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4 Ways to Prepare for Your Home Search
Whether you were outbid on every home you liked or you never found the right fit because of limited inventory, you probably encountered a few challenges if you tried to buy a home this year.
With a new year around the corner, are you thinking about continuing your search? No matter what the market looks like in 2022, we can work together to find the right home for you.
To start, take these four steps to prepare for a successful experience, and reach out when you’re ready.
1. Stick to a budget. Tighten those purse strings and start funneling away as much money as possible for your closing costs, down payment and other expenses. Typically, the higher your down payment is, the easier it is to get a mortgage loan.
2. Work on your credit. Increasing your credit score can help you get a lower mortgage rate, which means a more affordable home purchase on the whole. Try to pay down some debts and set your bills to autopay. Both steps may help you improve your score.
3. Consider where you might compromise. Sometimes compromising on a few nice-to-haves can help you find a home within your price range. Could you settle for three bedrooms instead of four? A rural home instead of a suburban one? One story instead of two? You may also think about buying a condo or townhouse.
4. Do some deep-dive research. Make sure you know about all your possible mortgage loan options, as some can lower your upfront costs (or even cover them entirely). Talk to a few lenders, ask questions and consider getting preapproved for your loan before starting your search in the new year.
Make sure to keep in touch as you get ready to begin house-hunting. And if you need guidance on lenders, mortgage options or local market trends, reach out anytime.
4 Ways to Update Without Renovating
Renovation projects can be time-consuming and expensive. Fortunately, they’re not your only option if you’re looking to change up the look or feel of your house.
Even a few small changes can make a big impact — as long as you pick the right ones.
Do you want to update your house without overspending or committing to weeks or months of construction hassle? Then try one of these four simple projects:
Create More Space
Want more space but can’t afford a full-on addition? Try to enlarge your rooms organically. Add more lights and mirrors, paint the walls a brighter color, or rearrange the furniture to make better use of the space.
Try a Backsplash
You don’t need new counters or cabinets to make a big impact in the kitchen. Sometimes just adding a new backsplash — even the stick-on tile kind — can be a great way to transform a room. It even works in the bathroom, too.
Add an Accent Wall
Full paint jobs can be expensive, especially if you call in a pro. Can’t afford it? Consider an accent wall instead. You could even use a fun, patterned wallpaper for an extra pop.
Reimagine Your Pantry
Adding more storage space in the kitchen is always a valuable improvement. And you don’t necessarily need to knock out a wall or add more cabinets. Instead, add more shelves, install pot organizers, or add pull-out trays to make grabbing back-of-the-cabinet items easier.
Is your house no longer meeting your needs? It may be time for a new property. Get in touch today to start your next home search.
4 Key Questions About Down Payments
Down payments can be a challenge to navigate, even for experienced homebuyers.
How much do you need to put down? Do current market conditions change anything for you? Even the most basic questions aren’t always easy to answer.
Whether you’re thinking of buying soon or planning ahead for a purchase in 2022, now is a good time to clear up any uncertainties and come up with the right strategy for your household.
Take a look at these frequently asked questions, and reach out if you need a helping hand.
How much should your down payment be?
The minimum down payment depends on what type of mortgage loan you’re getting. Some loans (conventional and FHA mortgages) require 3 to 3.5%, while others (VA and USDA loans) require zero. Your credit score will also play a role in some cases.
Is a large down payment always better?
It depends on your budget and goals. A big down payment will mean a smaller monthly payment and fewer interest costs in the long run. If it eats into your emergency savings or puts you in dire financial straits, though, it’s probably not the best move.
What should you consider when setting your goal amount?
You’ll want to look at the price range you’re shopping in, your budget and the types of loans you’re eligible for. Talking to an experienced loan officer can help you get an accurate idea of what to expect.
Do you have to come up with all of it on your own?
Many loan programs allow “gift” funds, which means money given to you by your parents or another family member. You’ll just need a letter stating that the funds are a gift, not a loan, before you can use them.
Need help finding your next home? Get in touch today.
Easy Ways to Boost Your Curb Appeal
Great curb appeal can make a big difference when selling a home. Not only can it make your property stand out from the competition, but it could also bring in higher offers.
An attractive house can also be a benefit even if you’re aren’t planning to sell right now. After all, who doesn’t want to take pride in their home while keeping it in excellent condition?
Do you want to boost your home’s curb appeal without spending a lot of time or money? Take a look at these budget-friendly ideas:
1. Freshen up your door. You don’t have to replace your door to give it a makeover. Try a new coat of paint, new address numbers, upgraded hardware or even just a decorative welcome mat. A brassy kickplate can be nice, too.
