Take a good look at your home’s exterior. Does it give the first impression you want to make?
What could you do better to improve the look — and maybe value — of your property?
Whether you’re planning to sell your home or you just want to make it more inviting, one of the best things you can do is add curb appeal. It’s a quick fix that makes a huge statement.
So how can you make your abode more beautiful?
Make your house (numbers) stand out. Can friends, prospective buyers and delivery people read your address from the street? Or is it too small or tarnished to see? The latter means it’s time for a change. Invest in larger, more attractive house numbers to make a big impact.
Give your mailbox a facelift. You may barely notice it, but passersby do. Your mailbox isn’t a very welcome sight if it looks neglected. Replacing it — or simply painting it a fresh new color — is a no-brainer for quickly boosting curb appeal.
Revive your front door. This is the focal point of your home’s exterior. If yours is receding into the background, pick a bold paint color and some bright, shiny hardware to bring it back to the forefront.
Add interest with plants. Don’t just mow and edge your lawn; spruce it up with fresh mulch and flowers too. And if you flank your newly painted front door with pretty planters, it’ll pop even more.
Make the exterior sparkle. Last but not least, clean your windows so that they sparkle and shine. Don’t forget to pressure-wash your house, sidewalks and driveway so it all looks like new.
Just a little bit of work makes it more inviting and easier for buyers to picture themselves living there.
Owning a home is a dream come true. But the costs of homeownership can sometimes feel like a challenge.
So where does that leave you if you’re hoping to expand your square footage, replace appliances or give your home an updated look?
You shouldn’t be worried about the financial impact of your home improvement projects. Here are four options to keep things affordable:
- Use your equity.
The best source for renovation costs may be your home itself. If you’ve built up equity, a home equity loan or line of credit could help finance your project.
If current interest rates are lower than yours, refinancing may lower your monthly payment. Then you can save the difference to pay for home improvements.
- Rethink your savings.
Saving for potential future emergencies is smart. But if home improvements are needed, earmark part of your savings for that. You can even open up a high-yield account for those savings to make sure you only spend them on maintenance.
- Calculate your return.
Using your savings or taking out a loan for renovations is daunting. One way to assure yourself that it’s a smart decision is by determining how much the project will add to your home’s resale value. See what your return is likely to be with the latest Cost vs. Value report.
- Try starting small.
A full kitchen remodel might be on your wish list, but is it in your budget? You can still make improvements, just on a smaller scale.
Painting the walls or cabinets and changing out light fixtures, hardware or window treatments are all quick fixes that give you a fresh look while you save for bigger things.
If you’re buying your first home, it might seem like going from paying rent to paying a mortgage is merely switching out one monthly bill for another.
But rents and mortgages differ on a couple of levels. For one, mortgage payments contribute to your stake in the home. The more payments you make, the more of the home you legally own.
The other major difference is what a mortgage includes. While rent is simply a once-a-month fee, a mortgage payment comprises what is known as PITI.
That acronym stands for:
- Principal: This portion of your payment goes toward the total balance of your mortgage loan, without any other charges.
- Interest: This is the extra cost of financing your home. Your interest rate (which is set when you apply for the loan) determines how much interest you pay annually.
- Taxes: As a homeowner, you’ll need to pay property taxes. These are typically paid monthly as part of your mortgage, and they could be included in your escrow account.
- Insurance: Your homeowners insurance policy, which can also be paid using escrow, protects your home from weather damage, theft and other potential issues. If you require private mortgage insurance, that will add to your monthly costs as well.
If you’re considering buying your first home, it’s essential that you understand what goes into a mortgage payment — as well as how you pay off that loan year over year.
And don’t assume that all of the monthly fees add up to more than your rent, especially when you consider the equity you’ll be building.
Want to learn more about the costs you can expect when purchasing a home? Get in touch today if you have questions.
As a homeowner, your equity is your secret weapon. With every mortgage payment you make, your stake in the home grows — and so does your equity.
When your equity stake is large enough, it can be used to improve your financial standing. Tap into it to pay off debts, use it to cover home improvement costs or, most importantly, consider it a safety net in case of emergency.
