Tag: title insurance

Your House May Not Be Selling Because…

Smell

Why is smell so important in selling a home? Research suggests that one of the first impressions someone has walking into your home may be of the smell. If you have a house that doesn’t smell good it can be a harder sell. Odors that turn a home buyer off include dogs, cats, small caged animals, cigarette smoke, last night’s dinner, mold, and others.  Wall to wall carpeting can harbor bad smells as well, especially if pets are present in the home. Before you sell your home walk through with a friend, a Realtor, or someone you can rely on to give you an unbiased opinion. You will want to get rid of the source of any bad odor as soon as possible.

Dirt

Dirty houses, especially bathrooms and kitchens. If you don’t have time to clean your house daily concentrate on your kitchen and bathrooms. In the kitchen, make sure floors are vacuumed and devoid of spills, crumbs and dirt. Make sure counters are wiped clean and that there are no dirty dishes in the sink. Buyers want to see a like-new bathroom. Take the time to clean even the smallest areas of your bathroom such as the drains, corners and grout. Now is a great time to go through the bottles of bath products your family owns. Get rid of any empty containers or old products and leave only what you’ll need. Organize what’s left in shower caddies and cabinets.

Light

No one wants to enter a dark house, especially someone who wants to buy your home. Replace dim or burnt out light bulbs with high efficiency, bright bulbs to brighten up your space. If you have big windows, take advantage of them. Make sure they are clean and make sure that drapes and curtains are not blocking the natural sunlight.  When it comes to selling your room, lighting really can be everything. If a house is too poorly lit they may tend to wonder what you are trying to hide. Maybe they think there is a repair that you are trying to avoid. Either way, you want to avoid the perception that you have something to hide. On the other hand, well-placed lights can make a huge difference in highlighting the best qualities of your home, creating a cozy ambiance, and illuminating essential work and play spaces.

Personal Belongings

Personal items in your home may offend or provoke buyers. They are there to see the house, no you and your family. Get rid of your collection of figurines or weapons, sports memorabilia from your favorite teams, expressions of religious faith or political belief, and diplomas. If you ensure that your prospect feels as comfortable as possible walking through your home during the viewing, as if they already live there, then you are halfway to selling the home. Watch out with holiday decor as well. It can be hard for buyers to overlook as they may not celebrate the same holiday as you.

Carpeting

Many buyers expect and want hardwood floors. If you have the original hardwood floors under carpet in your home, remove it, even if the wood isn’t in the best condition. In negotiating you might want to offer to have the floors refinished when you move out or give the buyer an allowance to do it on their own. Someone out there probably likes and appreciates having carpet in the bathroom, where it will absorb moisture and more, but most Realtors will recommend pulling it out.

Old Appliances

Although potential buyers realize they can replace a refrigerator, if your appliances look old and mismatched, they may wonder what else might need replacing. Although brand-new appliances can be a significant selling point for your home, they’re not a requirement. For most buyers, appliances that are clean and functioning with plenty of life expectancy left will probably be good enough. Do your appliances match? Homebuyers love appliances that are the same color, quality, and brand. After two decades, stainless steel is still the most popular kitchen appliance finish, but consistency among appliance finishes is your first goal as a seller. 

The Bottom Line:

A house fails to sell for all kinds of reasons. Most of the issues are an easy fix and with a bit of work, you can get your house ready for the market fast. It’s important to find the best Realtor.  Their job is to help you get your house sold. If they are good at their job, they will be able to advise you on the likely cause of why your home is not selling and provide you with the assistance you may need to rectify the problem.

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Seller Disclosures

A Seller Disclosure is a set of documents completed by the seller of a home, listing any known issues with the property and any remodel projects completed during the time they owned the home. In most states, the seller is required to provide this disclosure within a few days of mutual acceptance. The buyer then has a certain amount of days to review the disclosures.

While mandatory disclosures can vary from state to state, here are some of the more common ones:

