Posts for Syndication

Buying a home is exciting. If you’re young, it gives you the sense of finally stepping into the adult world. If you’re at some other life change (marriage, starting a family, empty-nester) the idea of a larger (or smaller) space of your own gets those possibility juices flowing.

But … in the heady rush into new home ownership, the temptation to bite off more than you can chew financially is strong enough that potential homeowners ignore that niggling unsettled feeling, or even the warning bells clanging in their heads. Once the deal is done and move-in day is a dim memory, the reality of monthly expenses takes over.

Does that mean you shouldn’t buy a home? Of course not! What is means is that homeownership can change your lifestyle in ways that you may not anticipate. If you’re looking at buying a home, try incorporating those changes into your life beforehand to see if they are livable and if you ever need some guidance then you can contact ESG advisory services.

Higher monthly payments

For some buyers, the actual mortgage payment is less than they pay for rent. In fact, many would-be buyers consider this as the basis of their potential move into ownership, and marketers promote the idea as well. But, ownership requires more than just making the mortgage payment. Other monthly outgo includes:

• Insurance: Homeowner’s insurance is much more costly than renter’s insurance. If you own a single-family home, the cost of your coverage is based not on the home’s market value, but on the cost to rebuild it after a destructive event. If your home has special architectural details—a Victorian or Craftsman, for example—your insurance may be higher because replacing damaged detailing may require specialty products. If you live in a storm-damage area (hail, tornados, wind) or flood plain, you’ll need to cover instances like hail damage repair as well, perhaps even without too much warning. It’s important to know the details of your insurance coverage in case you need hail damage stucco repair services. Your insurance also includes coverage for your furnishings. When you move to a larger home, you have more furnishings.
• Private Mortgage Insurance: If your mortgage arrangement requires the payment of private mortgage insurance (you made a smaller than conventional downpayment or your credit is less than stellar, for instance), the amount of your monthly payment may be increased to pay PMI. Just so you know, PMI is not for your protection, it is for the lender’s protection. You’ll pay between $75 and $250 to cover your lender should you default on your mortgage.
• Association Dues: Condominium ownership nearly always requires payment of monthly or yearly association dues. These dues pay for exterior and building and pool maintenance, landscaping, liability coverage for community property and other responsibilities. In many communities, even single-family homes can require association dues to cover parks, playgrounds, pools and other shared spaces. Association dues can run into several hundred dollars each month.
• Property Taxes: Unlike renters, property owners pay the taxes used to operate cities, school districts and other municipalities. Your tax money maintains roads and pays for street-sweeping or snow removal, clearing of drainage systems, installing and maintaining street lamps, building and caring for parks and recreation facilities. In cases of newer construction, there may be special assessment taxes to cover new roads and sidewalks, traffic lights, and other new installation required by the city. Typically, special assessments end after a certain number of years.
• Local services: Often, services such as trash, water and sewerage are covered in a renter’s monthly payment. Homeowners typically pay for these services individually, so their cost must be included into the monthly outgo.
• Maintenance: An owner is responsible for maintaining the property. That means the costs to replace light bulbs and repair dripping faucets or toilet replacement for plugged toilets falls to the owner.

Have a plan

Before purchasing a home in a given area, find out an average of these other costs. To figure out interest and PMI, check out a mortgage calculator. For property taxes, search the local county records or ask your real estate agent to find out the prior year’s assessment. Add the monthly extra for all of these items to the potential mortgage payment. If it is more than you pay for rent, try living for three to six months paying the difference into a savings account that you do not access.

You may be willing to make sacrifices to afford the home of your dreams, but remember that you need to live with those sacrifices for a very long time. Giving up cable, not eating out and delaying buying new clothes seems doable in the first few months, but eventually, you may tire of the restrictions to your lifestyle. That’s why it is important to know before you buy a home how much monthly outgo fits into your lifestyle.

A real estate professional knows how to help you gather this information. We want you to be happy in your new home. After all, we want you to recommend us to others, so if we don’t help you determine the best situation for you, we only hurt ourselves.

Compliments of Virtual Results

If you’ve owned a home for a while, you know that water entering the home can be at least a hassle and at worst a cause of major destruction. Not only should keeping water from sneaking into those tiny cracks and crevices be a priority, it could make the difference between owning an asset and owning a money pit. One of the primary ways to protect your home from undesirable moisture is installing gutters, which make them a vital part of a home’s roofing system.

