September 2021 - propertyunder20k.com

How to Fix Your House Problems with No Money

As a homeowner, you need to know that the property and the structure require maintenance and repair over time. There are unusual and strange events that could damage your home, yet they are not covered by the insurance.

Maintenance is predictable, but massive repair issues such as a non-functional septic tank and a falling roof could be troublesome if funds are limited. Read on to understand how you can fix your house problems with no money.

Home remodel loan

Home remodel loans are unsecured loans offered by financial institutions such as credit unions and banks and online lenders. Since these loans are normally unsecured, you are not required to use your home as security to qualify. The interest on a home remodel loan is based on your credit score as established by the lender. After agreeing to the terms, the lender will quickly deposit the funds into your account.

Home remodel and repair loans have lower fees and short repayment timelines compared to HELOCs and home equity loans. They are suitable for medium-size and small home repair projects such as window replacement, reinstalling a broken fireplace, and a bathroom makeover. However, because they are unsecured, these loans attract a higher interest than HELOCs and home equity loans, especially if your credit rating is low.

Some loans attract application processing fees, prepayments, and late repayment charges, so you need to be careful when choosing this financing option.

Before applying, compare the different loan lenders to identify the one with competitive fees, lower interest rates, quick payouts, and friendly terms of repayment.

Use a cash-out option to refinance

Some home repairs such as mold remediation, roof replacement, and ponding, and grading issues require urgent attention but are quite costly. You may consider the cash-out option to get the money fast and lower the interest on your home loan. Refinancing is all about swapping a loan with another loan, especially under the mortgage agreement. A cash-out option is ideal for financing a costly home repair and can act as a way of securing a new and better mortgage. You can use the additional mortgage money to cover the repairs.

With the cash-out refinancing option, you will have to pay for origination fees, appraisal fees, taxes, and related costs. Refinancing translates to extending the loan repayment period, so this option is only ideal for securing a lower rate of interest. To illustrate the refinancing option, if the outstanding amount on your mortgage is $200,000, you can take out a $250,000 loan. The initial $200,000 will replace the previous balance and the difference ($50,000) is available in cash. Interest is payable on the entire amount, but it is easier to access funds on demand.

Find community aid or government assistance

If the home damage is caused by a natural disaster, you may qualify for financial help under the Federal Emergency Management Agency (FEMA). Otherwise, you may check your eligibility for a community aid program in your area. Some local agencies and states offer grants and loans to homeowners for home repairs, although you must adhere to income requirements to qualify. Research your options through the Urban development and the U.S. department and understand their terms and conditions.

Being stuck with expensive home repairs may be overwhelming and stressful but exploring options may help you to avoid swiping your credit card. A credit card interest is higher than interest on HELOC, community loan, government loan, and home equity loan.

Leverage home equity

The portion of the home that you own is an excellent option for paying for emergency home repairs. 20% equity can qualify you for either a home equity line of credit (HELOC) or a home equity loan. With the equity line of credit, interest on the loan is payable only to the extent of the repair cost. For instance, if you borrow $30,000 HELOC and the home repair costs $26,000, the interest on the remaining $4,000 will not apply since this is not part of the loan. However, with a home equity loan, you borrow some amount and pay interest on the sum.

HELOCs and home equity loans are simple to qualify for, and their interest is lower than that attached to other types of loans. These options are a great first resort, especially if you are having difficulties financing a repair. Other financing options such as the home tap could enhance access to a loan in cash in exchange for sharing your home’s appreciation. The lender will make money as your property appreciates and shares the loss if the property value declines. Either way, monthly payments are not required as in the case of the ordinary home equity loan.

Credit cards

Credit cards are ideal financing options for doing minor repairs such as installing a closet system or upgrading your bathroom. Some cards attract no interest in the first few months, which is a good reward for someone struggling to raise repair funds. With an introductory interest-free card, you may finance the home improvements free of interest. Other cards come with cashback rewards depending on the amount spent on renovation- spending more on renovation could earn you more cash back.

Using a credit card to finance major repairs is not advisable because of the need to pay the balance before the expiry of the introductory offer. Otherwise, it could attract a high-interest rate compared to what applies to other home remodeling loan options. Additionally, using a regular credit card means that you must pay the whole amount within thirty days. The interest rates vary, and the amount payable as interest may go up with the shift in market conditions.

Conclusion

The choice of financing options when doing home repairs depends on the extent of damage, credit rating, and the terms and conditions of the financier. With the above financing options, it is easier to fix your home even when you have no money. Do some research before seeking financing because different financiers have varying terms and conditions. Do the repairs as soon as the damage occurs since waiting for too long could be more expensive.

