SC homeowners use pandemic down time to renovate houses | Features

SC homeowners use pandemic down time to renovate houses | Features

Kristen Brittingham wasn’t fully enjoying her dream house.

She worked a job that required her to travel three days a week, taking her away from her family and their three-story house, located just off the marsh and tucked away in a quiet North Charleston community.

But then the 2020 spread of COVID-19 suspended her travel and forced Brittingham to work from home. That’s when she saw that her house needed some improvements.

“When you’re home that much … you start looking at your house and noticing things,” she said.

Brittingham isn’t alone.



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According to the Hearth Home Improvement Index — which examines the number of applications for home improvement loans on gethearth.com — homeowners in South Carolina have significantly increased their rate of home improvement project creation and are prioritizing pandemic-themed projects related to interior remodeling, windows and doors, fencing and decks, landscaping and solar panels.

Nationally, South Carolina comes in at No. 11 of the top 20 states with the most home improvement loan applications, according to Hearth. Wyoming, Texas and Florida top the list of those receiving a big boost in home improvement projects, in addition to several Southern states.

Dago Garcia with Hearth said the increased number of home improvement projects is a result of people wanting to make changes after spending more time in their houses during the pandemic. 






Home Improvements

Kristen Brittingham has recently taken on some home improvements, including redoing the Park Circle home’s deck and putting in an infinity pool. Brad Nettles/Staff




Homeowners have been able to save money by traveling less, and many have invested those extra funds into home renovation efforts, Garcia said.

In South Carolina, areas seeing the largest number of home improvement loans include HVAC, roofing, general contracting and fencing.

Landscaping has the largest average loan amount at $15,563, according to Hearth. Construction loans had the second-largest average amount at $10,120 per loan.

“People are taking a lot of pride in their yards,” Garcia said.



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Also, people are seeking to benefit from the red-hot sellers market by improving their properties to get desired sales prices, Garcia said.

“People are seeing it as an opportunity to make a change for themselves,” he said.

Brittingham’s home renovations included some minor fixes, like replacing ceiling fans and light fixtures. She also touched up some spaces with paint. 

Her Park Circle house also saw some larger renovations.






Home Improvements

Kristen Brittingham has recently taken on some home improvements, including redoing the Park Circle home’s deck and putting in an infinity pool. Brad Nettles/Staff




Brittingham refinanced her home last year after interest rates dropped, providing her with the funds to put a 6-foot-wide, 47-foot-long infinity pool. Bar stools in the pool allow people to take a break from swimming and sit at the deck.

Brittingham struggled to find someone to do the renovation work.

She reached out to the pool company in May 2020 but didn’t have her project finished until July 2021 because of the difficulty in finding a contractor to install the pool.

“They are definitely shorthanded in the pool industry,” she said.

As more people improve their homes, local homeowners are experiencing challenges in finding contractors.



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Tristan Tahara moved from North Charleston’s Brentwood neighborhood to Park Circle in May. Shortly afterward, he began searching online for a contractor who could expand one of the rooms into a master bedroom.

Tahara went through 10 contractors before he found someone to do the work. All of the contractors either didn’t respond, or scheduled dates and then never showed up.

“It was very frustrating,” Tahara said.

Tahara isn’t looking to just create more space in his house. He also wants to address environmental problems.

In addition to expanding his bedroom, Tahara also plans to create a French drain at his house to help mitigate flooding.

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Reach Rickey Dennis at 937-4886. Follow him on Twitter @RCDJunior.

Tribitat Real Estate Launches Ambiance Heights — Features — The Guardian Nigeria News – Nigeria and World News

Tribitat Real Estate Launches Ambiance Heights — Features — The Guardian Nigeria News – Nigeria and World News

Tribitat Real Estate Launches Ambiance Heights — Features — The Guardian Nigeria News – Nigeria and World News

Marketplace stakeholders flooded Flexibility way, Lekki Phase 1, as Tribitat Actual Estate, just one of the top rated actual estate growth providers in Lagos launched its most current high-class residential development, Ambiance Heights. The start which took position on the 4th of September, 2021 was a day to keep in mind for the enterprise as it stood out from earlier occasions.