2. Update your mailbox. Still stuck with that old aluminum mailbox up front? Upgrade to brick or another stylish look. You can also paint the old box a new color or replace the pole if it’s rusted.
3. Make the porch more inviting. If your front porch looks a little bland, add a sitting area with chairs and a rug or install a bench swing. Potted plants and warm lighting also go a long way.
4. Clean up the exterior. Power-wash the brick and siding, give your shutters a new coat of paint, and fix any holes or stains on the driveway. You’d be surprised what a little deep cleaning can do.
5. Outline your garden. Add a new layer of mulch and install pavers around the outside of each garden area. They make the yard really pop — even without flowers or other foliage.
Planning to list your house soon? Just want to check in? Reach out today.
5 Home Features Buyers Are Looking For
The housing market typically slows down in the fall, so if you’re thinking of selling in the near future, it may take a little more effort to stand out from the crowd.
Knowing what buyers want and making a few smart updates can help make your home more marketable and improve your selling price.
Are you considering a home sale soon? Here’s what potential buyers might be looking for this fall:
Safety Features
You might consider upgrading your garage door, adding an alarm system or repairing your fence. Anything that improves the safety and security of your home is an automatic value-add.
Energy-Efficient Enhancements
Making your home more energy-efficient has a two-fold benefit: It helps the environment and cuts down on utility bills. Most buyers are happy to pay extra for both.
Plenty of Storage
Storage space is always worth a premium. If you can, find ways to add additional storage to your property before listing it, maybe with a set of garage shelves, a closet system or a more streamlined pantry.
Functional Fun
Can you make your home more enjoyable? This might mean adding an outdoor kitchen, building a theater room or installing a small fire pit in the backyard. As we’ve learned over the last several months, outdoor areas are practically essential.
Health-Forward Add-Ons
Homes equipped with no-touch faucets, mudrooms, air filtration systems and other health and comfort-focused items are sure to align with modern buyers’ needs.
Of course, it’s always important to keep up with your home’s general maintenance and perform any major repairs that may be necessary as well.
Need more guidance about selling your home? Get in touch today.
Don’t Skip These 5 Fall Maintenance Tasks
Your home is a huge investment — an investment you’ll want to protect for the long haul.
That means proper maintenance is key. Completing a few seasonal chores can help you extend the life span of your home while also cutting down on repair and renovation costs.
Want to make sure you’re keeping your home in tiptop condition? Then don’t skip these five must-do fall maintenance tasks:
Check for (and seal) air leaks around windows and doors. Leaks in these areas can make it hard to control your home’s climate and, as winter approaches, that could mean sky-high heating and gas bills. It could also make your home pretty uncomfortable year-round.
Clean out the gutters. When gutters get clogged with leaves and debris, water can’t drain properly. This might lead to standing water on your roof or eaves, which can cause significant and costly damage over time.
Inspect your roof. At the very least, your roof needs an annual inspection. Even small leaks or missing shingles can cause big problems like water damage, mold, mildew and more.
Check your smoke and carbon monoxide detectors. These vital safety devices should always be in good working condition. Put them in test mode and make sure they’re all functioning properly. Batteries will usually need to be replaced every six months to a year.
Have your furnace inspected. If you heat your home with a gas-powered furnace, you’ll want the unit inspected at least once per year. Furnaces can pose serious fire and safety hazards if they’re not functioning properly.
It won’t take long to check these tasks off your list, and the payoff is well worth the effort.
Considering buying a new home? Have questions about your home’s value? Get in touch today.
Buying a Fixer-Upper: 5 Things to Know
In today’s busy market, many homebuyers have found themselves weighing options they would normally pass by.
One of the more common compromises is to consider a home that needs some work.
On the plus side, fixer-uppers often come with lower prices, less competition and a lower-pressure sale on the whole. Still, they’re not without challenges.
Are you considering a fixer-upper? Here are five things to think about first.
1. You may need an alternative mortgage program. If you want to finance the home purchase and the renovations and repairs the property needs, you might consider loans like the FHA 203(k) loan or the Fannie Mae HomeStyle loan. Your loan officer can help you choose the best option for your purchase.
2. There may be appraisal and inspection issues. If the home is in disrepair, you might face challenges with your inspection or appraisal. This is especially true if you’re using an FHA, USDA or VA loan, as properties must meet strict requirements with these programs.
