Tag: tips

How To Give Kids A Happy And Safe Halloween

Halloween is upon us. If you’re expecting trick-or-treaters, you’ve probably already done all your preparations. But just in case you’re doing things last minute, or just want to check to make sure everything is okay, here are some tips to ensure trick-or-treaters’ safety so that their Halloween scares don’t become an actual danger.

While low lighting can produce the type of ambiance you may want for Halloween, it’s not a good idea. Kids can easily trip and fall, especially if your decorations require cords. Don’t use candles, either, since they are potential fire hazards. Of course, you should also make sure to keep hazards away from where kids are likely to be walking — which does include your lawn, even if you have a walkway. The risk is greater if your decorations can potentially cause jump scares, so try to avoid that type of decoration.

Tripping isn’t the only danger to kids’ health. Strobe lights and fog machines can cause seizures or asthma attacks. Pets can be a threat if not properly secured, and can cause scares if they can see the kids even if they can’t reach them. Even if you love baking homemade treats, don’t give them to kids — you don’t know what allergies they may have.

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More: https://www.realtor.com/advice/home-improvement/are-homeowners-liable-injury-trick-or-treater/

Late Payments Can Be Worse Than You May Think

It’s very common to submit late payments, for any of various types of bills or loans, including mortgage loans. Sometimes people just forget to pay. Sometimes they’re waiting for their next paycheck. Maybe some bills are more lenient on late payments than others, so they’re prioritized lower in the budget.

Whatever the reason, most people assume the only downside to a late payment is an extra fee. That’s not the case. The occasional late payment won’t have any impact, but repeated late payments do show up on your credit report. This will reduce your credit score and make it more difficult to qualify for a loan. If possible, you should make sure to pay bills on time, even for small things like phone bills.

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Can’t Rent Out Your Whole House? Rent Out A Room

Have a bit of extra space in your house, and wish you could use it for something, but aren’t in a position to downsize? You can rent out single rooms, even if your home is a single family residence. It can even be a basement, if it’s large enough to serve as a bedroom. That way, the extra space doesn’t go to waste, and you even earn a bit of extra income. Of course, not everyone wants strangers living in their home, so this idea may not be for everyone. But if you don’t mind or even would prefer another occupant, it’s a win-win for you.

Keep in mind that renting out a room is still renting something out, and you must still follow regulations. Read up on the Fair Housing Rules if you don’t already know them, and talk to an expert, particularly if there’s something you’re unsure about. And of course, the same guidelines apply for finding a tenant. That means being very specific with what’s being offered and what sort of tenant you’re looking for, making sure to request background and credit checks as well as references, and meeting the prospective tenant in person before signing the deal. If you don’t want them in your home before you’re sure you want them as a tenant, your first meeting can be in a public space, like a coffee shop — though keep in mind your tenant will want to see the property before they sign.

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How To Tailor Your Home Staging For The Fall Season

Fall may not be the single most common season to buy or sell a home, but it’s certainly one of the most common. It’s a good idea to get your home staging right for the season, because it’s not a time that you want to miss out on opportunities.

Fall makes it more difficult to set the stage, but that makes it all the more important. You’ll want to rake leaves in front of your house, because leaving them makes the area look less cared for and therefore less appealing. Shorter days in autumn mean it will get dark earlier. Make sure to amp up the lighting so people can actually see the home they’re attempting to buy. Also note that prospective buyers are likely to spend more time inside the home, as autumn weather tends to be unpredictable. Maintain a comfortable temperature in your home and highlight appealing aspects of the home’s interior. If you really want to go all out, fresh baked cookies are sure to feel cozy to your buyers.

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Advantages Of Hardwood Flooring

Many people may consider hardwood floors to be the fancy, expensive option. But there’s a reason hardwood is more expensive than other types of flooring. It has several benefits that make it an excellent choice if you are planning to update your flooring.

