Category Archives: Point2

Central Okanagan benchmark home price falls for third consecutive month

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HOUSE PRICES SLIDE YET AGAIN

For the first time in at least five years, the benchmark price of a single-family home in the Central Okanagan has dropped for the third month in a row.

Association of Interior Realtors released its July report on Friday, and it featured even more evidence that the housing market has cooled off substantially in recent months after running red hot through most of 2021 and the early part of 2022.

The benchmark cost of a single-family dwelling in the Central Okanagan last month was $1.06 million, which represented a relatively large drop of 4.7%. The benchmark hit a historic high of $1.13 million in April but has now slid in three consecutive months for the first time since at least the beginning of 2017.

AIR said the market in July simply returned to pre-pandemic activity, noting there were 1,196 residential unit sales across its region last month. That represented a 33.3% decrease from July 2021.

“Seasonally, it is not out of the ordinary to see a dip in sales in the summer, although real estate market activity across most regions in the province was below average last month, not just within the Interior,” AIR president Lyndi Cruickshank said in a press release.

“A number of factors, or even a combination of factors, such as the interest rate hikes, recommencement of travel and the school break, could all be reasons consumers pushed pause on their real estate plans as they focused on enjoying the hot summer days.”

Another reason for the price and sales decline is likely the number of homes available. There were 56.8% more listings across the entire AIR region in July compared to last year during the same month. There were 92.1% more listings in the Central Okanagan compared to 12 months ago.

“We are seeing inventory starting to accumulate, slowly moving upward to healthier levels of inventory, which is a welcomed relief for prospective buyers,” Cruickshank said. “However, the higher mortgage interest rates are still impacting the real estate market, with some home buyers finding it more difficult to qualify for mortgages.”

The benchmark price of a single-family home in the North Okanagan also dropped in July, falling from $798,500 in June to $774,400 last month. That price has fallen for the last two months, marking the first time it has gone down since April 2020.

The cooling market did not affect the benchmark price of townhouses in the Central Okanagan, as that figure increased 2.6% in July to $783,500.

How Much Are Closing Costs When Buying a House?

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One of the top pieces of advice for anyone planning to buy a house is to make a watertight budget. However, it’s worth noting that your budget needs to account for many things beyond the down payment.

Closing costs are easy to overlook, but to do so would be a costly mistake that could cause you to fall into debt or lose out on your dream home. With that in mind, let’s examine just how much you can expect to pay in closing costs.

The amount you pay on closing costs depends on several variables. However, on average, buyers in the U.S. can expect to pay anything between 2% and 5% of the total sale price. Meanwhile, the figure is generally slightly lower in Canada, usually between 1.5% and 4% for a typical house purchase.

How Much Are Refinancing Closing Costs?

If you’re planning to refinance your home, you’ll also need to pay closing costs, typically between 2% and 6% of the total loan amount. These closing costs comprise several services, some with a flat fee and others charged as a percentage.

How Much Are Closing Costs for the Seller?

If you’re also selling your home while buying a new one, you must budget for the closing fees on both transactions. It’s usually the seller’s responsibility to pay any real estate agent commissions, which can add a hefty chunk to the closing costs, typically around 5% to 6% of the sale price. In addition, you can expect to pay an extra 1% to 3% in other closing fees, taking the total to around 6% – 8%.

Breaking Down the Typical Closing Costs for Buyers

Now that you know how much you should budget for closing costs, let’s look at each component in detail.

Legal Fees

You’ll typically need to work with a closing attorney when buying a home. It’s their job to oversee the entire process, and while they don’t represent either the buyer or the seller, their fee is generally split between the two. Depending on your location, the cost ranges from $500 to $1,500.

Appraisal Fee

Your lender will need to have the house valued before they agree to lend you the money you need to purchase it. On average, it costs $300 to have a house appraised, though it may be more for larger properties. In addition, if the seller completes repairs on the home after the appraisal, your lender may require a reinspection, which costs another $300.

Mortgage Fees

There are several fees associated with your mortgage. These include credit report fees, around $30, and application fees which generally cost between $300 and $500. But, most important is the mortgage orientation fee that all lenders charge to cover their services and admin costs. On average, this will cost around 1% of the loan value, though some lenders offer lower prices, and it’s a good idea to shop around.

