Back HomePosts Tagged ‘real estate investor’
How to Assess the Cost of a Real “Fixer-Upper”
When you buy a fixer-upper residence for either personal or investment reasons, you need to have a thorough understanding of all of the potential related additional costs to determine if it is a worthwhile investment.
The following analysis in introspection will assist you in determining much you can afford, how much to offer, and whether a fixer-upper house is right for you.
Decide what you can do or want to do yourself
TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult renovation job that you don’t know how to do will take longer than you think and can lead to less-than-professional results.
Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.
Do you really have the time and desire to do it? Can you take time off work to renovate? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?
Price the cost of repairs and remodeling before you make an offer
If you are using a professional get several estimates on the work you want done by licensed and insured contractors.
If you’re doing the work yourself, price the supplies.
Either way, tack on 10% to 20% to cover unforeseen problems that WILL arise when you start to open walls, remove windows, install electric and plumbing, etc.
Check permit costs
Ask local officials if the work you’re going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it’ll cause problems when you resell your home. Also check to ensure that there was no other non-permitted work done to the home. If you get permits that chance that this work will be found and cited is likely.
Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit.
Factor the time,costs, and additional requirements of permits into your plans.
Double check pricing on structural work
If your renovation plans include major structural work, hire a structural engineer to inspect the home before you put in an offer so you can be confident you’ve uncovered and conservatively budgeted for the full scope of the work required.
Get written estimates for repairs before you commit to buying a home with structural issues.
Don’t purchase a home that needs major structural work unless:
You’re getting it at a steep discount
You’re sure you’ve uncovered the extent of the problem
You know the problem can be fixed
Check the cost of financing
Be sure you have enough money for a down payment, closing costs, and repairs without draining your savings.
If you are planning to fund the repairs with a home equity or home improvement loan:
Get yourself pre-approved for both loans before you make an offer.
Make the deal contingent on getting both the purchase money loan and the renovation money loan, so you’re not forced to close the sale when you have no loan to fix the house.
Include inspection contingencies in your offer
Don’t rely on your friends or your contractor to eyeball your fixer-upper house. Hire pros to do common inspections such as whole home inspection, radon, mold, lead-based paint, chinese drywall, septic, well and pest.
Lastly, don’t pay more than fair-market value
Have your EXCLUSIVE BUYER AGENT develop an comparative market analysis that makes adjustments for all of the issues involving the property, location, condition, time value of money, et. al. A transactional broker or listing agent is interested in selling the property for the highest price and is not working in a buyer’s best interest. Always use an EBA when purchasing real estate.
What Homeowners Need To Know About Title Insurance
Protecting your home investment:
A home is usually the largest single investment any of us will ever make. When you purchase a home, you will purchase several types of insurance coverage to protect your home and personal property. Homeowners insurance protects against loss from fire, theft or wind damage. Flood insurance protects against rising water. And a unique coverage known as title insurance protects against hidden title hazards that may threaten your financial investment in your home.
Oversimplified, title insurance insures a homebuyer — and a mortgage lender — against loss resulting from title defects, whether these defects are known or unknown at the time of the sale or the refinance. In the language of the title industry, the insurance covers both “on record” and “off record” problems.
Protecting your largest single investment:
Title insurance is not as well understood as other types of home insurance, but it is just as important. When you purchase a home, instead of purchasing the actual building or land, you are really purchasing the title to the property – the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even bring financial loss. Title insurance protects against these types of title hazards.
Other types of insurance that protect your home focus on possible future events and charge an annual premium. On the other hand, title insurance protects against loss from hazards and defects that already exist in the title and is purchased with a one-time premium.
There are two basic kinds of title insurance:
- Lender or mortgagee protection
- Owner’s coverage
Most lenders require mortgagee title insurance as security for their investment in real estate, just as they may call for fire insurance and other types of coverage as investor protection. When title insurance is provided, lenders are willing to make mortgage money to lend.
Owner’s title insurance lasts as long as you, the policyholder – or your heirs – have an interest in the insured property.
When your seller purchased the house several years ago, his title insurance policy covered him — and his lender — for all risks (defects) that existed at time he took title; the policy did not cover future defects.
During the time the Seller owned the property did a mechanic place a mechanic’s lien against the property?
