Monthly Archives: August 2019

Renovation tips

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5 Renovation Prep Tips to Save Your Sanity

Renovating your house is no small job, and while you will likely plan your design, budget, and materials, many homeowners don’t realize just how much of a disruption the construction may be for everyday life – especially if it’s a major overhaul, or you have small children in the mix. Below are five tips to take as you get ready for your renovation.

Pack a survival kit. The importance of this step will vary depending on what you’re renovating, but if it’s a major renovation, pack a bag as if you’re taking a trip. Clothes, toiletries and essentials should all be readily available when your master bedroom is being redone and your items are living in boxes.

Minimize your schedule. Renovations can be stressful, so dilute your commitments for the expanse of your renovation to avoid the added anxiety of social pressures.

Meal prep. If your kitchen won’t be 100 percent accessible, do as much meal prep as you can in advance. Cook several large batches of family favorites and store them in the freezer. If the idea of cooking ahead of time overwhelms you, sock away an “eating out” budget that will cover the length of your reno.

Plan a backup sleep spot. As your renovation begins, you may find sleeping in your half demolished house is stressful and unsettling. Set up a few nights at a friend or family member’s house in advance to help ease the stress of tiptoeing around a construction zone.

Plan for power or water cuts. If there will be a time in your renovation where power sources or water supply will be unavailable, plan with your contractor to time these periods while you’re at work or staying with a friend to avoid disruptions to your schedule.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

Christina Tompkins Wright
Christinatompkinswright@gmail.com
Berkshire Hathaway HomeServices Hometown, REALTORS
Office: 910-478-2637
Mobile: 910-330-5803
http://www.ChristinaTWright.com

Understanding the assumable mortgage.

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Understanding Assumable Mortgages/ Jacksonville, NC 28540

When embarking on the purchase of a new home, you likely hear a lot of mortgage talk – what kind you should get, how long a term is ideal, and interest rates, interest rates, interest rates.

One unique mortgage option available in specific cases is the assumable mortgage, which allows a buyer to take over a seller’s loan.

It’s important to note that assumable mortgages are typically only available for certain loans, like FHA and VA loans. If your seller has one of these loans, this may be something to discuss with your real estate agent. But first, let’s break down how these mortgages work.

Taking on an assumable mortgage means that the buyer can have the seller’s loan transferred to them with lender approval, keeping the loan terms the same.

Advantages
Low interest. Assumable mortgages can be great for the buyer if the seller’s interest rates are much lower than rates being offered currently, or if the buyer’s credit history isn’t ideal.

Decreased closing costs. Taking on an assumable mortgage can mean decreased closing costs, depending on the details of the sale.

Marketing strategy. This is a pro for the seller, who can use their assumable mortgage to entice buyers in a saturated market.

Disadvantages
More mortgages. If the value of the home is greater than what’s left of the mortgage, and the buyer doesn’t have enough cash to meet the difference, the buyer could have to take on a second mortgage, which may not be ideal.

Seller obligations. Another note for sellers: Make sure you are fully released from loan obligations before signing anything over. If your name remains attached and your buyer defaults down the line, you could be held accountable.

As always, be sure to talk to your real estate agent, lender and financial advisor before making any major loan decisions.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

Christina Tompkins Wright
Christinatompkinswright@gmail.com
Berkshire Hathaway HomeServices Hometown, REALTORS
Office: 910-478-2637
Mobile: 910-330-5803
http://www.ChristinaTWright.com