Tribitat Real Estate Launches Ambiance Heights — Features — The Guardian Nigeria News – Nigeria and World News

In his opening remarks, Mr Tony Aspire, Managing Director of Tribitat said, “I am pleased to have all people right here on this auspicious event. This job is in line with our eyesight of fixing the housing deficit problem in Nigeria and also offering worthwhile financial commitment options for our buyers. Ambiance Heights is a superior position to commit in, and we will do all that is necessary to be certain we produce just as we have promised.”

Tribitat Real Estate Launches Ambiance Heights — Features — The Guardian Nigeria News – Nigeria and World News

According to Tribitat’s Govt Director, Mr Emmanuel Abikoye, “Ambiance Heights is found in a ideal location just a moment off the Freedom way. This is a exceptional advertising point that promises massive returns on financial commitment. We want to assure our clientele of exceptional architectural models, quality design and finishing.

Tribitat Real Estate Launches Ambiance Heights — Features — The Guardian Nigeria News – Nigeria and World News

“Ambiance Heights‘ title is Governor’s Consent, and it has functions such as a gymnasium, modern day elevators, swimming pool, frequent security, gentle and drinking water provide, and clever home amenities. At present, a two-bedroom maisonette is heading for 70,000,000 NGN, a 3 bedroom maisonette is heading for 80,000,000 NGN, whilst a four-bed room penthouse with boys’ quarters is going for 200,000,000 NGN”, he claimed.

Tribitat Real Estate Launches Ambiance Heights — Features — The Guardian Nigeria News – Nigeria and World News

Mr George Olajide, a realtor at the occasion shared his practical experience with Tribitat so significantly, “Tribitat Real Estate is a true estate business that normally delivers, and I have no question that Ambiance Heights is going to be just as proposed. The area, the options, the excellent of the building products and so on is a key promoting level and will make it a golden investment option for investors to increase.”

Tribitat Real Estate Launches Ambiance Heights — Features — The Guardian Nigeria News – Nigeria and World News

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Tribitat Real Estate Launches Ambiance Heights — Features — The Guardian Nigeria News – Nigeria and World News

Tribitat authentic estate limited gives quality commercial and residential genuine estate progress services in Nigeria. The organization offers investment decision options that are accessible, safe and remarkably successful for every person. With Estates in strategic spots, Tribitat ranks amid the leading genuine estate advancement firms in Nigeria.

10 Features To Look For With Investment Property

10 Features To Look For With Investment Property

BenDC / Getty Images/iStockphoto

BenDC / Getty Images/iStockphoto

Buying a solid investment property can be a great way to improve your cash flow and long-term net worth. However, as with all real estate, not all investment properties end up being profitable.

Find Out: The Best and Worst Cities To Own Investment Property
Important: 10 Reasons To Think Twice Before Investing In Real Estate

A wide range of factors contribute to the overall soundness of a rental property, and it’s important to take them all into consideration before plunking down what is usually a sizable amount of cash. Here’s a look at some of the features you should be discussing with your real estate agent before making a move into investment property.

Last updated: Sept. 1, 2021

Inside Creative House / Getty Images/iStockphoto

Inside Creative House / Getty Images/iStockphoto

HOA Fees

HOA fees can play a big role in whether or not an investment property can turn a profit. Some HOAs can run upwards of $500 or even $1,000 per month or more, which when combined with a mortgage and other expenses can make profitability doubtful. Of course, you also don’t want to buy an investment property with HOA fees so low that the property managers can’t keep the place maintained. A good HOA will keep a property attractive to prospective renters without unduly burdening its owners.

Read: 40 Cities That Could Be Poised For a Housing Crisis

Olivier Le Moal / Shutterstock.com

Olivier Le Moal / Shutterstock.com

Property Taxes

Your mortgage and HOA payments aren’t the only costs you’ll incur on a monthly basis when you buy an investment property. Property taxes can actually be quite a large portion of your monthly cost of owning an investment property. Even worse, property taxes typically go up every year. Fortunately, property taxes are typically deductible on your tax return. However, you’ll still have to budget for them every month.