Did a creditor obtain a judgment against the seller and have that judgment recorded? Did the home get sold at a tax sale, without the seller’s knowledge? Did someone forge the seller’s name to a deed and sell the property to a third party? Or did someone accidentally place a lien against your property (Lot 657) when they really meant to place the lien on Lot 567?
Strange as it may sound, these things do happen. Your lender wants assurances that should you not be able to make the monthly mortgage payment, and the lender has to foreclose on your property, that you have clear title. Your new lender is willing to make you a loan; however, since you cannot categorically advise the lender that you have clear title, the lender will insist that you obtain a title insurance policy in favor of the lender.
What does your premium really pay for?
An important part of title insurance is its emphasis on risk elimination before insuring. This gives you, the policyholder, the best possible chance for avoiding title claim and loss.
Title insuring begins with a search of public land records affecting the real estate concerned. An examination is conducted by the title agent or attorney on behalf of its underwriter to determine whether the property is insurable.
The examination of evidence from a search is intended to fully report all material objections to the title. Frequently, documents that don’t clearly transfer title are found in the chain, or history that is assembled from the records in a search. Here are some examples of documents that can present concerns:
- Deeds, wills and trusts that contain improper wording or incorrect names
- Outstanding mortgages and judgments, or a lien against the property because the seller has not paid taxes
- Easements that allow construction of a road or utility line
- Pending legal action against the property that could affect a purchaser
- Incorrect notary acknowledgments
Through the search and examination, title problems are disclosed so they can be corrected whenever possible. However, even the most careful preventative work cannot locate all hidden title hazards.
Hidden title hazards – your last defense
In spite of all the expertise and dedication that go into a title search and examination, hidden hazards can emerge after closing, resulting in unpleasant and costly surprises. Some examples of hazards include:
- A forged signature on the deed, which would mean no transfer of ownership to you
- An unknown heir of a previous owner who is claiming ownership of the property
- Instruments executed under an expired or a fabricated power of attorney
- Mistakes in the public records
- A mortgage (deed of trust) is properly recorded on the land records, but there is no legal description identifying the property that is subject to the mortgage. As a result, creditors are not put on notice of the existence of this mortgage lien, and may make another loan, which will not have first-trust priority.
- A deed (or other legal document) is improperly recorded with the wrong legal description.
The list, unfortunately, can go on and on. There are numerous instances where title to real estate has been found to be defective — either based on substantive grounds or technical, legal procedural reasons (such as improper indexing, misfiling or failure to comply with local recording requirements).
Title insurance offers financial protection against these and other covered title hazards. The title insurer will pay for defending against an attack on title as insured, and will either perfect the title or pay valid claims – all for a one-time charge at closing.
Your home is your most important investment. Before you go to closing, ask about your title insurance protection, and be sure to protect your home with an owner’s title insurance policy.
2016 Florida Homestead Exemption Reminder
It’s not too early to file for a property tax exemption for next year; filing now
will allow Florida property owners to beat the rush that normally occurs early in the year
as people try to beat the March 1 deadline.
Any Florida property owner with legal title to a home and who uses it as his or
her permanent, primary residence by Jan. 1 is eligible for this exemption. Homeowners
making their first claim at this time should contact their respective county property
appraiser’s office to find out how best to file for the exemption — many offices
offer applications online or will mail applications to residents. Homeowners may
also file for a homestead exemption in person, bringing along the deed to their
property or a property tax bill — something to prove they own the home. Most property
appraisers’ offices will accept applications for homestead exemption until the March
1 deadline. Please call your local county property appraiser’s office to find out
more.Visit the link found on my web site for contact information.
https://www.optimaproperties.com/south-florida-resources
Here are the criteria to see if you qualify and the documentation you will need
to provide along with your application:
$25,000 Homestead Exemption
Every person who has legal or equitable title to real property in the State of Florida
and who resides thereon and in good faith makes it his or her permanent home is
eligible to file for Homestead Exemption. First time applicants are required to
furnish their social security number, and should have available evidence of ownership(
i.e., deed, contract, etc. ) If title is held by the husband alone, a wife may
file for him, with his consent, and vice versa. If filing for the first time, be
prepared to answer these and other questions:
1. In whose name or names was the title to the dwelling recorded as of January 1st?
2. What is the street address of the property?
3. Are you a legal resident of the State of Florida? (A Certificate of Domicile
or Voter’s Registration will be proof if dated prior to January 1st.)
