Words from a LENDER, and My New Roof (insurance paid:) )

by Rebecca D'Angelo

Hello!

I hope this "newsletter" finds you well. My firm switched systems and my, what a learning curve it has been! The site is much more interactive, which is great, but I have yet to find a way to do the newsletter the way I want it to look...so here we go!

MY NEW ROOF (a little known secret and strategy)

My cute little arts and crafts house in Lakeside was the only one on my block dragging it down, as all of my neighbors on the block and on the T block facing us got new roofs in the past few years. My girl was looking a bit worse for wear, and like she had been up all night partying! But I wanted a FREE roof, or mostly free, so I have kept holding out. I called three years ago to get the Insurance Adjuster out and told him I had storm damage (did I? no idea), so he asked me when the storm was, and I said we have had wicked storms all summer, so he said pick a date, and I said last Sunday. He came out and told me I had five years left on my roof, and that there was no storm damage. In the meantime I had gotten a couple of roof quotes in the 9k to 11k range.

Last month I was walking my dog, Fiver, and looked at my roof (an obsession, waiting for my beloved Storm Damage) and noticed some shingles popping. I thought this was probably just normal wear and tear now. Coincidentally someone on Next Door had just raved about Davidson Roofing Company, so I called them. Fritz came out and got on my roof and noticed a lot of Hail Damage, so he chalked it up and told me to send it to my insurance company, Mutual Assurance Society of Virginia, and said I probably had a good claim. Woohoo, I thought! Fritz also nailed down the date for the storm on his Hail Calculator. Mutual Assurance was out within 2 days and it was the same adjuster, who remembered me from before. When he got off the roof he said, Yep, you have storm damage, it looks like you will get a new roof. I high-fived them and said AWESOME! My patience had paid off. Truth be told, however, at this point with or without storm damage I was prepared to finally get my new roof, as one can't have popping shingles! Davidson Roofing did an amazing job, and there was a female that helped with clean up and climbed the roof too, and she sang, full of joy, all day long. They were just amazing!

And by the way, Mutual Assurance is also a little kept secret. I try to get my clients to call them so they can come out and inspect the house and insure them. It is Great insurance: the first year is the normal premium you would have with anyone, but the following years it is 3/4s of the cost. I pay $350 a year, had a 1k deductible on the roof, and the rest was paid for!

WORDS FROM RICHARD DAY OF ASSURANCE FINANCIAL

"I have been lending since 1988, and I haven’t seen a market (lending or real estate) quite like this one. Rates are at a 20 year high, and housing stock is still scarce. When I got into the business, I was refinancing folks from 14% down to 11%!

Hopefully, this will put things in perspective: Average 30-year fixed rates are in the low to mid 6% range (renovation rates a full % higher). But the average rate since 1970 is 7.375%, so we are still below that and likely will not surpass that. Buying a house is still one of the best investments a person can make, and is still one of the largest in a lifetime for most folks. Interest is tax deductible; rental prices are increasing at a faster rate than housing prices, and of course as one pays into their mortgage, they retain the equity in their home and increase their wealth over time. The sooner one closes on a home the sooner they start paying into their net worth, the same as one starts a college savings plan, the sooner the funds to pay for that are covered.

A few things are that will help a buyer today are: Being patient; being calm; and thinking outside the box. - Patients is important, because it helps to keep you from making rash decisions and that will likely save you money and keep you from buying a home that you may not like.

– Being calm is always a good thing. Anxiousness in the housing market causes bad decisions, and it’s bad for your health.

- Thinking outside the box opens one up to new possibilities and options in the housing market. For example, multi-units as an owner occupant is a great idea. You get a house, you get income, and when you go to buy your next house, you may keep that for even more income while your tenants pay that mortgage…and then some. Looking at homes that need work is another great option. I have specialized in renovation lending for over 30 years, and as my motto says…”the worse the house the better”. That means the worse the condition, the more a renovation loan can help you. Many realtors don’t even consider that, but Rebecca D’Angelo is well versed in this niche, and can help you find such diamonds in the rough.

Good luck on your house hunting adventure; get pre-approved by a lender (me) and you will get into a home, probably sooner than you thought possible.

804-855-4421 | rday@assurancemortgage.com | www.fixandfinance.com"

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I hope everyone had a relaxing and thoughtful Memorial Day!

Your Realtor,

Rebecca

804.874.9709 | dangeloRVArealtor@gmail.com | https://rebeccadangelo.virginiacapitalrealty.com

@dangeloRVArealtor Insta and FB

HOUSE SURF