Tri-Valley Real Estate Blog

Different Types of Fireplaces

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When you walk into a grand living room and the center focal point is a gorgeous fireplace burning an ambiance into the room you just can’t help but feel cozy. Fireplaces were once used to create warmth in a home and although that is still their main function, they are popular for many other reasons too. What once was a simple open space to burn wood for heat, has grown into an industry with many options. There is a wide variety of fireplaces using many different fuel types, structures, and visual effects.Different Types of Fireplaces

Fireplaces have been the focal point of most households throughout human history, providing light, heat, hot food, and a central place to rest or entertain guests. In recent years, the options for homeowners have expanded dramatically to include a wide array of fuel types, structures, visual effects, and other options.

If you are looking at fireplace options you have to consider what your fuel source will be and then you can decide upon the safety, convenience, efficiency, and of course the cost.

So, what are some of the most popular fireplace options out there?

Wood Burning

If you grew up with a wood-burning fireplace then it is likely you won’t entertain any other option. Wood-burning fireplaces create an aroma in the home, unlike any other fireplace option. There are several types of wood-burning fireplaces. There are open hearths, wood-burning stoves, and wood-burning inserts. This is truly still a favorite to those who love a real fire.

Gas Burning

Currently, gas-burning fireplaces are the most popular and efficient. They eliminate the cost and need for firewood and they can generate a great amount of heat that can usually be adjusted. The only downfall is if you experience a power outage, you will not have the ability to use this fireplace. If you choose to have a gas-burning fireplace you will have to decide what venting system you want. Gas fireplaces do not draw air from the inside of your house and this makes them extremely efficient and safe while keeping our indoor air quality.

Electric

Electric fireplaces are the most cost-effective fireplace options. They are so easy to install and add to your home. These simply plug into the wall. Similar to gas fireplaces, you will not have the use of these if there is a power outage. However, there is greater flexibility with electric fireplaces. These can be moved around your home. You can decide on the light strength of the “fire” and you may even have options of color choice or appearance based on the lighting features in the electric fireplace you chose.

Having a fireplace in your home makes all the difference in your cozy, family-friendly living room. It is a holiday season favorite and a winter necessity. If you are looking to put a fireplace in your home or change the existing one, consult with a professional company. Fireplaces are a very specific part of the construction of your home and they can add value to your home.

Dale Corpus offers information on the Tri-Valley California real estate market including homes in San Ramon, Pleasantville real estate, Livermore, Danville and surrounding areas. 

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Moving to Make Space for Your Home-Based Business

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If you’re thinking about starting your own home business, you need to think about how much space you will need for your work area and office space. You also need to consider what type of equipment you’ll need and whether or not you’ll need any additional space for storage or extra employees.Moving to Make Space for Your Home-Based Business

 

Considerations

Determine your needs. This is an essential step because it will help you determine what type of home would work best for you. It’s best to have this in mind before going out and looking at homes.

Create a budget. Once you know what kind of home would work best for your needs, create a budget that covers all costs involved in purchasing the house. This includes mortgage payments, utilities, and taxes.

What things are important to you, such as square footage, location, commute time, school district, etc?

 

Talking to a Professional

The first call you should make is to a professional real estate agent. They can help you choose a home as well as an area that could make an ideal home-business property.

They have access to all the newest listings, understand the swings of the housing markets in various areas, and usually have relationships with lenders who can help you learn about the best funding options for you.

 

Financing

The process of getting a mortgage can be broken into three steps: pre-qualification, loan application, and closing.

Pre-qualification: This step involves answering questions about your income, debt, savings, and credit history. Once you have submitted your answers to the lender, they will compare them with their own criteria and let you know if you are eligible for a mortgage or not. You can do your own calculations, too, by using an affordability calculator.

Loan application: This is where they will figure out if they want to give you a loan or not by looking at your credit score and income level.

The closing on a house is the final step in the process of buying or selling a property. The legal documents are signed and the transaction is complete. It’s not just about signing some papers and handing over your money to the seller, however; it’s also about making sure that everything is in working order before you finalize.

