Homes Crystal Coast
VOL 38/01
Happy New Year!! YOUR LOCAL REAL ESTATE CONNECTION
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CONTENTS Featured
FIND your REALTOR & HOME HERE!
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Eastern Carolina Properties (252) 247-7040 Office (866) 480-7570 Efax
Helping Tips:
Tips for 1st Time Real Estate Investors............................................... 22 How to Make Older Homes More Energy Efficient.............................. 24 Steps to Save Energy This Winter....................................................... 28
ADVANTAGE ONE! Tom Saunders Realty................................4 Alan Shelor Real Estate..........................................................21 Al Williams Properties....................................................... 18-19 Atlantic Beach Realty..............................................................27 Beaufort Realty.................................................................. 16-17 Bluewater Real Estate....................................................... 14-15 Cannon & Gruber Realtors......................................................11 Century 21, Coastland Realty, Inc.............................................2 Eastern Carolina Properties, Inc.............................................20 Emerald Isle Realty........................................................... 29-32 Golf & Shore Properties............................................................7 Gull Isle Realty........................................................................10 Kirkman, Whitford, Brady, Berryman & Farias, P.A.................27 Landmark Sotheby’s International Realty..................................6 Mary Rawls Realty....................................................................8 Mercer Realty Inc......................................................................9 Putnam Real Estate................................................................25 Realty World First Coast............................................................3 Shorewood Real Estate...........................................................23 Spinnaker’s Reach Realty, Inc................................................13 Sun Surf Realty.......................................................................12 Watson-Matthews Real Estate................................................26 Windward Realty.................................................................... 13
A D V E RT I S E R S
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TIPS FOR 1ST TIME REAL ESTATE INVESTORS
Real estate can be a good investment that helps build wealth and secure a financial future. According to Investopedia, average 20-year returns in commercial real estate hover around 9.5 percent, while residential and diversified real estate average returns of 10.6 percent. Such figures may seem too good to ignore for many prospective real estate investors. But investing in real estate can be risky, and it’s important that first-time investors consider a host of factors before deciding to delve into the real estate market. Current finances Real estate can potentially yield big returns, but these may only materialize after investors spend ample amounts of money refurbishing or even maintaining their investment properties. Prospective investors without the capital on hand to finance repairs or routine maintenance may find it difficult to make their properties appealing to potential tenants, which can make it harder to meet mortgage payments. Prospective investors who already have sizable debts, be it consumer debt or existing mortgage payments, may want to pay down those debts before investing in real estate. Down payments According to Wells Fargo, mortgage insurance does not cover investment property, and loans typically require a minimum down payment of 20 percent of the value of the property. So prospective investors cannot count on mortgage insurance to finance their investments in real estate. Investors should not just make sure they can meet that 20 percent requirement, but also ensure they have enough capital left after making their down payments to address any repairs that need to be made. If not, they might have trouble attracting renters willing to pay enough in rent. Interest rates Prospective real estate investors may be surprised to learn that investment property loans are often subject to higher interest rates than those for home buyers borrowing to purchase a primary residence, says Quicken Loans. Investors should not count on getting the same or better interest rates for their investment properties that they did when buying the homes they currently live in. Financial reserves Some lenders may require that prospective investors have sizable financial reserves before they will lend them money to invest in real estate. Some may require that borrowers have several months worth of reserves to finance both their personal lives and their investments. If a 20 percent down payment would make that impossible, then prospective investors may want to wait a little longer to invest and save more money until their financial reserves would prove more acceptable to lenders. Investing in real estate can yield big returns. But first-time investors should know that such investments are vastly different than investing in a home for oneself. 22 HOMES Magazine • November 2017
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HOW TO MAKE OLDER HOMES MORE ENERGY EFFICIENT Older properties tend to have a sense of charm that newly built homes may lack. Perhaps it’s their lived-in feel or design elements that remind homeowners of yesteryear that make older homes so popular among home buyers. What older homes have in character they may lack in modern amenities. For example, whereas many homes are now built with energy efficiency in mind, older homes may not be so eco-friendly. Fortunately, there are many ways for homeowners who love their older homes to keep that love going strong while making their homes more energy efficient at the same time. Check for leaks and plug any you find. Homes may develop air leaks over time, and such leaks allow air to infiltrate the home. When that occurs, homeowners instinctively turn up the thermostat in winter to combat the cold air getting in. Come summertime, those same homeowners will run their air conditioners on a higher setting in an effort to stay comfortable when hot air is creeping through the cracks. Rather than adjusting the temperature inside, fix any sources of air infiltration you find. Run your hand along doorways and windows to determine if any drafts are coming through. Older homes may also develop cracks in bricks, around the foundation and in siding or stucco. Seal any areas where you feel air infiltrating your home, which will save money, reduce your energy consumption and make your older home more efficient.