4. Do you have a Florida license plate on your car and a Florida driver’s license?
5. Were you living in the dwelling which is being claimed for homestead exemption
on January 1st?
Additional $25,000 Homestead Exemption for persons 65 and older
Every person who is eligible for the homestead exemption described above is eligible
for an additional homestead exemption up to $25,000 under the following circumstances:
(1) the county or municipality adopts an ordinance that allows the additional homestead
exemption which applies only to the taxes levied by the unit of government granting
the exemption; (2) the taxpayer is 65 years of age or older on January 1 of the
year for which the exemption is claimed; (3) the annual household income of the
taxpayer (defined as the adjusted gross income as defined in s. 62, United States
Internal Revenue Code of all members of a household) for the prior year does not
exceed $20,000 (beginning January 1, 2001, this income threshold is adjusted annually
by the percentage change in the average cost-of-living index); and, (4) the taxpayer
annually submits a sworn statement of household income to the property appraiser
not later than March 1.
$500 Widow’s Exemption
Any widow who is a permanent Florida resident may claim this exemption. If the widow
remarries, she is no longer eligible. If the husband and wife were divorced before
his death, the woman is not considered a widow. You may be asked to produce a death
certificate when filing for the first time.
$500 Widower’s Exemption
Any widower who is a permanent Florida resident may claim this exemption. If the
widower remarries he is no longer eligible. If the husband and wife were divorced
before her death, the man is not considered a widower. You may be asked to produce
a death certificate when filing for the first time.
$500 Disability Exemption
Every Florida resident who is totally and permanently disabled qualifies for this
exemption. If filing for the first time, please present at least one of the following
as proof of your disability: A certificate from a licensed Florida physician or
a certificate from the United States Department of Veterans Affairs.
$5000 Disability Veteran
Any ex-service member disabled at least 10% in war or by service-connected misfortune
is entitled to a $5000 exemption. If filing for the first time, please present a
certificate from the United States Government.
$500 Exemption for blind persons
Every Florida resident who is blind qualifies for this exemption. If claiming exemption
based on blindness, a certificate from the Division of Blind Services of the Department
of Education or the United States Department of Veterans Affairs or the Federal
Social Security Administration certifying the applicant to be blind is required.
“Blind person” is defined as an individual having central vision acuity 20/200
or less in the better eye with correcting glasses, or a disqualifying field defect
in which the peripheral field has contracted to such an extent that the widest diameter
or visual field subtends an angular distance no greater than twenty degrees.
Service-connected total and permanent disability exemption
Any honorably discharged veteran with a service-connected total and permanent disability,
surviving spouses of qualifying veterans and spouses of Florida resident veterans
who died from service-connected causes while on active duty as a member of the United
States Armed forces are entitled to an exemption on real estate used and owned as
a homestead less any portion thereof used for commercial purposes.
Persons entitled to this exemption must have been a permanent resident of this state
as of January 1st of the year of assessment.
Under certain circumstances the benefit of this exemption can carry over to the
veteran’s spouse in the event of the veteran’s death. Consult your appraiser for
details.
If filing for the first time, please bring a certificate from the United States
Government or United States Department of Veterans Affairs as your proof of a service-connected
disability or death of your spouse while on active duty.
Exemption for totally and permanently disabled persons
1. Any real estate used and owned as a homestead, less any portion thereof used
for commercial purposes by any quadriplegic shall be exempt from taxation.
2. Any real estate used and owned as a homestead, less any portion thereof used
for commercial purposes, by a paraplegic, hemiplegic or other totally and permanently
disabled person, as defined in Section 196.012(10), F.S., who must use a wheelchair
for mobility or who is legally blind, shall be exempt from taxation.
Persons entitled to the exemption under number two (2) above, must be a permanent
resident of the State of Florida as of January 1st of the year of assessment. Also,
the prior year gross income of all persons residing in or upon the homestead shall
not exceed the amount of income, set forth in section 196.101(4), F.S., adjusted
annually by the percentage change of the average cost of living index issued by
the United States Department of Labor. Gross income shall include United States
Department of Veterans Affairs benefits and any social security benefits paid to
the person. A statement of gross income must accompany the application.