  • Lead paint. You are required by law to provide a lead disclosure form. This is a federal law and applies to every state. Even if you believe the lead paint has been removed, it must be disclosed. If you are not aware that there was ever any lead paint you are not required to investigate.
  • Asbestos disclosures. Up until the early 1970s, asbestos insulation was commonly used in both residential and commercial buildings. If your home contains asbestos, it can represent a significant health hazard. Before putting your property on the market, make sure to have the insulation removed by a firm that specializes in asbestos removal and cleanup. While it is legal to sell your home with asbestos, you MUST disclose the information if you know about it.
  • Environmental hazards. If your property contains other environmental hazards such as oil, gasoline, or toxic chemicals, you must disclose the presence of these materials at the time of sale. If water has gotten into the home where it shouldn’t it may undermine the home’s structure and possibly create a health hazard if mold is growing. As a seller, you should disclose past or present leaks or water damage.
  • Faulty equipment. If you are including any equipment in the sale of your business, you must disclose upfront whether or not any of that equipment is potentially faulty. It pays to have equipment that you are including in the sale checked beforehand.
  • Natural hazards disclosure. These are fairly new. With all the flooding and hurricane damage to properties in the last few years, it is now necessary to let the buyer know the good, the bad, and the ugly about your property. Is your home located within a natural hazard zone? Such as an earthquake fault, a seismic hazard zone, seasonal flooding, or wildfires?
  • Miscellaneous disclosure. To be on the safe side, you should disclose everything there is to know about your property at the time of the sale. Most state laws mandate that disclosures be on special forms that the seller must sign and date. Be sure the buyer acknowledges receipt of the disclosures by signing and dating the forms as well. If your state doesn’t require a specific disclosure form, be sure the buyer otherwise affirms receipt of your disclosures in writing.

There can and will be legal backlash for the Realtor and the seller if any problems are knowingly withheld from the buyer.

The bottom line: If you are not sure if you should disclose something, you probably should. It is always best to have an experienced Realtor on your side to help you navigate these required legal disclosures. Even if a certain disclosure is not required in your state, but you know of information that could make a buyer uncomfortable, you should disclose it anyway. Beyond the moral reasons for being honest with the buyer, it will avoid the expense and hassle of a lawsuit down the road.

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First-Time Home Buying Mistakes To Avoid

This month marks Homeownership Month, which is a time to educate yourself on homeownership as well as celebrate the work it takes to create your dream home! It’s also the beginning of summertime, which marks the busiest time of year for home buying so it’s important to be aware of common mistakes first-time homebuyers make and how to avoid them if you’re in the market. It’s easy to get caught up in the thrill of searching for your first home but be sure to think about each of the tips outlined below so you don’t make any dire mistakes that you may regret.

Be aware of the cash you have to spend

To close on a house, you will need cash on hand for your deposit and closing costs, which can include insurance, taxes, and the service providers’ fees. Since these costs aren’t included in the price of a listed home, they can sometimes come as a surprise to first-time home buyers. Knowing how much cash you have for your deposit and closing costs can help you decide which loan option is best for you and even what price point you can afford.

A conventional loan isn’t always best

There are tons of loan options available and a conventional loan might not be the best for you right now. For example, if you don’t have a lot of cash to put down but have a good credit score, an FHA loan might be the better option because you’re only required to put 3.5% of the purchase price down as a deposit. If you’re a veteran, look into a VA loan, which helps you secure a home with no down payment or mortgage insurance requirements. Depending on which state you live in, there may even be first-time homebuyer grants available to you; these can help with closing costs, deposits, or home upgrades. Educating yourself on the options available to you can be tedious but will help you make the best financial decision.

Know what you can afford per month

Sometimes the easiest place to start with the home-buying process is to know how much money you can afford to spend on a mortgage per month. Taking this approach allows you to set a realistic budget and stops you from going “house poor” which is spending all of your available money on homeownership. To do this effectively, write down your monthly income and start subtracting all of your monthly expenses from that number. Then, factor in what you strive to save per month, other expenses like going out to eat, getting your nails done, or going to the barber. Finally, you will have a good idea of what amount you can afford to pay for your home.No matter what amount you’re pre-approved for, give the amount you would like to spend on a mortgage per month to your lender so you don’t spend all of your money on your home.

No big purchases during the process

Once you’re approved to buy a home, it’s important to not make big purchases until you close, specifically on credit cards or with another type of financing. You may be eager to finance a new couch or bed for the house but you have to wait until after closing. These large fluctuations in your credit can affect the purchasing process by changing your debt-to-income ratio and your credit score. This could force you to start over on your loan approval process and could change the amount you were once approved for.

Don’t get emotionally attached

This is a tip that’s easier said than done, every person that has looked seriously into buying a house knows the disappointment that can come if you lose out on it. For starters, only look at houses in person that you know you can afford and would want to buy. It’s not worth your time and energy to look at a house beyond your budget or so below it that you hate everything about it. When you do see a house you love, it’s easy to get caught up in imagining your life in this new home and feeling emotionally attached to it. Try to remember that every house has pros and cons, and your future home is out there now or ready to be listed any day now!

