As a 35-year-old to 55-year-old you are probably at a stage in your life looking to add value to your home. The need may be based on your lifestyle needs or on a need to unbundle and move onto the next phase of your life. Whatever your reason, it is a real estate secret that a fence adds value to the overall price of your home on buying, selling, or renting and is a “must-have “ for buyers with small children and pets.

The point of contention is the weighted value a fence adds to a property. The rate of investment (ROI)  can be as much as 50% or more on selling the house. The hardline truth is that a fence adds value to a property in the sense that you will get a higher price than were your property not surrounded by a fence. You will however not be able to recoup the entire cost of installation of the fence but only a fraction thereof.

A structurally sound fence that is visually appealing may uplift the appearance of the exterior of your home and that of your garden and yard. It must be cohesive with the design and style of the house. If not, it could reduce the price of the home significantly or make the home a hard sell.

Why Add A Fence?

Homeowners install or potential home buyers cite the need for a fenced-off house to:

• Create a private space far from the eyes of prying neighbors.
• Ensure children and pets do not run or wander off into the street or neighborhood.
• Protect your lawn or property from wild animals in outlying areas.
• Give your house visual appeal.
• Demarcate your property’s boundaries.
• Enhance curb appeal.
• Section off parts of your house. 
• Block out unsightly sights.
• Neighborhood trends or HOA may dictate the need for uniformity as this extends to fences.
• An unfenced in a largely fenced-off neighborhood would be an eyesore and would attract unwanted attention in terms of privacy and security not to mention the ire of the neighbors.
• Reduce noise along highways and railways by as much as 60- 80%.
• Enclose a swimming pool as per regulations.

Things To Consider When Installing A Fence

Installing a fence entails continuous maintenance through the years to extend the longevity of the fence. It is a cost you must factor in and be prepared to bear. Another factor is that your neighbor may not consent to the installation of the fence resulting in arguments and squabbles.

A fence may also hide your landscaped garden which you are proud to show off. If you reside in a wooded or rural area, a fence may injure animals trying to pass through and may be more of a liability.

The location of your home and the regional climatic conditions may also affect the materials you use. Another factor to consider is the warranty period being offered by the contractor.

Planning for a New Fence

Consider if repairing or replacing your existing fence is a viable option. Vinyl, chain link, or decorative metal fences can often be repaired at sections needing attention and does not need to be repaired or replaced in its entirety.

Wood fences often need to be removed and replaced after 10-20 years if due care and maintenance was given during this time. It not it would need to be sooner. Next, consider the utilitarian need for the fence and the access points you would require.

The next step in getting that new fence installed is to consider boundary lines, electrical lines and water connections, legal height restrictions, the available space,  permits needed to install a fence, or get a qualified contractor in to take these issues over from you.

It would also be a major boost in your favor and count towards your neighborliness to consult with your neighbor on your intention to install a new fence as he will in some way be affected by your decision. Once all these preliminary matters have been dealt with, you need to look at the type of fence you would prefer to have and the related costs involved. 

HomeGuide puts the fence installation costs at $1,500 to $3,000 for a medium yard or between $5 to $16 per linear foot. On average it would take between 30 -50 hours if DIYed and about $300+ for equipment or between 20-30 hours equipment included if professionally done. Prices are determined by materials used, length and height of the fence, and sometimes the removal and haulage of an existing fence.

Types Of Fences

Wire fencing and bamboo are some of the more cost-effective fence options available. They may not be durable in the long term. Chain link fencing is widely used and can be reinforced with barbed or razor wire.

It is reasonably priced but does not afford much privacy, is used more for security, and is not pleasing to the eye. Vines or paint can be used to cover chain-link fencing creating a chic look while hiding the starkness and industrial nature of the fence.

Vinyl as seen on many white picket fences is popular, decorative, and does not require much maintenance. It is durable and long-lasting, about five times stronger than wood, and is perfect for areas with strong winds. It is not damaged by termites, rot, fire, or fungus. It is however expensive, difficult to replace, and is prone to fading.

Wood Is good for privacy, moderately priced, aesthetically pleasing, and has a lifespan between 10 -20 years. Being an organic material it would need annual maintenance. It is ideal if used to keep pets in and can be stained to coordinate with the color of the house.

