Category: Title Insurance

Save For Big Home Repairs

The expenses of owning a house do not stop with the mortgage and regular monthly bills. Things break inside and outside the home and occasionally unexpected repairs can set you back financially. It’s important to have a budget set aside for some of the biggest home repairs.

Foundation: This keeps your home above the earth and provides insulations. Dirt settles and the soil underneath the home has settled in different layers over many years. When the layers are unable to bear the weight of the home on top of them, the foundation can begin to sink and settle. The foundation needs to be maintained to keep the structural integrity of the home. Signs of issues might be:

  • Water gathering into a pool in the basement, sloping floors, doors that won’t shut, or don’t match up to the frames.
  • Exterior large and in a zig-zag form or bricks that are cracked or protruding could be a warning.
  • Cracks in walls or above window and door frames.

No matter the cause, foundation damage gets worse over time and needs to be taken care of. The best thing to do is get a trusted professional out to your home to inspect and then determine if there is a problem or not.

Roof: Protects the home from elements, thus, if there are any signs of issues, it’s important to act fast. Things to look for:

  • Curled, cracked, or missing shingles means they are at the end of their lifespan.
  • Dark, dirty, wet shingles can mean that they are allowing moisture to be trapped and they are not doing their job.
  • Shingle granules in the gutters. Once they start to wear out the composite or asphalt shingles start to shed their coarse, black, sandy granules and end up in the gutters.
  • Wear and tear around the chimney, vents, pipes or anything else that penetrates your roof may be where the deterioration begins and often the fix can be confined to those areas.
  • Leaks in the attic after a storm, or the presence of light coming through in the attic might mean shingles need to be replaced.

Most people don’t really even think about their roof until it’s too late. Don’t wait until water is coming in through ceilings before you call a professional out to inspect. Get up in your attic, as it’s the first place that will give you a clue on your roof’s life.

Termite Damage: If this is left unaddressed problems can make the entire home an unsafe place to live. An infestation can compromise the structural stability of a home. Termites are the sneakest of all the pests.

  • Look for rotting stumps or any decaying wood outside your home. If they have moved into those and it’s close to your home, there is a big chance they have found their way into your walls or other wooden areas.
  • Have you seen any mud tunnels or tubes? These would be where the termites build and work from the soil to the wood. You can find them in hidden, shady spots on foundations or crawl space cement blocks.
  • Wings. Termites shed their wings and you will find piles.
  • Damaged wood at structural bearing points.

Damage by termites can be found by poking wood with a screwdriver. Check first the extyerior and interior survaces of the foundation where wood is on or near the soil. Start in the basement with a flashlight and look for mue tubes. The best thing to do is get help from a professional pest control company.

Water Damage: Not only can this cause structural damage but health problems if the damage causes mold growth.

  • Look for dark or wet spots on the walls or ceilings.
  • Cracking, bubbling or flaking paint on ceilings or walls.
  • Damp, musty or mold smells.

Water damage happens a lot more often than you think. It does not matter if the home is new or old, it will result in some serious problems.

Septic Tank: If toilets and drains are clogged or backed up, draining very slowly or if there is standing water near your septic tank there might be an issue. Take notice:

  • Is the grass around your septic tank thriving more than anywhere else in the yard? That could mean a leak – once the water escaped the tank it acts as a fertilizer.
  • Are there trees or shrubs near the tank? Roots naturally seek out sources of water, including leaky pipes or even condensation. They can end up cracking septic tank pipes allowing dirt to enter or collapse the pipes.

The Bottom Line: Experts recommend saving 1%-4% of your home’s value per year for repairs and maintenance. If you don’t have the money and need to pay for home repairs, consider a home equity line of credit or home equity loan.

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Making a Small Home Appear Larger

Are you putting your smaller home on the market to sell and want it to feel and look bigger inside so that it will appeal to more buyers? Or, did you just buy a house that was empty but now that you have moved your belongings in the home is tighter than you thought? There are plenty of ways to make each room look and feel bigger than it is. You don’t need to renovate or knock down walls to make a small room feel bigger—just incorporate these smart design moves to visually expand your space.

Declutter the room relentlessly. Really important and the first thing you can do to make any room look or feel larger. Get rid of things you don’t use or need. Unnecessary clutter can make a room feel small and cramped and make it harder to navigate around.