Have you been paying down your current mortgage for some time? Then you probably have equity to tap. So what can you do with it?
- Home Equity Loan: This is a loan you take out in addition to your existing mortgage. It lets you borrow against your stake in the home in exchange for a lump-sum, one-time payment.
Often, you’re able to borrow up to 85% of your home’s appraised value, minus what you owe. Many homeowners use these for large expenses like tuition, medical bills or the down payment on an additional property.
- Home Equity Line of Credit (HELOC): HELOCs work like credit cards, only without the sky-high interest rates. The equity in your home is used to create a line of credit that you draw from as needed.
HELOCs typically come with long draw periods (think decades) and are often used for ongoing expenses, like regular home improvements or maintenance. This method should allow you to borrow 75% to 80% of your home’s appraised value, minus what you still owe.
- Cash-Out Refinance: Refinancing essentially replaces your existing mortgage loan. You take out a new loan larger than the balance on your current one, and then keep the difference in cash to cover whatever expenses you’re facing.
You can typically borrow up to 80% of your equity with a cash-out refi. Some homeowners use the money to pay off debts or high-balance credit
Your kitchen is the heart and soul of your home. After all, it’s the place where countless memories are made alongside family and friends.
So it’s worth making your kitchen a welcoming, appealing space. One easy way to do that? With a stylish backsplash.
That panel of tiles behind your sink, stove and countertops does more than protect your walls from splashes. It also adds dimension and detail to your kitchen.
Looking for fresh backsplash ideas? Try these:
- Get creative with color pairing. Many people like to match their backsplash to their countertops. But adding red tiles behind a white countertop, for example, can add excitement and character to your kitchen. Or install a black backsplash behind white counters to give your kitchen a chic, modern look.
- Go for a classic look. Subway tiles are popular for a reason. Named for the tiles you find in subway stations, they’ll give your kitchen a clean, vintage look.
- Add intricate detail. Sure, you can’t go wrong with classic square or rectangular tiles. But opting for tiles that have been laser cut into complex shapes can give your backsplash an eye-catching mosaic effect.
- Step outside the box. Moving beyond basic backsplash materials and having fun with different textures is a great way to give your kitchen some memorable flair. Try brick or exposed tin to make it stand out.
- Emphasize functionality. Adding pegboard with hooks to your backsplash can turn it into a decorative space to store pots, pans and more.
You’ve finally renovated that ancient bathroom of yours, and it’s just what you imagined — beautiful, trendy, sophisticated and welcoming.
Now you’re faced with a decision: What do you do with your old stuff — the fixtures, furnishings and decor? What about all those leftover materials and unused building supplies?
For items that can’t be used as is, you might want to consider:
- Restoring or upcycling materials. Did you not use all of the wood purchased for cabinets and shelving? Or the marble for the countertops? Well, you could always use those materials to create an accent for another part of your home.
- Donating to thrift stores or charities. Habitat for Humanity and other local charities are great options. If you’ve got bulkier items, some secondhand shops and charities will even pick them up from your home.
- Recycling any eligible materials. Head to your local recycling center if you have items that are metal, glass, paper, cardboard or plastic. Some places will even accept batteries and electronics if you have no more use for them.
- Contacting a scrap metal dealer. A scrap metal dealer may be interested in purchasing pieces of metal left over from the renovation.
- Throwing it in a dumpster. Be aware that you might be required to pay a fee if you throw items in the city or county dump. Renting a dumpster for your property could also be an option.
If you’re working with an architect or designer, be sure to get their opinions. They may be able to recommend which items you should keep around as spare supplies.
Attending an open house can be a great way to tour an available property, decide what you like and scope out the local competition. Who knows? It might even lead you to a great buyer’s agent.
Because of this, it’s essential you make a good impression on these outings. Want to be prepared for the open houses you visit? Follow these five etiquette rules:
- Don’t show up early or late. Open houses can mean long and tiring days for real estate agents. Respect the established open house hours. If they don’t work with your schedule, contact the listing agent to set up a private tour at a later time.
- Let the hosting agent know if you’re already represented. Already have an agent on your side? That’s okay — but make sure you’re upfront about it. Many agents use open houses as a way to get new client leads, so let them use their valuable time to speak with customers who need them.