Hardwood is one of the most durable flooring options. Vinyl and laminate floors scratch and dent easily, and the damage can be permanent. Carpet needs to be replaced frequently, and you may also need to remove it if it causes allergy issues. Even if your hardwood floor is damaged, in many cases, it can be solved with sanding or refinishing. Chances are, if the damage is severe enough to warrant replacing hardwood flooring, the same would be true if you had that sort of damage to any other type of flooring. Because of how long hardwood can last, it’s potentially a money saver despite the higher upfront cost — not to mention it also improves your home’s value when you eventually go to sell it.

With all the color and pattern options available for vinyl and carpet flooring, it may seem like hardwood is the boring option. It doesn’t have to be. Hardwood is also available in several colors, textures, and grain patterns. Granted, the available colors are mainly various shades of brown. But the neutral tone makes it easy to accent with rugs and decor that can be exchanged at low cost whenever you want a change.

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What Is A Contingency?

You may have been told that a listing is contingent or seen a list of contingencies. But what is a contingency, exactly? A contingency is a condition that, only if met, causes a transaction to proceed as normal. It’s a way to protect both the buyer and the seller in case something goes wrong. It both assures the seller that the transaction will go through as long as the condition is met, and may enable the buyer to renegotiate or back out if it isn’t met.

Not every contingency is something the seller can necessarily provide, though, so it’s never a guarantee of a successful transaction. There are several types of contingencies. There is one that the majority of sellers can meet without any effort, and that is a title contingency. This specifies that the seller must be able to demonstrate that they have clear title to the property. In most cases, this isn’t difficult, but things such as inheritance could complicate this. A couple types of contingencies relate more to the buyer. These are financing contingencies and sale contingencies. Transactions with financing contingencies are contingent on the buyer being able to acquire financing. Sales contingencies refer to the sale of the buyer’s current property. This is normally used when the buyer is reliant on funds from the sale of their home in order to afford the new home. The last two common contingencies rely on a third party, an inspection contingency and an appraisal contingency. As the name might imply, these make the transaction contingent on a successful inspection and an appraisal at or above the purchase price respectively.

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How Long Does The Home-Selling Process Take?

The average time it takes to sell a home from listing with an agent to closing the sale is about 90 days. Many factors affect how long it takes to sell a home. These elements can include market conditions, buyer financing, the time of year, and the prep time to get a home ready for marketing.

A home that is in good condition, has good curb appeal, and is in a good location will attract buyers more quickly. Competitively pricing a home is key to having a reasonable time on the market. A cash buyer and one who is willing to buy a home in as-is condition can expedite the closing time.

Once an offer is accepted, the average closing time will be 30 to 45 days. The buyer’s loan is processed during this time along with the lender obtaining an appraisal. Property inspections also occur during the closing process. The title and escrow companies will then coordinate the signing of all the final documents, collect the buyer’s closing funds and finalize the settlement statements so the transaction can close.

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How To Lower Utility Bills Without Overhauling Your Lifestyle

With many of us feeling the squeeze of a higher cost of living, you may be looking for a few ways to lower your utility bills that won’t involve a complete change of lifestyle. Here are just a few simple ideas to reduce your utility costs.

-Switch your switches to dimmers. We don’t always need our lights on full brightness, so using a dimmer switch instead can help save on electricity by only using as much light as you need.

-Fill your freezer. You may not expect this, but having a full freezer actually helps to insulate it, keeping your food cool while using less energy to do so.

-Let food cool before refrigerating. If you’re saving leftovers from your dinner, putting them in the refrigerator while they’re still warm actually causes the fridge to have to work harder to cool them down. Let them cool first.

-Unplug unused chargers. Did you know that many phone and laptop chargers continue to suck electricity even when your phone isn’t connected? Make sure to unplug any that you aren’t using.

-Use solar night lights outdoors. Solar night lights spend the day soaking up the sun’s energy then turn on in the evening when it’s dark. It saves the need for any electricity or batteries and is totally green, helping the environment and your wallet.

