyers love to see this feature in a home.

Upgrading your HVAC Unit

If your HVAC unit is over ten years old, it may be time for an upgrade. Over time, your HVAC system will suffer from wear and tear, requiring repair to stay functional. The HVAC system will eventually start to have to run harder and longer to effectively heat or cool your home. Replacing your system will not only save you money on your utility bills, but it will also help your home stay at a more comfortable temperature. While you are having a new system installed, consider adding a UV light to kill germs that might get into your home.

Upgrading your Windows

When you have older windows, a good bit of your cool or warm air escapes. In the winter months, you will find that more and more cold air enters your home. This makes your heating and cooling system work harder, which in turn creates higher utility bills. Many people have received a higher power bill in the winter months and have not known the reason why. It is always best to replace any windows in your home that are not rated energy efficient. While replacing windows is expensive, you will get a large return on your investment.

These above tips can greatly increase the value and functionality of your home. Consider doing all of these upgrades so that you save money on your power bill, improve the selling features of your home, and increase the comfort of your home.

Untapped Resources for Investing in Property Management

Although you may have an excellent job and a high income, it’s still difficult to build wealth because the cost-of-living keeps rising. Since it’s always challenging turning time into money, a better route is to use your money to make more money. When you invest, you put your dollars to work for you.

It’s never too late to invest  and you can earn money quickly when you find the right investment vehicle. Real estate investments have always been popular because tangible assets act as a hedge against inflation, and one of the easiest ways to get into real estate investing is to buy rental properties, such as single-family homes or apartment complexes.

However, when you buy a rental property, it is better to outsource all the work you need to do as a landlord to a property management company. The reason you would earn more when hiring real estate professionals is that your business can access invaluable resources through the property management company.

However, it is important to hire a company familiar with the local real estate market. If, say, you are investing in the Greater Charlotte area, then it makes sense to work with a property management, Charlotte, NC company rather than an outfit outside of Charlotte or North Carolina.

Two Resources to Generate Stable Rental Income

When you hire a property management company, they will provide you with numerous resources to ensure that your rental properties generate consistent cash flow. Out of all the resources they provide, you’ll find two indispensable ones–keeping your tenants happy and maintaining your rental property value.

Resources to Keep Tenants Happy

It mystifies many landlords why they find it difficult to keep long-term tenants. Because of constant turnover, they lose rent, need to clean up the property for the new tenant, and must do minor repair work, like replacing the carpet and painting the walls. After this, they must advertise, interview applicants, and do background and credit checks.

A good property management company has the resources to keep tenants happy because they have developed a systematic method to develop good relationships with tenants. Their process includes doing repairs quickly, resolving rental-based disagreements amicably, and finding elegant ways to show customer appreciation, such as sending gift baskets on birthdays, wedding anniversaries, or other special occasions.

Resources to Maintain Rental Property Value

Real estate rental property value is partially determined by how well a landlord takes care of the property. Rental properties quickly decline in value when maintenance slips. Delayed and shoddy repairs mushroom into larger, more expensive problems. If this erratic process continues long enough, many important repair jobs that should have been done are abandoned.

Although landlords try to keep on top of maintenance issues, they either try to do the work themselves or hire handymen. When landlords try to do the work themselves, they rarely have the technical skills to do it well or they get behind in repair work if they have many properties. Additionally, the handymen they hire rarely stay long because there is seldom enough steady work for them to earn a full-time income.

A good property management company has the resources to get all repair work done quickly and competently because they have a team of professional service people to take care of all types of maintenance issues. Often, too, they hire specialists like electricians and plumbers to take care of complicated jobs.

You’ll Earn More Than You’ll Spend

Although it will increase your expenses to hire a property management service, it will not only lower your stress levels and increase your free time, it will also help you earn more money in the long run than if you manage rental properties yourself.