Title Insurance Policy

Typically required by the lender, this insurance protects both the lender and the owner against future title claims. It can cost anywhere between $500 and $3,500 depending on the location and size of the property.

Home Inspection (optional)

While not mandatory, it’s well worth having your future home inspected by a professional before signing on the dotted line. Depending on the size of the house, it typically costs between $250 and $700. Of course, for additional inspections, such as lead paint, pest and roof, you’ll need to budget more.

Escrow Fees

An escrow account is a third-party holding account in which you’ll deposit various fees, such as the down payment. Once the sale is complete, the funds will be distributed to the appropriate individuals. Escrow fees typically cost around 1% of the sale price. This is often split between the buyer and seller, though it must be agreed upon first.

Private Mortgage Insurance (PMI)/Mortgage Default Insurance

If your down payment is less than 20%, most lenders will require you to take out mortgage insurance. PMI costs between 0.5% and 2.5% of the mortgage and is usually rolled into your mortgage payments. However, you’ll often need to pay the first month before closing.

Recording and Documentation Fees

Several companies will be involved in processing your real estate transaction, each with a fee to be paid. Courier fees are required if you’ve had to send your documents physically and typically cost around $20. Bank processing fees are also required, generally between $25 and $100, and you’ll need a notary to make the signing of all documents official, so another $100. Finally, the lender will charge a recording fee of around $50 to pay the county to make a public record of the transaction.

Prepaid Property Taxes and Utilities

Any taxes and utilities that have been paid ahead by the seller need to be reimbursed by the buyer. The attorney will calculate the cost, which generally runs between $1000 and $2000.

House Insurance

Most lenders require you to take out homeowners insurance, typically paid annually or biannually. The cost varies by house type and location, so be sure to get a few quotes.

10 Pool Design Ideas to Transform Your Backyard

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A swimming pool can be a superb addition to your backyard. Not only does it provide a fantastic way to cool off and enjoy some exercise, but it’s also a great place for socializing. And the best news? Gone are the days of standard rectangular pools that look somewhat out of place.

New materials and building techniques have enabled imaginative designers to create endless pool designs. So, no matter your space, you can almost certainly find a pool to fit. Whether it blends in or stands out, the choice is yours.

Let’s take a look at ten fabulous pool design ideas:

1. The Natural Look

This design focuses on allowing your pool to fit in with the nature around it rather than standing out like a sore thumb. Remember, there are no straight lines in nature, so a curved pool design is best. Surround the water with natural elements such as rocks, pebbles and shrubs, and maybe even add a waterfall. Use local plants and trees to complete the look, or simply work with what is already there.

2. Shipping Container Pool

This innovative design allows you to quickly and easily add a pool to any space. Work with a professional company to create a heated pool that’s safe and attractive. It can either stand atop the ground, complete with viewing glass and steps up to it, or be dug into the soil.

3. Flower Pool

This colorful design sees your swimming pool bordered by a dazzling array of flowers. Sure to cause a splash, it not only looks fantastic but will smell great too. Care should be taken to prevent the pool water from reaching the plants; otherwise, you’re free to experiment. With proper planning, your pool can be surrounded by color throughout the season.

4. Desert Oasis

Create an oasis in the desert with this fabulous design that works great in hotter climates. Your pool sits amid a landscape of drought-tolerant plants and shrubs, with boulders and sand to complete the look. Add a palm tree for that classic vibe, and be sure to provide some shade, perhaps a canvas canopy.

5. Tropical Paradise

This is a top choice for subtropical climates and makes the most of the weather and plants that you’re likely to already have in your yard. Coral stone flagstones surround a brilliant, blue mood-lit pool, recreating the tropics’ bright white sands and sea. Further back, lush green tropical shrubs, grasses and trees complete the look.

6. Historical Restoration

If you own a historic house, why not create a pool that matches it? Use materials that would have been common when it was built, such as period clay tiles to match a Colonial home, for instance. And don’t forget to add the relevant features from the time, including fountains and spa areas.