-Lower your hot water heater temperature. Do you really need the hot water to be totally boiling? You can turn the temperature down so that your water is only as warm as you need it to be.

-Cold wash your laundry. Most laundry washes are just as thorough when washed cold. Switch your machine settings to cold washes rather than hot to save unnecessary extra spending on heating the water.

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What Is An Insurance Binder?

When applying for a mortgage loan, your lender may ask you for an insurance binder. In that event, you’re going to need to know what it is, and how to acquire it. An insurance binder is a temporary proof of insurance. If your loan is being insured, you’ll need to ask the company insuring it to provide an insurance binder before the loan can be approved. This temporary proof of insurance exists because the official proof of insurance probably won’t come until after the deadline for loan approval has passed.

Mortgage loans aren’t the only situation in which you may need an insurance binder. You may also need proof of insurance to buy a car, start a business, or rent property. Some of these may involve loans as well, but even if they don’t, it’s still possible you need to be insured for other reasons. The insurance binder in these situations is exactly the same thing — temporary proof of insurance before the official proof of insurance arrives.

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Prepare For Retirement Before You Retire

Most people don’t purchase their retirement home until after they retire. There are certainly valid reasons for this. You may not know where you’ll want to be living, especially if you move frequently. After retirement, you’ll have more time to go house hunting and think about your options. But just as there are justifications for waiting, there are also advantages to buying your retirement home early, primarily financial.

An important one is mortgage approval. It’s significantly easier to get approved for a mortgage while you still have an income. Unless you plan to pay cash for your retirement home, you’ll want to consider whether or not you can qualify once your income is gone. Not to mention this income is probably also what you’ll be using to pay the mortgage. By purchasing while you still have an income, you’ll have a better understanding of how much your payments are and how much you can save.

If you have the money to purchase a retirement home without selling, that can be an excellent boon for you, especially in the long term. It prevents the need to deal with moving while you are still working. You can turn it into income property, allowing you to use the rental income to pay the mortgage, or just for extra income. You’ll also be building equity in two homes at once, while home values continue to inflate naturally, as they do over time. If you start early enough, by the time you retire you may be able to use the sale of your old home to pay off the mortgage on your retirement home.

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Home Financing Options For Struggling Teachers

The share of teachers able to afford homes near where they teach is dwindling rapidly. This year, teachers can afford only 12% of homes within 20 miles of their schools. This is a decrease from 17% last year. In 2019, before the pandemic, they could afford 30% of homes in their school’s area. Fortunately, there are options to help teachers.

The Department of Housing and Urban Development (HUD) is sponsoring a program called Good Neighbor Next Door, which sells homes in revitalized areas to certain government workers at half the listing price. This program is available to pre-K through 12 teachers as well as law enforcement officers and firefighters. Some of Fannie Mae’s programs, while not specifically aimed at teachers, have qualifications that teachers frequently are able to meet.

In addition to federal programs, there are also state and private programs to help teachers. California created the School Teacher and Employee program back in 2018. This specific program is discontinued, but is now folded into their MyHome program, opening it up to more people. The private program Homes for Heroes provides a 0.7% rebate on home purchases made through the organization’s specialists. It is available to firefighters, EMS, law enforcement, military, healthcare professionals, and teachers.

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More: https://finance.yahoo.com/news/teachers-are-struggling-to-buy-homes–heres-where-to-turn-for-help-202043847.html

How To Keep Your Landscaping Low-Maintenance

Want to keep the exterior of your home looking nice, but don’t want to spend time or money on landscaping? That becomes significantly easier if you know what types of landscaping require the least maintenance. Obviously, you could just replace your lawn with artificial grass — and of course, that’s still an option — but there are much more ecologically friendly options as well.