Aluminum is expensive and looks like wrought iron. It is low maintenance, corrosion-free, and gives a polished look to any house. It is however not as durable in some environments. Wrought iron is expensive to install with an average price range of $1,252 – $4,313. It is highly decorative making a house look classier but is high maintenance needing regular treatment against rust.

The ultimate fencing option is brick. It is long-lasting, expensive, and gives the most amount of privacy. Despite its initial cost, it may in some instances work out to be more cost-effective in the long run.

Hiring a Contractor

Make sure the company is reliable through verifiable references or favorable reviews. The company record should also indicate experience and it should possess the necessary licenses.

There should be a high level of workmanship and the pricing should be fair. The company should have professional tradesmen on its workforce and it should comply with the necessary legislation.

The Market Value Of Your House from iBuyer

Traditional house sales need a realtor who in an effort to win your business over-inflate the price of your house. This increases the time it takes to get an offer, which when received more often than not is loan-based and subject to approval.

There are stressful repairs and upgrades that you handle all the while keeping the house clean and stage-ready. Not to forget the endless and futile stream of people flowing through your house affecting your life and lifestyle. You are further subjected to the wait on paper and closing dates and realtor commissions between 5-6% need to be considered.

Looking to sell your house fast and hassle-free or just curious about the market value of your home.

The real estate industry has made undergone various changes of late. A novel type of buyer has emerged. iBuyer, or instant buyer, is a buyer who offers a faster, more efficient, and convenient way to sell your house saving you time and money.

Simply set up your iBuyer instant offer account, enter your address, verify home details such as location, age, size, and finishes, and appliances in your house. Using big data and statistics from local and national real estate markets, the online home value assessment will give you the best fair market value of your house.

Within 24-48 hours iBuyer then offers you an instant cash deal so there is no need for a loan. Should there be a need to repair or upgrade, you could elect to do so yourself or let iBuyer do the repairs or upgrades with expenses coming out of the sale of the house.

iBuyer bears the risk of giving you instant liquidity by buying your house and selling it as part of its inventory. The offer is less than that on the open market because the offer is cash-based. Costs are transparent and upfront so you know exactly what is involved.

Usually, iBuyer costs are 10% of the fair market value of a house. Closing dates are fast and flexible giving you moving options suitable to you.

For a free no-obligation market value of your house visit iBuyer, your trusted local and nationwide cash buyer and seller.

The post Does a Fence Add Value to Your Home? appeared first on iBuyer Blog.

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The housing market can be a bit of a nightmare, particularly if you’re looking to sell. Low-balled offers abound and determining the true market value of a home can be tricky. Oftentimes, individuals struggle to find offers that break the threshold of what they initially paid for the house. In such a case, one of the simplest and most effective ways to increase the value of a property is to install a deck.

Don’t know what your property is currently worth? Check out this Home Value Estimator for a no-obligation estimation!

Benefits of Installing a Deck

Even if you’re looking to stay right where you are and continue enjoying your home, uninterested in selling, installing a deck can be a valuable investment. It can provide a sense of atmosphere and community when used for friendly get-togethers and family events, or a sense of privacy and solitude for personal quiet time outdoors. Either way, it in some regards serves to extend the square footage of the home by creating a comfortable space for activity where there wasn’t one before.

As previously mentioned, installing a deck is one of the most cost effective means of increasing the value of a property prior to putting it on the market. According to the 2019 Cost vs Value Report by Remodeling, deck installation is the fourth most valuable home addition in terms of the average cost of the job compared to the average resale value and overall recuperated costs. In 2019, the average cost to install a wooden deck complete with railings and a built-in bench was $13,333, while the average resale value was $10,083. This leaves the recuperated cost at 75.6%.

The installation of a composite deck, rather than a wooden one, cost an average of $19,150 and resold for an average of $13,232, leading to a recuperated cost figure of 69.1%. A percentage drop of 6.5% might appear to seal the deal of which deck is the better option financially, but these numbers only represent upfront costs. For example, a wooden deck requires significantly more upkeep than a composite one, including requiring re-staining every two to three years as recommended. Re-staining can cost upwards of $700 per staining. Depending on the length of time between the installation of a wooden deck and the home’s resale, upkeep expenses can add hundreds if not thousands to the total amount spent.