7. To Infinity and Beyond

If you own the house on the hill and your yard commands a stunning view, it’s well worth creating a pool that takes it all in. Infinity pools are a great choice in these situations, allowing you to swim to the horizon and enjoy the view.

8. Rustic Retreat

Looking to capture the rustic feel of a Tuscan farmhouse? This design uses a curvilinear pool shape that fits naturally into the landscape. Surrounded by large natural stone paving slabs, pebbles and grasses with the occasional shrub, it oozes charm.

9. Enclosed Lap Pool

Designed for those looking to enjoy a little exercise all year-round, this heated pool is ideal for cooler climates. Rather than being outside, it’s enclosed in its own room, with large windows looking outside and providing natural light. As a narrow lap pool, it won’t take up much space either.

10. Rock Pool

With a cascading waterfall and natural rock flagstones surrounding the pool, you’ll feel as if you’re swimming in a secret cave! Large, free-standing boulders add to the effect, with the occasional shrub or fern to provide a little color. A rounded pool design works best in this case, adding to the rugged, natural look. For something a little special, why not add a rustic stone bridge?

 

The Pros and Cons of Open Kitchens

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Open kitchens have had their heyday, but some think the trend could be waning as people spend more time at home and with each other. The design offers fantastic opportunities for families to connect but can also be seen as lacking privacy and making it difficult to establish “zones” in the home.

So, how can you decide whether an open kitchen design is something that will work for you and your lifestyle? Check out this list of pros and cons to see what benefits and drawbacks open kitchens can have.

Pro: Increased Interaction

One of the biggest advantages of having an open kitchen is the ability to interact with family and guests during meal preparation. While traditionally, you would have been tucked away in a closed kitchen to prep and cook, an open kitchen means no breaks in the conversation and an opportunity to socialize with everyone. By bringing the action into one space, you don’t feel like you’re missing out on the fun.

Pro: A Good View

If you have little ones, an open kitchen allows you to keep an eye on their activities while you make meals or clean up, ensuring that everyone’s on track and you don’t have to worry every time things get suspiciously quiet in the next room. An open kitchen offers opportunities for you to be involved in homework time, craft time or just “tell me about your day” time, all while getting meals ready for the family.

Pro: More Light

Open kitchens allow more light to flood the space, thanks to fewer walls closing things in. It can brighten the space and make it feel even more open, airy and cheerful. In addition, more natural light means the potential for fewer light fixtures being needed, so less energy consumption.

Pro: The Illusion of Space

Even in a smaller home, an open kitchen will make the room seem less closed in and more spacious. Without the constraints of walls, you can push the kitchen out further or bring things in closer, helping you make the most of your space. An even more open design can be achieved with fewer heavy cupboards and more open shelving or the use of cabinets with glass doors to lighten the look.

Con: More Noise

With open kitchens comes the potential for more noise due to the lack of walls keeping sounds contained. Whether it’s kids burning off energy in the loudest ways possible, lively conversation during after-dinner drinks, or the clinging and clanging of pots and pans during cooking, noise can travel easily in open kitchens. Bringing textiles such as rugs, mats and curtains into the mix can help, as can including textured ceilings and paneled screens to help absorb some sound.

Con: Messes on Display

With closed kitchen designs, hiding messes from guests is a lot easier. Unfortunately, open kitchens don’t really give you that option, so you end up having to choose between being extremely diligent about cleaning and organizing or being comfortable enough to say “don’t mind the mess.” Incorporating plenty of storage and organization options, eliminating clutterand using various cleaning tools to make it easier to manage messes are ways to keep your open kitchen looking great.

Con: Traveling Odors

When cooking in an open kitchen, food odors aren’t contained like in a closed kitchen and can travel to other areas of the home. This might be fine for smells like bread baking in the oven or a fresh pot of coffee brewing, but odors like used frying oil or cooked fish are likely not the ones you want moving into other spaces and possibly lingering there. Opening your windows, using your range hood and air fresheners should help.

Con: Limited Storage Space

Without additional walls to house storage options, open kitchens can make it more difficult to put away the things you need and keep everything from looking too messy. Incorporating an island with storage into the kitchen can be a good solution, or you can take advantage of ceiling space with hanging racks for things like pots and pans.

