Renting out Your Basement

Some homeowners consider their basement a wasted space. It's used for storage, they say, and maybe during tornado watches, but for the most part, it can be a vast unused area just dying for some renovation. With property values on the rise, many homeowners toy with the idea of turning that space into a rental property.

If you've thought about renting out your basement, there are a few important things you should know first.

First of all, you have to clear it with the authorities. Head to your local building department and find out whether or not rentals are allowed in the area where your house is situated. If they're not, renting- even just your basement- is not going to happen. If you are allowed to rent your space, you must make sure it clears all building codes. These involve having the required electrical systems (outlets, light switches, and wiring), exits, smoke detectors, ventilation, and the ability to heat and cool the space. Some areas have much stricter building codes than others, so it's important to check what applies in your neighborhood. In order to make your basement a rental, you'll have to bring it up to speed.

Many homeowners hit a stumbling block when it comes to the doorway factor. Having a tenant in the basement means that the tenant needs their own entrance and exit that opens to the outside. It can cost big bucks to remodel a basement door into a usable entrance, and some basements don't have a door to the outside at all, which means construction costs will be first on your list.

Even if your basement meets all of the above requirements, there's still work to do. Unless you have a particular tenant in mind and know their needs, you must realize that your city is probably full of apartments, and your basement has to compete. This probably means the installation of painted drywall, carpeting, and other small amenities (including a bathroom and kitchen area!) to make this space truly appealing. Is this beginning to sound like a big investment yet?

Before you make the plunge of building a basement rental, it's strongly suggested that you think seriously about whether or not you truly want a tenant. Unless, as stated before, you have a particular tenant in mind, you will have to go through a screening process before allowing a stranger to essentially live in your home. Also keep in mind that your basement, unlike apartments in a complex, was not built to be a separate living space, and there will be sound leaks and other nuisances that might pose problems. It's a big jump to go from a private home to a private home with another private home beneath it. Make sure it's a jump you want to take before you start laying out the cash to make it happen. 

 

   

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Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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Remodeling for Resale Value

Home owners who remodel their homes or make improvements to their property naturally hope to recoup any costs when it comes time to refinance or put their home up for sale. However, when it comes to financing and the real estate market, some remodeling jobs are more valuable than others. If your main goal in doing a remodel is to raise the sticker value of your home, you might want to do some research on which remodels give you more bang for your buck.

Kitchen and bathroom remodels are a surefire bet, since they are valuable to home buyers today. These remodels usually pay back about 95% of their own cost when it comes time to appraise the home. Kitchens and bathrooms go out of date quickly, and are two of the most-often used rooms in a home. If you're planning on a remodel, this is the first place you should look.

Other remodeling jobs, although they might be pricey and they may sound great, simply don't have much impact on the home's market value. Building an outdoor pool, for example, is not a good investment for today's home owners. Buyers simply aren't looking for pools in their yards nowadays, and you're not nearly as likely to get your money back if you go to the trouble of installing one. It's ironic considering that a minor kitchen remodeling will most likely cost you thousands less than a pool, and yet it will be reflected in your market value at a much better rate. Installing a fireplace, which generally costs around $3,000 or less, depending on the home, can be a great step. While not as lucrative as redoing your kitchen or bathroom, or building a new room or a patio, a fireplace in the family room will guarantee you a higher than average return on your money.

Very surprisingly, refinishing your basement is a remodeling job that pulls hardly any weight in today's market. Whether it's because basement rec rooms are out of style, or because more people have found the value in leaving the basement as storage space, a basement remodel will probably only bring you about a 15% return on your investment. This is a surprising statistic, considering the fact that remodeling the basement can add square footage to your living area. If you're interested in adding square footage, you would be much better off investing in an additional bedroom or a front porch. The remodeling jobs will be more expensive, but you'll be much more likely to recoup your losses when it comes time for a sale.

So if you're looking to remodel for the purpose of selling your home, or getting it appraised for mortgage purposes, do a little research on current housing trends. You may very well find that a remodeling job you thought was too expensive will end up paying for itself in the long run.

 

 

   

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Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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Remodeling a Bathroom

So you've decided that it's time to update your bathroom. Whether you're planning to sell your home or you've simply decided your family needs a more updated space, there are a few important decisions you should make before you start.

First of all, consider what needs to go (no pun intended). Are you remodeling because all of the fixtures- tub, shower, toilet and sink- are outdated? Or is there a specific area of the bathroom that doesn't work for you? Maybe the floor is outdated or peeling, or the mirrors are in inconvenient places, or you'd like to knock out a closet or install some shelving. Before you start, pin down the exact things about your bathroom that need work. Don't immediately assume you need to overhaul the entire room. You may be able to save yourself big bucks by starting with the problem areas. If your bathroom seems too small, you might not need to tear out a wall. Maybe you just need a pedestal sink instead of a cabinet one.

