real estate tips Archives | Preferred Properties of Texas Home & Ranch Properties Stephenville

Winterizing Your Home

November 11, 2020 by chorton Leave a Comment

Winterizing your home is important and as all seasons impact your house, but maybe no other period affects it over just winter. The chilly temperatures, rain, snow and freezing rain combine to make it a year to not be dismissed.

To make certain that you don’t have any unnecessary repair costs this winter, follow these seven easy steps while preparing for the winter. They’re short and sweet–and will help you save money in the long term.

How to Prepare Your Home for Winter Weather

Preparing a house for the winter may seem overwhelming, but these hints can typically be achieved inside a weekend, and you’ll be more prepared for whatever weather comes your way.

1. Clean Your Gutters

You need to do this each season, but before winter may be the most crucial moment. If your area receives a whole lot of snow, then your residence might need to keep that extra weight. If your gutters have an excessive amount of weight on these, they are pulled out of your house.

But maybe the most significant explanation is that in case you do not clean your gutters, your house might get water damage. As ice and snow melts and refreeze immediately, the devastation inflicted on your house might cost tens of thousands of dollars. Be certain that the water has somewhere to go as it melts so it’s kept away from the residence.

2. Recaulk Your Windows and Doors

Recaulk your doors and windows annually to avoid water damage and heat reduction. A caulk gun and tubing outside caulk will cost you about $20, and it is easy to do it in a day.

To be clear, you must just caulk around the exterior perimeter of your doors and windows’ molding. Use outside silicone caulk since it is less influenced by extreme temperatures–meaning it will not shrink and enlarge as the seasons shift.

To caulk your windows and windows, cut on the exterior caulking tube in a small angle together with your caulk gun (many caulking guns have an inner blade for this). Insert the tube to the rifle and twist the handle before the round pad is pressed closely into the tube. Caulking should begin to come from this hole that you cut once enough power is used.

Then use a thin line of caulk throughout the door or window molding into your residence. Employing a latex-gloved finger, then gently press down on the caulk to spread it out so that it fills all the very small cracks and cracks until it’s smooth.

3. Get Your Roof Inspected

This measure is most likely the most ignored yet most crucial step when planning a home for winter. It is always best to have a roofing contractor inspect your roof for damage.

Any contractor you hire to perform a review should also be in a position to perform any minor repairs within a day (replacement shingles is usually a fast process). It may cost you more than you’d love to invest, but failing it for an whole winter might easily result in much more repair bills in the future.

Summer rainstorms are renowned for wreak havoc on a roof, so it is important you fix any damage prior to your roof receives its toughest test: snow.

4. Reverse Your Ceiling Fans

As you heard in high school, hot air rises. Reversing the management of every one of your buffs will produce an updraft, which then will push any heated atmosphere pressed from the area’s ceiling. By maintaining warm atmosphere, you’re use heat better, which should decrease electricity costs. Even in the event that you don’t have some rooms with high ceilings, then do this one when the weather turns.

To reverse your enthusiast’s management, ensure that the fan is off, then click on the switch over the blades. In case you’ve got a remote-controlled enthusiast, you need to see an option for reversing the fan’s management on the remote.

5. Inspect Your Chimney

To maintain a home safe, clean and inspect your chimney before a burning period –even when wood isn’t your principal source of warmth, and you simply use your fireplace for decorative motives.

If you burn wood, residue of creosote build up on the inside of the chimney. Creosote is cancerous and extremely flammable. When a lot of it builds up on your chimney, the smoke from a fire may make it to ignite, which then can lead to a chimney fire. Chimney’s are the cause of many house fires.

If you would like to go the excess mile, then look at installing a steel lining, to help safeguard your house in case of a chimney fire.

6. Drain the Fuel Out Of The Little Gas-Powered Engines

Gasoline does not last forever; actually, it decomposes fast. When this occurs in an engine (for instance, a lawn mower or weed eater) it may get the engine’s carburetor to gunk up, so you might not have the ability to get it started again if winter is finished.

To protect against this, you may either put in a fuel stabilizer or allow the machine burn all the gas using it last time in late summer/early collapse and letting it run till it shuts off. Should you do that, your machinery will continue longer and begin considerably more readily in the spring.

7. Assess Your Insurance Coverage

before winter is a fantastic time to confirm your insurance policy coverage. In case you’ve completed any renovations on the summer that may add value to your house, make sure that the extra value is insured by your policy if anything happens in the winter. You also need to check what your supplier offers for items like ice and roof damage to find out whether you might choose to add extra protection.