Home Investments and Risk Assessment

Taking a step back from the nuances of wooden decks versus composite, it’s important to acknowledge such figures might initially come across as less than ideal investments regardless of the type. To put these expenses into context, out of the twenty-two home improvement projects assessed by Remodeling in the aforementioned report, the average recuperated cost was 68.6%. While the figures may not wholly represent the total amount spent, as they don’t include upkeep, they nonetheless illustrate the nature of home additions in general from a fiscal perspective. Plainly put, costs aren’t often recuperated at a rate of 100%. 

That being said, the figures presented were from 2019 specifically. In other years, namely 2016 and 2018, the average recuperated costs as determined by Remodeling were 106% and 80% respectively. With the top most cost effective home improvements averaging less than a 70% return on investment, the addition of a deck is appealing as it has the potential to actually exceed the amount spent depending on timing.

Many would argue home additions inherently have a degree of gamble to them. The housing market ebbs and flows; certain expenses may inflate; unexpected upkeep may prove costly. However, with research, planning, and flexibility, they can provide a great return on investment. This in mind, deck installation continues to be one of the top most valuable home additions in terms of increased market value, despite recuperated costs waxing and waning over the years.

Adding a Deck Increases Curb Appeal

Aside from the expenses involved, adding a deck to your home may increase curb appeal and reduce the amount of time taken to make the sale. According to the 2019 Home Buyers and Sellers Generational Trends Report by the National Association of REALTORS® Research Group, breakdown of buyers by generation shows Millennials leading the pack at 37% of the market. Decks can be appealing to potential buyers of any age, however Millennials in particular appear to be interested in acquiring a property featuring this desirable addition. By appealing to the largest share of the housing market, a seller’s chances of receiving a high return on investment gain momentum. 

Factors To Consider Before Installation 

Another aspect to consider regarding deck installation is the home’s geographic location. Overall, locations with more favorable weather conditions tend to benefit the greatest from this home addition. Houses in states such as California, Florida, and Hawaii have the highest demand for outdoor decks, in part due to their warm weather. That doesn’t mean if your property isn’t located in one of those states that it won’t be a worthwhile expenditure, it just means climate is a factor worth considering. Although, smaller scale additions to a deck in cold weather locations, such as a fire pit, may make all the difference for potential buyers. Such additions serve as reminders that an outdoor deck can be enjoyed year round, and not just in the spring or summer.

As previously touched on, timing plays a role in recuperating costs. For those looking to sell immediately, a wooden deck is the most cost effective choice as it costs less up front than a composite one. Costs would begin to increase, however, if the home weren’t put on the market quickly and upkeep expenses began to accrue. For those looking to sell six or more months after installation, a composite deck is the better choice. Composite may be more expensive upfront but is more cost effective long-term due to not needing the same degree of upkeep as a wooden one. For those living in particularly cold and snowy locations such as North Dakota, Maine, or Minnesota, regardless of timing, a composite deck is the preferred choice as even the sturdiest wooden decks will wear quickly beneath regular and heavy snowfalls.

Different Types Decks

There are a number of different styles or types of decks, including a detached or island deck, multi-level, swimming, attached, wraparound, and side-yard. Which to choose depends on personal preferences as well as the size and scale of the home and yard in question. The styles which best suit larger properties are detached or island, multi-level, and swimming decks; the styles which best suit smaller properties are attached, wraparound, and side-yard decks.

Here’s a shortlist of the different types:

• detached or island
• multi-level
• swimming
• attached
• wraparound
• side-yard

Not Selling? Benefits of Adding a Deck to Your Home

For those not looking to sell their property and instead install this home addition for their own use and benefit, National Association of REALTORS® Research Group created a quantification referred to as the Joy Factor. Based on a questionnaire, the Joy Factor seeks to measure how much personal joy or contentment is gained by homeowners through the addition of a specific home improvement. The scale is from 1 to 10, with 1 being the lowest and 10 being the highest. In 2016, the Joy Factor of a deck was 9.6; in 2018, the Joy Factor was 9.7.

Beyond the realm of selling, there are a number of reasons why a homeowner may choose to install this outdoor home addition. The number one reason identified by the National Association of REALTORS® Research Group study from 2018 was adding features and improving livability at 48% of responding participants indicating as such. The second most common reason, at 37%, was to upgrade worn-out surfaces, finishes, and materials. 

