Loan options on non-single family homes

Most of the time, if you think about taking out a loan to purchase real estate, you’re likely picturing a single-family home. Depending on your needs and the properties available in the area you’re searching, though, you may find that other property types are actually a closer fit for you. Multi-family properties such as duplexes and similar units might end up being a better choice, or you could wind up shopping for a condo. You might even be in the market for a property that contains both commercial and residential aspects. Regardless of what you’re looking for, though, you should have options for financing your purchase.

Borrowing Differences

None of these property types are exactly rare, but they are outnumbered in the market by single-family dwellings. As such, the loans that you’re likely most familiar with are geared more toward those properties than properties for multiple families or dual-zoned use. Because of this, you need to be prepared for potential hurdles when you start looking for a loan. Lenders may have different requirements for these loans than they would for mortgages on a single-family unit, and some lenders may not offer loans for multi-family units or similar properties. This doesn’t mean that there are no loan options available, but you should be prepared for the possibility of a different borrowing experience.

Loan Options

When it comes down to it, many of the same options are available for purchasing multi-family units, condos and other properties as you would find when shopping for a loan for a single-family dwelling. Organizations such as the Federal Housing Administration (FHA), the Department of Housing and Urban Development (HUD) and others that are commonly used for single-family purchases also offer loan programs or insurance to cover these types of dwellings. Most local and national banks offer these loans as well, as do other mortgage lenders. With that said, you may have to meet different qualifications to get these loans than you would if borrowing to purchase a single-family home.

Qualifying for a Loan

Though specific qualifications may vary from one lender or program to the next, some of the most common items that are considered during qualification may include:

Larger down payments than what would typically be used for a single-family purchase
Reserve requirements of at least 2 percent and as high as 6 percent of the unpaid principal balance
For multi-family properties, a cap on the loan amount calculated on a per-unit basis
Minimum or maximum numbers of units within a property
Restrictions on any repairs that may be needed for the property
There are other qualifications that may be required by specific lenders before authorizing a loan for a condominium, multi-family dwelling or other less-common property. Depending on the property and the amount of the loan, higher credit scores, co-signers or other additional requirements may also be necessary.

Finding a Lender

As with any loan, it’s important to spend time looking for the best loan option to meet your needs. This is especially important with these types of loans, as in many cases you’ll be borrowing more than you would with a single-family mortgage and may be subject to more restrictions as well. Taking the time to explore different options and check with different lenders will help ensure that you get the best terms for your loan and will keep you from having to settle when it comes to buying the property you want.

Getting Your Loan

When you’re ready to start your loan search, HomeKeepr can help make sure that you get just the loan you need to finance the property of your dreams. By signing up for a free account you can connect with lenders and other pros who can point you in the right direction for your loan whether you’re buying a condo or an entire apartment building. Create your free account today so you can get started.

Is your fence really on your property?

As Robert Frost (somewhat facetiously) said, “Good fences make good neighbors.” While many people have much better relationships with their neighbors than the saying implies, there is something to be said for a good fence on your property. Not only can fences add some visual appeal to the property, but they can also be functional. Fences are often a godsend if you own animals and don’t want to keep them chained up outside, and a fence around your backyard can afford you some privacy with your family or friends as well.

Sometimes, though, fences need to be updated, removed or replaced. At these times, homeowners have found themselves in conflict with their good neighbors over the question of who actually owns the fence between their properties. While this might seem like an odd question, if the fence was already there when you moved in, are you completely sure that it belongs to you? Just whose side of the property line does it really fall on?

Figuring Out Ownership

Before you start tearing down an existing fence, it’s important to figure out if you actually have legal ownership of the fence itself. Friendly neighbors can become bitter enemies pretty quickly if you start tearing down a fence that belongs to the people living next door. You can also cause some hurt feelings if you start taking the fence down and accidentally tear up gardens or other plants that grow next to or on the fence. This is why it’s essential to determine ownership before you make any move on the fence. Not clearing things beforehand can not only cause hurt feelings and ruin a neighborly relationship, but in some cases a neighbor might even get the police or lawyers involved.

A Neighborly Conversation

One of the first things that you should do if there’s any question about the ownership of the fence is go over and have a chat with your neighbor. Explain that you want to replace the fence, provide your reasoning on why the fence has to go, and ask if they know whose property the fence falls on. If the fence is on your property, the neighbor should tell you; if it’s on theirs, then you can open up a larger conversation about replacing it. This also gives you an opportunity to talk about any plants or other features that might be disturbed during the process and make accommodations for pets or other animals that gaps in the fence might put at risk. Be sure to approach the topic casually and with a friendly tone; if you come across as too aggressive or seem defensive about the question then it can cause the conversation to head south pretty quickly.