If you're more than ready to just tear the whole thing up and start from scratch, you'll have to make some decisions about what's going to replace the current fixtures. Take some measurements of your tub, sink and toilet, the replacements you're considering, and the size of the room. Keep in mind that just because you want a claw foot bathtub doesn't mean you should have one- your bathroom may be too small for anything but a tub that fits closely into the wall. Draw some diagrams, and move things around until they seem to fit. But keep in mind that the layout of a bathroom is fairly limited. The water pipes only come out of the walls in certain places, so unless you're planning on tearing up the walls and the plumbing, your toilet and shower will probably stay where they are, even if you replace them with new ones.

Making decisions about what new items to buy should be the easy part. Look into purchasing a low-flow toilet. If you haven't had a new toilet in awhile, you will be amazed at the savings on your water bill once a new, water-saving model is installed. This is also a huge plus to potential buyers, who will love the idea of saving on utilities each month.

Safety in the bathroom is also a consideration. Consider handles around the tub and a non-slip floor covering specifically designed for bathrooms. Many older bathrooms are lacking in safety features, and that's a down side when it comes time to estimate a home's value.

Remodeling your bathroom is going to be a job that requires some forethought. Whether you're doing it to sell the home or for your family, it's best to take space, safety, and convenience into consideration. You spend an awful lot of time going in and out of your bathroom. It might as well be comfortable!

 

   

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Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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Refinancing Your Loan

Refinancing your home or property is a big decision that could drastically affect your financial future, for the good or the bad, depending on how smart you go about the process.  Take the time to explore all of the different refinancing options you have available to you.  Many loan agents offer you refinancing deals that seem too good to be true, and while most of them seem to have your best interests at heart, do try to keep in mind that they are not paid unless they approve you for a loan--and you take it.  Refinancing your mortgage can lower your monthly payments, lower the amount of interest you pay on your loan, or even shorten the term of your mortgage without having to pay a penalty for early mortgage pay off.

 

Refinancing a mortgage usually involves allowing a loan company to pay off your original home loan in return for you signing a loan contract with them.  Most times, the second loan is more beneficial to the mortgagee, especially for that present time. 

 

There are a couple of things you want to consider when trying to decide whether or not to refinance your home loan.  First off, a lender usually charges fees on a point system; the points on your mortgage can range anywhere from zero points to four, depending on the credit worthiness of the borrower, and the type of lender you are using.  Some lenders may offer a much lower interest rate with a higher number of points, while others may offer a higher interest rate and only zero to one point involved.  Points are fees that are equal to one percent of the face value of the loan.  A $200,000 loan with three points would cost the borrower $6,000 up front. A lower number of discount points may cause the loan to have a higher interest rate than the loan you are thinking of refinancing, perhaps causing your loan to cost you more in the end.

 

Of course, when thinking of refinancing, you are going to want to make sure that it will be in your benefit! The penalty costs of paying off your loan or mortgage early, the cost of appraising your home, related attorney costs, settlement fees, and closing costs are all amounts that should be taken into consideration when one is refinancing.  As far as your current loan is concerned, these are all costs that, more often than not, have already been taken care of and you could be making things worse for yourself by taking these things on again, especially if your reason for refinancing is a rather tight financial situation.

 

The mistake not to make is to refinance to save your mortgage, to keep a bank or lender from foreclosing on your property.  While sometimes situations like this are inescapable, borrowers who attempt to refinance their properties and homes under conditions such as this often end up essentially paying more than they were, saving their property and possibly harming their credit in the process.

 

 

   

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Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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Reasons Not To Buy a House

Many people today are feeling the pressure to become homeowners. In America and all over the world, owning property is often considered to be the final step towards becoming a financially secure adult. But nowadays, there are also a few reasons why purchasing a home might be a bad idea.

First of all, it's a permanent thing. More permanent than an apartment, anyhow. Home buyers are making a financial commitment to that property for some period of time. If you aren't settled in a job, or even in a city, where you can see yourself for at least a few years, it's really not time to be purchasing a home. Rental life offers the convenience of year-long leases, and moving out of a rented home is a far simpler process than moving out of a house where you hold a mortgage. If you do purchase a home and decide to sell it again in a short period of time, the cost of buying and selling transactions might mean you pay quite a lot for your freedom. It's common sense: If you're still on the move, or if you might be in the near future, then let your largest asset be your car. You'll save yourself a lot of headaches later.

Secondly, remember this mantra: If your credit's not great, it's wise to wait. While people with low credit scores can manage car loans and credit cards without huge amounts of damage, a home is a much larger purchase. Consequently, the penalties for poor credit scores are much larger in comparison. If you're talking about the difference in rates between an $80,000 house and $7,000 used car, you're talking about a pretty big difference. Many people have the mistaken impression that if they can just get into a home somehow, they will be able to improve their credit scores more quickly than they could otherwise. It's true that making payments on a home you plan to own gives you instant equity and will improve your credit; however, if you can't afford it, you will be in a much bigger mess than you were at the beginning. Work on your credit score by making smaller purchases that you know you can afford, and make your way up gradually. Jumping in and buying a house with poor credit is a bit like running a hundred miles on your first day of exercising. You think you'll be able to move several rungs up the ladder, but the chances are much more likely that you'll just crash and burn.