Know that there will be future expenses

Owning a home means that the expenses will likely never stop. There will constantly be upgrades you want to do, decor to buy, and bills you need to pay. Always remember that just because you’ve closed on a home, doesn’t mean you’re done spending the bulk of your money. If possible, have extra money saved to help you get settled into your new home. Whether you have a big home repair to do or just want to have your home decorated exactly how you’ve dreamt of, it’s important to save for these future expenses as well.

No matter how much you prepare, there will always be bumps in the road when it comes to buying a house. However, it’s an exciting time so try to enjoy the process and utilize the people around you that can help. Experienced professionals like realtors, lenders, and lawyers help first-time homebuyers every single day and should be used to your advantage so you can avoid common pitfalls on the path to buying your first home!

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10 Easy Ways to Find More Space in Your Home

Many believe that to lead a more organized and inspired life, the clutter around you must be cleared. It’s simple: if your home is organized, your mindset will be too.


A clean and balanced home is actually a launching pad for many other goals and resolutions. So if you’re already starting to fail at some of your other 2019 resolutions, try this home resolution instead: find more space in your
home by clearing out the clutter! Follow these ten tips and I promise you it
will inspire you to complete your other resolutions and lead you to a more
organized and happier year!


Pantries
Create room by removing the large and awkward food packaging. Purchase clear, air-tight containers, take the box of your food item, and cut out the product name, nutritional facts and expiration date. Tape them to the inside of your clear container and then seal the food.

Pantries Shelves
Arrange the food on your shelves to help keep your resolutions. Make “first choice” shelves for the food that you want to stay on that diet. Make shelves that are for the kids snacks or foods that you’re just not going to have on a regular basis anymore… You get the idea –some shelves are just for the once a week treat. Some are for every day.


Pantry Storage
If you like to buy in bulk, put the bulk of your paper goods in another location, perhaps a closet or the garage, and place only what you need in your pantry— restock as needed.


In the Kitchen
When storing pots, pans and other durable items, stack them on their sides
like files. This simple step not only creates more room, it also allows you to see exactly what you need. Caddies or sorters from a shelf or container store are great tools for vertical organizing. Have all this in mind in your next kitchen remodeling as well.


Dressers
Place clothing in drawers vertically (not the traditional horizontal piles) because it not only maximizes space, it allows you to find items more quickly. You can purchase wooden planks or plastic planks to use as dividers. This way you can see all of your clothes at once when you open the drawer.


Closets
If your shoes don’t have a place they end up in a pile taking up valuable
space. Place shoes and accessories in clear plastic containers so you can see
everything and tape their photo to the inside of their container with photo facing out. This little step gives you triple duty: more space, you can find it easily and better still you can put it away in the exact same spot for next time that hot date rolls around…

Organize by Color
Organize your closet and drawers dark to light. It can be great way to find out that you really have way too many black blouses… and you can keep your resolution of being a kinder gentler you by donating the extras!


Kids’ Rooms
Purchase bed raisers for under-the-bed storage. You can store everything from shoes, laundry basket, books and any bulky items that might otherwise clutter their room. 


A Baby’s Closet
Is there room to add another bar? Take advantage of the fact that baby clothing is smaller and if you can, add an additional bar to hang the clothing to maximize space. You can purchase pre-made closet organizers that you can customize to make the most out of baby’s closet.


The best trick to more space in your home, less is more! So if you find you have extra things laying around, throw a reverse housewarming party! You’ll be starting a new party trend. Set aside your unwanted items and instead of having your friends bring a housewarming gift, they are to pick one of your items and take it home with them. This is a great way to reunite with friends, find your unwanted things a good home, and de-clutter all at the same time! 


Originally posted on porch.com

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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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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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5 Ways to Make Your Laundry Room Work Better for Your Family

With most home washers and dryers stuck in a basement cellar or dingy garage, it can be hard to get laundry to feel like anything other than a boring chore. It feels counterproductive to handle laundry in a space that’s not pristine, and with no structure or space to a laundry room, those clean clothes too often become piles of unfolded laundry cluttering up other rooms in the house. 

Luckily, there are a few easy ways to spruce up your laundry room to make it a better place to wash, dry, and fold clothes for your family. From creative storage to just the right lighting, here are five ways to make your laundry room work better for your family. 

Close Off Your Laundry Room

First things first: make your laundry room into a distinct section of the house or room. If your washer and dryer are currently in a corner of a larger room, basement, or garage, create a distinct divider that makes the room its own space. 

