Eddie Hoskins - Hoskins Realty, Inc | 508-317-6045 | ed@hoskinsrealty.com


Posted by Eddie Hoskins on 11/23/2020

When buying an older home, you might wonder how to get more livable space out of that low-ceiling basement. There are two ways to gain height: raise the foundation or lower the floor. Raising the foundation requires lifting the entire home off its current foundation, building a new foundation, and resettling the home. For most homeowners, the sheer number of things that can go wrong with a project of this magnitude makes it an unlikely option. An alternative is bench footing, a method of lowering the floor of the basement that results in a higher ceiling.

Bench footing is a straightforward technique regarded by contractors to be an optimal approach for supporting your building while providing room for more structural support and depth. With bench footing, professional contractors do not need to dig deep into the home’s foundation. Instead, they can lower the basement floor and add structural support from there.

How Is It Done?

The process is straightforward, but don’t try to do this one yourself: Hire a professional contractor. Bench Footing costs less than other methods because it doesn’t require you to dig underneath the existing footings. Instead, a new floor is dug through the existing basement floor. A new foundation is laid inside the existing one, creating your new basement floor and an additional wall inside your existing basement. It is important to consider that the width of your bench footing is determined by the depth you want to add to your basement.  For every foot in depth that you add, you will need about a foot of width for your bench footing.  The floor space of the basement will decrease in area by the thickness of the new wall. 

The result is a ledge or “bench” all the way around the outer wall of the basement. That’s why they call it Bench Footing. A savvy contractor can make use of the space above the bench by installing cabinets, reading nooks and other built-ins. Others simply inset the entire wall to the new location. 

Why Choose Bench Footing?

If you need to increase your usable space but you are unable to add another story or extend your home on any side, making better use of your basement is the most valid option. In addition to being less damaging to your existing home, bench footing is less costly to complete and doesn’t change the exterior aesthetic of your home. This is particularly important if your home is in a historic area or has a strict association.

To get the best results with your bench footing, hire a professional contractor with several years of experience and with many positive reviews. Consult with your real estate agent for recommendations for a local contractor who can help you with your project.





Posted by Eddie Hoskins on 11/16/2020

Image by Ally Thomas from Pixabay

A VA loan can be the key to getting some of the most attractive terms possible on a home loan. Not only are lenders more forgiving on the minimum down payment requirements, but you may also be exempt from paying Private Mortgage Insurance until you've built up enough equity in the home. We'll look at how VA loans work and who's eligible for them, so you can decide if you're ready to take the plunge. 

Before You Get Started 

One of the most appealing things about a VA loan is the minimum down payment. In some cases, homebuyers aren't required to put anything down at all! But even considering this benefit, you're highly encouraged to build up your savings anyway. This is because you'll be charged a Funding Fee based on the size of your down payment. (This fee is donated to the VA department.) But even without the extra benefits, it's helpful to start with as much equity in the home as possible. 

Who's Eligible?

Here are the main eligibility criteria for VA loans:

  • Military members must be in the Navy, Army, Coast Guard, Air Force, and Marines 
  • You must have served at least 181 days during peacetime or at least 90 days during active war 
  • You can apply after five years of service in the Reserves or National Guard 
  • You must have a credit score of at least 620
  • Widows whose spouses are missing or lost to action. 
  • Certificate of Eligibility 

    While the US government secures the loan, it's the lender who sets the exact terms of the loan. To do this, the lender will take into account a number of factors before making their final decision. They'll use your Certificate of Eligibility (COE) to determine that you meet the minimum requirements. They'll also use the entitlement codes on the COE to determine if you qualify for additional consideration. For example, those who were given a Purple Heart will be exempt from paying the Funding Fee on their VA loan. 

    Highest Secured Maximums 

    The government will only secure the loan up to a certain amount. The amount varies based on the average home prices in the area in which you choose. For example, a person buying a home in New York City will have a higher secured maximum than someone buying in Indianapolis. If you're still on an active tour, you should know that you don't have to occupy the home immediately. 

    If you've already been granted a VA loan in the past, you're still eligible to apply for another one. However, the fees and terms are likely to be less forgiving than those on your first loan. 