Benefits

Most people think that the sole purpose of rain gutters is to direct water coming off the roof toward downspouts to keep it from dripping on their heads over doorways. The value of gutters is much more that that, however. Not only that, water moving off a roof can roll under the drip edge of the roof and seep under soffits and eaves, weakening the wood. It seeps between the joints or masonry and the framework, exposing your home to mold and other damage. If subject to freezing temperatures, the water inside the wood freezes and swells, causing internal damage to beams, joists and framing.

When water is controlled, instead of just pouring off of the roof slope, it can:

• Prevent damage to siding.
• Prevent staining on brickwork.
• Preserve overhead garage doors and exterior doors from damage.
• Stabilize soil and the home’s foundation.
• Prevent sidewalks, patios and driveways from settling and landscaping from erosion.
• Protect basements and crawlspaces from flooding.

Doing gutters right

There is much more to gutter installation than simply hanging them from the eaves. In order for gutters to function correctly, they need to have the correct pitch. In general, the gutters should drop one inch in slope for every ten feet in length so that the water runs toward the downspout rather than pooling up in a low spot.

Check your gutters to make certain they are correctly sloped by placing a hose at the closed end of your gutter and allow the running water to gently flow into and through the gutter. Water should only flow toward the downspout. Click the link to learn more about gutters in relation to your roof.

Downspouts matter too

Make certain that your downspout actually direct the water away from the structure of your home. Optimal would be extending the terminal end of the downspout several feet away from your home’s foundation or onto a concrete or vinyl downspout extension. Alternatively, install underground drainage that leads away from your home’s foundation to the street gutter, or to a drywell.

Sometimes, the end of the downspout gets damaged or smashed. When this happens, water and debris can back up into the downspout and gutter, rendering them useless and setting up your home for potential damage. To address such issues promptly, it’s essential to hire roofing repairs from Proliance General Contractors & Roofing Downers Grove, located at 1423 Centre Cir Suite #2, Downers Grove, IL 60515. Reach out to them at 630-593-7030 to ensure your downspouts and gutters are in optimal condition, safeguarding your home from potential water damage and maintaining proper drainage.

Maintenance

Make certain gutters are clear of leaves and debris. Schedule cleaning gutters into your spring and fall schedules. According to gutter cleaning alexandria, after a major storm, even if your residential or commercial roofing has not sustained major damage, clear shingle residue from gutters to avoid problematic buildup.

Conclusion

If you’re looking at a home to buy, make sure the home has gutters installed. If you want to increase the value of a home you’re selling, a gutter replacement gives buyers peace of mind about potential water problems.

Just ahead of the housing bubble, flipping houses was an investor pass-time. As home prices started to rise, many would-be real estate moguls bought houses to flip hoping that the prices would increase enough in a six-month period for them to make a profit. The concept spawned reality TV shows like Flip This House and The Property Ladder.

Many savvy investors saw profits increase right up until the bubble burst. Others, particularly novice investors, became victims of fraudulent flipping schemes and unscrupulous banking practices. Post-housing bubble, investors with lots of money picked up distressed properties for lower outlay, but had a harder time actually selling those homes since potential buyers were more cautious.

The investors that survived the drastic ups and downs of the market had a Plan B. When the housing market crashed and many people lost their homes, the rental market increased. So, investors that planned for if their investment didn’t sell by turning it into rental property made it through unscathed.

In the past couple of years, the “flipping” market heated up again. But, as home prices appreciate, and there are fewer distressed homes on the market for flippers to purchase, experienced investors say now isn’t really the best time for a novice to start on their own. In fact, many investors learned lessons from the housing bubble and the crisis that ensued from it bursting.

Here are some tips to guide your potential investment:

• Not every markets is profitable: While there are lots of homes that could be purchased, rehabbed and potentially flipped in every part of the country, some placed are not seeing the kind of economic growth that makes flipping viable. You have to know your market, know local values and be prepared to by having deep pockets should the home not sell.
• Do your homework: Since there are fewer homes at the kinds of steep discounts seen in recent years, consider planning to pay full price cash, but arrange for a delay to have the home inspected. If the inspection reveals problems, the buyer can walk away, or make a lower offer to the seller and potentially get a good deal. Just remember that anything revealed during the inspection is now your responsibility to repair or replace. For instance, if the inspector discovers roofing damages, they need to be handled immediately by roofing contractors.
• Know your margins: unlike the impression you might get from watching the popular reality shows about flipping, the margins to be made from buying and selling a home are not as large as they appear. If you can find undervalued homes, you’ll have a cushion you can build into the rehab. If the difference between the purchase price and the new selling price is not as significant, avoid purchasing a home that requires thousands of dollars of repairs and upgrades or you’ll end up with a lovely home, but no income from it.
• Learn how to seek out potential houses: Lower inventory means that being able to find a home with the potential to flip is more difficult. Use your network of real estate professionals, estate attorneys and even repair contractors to learn of possible homes to buy.

