Kitchen Remodels for 2015

Kitchens have become the primary social hub of the home. It’s become a place where friends and family come together for meals and conversation. Because of this, an upgraded and inviting kitchen can be a huge selling point in a home. If you’re thinking about selling your home in the next few years, it’s worth thinking about updating your kitchen. On average, the return on a kitchen remodel is about 70%. But in Honolulu, this remodel can give you a return of up to 152% for a minor kitchen remodel and 108% on a major upscale kitchen renovation.

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Choosing Between A New Or Old Home

When looking for a home, you might be wondering if it’s better to go with an older home or a newly built home. There are many factors to consider when making this decision such as price, amenities, functionality, maintenance costs, aesthetics and location. The best thing to do is to sit down and make a list of factors that are most important to you. This will help simplify your decision in the end.

 

source: southdownhomes.wordpress.com

source: southdownhomes.wordpress.com

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Home Insurance Tips For First Time Buyers

homeowners insurance

 

1. Assess your credit

Having a strong credit score can lead to big savings on your home insurance premiums. Be sure to assess your credit and take steps to improve your score. At the very least, make sure everything on your credit statement is correct.

 

2. Shop around

Standard home insurance policies typically offer protection from a variety of potential risks, ranging from liability to damage from weather-related perils. If you live in areas that are more prone to natural disasters, you may want to adjust or add coverage depending on your needs.  No matter what, it’s important to know what you need, what will be covered and what wont. Most insurance companies will offer similar packages but the algorithms they use to provide you with a quote can be different. Because of this, you could save hundreds by simply shopping around and getting at least three different quotes.

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Understanding Short Sales

source: doctorshortsales.com

source: doctorshortsales.com

 

A short sale is the sale of a property for less than what the owner still owes on the mortgage. This is often used when a homeowner needs to sell and can no longer make the mortgage payments but would like to avoid going through a foreclosure. Lenders with sometimes agree to short sales because they believe that it get net them more money than going forward with a lengthy and costly foreclosure process.

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How To Get A Mortgage If Self-Employed.

source: internations.org

source: internations.org

 

For many, the benefits of being self-employed are obvious. You get to make your own schedule and there’s no reporting to a boss. You are the boss. And, possibly the best part, there’s no salary cap. You can make as much as you want depending on your ambition. In fact, self-employed borrowers report that they make 81% more than other potential borrowers and that their incomes are one the rise! Zillow just recently reported that income for self-employed borrowers is up 28% since mid-2012, while other borrowers’ incomes are down an average of 17%! So why then, do those who are self-employed find it so hard to secure a mortgage?

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Buying Mistakes Almost Everyone Makes

source: allsiteinfrared.com

source: allsiteinfrared.com

 

1. Using the wrong real estate agent.

Look for someone who does real estate full time, knows local inventory and is tech savvy. Real estate, especially that in Honolulu, moves very quickly because of the lack of inventory. Because of this, you’ll want a real estate agent that is quick to answer texts, calls and emails and knows how to use technology to get your offer in right away.

 

 2Shopping before getting approved.

Find out how much mortgage you qualify for and get an approval letter from your lender. You don’t want to be looking at homes to later find out you can’t afford them. Most real estate agents now will be hesitant to show clients homes if they haven’t yet been approved because of this.

 

 3. Maxing out your spending power.

It’s a wise decision to be a little conservative when it comes to purchasing a home. Homeowners have expenses such as property taxes, condo fees and maintenance that renters looking to buy fail to take into consideration.

 

 4. Skipping the inspection.

You’re spending hundreds of thousands of dollars. You should know exactly what you are buying. Many lenders require the inspection before they approve the loan.

 

 5Overdoing contingencies.

Putting too many inspection-related contingencies can scare off the seller. Talk to your agent before submitting the offer so you’ll feel confident your interests are protected.

 

6. Getting too attached to one property.

Throughout the home buying process, buyers should be able to fall in and out of love with properties. Just because you weren’t able to get the home you had your heart set on doesn’t mean there isn’t another one out there that will perfectly fit your needs and wants.

 

 7. Buying a home if you plan to move again soon.

You don’t want to buy property and automatically assume you’ll be able to rent it out or sell it when you leave. If you have to move soon after buying, you could be putting yourself in financial trouble, paying mortgage payments on a place you no longer live in.

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