3. You should have a backup living space. You might not want to end your lease or sell your existing home just yet. If the property needs serious repairs or renovations, you’ll probably need to live off-site until they’re complete.
4. You may want to bring a contractor along when you tour the home. This will help you gauge what repairs might be necessary and how much they’ll likely cost.
5. Be prepared for problems below the surface. Not all issues will be visible in a fixer-upper. There may be major problems lurking below the surface (like mold or termites, for example) that won’t crop up until later. Make sure you leave wiggle room in your budget to account for these potential surprises.
Fixer-uppers are just one of the many options you have when buying a home. Have questions or need more help with your homebuying journey? Reach out today.
How to Make the Most of Your Home Equity
Home equity is a powerful thing.
As you pay off your mortgage, your equity — or the stake in the home you actually own — increases. And the more equity you build, the more you stand to gain when you sell.
But even if you aren’t planning to sell your property, equity can be used in a few different ways. Consider these four possibilities if you’d like to make the most of what you have.
Make Renovations
With a home equity loan or line of credit (HELOC), you can turn your stake in your home into money that you can use for renovations, repairs or any other cost you might be facing.
Buy a New Home
Taking out a home equity loan or other product may give you the money you need to buy a vacation home or investment property. You could also sell your existing home, turn a profit and use those funds toward your next place.
Pay Off Debt
If you have high-interest credit card debts, personal loans or car loans, you might consider using a home equity loan or cash-out refinance to pay them off. This essentially rolls those balances into your new loan (and mortgages tend to have lower interest rates than other loans or credit lines).
Use It Toward Retirement
Equity also makes a great nest egg. Once you retire, you have the option to sell your home, downsize and use the profits your equity gave you to boost your income.
Do you want to learn more about home equity? Are you looking to buy or sell a home? Reach out today for assistance.
How to Prep for a Successful Home Sale
Are you thinking about selling your home?
Supply is low and demand is high right now, which means many sellers are seeing quick turnarounds and healthy profits.
Still, despite the hot market, selling a home isn’t easy. If you want the experience to be as smooth as possible, prepping early and enlisting help are key.
Want to make sure you’re primed for a fast and profitable home sale? Here’s what you can do:
Focus on curb appeal. Curb appeal can make a huge difference, so spend time painting the shutters, power-washing the exterior and tidying up the landscaping to make sure your home catches buyers’ eyes.
Declutter and clean. Pare down your belongings and get the house looking cleaner than ever. You want it to be pristine for any listing photos and videos.
Have an exit plan. Showings can be tricky, especially if you have kids or pets. Make sure you have a plan for how you’ll keep the home clean, and know where you’ll go when a showing is scheduled.
Know your next steps. Where will you go after you sell? In a hot market, it may be hard to find a home to buy right away. Make sure you have a backup plan, like a friend’s house or a rental you can use in the meantime.
Prep for the costs. Selling isn’t free. You’ll need to budget for things like repairs, upgrades, staging costs and commissions. If you’re buying a new home, you’ll have additional costs, too.
Do you need help with your sale or want to find out how much your home is worth? Reach out today.
4 Common Renovation Mistakes to Avoid
When the market is competitive, many homeowners opt to renovate their properties rather than sell or buy.
This can be a smart move for many reasons, but as you know, home projects can often end up being expensive and time-consuming.
Don’t want to make a costly mistake or even regret a renovation altogether? Take a look at these four common missteps — and find out how to avoid them.
Mistake #1: Choosing the Wrong Project
Ultimately, you want your upgrades to increase your home value and deliver a return on your investment when you eventually sell. You also want to use your precious time wisely. When selecting a project, make sure you choose one that isn’t more trouble than it’s worth.
Mistake #2: Going Too Big
You don’t have to completely redo your kitchen or bathroom to make a big impact. Could you simply repaint the cabinets or replace the fixtures instead? Try to consider low-cost, low-effort alternatives that could deliver a similar result to what you’re aiming for.
Mistake #3: Trying to DIY Something You Shouldn’t
You can tackle some projects yourself, but if it requires specialized skills like plumbing, electrical work or structural updates, you’re better off leaving it to the pros. DIY work is typically best reserved for small-scale renovations like painting or landscaping.
Mistake #4: Failing to Budget Properly
Make sure you have a plan to avoid the most common budgeting problems. These include underestimating your costs, not saving enough before starting your work, and failing to have a good buffer set aside in case of surprises.
Considering buying new instead of renovating? Get in touch today.
