Archive for category: Blog

Asheville, North Carolina is renowned for the Blue Ridge Mountains, a vibrant arts and restaurant scene, and has also become a sought-after destination for both tourists as well as remote workers. 

Though the Air BnB market locally may be saturated, mid-term rentals are still a unique passive income solution that also meets the evolving needs of travelers to Western North Carolina–while maximizing income potential for property owners. 

What Are Mid-Term Rentals?

A mid-term rental typically denotes rental accommodations that are leased from periods of one to six months.

This rental model caters to traveling professionals, relocating individuals and their families, and a temporary housing option that can attract a more stable tenant base compared to typical short-term vacation rentals. 

Why Choose Mid-Term Rentals?

1. Steady Income Stream: Unlike short-term rentals such as AirBnBs, mid-term rentals have longer lease agreements, guaranteeing consistent income. 
2. Less Wear and Tear: With a lower turn-over rate compared to short-term rentals, there are less cleaning and maintenance costs as tenants remain for longer periods at the property.
3. Local Demand: With the influx of people relocating to Asheville, the demand for temporary housing is increasing. Mid-term rentals cater to remote workers, and those in need of transitional housing in the area. 

Some Things to Keep in Mind with Mid-Term Rentals

1. Furnishing and Amenities: The property should be fully furnished as well as equipped with essential kitchen supplies and amenities such as Wi-Fi and on-site laundry facilities. Keep in mind that creating a comfortable living space in your rental is crucial for attracting potential tenants.
2. Flexible Lease Terms: Consider offering flexible lease options to appeal to a broader pool of potential tenants. This can include month to month rental agreements or discounts for longer stays.

 

Ready to buy a home? One of the most crucial steps in the home buying process is getting pre-approved for a mortgage.

Why Pre-Approval?

Not only does pre-approval give you a clear understanding of your budget, but it also positions you as a serious and credible buyer in the eyes of sellers and real estate agents.

Let’s explore the key benefits of being pre-approved for a mortgage and why it’s essential for a successful home buying experience.

1. Know Your Budget and Save Time

One of the primary advantages of mortgage pre-approval is that it helps you determine exactly how much you can afford.

During the pre-approval process, your lender will evaluate your financial situation, including your income, credit score, debts, and savings. Based on this information, they’ll provide you with an estimated loan amount that you as Buyer qualify for.

This clarity allows you and your real estate agent to focus your home search on properties within your price range and on homes that are realistic options, making the search more efficient and less stressful.

By knowing your budget upfront, you avoid the disappointment of falling in love with a home that’s out of your financial reach.

2. Increase Your Bargaining Power

In a competitive housing market, pre-approval can give you a significant edge over other buyers. Sellers and real estate agents view pre-approved buyers as serious and financially capable, which can be a deciding factor in a bidding war. When a seller receives multiple offers, they’re more likely to choose the one backed by a pre-approved buyer, as it reduces the risk of the deal falling through due to financing issues.

Additionally, pre-approval can provide you with leverage during negotiations. If a seller knows you’re pre-approved, they may be more willing to negotiate on the price or other terms of the sale, knowing that you’re ready to move forward quickly.

3. Streamline the Closing Process & Lock in the Mortgage Rate

Once you’ve found the right home, being pre-approved can help expedite the closing process. Since your lender has already reviewed your financial information during pre-approval, the final approval process tends to be faster and smoother. This can be especially beneficial if you’re in a time-sensitive situation or if the seller is eager to close the deal quickly.

Moreover, having a pre-approval in hand can help you lock in a mortgage rate. Interest rates can fluctuate, and securing a rate early in the process can protect you from potential increases. This can save you money over the life of your loan!

4. Identify and Address Potential Issues Early

The pre-approval process can also help you identify any potential obstacles in your financial situation before you start house hunting. For example, if your credit score is lower than expected or if you have a higher debt-to-income ratio, these issues will come to light during pre-approval. This gives you the opportunity to address and improve these factors, increasing your chances of securing a better mortgage rate and terms later on.