Knowing what to plant where and how can save you a lot of time. Native plants will usually require less maintenance than non-native plants because they’re naturally adapted to the local climate. This is particularly true in arid or semi-arid regions where there are native succulents. Planting using mulch is effective for both water retention in the soil and suppressing weed growth. Organizing your garden for efficiency can also help. Place plants with similar needs in the same area to streamline your watering schedule, or plant them in containers that can be easily moved if necessary or just to mix up your home’s appearance.

Other options don’t have anything to do with plants. Part of landscaping is the concept of hardscape versus softscape. Softscape is the plants, as you’re used to. Hardscape is any non-plant element of the landscape. This can include things that simply exist in the environment, like your home’s walls or the driveway, but it can also include intentionally placed features. Use stone paths, fountains, or even retaining walls as elements of the landscape. You can also acquire purposefully decorative concrete, which is concrete with added color, texture, or patterns.

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Moving Home? Here’s How To Deal With The Emotions

Moving can be a challenging experience filled with mixed emotions. It involves leaving behind familiar surroundings, friends, and routines, which can create a sense of loss and instability. However, it also presents opportunities for personal growth and new experiences. If you’re moving soon, check out these three tips for dealing with the emotions it may bring.

Talk openly about how you feel with your household. Bottling up emotions can create barriers to contend with inside the household alongside the already charged feelings of saying goodbye to your old home. This can be especially true if you have children. Being open to discussing the impact of the move on you all can help to create a sense of togetherness, give each other emotional support, and alleviate any feelings of grief or anxiety.

Seek out community events in your new neighborhood. Activities such as volunteering or joining classes or local groups can help speed you on the road to meeting new people with similar interests in your new neighborhood. Finding people with similar interests in your new community can help give you a sense of belonging.

Stay connected to old friends. In the age of social media, it is easier than ever to stay connected with your old friendship group, no matter how far away they are. Don’t just rely on liking and commenting, though. Have video calls with your pals when you can, and perhaps carve out time to go visit them when you’re able to, ensuring those relationships are not broken by distance.

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Beware The Temptation Of Low Cost Neighborhoods

After the pandemic hit, once lockdowns were over, many people took the opportunity to move to a cheaper neighborhood. It seems like a financially sound decision. But that may or may not be the case. A large percentage of such migrants found it didn’t work out for them, and moved back. So what went wrong?

One near universal quality of cheaper areas is that they also have lower wages and less opportunity for economic advancement. Of course, in the post-pandemic era, many people were working from home, so this wasn’t drastically felt. Now that a fair share of them have transitioned back to full-time on-site work, the math just wasn’t working out. They either needed to commute longer — with gas prices being rather high — or look for a job in their new home. And it was difficult to find one. It’s also worth considering why it’s a cheap area. Is it a nearby low income neighborhood that suddenly has an influx of people? In that case, it may be about to get more expensive to live there. Is it an undesirable area? It’s probably undesirable for you as well.

It’s also important not to overlook quality of life. Cheaper neighborhoods will also have lower tax revenue, which in turn means fewer public services. The roads could be worse and there could be less public transportation. You may not have good schools nearby. The available health care is often also of lower quality. And no matter where you’re moving, you’re going to need to reestablish your social network. People frequently report feeling lonely or isolated in new areas, even when surrounded by people, because they simply don’t know anyone.

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More: https://finance.yahoo.com/news/real-estate-agents-downsides-moving-150014233.html

Major Finance Changes Could Disrupt Closing Process

You might think that once you’ve qualified for a mortgage loan, it’s locked in and you’re free to take on debt without affecting the home purchase. This is not the case. Lenders continue to look at your debt until the purchase is finalized, and taking on additional debt could increase your interest rate, or potentially even disqualify you from the loan.

You certainly don’t want to take additional loans during this process. This includes personal loans and lines of credit. Both can affect your credit score as well as your debt-to-income ratio, both of which lenders look at. Large purchases are also not advisable, especially if they’re paid in installments. This includes vehicles such as cars or boats, and may also include furniture or large appliances. Lenders also look for consistent employment. Even if you’re getting a pay increase by switching jobs, you probably shouldn’t do it just before finalizing a mortgage. At best, it delays the process, and getting paperwork in on time is very important, even if you’ve already locked in the rate.