Use very light colors or very dark colors to give a room depth. Medium shades can make a room appear smaller, but when you use bright whites and deep dark paint colors, you create contrast, which creates depth and the illusion of a larger space. Lighter colors reflect light, making a room feel brighter and larger, while darker colors absorb light and make a room feel smaller and closed in.

Scale it down. Furniture in smaller rooms is all about proportions. To create a sense of roominess, always leave a little air in between the sides of your furniture and the walls. Avoid heavy, big pieces that take up a lot of usable area in the room. A sleek sofa or chair will give you as much sitting room as an overstuffed couch but will take up much less of your room. 

Rearrange furniture. By simply rearranging the furniture in a room and creating a different layout, you might end up with more space, open the room up, and make it easier to navigate. If there’s a piece of furniture in your room that doesn’t get much use, consider removing it to free up some space.

Reflections. Mirrors can make any room look bigger. Consider having at least one huge mirror in the room. Mirrors reflect light, therefore, make the room brighter. The reflection creates an optical illusion of a continuous space which is perfect for a small room.

Let the light in. If you have large windows in your room, don’t cover them up with dark, heavy curtains or blinds. Open them up and let all that natural light in. Hang your curtains higher and wider to make the windows look larger. It really draws the eyes upwards, making the room appear larger and taller. Or you could even forego window treatments altogether for a really open, fresh look.

Find the perfect rug. An area rug that is too small for a room can make the room feel much smaller. The best idea is to find a rug large enough that you can place the front feet of the furniture on it, such as couches or chairs. A nicely sized area rug allows the eyes to go from end to end of the entire room, which makes the room feel much larger.

Lighting and artwork. Fun and interesting light fixtures will draw your attention upward, creating an illusion of height. Hang paintings or artwork to add a focal point. One large painting works better than a group of several small pieces of art.

The Bottom Line: There really is an ‘art’ to living in a small home without feeling cluttered and/or cramped. If you are selling your home, ask your Realtor for advice. Don’t take offense if they think you should get “rid” of things, simply place them in storage. When you are pressed for room, every little decorating tip can help.

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Ways to Make Your New House Feel Like Home

You negotiated a fair purchase price, closed escrow, and now you’ve moved into your new home, but there are some things that are not quite how you want them. In fact, according to IKEA’s 2018 Life at Home Report, 39% of Americans do not feel a sense of belonging in their residence. This statistic might seem jarring, since our homes are supposed to be where we feel most comfortable. But if you feel the same way, you deserve to feel comfortable, safe, and in your element in your own home. Fortunately, you can achieve that goal if you are ready to put in the work. 

Whether you’ve purchased a home that’s never been lived in before or has had several occupants, there are always going to be at least a few things that you will want to do to make it feel like your own. From simple adjustments you can do yourself like painting, to major renovations you will need a contractor for like replacing kitchen cabinetry, there are plenty of ways you can personalize your space and create that at-home feeling you have been missing. 

Renovate Key Spaces 

Renovating certain areas of the home can give the place a major facelift, by fully customizing the different aspects to your lifestyle. Whether you need to make more room by changing the layout of one or more rooms or you have eco-conscious renovations on your mind (low-flow fixtures, improved insulation, etc.), these changes can have a big impact on the household. 

According to a 2018 report by Houzz, the kitchen and bathrooms are still the top two most popular home renovations (and the most expensive). Other popular renovations include: 

  • Creating a more open floor plan by adapting living room spaces 
  • Upgrading the master bedroom to make more space for furniture 
  • Expanding closet space to create a walk-in closet with ample storage 

Keep in mind that contractors and their teams spend a lot of time in your home so you do not want to make this decision lightly. In addition to reading reviews, you should run background checks on all renovators. That way, you can ensure that you know who’s coming into your home. When choosing a background check service, just make sure you find a reputable company like ShareAble for Hires. 

Focus on the Master Bedroom

Your bedroom should be an escape from the demands of daily life, whether that applies to soaking in the tub after a long day, curling up on your chaise lounge to read on weekend mornings, or drifting off into a peaceful sleep that’s free of interruptions. However, if you have just moved in, there are likely some changes you will want to make to your new bedroom.