The Main Point
Organizing a house for winter is not a marathon, however it will require a little bit of forethought. But should you just take the seven easy steps above, you will probably spend less on maintenance than you used to.

AC Maintenance for the Summer

September 17, 2020 by chorton Leave a Comment

Now that the summer heat in Stephenville Texas is gradually dissipating, it is time to begin prepping your air purifier to the cooler autumn temperatures. You may not expect to utilize your AC unit considerably this autumn, and you may not use it at all throughout the winter.

Just take a while to get prepared to shut it down to the season when ensuring that the device is in good shape for next year.

Assess Performance
Switch in your AC particularly to examine how it performs. How much time does it take to achieve the temperature you have put on the thermostat? Is your atmosphere satisfactorily cool? It is far better to handle problems now when replacement or repair costs will probably be lower than when they pick up following spring.

Monitor Temperature Gauge
As you assess on your AC unit, keep your eye on the thermostat to find out if the temperature remains where you want it to. If the room temperature vacillates or in the event the device appears to operate for many minutes prior to cooling the atmosphere to the specified temperature, then you can have a difficulty. A thermostat that doesn’t enroll the true temperature or keep the programmed temperature ought to be assessed by a technician.

Schedule Maintenance
An yearly inspection and evaluation of your AC gear are a fantastic idea even if everything appears to be functioning fine. You might have gotten accustomed to a little motor complain or even a faint burning smell; this generally implies that the device is working harder to perform its job. A yearly check can guarantee you that all is well and prepared for your upcoming warm season. Little issues can be diagnosed with recommendations from the specialist.

When a problem is discovered during the review, have the AC repair work completed immediately. Waiting for warm weather to roll up again may permit the issue to get worse and, as stated, service and gear costs can go up in cost. Having the job done today usually means your air conditioning will be all set for you to appreciate on the first hot day following year.

Air conditioning is one of the home conveniences when buying a home in Stephenville Texas that we frequently take for granted before it quits functioning. Maintain your AC unit in great shape so you can enjoy its heating comfort for many years to come!

Ways to Save a Down Payment for a House

August 24, 2020 by chorton Leave a Comment

Tired of renting? We get it. The pressure to buy a house right now is real, particularly as rental costs continue to rise.

All of your friends are buying homes, and you’ve heard the market is actually good at this time. Plus, you’re really sick of paying rent simply to walk your puppy down three flights of stairs multiple times a day. Paying that much cash, you should at least get a garden!

There is just one problem: you do not have a down payment for a house yet. And it gets harder and harder to save for one when your rent keeps going up. Higher rent costs hurt in lots of ways, including your ability to spare. And you are not alone. Builder Online estimates that it would take young Americans over seven years to save up a 10 percent down payment. No wonder you are feeling overwhelmed!

Listen, saving up a down payment is tough, but you can do it!

Before you save a penny for a down payment, you ought to be debt-free and possess a fully funded emergency fund of three to six months of expenditures. Freeing your earnings from debt obligations and having the ability to turn big emergencies into minor inconveniences puts you into a place of financial security. Then you can start putting some money aside toward a new residence.

You might think you are”throwing money away” by renting. But if you’re focused on your financial goals and have a strategy in place to meet these goals, you are not trashing cash–you’re setting yourself up to acquire long-term using a strong financial foundation.

This type of wise cash behaviour sets you to make homeownership a boon instead of a burden.

Down payments = lots of cash. It is simpler than you think when you have a plan!

1.How much should I save for a down payment?

If you can’t pay cash for your house, plan to put at least 10% down. If it is possible, go for 20%. Why? Since putting down 20% means no private mortgage insurance (PMI)–an excess price your creditor tacks to a monthly payment only in case you don’t make payments on your loan. You want a 15-year, fixed-rate mortgage that is no more than 25% of your monthly take-home pay.

2. Just how long can it take me to save for a down payment?

Because the more time you spend saving up, the more money you can save up. And the more money you save, the less your mortgage will cost in the long term. Stay focused and you should be able to save a great down payment in two to three years. Try not to drag it out much longer than that, though. You’ve got plenty of additional money goals to take on next–like your retirement along with the kids’ college money.

3. Where’s the ideal place to put the money I’m saving for a down payment?

In most cases, a deposit is not an investment. So stashing that cash in a money market savings account will get the job finished. You’re not going to make tons on interest, however you won’t eliminate money either.