Author Bio:

Leon Collier works for a well-known UK-based dissertation service where he is a blogger and academic. He takes up every new topic as a challenge and goes the extra mile to make the paper satisfactory. Other than writing, his interest is in reading books and playing tabletop games with his friends. You can reach him via Twitter @LeonCollier12.

Photo by Tierra Mallorca on Unsplash

How To Estimate Your Rental Property’s Operating Costs

Owning a rental property can be a quite lucrative investment. You are essentially able to build your assets, while having someone else foot the bill and cover the costs. But it’s important to get a full picture of what all of those costs may be, so you aren’t caught off guard and left in the red at the end of each month.

There are both regular monthly expenses that you’ll have to cover, as well as variable costs that can be recurring and anticipated or that can be unexpected. It’s important to plan ahead, especially when it comes to unexpected costs. Let’s take a look at what to expect from month to month.

Fixed Monthly Costs

Of course, you’ll have your mortgage costs to cover each month but what else should you anticipate paying out on a regular and ongoing basis?

Utilities

You’re going to have utility costs no matter what. But, depending on how your property is set up and where it’s located, those costs can vary quite significantly. When looking to invest in a rental property, remember to factor in the type of utilities you’ll be paying for and how that may change how much you set the rent at. Another big factor can be your tenants themselves, if they make use of their heat, hydro and water flippantly and without restraint.

Property Taxes

The good thing about property taxes is that you generally know what you’ll be paying out each year at the beginning of the year, making it easier to plan ahead. Property taxes can fluctuate greatly based on where you are located, so be sure to get this information before you close the deal on your rental purchase.

Insurance

While your renters can take care of their own renter’s insurance to cover their personal property, as the homeowner you will want to have your own insurance to cover the home itself. Your location will determine what type of coverage you may want to consider, based on what you may be prone to experiencing, such as earthquakes.

Variable And Unexpected Costs

You never know what the next month may bring, so it’s essential to plan ahead and keep a portion of the monthly rent collected aside for the unexpected. Here are just a few of the variable and hidden costs that you may be surprised with unexpectedly.

Gaps In Tenancy

While you have typically got anywhere from one to two month’s notice to replace a tenant, depending on your rental agreement, you may find yourself in the situation where that still isn’t enough time to find a suitable replacement to occupy your rental. If this is the case, you’ll be left to cover 100% of the costs until someone moves in. Before you purchase a rental property, realistically look at whether you can cover the costs of this if it sits vacant for any length of time.

Regular Maintenance

Landscaping, snow removal and routine clean up have got to get done. You can either take these tasks on yourself or you can outsource the work to someone else. Keeping up with your regular maintenance helps keep the value of your asset growing and prevents the property from falling into a dilapidated state.

Appliance Repair

Regular maintenance of appliances can help prevent a major repair, but as with anything, they are almost certain to break down at some point. Being prepared to either repair or replace a broken appliance expediently is important in maintaining a good tenant-landlord relationship, and in preventing your tenants from moving out if they aren’t provided with proper working appliances.

Emergencies

The unexpected always seems to happen at the worst possible time; Furnace decides to stop working at the first cold snap or the air conditioning breaks down in the middle of a heatwave. Having some of each month’s rent set aside in an emergency fund means, even though you may not be expecting an emergency to pop up, you’ll have the funds readily available to take care of things.

Planning ahead for your monthly rental property expenses can make becoming a landlord a very profitable endeavor. Remember that your rental property is a long-term investment that you will have to maintain properly in order to preserve its value and help it grow as an asset.

About the author

Emily Henry writes about property maintenance for EssayRoo and Buy Essay Online, as well as contributing as a tutor at BigAssignments.

Image by Michal Jarmoluk on Pixabay

How to Reinstall a Broken Fireplace in 7 Steps

Whether gas or wood-burning, fireplaces are a cozy feature representing an epitome of the home for many homeowners. Yet, the masonry joints and brick may start to crack at some point, and this is an early sign that the fireplace is going to ruin. Repairing these cracks in the fireplace can help you save thousands of dollars in future repairs and ensure your family’s safety, as it reduces the possibility of a fire outbreak through the chimney.

Leaving those small cracks unattended during the summer may lead to very large cracks when spring comes knocking, and it becomes more complicated. Letting these large cracks in your outer brick will allow rain, ice, and snow to get inside. The water finds its way through the flashing and the outer brick and may even go farther into the flue, and this causes far more damage.

You can prevent this large damage by repairing the fireplace as soon as you notice it has broken with the following seven steps.

Tuckpoint the brick mortar

Bricks are held together by mortar, but smooth and solid mortar may become battered due to other elements, and it starts crumbling. Mortar always deteriorates first because brick is harder. Tuckpointing or repointing allows you to scrape out the crumbly part and replace it with new mortar.

