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3 Critical Considerations When You Choose Your Garage Doors

January 3, 2020 by Kay Monigold

3 Critical Considerations When You Choose Your Garage DoorsOwning property comes with a number of major responsibilities. This includes home maintenance and repairs. One of the common topics that people think about is the garage door. Sometimes, the garage door breaks and needs to be replaced. Other people might be adding a garage door for the first time. There are lots of options to choose from and this is an important decision.

There are a number of factors that people need to consider when trying to decide on a garage door.

The Material

First, people need to think about what their garage door is going to be made out of. The classic option is wood. It has a sleek, stylish look and can be stained to the owner’s preference. At the same time, steel has become a more popular option. This is because steel is stronger than wood. Other homeowners even elect to go with aluminum. Aluminum is lighter than steel and uses less energy. Aluminum can also be colored to look like wood. The material is a good place to start when looking for a garage door.

The Durability

Next, homeowners need to think about the durability of the various options. Some garage doors are going to be stronger than others. Garage door repairs can be expensive and this is a cost that homeowners should avoid if possible. Try to find a durable garage door that can stand up to the routine wear and tear. The stronger the material, the more durable it is going to be.

The Insulation

Finally, also consider the insulation that will be provided by the garage door. The garage is typically an unheated area. This means that any heat in the garage can easily escape through various openings. One of the largest openings is through the garage door. Try to find a door with some insulation. This will trap heat inside the garage and lower the home’s energy costs. An insulated garage door might be more expensive but can also save money on utility bills.

Choosing The Right Garage Door

There are a lot of options when it comes to garage doors. Each choice has its benefits and drawbacks. Homeowners need to take the time to assess the various options and figure out which one is right for them.

If you are in the market for a new home or interested in refinancing your current property, be sure to consult with your trusted home mortgage professional.

Filed Under: Real Estate Tagged With: Home Improvement, Home Repairs, Real Estate

5 Excellent Pathways To Home Ownership For Millennials

December 31, 2019 by Kay Monigold

5 Excellent Pathways To Home Ownership For MillennialsMillennials are a huge socio-demographic group of over 83 million people. Many of them want to buy a home but face challenges that their parents did not necessarily have. Homes are more expensive. In most places, home prices rebounded to exceed the pre-2008 economic collapse values. Moreover, home prices continue to go up.

The encouraging news is that there is home financing readily available and mortgage interest rates are still reasonable. Even if it is more challenging, the greatest investment that most Americans can make is buying a home. Paying rent is only helping the landlord get rich. Homeownership is still highly desirable and a part of a wise long-term investment strategy.

Here are some tips that millennials can use to become homeowners.

Save For The Down Payment And Build An Excellent Credit History

The best rates for home loans are for those with an excellent credit history who can put down 20%. It is possible to borrow the down payment. The problem with this strategy is that the cost of the loan is higher. The mortgage rate may be higher and the lender may require private mortgage insurance (PMI). PMI pays off the loan balance to the lender if the homeowner defaults on the loan; however, it does not protect the homeowner’s equity in the home or any down payment. PMI just adds another monthly expense.

Create Non-Location Dependent Income

Home prices are somewhat dependent on the local economy and the employment available in the local area. By creating non-location dependent income through the “gig” economy. Work as a freelancer or a person who telecommutes by working from home. With this income, you will be freer to look for a home in a rural area or an area where the home prices are lower.

Take Advantage Of First-Time Homebuyer Programs

Many first-time homebuyer programs are offered by programs of the federal government through the Housing and Urban Development (HUD) and other agencies. Be sure to investigate those possibilities when considering buying a home.

Hunt For A Home In Low-Cost Areas

Use the online systems when searching for a home to compare two things, 1) the median price of homes for each area and 2) the cost of living for each area. The areas with low median prices and that have a lower cost of living are usually easier places to buy a home.

Partner With Others

A home-buying partnership is something many are using to make owning a home more affordable. Multigenerational ownership is used by many families to buy a large home together and share it. Other partnerships can be made among individuals, who are not relatives, to share ownership. Choose ownership partners very carefully and be sure to have competent legal counsel when creating a written ownership agreement.

Summary

Millennials are challenged with new obstacles when seeking to buy a home. The strongest challenge is the cost of homeownership. However, there are many clever ways to improve the chances of enjoying an affordable ownership situation. Be patient and do not give up. Work with a REALTOR® who understands the challenges and is an expert in the area where you are thinking about buying and with a trusted home mortgage professional to find the best financing options for your situation.

Filed Under: Real Estate Tagged With: Market Outlook, Market Trends, Real Estate

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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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