Some of the ways you can adapt the master bedroom include: 

  • Changing out the window coverings: For some, sunlight creeping in in the early morning hours is preferred, while others prefer to keep it cool and dark. Changing your window coverings from wood blinds to high-quality blackout screens or vice versa can help you adjust to your preference. 
  • Adding ceiling fans: If you want to keep your bedroom cool without constantly running the air conditioning, ceiling fans in the bedroom are a good investment. 
  • Swap the lighting: Overly bright lighting in the bedroom can interfere with the coziness and relaxation that you are probably seeking for this space. You might need brighter lighting in the closet, but near your bed or lounge area it should be more subtle. An easy fix is switching out the bulbs.

For many new homeowners, it takes some time to get comfortable. If you are having trouble adjusting to your new environment, try taking saffron for sleep. Over time, you will adapt to your room and it will feel like home, but in the meantime, this supplement by Objective Wellness can help you get the rest you need to do work around the house and attend to all of your other daily demands.

Apply a Fresh Coat of Paint

Color plays a significant role in the tone of your decor and the overall mood of each room—which is why many new homeowners make painting one of the first items on their to-do list after moving in.  A fresh coat of paint, either to the interior or exterior of your home, can make your home look and feel like new.  

Whether the current colors are too dark for your taste, or you want to use some modern paint colors to liven up the space, the good news is that repainting your walls is a fairly affordable upgrade that you can do yourself, it just requires patience and time.

Add Personalization

Even if you buy a new-construction house that you have been thoroughly involved in planning, that is simply the shell of your home—there is still the interior to deal with. Being surrounded by blank walls can make your new home feel empty and sterile. Once the walls are painted to your liking, start hanging photos, art, and other elements of personalization that will make the house feel more like home. 

In addition to what’s hanging on your walls, there are other personalized aspects that will help you feel more comfortable in your space. Blankets and throw pillows help bring a homey feel to the living room and bedrooms, while decorative towels, flowers, candles, and other aesthetic touches can breathe life into your house. 

If you have not purchased your furniture yet, think of the style that best suits your personality and lifestyle. If you have a big family or frequently host gatherings, plentiful comfortable seating and a welcoming ambiance will be key. However, if you like your home to feel clean, organized, and picturesque, a minimalistic approach to decor will be key to enjoying your new space. 

Final Thoughts for New Homeowners 

It can be easy to get caught up in the excitement of seeing your home come together, it is important to take a strategic approach to customizing and renovating. Consider the costs of the different projects you are taking on, without careful budgeting, you run the risk of overspending. In order to make sure you are able to make all the changes you want, without putting yourself in a less-than-ideal financial situation, make a list of your priorities and work your way through the. 

Of course, there will be certain projects that should be done before you get settled, or you will have to make a lot of extra effort later, but many of these tasks can be done over time. It is understandable that you want everything to be perfect, but focus on the projects at hand, and soon you will be living in the home of your dreams.

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Choosing a Realtor

Looking for the best real estate agent, one that is an experienced professional who listens to your concerns and knows their market? That person might not necessarily work at the largest brokerage, close the most transactions, or make the most money. Real estate professionals have a saying that 20% of the agents do 80% of the business. Your goal is to find one among that that 20% to work for you, but it’s not as challenging as you might think. 

Read Reviews

Online reviews are one of your best assets when it comes to choosing a realtor. Read all of the reviews that you can find before selecting who you’ll work with, and look for an agent whose previous clients have only positive things to say about their experiences. However, if you read one with great reviews as well as c few complaints, be able to distinguish whether the complaints are about the individual realtor versus complaints about the stress of the home buying process itself.

Ask friends, families, coworkers, and anyone else whose opinion you trust if they have any local agent referrals. Previous buyers are one of your best assets for finding a great Realtor since they can speak honestly about their own experiences. Plus, you can trust that if someone you know is giving you a recommendation, chances are it’s because they enjoyed working with that agent and would work with them again.

Interview A Few Agents

Real estate pros urge buyers and sellers to interview at least three agents.