    Categories: Uncategorized  


    Posted by Eddie Hoskins on 11/12/2020

    A great rehab opportunity in a great neighborhood. The buyer, is responsible for all inspection including smoke detectors. The buyer will also assume responsibility for utility turn-on and turn-off for inspections. Buyer and buyer agent must due diligence and verify all information. This property can not be sold for less than list price. Must sell for list price or higher. The condition of the property may not support the connection of utilities and no repairs will be done by the Purchaser or Seller to make the property available for connection or de-winterization. This is a Fannie Mae property available to investors and owner occupants. Multiple Offer Deadline – Nov 14, 2020, 01:13:00 PM (EST

    More Info on this Property | New Listing Alerts





    Posted by Eddie Hoskins on 11/9/2020

    One of the biggest benefits to buying a home is that of the tax savings for you. You own a home now, so there’s no more monthly rental payments going out the window. All of your mortgage payments are going towards your financial future. There’s many different types of tax breaks that you can get from owning your home. Many home improvement projects that allow you an extra tax break are hiding right in the fine print! Tax breaks are known as “incentives.” These incentives are essentially what help people to get important things in their homes done without having a order placed on them. There are some hidden things that you may not have known could be used as tax write-offs.  


    Energy Savings


    From putting solar panels on your home to replacing appliances, there are certain tax breaks that you can get for making your home more energy efficient. There are lifetime caps on these deductions, but on a certain year, you’ll be able to save some extra money on your taxes. Some of the deductions that you might be able to claim include:


    • Air-source heat pumps
    • Biomass stoves
    • Central AC units
    • Water heaters
    • Certain energy-generation systems which include an array of things like water heaters, solar panels, fuel cell systems, wind turbines, and geothermal heat pumps.


    You can deduct somewhere in the neighborhood of 30% of the cost of these improvements to your home. It doesn’t hurt to check on the updated standards that are introduced each year by the government. Your accountant can help you to understand your own deductions a bit more in-depth. 


    Modifying Your Home For Medical Needs


    If you need to modify your home in order to accommodate medical needs, you may be eligible for a tax deduction. The modifications must not increase the value of your home and be medically necessary. If the doctor tells you to lose weight and you put in a home gym, you can’t deduct that. If you need a ramp put in your home for wheelchair accessibility, then that can be deducted. The cost of the modifications generally has to exceed 10% of your adjusted gross income, or 7.5% if you’re over the age of 65. 


    What’s Not Deductible


    If you have done some major remodeling around your home, it’s sad to say that these improvements probably aren’t tax deductible. On the positive side, you will get a bigger return on your home when you do decide to sell it. This could help you to reduce any capital gains tax that you may have to pay on the sale of the home.


    Remember that when you make improvements to your home, you’re doing it first for your own needs. Any tax write-offs that you may get are merely a bonus.




    Categories: Uncategorized  


    Posted by Eddie Hoskins on 11/2/2020

    If you find lots of great homes are available and cannot decide which residence to buy, there is no need to stress. Rather than submit multiple offers to purchase various houses, you should hone your home search. By doing so, you can discover the right residence, at the right price.

    Now, let's take a look at three tips to help you narrow your home search.

    1. Define Your Dream Home

    Think about the features you want in your dream home. Then, you can make a list of "must-have" home features and search for residences that offer these features.

    Furthermore, consider where you want to reside. If you prefer big city living, for example, you may want to focus exclusively on city houses. On the other hand, if you want to reside in a small town, you can search for residences in myriad small towns.

    2. Conduct a Preliminary Housing Market Review

    Let's face it – searching for a home can be overwhelming, regardless of whether you are a first-time or experienced homebuyer. But if you perform a preliminary housing market review, you can get a good idea about the volume and quality of available residences. Next, you can use this real estate market information to map out your homebuying journey.

    Of course, it may be beneficial to attend open house events as well. These events enable you to get an up-close look at assorted residences. They also can help you understand the features you want in your dream house so you can further refine your home search.

    3. Consult with a Real Estate Agent

    When it comes to navigating the housing market, it helps to have a real estate expert at your side. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help you acquire a superb residence at an affordable price.

    A real estate agent understands what it takes to help you find a quality home that won't force you to break your budget. First, he or she will learn about your homebuying goals and teach you about the real estate market. A real estate agent next will help you analyze the real estate market and explore a broad range of houses. And once you find a house you want to buy, a real estate agent will help you craft a competitive offer to purchase this residence.

    Let's not forget about the guidance a real estate agent provides throughout the homebuying journey, either. Purchasing a house is no small feat, and a real estate agent will take the guesswork out of the homebuying cycle. Best of all, a real estate agent can respond to your homebuying concerns and questions at any time.

    If you want to discover a home that matches your expectations, it helps to plan ahead for the property buying journey. By taking advantage of the aforementioned tips, you can streamline your house search and find your ideal home faster than ever before.







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