Realty Executives Midwest
Buying a lake house can be a great investment, regardless of whether you intend to use it as a vacation property or a year-round residence. With that said, you shouldn’t rush into buying a lakefront property just because it’s available. As with any house, there are some things that you should think about before you sign on the dotted line. Here are a few specific considerations you should keep in mind when looking at a lake property that’s for sale.
One of the first things that you’ll notice is that there’s more moisture in the air close to the lake. Higher humidity can be unpleasant during the summer, but it also can have a negative effect on your property as a whole. Mold, mildew and other humidity-related damage can occur over time, so it’s important to make sure that properties you consider were built and furnished with this in mind.
Because the property sits close to the lake, you’re going to have a higher water table than you would with more landlocked properties. This isn’t necessarily a bad thing, but if the property has a basement or other underground area then you need to see what effects the water table has on those areas. Keep an eye out for leaks, flooding, cracks or mold that might be a result of the water table being higher than usual
Having a home close to the lake is nice, but it becomes significantly less nice if it doesn’t offer you lake access that meets your needs. If you have a boat, see if you’ll have easy lake access from your property or if you’ll have to get on the water somewhere else. Likewise, if you just want peaceful evenings to watch the sun set over the water, make sure that there isn’t a busy lake access point or marina close to your property.
There’s more to consider when buying a lakefront property than just the view. Take the time to walk along the water line and see what sort of shape the shore and the nearby water are in. Look for signs of erosion in the shoreline and yard and see whether the water itself is choked with weeds or other plant life. You should also look for signs of debris or other indicators of how high the water tends to get when the lake is swollen from rain.
A lake house can be a feast for the eyes, but those aren’t the only senses you’ll experience your lake property with. Lakes often have a distinctive smell, and in some cases, it can be pretty strong. A little bit of lake odor is usually pretty easy to overlook, especially if your house is set back from the water a bit. For some lakes, though, it can be almost overpowering, especially during the summer months when you’re most likely to want to be out on the lake. Before you buy, make sure that any odors from the lake are tolerable not only for you but also any guests that you might want to invite out.
If you’re buying a lakefront home, you may find that it costs more to insure than a property that’s more inland. In some cases, the insurance can cost substantially more. That’s not even counting flood insurance or other disaster-related policies that you’ll likely want to take out. Just make sure that the cost of insuring your new lake property isn’t going to be more than you can really afford to take out.
It can take a lot of searching to find a lakefront property that checks all of your boxes. Fortunately, HomeKeepr is here to help. Sign up for a free account today to find the experts you need to inspect and customize the lake home of your dreams.
Article Source: HomeKeepr
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
According to Midwest Real Estate Data, the median selling price of a home in our markets statewide for the week ending June 22 was $250,000, up three percent from the same period in 2019. The lift in prices is one of many statistics in the MRED Weekly Market Snapshot, which shows that despite the COVID-19 pandemic, buyers are still willing to pay a premium for the right home.
Other highlights from this week's report include:
The summer months are the time to relax and take in the sunshine! But it can also be a great time to get some much needed home improvement projects done around the house that aren’t possible to do in bad weather. Check out these five tasks that will make your home the hit of the summer and don’t cost you a large chunk of cash.
Power Wash
We always think about washing the inside of our home but what about the outside? The summer is a great time to either buy or rent a power washing machine to get your exterior cleaned and looking brand new. You can power wash the siding of the home to remove dirt and grime collected from outdoor elements over the seasons or you can wash the walkways including sidewalks and driveways.
Build Outdoor Features
If you have some downtime and it’s a beautiful day outside, it’s a great opportunity to build an outdoor feature! This could include an outdoor kitchen to entertain guests throughout the summer, a fire pit to roast marshmallows with the kids or maybe a garden to grow your own veggies. Each project ranges from difficulty and cost so make sure to determine timeline and budget before starting the project. Once you decide on those, have some fun designing what fits your style best!
Re-stain Wood
Your porch, deck and fence can fade quickly from the sun and harsh outdoor elements. The summer may be a good time to re-stain the wood of your outdoor spaces and outdoor furniture if applicable. This ensures your home looks flawless when you have guests over for an outdoor get together. If you live in a place with sunshine most of the year, the colors can fade quickly and may require more than one re-staining.
Window Cleanings
During a nice day, it’s always great to open the blinds and fill your home with natural light. Of course, if your windows are full of spots from the harsh Winter or rainy Spring, the view isn’t quite so great! Giving your windows a quick and easy wash at the beginning of summer is a great way to ensure your windows look brand new. Plus this project can be fun for the whole family to get the kids involved, as long as the windows aren’t too high. If your windows are at a higher and more dangerous height, there are plenty of companies to hire that will do this for you at a reasonable price.
Drain Water Heater
Although this task may not seem very fun, draining your water heater can help improve the efficiency and make it last longer, saving you money later on. Over time, sediment build-up can settle on the bottom of the heater, reducing capacity and possibly interfering with ongoing maintenance. By draining the water and removing the sediment, your heater will work faster and last longer. Depending on the size of your heater, this project can take up to 30 minutes, but only has to be done once or twice a year.
The summer months are a great time to improve your home on the inside, but especially the outdoors as you enjoy the fresh air and nice weather. Of course, there are several other DIY options you could get started so make sure just to look at the time you have and the money you want to spend to find the right project for you.
Article Source: Realty Executives International
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Facebook, the leading social media platform in the world, has come out with a new video tool available to members of the Facebook community: Facebook Messenger Rooms. These “Rooms” were made to increase the usage of the Facebook platform and engage community video discussions.