  • Always ask an agent for a list of recent references.
  • Ask each agent you’re considering how they plan to help you find the perfect home (for buyers) or market your home (for sellers)
  • Note how an agent responds to your inquiry. If the answer is fast, thorough, and informative, there is a good chance you will get that type of service throughout your buying or selling process.
  • Ask to be provided a list of their recent sales, not just a general number of sales or sales volume.

Listing Price Determination

No one, not even the best Realtor can tell you how much your home will end up selling for. Good Realtors will show you comparable sales, pending sales, and active sales in your neighborhood and surrounding areas. Ultimately, the buyer tells you the price that is right. The Realtor you choose should suggest a list price that will attract that buyer and then where it goes from there is up to the buyer.

Consider this:

  • To get a listing, sadly there are Realtors out there that will bend the truth. Since they can not guarantee a sales price, the Realtor that quotes you the highest price should be able to back that up with facts and figures. If the agent does not have any good stats, that might be a red flag.
  • Watch for the Realtor that gives you a range of prices that depend on factors such as location, the market and any improvements you have made in your home.
  • Pricing a home is an art. Realtors have no control over the market, only the marketing plan. If it is priced right, you’ll get an offer. Priced to high, you might not get a single showing and end up reducing the price leaving buyers to try to figure out what is wrong with your home.

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Clear to Close: The Closing Table

From Contract to Closing Table: Avoiding Pitfalls - Houseopedia

Your offer was accepted, the inspection is over, anything that needed to be resolved has been. The only thing standing between you and moving into your new home is the closing table.  What should you expect?

Preparing for the closing date:

Depending on how condensed your contract period is, you may receive the final settlement and HUD-1 statements with enough time to review them with your lender and real estate broker.  It isn’t uncommon, with the volume of new mortgages and refinances, to receive these documents just hours before closing.  Either way, you will have time at the closing table to have all your questions answered about the details and account for every penny of the transaction.

Prior to your closing, you will do a final walk-through of your new home with your broker to inspect its condition.  This is your opportunity to ensure all agreed upon inspection items have been completed, the condition of the home hasn’t changed from when you went under contract, and all contractual items are in the home.  The final walk-through is not an opportunity to re-inspect the home.

WHAT TO BRING TO CLOSING

Make sure to bring a form of government issued identification for the closing agent to verify you are, in fact, you.

You must bring funds that are immediately available for withdrawal, which includes wire transfers, cashier’s checks, or teller’s checks.  Title companies vary slightly as to what they will accept as good funds, so ask your Realtor before you gather documents. The actual dollar amount you will be required to bring to closing will be derived from the settlement statement prepared by the title company.

AT THE CLOSING TABLE

The closing is usually held at a title company location that is convenient to both parties of the transaction.  Most closings will include the seller and seller’s agent, buyer and buyer’s agent, lender, and the closing agent.  With more complex transactions there may be attorneys present for one or both sides.

There are three parts of the closing, the first two parts pertain to transferring the real estate from the seller to the buyer.  This includes all the documentation and accounting for the transfer.  If you are borrowing money, you will need to complete the third and final part, paying for the home.  This portion will contain the majority of documents and disclosures required by your lender.  Your lender should be present to answer any questions you may have during this section.

The keys!!

Once all the documents have been successfully signed and all money dispersed, you are now the proud new owner of the home!  This will also be a good opportunity to ask the seller any additional questions you may have about your new property.  It is also a good idea to exchange contact information in case questions arise during the move-in process.

The bottom line

Though it may seem like the closing process is a lot of complex work, it’s worth the time and effort to get things right instead of hurrying up and signing a deal you don’t understand. Be wary of any pressure to close the deal fast. Real estate agents and other entities helping you will want their cut, but they won’t be around to care about the problems you could face in the long run from a bad deal.

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Bathroom Changes to Sell a Home

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One of the most effective ways of improving a home’s desirability to buyers is a great bathroom remodel.  Bathrooms are always high on potential buyers’ lists, therefore making an investment in updating your home’s could possibly be one of the best options for increased resale value.