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More: https://finance.yahoo.com/news/not-closing-house-131044960.html

Commonly Believed Myths About Mortgages

There are many barriers to homeownership. Many of them are economic, and unfortunately no small percentage of them are the result of discrimination. But one very frequent barrier to homeownership is lack of understanding of the process. Plenty of people who can afford to buy don’t think they can, or don’t think they should, because of misconceptions about mortgages.

One myth that, despite repeated attempts by experts to clarify it, continues to plague prospective homebuyers is the 20% down payment requirement. There is actually no such requirement — it’s a suggestion. It’s a rather economically sound suggestion in many cases, but that doesn’t mean you can’t buy with a lower down payment. The reason it’s so heavily suggested is that not only does a higher down payment translate to reduced loan value and potentially a lower interest rate, but it also avoids private mortgage insurance (PMI). PMI is an additional cost that you won’t incur if your down payment is at least 20%. So a minimum of 20% down payment significantly reduces your overall monthly cost. These high monthly costs are perhaps what’s leading people to believe that renting is cheaper than buying. It can be, in the short term, but almost never is in the long term. But the reason it can be cheaper in the short term is not high mortgage costs; it’s actually the upfront cost of buying a home. Monthly rents usually go up at the same time house prices do, and are often fairly close to monthly mortgage payments. Moreover, buying a home builds equity and allows for resale, while there is no return on investment for renting. Another misperception that leads people to think they can’t get a mortgage is credit requirements. Lenders do look at your credit, but it doesn’t need to be perfect. Most people do not have perfect credit. As long as the lender believes you could reasonably pay back the mortgage, you can qualify with a credit rating as low as 500, though you may only qualify for mortgages with higher interest rates.

The misunderstanding doesn’t stop with whether or not one can qualify for a mortgage. Even once a prospective homebuyer gets to the stage of choosing a mortgage option, there is some confusion about which mortgage options are the best for you. Many people categorically refuse adjustable-rate mortgages (ARMs) and always pick the loan with the lowest interest rate. Neither of these are necessarily the right idea. Fixed-rate mortgages (FRMs) definitely offer stability and can be excellent for people who plan to keep their new home for a while or who are uncertain about their future. On the other hand, ARMs typically have a lower initial interest rate than FRMs. This means they can be more financially sound for people who don’t plan to own the home very long, or who are better positioned to take risks. A low interest rate is obviously a good thing, but it’s far from the only cost associated with getting a loan. If you need to pay PMI, that’s also a factor. But even if you don’t, there will always be closing costs, property taxes, homeowner’s insurance, and maintenance costs. Some of these depend on the price of the home, but some depend on the lender, so be sure to get a breakdown of all the costs before committing to a loan.

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More: https://www.cbsnews.com/news/mortgage-myths-busted-what-to-know-now/

Advantages Of DIY Home Improvement

When considering whether to take on a home improvement project yourself or hire a contractor, what immediately comes to mind is cost savings. While this is a real benefit of DIY home improvement, it’s not the only one. So even if you don’t need to cut costs, don’t write off the idea immediately. There are other considerations that may sway you.

Besides cost savings, the most significant advantage is control. You can work on your own schedule; no need to clear your calendar for appointment times. Contractors usually get materials from the same source every time, so the quality and range of choice isn’t guaranteed. Some will let you purchase the materials, but if you do it all yourself, you know that option is available to you. Another benefit is skill development. Whether you’re a contractor yourself or just a regular person, DIY projects are an opportunity to expand your knowledge base and practice practical skills. Once you do your first DIY project, future projects will be much simpler for you, so you can potentially avoid calling a contractor at a later date as well. A less practical, but still noticeable, benefit of DIY work is personal satisfaction. It’s well established that seeing a project through yourself from beginning to end, no matter what type of project it is, is highly fulfilling. It’s a very good confidence booster.

