When you buy a new house that you intend to rent out, be certain to check the downspouts. These get overlooked too frequently and can cost landlords substantially. Attention to these should be part of your typical maintenance. See, for every inch of rain we get, our rooves divert around 600 gallons of water into our downspouts. You must make sure that this water diversion is working the way it should. Know this ahead of time, because renters often don't bother to report on these like this, especially if it doesn't affect them. Check Gutters For Clogs Clogged gutters throw
If you have a rental home, you have to be proactive to protect your investment. You can't rely on tenants to tell you when something is up. Too many times, if it doesn't pertain to them, they won't inform you of problems at your rental house. Many people have basement water alarms and sensors that alert them to water in their basements. These work perfectly, because they get alerted, and then fix the problem and save their belongings. These don't work as well for landlords, because sometimes tenants will avoid disclosing issues in your home in order to prevent you
House flippers focusing on flipping luxury homes are a part of a rising market. While non-luxury houses aren't flipping as well, this market, if you can afford it is still doing well. Consider that the National Association of Realtors showed that sales of existing homes declined over ten percent in the last year. Starter homes, which are usually a common project for house flippers, are part of a decreasing market. Sales are just down among starter homes. Some of that is because of the higher interest rates too. Many people who house flippers would normally try to sell a starter
Distressed properties are often purchased in "as is" condition. The seller doesn't offer any kind of warrant. Of course, you know that you should beware of properties like these. Still, distressed properties for sale often have a huge potential for making a profit. So, if you decide to purchase a distressed property, just be aware of some hidden problems. Keep a close eye out for termites and carpenter ants. Even if they're long gone, they may have left behind enough damage to be a serious issue. Look for rotten wood, obviously. But also check for thin tubes of mud and
There really are tricks to getting your offer accepted over someone else's offer. You just need to know how to structure the deal. Obviously, proof of funds and pre-approvals for any loans you will get are critically important to a seller choosing your offer. Many won't even entertain an offer without them. Also, remember that to some people, the terms are even more important than the actual money. Your offer might be higher in actual dollars, but if your offer has more complicated terms, they might just pass on you. Don't create extra issues. Try to meet the sellers on
Sometimes distressed properties sold "As-is" come with some major problems. Do you know how to recognize them? If you intend to invest in a distressed property, these are important issues that you need to know about. Head into the bathroom. Bounce a little on the floor near the sink, tub and toilet. Is there any give? That can be a major indicator of water damage! Grab a high powered flashlights and check underneath the floor if possible. Look for stained wood or joists. Find out when and why that damage occurred and get your answers in writing if you can!
North Carolina’s property tax is “ad valorem,” so you're taxed based on the property value. But what happens when you disagree with the county assessor? The assessor revalues properties within the county at least every eight years. So, if you get a wrong value placed on your property, you could be paying the wrong tax on it for the next eight years! It's partly your responsibility to check your assessed value, if you own property. The good news is there is recourse. If you disagree with the assessment, you can appeal it. Imagine being over taxed for your property
If you've decided to invest in real estate, you can save yourself a lot of time by recognizing signs of foundation damage right away. Keep in mind, if you find only minor problems, it might still be worth hiring a professional evaluation, rather than just walking away from the investment property. Every little foundation issue doesn't mean that you have to walk away from the deal. With experience, you'll learn to recognize which homes to walk away from and which warrant the cost of a closer inspection. Foundation cracks and floor cracks should be investigated further. Likewise, look for wall
If you are buying an investment home with popcorn ceilings, consider removing or replacing this textured ceiling treatment. They date a home and are associated with dirt, dust and asbestos. These old spray-on or paint-on ceiling treatments were once very popular in bedrooms and hallways, but they aren't popular anymore. Sure, they hide imperfections and offer nice acoustical characteristics, but they are not preferred these days. Home buyers equate them to asbestos, dirt and dust, because many contained asbestos and they usually would get painted more often than cleaned! Before trying to remove this treatment yourself, contact the health department.
A home inspection fee starts at around $400 and goes up from there. A quality home inspection is critical, unless you are professionally trained to recognize even hidden damage in a structure. Sometimes you can't see roof damage, outdated electrical system issues, or a hidden water leak. These issues can become very expensive, very quickly. They can be costly, even if you are skilled at DIY home repair. A home inspector looks for proper grading away from the structure, leaks from the septic field, damage to exterior structures and landscaping issues. The inspector checks railings on stairs, notices if downspout