Watch the trends

Real estate trends up and down. When you’re purchasing a home for your family, your motivation to buy is not as affected by those trends as when you’re purchasing as a form of investing … especially if you plan to flip it within six months. The trend upward needs to be significant enough for you to make a profit, but not so significant that potential buyers cannot get mortgage approval to purchase it.

See professional assistance

As your real estate professionals, we know the local market. We watch the trends. We know who is buying, who is selling and who is holding. We pay attention to new businesses moving to the area with the potential in increase jobs and bring in new buyers. We know which decorative repairs and upgrades are most important for a quick sale. Let us help you.

Compliments of Virtual Results

We get it … you want your home to be uniquely you … you want it to express your personality … you want colors that make you happy! But wait!  Now you want to sell this home and move on to a new canvass on which to express yourself. Which of your personal touches will add to your home’s resale value and which ones might distract lookers or detract from its appeal to buyers?

• Funky exterior colors: Unless your home is a Victorian with historic paint combinations or a unique custom home in the country, most buyers prefer colors that match or blend with the neighborhood. While they want the home to stand out for its design, they don’t want a home perceived to be out of step with its peers. If you want your home to stand out, make sure its curb appeal is based on well-cared-for landscaping, a color that blends, but is perhaps deeper or lighter than neighboring homes, and beautifully contrasting trim.
• Trendy exterior décor: Fountains, statues, gazing balls, bird baths, gnomes and outdoor wall and patio hangings certainly may express your personality and make your home stand out from its neighbors, but buyers want to put their own stamp on the place. Once you put your home on the market, consider removing these personal touches. One place you can let your individuality show is with the color of the front door. Choose a color that makes you happy … but follow your agent’s advice when getting ready to sell, and change out your preferred color for one that attracts buyers.
• Poor landscape decisions: If, in the early days of your home’s life, you plant trees whose roots may grow under the foundation or buckle the walkways, a buyer will be concerned about costly foundation repairs. Similarly, vines growing on brick walls may look beautiful, but if they’ve been there for a very long time a savvy purchaser will suspect damage to the masonry. Similarly, that koi pond may have seemed like a great idea when you installed it, but a buyer may be concerned about expensive maintenance and upkeep.
• Complicated interior wall coverings: Wallpaper trends come and go and are the most quickly outdated of interior designs. Flocked damask quickly becomes yesterday’s decorator trend for formal spaces and that border you loved in the kitchens is so last year. Removing well-hung wallpaper, trims and boarders is a messy, time-consuming project that risks damage to the walls underneath. If you know that you’re going to sell your home in a few years, consider using paint to express yourself instead of wallpaper. You can create a border with a stencil, use a faux process on a wall or simply use a variety of colors. Then, when time comes to sell, just paint over your creativity with a beautiful neutral color.
• Mismatched fixtures: During your tenure in your home you may replace single doorknobs, switch plates, faucets and light fixtures for trendy ones that do not match each other without thinking much of it. For example, you may have a Disney-themed switch plate and light fixture in your daughter’s bedroom. When you get ready to sell, however, consider replacing them all with matching neutral fixtures.

Other mistakes buyers don’t like:

• Painted brick: Both indoors and outdoors, buyers prefer exposed natural brick. If your brick is already paint, of course, you don’t need to sandblast it, just make sure it is a neutral color. But, if your brick is not painted, leave it alone.
• Along the same line, buyers prefer neutral mortar colors—in both brick and tile—overly bright or wildly contrasting colors.
• Poorly maintained pools and hot tubs: Whether in-ground or aboveground, pools and hot tubs are an iffy investment when it comes to selling your home. Buyers typically worry about the ongoing cost of their care and maintenance, and damage any leaks or cracks could cause to foundations, landscaping. Additionally, a home with a pool may be less appealing to families with small children. If you do have a pool or hot tub, be sure to keep it well maintained, and install protective fencing that meets safety guidelines.

If you have questions about the resale implications of décor in your home, contact us and we’ll guide you on the best practices for your home’s future sale.

Compliments of Virtual Results

In this current market, with home prices trending up, but access to financing is more difficult post housing bubble. So, if you want to sell your home, is it a good idea to offer seller financing?

What does seller-financing mean?

Unlike a traditional bank mortgage where a lump sum is given to the buyer to purchase the home, seller-financing means that the seller allows the buyer to make payments directly back to the seller. Most often, the homebuyer signs a promissory note with the seller that outlines the selling price, the interest rate, repayment schedule and even the consequences if the buyer defaults.