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Should You Buy Now And Refinance Later?

The current housing market is in an interesting position. Mortgage interest rates are high, but home prices are starting to cool off. It raises the question of whether it’s a good time to buy. The advantage of buying now is that home prices, while expected to continue to drop, are the lowest they’ve been in quite a while. That means you may be able to get a home at a decent price without heavy competition, and start to build equity. The disadvantage is that you’re locking in a high interest rate.

That’s where refinancing comes in. While the price of a house can’t be renegotiated once the sale is finalized, your interest rate can. This is why buying with a high interest rate can be appealing if other conditions are favorable. But this is risky, because you never truly know how long rates will remain high. It could take a long time for interest rates to drop, and it’s even possible that by that time, home prices will also be lower. In this situation, not only did you essentially overpay for your home, but you’ve been stuck with a high interest rate for longer than anticipated. It’s also worth noting that if the current interest rates scare you enough to already be thinking of refinancing in the future before you’ve even bought the home, there’s a good chance it’s because you can’t truly comfortably afford the payments for any considerable length of time.

So should you consider buying now and refinancing later? What it ultimately comes down to is that it’s a risky time to buy, and it’s not entirely clear whether it’s worth the risk even if it pays off. What is clear is that if you can’t afford to task risks, you definitely shouldn’t. But if you can comfortably wait as long as you need to, it simply boils down to real estate as a long-term investment. In that case, it’s actually one of the lower risk types of investments, but that doesn’t negate the fact that the risk is higher than usual in the current climate. The actual answer will depend on the individual and on the future, but likely answers are either “no” or “probably not.” What are some alternatives, then? Waiting for mortgage rates to drop, or even just waiting for home prices to drop more, since that can’t be renegotiated. In the meantime, you can also consider upgrading your current home to increase its sale value for when you do buy.

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More: https://www.cbsnews.com/news/buy-home-now-refinance-later-what-experts-think/

Eco-Friendly Upgrades For Your Home

People get the recommendation to “go green” all the time. But how does one actually do that? Well, there are several ecologically friendly options that you can take advantage of when making home improvements. The benefits of natural light and recycling are well known, but some of there tips you may not be aware of.

Eco-friendly materials doesn’t necessarily mean recycled. Bamboo and cork are particularly sustainable, and cork can be re-used easily. Locally sourcing materials can also reduce environmental impact by reducing transportation emissions. Look within 500 miles of your home if possible. Unfortunately, neither bamboo nor cork oak grows natively in California, but you can still source the products from local businesses. If it’s an option, choose programmable thermostats, low-flow showerheads, faucets, and toilets, low-VOC (volatile organic compound) paints, and Energy Star rated appliances.

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Be Sure To Review Your Appraisal Report

Obviously, when looking at a home appraisal, the appraiser is the expert. But appraisers are still human, and can make mistakes. Make sure to read over the appraisal report, especially if you feel the appraisal value is wrong. It’s possible the appraiser entered something incorrectly or there was a communication error.

If you review the report thoroughly, you may be able to find discrepancies even if you don’t know much about appraisals yourself. If you do, don’t be afraid to talk to the appraiser about it. Sometimes just pointing out a mistake can solve the problem. If you do need to argue your case, though, having thoroughly read the report can only benefit you. This lets you potentially gather enough evidence that the appraiser revises their appraisal.

If that doesn’t work, you may have to request a reappraisal from the lender. Though, you should note that not all lenders allow reappraisals, and even if they do, they won’t accept your request without sufficient evidence. If you can’t get a reappraisal — whether the lender doesn’t allow them or the request was denied — the next person to talk to is the other party in the transaction. Be open with them and discuss the situation so they understand why you want to renegotiate. If you’re the seller, you may need to adjust the purchase price, and if you’re the buyer, you may need to explore other financing options.

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