Before you start looking for a home, take the time to get pre-approved—it’s a decision that can pay off in more ways than one. Ready to Move With Purpose? Contact Leonetti Group today, we can’t wait to say “Welcome Home!”

Dreaming of owning a home but unable to save for a down payment? You’re not alone. Many potential home buyers face this challenge, but the good news is that you can still achieve your homeownership dreams even without substantial savings!

Step One: Understand Down Payment Options

Here are some loan options that require lower to no down payments:

FHA Loans: Federal Housing Administration (FHA) loans require as little as 3.5% down, making them a popular choice for eligible first-time buyers.

VA Loans: If you’re a veteran or active military member, you might qualify for a Veterans Affairs (VA) loan, which offers 0% down payment options.

USDA Loans: The U.S. Department of Agriculture (USDA) offers loans for eligible rural and suburban home buyers with 0% down.

Step Two: Explore Down Payment Assistance Programs

Many state and local governments offer down payment assistance programs. Here in North Carolina we have the North Carolina Housing Finance Agency (NCHFA) offering $15,000 down payment assistance–the NC 1st Home Advantage Down Payment–for eligible fire-time buyers and military veterans. There may be more programs in your local municipality. Here’s how to find and take advantage of them:

Research Local Programs: Determine what programs near you provide loans, grants and other assistance for closing costs and down payments.

Eligibility Criteria: Check the eligibility requirements, specifically income limits, property location, and home buyer education courses.

Combine Resources: Sometimes, you can combine or “stack” multiple assistance programs to cover more of your costs!

When you work with Leonetti Group, we provide our clients with a Support Network of resources that include lenders, as well as recommended local programs through organizations like Mountain Housing Opportunities and OnTrack Financial Counseling who are integral to helping locals in Western North Carolina become homeowners!

Ready to start your home-buying journey? Contact Leonetti Group today to speak with Jessi or Luiz, who will work with you to navigate your unique path to homeownership. Move With Purpose!

A: Yes! DIY Staging is not only possible, it is a great idea if you are not hiring a professional home stager when you list.

The purpose of home staging is to create an environment that allows potential Buyers to envision themselves living there. What does this mean for your listing? A properly staged home highlights the best features of a particular property, and increases curb appeal. Staging can be done professionally, and Leonetti Group is happy to recommend one when you work with us–or you can do it yourself! For DIY home staging, there are few key points to keep in mind. 

1. Declutter: Excessive clutter can be distracting to potential Buyers. Removing clutter like paperwork, mail, tools, knick-knacks, books, clothes, and other household objects from surfaces like countertops, shelves, and open-face cabinets creates a more spacious feeling within the interior environment, allowing potential Buyers to more easily envision themselves living in the home. The more minimal the clutter, the more open and neutral the space will feel.
2. Deep Clean: Home interiors should be spotless when staging! Don’t forget details like window wells and sills, baseboards, even light fixtures should get some extra attention before showing to potential Buyers. A clean home communicates that the home is well maintained, and once again creates a neutral atmosphere that allows Buyers to envision themselves living in the space. If a home showing is imminent consider moving cat boxes to an exterior location like the garage to keep distracting smells to a minimum, and taking out all garbage and recycling from indoor trash cans.
3. Depersonalize: Consider minimizing personal items like family photos, clutter on the refrigerator door, memorabilia as well as other niche or quirky items that could distract from the overall neutral feel of the home. The more opportunity you create for a potential Buyer to envision themselves living in your home the better.
4. Maximum Lighting: Before an imminent showing, be sure to open curtains and blinds to let in natural light. Before listing be sure to check that all bulbs within the home are working, and if some seem dim or old replace them with brighter ones. Adding inexpensive lighting features to existing rooms, or darker areas of the home helps create a warm and inviting atmosphere as well. Lighting can often be used to showcase and highlight (literally) the best features of your listing!

Have more questions about home staging, real estate, and home buying? The Leonetti Group is here to help. Contact Jessi or Luiz today to discuss how you can Move With Purpose!