Checking That Property Line

Unless your conversation with your neighbor sorts things out neatly, it’s a good idea to get a survey done to settle the matter of where the fence lies. A surveyor will ensure that the property line is clearly marked so you can see exactly where the fence lies on the property line. In some cases, it will clear the matter up readily, since the fence will obviously fall on one property or the other. In other cases, you might find that the fence actually straddles the line or moves from one property to the other. In this case you may need to discuss the issue more with your neighbor or consult the property deed or other official description of the property to see whether the fence is mentioned. Regardless, knowing where the property line falls gives you a lot of leverage in solving the issue.

Solving Your Fencing Woes

Whether you’re in need of a surveyor to help you figure out ownership or a contractor to replace the fence, HomeKeepr is here to help. With a free HomeKeepr account you can connect with professionals in your area that will assist you in getting your fencing issues cleared up in no time. Sign up for a free account today so you can get started on your fencing project tomorrow.

Pressure Washers

As summer slowly gives way to fall, it’s time to start thinking about how you’re going to clean up all the mess that’s accumulated around your house. You know the kind: algae growing on your siding, dirt and dust that’s discoloring your sidewalk and whatever that black stuff is on your deck.

It’s all gotta go and the best tool for the job is a pressure washer. Not just any pressure washer will do, though. There’s a lot to consider before you make your final purchase.

Pressure Washers Can Be Dangerous

With any luck, this will the one and only time you’ll have to confront the idea that a pressure washer can be extremely dangerous. This isn’t just a high powered garden hose we’re talking about. Consumer units can send water out at 3,000 PSI or greater. When that’s matched with a narrow nozzle setting, you have a disaster waiting to happen.

Even pros have been known to make mistakes with high powered pressure washers, with results ranging from damage to the surface they were cleaning to more intimate issues like slicing through boots and flaying digits.

Don’t be a statistic. Always exercise caution with pressure washers.

Time to Go Shopping for Pressure Washers!

With the most important disclosure of the day out of the way, it’s time to find the pressure washer that’s best for the work you plan to throw at it. As a rule of thumb, the more water (measured in gallons per minute) coming out at a higher pressure rating (PSI) will do a job faster. However, there’s a balance to be struck here because there is such a thing as too much with these machines.

Here are our five top tips for choosing your own pressure washer:

1. Try before you buy. When it comes to tools, especially bigger items like pressure washers, it’s important to try one out before you buy it. Whether you rent one or you borrow one from a friend, note the GPM and the PSI of the machine so you have a baseline to start with. Then try it out. Do you like the results you’re getting? Does it seem like overkill? These questions can help you decide what, if any, machine will be best for your needs.
2. Error on the side of caution. Normally with tools you want to buy for the widest functionality possible, but when it comes to a pressure washer, you’re best to spend a little more time working the grime away with a lower powered unit. Not only will this save money, it could save you or a family member from major injury one day. Instead of jumping into the super industrial model, maybe consider the higher end homeowner model and see if it’ll do the job.
3. Go mobile! You can buy pressure washers that are portable, but you have to drag all over the place, or you can choose one with wheels that will follow where you pull it. If you’re going to be moving around with the unit a lot, opt for wheels. You’ll save time, energy and trouble — and it’ll help you get jobs done faster since you’re not having to constantly step it along as you spray.
4. Consider both the power and the flow. When you’re comparison shopping for your unit, take a look at both the PSI and the GPM. Together, these numbers tell you how the unit will perform overall. For most jobs around the house, units that produce about 2,000 PSI at 2 GPM will do the job. However, if you plan to clean a lot of siding or a big deck, a unit that generates about 2,800 PSI at 2 to 3 GPM may be more appropriate.
5. Choosing between electric and gas. Most of the lower end units that are meant for easy jobs around the house are powered by electricity. Despite their light weight and easy start up, you’ll probably end up lugging an extra cord around as you go. That being said, the heavier duty models will almost all be gas-powered, which means you’ll have to maintain them just like a lawnmower, even if you only use them once a year.

Thinking About Hiring Someone for the Clean Up?

Getting the right equipment and learning how to use it, especially when it’s a tool that’s potentially dangerous like a pressure washer, can take time. You may not even have decided which unit to buy before winter sets in. Since fall clean up waits for no one, the smart move may be to hire the job done this year.

As it turns out, there are lots of people in the HomeKeepr community that can help! Just log in and check out the home pros that your Realtor has already recommended. If the person for the job isn’t listed, you can request a reference from your network with just a click. It’s really that easy!

Fences...

Humans have been enclosing things in fences since there were fences and things to enclose. It’s natural that you’d want to build one eventually. After all, with a good fence you could better defend your property from wiley raccoons and urban foxes or maybe to keep your squirrely goat herd from wandering into the neighbor’s yard. It’s your fence, you have your reasons.