 

Your Home Office

The key to creating a home office is finding the right balance between functionality and style. You should plan out how you will use the space before deciding on what furniture you need.

When you’re designing the space, ensure that you have enough room for all your equipment and furniture so that it doesn’t feel cramped or cluttered.

Build in storage for all of your files and supplies in the way of decorative shelves and cabinets, and create an area for meetings or phone calls.

The type of lighting you choose depends on what you are doing in the room. If you are working on a computer, then task lighting is best for you. For creative work or reading, ambient light is better. If your home office space doesn’t have a window, you can either have one installed or use daylight bulbs in some of your fixtures to mimic natural light during the day.

 

Outsource to Save Space

It’s not necessary to buy more homes than you need to accommodate employees. You can outsource a good many tasks that can eventually save you a lot of money.

There are companies providing business process outsourcing services you can turn to. When you work with a business process outsourcing agency, you can find qualified remote virtual assistants and professionals to handle necessary tasks. Before working with an agency, be sure to check their rates and reviews.

You can be comfortable with your home-buying decision by using a qualified and knowledgeable real estate agent and doing your budgeting ahead of time. And then by designing your new office to be productive and outsourcing any jobs you don’t need to have done in-house, you can save a lot of space and expense.

Your home-based business is one of the most important things you’ll do with your life and a home purchase is one of the biggest, but with proper planning, you can make them work to their full potential.

Ready to get started? Ready for step one? Let’s talk!

http://keytothebay.com/ContactMeInformationFrameless

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Does a Pool Increase Home Value?

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Does a Pool Increase Home Value?

Pools have gained popularity since the onset of the coronavirus pandemic. With more people spending more time at home than ever before, coupled with restrictions or closures at local recreation facilities, having a pool at your home lets you keep an at-home oasis. While having a home with a pool is currently hotter than a balmy summer day, we wanted to outline the scenarios where a swimming pool can boost value across the board. There are a handful of key variables to consider and weigh when it comes to understanding if a swimming pool adds value to your home or not.

Inground pools will typically lead to an increase in your home value, but above-ground pools might not. Let’s look into each option in some more depth below. When compared to inground pools, above-ground pools aren’t seen as being nearly as upscale or sophisticated. One of the biggest factors that can determine whether or not an above-ground pool will increase your home value is the quality.

This will have an impact on whether or not you see any return on investment from the installation and maintenance costs. The location also matters when it comes to this question. In places where there are warm temperatures year-round, an above-ground pool can potentially add value. If this isn’t the case, homebuyers might feel like the amenity isn’t essential and actually sacrifices valuable yard space.
Above-ground pools aren’t allowed in many homeowners’ associations. You typically find this style of pool in rural settings and older neighborhoods. If you choose to get an above-ground pool, think of it as an investment for your own enjoyment rather than as a scheme to increase your home value.

Inground pools do typically increase your property value but read on before you start scheduling quotes from local pool installers. Though it might increase the value of your home, you still might not recoup your investment.

In ideal circumstances, installing an inground pool can boost the value of your house by as much as 7%. Considering how much it costs to install a pool, this means that you likely won’t increase your home’s value as much as it cost you to install the pool. You can’t sidestep this issue if you build a pool that is too elaborate or fancy when compared to your home, either.

You might consider hiring a professional appraiser if you are thinking about building a pool and are concerned with its impact on the value of the home. They will be able to help estimate how much of an increase, if any, you can expect for your home’s value. You can then weigh out whether or not this works for your specific needs.

Dale Corpus offers information on the Tri-Valley California real estate market including homes in San Ramon, Pleasantville real estate, Livermore, Danville and surrounding areas. 

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Financing a Non-Warrantable Condo

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What exactly is a non-warrantable condo?