Potential Limitations

Lastly, prior to making the decision on whether or not installing a deck is the right choice for a property, local codes and homeowners association specifications are worth looking into. Local codes typically have size, safety, and/or structural requirements which are particularly important for those looking to build a deck themselves and/or without professional assistance. Furthermore, some homeowners associations may have guidelines in place to moderate specific materials, finishes, and/or features. Both are worth checking out to make sure a future deck is both safe and code compliant.

In short, the decision on whether or not to install a deck involves the consideration of many factors. From the potential up front costs and upkeep costs, to the various types of materials and styles, to the feasibility of building certain types of decks in certain geographical locations, the decision may not be the most straightforward one. However, for those interested in undertaking a largely secure and predictable means of increasing the market value of a property, deck installation is a reliable and well-founded option. Even for those not looking to sell, the addition of this home improvement has demonstrated widespread appeal. Whether improving livability or upgrading the backyard, such an endeavor most frequently proves beneficial, worthwhile, and downright enjoyable.

If you’re interested in increasing your home’s value but aren’t sure what its current value is, or are currently looking to sell, be sure to check out this Home Value Estimator for an estimation and no-obligation cash offer.

The post Does a Deck Add Value to a Home? Make Sure Your Deck Is Worth Its Cost appeared first on iBuyer Blog.

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The minimum down payment requirement for a home in Florida ranges from 3% to 20%, depending on the loan type and credit score. The down payment for a house in Florida is arguably one of the first things you think of when buying a home there.

Specifically, you may be wondering what amount of money you need to set aside for a down payment or if there are options available that let you purchase without making a down payment.

This article looks into the down payment requirements for a home in Florida for different types of loans. It also discusses how your financial situation determines the types and amount of loans you can get. Finally, it lists the requirements and documents needed for conventional mortgages in Florida.

How Much Is Down Payment for a House in Florida?

Down payments offset lenders’ risk because they commit the buyer. Suppose you make a down payment of $30,000 to buy a home. You now have a strong incentive not to default on your monthly mortgage payments because you don’t want to lose the $30,000 if the lender forecloses on your home.

The average down payment on a house in Florida varies with different loan types. The following are the main types of loans and the down payment you need to pay for each.

• Conventional Mortgage Loan. This is the most common loan type. Their minimum down payment requirement for traditional mortgages is 3–20%. However, lenders might require you to pay a larger down payment if you have too much debt or a bad credit score (lower than 620).
• USDA Loan. This is a government-backed loan designed for purchasing a home in a qualified suburban or rural area. USDA loans don’t come with a minimum down payment requirement.
• VA Loan. This is a government-backed loan that’s available to former or current members of the National Guard and the Armed Forces if you’re eligible. If you qualify for a VA loan, you can purchase the home with no money down.
• FHA Loan.This is a government-backed loan with a minimum down payment requirement that’s lower than that of conventional mortgages. If you can put down at least 3.5% at closing, you can get an FHA loan to purchase a house.

Need Help With The Down Payment?

If you need help with the down payment, you can use a down payment assistance program in Florida for low-income or first-time buyers. These programs are usually governmental grants or second mortgages with forgiven or deferred payments. Here are a few things you should know about Florida’s down payment assistance programs.

• The 3-Percent HFA Preferred Grant provides a non-repayable grant that covers 3% of the price of a home.
• The Florida Assist program provides an interest-free second mortgage of up to $7,500. This amount usually only falls due when you refinance or resell.
• The Hardest Hit Fund DPA provides residents of certain counties an interest-free five-year loan of up to $15,000. However, 20% of that loan is forgiven every year, meaning you don’t have to repay anything if you’re in it for the long haul.
• HUD offers various alternative programs.
• More details are available at the Florida Housing Finance Corporation’s website.

What is a Conventional Mortgage Loan?

Conventional mortgages are loans from lenders in the private sector, meaning the federal government doesn’t back them. These loans follow Fannie Mae and Freddie Mac guidelines and they’re the most common, accounting for about 60% of all applications for mortgages.

A conventional mortgage is referred to as a conforming loan if it sticks to the financing limits established by the Federal Housing Financing Authority (FHFA). In contrast, non-conforming loans (jumbo loans) exceed the FHFA’s limits for conventional mortgage loans.

