Ricardo & Joaquin Arrillaga's Blog
For home sellers, renting a storage unit may prove to be a great idea, and perhaps it is easy to understand why.
A storage unit will make it simple to keep personal belongings like artwork and photographs out of sight while you sell your house. Plus, a storage unit offers a secure space for your personal belongings, one that you can quickly and effortlessly access at any time.
Although there are many wonderful reasons to rent a storage unit, choosing the right-size unit can be difficult, particularly for a first-time home seller. Lucky for you, we're here to help take the guesswork out of selecting a storage unit that suits you perfectly.
Now, let's take a look at three tips to help a home seller choose the right-size storage unit.
1. Take a Look at the Items That You Need to Store
A home seller must do everything possible to remove clutter before listing a house. And with a storage unit at your disposal, you should have no trouble keeping excess items outside your residence.
Ultimately, it is important to make a list of the items that you want to place in storage before you rent a storage unit. This will help you determine exactly how much space you'll need based on the items on your list.
For example, if you need to store a bicycle, treadmill or other large items, you may want to choose a 10' x 15' storage unit. Or, if you need to store boxes of kitchen utensils, bathroom supplies and various small items, a 5' x 5' storage unit may prove to be the ideal choice.
2. Consider How Long You'll Need a Storage Unit
With the right-size storage unit, you can protect various personal belongings until a homebuyer purchases your residence.
As you explore your storage unit options, it often helps to create a budget. That way, you can ensure that you'll have sufficient finances available to cover the costs of a storage unit for an extended period of time.
If you are unsure about your long-term finances, you may want to rent a small storage unit, thereby resulting in affordable monthly storage unit rental costs. On the other hand, if you feel comfortable with your financial situation, you may be better equipped than others to select a large storage unit.
3. Consult with a Real Estate Agent
Determining how much space you'll need in a storage unit can challenge even the most diligent home seller. Thankfully, a real estate agent can help you prepare your residence for the housing market as well as make it easy to decide how much storage space you'll need.
A real estate agent can put you in touch with storage unit providers in your city or town. In addition, he or she can offer home decluttering tips and help you get excess items into the right-size storage unit in no time at all.
Ready to rent a storage unit? With the aforementioned tips, you can select the right-size storage unit to safeguard myriad personal belongings while you sell your house.
Adjustable rate mortgages are also known as “ARM” loans. These are home loans with monthly payments that move up and down along with interest rates and the market. There’s different periods that occur throughout the time of the adjustable loan including an initial period where the rate is fixed for a certain amount of time. The rates will change along with preset intervals of change.
Rates Start Lower Than Fixed Rate Mortgages
Interest rates during the fixed rate period of an adjustable mortgage are usually lower than that of fixed-rate mortgages. The most common type of adjustable rate mortgage is called the 5/1 ARM. This means that the rate is locked for a total of 5 years before it becomes truly adjustable. After the 5 years the rate will change every year. Other forms of ARM loans are the 3/1, the 7/1, and the 10/1.
Rate Indexes And Margins
Following the fixed-rate period, the interest rate adjusts with what’s titled the index interest rate. This rate is set by the market and is released periodically by an independent party. Since there are a variety of indexes, your loan will state which index your adjustable rate mortgage will follow. To set your exact rate, your lender will look at the index and then add a number of percentage points that has already been set in place. This is called the margin. For example, an index rate of 2.5 percent and a margin of 2 will equal an interest rate of 4.5 percent. As the index changes, this number will go up and down.
Adjustable Rate Mortgages Come With Caps
If you do decide to go with an adjustable rate mortgage, you should know that you’re protected from extreme rate increases. These loans come with caps that limit the amount that both rates and payments can change by. There are several different kinds of caps including:
Periodic Rate Cap
This limits the amount that an interest rate can change from one year to the next.
Lifetime Rate Cap
This type of cap limits how much the interest rate can change overall throughout the life of the loan.
Payment Rate Cap
This limits how much the monthly payments can rise over the life of the loan in a dollar amount. This is different than other caps, since it denotes dollars instead of percentage points.
Is This Type Of Loan For You?
Adjustable rate mortgages can be good, depending on the state of the economy and your own financial situation. Stay educated and shop around in order to get the best rates available for you.