You need a joint raker to scrap the weak and loose mortar and leave the good one in place. Then, use a garden hose to spray the brick down and leave it for 30 minutes and allow the roof to dry before continuing work.

Mix up another batch of mortar till it has enough consistency and use a pointing trowel to press it into the cracks to match the existing mortar’s look. Finally, use a tuckpointing tool to smooth the joints down.

Caulk around the crown and the flue

One way water can enter and cause damage in your home is the point that joins the crown and the chimney flue. Typically, it takes a while for gaps in this area to form, and water that gets to this point flows down through the flue’s sides.

Clean out the debris, such as loose mortar and moss using a wire brush, and fill the gap with a complete caulk bead using a high-heat mortar tube and a caulk gun.

Patch cracks around the large crown

The crown is the sloping cap at the top of the fireplace. It’s there to protect the masonry and prevent water from staying over the top. When the crown starts to crack, this may give you more problems than those at the vertical section because water, snow, and ice quickly gather inside.

If you have large cracks with a diameter between 1/8 and 1 inch around the crown, you can repair them using a pre-mixed mortar or cement patch. Use a squeeze bottle to inject the crack with your repair mix, or you can use a putty knife to force the repair mix in. Typically, it takes between four and six hours for it to cure, but wider cracks may require a longer time.

Use a sealant to patch hairline cracks.

Hairline cracks, also known as spider cracks, are not treated the same way as large cracks because the mineral particles inside the mortar or patch are too large, so they can’t fit into the narrow space of the hairline crack. The solution to this problem lies in using a masonry sealer with a highly liquid consistency capable of penetrating through the hairline cracks.

A bonus point is that this product seals up other porous parts of the crown and prevents additional hairline cracks. Scrape off loose particles with the corner of your putty knife but be careful not to enlarge the cracks. Then use a brush to apply the sealer.

Repair cracked bricks

A caulk gun and high-heat mortar may repair chimney bricks with one or two small cracks. First, use a screwdriver or the edge of the putty knife to clean the crack. Then use a wire brush to sweep clean the crack. Next, squeeze high-heat mortar as far as you can into the crack.

Generally, unless it is a large crack, the mortar is unlikely to extend very far. So, with a glove on your finger, clean the mortar off the crack, and clean the areas surrounding the crack with a rag.

If the cracks on the brick are clean hairline cracks, you can close them up using a masonry sealer and a brush.

Replace cracked bricks

If the bricks are severely damaged, you should remove and replace them. You can do this carefully without affecting the adjacent bricks. Use a flat-head screwdriver or masonry chisel to chip off the mortar from the bricks slowly. Boreholes through the mortar, with a masonry bit and a drill, speed up this process and reach farther back.

After you loosen the brick, pull it out with your hand and chip off the residual mortar from adjacent bricks with your hand to smoothen it. Butter all the sides of your replacement brick with a small trowel (except the back or front). Then gently push your replacement brick into place. Center it in a way that all the seams have equal width. Take off excess mortar and use a tuckpointing tool to smoothen the joints.

Check the draught

You can do this by lighting a candle and holding it in front of the fireplace opening. It should draw smoke and flame up the chimney. Otherwise, it means the chimney is not well capped off or blocked.

Conclusion

You may not need all of these steps for all fireplace repair projects. It may just be cursory work for minor damage. However, you must examine the fireplace entirely and carefully to determine the full extent of any damage.

Author Bio

Leon Collier is a blogger and academic writer from the UK who works with essay help online as one of the dissertation writers. He likes trying new subjects and is always focused on proving his worth in new and challenging writing areas. His hobbies are reading books and playing pen and paper games with his friends. You can reach him via Twitter @LeonCollier12.

Photo by Stéphane Juban on Unsplash

How to Prevent Making a Mistake as a First Time Home Buyer

Purchasing a house is a complicated, tiring process. Since there are lots of things to worry about, first time home buyers often make several mistakes. Before you do anything, take time to learn about the factors involved. If you want to have a great experience, follow these useful steps.

Preparation: Being Able to Afford a House

Buying a house can be much easier when you’re prepared. Failing to prepare is one of the common mistakes made by home buyers. Establishing a budget, applying for a mortgage, and having money for a down payment are the three steps that will allow you to be ready.

Budget

Houses on the market are currently set at higher prices today. Due to the skyrocketing costs, it is a challenge to find affordable options. Having a budget that works for you is crucial. If you happen to be purchasing with a partner, discuss a budget that works for both of you. When you know exactly what pricepoint of home you can afford, looking for a house is far less complicated.

