Tag: tips

For many people, their goal is to pay off their mortgage so that they can continue to live in their home without any more mortgage payments to make after retirement. This is certainly a good financial decision, but with a bit more planning, it could be made even better. Consider downsizing going into retirement. You may even be able to sell your home and purchase a smaller, cheaper home without a mortgage at all.

That’s not the only way smaller homes are cheaper. Insurance and tax payments would also be lower. Smaller space generally means less utility usage. A smaller home probably won’t have a pool to maintain and may not have much lawn or garden space to take care of. Money isn’t the only thing you’ll save, either; you’ll also spend less time cleaning and maintaining your home. With the time and money you’ll save, you’ll also have the opportunity to take more vacations and relax even further.

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Home offices have become more popular as more people are transitioning to work-from-home. This has increased the popularity of larger homes with additional space that can be used for a home office. But a home office doesn’t actually require that much space, and certainly doesn’t need its own room, unless you need privacy.

If you have an attic or basement, either of these spaces can be converted into a home office. Converting the attic can even add to your home’s value, and an office space probably won’t even take up the entire basement. Another feature your home may have is a breakfast nook. Often, this is superfluous and the same purpose is served by a dinner table. It would not be difficult to convert the breakfast nook into an office space. Even if your home doesn’t have any of these features, you can probably find an unused corner of a bedroom or the living room to put a small desk and a chair.

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While homebuyers don’t necessarily have the experience to know everything they should be considering when buying a home, they definitely know what they want. It may not be easy or even possible to match all the criteria at once, but there are several top priorities buyers look for in an ideal home. These are the factors buyers typically tell their agents they’re considering most.

The first is safety. Buyers will usually research a specific area’s crime rate before considering it, though if they don’t have a predetermined idea of which area they want to live in, they may not know all of the crime rates in various regions. You shouldn’t only rely on statistics, though. Go visit and see for yourself what the area is like. Spend some time there. If you don’t feel safe, you probably don’t want to live there, even if the crime rate doesn’t seem very high. Something else buyers want is proximity to work, friends and family, and community amenities. However, they also want to be careful to balance this with light traffic, while being close enough to main roads. There’s going to be some sacrifice made. Make the commute yourself before buying, instead of just looking at map data. Another extremely important factor for most buyers is having a good school system. It’s very difficult to enrolls your children in a school system outside of your school district, though it is technically possible. Buyers also want to make sure the area isn’t too expensive to live in outside of purchasing the home, meaning low cost of living and low local taxes.

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More: https://finance.yahoo.com/news/buyers-most-important-factors-deciding-130014349.html

Most everyone has had the unfortunate experience of losing their house keys and being locked out of their home at least once. Some people end up having to break into their own home, which can cause some misunderstandings. Otherwise, you’ll have to call a locksmith, or have a spare key hidden somewhere. But you can avoid this entirely with an electronic or smart lock. Not only that, smart locks can also help you keep track of who comes and goes, and it’s much easier to change a smart lock code than a manual lock if it becomes necessary.

Not all electronic locks work the same way, though, and not all of them use smart technology. The most basic electronic locks just require a code to unlock the door. Some use a form of unique identification instead, such as fingerprints, RFID, or Bluetooth recognition. Smart locks have the potential to issue multiple codes to different people, and log which codes have been used when. You also need to make sure that if you plan to connect the lock to your phone, choose a smart lock that is compatible with your model. You should also look into what types of security measures the smart lock has.

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Staging can be very helpful in highlighting the best aspects of your home. Decluttering and rearranging furniture can make your home look bigger or more airy. In some cases, it can even hide some minor flaws with clever placement of furniture. But there are some things mere staging can’t hide.

Buyers aren’t going to move your furniture around, but they may check under rugs. Cracked tiles are easily noticeable, and if you try to hide them, buyers will think you’re hiding an even bigger problem. Every buyer is going to look at the windows, even if its just to check out the view. Broken or cracked windows are very obvious. Same with torn screens, which are easy to replace. The most important issue to fix is any roof problems. Having a roof over your head is the reason to live in a home. Buyers will expect you to take care of it.

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For many people, buying a home — especially a first home — is a stress-inducing endeavor. It’s common to worry about whether you’re actually making the right decisions. While no one can tell you which home is right for you, it’s surprisingly simple to figure out whether homeownership is right for you. Chances are, if you can, it’s a good idea.

The most important factor is whether or not you can afford it. Most homebuyers don’t have the money to pay cash for a home, which means you’re probably going to get a loan. That requires two things: a down payment and a high enough credit score. While it’s possible to qualify for a loan with a down payment as low as 3.5%, it’s probably not a sound financial choice. Higher down payments translate to lower mortgage interest rates, and they are also more appealing to sellers. Qualifying for a loan also requires a minimum credit score, as determined by individual lenders. If your credit score is low, it may be difficult to find a lender who will give you a loan.

There is one scenario in which buying may not be the correct plan, even if you can afford it. While renting is certainly more expensive than buying in the long term, and less stable, it could still be cheaper if you don’t plan to stay in one place for long. If you get transferred frequently for your job, it may be better to stick to renting.