In spite of the pressures, there's no reason to buy a home if you're not ready. As with any other financial investment, it's an important decision that is best made according to each individual case, and what is right for some people can be the wrong choice for others. If it's not the right time to buy, don't worry about it. Someday, it will be.

 

 

   

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Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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Real Estate: The Ins and Outs of Becoming a Real Estate Agent

Getting into the real estate business can be one of the most rewarding, yet tiresome occupations out there.  Whether the rewards outweigh the downfalls of the position really does depend on the person looking into the career.  If you are a family-oriented person  or someone who likes to spend a lot of time to themselves or enjoying the more leisurely things in life and you are really not looking to give these things up (at least for a while), real estate may not be the right gig for you.

 

Generally, getting settled into the real estate business can take up to six months, or even a year!  Of course, a year does sound like an extremely long time to get into an occupation, but if you think about it and take into consideration all of the steps that are involved, that time frame is fairly reasonable.  All real estate agents start out in pre-licensing schools.  Pre licensing schools are basically classes that teach prospective real estate agents the ins and outs of the business itself.  In such classes, laws, dos and don'ts of the business, basic rules, and sales tips are all discussed in detail. Pre licensing real estate classes can take up to three whole months to complete, and successful completion of the classes should lead to a successful passing of the real estate examination.  Passing the real estate exam is nothing like the SAT however; it takes long hours of studying minute little details as well as broad, more general real estate information to successfully complete the course and pass the exam the first time.  And passing the exam on the first time is always the goal!

 

After completing the required pre licensing courses and passing the real estate licensing exam, there is the actual time frame that it takes to get into business to consider.  Of course, you are going to have to decide if you want to go into business for yourself or go to work for a real estate company, such as RE/MAX or Century 21.  Do take into consideration that it might not be the smartest idea in the world to immediately go into business for yourself, and there are several reasons for this.  The first is that when you are just becoming licensed and getting into the real estate business, you don't know if you want to do this for sure or not.  Sure, you think you do and that was why you decided to spend all of your money on time on classes and exams, but the reason real estate agencies are always hiring is because the turnover rate in that line of work is extremely high.  Like most other sales jobs--the real estate business is NOT for everyone, and do you really want to find out that you hate your line of work after you have signed a 12-month lease on an office space and hired a secretary? I didn't think so. 

 

The best advice is to start out at one of your local agencies, and if you are good and you enjoy what you do work up from there.  Have fun, and if you devote yourself to the business and you are good at it, your efforts will most definitely pay off.

 

 

 

   

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Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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The Importance of Continuing Education

All licensed real estate agents start out in school; most real estate agents spend months taking detailed, intense courses on real estate laws, proper business practices, and real estate information, laws and programs specifically related to your own state.  After studying for weeks and passing a rigorous, detailed examination agents receive a license from the state to practice the business of real estate in their state.  It is usually at this point that the real estate agent newbies are sent out into the real world, sometimes to start up their own agencies but usually to another real estate agency at least to start out.  As with all jobs, it is difficult to start out in a particular trade, especially one as intimidating as sales.  The livelihood of a real estate agent depends on their ability to close sales, and there are numerous different tactics to use when an agent goes about doing this, but it is important to remain ethical and legal in every single aspect.

 

That's what Continuing Education courses are courses that are designed to give licensed agents the opportunity to expand upon their knowledge and gain greater skills in their trade.  There are a certain, minimal level courses that the state usually requires of an agent to renew their license to practice real estate every year.  Most of these courses are brush up courses, refreshing all of the knowledge and particulars of state laws as well as a little more of an introduction to good business practices, sales tips, with a little more focus on the actual sales presentation than the pre licensing courses.  A list of the required continuing education courses can be obtained from the particular state in which an agent is licensed.

 

In addition to basic real estate continuing education courses, there are some special designation courses that can be taken to enhance an agent's skill and giving them even more prestige in the real estate world.  Such special designations such as CIPS (Certified International Property Specialist), CRS (Council of Residential Specialists), ABR (Accredited Buyer Representative), GRI (Graduate Realtor Institute) are all designations that would appear on a billboard, business card, or yellow pages ad.  If you saw Nancy Gordon, Licensed Real Estate Agent, ABR in a yellow pages ad you could feel rest assured knowing that she had taken additional, more intensive courses and has had more experience dealing in a particular type of property business deal. 

 

As an agent who has been in the real estate business for a while looking to change firms or even to obtain a broker's license and open real estate firm of their own may wish to take more intensive continuing education courses, as well as obtaining a special designation or two.  Many of the larger, more established firms require that new agents obtain a college degree in real estate, so taking a few real estate business courses at the local university or community college might not be a bad idea, either.

 

   

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Dobler Consulting Inc
2339 Warwick Dr
Oldsmar
FL 34677
United States

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