Find Out: The 20 Hardest Places To Sell a Home

Ron and Patty Thomas / Getty Images/iStockphoto

Ron and Patty Thomas / Getty Images/iStockphoto

Neighborhood

Real estate is often said to come down to “location, location, location,” and this is true for investment properties as well. The neighborhood your investment is in will play a big role in whether or not you can turn a profit. Think about it this way — when you’re on vacation, would you pay top dollar for a rental property in a run-down, dangerous neighborhood? Similarly, would you be willing to pay a premium for a rental in an upscale part of town? Even if you’re not planning on renting out your investment property, location will play a big role in how well your investment performs over time.

Find Out: 8 Insider Tips To Get Rich in Real Estate

shapecharge / Getty Images

shapecharge / Getty Images

Down Payment

The size of your down payment can play a big role in the return you get on your investment property. With a small down payment, you may have to pay a higher interest rate on your mortgage, and you may also be saddled with private mortgage insurance, or PMI. These are both costs that can eat into your profit margin. A higher down payment will also obviously require a greater cash outlay upfront, which could limit your flexibility to cover costs for things like maintenance or repairs.

See: 17 Dumb Home-Buying Mistakes That Hurt Your Wallet

shapecharge / Getty Images

shapecharge / Getty Images

Potential Rental Income

If you’re looking to rent out your investment property, probably the most important number to know is how much potential rental income you can earn. You can make a good estimate of your income potential by verifying what comparable rentals in the area charge and by talking to a good real estate agent. Bear in mind that short-term rentals can usually pull in higher rates than long-term rentals, but that income can often be highly seasonal.

Read: In Less Than a Decade, You Won’t Be Able To Afford a Home in These Cities

Rawpixel / Getty Images/iStockphoto

Rawpixel / Getty Images/iStockphoto

Improvements

Whenever you buy an investment property, you’ll have to budget for improvements. Some properties you’ll want to remodel right off the bat, while others you’ll have to maintain and improve to counter the effects of wear and tear over time. All of these costs will eat into your profit margin — although well-done renovations can actually improve both your property’s value and its potential for rental income.

See: 10 Hidden Costs of Buying a House

cnythzl / Getty Images/iStockphoto

cnythzl / Getty Images/iStockphoto

Insurance

You’re likely to need a variety of types of insurance if you’re buying an investment property. In addition to standard homeowner’s insurance, you’ll need rental insurance if you plan to generate income from your property. Depending on where the property is located, you might also need more specialized types of insurance, such as earthquake or flood insurance. Premiums in hazard-prone areas tend to be higher than those bearing no special risks, so be sure to investigate if those costs might apply to your new purchase before making it.

Read: Craziest Things That Kill Your Home’s Value

mapodile / Getty Images

mapodile / Getty Images

Rental Restrictions

A critical bit of information you need to know before you buy an investment property is whether or not there are any rental restrictions attached to it. For example, some condominium complexes forbid short-term rentals or even long-term rentals. If you’re looking to generate rental income from this type of property, you’re out of luck. Other properties might include provisions restricting pets, the number of guests or other limitations that might make your rental property less desirable.

See: 28 House-Flipping Rules You Should Never Break

AleksandarNakic / Getty Images

AleksandarNakic / Getty Images

Amenities

Just as you’re likely to pay more for a rental unit in a highly desirable neighborhood, most renters are willing to shell out more for properties with high-level amenities. These can range from a pool or hot tub to barbecue pits or green space. In the area around your immediate property, city-wide amenities, such as movie theaters, fitness centers and shopping centers, can both raise property values and attract renters. Without attractive amenities, you should expect to generate lower rental income and potentially even lower appreciation on your investment property.

On the Market: Renovations To Make — and Skip — Before Selling Your Home

Ian Dyball / Getty Images/iStockphoto

Ian Dyball / Getty Images/iStockphoto

Long-Term Development

The long-term development potential of the area around your investment property can be the key to generating significant profits. For example, if you’re buying in an underdeveloped area that’s about to get new schools, an airport and a resort development, your property value is likely to skyrocket. Of course, the opposite is also true — overdevelopment of an area with a flood of new rental properties is likely to sap demand for your investment. Talk to local area leaders and real estate agents to get a handle on what the area around your property is likely to look like five, 10 or even 20 years down the road if you’re looking to generate long-term profits.

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This article originally appeared on GOBankingRates.com: 10 Features To Look For With Investment Property