Non-conforming loans can be a suitable option for you if you want to buy a larger home and are prepared to make a large upfront payment. However, keep in mind that the interest rates and down payments for non-conforming loans are usually higher than those of conforming loans.

You can use conventional loans to buy almost any type of property, including modular homes, warrantable condos, multifamily residences and manufactured homes. Furthermore, conventional loans don’t impose owner-occupancy requirements like government-backed loans, making them ideal for investment properties or second mortgages.

Your Financial Situation Determines the Types and Amount of Loan You Can Get

If you plan to buy a home using a mortgage loan, you must understand what options are best for you, given your financial situation. The financial factors that determine your options include:

• Your Credit Score. Your score must be 620 or above for you to qualify for most conventional loans. There are some low-credit options available. Still, if your credit is low, you need to start fixing it as soon as possible.
• Debt-to-Income Ratio. Most lenders require that your debt, including future mortgage payments, not exceed 36% of your income.
• Down Conventional loans require a down payment of at least 20%.
• Closing Costs. You’re typically required to pay 2–5% of the sale price as closing costs. This amounts to $5,948–$14,870, given the average sale price of a home in Florida is $297,390. Closing costs are typically out-of-pocket expenses, so make sure you have enough saved.
• Homeownership Costs. Homeowners in Florida spend about $3,599 in maintenance costs annually. These costs vary, though. Generally, you should set aside %1 of the value of the home for repairs and maintenance.

Future Mortgage Payments

One of the essential initial steps of buying a home is determining how much you can afford in mortgage payments. Lenders use the 28/36 rule to decide whether or not you qualify for financing:

• Your total housing costs, including future mortgage payments, should be 28% or less of your monthly income.
• Your monthly debt payments should be 36% or less of your monthly income.

So, working with the median income in Florida ($4,622), the potential mortgage payment for the average Floridian should be around $1,294 (28% of $4,622).

Debt-To-Income Ratio

Lenders need to be sure that you can afford to pay your monthly mortgage payments. They determine this by calculating your debt-to-income (DTI) ratio, inclusive of the mortgage payments.

The lower your DTI ratio, the more likely lenders are to approve your application for a mortgage. However, having a high credit score can improve your chances. Generally, you want to keep your DTI under 36%, even though some lenders have been known to give mortgages to borrowers with a DTI ratio of up to 43%.

You can calculate your DTI ratio by summing all your recurring monthly debt payments, including the estimated mortgage payments, and dividing the sum by your gross monthly income. Recurring monthly debt payments include:

• Estimated mortgage payment
• Auto loans
• Child support or alimony
• Student loans
• Personal loans
• Minimum credit card payments

Closing Costs

Meeting the legal requirements for closing a real estate transaction involves several services, all of which cost money. The seller is required to cover some of the closing costs. However, the buyer is typically required to pay for most of the out-of-pocket closing costs.

• Property taxes
• Title insurance policies and fees
• Inspections
• Loan application fees
• Homeowner’s insurance
• Appraisal fees

These costs are usually 2–5% of the loan amount.

Requirements and Documents Needed for Conventional Mortgage in Florida

Here are a few more things you need to be prepared to cover with your loan officer when your meet to discuss conventional loan options for buying a house in Florida.

• When you apply for a conventional loan, you need to provide the lender with documentation that details your financials, including your assets and income.
• Assets and Income. Lenders review the documents, such as investment account and bank statements, to determine whether you can afford the down payment and closing costs.
• Private Mortgage Insurance (PMI). If you pay a down payment of less than 20% for a conventional loan, you’re required to pay PMI, the cost of which is 0.5–1%of the loan amount, payable annually. PMI varies depending on your credit rating.

The documents required to qualify for a conventional mortgage include:

• Government-issued identification
• Credit report
• Two years’ worth of employment information and W-2s
• Two to three years’ worth of income tax returns
• Two to three months’ worth of bank and investment account statements
• 30 days’ worth of pay stubs
• A list of assets and liabilities
• Signed and dated IRS Form 4506-T
• Gift letter (if using gift funds)
• Bankruptcy/discharge papers for any documented bankruptcies
• Renting history
• For self-employed Borrowers: proof of income, a list of all business debts and a current profit and loss statement.

