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DIY Or Hire It Done, Renovating Real Estate Investment Properties

June 13, 2014 by Kay Monigold

DIY Or Hire It Done Renovating Real Estate Investment PropertiesSometimes, when buying – or even thinking about buying real estate for investment purposes, you’re faced with the need to fix up the property. 

The question then arises: Should I fix it up myself or hire it done? Unfortunately, no one can give you the right answer. However, there are a few questions that you can ask yourself to help decide the issue:

1. Do I Have The Time?

Time is an issue that many people forget about, but it should be one of the deciding factors. Some renovations, such as handles, hinges or kitchen hardware can take very little time to do. Others, like retiling a bathroom, can take hours, or even days to accomplish. 

If you don’t have the time to do these things personally, you’ve already answered the question.

2. Do I Have The Money?

Obviously, money is as important a factor as time. Often, if you don’t have the time, you do have the money to hire someone. However, if you have neither the money nor the time, you may need to reassess whether you can really afford the real estate you’re thinking of buying. 

You may want to continue looking to find something that needs fewer repairs or that you can get at a lower price.

3. Do I Have The Know-How?

Granted, there is a lot of do-it-yourself information out on the Internet. However, if you don’t have the necessary knowledge to understand what they’re saying, you’ll either have to research more, or hire someone. 

Being knowledgeable on what you’re doing may not be so important when, say, you’re painting the living room, but it’s incredibly important if you need to rewire a room or want to knock down a wall.

The main key when deciding on what property to buy, what renovations need to be made and whether to do it yourself is simple: Be realistic. Be honest with yourself.

Can you really do this? Can you really afford it? Remember, if the answer is “no,” it could just mean “not right now.”

Don’t be afraid to wait until you have everything in place before picking your investment properties. If you’re careful with your time and money management, you may find yourself able to buy that dream real estate investment property.

Filed Under: Real Estate Tips Tagged With: DIY, Homeowner Tips, Renovating Real Estate

4 Tips To Lower Homeowners Insurance For Your Home

June 11, 2014 by Kay Monigold

4 Tips To Lower Homeowners Insurance For Your HomeWith the prices for everything skyrocketing these days, every penny counts. This includes your homeowner’s insurance costs. If you’re thinking of buying a home and need homeowner’s insurance, here are a few tips on getting quality insurance for a fair price:

Tip #1: Shop Around

Ask family and friends about their homeowner’s insurance. Check the Yellow Pages, the National Association of Insurance Commissioners (NAIC) and the state insurance department. 

Other places to shop for insurance include consumer guides, insurance agents and online insurance quote services. Don’t just look for lower prices, however. You need a fair price for the services you need.

Tip #2: Raise Your Deductible

The deductible is how much you have to pay before the insurance company starts to pay a claim on your home. The higher the deductible, the lower the premiums. If you live in a disaster-prone area, your policy may have a separate deductible for specific types of damages. 

Make sure, when reading the policy, you carefully go over damage-specific information.

Tip #3: Use The Same Insurer

Some companies will take five to fifteen percent off your premium if you buy more than one policy from them. If the insurer offers homeowner’s, auto and liability coverage, you stand a chance of having a lower premium than if they only offer one or the other. 

The key is to make sure that the combined price is lower than if you bought them separately.

Tip #4: Improve Home Security

By installing a sophisticated fire sprinkler system and a fire/burglar alarm that rings the monitoring stations, some companies will cut your premium as much as fifteen or twenty percent. 

For a smoke detector, burglar alarm or deadbolt locks, you can usually get at least a five percent discount. Check with your insurer to make sure that the system you’re installing will lower your premiums, though; the systems aren’t cheap and not all of them qualify for a discount.

Read everything carefully before you sign, to make sure the policy covers your insurance needs without adding on hidden fees. Even a little money saved can go a long way toward making it easier to live within your budget. 

Ready to buy a home? Let me help you find the perfect home and get it at the best terms and price. Call or email your trusted real estate professional.

Filed Under: Real Estate Tips Tagged With: Personal Finance, Real Estate, Real Estate Tips

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Our Team

Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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