What to Rent: Condo vs. Apartment

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If you’re looking to rent, you may be struggling to choose between apartments and condos. At first glance, they seem more or less the same. But delve a little deeper, and you’ll find many differences. Let’s take a closer look and figure out which is the best option for you.

Both apartments and condos are individual residential units within a larger building containing several other similar units. They can be within tower blocks or smaller buildings, with or without amenities such as a swimming pool or doorman. But despite these similarities, there are several differences worth knowing.

1.     Ownership

Ownership is by far the most significant difference between condos and apartments. In an apartment complex, all units are owned by one person, whereas in a condo building, each individual unit has a different owner.

2.     Management

Apartment building owners generally work with a management company to deal with tenants, maintenance, and other tasks. A condo building is usually managed by a homeowners association (HOA), which sets the rules and takes care of shared spaces. When renting a condo, you deal with your landlord, the owner of the unit, rather than a management company.

3.     Maintenance and Repairs

While renting an apartment, if something goes wrong, you can generally contact the management company 24/7, and they will take care of the issue. In a condo, however, you’ll need to get in touch with your landlord, who might not always be available. In case of any urgent repairs that surface, you might have to pay the bill yourself and recover the money afterward. It’s best to agree on such scenarios in advance.

4.     Rules

In a condo, the HOA will set the ground rules that owners and tenants must adhere to regarding common spaces and outside decoration. Within the condo unit, the owner may impose additional restrictions, such as no pet policies, for instance. Apartments also come with rules, though these tend to be stricter with no room for negotiation. In either case, be sure to check the lease agreement thoroughly before you sign.

5.     Costs and Fees

In a condo, the unit owner is solely responsible for setting the rent. This means that tenants in the same building, in similar units, often pay different rents. In addition, the rent will typically also include the HOA fee and the utilities. You’ll basically be paying a flat fee throughout the year and won’t have to worry about seasonal fluctuations. With these fees added to the rent, condos are often considered more expensive, but it isn’t always the case.

When renting an apartment, utilities are often billed separately, while maintenance and repair costs are typically rolled into your rent, in addition to the upkeep of any shared amenities.

Condo or Apartment? Which Is the Right Choice for Me?

To answer this question, it’s worth looking at the major advantages of both options.

Condo Pros:

  • Great condition and amenities: Condos owners tend to put more personal touches into their units and may install upgrades to improve their chances of finding a tenant. Plus, there’s a chance that the owner previously lived in the unit, so it’s more likely to be in good condition. Apartment owners may be more likely to cut corners on these things.
  • More room for negotiation: Not all condo owners are looking to make a profit from their tenants. Some simply want to cover their costs and ensure the unit is lived in and looked after. As such, you may find more room to negotiate on price, pet policies and renovation requests.

Apartment Pros:

  • Experienced management: With a professional management company, many things are streamlined, such as trash collection, online rent payments, repairs, complaints and maintenance requests. They are often available round the clock to take care of issues as and when they arise.

In general, if you prefer the peace of mind of not having to worry about dealing with maintenance and repairs and don’t mind having any say in what appliances and amenities you have installed, an apartment is a good choice.

Meanwhile, a condo may be the better option if you’d prefer a more personal relationship with your landlord and the potential flexibility that might come with that. The flip side is that in case of repairs and maintenance, things don’t always run as smoothly as they might with an apartment.

How Much Are Closing Costs When Buying a House?

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One of the top pieces of advice for anyone planning to buy a house is to make a watertight budget. However, it’s worth noting that your budget needs to account for many things beyond the down payment.

Closing costs are easy to overlook, but to do so would be a costly mistake that could cause you to fall into debt or lose out on your dream home. With that in mind, let’s examine just how much you can expect to pay in closing costs.

The amount you pay on closing costs depends on several variables. However, on average, buyers in the U.S. can expect to pay anything between 2% and 5% of the total sale price. Meanwhile, the figure is generally slightly lower in Canada, usually between 1.5% and 4% for a typical house purchase.

How Much Are Refinancing Closing Costs?

If you’re planning to refinance your home, you’ll also need to pay closing costs, typically between 2% and 6% of the total loan amount. These closing costs comprise several services, some with a flat fee and others charged as a percentage.