If you are considering purchasing a condo it is good to know that recently there have been some changes to the requirements of lending money through a conventional loan on a condo property.Financing a Non-Warrantable Condo

A conventional loan is the most common and traditional of loans. These loans are those that are within the requirements set by Fannie Mae and Freddie Mac to be federally backed. In other words, the lender is able to sell the loan off instead of holding it in-house or finding a private investor to purchase the loan.

Fannie Mae and Freddie Mac are the largest purchasers of condo mortgage loans in the country. For them to purchase a loan it has to meet their requirements so a majority of lenders will try to stick within these requirements to make sure they are not holding onto mortgage loan products.

Recently these two large mortgage-backing giants set new requirements that condos must be under warranty to be eligible for a conventional loan. This change came after the catastrophic collapse of a condo building in South Florida. It was discovered that repairs were suggested to be made that continued to be put off. Issues arise in an approval when an inspection is done on the property and it is found that the condo association has not kept up-to-date with maintenance as well as other safety concerns with the building. This has led many condo buildings to be deemed unwarrantable.

Options a buyer has for financing a non-warrantable condo

If you are trying to secure conventional financing and find that the condo property is non-warrantable there are two options to move forward with your purchase. You can have the items in question fixed or find a lender that will offer a non-QM mortgage on what conventional lenders determine non-warrantable.

To find this type of mortgage loan it is a good idea to ask the advice of a local mortgage broker in the location where you plan to purchase a condo or condo building. Mortgage brokers are a great resource to tap into for essentially one stop mortgage shopping. They make it their job to know the current mortgage products on the market available for certain situations.

Additionally, you want to find a mortgage broker that specializes in non-QM mortgage products. Non-QM mortgages are those that are willing to lend money outside of the conventional parameters set by Fannie Mae and Freddie Mac and take on the risk of holding the loan in-house or finding their own investor to back it. Many times, non-QM mortgages give more freedom in qualifying for lending in special circumstances.

These are completely safe mortgage products that still check the borrower’s ability to repay the loan while offering them another option to finance their home or investment of an unwarrantable condo property and other types of properties. Many mortgage advisors have helped many borrowers in less than traditional situations to qualify for a reputable loan and make a real estate purchase they would otherwise be turned down for.

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From Retired to Renovator; a House Flipping Guide

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From Retired to Renovator; a House Flipping Guide

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From Retired to Renovator, a House Flipping Guide

As a lifelong homeowner, fixing, repairing, updating, and decorating your home, you feel pretty confident you can turn those skills into a home repair and resell business. Or in other words, you want to get into house-flipping.

If painting, landscaping, shopping for appliances, and installing cabinets and floor tile is your happy place, then that may very well be the perfect next career for you.

Dale Corpus Real Estate blog is full of great information any prospective home buyer will find valuable, whether looking for a place to call home or for a place to invest. He’s got the inside track on what you need to know before committing to one of the largest investments most people will ever make.

Choosing the Right Property

The right real estate agent can make all the difference when it comes to selecting the right property for your home renovation project. Oftentimes they’ll have information about homes that are not yet on the market. They’ll be able to negotiate more effectively with the sellers, too, since they know what price homes in the area are selling for now, and what they can expect homes to sell for in the near future. They’ll also be a great resource when you’re looking for contractors and subcontractors.

Getting an appraisal first will be something you’ll want even before you make an offer. Hiring an independent appraiser who can go over the property you’re looking at can save you thousands, if not hundreds of thousands of dollars later. They can tell you if there is structural damage, like weak foundations, bad plumbing, or faulty electrical. Most agents will strongly advise you against purchasing a home that needs structural repair. Instead, finding a home in need of cosmetic updates will be far less costly to you in time and resources.

Choosing the Right Upgrades

Things that boost value immediately are updated appliances, flooring, paint, and wallpaper. For appliances, unless you’re in an area where most of the homes are new or newly renovated, you won’t necessarily need to purchase top-of-the-line models, but don’t be tempted to purchase salvaged or restored appliances. People will expect their appliances to at least be new.

