Unlike a second home, where a homeowner lives for a portion of the year, an investment property is property that the homeowner uses to generate income, and in most cases, is not occupied by the homeowner at any time. Trying to figure out if your next home falls under second home or investment home status? Ask yourself: are you using it to make a profit? If the answer is yes, it’s an investment property.
A few examples of investment property include:
- A condo at the beach that you rent out to vacationers
- A house that you rent to long-term tenants
- A home you purchased to “flip” (buy and resell in a short period of time)
If you need to finance your investment home,...
I once believed it was a forgone conclusion that when adding certain laundry appliances to a home, it would mean installing exhaust ducting and cutting a hole to the outside for venting.
However, a recent report from Michele Weaver at Design Basics, LLC highlighted a growing trend in ventless dryers that can be easily located and relocated within a home because vent piping, exhaust holes and venting to the outside are not needed.
The mechanics of a home dryer can cause energy and safety problems if lint becomes trapped in the vent. This demands more energy use and frequent cleaning. Weaver believes one of the major trends consumers will be seeing in these key appliances will be the further refinement of ductless technology.
She says vent hoses snaking through a home’s framing have become a leading cause of the 2,900...
Foreclosure sales were down 27% on a year over year basis and were 16% of all October sales. Non-foreclosure sales were down 7.5% from last October. The median sold price was down 1.6% from last October. For the eighth straight month, New Bank Owned listings were down from the previous year and were 30% lower than last October.
Inventory decreased by 145 listings during October, and is 17% below last year's inventory. The Months Supply of Inventory declined to 3.9 months, down from 4.9 months a year ago. The total number of new listings was equal to last October, despite...
In October, Camden County home sales were down 6.3% compared to October 2017 while the median sold price was equal to last year. The 150 foreclosure sales were down 6% from October 2017 and were 24% of all sales.
The number of homes available for sale in Camden County dropped 7.2% in October and is now 18.6% lower than a year ago. The Months Supply of Inventory has dropped from 4.9 months a year ago to 4.0 months due to the lower inventory.
Sales were up 4.8% compared to October 2017 and are up 7.6% year-to-date. Prices were down 1.7% compared to last October and are the down 0.5% year-to-date. Foreclosure sales were 25% of October's sales, up from 20% in October 2017.
The number of homes for sale during October decreased by 1.7% and is 11.8% below the 2017 level compared to a 16% shortfall throughout the region. The Months Supply of Inventory is at 4.9 months, down from 5.9 months a year ago.
Sales were up 10.5% compared to last October while the median sold price was up 2.8%. There were 55 foreclosure sales in Mercer this month, down from 59 in October 2017. Foreclosure sales were 15% of all sales in October.
Inventory decreased by 3.4% this month, and is just 5.6% lower than a year ago. The Months Supply of Inventory decreased to 4.3 months compared to 4.4 months in October 2017.
When shopping for a home, your options will depend on the area you’re looking in. In many communities, you may find a mix of single-family houses and townhouses. If you’ve never considered a townhouse, weigh the pros and cons to decide if one might be the right choice for you.
Reasons to Choose a Townhouse
A townhouse may cost less than a single-family house. In many cases, townhouses offer features that many houses in the same area do not, such as a pool, tennis court and other recreational facilities. That means you wouldn’t need to pay to install a pool yourself or pay fees to use public facilities. If you like to use those types of amenities frequently, the savings could be substantial over time.
Many people choose townhouses to avoid or reduce maintenance costs. A homeowners association...
If you’re planning to travel for several days or weeks, you need to take some precautions before you leave to protect your home. Thieves often prowl neighborhoods and social media looking for signs that homeowners are away to find easy targets.
Secure Your Home
Before you leave, check that every door and window is locked. If you have an attached garage, make sure the door leading from the garage to the rest of the house is locked.
If you have a home security system, activate it before you leave. If you’ll have someone stop by to take care of your pets, water plants or pick up your mail, give that person the code and a key. Call the security company before you leave, tell them when you’ll be away and provide the name of anyone who has permission to enter your home.
If more than one person...
An attic can be an ideal storage space, but if it’s not organized, it can turn into a total mess. If you’ve lived in your house for several years, chances are your attic has gotten cluttered and could use some organizing.
If the job is too big for you to handle yourself, ask family or friends to help. Talk about what you want to keep and what you want to get rid of and discuss ways to organize the space. You’ll need to make more decisions as you go through the cleaning process, but setting guidelines at the beginning will help you avoid misunderstandings and arguments.
Decide What Stays and What Goes
As you go through items, sort things you want to keep into piles. You can put clothing in one area, sports equipment in another, photo albums in another, etc. You can...