If filing for the first time, please bring a certificate from two (2) licensed doctors
of this state or a certificate (per s. 196.091, F.S.) from the United States Department
of Veterans Affairs.
_____________________________
2016 Real Estate Forecast
Forecasts for the 2016 housing market are starting to trickle in; analysts are predicting that next year’s market will be a picture of “moderate, but solid growth.”
Several real estate pundits are predicting about a 3% year over year growth in housing prices with price increases being dampened by predictions of mortgage rates increasing to 4.65% for a 30-year fixed by the end of 2016.
Total sales of existing and new homes will reach 6 million for the first time since 2006; new home starts will increase 12 percent and new home sales will grow 16 percent, but it will take continued growth in both the gross domestic product and the job market to get there.
The U.S. economy in 2016 is expected to power forward at a steady, reasonable pace. Surveys of lenders continue to show that credit is becoming more available for homeowners, aided by new jobs for millions more people now working.
Lawrence Yun, chief economist for the National Association of REALTORS® expects a moderate annual increase in sales of existing homes of around 7.3 percent in 2015, rising 2.9 percent in 2016. Even brighter is the outlook for new-homes sales, projected in 2015 to grow at 14.9 percent over 2014 levels, and 16.7 percent in 2016.
2015 may have marked the best year for housing since 2007, but the market will likely get even rosier in 2016, according to a recent real estate forecast by Realtor.com®. One of the main drivers behind the brighter 2016 is the projection that employment will continue to grow, which will add to consumers’ wallets and allow them to purchase their first home or upgrade to a new one.
Realtor.com® highlights the following housing predictions for 2016:
1. ‘Normal’ is coming.
Expect a healthy growth in home sales and prices – at a slower pace than in 2015. “This slowdown is not an indication of a problem-it’s just a return to normalcy,” writes Jonathan Smoke,Realtor.com’s® chief economist. New construction and distressed sales are expected to return to more historical levels, and home prices are expected to follow at “more normal rates consistent with a more balanced market.”
2. Generational buying trends shape up.
Young adults’ presence on the housing market has been largely predicted for years, but 2016 may finally be the year they make a move in a larger way. Millennials represented nearly 2 billion sales in 2015 – one-third of home-buyers. They are expected to continue to be a major buying pool in 2016 with the majority of buyers between ages 25 and 34 expected to be first-time home buyers next year.
But two other generations will also have a big presence in 2016: financially recovering GenXers and older baby boomers who are entering retirement, Realtor.com® notes. “Since most of these people are already homeowners, they’ll play a double role, boosting the market as both sellers and buyers,” Smoke notes. “Gen Xers are in their prime earning years and thus able to relocate to better neighborhoods for their families. Older boomers are approaching (or already in) retirement and seeking to downsize and lock in a lower cost of living.”
3. New-home construction focuses more on affordability.
Builders have been faced with higher land costs, limited labor, and concerns about the demand of the entry-level market. As such, they have shifted to constructing more higher-priced homes, which has caused new-home prices to rise significantly faster than existing-home prices. In 2016, they likely will shift to more affordable product to cater to the entry-level buyers.
4. Higher mortgage rates.
Mortgage rates will likely be volatile in 2016. But the recent move by the Federal Reserve to guide interest rates higher should push mortgage rates higher in the New Year than the historical lows they have been at for years. The 30-year fixed-rate mortgage will likely end 2016 about 60 basis points higher than today’s level. “That level of increase is manageable, as consumers will have multiple tactics to mitigate some of that increase,” Smoke says. “However, higher rates will drive monthly payments higher, and, along with that, debt-to-income ratios will also go higher.” The markets with the highest home prices will see the effects from the higher rates the most.
5. Rents to go up even higher.
Rental costs are skyrocketing, and the costs are likely to only go up in the New Year. More than 85 percent of the nation’s markets have rents that exceed 30 percent of the income of renting households. “Rents are accelerating at a more rapid pace than home prices, which are moderating,” Smoke says. “Because of this, it is more affordable to buy in more than three-quarters of the U.S. However, for the majority of renting households, buying is not a near-term option due to poor household credit scores, limited savings, and lack of stable income of the kind necessary to qualify for a mortgage today.”