Your laundry room may be more of a laundry closet, but you can still use a trendy divider that will help keep the laundry out of sight when you have company over or just can’t think about folding socks right now. For minimum effort and cost, a curtain rod and curtains can provide that division in any design you desire. 

Closing off your laundry room will not only separate your dirty laundry from the rest of your house, but also will provide a sound barrier so you won’t complain about the noise your washer and dryer make.

Other dividers, like barn doors or bamboo panels, are other great ideas based on the layout of your laundry room and the decor style of your house. You don’t have to break the bank to update your laundry room but it might be wise to factor in these costs as part of your financial goals for the year.

Install Good Lighting

Too many laundry rooms feel dim or dingy because the basement or garage lighting is subpar. Treat your laundry room lighting like any other room in the house, and invest in making it work for the space you have. 

Strong overhead lighting might be the best choice for your laundry room, but consider softer, subtler recessed lighting or lighting dedicated to your work surfaces for the best experience. If your laundry room is large and may function as a utility room for other projects as well, be sure to take that into consideration too—you’ll want excellent lighting if you’re ever refinishing furniture or mending torn clothes. 

Good lighting in your laundry room helps brighten the space and makes it feel like a place you want to spend time, rather than a place you are obligated to visit. 

Choose the Right Sink

No laundry room is complete without a sink. Hand wash your delicates, rinse out stains, and use it as a general utility sink for messy household projects. The best laundry room sink for your family can be a great improvement and will depend on a variety of factors, including laundry room space and whether you intend to use it for more than just rinsing clothes. 

Utility sinks are popular for many laundry rooms, as they have a large volume and deep basin. This makes it easy to thoroughly rinse out any article of clothing, even bulky things like jeans and sweaters. They’re also ideal for other household needs, like watering plants or even washing pets. 

These sinks are often installed as standalone items, but you can incorporate them into the rest of your laundry room with creative coverings to make a flat surface for folding and hide storage underneath. 

If you don’t have the space or budget for a massive utility sink, a smaller sink of any sort will still make it easier to do laundry. Make sure you install it near the washer for easy transfer of wet items, and try to preserve as much counter space as possible for folding. 

Choosing a quality sink will not only allow for ease of use, but should also hold up over time. Buying a sink that can stand the test of time is hugely important when owning a home, especially as you get older and can’t do so many repairs on your own. Quality fixtures could help boost the value of your home, which is important if you choose to sell or apply for a reverse mortgage loan. 

Get Creative with Your Storage

First things first in an ideal laundry room: clear the detergent bottles and dryer sheets off the top of the dryer. This feels like an inevitable layer of clutter in your laundry room, but without it, your laundry room will immediately feel a hundred times more pleasant. 

There are dozens of ways you can set up your laundry room storage in a way that works for you. Cabinets over your workstation or shelves and drawers in between them are common and simple solutions for most houses. Simplifying your space with a minimal approach can have an impact on your mood and clean sheets never hurt a good night’s sleep.

If you have a closet-sized laundry room, a simple shelf above the washer and dryer can hold all the laundry room essentials. Or, some washer and dryer models come with an optional storage drawer underneath the machine, another great option for tiny spaces. 

Regardless of the storage setup you have, don’t let empty bottles of detergent and fabric softener clutter up your space. Get rid of anything no longer being used, and keep smaller items like Tide pens or sewing kits in organizational bins on your shelves. When your laundry room feels neat and tidy, it won’t feel so tedious to do laundry. 

Set Up a Folding Station

The hardest part of doing laundry is getting it from dryer to dresser, neatly folding it in between. We’ve all said we’ll fold it later, only to find a laundry basket full of clean clothes on the couch or dining room table three days later. 

The solution? A folding station right in your laundry room. All you need is a flat surface, which can be in the form of a separate table or just a section of countertop along your washer and dryer. 

Folding clothes within the laundry room keeps the chore of laundry contained to one space instead of taking over your house. You can also build your folding station to precisely the height you’d like to fold clothes, instead of uncomfortably half-sitting on your couch or bed. 

To really level-up your laundry room game, install a curtain rod to hang-dry delicate items that can’t go in the dryer. It’s simple to install and creates a designated space to dry those articles of clothing, rather than hanging them in the bathroom or somewhere else inconvenient. 

Your Laundry Room Can Be Better!

Don’t just take our word for it—start organizing your laundry room today and see how much better it feels to have a special space just for that dreaded chore. Keeping laundry in the laundry room makes it an easier chore to manage and you just might get it done faster. Create a space you like to be in and see how much better your laundry can be done. 

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