- Give other buyers space. Don’t be surprised if other buyers show up while you’re on the property. Give them room to explore the home and respect their space. No one wants someone rushing them out of every room.
- Ask permission before opening a closed door or drawer. Maybe you want to check out the closet space, but you have to respect the homeowner’s privacy. Those areas are likely closed off for a reason.
- Avoid bad-mouthing any design or decor items. You might offend the agent if they staged the home. And the homeowners might find out too. Your words may come back to haunt you if you decide to make an offer.
An open house could be how you find your next home.
Want a fast and easy homebuying process? Of course you do. So how do you set yourself up for success? Start gathering your paperwork.
It may not be the most exciting part of buying a home, but it’s necessary to see where you stand and what you qualify for. Having your current financial records pulled and ready to go is the first step.
Here’s what you and any co-borrowers will need for a smooth loan process:
- W2s or 1099s for the past two years
- Pay stubs for the two most recent pay periods
- Income tax returns for the past two years (especially if you’re self-employed)
- Bank statements for any checking, savings or investment accounts (including 401(k)s, IRAs, etc.) for the past two months
- Records of any other forms of income you receive (Social Security payments, child or spousal support, etc.)
- Statements for assets, including stocks and bonds
Will you be receiving a financial gift from friends or family to pay for your down payment or closing costs? Then you should also have a gift letter to disclose that amount of money. And don’t forget to bring a copy of your driver’s license, as well as that of any co-borrowers.
Keep in mind that you may be asked for additional proof of income and assets. It will depend on the loan you’re applying for, as well as your employment status, income, debts and other unique financial factors.
Five years ago, you’d be hard-pressed to find wallpaper in any design magazine or model home. But today? That tried-and-true wall covering is back.
Don’t mistake its resurgence for a nod toward vintage styling, though. Today’s options are modern and sleek. From bold metallics and geometric shapes to elegant botanicals and exposed stone (or concrete or brick) effects, there’s something for everyone.
No longer just a way to cover barren walls, wallpaper is now cropping up in every area of the house.
Are you thinking of using wallpaper to upgrade your home’s style? Try one of these creative uses:
Cover the ceiling. Wallpaper on the walls? That’s expected. But wallpaper on the ceiling? Now that’s a way to add visual interest. You can even use it strategically to highlight a light fixture or other overhead feature.
Line shelves and cabinets with it. Give your built-in shelves, bookcases, cabinets and drawers a pop of color by lining them with swatches of patterned or solid-toned wallpaper.
A nice little bonus? It will help keep them clean, too.
Frame it and hang it on a wall. A bright, bold wallpaper can make for a beautiful piece of artwork. Cover a canvas and attach a complementary frame, and it can pull together the color palette in any room.
Use it on the furniture. Forget sanding and staining your wooden furniture to give it a new look. Instead, line the top with a textured wallpaper to make it more eye-catching. It works on tables, dressers, entertainment centers and more.
Your credit score plays a big role in the homebuying process. It can influence what interest rates you’re eligible for, as well as what options you have for loans in general.
If your current score isn’t as high as you’d like, don’t lose hope. You can boost your score and improve your chances of qualifying for a mortgage or a better rate. Here are a few ideas that can help:
- Check your credit report. Credit reporting agencies collect data from a variety of sources, and this info may contain errors. Plus, there’s always the possibility of identity theft. Request a copy of your annual credit report from one (or all) of the three main agencies — Experian, Equifax and TransUnion — and make sure everything is correct. If you see something that looks off, report the issue to get it resolved.
- Settle any debts in collections. Having an account in collections hurts your credit score. Pay these off as soon as possible, or work with the creditor to set up a payment plan.
- Work toward paying off other debts. Start paying down your debts as much as you can, focusing on high-interest ones first. Your total debt balance has a big impact on your score, so reducing even one account can help immensely.
Additionally, don’t open any new credit cards, take out a new car loan or put extra purchases on your existing cards when gearing up for a home purchase. Though this won’t improve your score, it will keep it from getting worse — and that’s just as important.