How Much Are Closing Costs for the Seller?

If you’re also selling your home while buying a new one, you must budget for the closing fees on both transactions. It’s usually the seller’s responsibility to pay any real estate agent commissions, which can add a hefty chunk to the closing costs, typically around 5% to 6% of the sale price. In addition, you can expect to pay an extra 1% to 3% in other closing fees, taking the total to around 6% – 8%.

Breaking Down the Typical Closing Costs for Buyers

Now that you know how much you should budget for closing costs, let’s look at each component in detail.

Legal Fees

You’ll typically need to work with a closing attorney when buying a home. It’s their job to oversee the entire process, and while they don’t represent either the buyer or the seller, their fee is generally split between the two. Depending on your location, the cost ranges from $500 to $1,500.

Appraisal Fee

Your lender will need to have the house valued before they agree to lend you the money you need to purchase it. On average, it costs $300 to have a house appraised, though it may be more for larger properties. In addition, if the seller completes repairs on the home after the appraisal, your lender may require a reinspection, which costs another $300.

Mortgage Fees

There are several fees associated with your mortgage. These include credit report fees, around $30, and application fees which generally cost between $300 and $500. But, most important is the mortgage orientation fee that all lenders charge to cover their services and admin costs. On average, this will cost around 1% of the loan value, though some lenders offer lower prices, and it’s a good idea to shop around.

Title Insurance Policy

Typically required by the lender, this insurance protects both the lender and the owner against future title claims. It can cost anywhere between $500 and $3,500 depending on the location and size of the property.

Home Inspection (optional)

While not mandatory, it’s well worth having your future home inspected by a professional before signing on the dotted line. Depending on the size of the house, it typically costs between $250 and $700. Of course, for additional inspections, such as lead paint, pest and roof, you’ll need to budget more.

Escrow Fees

An escrow account is a third-party holding account in which you’ll deposit various fees, such as the down payment. Once the sale is complete, the funds will be distributed to the appropriate individuals. Escrow fees typically cost around 1% of the sale price. This is often split between the buyer and seller, though it must be agreed upon first.

Private Mortgage Insurance (PMI)/Mortgage Default Insurance

If your down payment is less than 20%, most lenders will require you to take out mortgage insurance. PMI costs between 0.5% and 2.5% of the mortgage and is usually rolled into your mortgage payments. However, you’ll often need to pay the first month before closing.

Recording and Documentation Fees

Several companies will be involved in processing your real estate transaction, each with a fee to be paid. Courier fees are required if you’ve had to send your documents physically and typically cost around $20. Bank processing fees are also required, generally between $25 and $100, and you’ll need a notary to make the signing of all documents official, so another $100. Finally, the lender will charge a recording fee of around $50 to pay the county to make a public record of the transaction.

Prepaid Property Taxes and Utilities

Any taxes and utilities that have been paid ahead by the seller need to be reimbursed by the buyer. The attorney will calculate the cost, which generally runs between $1000 and $2000.

House Insurance

Most lenders require you to take out homeowners insurance, typically paid annually or biannually. The cost varies by house type and location, so be sure to get a few quotes.

Buying a Fixer-Upper House: What You Should Know

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Based on what you see on TV shows, buying a fixer-upper seems like an easy way to make a lot of cash with a bit of basic DIY. But unfortunately, the reality is a little different. On the one hand, fixer-upper houses can be extremely affordable and a solid investment. On the other, they can also quickly become money pits.

With that in mind, let’s look at some of the most important things to know when buying a fixer-upper.

You Need a Solid Budget

Like any real estate transaction, buying a fixer-upper requires creating an air-tight budget. Before you even start searching, you need to know what you can afford. Unlike a typical real estate transaction, however, your budget needs to factor in the cost of repairs, as well as the home’s price tag, closing costs and all those other hidden fees.

When you create a budget for a fixer-upper, you need a firm figure in mind that you’re willing to spend on the project. Be sure to add an extra 15% since even the best-laid plans don’t always pan out. With this figure in mind, you’ll be better placed to decide what level of renovations you can afford, which can dictate the most suitable homes for you.

