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Archives for December 2021

Ways Homeowners Can Use Their Equity

December 16, 2021 by chorton Leave a Comment

Your equity can be a powerful tool to help you reach your homeownership goals. Your equity may have grown significantly in the last year. Here are four ways you can make the most of your growing equity.

1. You Can Use Your Equity to Buy a Home that Meets Your Needs

You might find that you don’t have enough space to live in, and it is time to move. You might have too many square feet and want something smaller. Whatever your situation, you can use your equity to purchase a home that suits your needs. A larger home may offer more space for loved ones or remote workers. On the other hand, downsizing can help you save time and money.

2. Move to the Place of Your Dreams

It may be time to move to a different area if the size of your house is not a problem but your current location is. Perhaps you love to vacation in the mountains, on the beach or anywhere else, and want to live there all year. Perhaps the distance between your family and friends is too great and you want to bridge it. Whatever the reason, your home equity could help you move to the place that you truly want.

3. Start a New Business

You can also use equity to fund a new venture if you aren’t ready to buy a home. Although it is not recommended for homeowners to use their equity for unnecessary expenditures, using your equity to invest in a business you are passionate about could help grow your nest egg.

4. Spend money on education

It doesn’t matter if you are a parent or a friend who is preparing for college, or if you plan to return to school, the idea of paying for higher education can seem daunting. You can use a portion or all of your equity to help pay for higher education.

Bottom Line

You can use your equity to help you reach your goals. Talk to a trusted advisor to find out how much equity your home has and start planning your next move.

 

Original blog: https://www.keepingcurrentmatters.com/2021/11/22/4-ways-homeowners-can-use-their-equity/

Filed Under: Blog, Investing Tagged With: Blog, equity, goals, homeownership

If You Think The Housing Market Will Slow This Winter, Think Again

December 14, 2021 by chorton Leave a Comment

The opportunity to benefit from today’s low mortgage rate and the changing homeowner requirements make it easier for Americans to purchase a home. Experts say buyers are moving right now, which is creating a strong market for home-buying at this time of the year. It is time to find out what this means as we move into next year’s early part.

What does this all mean for the winter market?

Buyers are actively looking for homes and are competing for them. All signs point to the market for winter housing picking up speed, as a result of the momentum from this fall. This will make it busier than usual. As we have seen, 2021 and 2020 were not typical real estate years. It appears that 2022 could be next on the list.

Bottom Line

You might be wrong if you believe the housing market will slow this winter. Call Preferred Properties of Texas to speak to one of our local real estate professionals if you are thinking of buying or selling a house this winter.

 

For original blog click link:  https://www.keepingcurrentmatters.com/2021/12/13/if-you-think-the-housing-market-will-slow-this-winter-think-again/

Filed Under: Blog, Buying a home, Homes for Sale, Selling Your Home Tagged With: Blog, buying a home, home for sale, Homes for sale Stephenville TX, Preferred Properties of Texas, selling a home

How to Protect Your Home While You’re Away

December 8, 2021 by chorton Leave a Comment

It’s holiday season which means many people travel and vacation. Traveling can make your home more vulnerable to burglaries. These are some tips to help protect your home when you’re away.

Securely lock everything

While you know to lock your doors, it is also important to secure windows, sheds, garages, and other structures. This simple step will help protect your home from burglary.

Ask your neighbors

A trusted neighbor can also pick up mail and packages for you while you are away. They can also check the inside and out the trash bins. You will feel like your family is at home, or at least someone is watching.

Take out the spare key

It is convenient to keep a spare key or garage opener outside. Fake rocks and other hiding places will not fool criminals. Install a garage door opener or exterior lock with a keypad entry.

Do not post

You may want to capture your vacation on social media but it is better to wait until you return to home before posting. Posting photos of your vacation alerts potential thieves that your home is vacant and makes it a prime target for a robbery.

Install smart home devices

You can control everything remotely, from HVAC systems to lights and music. You can control everything remotely, whether it’s according to a schedule or through your phone. It will look and sound just like you are at home. It doesn’t take a lot of money to achieve similar results.