  • Repair and Repaint: Cleanliness is important and a fresh coat of paint will make a big impact. Match the paint color to the existing tile or stone for the most expansive, modern look. If you have ceramic tile that is perhaps a little too colorful already, a simple white paint on the walls will be the easiest choice.
  •  Improve storage space: Storage is important in the bathroom. Add improved options with a deeper medicine cabinet, storage above the toilet and adjustable shelving in the linen closet, if there is one. Installing pull-out shelves in a vanity is also a great way to expand storage space.
  • Replace all fixtures, faucets and door hardware: Much like fashion, the right jewelry will make a simple outfit look like a million bucks. There is nothing like a brand new faucet set to spruce up the sink area and add sparkle … not to mention the fact that old fixtures are harder to keep clean, can be rusty and simply look tired. Purchase a new toilet seat or if your budget allows, completely replace the toilet itself.
  • Replace the vanity or pedestal sink: If the countertop is in good condition, a simple paint job on the vanity will be an quick DIY upgrade. Pedestal sinks are often classic in design style and don’t usually look out of date. However, they don’t offer any storage and if space is needed, a new vanity might be the right choice.

Even some minor upgrades to bathrooms can make a big impact on buyers. Some of these less expensive options would be:

  • Paint or refinish cabinets instead of replacing them.
  • Install a new toilet (white and comfort height, with an elongated bowl).
  • Add new lighting, like sconces that give a high-end look.
  • Include a new mirror or recessed mirrored-front medicine cabinet.
  • Update hardware and make it match throughout, including knobs, pulls, the vanity light, faucets and towel bars
  • Replace scratched or cracked countertops (consider buying a prefabricated vanity with the counter included for ease and affordability)
  • Deep clean — getting rid of rust stains, scrubbing every surface and recaulking can make a big difference.

Get in touch with a Realtor that has the most knowledge about your neighborhood. Learn what buyers are looking for right now. Get an expert opinion, get several opinions and see just what type of updating and repair work would be required to sell your home for a good price. Do you need to update the bathroom, or just give it a good clean and paint?

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How to Decide Between Renting and Owning

The possibility of owning a home is exciting, but it’s easy to get swept up in the glamorous and fun aspects of this buying decision. While it can still be a fun process, deciding whether to rent or buy is a difficult personal decision that requires the thoughtful consideration of a variety of factors. 

Due to the immense financial investment, long-term commitment, and overall risk associated with buying a home, you’ll need to analyze your financial situation, the current housing market, and your goals to determine whether renting or buying is right for you. While it can be a substantial risk, especially if you don’t plan carefully, it can also be a highly beneficial investment.

Weighing the general pros and cons and cons is one thing, but when it comes to making the right choice for your lifestyle, it comes down to evaluating the hard facts of your personal situation. To start you off on the right track, there are some important questions to ask yourself to help guide your decision.

Is It the Right Time to Buy? 

It’s important to understand where the housing market stands right now so you have a basic understanding of what you’re entering into purchasing property.

Timing is everything when it comes to buying a home. You need to consider whether it’s a buyers’ or sellers’ market, what seasons see the most competition, and how the current state of the economy will affect mortgage rates, the ability to get approved for home loans, and property prices. 

As we saw with the Great Recession, we are now experiencing stock market issues and job losses which are impacting the housing market. This is all due to the COVID-19 pandemic, which has halted normal life for most people. Even after things begin to return to normal, the effects the pandemic has had on the economy and individual financial situations is expected to last for quite a while. 

According to Whiterock Locators, here are some of the current housing market issues you should be aware of:

  • Lending restrictions are becoming more rigid
  • Salaries are not increasing at the same rates they used to
  • Housing costs are high with an average of over $300,000

With this information in mind, you can determine whether now is the right time to even consider purchasing real estate.

Can You Afford to Buy?

According to iProperty Management, buying is more affordable than renting in about 64% of U.S. housing markets, which is why many people who’ve been content renting are now considering taking the leap into homeownership. However, one of the most important questions you need to ask yourself is, “Can I afford to buy?”. 

Whether it’s a home, apartment, or condo, purchasing real estate is an investment. First, you have to save for the down payment. While in the past, down payments have traditionally been 20%, that requirement has become much lower with the many new loan options available—especially if you’re a first time buyer. 

Down payments are typically much lower nowadays; the average down payment was 6% in 2019, according to the National Association of Realtors. That said, it’s still a lump sum of money (usually upwards of $10,000) that you need to have in-hand at the time of purchase—which is no small feat for many people who have barely surpassed living paycheck-to-paycheck or are now unable to make rent because of COVID-19 layoffs.