In most cases, a seller-financed note is short-term. Since most sellers don’t want to carry a note for 15 to 30 years, the typical note is for around five years with a balloon payment at the end where the buyer secures a standard loan for the remaining balance.

Is it good for the seller?

Sellers may choose to offer financing for any number of reasons, but some include:

• Being able to sell “as is.” If your home requires costly repairs, selling through owner financing may allow you to pass those costs on to the buyer instead.
• Potential investment income. Buyers looking for owner financing may be willing to pay a higher interest rate to you than you would receive through any other type of investment. Typically, you must own the home free and clear, and the buyer takes on taxes, insurance and any association dues so all income from the payments goes to the seller.
• Opening up the purchase to additional buyers. Potential homeowners that were hit with difficulty during the housing bubble may not be able to get traditional financing even though they are now able to make mortgage payments. Self-employed or contractor may not be able to get favorable loans due to tighter underwriting requirements and may desire purchasing through seller financing.

Some possible pitfalls include what happens if the buyer defaults. If the promissory note is executed correctly, the seller gets the home back along with all of the monies paid to date. At that time the seller is free to sell the home again, but the “buyers” may leave behind damage and the need for costly repairs.

Some things to consider

If you are new to owner financing, make sure to work with a real estate attorney and a professional real estate agent to make sure the sales contract and promissory note fully protect you. There may be tax ramifications to seller financing, so be sure to contact your CPA or tax professional.

Since it is in your interest for your buyer to be able to refinance at the end of the note, offer to report the payments to credit reporting agencies to help build your buyer’s credit score. While individuals typically cannot report directly to these agencies—they have strict lender guidelines—services like Virgin Money can manage and report payments for you to alternative credit reporting companies such as PRBC, that many mainstream lenders now refer to for information on potential mortgagees.

If you’re considering selling your home, and wonder about seller financing, talk to us. We can help connect you with professionals to guide you through the process while we market your home.

Compliments of Virtual Results

 If you’re even considering purchasing a home in the next year, the time to start the pre-approval process is now. Why so early? Here’s some advice to get you on track to a smooth purchase transaction. While you don’t want to actually apply for the loan until your are ready to make an offer on a home, working on the pre-approval process allows you to address any concerns that crop up on your credit report, save for extra downpayment, and know how much you can afford before you fall in love with that out-of-reach house.

Shop smart

 House hunting without knowing how much mortgage you can be approved for is like a novice making a cake without following a recipe. It might turn out okay, but more likely it will be a disaster.

 In a competitive market, you might find the perfect house, but can’t make an offer on it because you don’t know if it’s even in the ballpark of what you can afford. That house could slip through your fingers because other—more prepared—buyers know what fits their budget or overall financial situation, and can make the offer at once, of course if is your first time buying a house there are other resources you can use to afford the house you want. Many sellers, or their agents, reject offers from potential buyers that do not have a preapproval letter from their bank. When the buyer has a preapproval letter, the lender has already verified the borrower’s information, documentation, employment history, income and credit. Even though the preapproval is not an actual loan commitment, it is farther along than without it, and can shorten the underwriting process and loan approval process.

Know yourself

 Just because a friend, co-worker or family member got approved for a certain amount, that doesn’t mean you’ll qualify for the same amount, even with a similar credit profile. In fact a survey by NeighborWorks America discovered that while 40 percent of new homebuyers seek advice from family, friends and acquaintances, only about 16 percent seek advice from a real estate professional early in the process.

Fix errors

 Going through the preapproval process allows you to take a look at all the potential impediments to getting approved for the loan you need for the home you want. Here are some potential pitfalls to getting approved:

• Past credit history — a prior bankruptcy, foreclosure or short sale will hamper your new purchase. If you disclose this information to your lender up front, they can direct you toward special loan types, information or instructions that can improve your chances.
• Shopping for additional credit — applying for a vehicle loan, credit card or other form of credit can lower your credit score by adding so-called “hard inquiries.” Actually obtaining credit after you have received a pre-approval letter is unwise as well, since lenders often check your credit again prior to the actual loan approval. Adding new debt count against you qualifying for a mortgage.
• Undocumented deposits — since part of the approval process involves 60 to 90 days of bank statements, any large, out of the ordinary deposits made into your bank accounts must be accounted for. This means that a family member cannot “temporarily loan” you money to give the appearance that you have more money on hand in order to get a loan approval. If your family intends to “gift” you with money toward your down-payment, they will need to provide a letter as affidavit that the funds are a gift and not a loan that will have to be repaid.
• Changes in employment — changing positions, employers, compensation structures (from hourly to commission, for example), or other situations can affect final approval for a loan. Make sure to keep your lender in the loop if your boss offers you a different position, or an invitation to your dream job comes at the same time you’re shopping for a new home.
• Any other changes to your finances can affect your mortgage approval either positively or negatively. The one that affects it the most, however, is being less than truthful with the lender. If they discover the untruth — and most likely they will — your chances of getting a loan plunge drastically.