4. What are some expenses I should cut in my budget?

You’ll be amazed at how much money you find when you pay attention to your spending. Here are some ideas to help you tighten your spending temporarily while you work on making that home dream a reality:

Take a break from the gym
Save eating out for special occasions
Trim your clothing budget
Buy generic brands at the grocery store
Cut the cable
Press pause on retirement savings
Drop the summer vacation

5. What can I do for extra income?

Exercise regularly? Walk neighborhood dogs after work or referee sports leagues on the weekend. Get healthy and bring in some dough? That’s a win!
Have a heart for teaching? You can expect to make $30–40 an hour tutoring—even more if you live in a big city or have advanced degrees.³
Love pets? Let your friends and coworkers know you’re available to watch Rover the next time they’re out of town. Get some fur therapy and make money at the same time.
Do you have a lot of extra stuff collecting dust around your house? Sell. It. All.
Got an annual bonus or raise? Stash that money in savings instead of spending it else where.

These tips could save you every month! Now get creative and think up even more ways you save!

When you have worked so hard to save up a large down payment, the very last thing you need to do is create a poor financial investment. That is why choosing an experienced property expert –that has your very best interest in mind –is essential.

Our Realtors at Preferred Properties of Texas are a few of the finest at the business, and they assist first-time house buyers and turn your homeownership goals in reality.

Buying or Selling Rural Real Estate? Know the Lending Lingo

August 20, 2020 by chorton Leave a Comment

In May 1917, W.S. and Mary Smith of Grayson County, Texas, became the first Farm Credit borrowers in the state when they refinanced a $10,000 farm loan at 5 percent interest with the newly formed Van Alstyne National Farm Loan Association – now a part of Lone Star Ag Credit.

Their new interest rate was a vast improvement over the 8 percent they had been paying on a bank note. Back then, lenders didn’t offer a choice of rates and terms. Until banking laws were changed and the Farm Credit System was established in 1916, long-term land loans were not available.

Rural real estate financing has changed dramatically since then. Today, as the Farm Credit System marks its 100th anniversary of supporting agriculture and rural communities, country home and land buyers have dozens of financing options. Whether you are purchasing or selling property, it helps to know the lending lingo. Following are a few terms used in rural financing today.

Appraisal – A written opinion of a property’s current market value prepared by a qualified appraiser.

Balloon Note – A long-term loan, often a mortgage, that has one large payment (the balloon payment) due upon maturity. A bal-loon note often has the advantage of low payments, thus requiring very little capital outlay during the life of the loan.

Basis Point – Basis points measure the movement of interest rates or yields in hundredths of a percent. One basis point is 0.01 per-cent, thus 100 basis points equal one percent.

Closing Costs – Costs for services required to close a mortgage loan, such as title insurance, inspections, appraisals, loan closing fees and attorney’s fees.

Closing Disclosure – A five-page form that provides final details about the mortgage loan that the applicant has selected. It explains loan terms, projected monthly payments and total closing costs. The lender must provide the closing disclosure to the applicant at least three business days before the loan closing date.

Cooperative Lender – A lender that is owned and controlled by its customers. Each member has one vote. An example is a Farm Credit financing cooperative.

EIR (Effective Interest Rate) – Similar to the consumer APR, or annual percentage rate, the effective interest rate is an expres-sion of a customer’s total cost of borrowing in the first 12 months of a loan, including stock purchase, origination fees and interest, expressed as an interest rate.

Fixed-Rate Loan – A loan in which the interest rate is fixed for a pre-established time frame. The fixed-rate period can run for the full term of the loan, or for a period shorter than the full term.

Flood Determination – A process whereby a lending institution determines whether flood insurance is required and available for a loan secured by a building or mobile home.

Inspection – An inspection of a prospective home or structure done by a professional to establish the structural and mechanical integrity of the building.

LIBOR (London Interbank Offered Rate) – The interest rate that international banks charge each other for short-term inter-bank loans. It is usually quoted for one-, three- and six-month periods, and is a key reference rate used throughout the world financial markets. LIBOR is typically used as the base index for short-term loans and adjustable-rate mortgages. LIBOR rates are published daily in the Wall Street Journal.

Loan Estimate – A three-page form that the lender is required to provide to the loan applicant within three business days of receiving the mortgage application. It explains the important details about the loan requested, including estimated interest rate, monthly payment and total closing costs.

Lot Loan – A lot loan is designed for people who wish to finance an unimproved property on which they intend to build a home in the future. Limited agricultural activity may occur on the property, but no intensive farming.