You Have Various Financing Options

While we’re talking about budgets, it’s worth knowing that in both Canada and the U.S., you can take out a special mortgage aimed at fixer-uppers. In the U.S., you have the following options:

  • Fannie Mae HomeStyle Loan: Funds for renovations go into an escrow account to pay contractors; a 5% down payment is required; lower interest rates than HELOC; can be used for primary and vacation homes, as well as investment properties.
  • Freddie Mac’s CHOICERenovation Mortgage: A 5% down payment is required; lower interest rates than HELOC; can be used for primary and vacation homes, as well as investment properties.
  • FHA 203(k) loan: The cost of renovating and buying the home is rolled into one loan; lower credit score requirement compared to a conventional loan.
  • VA renovation loan: The cost of renovating and buying the home is rolled into one loan; must use a VA-approved contractor.

Meanwhile, in Canada, you may be eligible for a renovation mortgage, which boasts lower interest rates and a longer amortization period with lower repayments.

You Should Have the Property Thoroughly Inspected

It’s always good to have your potential new home inspected by a home inspector, but with a fixer-upper, it’s essential. In fact, there are several specialized inspections that are worth spending a little more on to ensure you’re not buying a home with significant problems.

  • Pest inspections: Essential in areas with termite, ant or beetle problems.
  • Roof certifications: Provides evidence of the age and condition of the roof.
  • Sewage inspections: Aging septic tanks and sewage lines can cost a lot to replace.
  • Engineering report: Discloses any existing or potential natural or geological hazards.

In addition, be sure to have foundations, HVAC systems and electrical systems thoroughly checked, as these can also be extremely expensive and time-consuming to repair. If there are issues, they are often not worth the cost or effort to fix, so be sure to make your offer contingent on the result of these various inspections.

You Need a Plan

You’ll need to think ahead when buying a fixer-upper, and a solid plan will save a lot of stress. For example, how much of the work can you do yourself? Can you afford to hire contractors for major jobs? Will you live on-site during renovations? Ask these questions, and even if you intend to make this your forever home, plan as if you’ll be selling soon. And remember to plan for delays too, as they’re frequent in construction projects.

Location is Key

No matter how amazing you make your home, you can never change its location. So remember, plan to sell. A great house in a bad neighborhood, or next to noisy, smelly or unappealing amenities, will struggle to sell. Some sound advice is to buy the worst house on the best street. A fixer-upper can be a great way to get into your dream neighborhood at an affordable price.

What Is House Hacking?

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Owning a home can be a great way to steadily build up cash reserves. But what if you could speed up the process? House hacking is a technique used by real estate investors to pay all, or a portion, of their mortgage while living in the home they purchased.

In this way, they’re able to pay off their mortgage faster and eventually build a rental portfolio. Sounds too good to be true? Let’s take a closer look.

The Basics

House hacking takes advantage of the lower financial costs of buying a primary residence rather than an investment property. As a result, it enables almost anyone who owns their home to make extra money that helps cover mortgage repayments. In the best case, house hackers are able to cover their mortgage entirely and have some cash left over.

It works by renting out part of your home to tenants and is a great way to ease into investing in real estate. The best results come from buying a multifamily house, such as a duplex, triplex or quadruplex, although a single family home can also be house hacked.

The Benefits of House Hacking

From financial gains to getting landlord experience, there are plenty of benefits to house hacking:

  • It’s a superb way to ease into real estate investing and become familiar with being a landlord
  • Proximity to tenants for easy communication and troubleshooting
  • Financing a primary residence is often cheaper than an investment property
  • Building up equity faster
  • The possibility of tax reductions

Typical House Hacking Strategies

Want to give house hacking a go? Here are some pointers:

Choose the Right Property

Larger multifamily properties are the best option when it comes to house hacking. In general, the more units you will be able to rent out, the better. So while a duplex is good, a triplex or quadruplex is better since you’ll have more income streams.

The idea is for you to live in one of the units and rent the others out. Multifamily homes are ideal since they come complete with ready-to-go living units, with bedroom, bathroom and kitchen as a minimum.

In an ideal situation, the home you buy will start as your primary residence but will eventually be rented out entirely once you can either expand your renting portfolio or move to the house of your dreams.