Protect Your Financial Records

If you own a home and plan to relocate to Florida, selling your current home for the right amount is one of the crucial steps to the relocation process. Find out how much your home is worth fast and for free by entering your address, and you’ll get an instant, accurate estimate.

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Buying a foreclosed home in the Sunshine State of Florida can be an excellent investment for rental investors or the average homebuyer. Not only do you receive a home at a massive discount, but you get to close sooner than you would on a traditional home sale.

If you are curious about how to buy foreclosed homes in Florida, then you came to the right spot. In this brief Florida foreclosed home buying guide, we will go over the foreclosure process and a great alternative to buying or selling a foreclosed home!

What Is a Foreclosed Home?

A foreclosure is when a property has gone through a process where the lender tries to recover some of the past due payments from the property owner who defaulted. The lender will then sell the property at a foreclosure auction for a lower price to recoup their loss and get the home loan off their books. If you want to know how to buy foreclosed homes in Florida, you will need to understand the foreclosure process.

How to Buy Foreclosed Homes in Florida

The foreclosure process for buying a foreclosed home in Florida starts through the judicial process. This means that the lender files a lawsuit in the state court, and depending on the size of the court docket, it could take between 180 to 200 days to force the foreclosure. The timeline can take even longer if the homeowner contests the foreclosure.

Just like any lawsuit, there are court filings, preliminary hearings, summons, and other court etiquettes that can slow down the process even more. Once a summary judgment is in place, the foreclosure sale is scheduled within 30 to 60 days.

Banked Owned Properties

Bank-owned properties or real estate-owned properties are foreclosed properties that have failed to sell to a third party at the auction. There are several different reasons why a property might not sell at an auction.

For example, if a bid fails to cover the foreclosure judgment, then the sale falls through. When this happens, the banks will hire a real estate agent to sell that property.

Florida Foreclosed Home Buying Tips

During the pre-foreclosure process, it is best to try to reach out to the seller’s representative or the homeowner. Although this may be an uncomfortable conversation to have with the homeowner during this challenging time, talking to the homeowner directly will help you understand the home’s current condition.

You also will most likely have a better understanding of what is owed on the property as well. If you have a real estate agent, they can reach out to the homeowner or seller on your behalf. There is a chance you may receive a discounted price when reaching out to the seller directly.

Inspect the Property

If the seller’s real estate agent or the homeowner is willing to entertain your interest in the property, you should try to set up a time to inspect the location. Although this is not always guaranteed, it is worth a shot.

If the homeowner is motivated to sell now and they are still early in the pre-foreclosure process, the homeowner may allow you to bring your own inspector to have a look. With your inspector on-site, you will have a much better idea of the exact condition the house is in.

Have Financing Ready

If you reach out to the homeowner early enough in the pre-foreclosure process, you might be able to make them an appealing offer. Before you make that offer, make sure that you have the proper financial means in place so you can close quickly.

If you close quickly, be forewarned that you will forego any repairs made by the seller. If the homeowner accepts your offer, make sure that you reach out to a real estate attorney right away to ensure that there are no complications.

How to Buy a Foreclosure in Florida at an Auction

When properties are sold at a public auction in Florida, the auction must be advertised to everyone in the general public. The advertisement must include the place, time, and date of the auction. The highest bidder will win the auctioned property.

Although winning property at an auction is an exciting time, you must consider the risks that you will now bear. At the time of sale, you will need to pay for the property.

Any issues with insurance, taxes, or the title, will be your responsibility. If any tenants or people live at, on, or in the property, you will also need to take responsibility.

Benefits and Risks of Foreclosures

One of the main benefits of buying a foreclosed home is the cost-saving benefit. Depending on the current market conditions, you can expect to purchase a home for considerably less than other homes on the market.

The risk of buying a foreclosed home is the condition of the house. All foreclosed homes are sold as-is, and you won’t be able to walk through the property before the purchase.

If you have a seller or a homeowner who allows you to walk through, take advantage of that. As mentioned earlier, most foreclosed homes don’t allow walk-throughs.

Another risk of purchasing a foreclosed home is the possibility of vandalism. These houses may sit unoccupied, without any air conditioning or heat for weeks which leaves them susceptible to vandalism or squatters.

Ensure that you have more than enough funds to bring the home back up to code and make sure it is ready to move in.