Original Post : https://www.texasrealestate.com/members/posts/how-to-protect-your-home-while-youre-away/

Filed Under: Blog Tagged With: Blog, holidays, home security, real estate tips, tips, vacation

Don’t Let Your Property’s Value Decrease

December 7, 2021 by chorton Leave a Comment

Don’t Let Your Property’s Value Decrease

November 9, 2021

Daniela Gonzalez

Property value has many moving parts, especially for something that itself doesn’t, well, move. The factors involved in determining property and home value are sliding scales of perception, priority, and personality. What is important to some may be a deterrent to others, so coming to a consensus on the value of a property has numerous considerations.

How Is Home Value Determined?

Size

This one is pretty straightforward – larger homes are more expensive because building bigger homes is more expensive. Depending on where you live, there is a varying cost per square foot to build a home (this has huge variations across the country based on many factors like availability of building material, contractors, remoteness, terrain, etc.).

Age

The age of your home can contribute both positively and negatively to your home value. We tend to place a high value on historical or character homes – classic homes from the early 1900s that have been well maintained and upgraded. Conversely, homes from the mid-1900s forward that have not been updated are not seen as having high value. If your house would not fall into the historical or character home category, renovations and updating are necessary to maintain home value.

Location

Some location elements are primarily about personal priorities—some people prefer being closer to amenities, downtown cores, schools, nightlife, wilderness, hiking and biking areas, etc.

Other locational elements are less subjective. For example, we can confidently say that most of us would prefer not to live next to a dump or landfill—or a meat processing facility, power generation plant, or fire station. A property nearby could have a beautiful home and exterior landscaping, but we would likely still value it less than the same home in a more picturesque location.

Features

The features of your home and property contribute hugely to its market value. What the term ‘features’ encompasses is vast and also highly personal. Here are some features that contribute to the value of your home and property:

  • Home gym (including flooring, mirrors, etc.)
  • Home theatre room
  • Feature fireplace
  • Indoor or outdoor water features
  • Oversize windows
  • Smart home features
  • Finished/heated garage

Safety

Neighborhood safety is a significant factor in the value of your property. Not only is it undesirable to consider living in an area with a higher crime rate, but it will likely cost a potential buyer more in the long run too. Home insurance companies factor in the crime rate in your area and the likelihood that you’ll make a claim due to a burglary or property damage and will give you a higher rate if you live in a high crime area.

Neighborhood

You know the ones, the good neighborhoods where everyone wants to live. It might not be because the houses are beautiful and gigantic; maybe it just has a good vibe or many great locally-owned restaurants. Whatever the reason, some neighborhoods are more desirable than others, and just having your home located there can positively impact your property value.

Tree Value

Tree value can reference both the trees on your property specifically, as well as the trees on your street in general. Having old and well-cared for trees provides a beautiful natural element to your property that people are drawn to, enough so that it has a noticeable effect on your property values.

School District

If you have children going to a public school, this is probably something that you’re already keenly aware of. It’s also an excellent example of how priorities are on a sliding scale regarding property value. If you don’t have children, or they attend or will attend a private school, then you’re much less likely to be willing to pay more to be in a desirable school district.

What can decrease my home’s value?

Crime Rate

Many potential buyers are savvy about this these days, and they will check on the crime rates in neighborhoods they’re interested in purchasing in. So not only are those baddies sneaking around and damaging property or stealing bad for you, they’re bad for the overall value of your home now and into the future.

Neighborhood

Gentrification is a tricky thing when it comes to property value. It relies on an overall increase in property values throughout a neighborhood to bolster the value of individual properties.

Suppose you renovate a home in a less-desirable area with the idea that the neighborhood itself is becoming more gentrified, and that doesn’t happen as quickly as you were hoping (or at all). In that case, you have a property that’s valued is negatively impacted by the general area, not by the characteristics of the home or property itself.