10 Reasons Why Another Real Estate Crash is Unlikely Today
How concerned should investors and homebuyers be that we’re headed for another real estate crash as we approach the 10-year anniversary of the infamous 2006-2007 housing bubble? Not at all.
Although buyers are paying spectacular prices for commercial properties and trophy homes, just as they did then, this time price increases are being fueled by foreign investors seeking diversification and a haven for their funds, as well as investors on the hunt for a low interest-rate environment.
Real estate is still a favorite life raft for nervous investors, who are seeking safety amid market volatility.
This has led to record real estate prices, which some have interpreted as a sign that the U.S. real estate market is once again climbing into bubble territory and headed for another crash. But a repeat of the 2009 real estate implosion that followed the collapse of the equities market in 2008 is highly unlikely this time.
Here are the top 10 reasons why:
1. Most Americans Have Refinanced to Fixed Rate Loans
Most Americans who could refinance to a fixed-rate mortgage have already done it. As a result, the impact of interest-rate shock when short-term ARMs re-adjust will be minor, compared with what happened in 2008-2009. During that period, many Americans could no longer afford their new mortgage payments and defaulted.
2. Bank Repossessions are Flushing Out Old Distressed Properties
Bank repossessions recently rose to the highest levels in more than two years, signaling that banks are dealing with properties in default and flushing out old distress, rather than ingesting more. Foreclosure activity continues to fall.
3. Loans in Foreclosure Are at the Lowest Level Since 2007
Despite an increase in bank repossessions, the percentage of loans in foreclosure nationwide is just 2.1% — the lowest level since 2007, according to the Mortgage Bankers Association.
4. There’s Less Risk of a New Mortgage Bubble
The market is no longer fueled by a surge in new housing loans based on loose credit standards. Tighter requirements for loan approvals that followed the 2009 mortgage meltdown reduced the number of foreclosures nationwide to a 10-year low. This tempers the number of real estate bubbles that can pop and, if the market slows down, there may be a contraction, rather than a pop. New TRID requirements are further evidence of guarantying a healthy mortgage market.
5. Interest Rates Are Likely to Remain Low for the Foreseeable Future
The likelihood the Federal Reserve will raise key interest rates recently lessened, following the economic disruption coming out of China. As a result of recent market volatility around the globe, rates have not climbed as expected and the risk of higher rates has diminished for the foreseeable future. It’s also important to mention that China’s slowdown could also positively impact U.S. property values, as global funds seek relative stability in the U.S. real estate market.
6. First-Time Buyer Assistance Programs are Luring New Buyers into the Market
New initiatives have been put in place to assist prospective first-time homebuyers. At the beginning of 2015, the Federal Housing Administration (FHA) moved to reduce annual mortgage insurance premiums by up to $900 per year. This move could push home sales up to 5.6 million — the most seen since 2006- and it could introduce as many as 140,000 new buyers to the market, according to the National Association of Realtors. The FHA’s program aims to transition millennials and others from renting to owning a home.
7. Job Creation Indicates the Economy is Getting Stronger
The United States has added jobs at a steady rate over the past five years, and many of the jobs that were lost during the recession have been brought back. Additionally, the quality of jobs being created has improved as the economy has recovered.
8. Average Residential Home Prices Have Risen at a Slow, Steady Pace
Unlike the high-end, luxury market, prices for average residential homes have risen at a slow, steady pace. According to the S&P/Case-Shiller Composite 10-Home Price Index, residential home prices remained 15 percent below their April 2006 peak as of July 2015.
9. New-Home Construction Has Not Recovered from the Downturn
The supply of existing homes for sale today is lower than it was in 2000, although the population has grown more than 14%. New, single-family starts are 60% below the 2006 peak and roughly 25% below the average for the past 15 years.
10. Commercial Real Estate Remains Below Peak Levels
Commercial real-estate fundamentals are similarly healthy, and although commercial real estate prices have increased steadily since the crash, they still remain below peak levels. Vacancy rates are at or near all-time lows for apartments and warehouses, and are at their lowest post-crisis point for office and retail properties.
Commercial real-estate development also remains more than 25% below its pre-recession peak, which has led to improved property fundamentals, with both occupancy rates and rents rising.