As far as flooring is concerned, hardwood floors are the most popular with homebuyers, with tile and carpet coming in second but most times, you’ll find a mix of all three works in different rooms. It really just depends on how much you expect to sell the home for and what others in the neighborhood have installed. If most of the homes in the market have laminate flooring, you’re in luck since it’s relatively inexpensive and not too difficult to install yourself. A fresh coat of paint in neutral, or earth tones makes it easy for prospective buyers to picture themselves and their furnishing in the home.

Add some unique touches too, to make it stand out from all the other homes, like wallpaper. With peel and stick paper that can be both custom-designed and removed without leaving a residue behind, it is the perfect decorating addition for making your home stand out.

Choosing the Right Business Structure  

If you’ve decided this is the business for you, look into forming an LLC. It will protect your personal assets from any business losses. You can do it yourself online in only a few minutes, just check with the local officials since the rules can vary from state to state.

Choosing the Right Marketing Strategy

Don’t leave all the promotion of your newly renovated property to your real estate agent. Being active in marketing your property means that now you’re ready to create a Facebook ad. You can create your own Facebook ad with pre-made templates that you can custom design with your brand, logo, colors, images, and fonts. Facebook has nearly 3 billion users, so that’s definitely a market you want to tap into.

Real estate is seldom a bad investment, as long as you’re well advised and well prepared to put in the hard work. If so, it can be a wonderfully satisfying way to spend your post-retirement years.

 

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Why it is More Important than Ever to be Aware of Contract Contingencies

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If you have previously purchased or sold a piece of real estate you more than likely know of contract contingencies. A contingency is a specific requirement that needs to be met in order for the contract to be official and the sale of the property to be finalized. Most often buyers or sellers include contingencies for their own interest and protection in the transaction.Why it is More Important than Ever to be Aware of Contract Contingencies

Contingencies are added in or included in standard real estate contracts to help ensure that certain conditions are met before final paperwork is signed. Since the beginning of the pandemic, it was not uncommon for many buyers to waive typical protection contingencies and sellers to include new ones not often heard of.

What to be aware of if You are a Buyer

Requesting a contingency as a buyer helps to give you an escape route from your offer on the property. Every contingency creates an additional hoop that needs to be jumped through or an item that needs to be met before the actual official sale can close. Most often on a buyer’s part contingencies include appraisals and inspections.

With the high competition amongst buyers, it was not uncommon to see many drop the standard traditional contingency for an inspection which holds a home seller to making certain repairs or being willing to negotiate a different price over any significant issues that are found after a professional inspection is conducted on the property. Those who chose the strategy of waiving this contingency do so in hopes of telling the seller they will not be expecting them to make good on any repair issues the home has and help the closing process go much quicker.

One thing to be aware of when you choose to waive an inspection contingency in hopes of making your offer more competitive with several offers on the table is that this does not mean you do not get to have an inspection at all. You can waive the contingency and still pay for an inspection, but you will not have the ability to back out on your offer for any repairs other than ones that make the home completely unlivable.

What to be aware of as a Seller

Right now, during a hot seller’s market, a homeowner has much more leverage to include contingencies in a real estate contract. Adding in contingencies can allow for more time to close on your home if you are struggling to find your next home purchase. One thing to be aware of though is even with a higher amount of leverage adding too many contingencies to the contract could cause buyers to walk away. Even when you have several ready to make an offer.

The bottom line when it comes to real estate contracts for both buyers and sellers is to make sure that you are going over them carefully. You want to make sure that you are not requesting too many contingencies that would make the other party back out of the deal. You also want to make sure that you pay plenty of attention to all of the contingencies in the contract making sure you know exactly what is being requested. A trusted real estate agent can help to walk you through every contract and best advise you on whether to accept or counter offer.

For more information on real estate in San Ramon and the Tri-Valley real estate area, please contact me any time.