One-Time Close – Saves closing costs by combining your land loan, interim construction financing and permanent mortgage loan into one package.

Patronage – The portion of a cooperative’s annual earnings, after payment of all operating expenses, that are distributed to the cooperative’s members on a pro rata basis. Patronage dividends are a unique economic feature of cooperatives. They are paid in cash, allocated equities, stock or any combination of these, and effec-tively lower the cost of borrowing from a cooperative.

Preapproval – A general term that means a borrower has com-pleted a loan application and has provided his or her debt, income and savings information, which an underwriter has reviewed and approved prior to an actual transaction.

Prequalification – A preliminary step in the loan application pro-cess, a prequalification is a lender’s written opinion of the ability of the borrower to qualify for a particular loan amount. The amount prequalified by the lender is determined based on inquiries into the borrower’s credit history, debt, income and savings.

Prime Rate – A short-term, variable interest rate quoted by com-mercial banks as an indication of the rate being charged on loans to its best commercial customers. Even though banks frequently charge more and sometimes less than the quoted prime rate, it is a benchmark against which other variable rates are measured.

Rate Lock – An option exercised by the borrower, at the time of the loan application or later, to “lock in” the rates and points prevailing in the market at that time. The lender and borrower are committed to those terms, regardless of what happens between that point and the established closing date.

Stock – Each Farm Credit co-op borrower becomes an owner of the cooperative through the purchase of stock equal to 2 percent of his or her loan amount, not to exceed $1,000. In most cases, funds for the stock can be included in the loan. Ownership of this stock gives borrowers voting rights in the co-op. The stock invest-ment is repaid to the borrower when the loan is paid in full.

Variable-Rate Loan – Refers to any type of loan that does not have a fixed rate of interest over the life of the loan. Such a loan is adjusted periodically, usually according to changes in a standard index rate outside the control of the lender, such as the prime rate, LIBOR or Treasury bonds or notes.

Preferred Properties of Texas have been helping buyers and sellers with their real estate transactions for over 25 years. Our Realtors have the expertise to assist you with your next property transaction. Don’t wait and let’s get started! Call today!

Is This Your Situation: Looking for the Best Home in Your Budget?

June 17, 2020 by chorton Leave a Comment

You’re neither rich nor poor, and you’re ready to buy your first home. You look around—all those homes on the market, but they all seem priced out of reach.
Cheer up. You’re not alone. With some solid real estate counseling and some help from your lender and/or sellers and others, you can not only get your foot in the door, you can own the house too. It just takes some creativity, a few inside tips and a bit of homework.

Examine Your Goals

How ironclad are your dreams? Can your dream of a formal dining room or a hot tub on a redwood deck be postponed? Must you have a two car garage? Lowering your expectations and starting out modestly (in decent housing that meets your needs) can lead to owning those dreams in time.

Start Saving

Get your priorities straight. Without taking all the fun out of life, what’s more important to you, weekends on the road and dinners out or stashing away at least part of your down payment? (Most lenders want to see that some of the money you invest is your own.)

Keep Your Credit Record Clean

When you go mortgage shopping, lenders will be looking over your payment records. Don’t let a late-payment habit rise up to haunt you. (Reformed late-payers can request creditors to erase the blots on their records—for a small fee).

Look for Financial Assistance

Your parents and other relatives may be able and willing to give you gifts that will get you over the down payment hurdle. (Loans from relatives will be counted as debts and will lower a number of mortgage payments your lender will allow you to carry).

Get Some Co-Signers

Parents, relatives (and unrelated investors) can either co-sign a loan or share the ownership of your home. With shared ownership, you’ll be the resident but your co-investor may share specified expenses (plus tax advantages and equity accrual) and will share in your profit on the sale.

Shop for Mortgage Loans

Qualifying for a mortgage can be managed in several ways to fit your down payment and monthly payment abilities. FHA and VA loans come with low down payment requirements, and lenders offer ARMs (adjustable-rate mortgages) at initially low-interest rates. (Look for an ARM that can be converted to a fixed rate should rates drop).

Consider Creative Financing

Also, new-home builders and other sellers may offer buy-downs that lower your interest rate in the first few years of a mortgage, thereby making a home more affordable. Balloon loans (if they have at least a 7-year term) can often bridge gaps and give you time to accumulate equity and/or cash to pay them off. Home sellers can sometimes help you financially—with a lease-purchase arrangement or a take-back loan. Lenders and sellers are constantly creating new ways to help buyers buy homes. We can help you check them out.