But, building a fence isn’t just a matter of nailing a few boards together. Even though it’s a good project for new homeowners, there are a few things to keep in mind before taking the plunge.

The Before You Build Boogie

If you’ve read any of these blogs, you know that the planning and prep are keys to success with any sort of project, whether that’s repainting your house, sealing your driveway or, in this case, building a fence. The legwork involved in fence building is nearly as involved as the actual fence building, but doing it right means a fence that will last and last.

Do these things before you even start to think about digging the first post hole:

Find Your Neighborhood’s Covenants, Conditions and Restrictions

The Covenants, Conditions and Restrictions dictate what can and cannot be done to property belonging to a particular homeowners’ association. If you have HOA fees or commonly owned property (playgrounds, pools, etc) in your neighborhood, you probably have a CC&R somewhere that you need to read.

Understand that you are legally obligated to this agreement since you signed what amounts to a contract to abide by the rules at closing. They can literally dictate anything, from how tall the fence can be to what type of materials are allowed (or required). If you can’t find your copy in your closing documents, call your closing company, they can get you a new copy.

Go Visit Planning and Zoning

Your city’s Planning & Zoning department makes lots of rules about things you’d never imagine there needed to be a rule made about. Things like sign setbacks, minimum sizes for new homes and minimum required green space per residential lot are a few that drive real estate pros up the wall.

The P&Z rules that will get you are going to be related to the height of your fencing, how far it has to be off of the road and, like in your CC&R, the materials the fence is made of. In areas with high winds or other regularly destructive forces, there may be specific requirements for construction style in order to minimize the chances your fence becomes a weapon in the next big disaster.

Get Your Permit!

Not every municipality will require that you have a permit to build a fence, especially if you’re just replacing an existing fence with a new one, but some do. This is not something to take a chance on, just go to the city and apply for one. The chances are great that you’ll be granted an approval, but an inspector will still come by to make sure your fence is sturdy and sound. This is good in the longer term, don’t be confused. If you built the fence wrong, you’re really just wasting your money on a structure that won’t last.

Invite a Surveyor Over

Surveyors have a tough job. They know where the property lines are supposed to be, and too often, they’re forced to have to tell a homeowner that the lines aren’t exactly where they thought they should be. Breaking the bad news is basically their job, so along with having great working knowledge of surveying, they also have to be good at telling people they’ve been wrong all this time.

Now, this may not be the case for you, but before you even think about putting in a fence, have a survey. You don’t want your neighbor to sue you because the fence was put in the wrong place, forcing you to do it all over again, or buy them out of the land that should have not been fenced in.

Actual, Factual Fence Construction

Now that you’ve managed the details, you can start thinking about your fence. It’s ok. Do it. You know what materials are allowed and which aren’t, plus the heights and setback requirements. You are a fully loaded fence-building machine now.

When you choose those fencing materials, you’ll have a few important choices to make. It’s important at this stage of the game to figure out the purpose for your fence. Do you like having company over and don’t want to disturb the neighbors? Are you putting in a pool? Does your dog need a place to romp?

Although all three can be serviced by a fairly generic fence type, there might be more specific advantages to particular fence styles whether you’re trying to keep the noise level down or want to make sure neighborhood kids don’t sneak into your pool at night. The pool is better protected by a sturdy wooden fence or tall metal fence, where your noisy parties can be dampened with a lower maintenance PVC or vinyl fence. Focusing on your intent makes it easier to narrow the huge field of fencing materials and styles.

Once you know what you’re going to use to make that fence, the rest is a piece of cake. It goes something like this:

1. Plan your post positions ahead of time so you don’t end up with some weird little section of fence at the end. Recommended spacing of posts will depend on your fence style, height and materials.
2. With the posts planned, it’s time to dig. Depending on your location, holes as deep as 30 inches are recommended. You’ll want to backfill the hole with cement or crushed angular gravel until it’s tightly packed. Leave the posts a day or two for your material of choice to set and settle in place.
3. Run your horizontal rails across the fence posts, either on your side of the fence (so you have the nice side of the fence facing you) or on your neighbor’s side (so the nice side is facing them). Generally speaking, it’s a good idea to have wooden fence pickets face an area you will always have access to in case any need to be replaced or treated.
4. Once you’ve chosen a side and installed the rails, you can put on the pickets. At this point, you’re done, save sealing wooden fences. You should wait a few days after installation for sealing.

Fences are Time Consuming Projects

Now that you know the basics of building a fence, you may be rethinking your plan for isolation. Don’t panic, there are plenty of experts in the HomeKeepr community that can help you turn your backyard into an island of solitude.

Maybe fence building isn’t your thing, but that doesn’t mean you have to give up having a glorious fence of your very own. Just reach out to a pro that your Realtor has already given the thumbs up to and you’re ready for breezy evening entertaining or long games of fetch with Fido’s favorite ball.