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10 Things to do After Buying Your First Home

You just purchased your first home in Rhode Island – congratulations! You won the bidding wars, got a great interest rate, and saved and saved for that down payment. Buying your first home is a huge deal and is something that should be celebrated. The work however is not done just yet. After securing your first home there are a few things you should do right away in order to set yourself up for success. Let’s dive right into it and review the top 10 things you should do after you purchase your first home.

1. Change the Locks and Secure Your Home

This may seem like a no-brainer but it is so so important and something that is often overlooked as it is a “smaller task.” Change your locks and the garage codes. You may even want to think of doing this before you move in to prevent the previous owners from entering your home. Typically the cost for doing this is a pretty low fee and you can usually complete this task on your own. 

Be sure to check for extra keys that may have been left by the previous owner. Check the top of doors, under mats, and even under rocks by the front door to ensure none were left.

2. Set Up Your New Address 

You definitely want to keep getting your birthday cards so be sure to share your new address with friends and family! And, your employer will need to be notified. Just send a quick email to the HR Department so they can get that updated. 

The U.S Post Office makes it very easy to set up mail forwarding and you can do so on their website. 

3. Review Home Warranties

If you purchased your home with a home warranty provided by the seller that is great! This means that you will not have to deal with a broken refrigerator, appliance, or other major issues. 

If you did not receive a home warranty with the purchase of your home shop around for one. There are so many options available that you can choose one that is tailored to your needs. This is something that should be purchased quickly to prevent any issues.

4. Clean and Paint

Before moving all your items into your new home try and get a thorough cleaning done. Check window treatments to ensure all windows are safe and check the blinds as well. Painting prior to moving any of your stuff in is always easier so if you have the option to do so, we would recommend doing that.

5. Connect Utilities 

Plan ahead on utilities to make your move seamless. Be sure to check with your local providers to determine the process and how far in advance you need to schedule a turn-on. No one wants to move boxes in the dark!

6. Learn Where Security Items are

When moving in, make sure you know where smoke detectors and carbon monoxide detectors are located. Test carbon monoxide detectors and, replace the batteries in all smoke and carbon monoxide detectors around your new home to make sure they are working properly. You will also want to purchase new fire extinguishers. It is recommended to have on in your kitchen as well as on each floor of the house. 

Homelight, recommends having an emergency kit as well. Emergency kits could include items like:

  • Water
  • Matches
  • Batteries
  • Flashlight
  • First Aid Kit

Customize your emergency kit to fit your needs and be sure it’s placed somewhere safe and accessible. 

7. Create a Maintenance To-Do List

After purchasing your house address any issues that were shown in the inspection report that the seller was not responsible to fix. Using this report will allow you to create a quick list and take care of important items in a timely manner. Focus on issues such as dirty gutters, leaking pipes, or windows first to prevent bigger issues in the future.

8. Create a Maintenance Schedule

Items in your home will need consistent updates in order to stay safe, working properly, and clean. Take your AC unit, for example, this is something that needs to be serviced regularly in order to ensure you are getting your money’s worth. Keep a list of items that may need regular maintenance and find pros that can help you with this. 

9. Find Storage and Organize

As you unpack throw things away that you no longer need. Have a sweatshirt from your Middle School Baseball days? Chuck it, you will never use it again. Look into storage options that work best for you and your family to make the most out of your space.

10. Introduce yourself to the neighbors

Your home is finally safe, up to date, and designed how you want it! Now, the fun begins. Start introducing yourself to your neighbors and maybe even host a housewarming party.

Final Thoughts on Buying Your New Home

Buying a home is such an exciting time but just remember the work isn’t done once you get the keys. It’s a marathon, not a race and when you need help from professionals, download the Dibbs app.



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House Flipping & Interest Rates

House flipping can be an extremely lucrative business for those who invest the time and work into the properties correctly. On the flip side, it can also have a significant financial risk, even more so for beginners.

Most beginners who enter the house-flipping business do not have the cash at hand for the property and will need to look into other financing options. Lenders often see flipping as risky and generally won’t work with an inexperienced flipper. In addition, as interest rates in mortgages have been rising, it’s essential to do the research before jumping into a loan option to ensure you get the best rate and can make a good ROI. Let’s examine what options are available to fund your house flip

Loan Options and Interest Rates for House Flipping

  1. Hard Money Loans – These are a common type of loan used in house flipping. A hard money loan is a unique type of loan in which funds are secured by real property instead of the borrower’s creditworthiness. These are sometimes easier to qualify for as your credit is not a major factor and approval time is typically faster. The downside of hard money loans is that the interest rates may be much higher than traditional loans.
  2. Traditional Mortgage Loans – There are a few different types of traditional loans that may be worth considering. Renovation loans are there if you are planning to do renovations to the home (which if you are flipping the house you are looking to do this). There is specific criteria for this loan and if decide to live in the house after renovations you will need to convert the loan. Another common option is a cash-out refinance. 
  3. Private Lenders – This is a great option for those who already have relationships with banks. With private lenders, terms are usually a bit more flexible and you can shop around until you find an option that suits you best. With private lenders, however, interest rates may change so be sure to do your research
  4. Crowd Funding – This option allows a person to raise money from a large number of people who each contribute a relatively small amount, typically via the internet. These are popular options for those in real estate because you can contribute as little as $50,000 but hidden fees are important to be aware of. 

Bottom Line

The option you choose for your first house flip will vary depending on your circumstances. What worked for others may not work best for you. Regardless of the option, you decide to move forward with always be sure to do your research before purchasing a home to ensure you are investing in the right property and don’t make common mistakes that could have been avoided. All of this will benefit you in the long run and allow you to run a successful house-flipping venture.