Location Counts

Some areas only allow mixed-family or multi-unit properties, while others allow a mix of single family homes and multi-units. In general, the latter is preferable as investors are less likely to flood the area with tenants and larger apartment buildings. So, be sure to check zoning laws before you make an offer.

Desirable parts of town are more expensive but also easier to find tenants for. Proximity to public transport as well as job opportunities is essential, so be sure to research any potential location. Also, look for areas free from HOA restrictions, as some can prohibit non-owner occupancy or short-term rentals.

Other desirable traits to look out for include plenty of parking space and peaceful areas. Finally, check out the vacancy rate of local rental properties and how much average rents are. If there’s a high vacancy rate, it’s perhaps not the best location.

Understand Your Financing Options

Once you find the right home, be sure to make the most of your financing options. As your primary residence, a multifamily home can be bought using a conventional loan through a traditional lender. These loans typically boast better interest rates and lower down payments than if you were to apply for an investment property.

Crunching the Numbers

Before you make an offer on a property, be sure to do the math. First, you need to know how much potential income you can hope for and how long it will take before you’re able to refinance. Ideally, it won’t take too long before you can turn the equity in your first property into cash to put as a down payment in your next one.

Thinking Outside the Box: How to Hack any House

While a multifamily home is ideal, it’s not the only way to house hack. A single family home with several bedrooms can also be a great choice, with each extra room being rented out in a house-share system.

Alternatively, a converted attic, basement or garage can work just as well as a stand-alone apartment that can be rented out while you live in the main home or vice versa. Or, if space allows, you can build an additional dwelling unit (ADU)on your land.

Finally, short-term rentals are also a great way to make extra cash without worrying about managing a full-time tenant.

Check out This New Collection of Rooms with Breathtaking Views

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We build homes in varied landscapes, but often a common thread among them is strategically placed windows that allow us to enjoy what the outside world has to offer. Even when indoors, we seek comfort in the natural world.

A room with a spectacular view quickly becomes a favorite place, whether it’s a bedroom, bathroom, kitchen or living room. We want to have glimpses of trees, water, sky and mountains when we’re gazing out the window deep in thought, and those glimpses are our focus, or when we’re going about our daily lives, and the glimpses simply act as amazing backdrops to everything else.

The outside world can also be an important source of inspiration for designing and decorating our indoor world. We take note of textures and colors, evoked feelings, and even sounds and scents, and attempt to bring those to life inside our homes to capture what we love about the outdoors. This new collection of rooms with breathtaking views has us feeling a deep appreciation for the world outside our doors, and we’re excited to share them with you!

1. A Skyview Spa

2. A Treed-In Sanctuary

3. A Child’s Perspective

4. A Never-Ending Cityscape

5. A Lakeside Escape

6. A Star-Filled Slumber

7. An Exotic Vista

8. A Mountainous Outlook

9. A Glimpse of Paradise

10. A Sophisticated Seascape



Feast Your Eyes on These Jaw-dropping Outdoor Living Spaces

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Summertime is the perfect time to make the most of warm weather and get in touch with nature. And while walking on natural trails and spending time in lush parks are lovely activities, relaxing and taking in the beauty of the outdoors from the comfort of your home remains something truly special.

Just think of enjoying an invigorating cup of coffee on your porch at sunrise or savoring a nice al fresco dinner with the family on the patio while the sun sets. It makes you smile, doesn’t it? Top that off with some breathtaking surrounding decor and jaw-dropping landscaping, and you know you’ve got an exterior sanctuary to soothe your soul.

Since we can’t get enough of well-designed spaces, we’ve put together a list of ten stunning outdoor areas to calm the senses and, why not? offer inspiration for your future home remodeling projects. From manicured gardens to cozy retreats and chic backyards, feast your eyes on these amazing exterior areas and be prepared to experience outdoor living at its finest!

1. A Casual Setting Around the Fire

2. A Relaxing SPA-like Area

3. A Swinging Setup in the Garden

4. A Romantic Vintage Retreat

5. An Oriental Sanctuary

6. An Oasis under the Tree

7. A Calming Zen Deck

8. A Stylish Outdoor Lounge

9. A Cozy Escape

10. An Airy Cinema Set Up