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Kitchens are generally a relatively small space. Unfortunately, they need to fit a lot of things — refrigerator and freezer, pantry, oven, dishwasher, sink, counter space, pots and pans. How do people find room for all these things in such a small area? Your kitchen space is probably already cramped, but you may be able to maximize the capacity even further.

Fridge magnets aren’t uncommon, but what is uncommon is that they’re used for any useful purpose. Knife blocks and spice racks can be magnetized and stuck unto your refrigerator. Just make sure the magnet is strong enough; these are not things you want falling. Speaking of racks, overhead racks utilize ceiling space rather than floor space, expanding the effective size of the room. In addition, wine racks don’t necessarily need to be used for wine. They can hold many kinds of bottles. Your cutting board may not actually need to be stored. It’s possible that it fits neatly over your sink. Another thing is drawer inserts. It may seem like they reduce your available space, and they do, by a small amount. But they increase the usability of your space by ensuring that you don’t need to dig through things you don’t need to get to what you do need.

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Traditional water heaters are generally not visually appealing, and are often hidden as much as possible. But a water heater is a pretty important appliance, so no one wants to go without one. There is one potential solution: a tankless water heater. This choice isn’t for everyone, though. Going tankless has pros and cons.

You aren’t going to be worried about someone seeing your tankless water heater. They’re much smaller — about 20 in by 28 in, rather than 24 in by 60 in — and feature more appealing designs. This also means they free up more space, which always impresses buyers. Tankless water heaters also are significantly more energy efficient. This is because they heat the water only when needed, rather than constantly. It also leads to them lasting about twice as long as traditional water heaters, about twenty years rather than ten.

The big drawback? Well, they don’t have a tank, which means they can’t store large quantities of water. Their effectiveness is limited to a few gallons at a time, so running the dishwasher and washing machine at the same time, or two people taking a hot shower simply won’t work. The other con to tankless water heaters is that they’re more expensive, at approximately $1000 compared to $300-400 for a traditional water heater. Given the higher energy efficiency and longer lifespan, you’ll likely save money in the long run, but the upfront cost difference is significant.

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Water leaks or burst pipes can be disastrous and unpredictable, but many homeowners don’t know how to maintain their plumbing. Obviously, a plumber could do a lot more than the average homeowner, but you can still do your part to help the pipes last longer. Long-term stress is the primary cause of plumbing issues, so reducing their work load is the most effective preventative method.

Most people enjoy high water pressure when showering, and may even upgrade to a higher pressure system. But higher water pressure means higher pressure on your pipes. They will slowly start to wear down. If your water pressure is higher 80 psi, consider hiring a plumber to lower it. The $300-400 expenditure is a sizable sum, but still far less than the cost of a water leak. Another thing that can damage the pipes is having a lot of minerals in the water. Think about purchasing a water softener, which will also improve the effectiveness of your washer and dishwasher. They are expensive, though; a good water softener will cost about $500. One method that doesn’t cost you anything at all is to simply avoid pouring grease down the drain. It may seem like liquid grease will pass through easily, but it solidifies as it cools and can clog the pipes over time.

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There are several options to decorate your windows. Some of them also help maintain privacy. The most common is window curtains, but there are other things you can do to make your windows more stylish.

If your window isn’t in a location that necessitates privacy, such as the kitchen, try putting some plants on the windowsill. A traditional valance performs a similar job, but you can also use painted wood or metal to achieve the same effect. For more privacy, consider frosted glass. It lets in more light without being see-through, and doesn’t need to be fiddled with. If you’re the more traditional sort, you can opt for pull-down shades, which aren’t as commonly used nowadays but do the same thing as curtains.

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Out-of-state purchases are becoming more common, with improvements in remote showing technology as well as increased popularity of the work-from-home model. People have even been purchasing sight-unseen, and requesting remote closing processes. Remote transactions may not be what you’re looking for, but regardless of your reasons for buying in another state, being prepared is even more more important than usual.

While big-name real estate agents are big for a reason, it may be more beneficial to choose a local agent for the area you’re looking in. They will be more intimately familiar with the area. Don’t be afraid to ask them questions, especially about the area’s transaction process. You may think you’ve been through it before, but it could be different in another state. Even if you’ve been to the state before, a local agent will likely know more than you. Not just the agent, either — ask the locals questions as well.

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Many homeowners don’t want to consider renovations unless they plan to continue to live there, or the home is in dire need of upgrades. After all, part of the return on investment is emotional. But there are some relatively inexpensive upgrades that can boost your home’s value immediately.

Instead of committing time and money to replacing floors and countertops, update some less permanent fixtures. Replace mirrors and light fixtures, making sure they coordinate with the space and with each other. Professionally cleaning the floors often does just as good a job as replacing it for a much lower cost, especially if you have carpet. While higher end models can be expensive, new appliances won’t necessarily break the bank and will definitely be appreciated by buyers.