Location

There’s a good reason for the old “location, location, location” adage that you’ve likely heard many times before—it’s still relevant! So many factors go into what a desirable location is or isn’t, and they can be tricky to navigate. Here are a few of the important ones to consider:

  • Cemeteries – generally speaking, very close proximity to a cemetery will work against your home value.
  • Highways – noise from roads is a detractor; while easy access is suitable for property value, it depends on your location.
  • Hiking trails – if you’re a hiker, this could be a suitable property feature; however, many people do not prefer to have a reason for multiple strangers to be close to their home year-round.
  • Construction – Construction brings noise, people, dust, and traffic. None of these are suitable for your property value.
  • Property history – This can be anything from being in a floodplain to having a violent crime committed on your property at some point. Some states have mandatory disclosure laws about certain things, while others do not, so the impact on your property value will depend on the history and where you live.

Tips For Avoiding a Low-Value Home

Be informed – Know what’s happening in your neighborhood and city. It might not be the most scintillating activity, but keeping an eye on your city or town council’s activity and any proposed infrastructure changes or construction permits can be a great way to help you stay ahead of the game.

Economic factors – The state of your local and national economy are one of the biggest drivers in real estate pricing. You could have an adorable home with perfect curb appeal, but your property will be valued less if you try to sell in a down economy.

Building regulations – This is a significant factor if you’ve made any additions to your home. Most municipalities require permits for building additions, and if they are not correctly acquired, it is likely to be detrimental to your property value on resale.

Hire a realtor – A realtor can focus their trained eye on areas that you can maintain or improve the home value that you might not have thought of. We get used to our homes and don’t see them with the critical eye that a potential buyer might, so having a realtor in your corner can help you keep ahead.

How To Increase Your Home Value

Remodel – It’s a big undertaking, but if you want to maintain your home value and stay competitive in the resale market, remodeling is the best way to keep your home current. That’s not to say that you have to gut your home down to the studs every ten years, but making comparatively small upgrades like creating a more open concept floor plan or putting in more oversized windows (even just repainting) will help retain property value.

Add features – Maybe you finish the basement or take that spare bedroom and create a home gym; anything you can add to your home that a future buyer would find attractive will work in your favor. This is also a great way to engage a real estate agent—they know what people are looking for in a home and can give you great advice on what would be an attractive feature to add to your home.

Good maintenance – Little things add up, and they can quickly amount to enough things that, together, decrease your home value— if you need to have a portion of your fence replaced, no problem. Same with new gutters, some new landscaping, or exterior paint. Taken individually, these things are not likely to decrease your property value much. But all together, they definitely will. Keeping those pesky little tasks in check is one of the best ways to make sure that you don’t have a mountain of upkeep to do when you go to sell!

Now that you have a clear picture of the potential pitfalls that could decrease your property value and how to avoid them, you’re all set to make sure that you get the most out of your property when you choose to sell.

Filed Under: Home Improvements, Investing, Selling Your Home

Can a city ban or restrict short-term rentals like Airbnbs?

December 6, 2021 by chorton Leave a Comment

Good Blog To Read.

Across Texas, many cities are considering adopting or changing municipal ordinances to regulate short-term rentals (STRs) like Airbnbs. But how far can municipal governments go in regulating STRs? Can a city ban STRs completely? Although the case law is scant and the Supreme Court of Texas has not yet opined on the issue, lower court decisions suggest that cities are permitted to regulate STRs but city-wide bans of STRs are disfavored. When adopting or amending STR ordinances, cities should consider including a grandfathering clause to avoid challenges from owners of existing STRs.

For full blog click on link: https://cobbxcounsel.com/2021/11/can-a-city-ban-or-restrict-short-term-rentals-like-airbnbs/

Filed Under: Blog Tagged With: airbnb, renting, restrict

My water utility just doubled rates to encourage conservation. Can they do that?

December 3, 2021 by chorton Leave a Comment

Good Blog To Read.

You never miss the water ‘til the well runs dry. According to the Texas Water Development Board, existing water supplies are not enough to meet the state’s future demand for water during times of drought. Along with other water management strategies, a water utility might encourage conservation by using a tiered-rate structure where prices increase by usage and/or by implementing a water conservation surcharge or penalty. These changes may be subject to PUC review if customers file a protest.

To read more click on original blog:  https://cobbxcounsel.com/2021/11/my-water-utility-just-doubled-rates-to-encourage-conservation/

Filed Under: Blog Tagged With: Blog

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