Look at Starter Homes

Once freed of the vision of “instant dream home,” you can look for housing that will start you on the equity-building path to realizing your dream. Condominiums and townhouses are often much less expensive than detached houses and buying one now can serve well as a stepping stone.

Search for Bargains

If you’re handy with tools, a fixer-upper home gives you the opportunity to buy inexpensively. Fix it up and in a few years, trade up. If you’re adventurous, auctioned properties in suitable neighborhoods can also be good values. If you don’t mind a longer commute to work, outlying areas frequently offer homes at lower prices than those found close to town.

Whatever route you choose toward buying your first home, keep cool. It may take time to find the right combination of elements, but there is a home out there for you and a way to obtain it. We’ll be happy to help you create your path to its door.

Call or email us today to help you discover the best home that your budget can buy.

Boost Your Home Value for Less Than $300

May 6, 2020 by chorton Leave a Comment

Have you ever noticed how the decision to sell your home inspires grand ideas for major renovations? Suddenly, you can’t see past all the things you think buyers will hate about your home.

We’re here to set the record straight: You don’t have to spend thousands of dollars or weeks of toil and sweat to make a home sale worth your while. With staging—and the help of a high-octane real estate agent you can increase your home’s value without a huge investment.

Does it work? According to the National Association of Realtors, most agents say buyers will pay 1–5% more for a home that’s been staged. That’s a potential $2,000–10,000 added to the value of a $200,000 home!

Want to add a few thousand bucks to your home value? Give these options a whirl. Each of the following scenarios cost less than $300 and can be tackled in just a matter of days.

If you are looking for how to sell a house for more money, you’ve come to the right place!

Option 1: Add Home Value by Neutralizing the Interior

Bob and Judy don’t have to worry about an outdated home. Judy’s a big HGTV fan and regularly works new design trends into her décor. But over the years, her decorating fervor has inspired a different paint color for every room, leaving their open floor plan feeling disjointed.

All they need is a fresh coat of neutral paint to increase the home value and make their home feel light and airy. Bob and Judy don’t have a huge budget, so they decide to tackle the job themselves. They focus on the main living areas and find a bargain on paint and supplies at their local Habitat for Humanity ReStore.

Option 2: Reclaim Family Spaces

Jim and Karen have three kids under six and have gotten used to their home feeling like a war zone. Baby equipment has taken over their living area, and their dining room serves as extra toy storage. If they want to sell their home, they need to make some changes.

After clearing out the clutter, they cozy up the living room by focusing furniture around the fireplace instead of the TV. New lamps light up dark corners, while fresh flowers, new curtains and throw pillows add an extra punch of color.

Karen tops things off by breaking out her best dishes and linens and using them to dress up the dining table.

Option 3: Transform the Master Suite

Laurel is an empty nester who’s looking to downsize now that her kids are off to college. After years of juggling family and career, she realizes she never took time to create her own space to unwind at the end of the day. She gets to work transforming her master suite into a relaxing retreat.

Laurel’s first order of business is minimization. She organizes her linen closet and packs up off-season clothes and shoes. Her treadmill finds a temporary home in her sister’s basement.

Laurel scours local and online outlet stores for everything she needs to prep her home and increase its value. Fluffy white towels inspire a spa-like feel in the bathroom, and a crisp white comforter set creates a fresh focal point in the bedroom. She completes the look with decorative pillows and a set of matching lamps for her nightstands.

Option 4: Pump Up Curb Appeal

Rob is relocating to another state for his job. His real estate agent recommends dressing up the exterior of his ranch-style home.

Rob starts by washing off the layers of grime that have accumulated over the years. Then he paints his front door red and adds decorative house numbers to give his drab entryway a much-needed facelift. Instead of springing for brand-new porch light fixtures, he rejuvenates his existing ones with a specialty spray paint. A cheery welcome mat and brightly colored flowers might not be Rob’s style, but he knows buyers will love the inviting dose of color on his front porch.

Before the For Sale sign goes up, he mows the lawn, trims all the hedges, and tidies up flower beds with a fresh layer of mulch.

What’s Your Plan to Add More Home Value?

Of course, every home is different. We’ve made some assumptions in these examples. But hopefully you found some inspiration to get you started! You can mix and match ideas you see here or come up with a few of your own.

Just be sure to consult your real estate agent first. A good agent knows what homebuyers in your area are looking for and can point you toward improvements that get the most bang for your hard-earned bucks. Need help finding a qualified agent in your area who can help you sell your home? Contact us today!