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Keep Your Trees in Tip-Top Shape

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Keep Your Trees in Tip-Top Shape

What a blessing to be able to enjoy all the benefits that trees provide us! Not only are they beautiful to look at, but they offer shade in the summer, photosynthesis for oxygen and wood for building. This wonderful natural resource also enhances our quality of life, cleans the air, helps prevent water pollution and soil erosion, provides homes for birds and other wildlife and marks the seasons. Trees are well worth investing in and preserving.

If you are fortunate enough to have one or more trees on your property, it’s easy to take them for granted and let them grow without doing anything to help preserve and protect them. And many trees don’t need special attention to grow and thrive. But, like all living things, trees can benefit from preventative care. Being aware of and quickly responding to possible threats to their good health allows your trees to continue to provide all the wonderful benefits they bring to you and your property.

What to do to help your trees thrive

Annual inspections by an International Society of Arboriculture (ISA) certified arborist is a good idea. The arborist can identify pruning needs and ways to protect the tree from potentially damaging problems. Make sure the tree is getting enough water but also has proper drainage. Pools of water around the base of the tree can cause the tree to drown. Clear the deadwood from the tree and pull weeds so the tree gets the most nutrients from the soil.

What to watch for that can cause problems for your trees

Is your tree leaning? It’s not always a bad thing. Some trees were crowded while maturing and then self-corrected their upward growth, or the tree is exposed to continual high winds and has developed a strong root system to compensate. A tree suddenly starting to lean, however, indicates a problem that should be addressed promptly.

Does the tree have problematic bark or split tops? Deeper than normal cracks in tree bark or unusual amounts of peeling bark are worth noting. As are two distinct tops from one main trunk. Multiple tops weaken the tree as both tops take resources in the attempt to be the dominant stem of the tree.

Is there excessive deadwood or wood decay? Shedding an unusual number of limbs/branches indicates the tree is attempting to conserve resources by reducing its shape, which can mean there’s a problem. Tree decay often manifests as mushroom-like spores (aka conks) growing on the branches or trunk.

Are there indications of insects infesting the tree? There are three main types of insects that can endanger trees: those that bore into the stem, branches or roots, those that chew and attack the foliage or fruit and those that suck moisture from leaves and branches. Boring insects are the most dangerous.

How are the leaves and branches? Compare them to previous year cycles. Are there fewer leaves than normal? Are they changing color and falling at the normal times? Are they firmly attached? You can also break off a small branch, checking its color and flexibility. It’s good if it bends and the cambium tissue below the bark is green and damp. It’s concerning if the cambium is brown and dry and the branch was brittle.

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5 Good Reasons to Refinance

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reasons to refinanceRefinancing can lower your monthly payment, increase your home equity, or allow you to cash-out some of the equity in your home to use for other things.

Are you wondering if you should refinance? Keep reading for 5 good reasons to refinance to help you decide.

1. To Secure a Lower Interest Rate

You may be able to lower your interest rate by refinancing, especially if you bought your home many years ago or if your credit score has significantly improved.

One of the most financially significant terms on your loan is the interest rate. Even a change of a half a percent can mean a significant difference in both monthly payment and interest paid over the life of the loan.

For example, when purchasing a $300,000 home with 20% down, your monthly mortgage payment with a 3% interest rate would be $1,011 per month, before taxes and insurance. If that interest rate were to rise to 4%, the monthly payment would be $1,145. $134 more each month means $1,608 more in interest each year, or over $48,000 over the life of the loan.

A lower interest rate is one of the top reasons to refinance because it can save you thousands over the life of the loan.

Related: Right Now is a Great Time to Refinance Investment Properties

2. Shorten the Length of Your Mortgage Term

Another way to save money over the life of your mortgage is to refinance to a shorter length, usually from a 30 year mortgage to a 15 year mortgage. This is one of the smartest reasons to refinance because if you can swing a higher monthly mortgage payment (and it may not be as high as you think, depending on the interest rate you qualify for), you can end up owning your home outright in half the time.

In some cases, this will mean a significantly higher monthly payment, depending on interest rates. Talk to your lender to see if this might be an affordable option for you.