Mortgage

Not everybody is able to apply for a mortgage. Without a mortgage, you can’t purchase a house. Before you shop, get preapproved for a mortgage. Not only will sellers be more likely to let you purchase, but being pre approved confirms you are able to do so. As long as you and whoever may also be involved has a positive credit score, then getting approved should be simple.

Down Payment

Another step forgotten by many is having money ready for a down payment. Even if you are approved for a mortgage, you need to pay the down payment before having ownership over the house. Down payments typically cost about 6% of your loan amount. Keeping your budget in mind, calculate what the down payment would be for you. You should have saved up for the extra costs in advance, but if not it’s time to start. Along with the down payment, there are other closing costs such as taxes. If you want to be fully prepared, save more than enough for a downpayment.

If you are able to complete those three steps, then you can afford to purchase a home. Don’t be unaware of your money situation, because that can lead to unwanted news, or embarrassment in front of sellers. When buyers have their money situation covered, they can then start to look at houses.

House Shopping: Selecting the Right Home

Finding the right house is a long journey. You have to know exactly what you want. It is a dangerous idea to settle for a house you don’t particularly like, this is because it will lead to huge regrets. Take the time to find your perfect home.

Ask Questions

Realtors are meant to inform you about anything related to the home they are showing you. If you have questions, ask them! Remember, you are the one looking to purchase a home. Become aware of what houses include, so you can quickly decide if they are potential options. Overall, questions save you time because you’ll immediately know if a particular home is meant for you.

Know Your Desired Features

When homes you’ve viewed are missing features you desire, then that’s a sign to keep searching. Knowing your desired features helps you avoid settling for a home you truly don’t love. If you want a home with a huge backyard, then don’t purchase one with a small backyard. Fulfilling every single feature you want is tricky, but you should make a list of what you want most in a home.

Keeping Budget in Mind

Don’t waste your time looking at homes that are way over your budget. Find houses you are interested in within your budget to make home shopping easier. Buyers who forget their budget often are disappointed if they can’t afford homes they’ve looked at.

Purchasing Your Home

Purchasing a home isn’t a race. It takes months, or even a couple of years for some. Eventually, you’ll be able to find your affordable dream home. As long as you are prepared and aware of what goes into purchasing a home, you are set!

Social media strategist Chrisitina Lee works at Custom essay, and State of writing. Chirsitina also writes about marketing topics on Order college paper and other sites.

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3 Tips for Choosing Cheap Houses

Getting our own house is what we wish for throughout our lives, and finding the one that suits our needs and is on a budget is like a dream come true. When buying a residential property, we seek help from brokers or real estate companies in Dubai to get our work done. At times, it might not be possible to find a home in your favorite neighborhood; however, you can find one in another area that will fit your demands. Here are three excellent tips that can help you find a home in lesser price:

Do a Survey:

As tiring as it may sound, but this is the crucial part of finding the right house. Seeing a lot of places help you decide what type of house you should expect for your budget. Doing a survey will help you redefine and readjust your demands and expectations according to your budget. Also, you will learn to differentiate if the amount the owner is asking for a house is justified or not.

Seeing too many cheap houses will help you find out the best of all. Visiting different neighborhoods will enable you to discover near areas within your city, which might be even better than the places where you wanted to live. Make sure you have seen a lot of houses before you make a final decision.

Consider Looking Outside the City:

Truth to be told, the farther you move away from the metropolitan city, the lesser house prices you will find. This does not mean that you should consider buying a far-in middle of nowhere; instead, you should consider looking into housing societies developing in the outskirts of the city.

Although they might be far from your workplace and the central city, you can get a tremendous and even newly built house at a really low price. Considering the rapid urbanization and increasing population, there are great chances of cities to expand to their outskirts which means that the value of your property will surely rise in the upcoming years. Make sure to choose wisely!

Negotiate:

Never assume that the prices listed on a website or demanded by the owner are the final price. Always negotiate strongly as per your budget. Many sellers out there have already asked way more than the actual worth of the house to get to the accurate price when the buyer negotiates.

Do not let the fear of losing the deal make you purchase a house out of your budget. You will get the place you want within the price range you have; all you need is to be patient, look for many options, make a lot of offers, and finally end up locking a deal suitable for you. Negotiating with the seller is still the best-known way of getting a house at a lower price.

The Bottom Line:

You do not need to settle for an expensive house out of your fear of not getting a place at all. Buying a home is a tricky and lengthy process, particularly if you want to buy cheap houses. Look for newly developed societies. Talk to one or more brokers to ensure that you do not miss out on any great deal. Be consistent, keep searching; your dream house must be just a few days or months away from you!

Author: Jamie Roy