Buying a home requires more than just saving up the down payment. You also have to consider the many other costs associated with homeownership, such as: 

  • Mortgage payments
  • Insurance
  • Homeowners’ Association fees
  • Repairs and maintenance
  • Emergencies 

Not to mention, many of your bills may be higher if you’re moving from an apartment or condo to a full-size home. 

If you’re uncertain about being able to manage any of these costs, and you’re finding places to rent in your budget, you may want to keep renting until you can save up or increase your income. 

Is Your Financial Situation Stable?

While you can never be absolutely sure that your job is stable, you should consider certain factors to determine whether your financial situation is reasonably sound. To get a general idea, ask yourself: 

  • Have you been in the same job for more than a year (at least)? 
  • Do you plan on staying in the same career or is a change on the horizon?
  • Do you have savings to help cover the cost of emergencies? 
  • Are you able to afford your estimated mortgage payment without making significant changes to your current budget? 

If you said yes to all of these questions, then you likely have a stable financial foundation to at least consider buying. However, you should also think about whether any other major changes could affect your stability now, or any time in the near future. For example, is it likely that you’ll need to purchase a new car, go back to school, or welcome a baby into your family? If so, it may be better to hold off and stay in your rental until you’re more certain that your finances won’t be fluctuating. 

Are You Planning to Put Down Roots?

If the possibility of moving is in the cards for you, you may want to hold off on purchasing a home. Unless you’re looking to flip the property, buying is typically best if you’re looking to put down roots since it’s a long-term investment. After all, most mortgages are 15 to 30 years. 

However, if you live in a highly competitive region where it’s fairly easy to find reliable renters, buying a home that you can turn into a rental property may be a smart investment. Plus, if you decide to move back, you’ll have somewhere to come back to without having to search for a rental. 

That said, for most people who think moving somewhere else is a possibility in the near future, or those who plan to travel long-term, it’s probably best to stick with renting for now. 

Final Thoughts on Renting vs. Owning 

When it comes down to it, only you can decide whether renting vs. owning is right for you. As rental costs continue to increase, for more and more people, it will likely be the latter. However, the answers to these questions will be your guide to whether you are ready to seize the opportunity and start building your own equity, or if you need the flexibility of renting for a while longer while you sort out your finances and life plan. Either way, starting the conversation to consider homeownership is a step in the right direction so you can start planning for the future and buy when you are ready. 

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Financial Essentials to Prioritize when You Own a Home

Owning a home is one of the biggest and most important, if not the biggest and most important, financial responsibilities people take on in their lifetimes. Knowing which financial priorities to put first can be challenging, and many first-time homeowners can feel lost in the confusing world of mortgage payments, property taxes, and equity ownership.

We’ll help you clear a few things up. This post will walk you through which financial essentials you need to prioritize when you own a home. Whether you’re considering buying a home in the future, you’re a first-time homeowner, or you just need a refresher, check out this list to help get your home finances on track. 

Mortgage Payments

You guessed it: the first thing that you should absolutely prioritize when you own a home is making payments on your mortgage. A mortgage is a loan from a bank; the bank purchases the house, then you pay them back for it with interest.

For most people, purchasing a home outright isn’t exactly an option, so a mortgage is a way to make homeownership affordable. Mortgages require that you pay back the money you borrowed in monthly installments, so if you own a house, making sure you pay those installments is essential.

If you fail to pay your mortgage on time for a number of months, you may be subject to penalties imposed by the bank from which you borrowed the money. If you get far behind enough, you may get evicted. A good idea is not to take on a mortgage that requires payments more than 30% of your monthly income. However, the lower, the better.

Emergency Fund

Life happens. You might lose your job, or be faced with a large medical bill, or face expensive car repairs. That means that establishing an emergency fund is an important part of homeownership, as your ability to keep up mortgage payments will depend on having enough cash around in case your usual revenue stream dries up.

How much should you have on hand? The exact amount will vary depending on your personal finances. However, a good rule of thumb is to have somewhere between 3 and 6 months’ worth of wages saved up and easily accessible.