The real-estate market today has a stronger foundation than it did in 2006, thanks to more disciplined and conservative credit underwriting of debt and a market that is much healthier than it has been at any point during the past decade.
Nearly 10 years after the bubble began, the message to investors is clear: Rest assured you are looking at a chastened and more disciplined market in which to participate — not another looming bubble.
5 year Fixed Mortgage – A New Trend?
5 year fixed mortgage could be a new solution to those who want to avoid long-term loans. As traditional lenders advertise 30, 15, or 10-year mortgages, the new idea has been emerging in the credit union industry – it is a 5 year fixed mortgage. While banks and mortgage companies are limited by the laws and government regulations, credit unions are less tied up by these limitations and thus less restrictive.
5 year fixed mortgage would definitely have higher payments due to the shorter duration of the loan but it will ultimately help the homeowners to become debt-free in a very short period of time. It is something people nearing retirement might consider as well as the empty-nesters and those younger buyers who do not want to carry the burden of the loan for a long period of time. Not only will the buyers become debt-free in a short period of time, they will also pay only a fraction of the interest that accumulates on traditional 30 or 15-year loans.
Here is an example of total cost of the loan based on its duration in years: $150,000 mortgage at five percent would cost you a total of $289,883 in principal and interest on a 30-year-loan to pay it off, which comes pretty close to double the amount of the original cost of your home. When paid over 15 years, the total cost would amount to $213,514. If you paid it off in five years, the total cost would be $169,841. As you can see, it is only a little bit more than the original loan amount. The difference of course becomes bigger and bigger as the loan amount increases.
Additional advantage of the 5 year fixed mortgage is that, in general, the lower the term, in years, the lower the interest rate is which adds up to the total savings. It is also a great option for anyone who can afford to make the higher monthly payments. Refinancing to a shorter term is a great option for someone who’s been in a house a few years already or for people who have higher interest rates. It is also a great option for those who are conservative investor and would rather pay off their home mortgage and use the extra cash toward other investments. You should, however, take into account your current financial situation, and if, or how, the higher payment might affect your lifestyle.
It might not, however, be the best option for those who struggling financially or who have multitude of other financial obligations. There is an argument that you might be better off with a longer term loan because it will free up more money every month for other investments. If you can find a better investment that would give you a good rate of return it could be a viable option. There are, however, few investments that would either offer a good rate of return or come with any guarantees. Lower mortgage interest rate that comes with a shorter mortgage term is a sure thing, at least for the time being, so a 5 year fixed mortgage could be a thing to consider.
New Water Heater Regulations
If you’ve been thinking about replacing your water heater soon, you will want to read up on how the new water heater efficiency standards, effective April 16, 2015, will affect your options.
The U.S. Department of Energy recently mandated sweeping changes in the energy efficiency standards of this water-heating appliance. The new standards call for much higher Energy Factor (EF) ratings on all water heaters manufactured with larger than 55 gallons in capacity.
New water heater regulations mean huge changes in how larger capacity water heaters are manufactured, distributed and installed.
While the new mandates will add up to long term energy savings for all, the initial cost of replacing your old water heater may quickly become significantly more expensive.
For example, the average cost of conventional minimum-efficiency 60-gallon gas and electric water heaters is approximately $675 to $1,500 a unit. While in comparison, the new units manufactured after April 16 will cost anywhere from $1,200 to $2,450 each.
That’s not all. Water heaters manufactured after the new energy efficiency standards go live will require a different heat-pump design and will take up more space than your model now.
This means that if your current water heater is located in close quarters, like a 3 foot x 3 foot water closet or attic, you may be looking at a small home remodel to accommodate the larger units as well.
Water heaters contribute to a significant part of your monthly electric or gas bill. When replacing a water heater you should consider a tankless unit. These space saving units heat water on demand, only when you need it. The tankless technology offers endless hot water – you’ll never take a cold shower again! Because the water is only heated when it is being used, tankless water heaters are a great energy efficient solution for heating the water in your home. You’ll enjoy energy savings, better performance, extended life, fresh water, space savings and more capacity than traditional “tanked” water heaters.
If you are planning on purchasing a home or investment property that will need a new hot water heater, you should figure in these higher cost estimates in addition to the cost of retrofitting the space, if needed.
Kim N. Bregman