These types of homes may sound like a better idea for real estate investors who do a lot of fix and flip projects. First-time homebuyers can also benefit from purchasing a foreclosed home, but a lot of work may need to be put in.

Where to Find Foreclosed Homes

There are several different resources available for you to use when looking for foreclosed properties. For example, you can check out bank websites for their list of REO properties.

The United States Department of Housing and Urban Development, also known as HUD, also has lists of homes available for purchase. HUD houses have available foreclosures and homes available from different government agencies. There are also a few real estate companies that list their available foreclosures online.

First-Time Homebuyer Foreclosures

If you are a first-time homebuyer considering buying a foreclosed property, you will want to know about it. For example, you will want to ensure that you follow the steps that anyone wishing to purchase a foreclosure would follow. For example, obtaining the proper funding.

Make sure that you have a pre-approval letter or cash available to make an offer on the home. You will also want to conduct a title search on the house to ensure there is no second mortgage.

People who face foreclosure may take out a home equity line of credit, also known as a HELOC, to help pay their bills or catch up on payments. With these lines of credit, the home is the collateral.

This means that you may have to give up the home even when the house sells because of a previous obligation. Ensure that you have a real estate agent on your side to help you work through this process so that everything goes smoothly.

Alternatives to Florida Foreclosed Homes

Regardless of whether you are looking to purchase a foreclosed home in Florida or face foreclosure, there are other options available for you. You have the opportunity to sell the house as-is to an interested real estate investor, or you can try to sell the home on the market yourself.

It is crucial that you exercise great care if you try to sell a home on your own. If you run out of time, you may face foreclosure from your lender. If you are in a rush to buy or sell a home, you can also reach out to an iBuyer for additional help.

What is an iBuyer?

An iBuyer, also known as an instant buyer, is a company with significant financial backing and resources to give you an all-cash offer. They use artificial intelligence and big data to generate an offer based on the valuation of your property and any information you input in the application.

You typically will hear back within a couple of days from the iBuyer, and they may have additional questions about your home. They may ask about any renovations, updates, or if your home has a pool. The type of questions they ask depends on the iBuyer you decide to partner with. 

Sell Your Home Today!

Now that you know how to buy foreclosed homes in Florida, it’s time to look into the alternative. If you are interested in selling and buying a home as quickly as possible, you can reach out to an iBuyer!

The post How to Buy Foreclosed Homes in Florida appeared first on iBuyer Blog.

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You’ve found the perfect older home on the market. And the best part is the sellers accepted your offer. Now all you have to do is get it inspected to make sure nothing’s wrong with it.

But did you remember to get an asbestos test? What is asbestos? How much does asbestos testing cost?

These are the questions that you might ask yourself when purchasing an older home. Asbestos is a material that contractors used a lot for insulation in older homes. The only problem is that it causes high rates of cancer.

So how much does an asbestos home inspection cost? Read on to find out!

House Size

The problem with asbestos is that it eventually flakes off into small particles that people accidentally breathe in. This is when there’s a risk of developing certain types of cancer. But materials aren’t all going to age at the same rate.

This means that just because it’s not lacking off in one area, that doesn’t mean it won’t be in another. And in older homes, you want to be extra sure that asbestos isn’t going to be an issue. For this reason, it’s important to do multiple tests throughout a house.

A thorough test is important to protecting the health of your home and your family. So you want to take samples from multiple areas throughout your home. This is the only way to be sure asbestos won’t be an issue for you. 

This also means that the bigger your house, the more tests the inspector will need to do. It means that your inspector will need to take more time to collect samples from your home. This is going to add to both your labor and material costs.

In other words, the larger your home, the more expensive your tests are going to be. This is one reason why a test can cost as low as $90 or as high as $2,000. If you have a large house, then expect your asbestos inspection cost to be at the higher end of that scale. 

If your house is small, then you can probably expect it to be on the lower end of that scale.

Accessibility

The next thing that’s going to affect asbestos inspection prices is how easy certain areas of your home are to access. The inspector is probably going to want to go into multiple areas around your house. This includes certain rooms and sometimes the attic. 

They do this to identify areas that may be at a higher risk of exposure to asbestos than others. This helps them identify areas to get samples from. It also gives you an idea of how likely it is that you might have a problem.

They’ll constantly be looking for any signs of asbestos as they go about their inspection. This will be good knowledge to have to prepare yourself for the results of your test.