3. Switch from an ARM to a fixed-rate mortgage, or vice versa

If you purchased your home with an adjustable-rate mortgage (ARM) and the rates have increased past what you could get on a fixed-rate mortgage, you will likely benefit from refinancing.

Depending on expert predictions for interest rates, converting from a fixed-rate mortgage to an ARM may be a good way to save money each month if you plan to move in a few years.

Switching the type of mortgage you have is one of the best reasons to refinance, depending on all the details of your situation and the status of the economy.

4. Get Out of PMI

When you purchase a home with less than 20% down, you will be required to pay private mortgage insurance (PMI) to help protect the lender. If you have lived in your house long enough, or the market has increased significantly enough, you may have enough equity to get out of your PMI and save significantly on your monthly payment.

If you think you might have enough equity in your home to refinance out of PMI, contact a lender to begin the process and put more money back in your pocket each month.

5. Take Out Cash From Your Equity

One of the most popular reasons to refinance it to cash-in on the equity your home has built through a cash-out refinance. In some cases, this can be a risky financial decision, but it all depends on how you use the funds.

A cash-out refinance to finance home renovations that add value to your home is one financially smart way to use your home’s equity. On the other hand, taking cash out of your home’s equity to purchase things that depreciate quickly or have no resale value (think vacations, toys, etc.) may end up getting you further into debt without a good fiscal reason.

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What Should You Know about Real Estate Investment Property?

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What Should You Know about Real Estate Investment Property?

An investment property is real estate purchased to generate income through rental income or appreciation. Investment properties are typically purchased by a single investor or a pair or group of investors together.  

First, know that the buying process is different for an investment property compared to a primary home. Before you invest in property, make sure you meet the following qualifications.

  • You’re Financially Stable

Investment properties require a much higher financial stability level than primary homes, especially if you plan to rent the home to tenants. Most mortgage lenders require borrowers to have at least a 15% down payment for investment properties, which is usually not required when you buy your first home. In addition to a higher down payment, investment property owners who move tenants in must also have their homes cleared by inspectors in many states.

Make sure you have enough money in your budget to cover the initial home purchase costs  as well as ongoing maintenance and repairs. As a landlord or rental property owner, you must complete essential repairs in a timely manner, which can mean expensive emergency plumbing and HVAC repairs. Some states allow tenants to withhold their rent payments if you don’t fix broken home utilities on time. Make sure you budget more money than you think you need for regular and emergency home repairs. Investment property expenses don’t just begin when tenants move in. You also need to budget money for advertising and credit checks to make sure you take in the best tenants possible. A great set of tenants are an asset for your property, while bad tenants can increase your expenses dramatically.

  • The Return On Investment (ROI) Is There

Real estate investors often see positive cash flow with their investment properties in today’s market, but the savviest investors calculate their approximate return on investment rates before they purchase a property.  If you buy a property in a solid area and you know that you can rent to reliable tenants, a 3% ROI is great. However, if the property is in an area known for short-term tenants, a 3% ROI may not be worth your time and effort.

  • You Have Time To Manage It

Investment property management still takes a lot of time. You have to put up advertisements for your space, interview potential tenants, run background checks on tenants, make sure that tenants pay their rent on time, perform maintenance on your property and make timely repairs if something in the home breaks down. You also must do all of this while working around your tenant’s “right to privacy,” a legal standard that prevents you from dropping by unannounced without at least 24 hours of warning in most states.

Before you decide to buy an investment property, make sure you have plenty of time to maintain and monitor your space.

 

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3 Common Real Estate Scams to Watch Out For

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3 Common Real Estate Scams to Watch Out For

Scams are out there in full force, now more than ever. We do everything we can to protect ourselves just when we think we have a handle on it, something comes along that we haven’t thought of before and we need to learn and prepare for that scam.

Scams are all too common in the real estate world but there are a few common ones that we see on a regular basis. Here are some of the three most common real estate scams to look out for. [Read more…]

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