That may sound like an insurmountable task, but if you’re diligent about saving, it can be done. Start by aiming for having 3 months’ worth saved up. Then, once you’re there, slowly and steadily try to keep saving until you hit 6 months. Even if it’s a slog, your future self — the one with a sudden emergency — will thank you. 

Upkeep & Expenses

The next financial essential to prioritize is the regular upkeep, maintenance, and expenses that come with owning a home. Many first-time homeowners are surprised by how many unforeseen expenses pop up when you have a house. Here are a few to keep in mind: 

  • Gardening & housekeeping
  • Plumbing repairs
  • Electrical repairs
  • HOA fees (if they apply)
  • Reroofing, when necessary

Another expense to keep in mind is the property tax rate in your area. Property tax rates vary by state and by county, so you’ll need to research your specific county’s tax rate to know how much to set aside. Even for those who have completely paid off their mortgage, property taxes remain an expense to plan ahead for. 

Of course, that’s not an exhaustive list, and something might come up that you hadn’t anticipated at all. If you plan ahead, however, and keep money stashed aside to put toward housing needs, you’ll be in a much better financial position to tackle expenses as they arise. 

Childcare

Not everyone who owns a house decides to have children, but for many, owning a home coincides with starting a family and having kids. If that’s your situation, and you’re considering having kids, it’s key that you financially plan ahead to the many expenses that come along with them.

Here is a handy list of a few of the expenses that come along with having a child, so you can more easily factor them into your budget:

  • A two-bedroom home, so your child can have their own room
  • Monthly baby care expenses like diapers, baby food, and doctor’s visits
  • Larger grocery budget to account for children’s meals
  • School supplies and expenses related to school trips and events
  • Children’s clothing and shoes
  • Medical expenses, like doctor’s visits, prescription medicine, vaccinations

If you do plan on having kids in the near future, or you already have some, It’s important to factor in all these expenses before deciding on a home to purchase. 

Your Will

Lastly, it’s critical that homeowners consider their wills. As we stated before, your home is often one of the biggest, most important purchases of your life. For many, it’s the largest asset they own. That means that, if they should have an untimely passing, knowing who the home will transfer ownership to is essential. 

It’s an unpleasant thing to have to think about, but in the long run, your next of kin will be glad for it. All too often, people pass on without having established a will, which can lead their family to fight over the property and assets that the deceased has left behind. In order to save your family that pain and frustration (in addition to the pain they would feel if you did pass away), it’s wise to establish a clear and direct will. 

If you’re not sure where to start, don’t worry; you’re not alone. There are plenty of resources available for those who want to establish their will. Online will services are one accessible option that many choose to use. You may also simply see if there are any law firms in your area that will help you put your will together.

Owning a home is a huge financial responsibility. However, with the right planning and prioritizing, you’ll find that the satisfaction of owning your own home is well worth all the financial effort that goes into it. 

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Kitchen Changes to Sell a Home

First Friday Feature: An Updated and Modern Kitchen | Kitchen ...

The kitchen is king. A newly renovated kitchen can help you sell your home for more money and sell your home faster. But, before you take on the work, prospective sellers should talk to the Realtors local to them and find out how they compare to the rest of the market. Find out what their home, their kitchen in this instance needs to have for the buyers out there looking for a new home. Often the kitchen can make or break a home sale. Kitchens can be the deciding factor.

Clean

The cheapest thing to do is to start with an immaculately clean kitchen. Clear counters of clutter and remove any items from the tops of cabinets and the refrigerator. This makes the kitchen appear larger and getting rid of any personal items will help potential buyers focus on seeing their own things in the area.

Paint

Fresh paint is a relatively inexpensive way of changing the entire look of a room. Opt for light, neutral colors. There is an endless amount of primers and paints available now, making it easy to really make a transformation. Sometimes just cleaning and painting is all it takes to make your kitchen look totally transformed!

Cabinets

It might not be in the budget to change out the cabinetry completely, but there are little things that can be done to create a total makeover.

  • Replace doorknobs and drawer pulls with classic finishes such as brushed nickel or stainless steel for a brand new look. Hardware stores carry a variety.
  • Painting cabinets always make an instant upgrade. Ask a knowledgeable Realtor what color is the most popular. Add a pop of color by simply painting the inside of the cabinets.