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Conducting an energy audit involves checking the home for areas where air could be leaking in or out. Much of the time, this is left to a professional. But it doesn’t have to be. Even if you don’t have the proper tools to fix the leaks, you can certainly conduct an audit yourself and determine whether anything needs to be fixed in the first place. Plus, if you do have the tools or can acquire them, the fixes don’t require a professional either.

All that testing the walls requires is a candle and a way to light it. Bring a lit candle with you as you tour any exterior wall, door, or window. If the candle goes out or starts wavering while you’re not moving, it probably means air is coming in. You can fix the leak yourself with caulk if you find one. Besides exterior walls, doors, and windows, other areas you should check are the attic and ducts. You don’t need a candle for this, but you’ll want a mask and gloves for protection. Lift up insulation in your attic to see if there is any lack of coverage, and fill it with additional insulation before sealing it. Check the ducts for holes, and also check the joins to make sure they’re airtight. Ducts can also lose heat if they’re not clean.

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Looking for investment property is a bit different from looking for a personal home. There are a considerable number of factors when purchasing a personal home, such as affordability, whether it suits your needs, proximity to work, schools, and shopping, and whether you actually like the space. But with investment property, while you probably won’t be getting much return on your investment if no one wants to live there, it’s not your own preferences you should be looking out for.

Ultimately, investment property does come down to your bottom line, and finding something you can afford and that has a good return on investment is certainly very important. But it’s important to realize that your return on investment is partially determined by others’ preferences — which means you need to know what they are. Research the market area and figure out trends. Which types of homes are selling, and to what type of clientele? Also, don’t discount remodeling. It may have a higher up-front cost, but if it does, the return on investment is sure to be high as well in the long term. You may even find it’s actually cheaper to buy a home in need of care and remodel it into something similar to existing homes.

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Sellers have a tendency to overlook buyers who are expecting to get a VA loan, since they think VA loans are more likely to fall through. But deals involving VA loans actually have a higher rate of success. It’s not difficult to qualify for a VA loan if you meet the basic requirements. There’s still the issue of convincing the seller, but there are things you can do to help with that.

Consider working with a lender that specializes in VA loans. Expert guidance can help both the buyer and the seller truly understand what a VA loan means for their prospects. In addition, while VA loans don’t require any down payment, it’s a good idea to put money down anyway. This makes the deal look better to the seller, and ensures that they won’t assume you lack the money to cover a potential difference in appraisal vs sale price, which VA loans don’t cover. And of course, making a better offer will always appeal to a seller. It may not skyrocket you to first choice, but you’ll be in better contention.

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More: https://www.cnbc.com/2021/11/11/how-to-stay-competitive-using-a-va-loan-in-a-sizzling-housing-market.html

Buying a home isn’t quick, easy, or cheap, and all of that is even more true today than many points in the past. First-time homebuyers don’t necessarily know what they’re getting into. It’s not necessarily their fault, but they tend to be overly optimistic about finding their dream home. And it’s because some common beliefs that first-time homebuyers have about the buying process are simply not true at all.

Buyers tend to think that the perfect home is out there somewhere, and they just need to find it. Once they do, it’s all but theirs. The reality is that finding a home that ticks every single one of your boxes is exceedingly rare. If you do manage to find it, it probably ticks all the boxes for someone else as well, and you’re going to need to fight for it and probably pay more than you wanted. Those who can’t seem to find the right home for them also tend to think the custom construction option is always available. Well, you’re still going to need to find a qualifying plot of land to build it on, and it’s going to be expensive and time-consuming.

Too many first-time homebuyers think they have the process all figured out, and don’t do enough homework or seek the help of professionals. The first call you make should be to your bank to figure out what you can afford. Proof of funds is essential to submitting a competitive offer, and a good agent won’t even show you properties if you don’t have a mortgage pre-approval letter, unless you can demonstrate an ability to pay cash. Even buyers who expect to pay cash may want at least a pre-qualification letter in case they go over their expected budget. Buyers also tend to forget about repairs, thinking everything is going to be dealt with by the seller once the inspection happens. But sellers aren’t required to make repairs unless they’re in order to conform to legal code, nor are they required to be the one to pay for them. That needs to be something you discuss with the seller, who may make some concessions, but probably not all of them.

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Winter is always a slow season for real estate. Most people are too busy with the holidays to think about buying or selling. But it does happen. Buyers willing to look during winter are already a captive audience, since they clearly have a reason to buy, but you can still do your part as the seller to seal the deal. In addition to improving your curb appeal, which is an excellent motivator at any time of the year, you can use the season to your advantage in winter.

Make your home inviting. Add more lighting, especially outdoors. It gets dark earlier in winter, and prospective buyers want to be able to actually see your home. If you have a fireplace, turn it on, or turn up your heater. Winter is colder even in places that don’t get snow, especially after work hours. Staging your home for the holidays can also help. Even if you don’t celebrate or aren’t feeling particularly festive, a plate of cookies or season-appropriate decorations will let people know someone does call this place home.

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