Although there is no shortage of premium luxury homes in Jacksonville, St Augustine and other Florida cities and towns, the top residences sell quickly. Thus, for those who hesitate as they pursue Sunshine State luxury houses, it may take many weeks or months to find and purchase the right residence.
Ultimately, there are many things that you can do to accelerate your Florida luxury home search, such as:
1. Know Where You Want to Reside
Narrow your Florida luxury home search to houses in a select group of cities and towns – you will be happy you did. If you know where you want to reside in the Sunshine State, you can focus exclusively on luxury residences in your preferred cities and towns. And as a result, you can speed up your search for a Florida luxury home that matches your expectations.
Of course, if usually helps to consider your short- and long-term goals as you evaluate where you want to live in Florida. If you work in Miami, for example, you may want to pursue luxury residences in or near South Beach. Or, if you enjoy regular trips to Disney World, you may want to hone your search to luxury houses in the Orlando area.
2. Get Your Home Finances in Order
Let's face it – you probably will need a jumbo mortgage if you want to make your Florida luxury homeownership dream come true. Lucky for you, lots of jumbo mortgage options are available, particularly for those who meet with a variety of banks.
Oftentimes, it helps to get pre-approved for a jumbo mortgage before you launch your search for a luxury house in Lake Worth, Tampa Bay or elsewhere in Florida. Because if you enter the Sunshine State luxury housing market with a jumbo mortgage in hand, you will know precisely how much you can spend to acquire your dream home.
3. Work with a Real Estate Agent
A real estate agent is a must-hire for those who want to streamline the Florida luxury homebuying journey. If you have a real estate agent at your side, you can receive expert guidance as you evaluate luxury houses across the Sunshine State. That way, you can boost the likelihood of making an informed home purchase.
Let's not forget about the personalized support a real estate agent provides, either. A real estate agent will learn about you and your homebuying goals and tailor your home search accordingly. Therefore, if you want to purchase a luxury house near some of the top beaches in Florida, a real estate agent can help you do that. On the other hand, if you want to acquire a Tallahassee luxury house as quickly as possible, a real estate agent will do whatever it takes to help you achieve your desired result.
Simplify your Florida luxury home search – take advantage of the aforementioned tips, and you can seamlessly explore the Sunshine State luxury housing market and discover a residence that suits you perfectly.
Before you kick off a home search, it is important to differentiate an ordinary house from a dream residence. That way, you can set realistic goals for your home search and accelerate the process of acquiring a house that matches your expectations.
Ultimately, each homebuyer's definition of a dream home varies. But for homebuyers who want to streamline the search for a dream home, there are several home factors to consider, and these include:
1. The Age and Condition of a Home
Dedicate the necessary time and resources to learn about a home's age and condition – you'll be glad you did. With these home insights, you can determine whether a home will require substantial repairs in the immediate future.
To evaluate a house's age and condition, you should hire a home inspector. This professional will examine a residence both inside and out and search for any structural problems with the property. Then, the home inspector will provide a detailed report that outlines any home issues.
A home inspection offers a valuable learning opportunity, one that can help you determine if a house is right for you. And if a home inspection reveals your dream home is actually a dud, you can always rescind a home offer and reenter the housing market.
2. A Home's Price
Many people want to own large, extravagant mansions. Yet the costs of these properties can be prohibitive, which is why most homebuyers search for houses that fall within a specific price range.
As you prepare to search for your dream home, you should get pre-approved for a mortgage. This will enable you to enter the housing market with a budget in hand and avoid the temptation to spend too much on a house.
Also, it is important to realize that no home is perfect. Although you may search far and wide for a dream house that has all the amenities and features that you want, you'll likely need to make trade-offs to find your ideal residence.
Creating a list of must-haves and wants for your dream home usually is a great idea. This list will enable you to narrow your home search, evaluate properties that fall within your price range and discover your dream home faster than ever before.
3. A Home's Location
Consider where you want to live before you launch a home search. By doing so, you can identify available houses in certain cities and towns and map out your home search accordingly.
Think about what's important to you in terms of home location. For example, if you want a home that's close to your office in the city, you may want to search for residences in or near the city itself. Or, if you want to live close to the beach, you can explore properties that are conveniently nestled along the beachfront.
Lastly, if you need help finding your dream home, you should hire a real estate agent. With a real estate agent at your side, you should have no trouble making your homeownership dreams come true.