The question is how easy is it to inspect your attic? Is it walkable or do you have to crawl through it? This is going to determine the accessibility of your home.

The easier it is for your inspector to do their job, the lower the labor cost will be for you. This is because the inspector can get out and move on to their next inspection quicker if they can get in and out of your house fast. This is also another reason why asbestos tests for larger houses cost more.

You may also have additional issues that you can’t resolve if there are areas in your home that your inspector can’t reach. It could mean that there is asbestos in your home that’s going completely unnoticed. Expect these more complicated houses to be on the higher end of the price scale.

Type of Test Used

The next thing that is going to affect asbestos inspection prices is the type of test that’s used. There are a few different types that are commonly used for this purpose. Each one of these is going to have its own processes and costs associated with them. 

Air Test

The most common type of asbestos test is an air test. This is also one of the easiest types to perform. This is generally recommended if your inspector finds any damaged materials that contain asbestos during their inspection.

This test will take a sample from the air. If there are any particles of asbestos in the air, this test will detect them. Remember, the biggest problems with asbestos happen when someone inhales or ingests it. 

So if there is a potential that these materials could cause a problem for your family, then it’s best to know about it as soon as possible. That’s why the air test is so important. It will let you know if there’s a problem in the air with asbestos so that you can take care of it quickly.

The air samples should be from multiple areas inside the house to ensure there are no issues. This is why these tests can cost between $200 to $800. The average cost, however, is $500 for a normal-sized home.

This is sometimes on top of the additional cost for the general asbestos inspection. If this is the case you could end up paying twice that for an asbestos inspection. Again, this is going to depend on the size of your home and the complexity of the job.

Water Test

The next type of test that might be performed at your home is a water test.

In some cases, asbestos was used in piping materials in older homes. The problem is that these pipes can corrode and expose your water system to asbestos in the process. This can easily lead to you and your family ingesting dangerous amounts of the material.

Fortunately, such piping material is what an asbestos home inspector will look for while they’re at your house. If they have reason to believe that your home has these materials, then they’ll probably perform a water test while they’re there. This will examine the water in your home for the same small particles that you might find in the air.

This test is easier to use, so it costs a little bit less than the air test does. This is generally going to cost between $100 to $300. 

Again, this is sometimes going to be in addition to the cost of the general asbestos inspection. But considering how many homes were built with this material, it’s important to make sure it won’t be a problem before you move into an older home. 

This water test is just one of the many ways an asbestos inspection can keep your family safe.

Other Testing

Other, more complicated tests can be done when there are concerns about asbestos too. Some inspectors may want to subflooring or wall insulation. The price of such tests is going to vary greatly depending on how complicated they are.

Then there’s a type of test called a Type 3 asbestos test. This will be done if asbestos is found inside the home. Its purpose is to create a plan for asbestos removal.

Once the asbestos treatment has been completed, then your home should be safe again. This type of test and treatment costs an average of $1,200.

Are You Able to Bundle?

The last thing that can affect the cost of your asbestos test is by bundling it if you can. This can be done if your general home inspector can also do asbestos tests. Some home inspectors will be able to save you some money if you do this.

The reason it’s cheaper to do this way is that you’re killing two birds with one stone when you do this. You don’t need two separate people to do different inspections on your home anymore. The inspector was already there to check out your house anyway, so it’s easy for them to check for asbestos while they’re there.

This means that it also saves you time. You no longer have to make two separate appointments. You don’t have to make sure that you’re home for both appointments anymore either. 

Instead, you can get it all done at the same time that your regular home inspector will be there. So if your home inspector offers asbestos testing, then there’s no reason why you shouldn’t go ahead and do it.

You can save an average of around $200 by doing this. The average cost to add an asbestos inspection to your home inspection is $330. This is compared to the national average of $500.

How Much Does Asbestos Testing Cost?

So how much does asbestos testing cost? This is going to depend on certain things about your home and whether or not asbestos needs to be removed. 

It can range from $90 to $2,000, but most people will pay between $200 and $800. The national average comes in at around $500. 

All of this is necessary if you want to sell an older home. And when you’re ready to do that, iBuyer is here to help you. We’ll provide you with a free, no-obligation cash offer on your home when you give us your address.

Get a free home valuation with us today and see what we can do for you.

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