Add insulation. Many older homes are poorly insulated. But according to the United States Environmental Protection Agency, adding insulation can reduce energy costs by as much as 50 percent. Installing insulation can be tricky, especially if insulation was not originally included in your home, as is sometimes the case with older homes. Insulation can become damp and prove ineffective if installed improperly. Damp insulation also may contribute to mold growth and rot in the home’s framing. Older homes may be lacking adequate insulation around attics, crawl spaces, basements, heating and cooling ducts, and water pipes. Cover your water heater with an insulated water heater blanket so the heater retains more heat and consumes less energy to heat the water. Stay on top of your home. Much like older vehicles, older homes require a little extra TLC on the part of homeowners. Don’t allow your home to fall into disrepair. Even if your energy bills are not on the rise, inspect windows and doors to make sure they are closing tightly, as over time such seemingly minor problems can add up to substantial energy loss. Don’t forget to clean gutters and downspouts, removing debris that can add up and lead to water damage that may ultimately compromise the effectiveness of your home’s insulation. Book an energy audit. Energy audits, which may be offered free of charge by your utility company, can help detect any additional areas where a home may be using energy inefficiently. Even if you have to pay for an audit, the cost savings if any additional inefficiencies are discovered will likely add up to more than the cost of the audit. Older homes are attractive to many homeowners, who can take several steps to make sure their homes are operating as efficiently as possible. 24 HOMES Magazine • January 2018
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STEPS TO SAVE ENERGY THIS WINTER
Conserving energy is not just an eco-friendly endeavor, but a potentially lucrative one as well. Homeowners and apartment dwellers alike who attempt to conserve energy may do so to promote the long-term health of the planet, but such efforts also greatly reduce energy bills. Thanks to air conditioning systems, energy bills might spike in summer. But winter utility bills also can be costly, especially in homes that have not been winterized or audited to ensure energy is not being wasted. Winterizing a home involves taking steps to conserve resources and save a little money along the way. Windows A home’s windows can be a great place to start when winterizing a home. If the residents of a home feel cold when sitting near certain windows even though the windows are closed, the windows likely have drafts. Feel around the edges of the window and frame to determine if any cold air is coming in. If so, seal the leaks immediately. Unsealed leaks can make air inside homes cold, prompting many to turn up the temperatures on their thermostats, which can lead to the unnecessary consumption of energy and contribute to high energy bills. Air conditioners Homeowners who cool their homes with window air conditioning units may benefit by removing these units from windows before the arrival of winter. Window units left in windows may be allowing cold air into a home, leading to more energy consumption and higher energy bills. If removing the units is too difficult or impossible, purchase window unit covers that can be wrapped around the outside of the unit to prevent cold air from entering the home. Water heater According to the U.S. Department of Energy, heating water accounts for roughly 18 percent of the energy consumed in a typical home. The DOE recommends setting water heater temperatures to 120 F. Doing so will save energy and money while still providing plenty of warm water when residents need to bathe. Fireplace Homeowners who have fireplaces in their homes should make sure dampers are closed whenever fires are not burning. Open dampers are akin to open windows, allowing plenty of cold air to enter a home. The DOE recommends opening dampers in the bottom of the firebox when using the fireplace. Doing so can reduce heat loss and allow homeowners to lower their thermostats while the fireplace is being used. Homeowners who take steps to conserve energy in winter can save money while protecting the planet. 28 HOMES Magazine • November 2017
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