Available through Facebook Messenger, these “Rooms” can hold a maximum of 50 guest per chat. The best part is that this is a free tool that can be used directly on Facebook. Now, you are probably wondering how you can use it for your real estate business.
How to Use Messenger Rooms
Facebook Messenger Rooms is as available on both the desktop and mobile versions of the platform. If you are logged in, you will not see an option for Rooms underneath where you post a status update. Once you see the option for a room, click “Create Room” to make your own room or click one of your friends’ profile pictures to join their Room.
If you create your own room, you will have the option to select one of Facebook’s purposes for the room, such as “Happy Hour” or “Here All Day.” You do have the option to choose if you would like your Room to be public or private. If the room is public, any of your followers or friends can join the group. A private room will only allow those who you invite to join the Room. If you are creating a Room in a Facebook Group, any member of that Facebook Group can join.
Benefits & Features
Finding new ways to connect with your clients to conduct business can be challenging during times when you must practice social distancing. This is the time to use Facebook Messenger Rooms to its full and free potential.
Facebook Messenger Rooms are free and can be private. From here, you can create a room on your Facebook Profile or Group and invite up to 50 people to ask questions about your listing and participate in a virtual open house. During your Facebook Messenger Room video conversation, you can show off the entirety of the home.
Another benefit of Facebook Messenger Rooms is that you can connect directly with your current clients. If you are working directly with someone, make sure your Room is private and take time to check in with your clients or even hold meetings via this platform.
Perhaps one of the best features is that your clients probably already have a Facebook account, so meeting with them will be easier than ever. With Facebook Messenger Rooms, you can connect with your clients directly through Facebook and they will not have to download and familiarize themselves with another app or program on their mobile devices or computers.
Overall, the new Facebook Messenger Room is a great way to connect with your clients and Facebook followers and friends. You can use this tool to create Rooms to engage in conversation or even show off a new listing to potential clients. If you need some help handling your social media for your real estate business, let us know. That is where Homes.com Social Fuel comes in: to help you with your social media marketing needs.
Article Source: Homes.com
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Are you planning to purchase a house but have an existing personal loan? Do you want to know if it will affect your purchase? Many individuals that are planning to buy a home are asking the same question.
It is important to be independent and have your own space where you can rest and get cozy. Being independent will also help you grow as an adult and learn to live alone without your parents.
Therefore, purchasing a house would be one of the most significant decisions you can make in your entire life. Continue reading to know the answer, so that you can properly plan your purchase according to what is best in your situation.
Will Existing Personal Loans Affect my Purchase?
An existing personal loan can affect your plan of buying a home. Whether it is a good or bad effect, may all depend on the situation. An unpaid personal loan can reduce the amount you can borrow in the future. It could also significantly affect your credit score, depending on how you handled your debt.
All of your existing debts will reflect on your credit reports, which will influence your mortgage application. Lending companies look into two things: how you handled your debts and your debt-to-income ratio.
If you miss paying on time, you will be charged with a high-interest rate, or in a worst-case scenario, you will not qualify for a mortgage. That is why, if you are planning to purchase a house in the future, make sure that you always have a good payment history with your past or current debts.
If you religiously pay your debt, it would be on your advantage. By doing so, you will have a good credit record, which can improve your chance of acquiring a home loan with reasonable interest rates and terms.
How to Boost Your Chances for A Home Loan
Your chances for a home loan approval will depend on your credit score and the lender. Eligibility may vary in each lender. Some may still let you borrow money even if you have a low credit score, while others may not lend you money at all.
To increase your chances of being approved on a home loan, you should pay your existing debts on time. Lenders now have access to your information with the help of Comprehensive Credit Reporting. They can quickly check your financial background, especially your credit history.
Maintain a good record by paying your debts on time. Not only small personal loans can damage your records, but also your credit cards if ever you own one. Advance payments are also suitable for your record. If you have some spare cash, it would be better to make any advance payment for it to reflect on your credit history.
You can also finish up your loan quickly by making advance payments. Once you completely paid your loan, it will no longer be a liability that might hinder your home loan. If you want to apply for another loan, it would be best to clear out your current debts.
Other Debts that May Affect your Home Loan Application
If you still have an unpaid student loan, you should complete your payment as soon as possible. If you have a bad payment history on your student loan, expect it to hurt your credit history.
Student loans take decades to pay off due to its repayment terms. You can use this loan to your advantage. Long term loans can give you a high credit score when you pay it on time.
But you have to remember that a student loan will affect your debt ratio, which will affect your capability to afford a mortgage. If you had a high student loan amount, your rate would also be higher.
The only way you can improve your ratio is to have a high monthly income where the lending company can refer to during your application. By having a high salary, the numbers itself can convince them to grant you a loan.
Auto loans can positively affect your credit history. Unlike student loans, car loans are secured loans where the lender can reclaim the car in the event of non-payment. However, you must pay off your car loan if you want a positive reflection on your credit history.
You will also likely be approved of a mortgage once you already have a good history of a car loan. This type of loan is harder to acquire than a credit card, which only proves that you are eligible for a higher loan option if you have good credit with it.
A payday loan won’t show up on your credit history, but it may hurt your future credits when it’s a defaulted loan. The interest rates on payday loans are high since it is an unsecured loan, meaning the lender has no collateral to cling on when you fail to pay your debt.
Takeaway
All debts under your name will reflect on your credit history. Being careful to not apply for unnecessary loans and paying your current loans on time, would positively affect your future loan plans, especially a home loan to aid you in your home purchase.
Article Source: Realty Executives International
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