Backsplash

Have some fun with this update. Make a bold statement or blend it into the background. If it is outdated, it’s fairly simple to replace it DIY. This is a way to help make a kitchen stand out from the others on the market. Realtors often select subway tile and while white is the most popular, a color can be used to coordinate with the countertops.

Flooring

Refinish wood floors or replace broken ceramic tiles. For scratched, torn, or faded linoleum, it might be time for a complete redo. Most Realtors will confirm that hardwood flooring is the biggest preference closely followed by tile. Consult with a good Realtor on which is the best seller in the neighborhood.

Countertops

A bigger job but can make an incredible difference in the kitchen. If changing the countertops and living in the home for a time before selling it, install what is enjoyable to live with but will also add value. If changing countertops to sell a home, upgrade to the standards of the neighborhood.

Lights

Replace old and outdated light fixtures with pendant lights. Spray paint any brass fixtures. Upgrading lighting fixtures can help improve potential buyers’ first impressions. Buyers all know they will spend most of their time in the kitchen and proper lighting is a good purchase. Proper lighting can make the difference between a dull room and a rich first impression.

Stage

Potential buyers want to envision themselves and their “things” in the kitchen. Again, have a Realtor that will speak the truth of what should be done.

  • For eat-in kitchens, use a smaller table and chairs to make the area appear larger. Place a throw rug under the table to define the separate space.
  • A few well-placed plants bring life and warmth.
  • Add gourmet touches to your now cleared counters such as a bowl of polished fruit, a full bottle of herbed olive oil, or a small wine rack.
  • Polish fixtures, replace light bulbs, and dust every corner.
  • Remove magnets from the refrigerator to help depersonalize.
  • Window treatments should be light or neutral colored.
  • Stow cleaning products under the sink.

The Botton Line: First impressions really matter in Real Estate. Within seconds, we all decide whether we like something or not. The house might be in the best neighborhood, but if the first impression isn’t up to par, it will be tough to sell. And, again, the kitchen is still king when selling a home and a “modern, updated kitchen” tops the list every time in surveys.

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Get Outside and Update the Outside of Your Home to Sell

Spring Curb Appeal: The Colors of SpringBECKI OWENS | Exterior ...

Spring has always seemed to be the best time of the year to sell a house. The trees and flowers are blooming and people are tired of being stuck inside, especially now when the world has been in COVID lockdown. The change in season brings the most buyers that are searching for a home and right now, they are simply doing drive-bys. So, if you are getting ready to put your home on the market, remember the importance of your curb appeal.

One of the most impactful ways to boost your home’s curb appeal is to clean up your current landscaping. Remove any yard debris left over from winter. Trim the hedges, prune flowers to make way for new ones or encourage new growth on your perennials and add some fresh greenery and flowers. Right now, in most states, nurseries hard doing curbside pick up and the big box stores are still open and have a good choice of flowers, etc. and at pretty good prices.

Update your front door. This is the home’s exterior focal point — ramp up the appeal by painting it a rich hue, updating door hardware, or adding a new knocker. You can always replace your front door or add a screen door. But if an entirely new door isn’t in the budget, painting it is just fine. A new color can transform the look not only of the door itself but the entire front of your house.

If you have a lawn, May is the best time to re-seed or add sod if it looks like it’s coming back patchy. Mulch flower beds with a natural mulch to help the soil retain moisture and give the beds a finished look. Keep the lawn freshly mowed.

Clean windows and siding. Give your siding a fresh start this spring by washing off the dirt, road salt, and cobwebs using a power washer or a regular hose with washing attachment. A hose with a window washing attachment can get windows shiny and clean. Just remember to clean inside windows too for the most sparkle.

Determine what type of lighting will enhance the look and safety of your home. Common exterior lighting includes pathway, landscaping, porch and security lights. If you’re adding a front porch fixture, make sure the size is proportionate to your space to create a sleek and inviting look. The fixture you select should support the total wattage you need for proper illumination. Be sure to keep in mind the availability of outdoor outlets. You may want to consider solar powered outdoor lighting.

The Bottom Line: People are itching to get out of their homes from being trapped inside. The stay-at-home orders will be lifted and when they are you will want your home to be in shape, or to be at the top of someone’s list to see. If they only driving by, make your home stand out to them.

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