Information and events for homeowners, travelers and anyone who enjoys the coast.
Rising interest rates spark concern over not only new builds and ability for owners to purchase, but what the impact will be on rental rates. These two article (below) about the 7 year peak in mortgage lending rates cites what has happened when rates rise, essentially new construction halts while the market regulates. With stable demand and a thriving economy, I would expect rental rates only to rise.
The lag in new construction traditionally drives home prices up by approximately 8 percent. Read the article here on FreddieMac.com. What's not discussed is the rising costs of construction that will escalate, the increased cost of resources and population growth rates, demand for rentals are sent to increase. The article details how future increases would affect various market participants—borrowers, lenders, real estate agents, and home builders.
Industry statistics from several sources in this very well done report from VRMA.org displays a detailed graphics for multiple market segments. And, it's especially good for the southern markets!
We thought it would be a good idea to offer some home maintenance tips for those coastal homeowners who may not know where to start when keeping up with their homes. The following home maintenance tips are just some maintenance pointers to ensure your beach house stays in tip top shape year round.
With significantly more salt in the air, it’s important to regularly have your HVAC system serviced while also make sure that your air filters are replaced monthly.
Prior to hurricane season it’s important to check all of your windows and doors to ensure that they’re properly sealed. It’s a good idea to check any weatherstripping. Penetrating water can result in deterioration of window sashes, blinds, flooring and even framing systems. Taking the inexpensive measures now to prevent costly repairs in the future.
With significantly more salt in the air it’s important to periodically wipe down all surfaces including doors and windows. While it may seem comfortable to leave windows and doors open, the salt air can in fact result in damage to appliances and interior finishes if proper cleaning methods are not practiced.
Many beach houses are not protected by shade, so they can become weathered quickly. Pressure washing is an easy way to remove salt and dirt while also removing any other growth or pests.
Another annual home maintenance tips that's relatively inexpensive is sealing your deck. Salt air and the prolonged exposure to the hot, summer sun is brutal on any surface and it’s best to go ahead and plan to reseal every year.
Always inspect the exterior of your home to look for damage, missing shingles or anything else that may need the attention of a professional contractor. Catching it early on and save your money down.