Tips For Opening Those Indian Lake Ohio Rentals After The Long Winter

Opening your rental property after a long winter is the most exciting part of the year. It can also be the most stressful part. To get the season off to a great start, follow our planning tips for your opening weekend in your Indian Lake Ohio Rentals.

Opening Checklist

It's important that you start by making a detailed checklist of all the things you need to do when you get to your lakefront rental, including everything you need to take care of before you leave home. It may take a bit of time and effort, but it pays to be organized.

• Call the electricity company, phone company and trash collection to turn your services back on.
• Check that all insurance documents are up to date on the home, boat, trailer, etc.
• Organize your keys, tools, cleaning supplies, clothing, batteries, and food.

Systems And Safety

Once you get to your Indian Lake Ohio rental, you'll need to make sure that the home is safe to inhabit again, before turning on the water and other systems. A checklist for the outside of the property should include checking the following:

• Power lines
• Phone Lines
• Trees
• Roof
• Chimney Stack
• Deck
• Dock
• Siding
• Windows
• Screens

After you have made sure the outside is all clear, there's a different checklist for indoors, including:

• Checking the furnace filters.
• Checking pipes for rust or damage before you turn on your plumbing and water heater.
• Be on the lookout for signs of critters. Check screens and windows for holes and gaps and electrical cords for fraying or bite marks.
• Inspect your deck and eaves for signs of rotting.
• Test the batteries in your smoke and carbon monoxide detectors.

Food And Necessities

Finally, check the basic necessities. You'll want to make sure the house is stocked with food and other everyday things you'll need, like sunscreen and bug spray. Look through the bathrooms and take inventory of your toiletries and what needs replacing and replenishing. Change the sheets if needed, and air out the place.

All this seems like a lot of work, and it is. However, it is worth it when you've gone through your checklists and there is no element of surprise later. And keep in mind, that closing your Indian Lake Ohio rentals is equally important. The spring opening experience can be a pleasant one when you take the time to close the house properly in the fall, and follow your checklists the next year. Prevention and good planning are the key to opening your rental home quickly and enjoying it for the summer.

Choice Properties is always here to answer any questions, regarding searching for your dream lake house or selling your current house. Give us a call!

Can I Get A Mortgage for Lakefront Property in Ohio if I Have A Low Credit Score?

As a home buyer, one of the things you may be worried about is your credit score. Maybe you have student loans you're still paying off, or there's a few missed payments in your history. Don't lose hope however. If you have your eye on lakefront property in Ohio, you may still be approved for a mortgage, even if you credit score isn't stellar. We have some insights for you to be able to determine whether you can get a mortgage.

Paying Higher Interest Rates

Interest rates have remained historically low, despite the volatility in the housing market. With a lower credit score, you can't count on getting those low rates. The fact is, that mortgage interest rates vary with the buyer, depending on the risk. In other words, if your credit is damaged, you can still qualify for a loan, just at a higher interest rate. If you have your heart set on buying, then you have to decide whether a higher interest rate is something you will be comfortable with.

FHA Loans

FHA loans were created by the Federal Housing Administration in 1934 to increase home ownership during the Great Depression. They have been utilized by more than 40 million families to purchase or refinance homes. The loans are insured, so lenders have greatly reduced risk. In 2017, FHA loans made up 20% of all new loan originations. These loans are designed to act as 'helper loans' for those buyers who earn enough to pay a mortgage monthly, but don't have long term credit history to show they are low risk candidates. If this is the situation you are in, you could well be approved for an FHA loan, and you might even pay a smaller down payment than if it was a conventional loan.

Show An Improvement In Your Score

Your credit score is not a hard and fast number that will never change. Nor is the same credit score for two different people viewed in the same way. For example, Individual A might have a low score that has not changed in years, or they are missing payments in their most recent history. Individual B is someone with the exact same credit score and hasn't missed a payment in 3 years, plus their credit has steadily gone up. A lender will view Individual B as a much better prospect.

Lakefront property in Ohio is extremely desirable. If you really want a shot at getting approved for a mortgage for your dream waterfront home, then here are a few extra tips you can use:

• Make a larger down payment. A bigger down payment reduces the lender's risk, as they have a buffer. A good down payment amount is 20%.
• Along with a large down payment, it helps if you have cash reserves, which will make the lender feel comfortable that you will be able to take care of unexpected expenses.
• Show consistent rent history. If you can prove that you've paid your rent on time for the past 12 to 24 months, then that is a point in your favor.

So you see that a low credit score doesn't mean that you will never be approved for the lakefront property in Ohio that you want. It is possible, with just a little more effort on your part.

Our expert agents at Choice Properties can help you find the right plan when improving credit score. Give us a call today!

Calculating the True Value of Waterfront Property in Ohio

Proximity to water is one of the largest influences on the value of a piece of property. Whether the property is located near a lake, river or ocean, buyers are willing to pay a lot more for it. A lot of people believe the value lies in the view, there's actually much more to justify the higher price.  

Desirability

Waterfront property tends to cost more because buyers place a value on this type of property. Look at it this way. If you'd pay $200,000 for a house with views of other houses and the street, what would you pay for the exact same house with a view of a serene lake, or of rushing rapids? Chances are you'd pay more, and that desirability factor is a big part of the higher price of waterfront property.

Scarcity

We all know that 70% of the Earth's surface is water. Even though water isn't scarce, waterfront land to build upon is. The basic principles of supply and demand dictate that prices go up for any desirable item for which there is a limited supply. The classic saying that the three secrets to real estate are "Location, Location, Location" holds true here. Being on the water is typically the best location available.

Development Cost

The value of waterfront property also lies in its development cost. Generally it is more expensive to develop. Builders might need to engage in special reinforcement to prevent erosion or avulsion of the land. Lake or riverfront properties may be located away from water, sewer and electric infrastructure, requiring developers to pay high connection charges or to build well or septic systems to provide basic utilities to the parcel. All of these additional costs get taken into account when the property is being priced for sale.

Size & Design

Other factors that can impact the price and value of waterfront property is its size and design. The property could be large to allow for a buffer between the house and the water in the event of flooding or erosion, or it could be common practice to build more expensive buildings adjacent to the water. Whatever the reason, people who can afford water views most likely are going to want a fancier home, so developers will put as much additional value as they can onto the waterfront lots so they can price the property higher.

If you have a prime waterfront location, it can significantly increase the value of your home. The question is only by how much. There is limited availability because there simply isn't enough waterfront land to build on. This makes the waterfront properties that do exist extremely valuable.

Nationally, waterfront homes can be worth more than double of the value of homes overall. The real estate website Zillow says that the most expensive waterfront homes are located in Hawaii, California, and along the coast of Long Island Sound. Nationwide, the premium for waterfront homes has increased year over year.

If you are interested in starting the search for your dream lake home, contact Choice Properties today!