Seek professional advice

 As your real estate professional, we can steer you in the right direction before you get too far in the process of home shopping. We know lenders that can meet your needs and give you direction on which types of loans might work for your situation. Call us to get started today.

Compliments of Virtual Results

As you plan your landscape design for your new home, remember the green you plant outside affects the green you have left inside your pocketbook. Trees and shrubs can reduce the amount of electricity your home requires. Try these landscape design tips to keep some green in you wallet and beautify your green space too.

Trees

Careful choices in the location of trees can shade your windows when they’re saplings and shade your roof when they mature. If you plant leafy green trees on the southern, eastern and western sides of your home, they’ll keep your home shaded during the hot summer months, but allow warmth in during the winter when their leaves have fallen. If you plant them in front of windows they’ll reduce the radiant heat to the reaches the inside of your home. Start with six to eight-foot trees that will grow to 20 or 30-foot shade trees and schedule a commercial tree trimming service once in a while.

Planting evergreen trees on the northern side as a windbreak and reduce that cold air blast from a chill winter storm. A windbreak protects and area as much as eight to 10 times as far away as its height, so a 20-foot windbreak could shield a 200-foot wide area. If the foliage is dense, it can cut wind speeds by more than 80 percent. If you have the space, plant the trees in two rows, or even three for the best windbreak effect.

The estimated savings to your heat and cooling bills can be as much as 25 to 50 percent or more with well-placed trees. You can use a personal carbon footprint calculator at Carbon Click to find areas where you can reduce your carbon footprint.

Bushes and shrubs

Shading your air conditioner’s condensing unit allows it to cool air more efficiently. In fact, some estimates are that it gives you’re A/C system a 10 percent boost in efficiency. Be sure to keep plants and shrubs at least three feet away from the outside of the condensing unit. Make sure that the unit has proper airflow. You can check this with an air balance test. Trim any trailing vines or branches near the equipment or vents so that they don’t get clogged. Find out why our herbicides are safe for the environment.

Lawn and groundcover

Open green spaces, particularly on the south side of your home, create snow fields … places for snow to accumulate that can reflect light back onto your home and increase the radiant heat effect. In the summer, open fields allow cooling breezes to reach your home. Click here to check out Absolute Outdoors, one of the best landscape companies in Singapore.

Light-reflecting stone or concrete reflects light and heat toward your home, causing it to be warmer (or hotter) in the daytime. Darker stone, wood chips, mulch or green groundcover absorbs the daytime heat, slowly releasing it throughout the evening and nighttime. This keeps your home cooler in the daytime but gives some warmth to patios in the evening.

Other elements

If you don’t have room for trees to shade your windows, consider a trellis and an annual vine. Berms, planters, stone walls, fences and other raised elements should be at near, but not attached to, your home to create dead air space. The space acts as insulation and keeps your home warmer in the winter and cooler in the summer by controlling how much indoor heat escapes from your home during cold weather and how much outdoor heat reaches your home in the hot seasons.

Plant for water conservation

Reduce your electric bills and conserve water even more by planting drought-tolerant trees and shrubs that grow well in your climate.

When searching for the perfect new home, let us know about your concerns for energy efficiency and landscape effects that contribute to lowering your energy bills. We can help you find the perfect home to put your ideas in to practice, and don’t forget to always hire great professionals like the ones at http://marrazzolandscaping.com/.

Compliments of Virtual Results

Congratulations on your new home!

Whether a condominium, cooperative apartment, single-family home, townhouse or mobile home similar to Chaletbau, your home-sweet-home affects your tax status. If this is the first year you’ll be filing your taxes as a homeowner, there are a few things you need to know to take the most advantage of your new status. Some of these details may have already been discussed with your mobile home dealer, so you might already be aware of some of them. However before filing your taxes, be sure to discuss each of these with your tax professional just to make sure all your bases are covered.

File a Schedule A

If you’ve been used to using the EZ forms to file your taxes, you’ll need to remember to use the 1040 Schedule A instead. It is more complicated than taking the standard deduction, but you’ll be able to itemize costs like mortgage interest, property taxes, the points you paid to get your loan, and mortgage insurance.

• Mortgage interest: By far the biggest tax break, your mortgage interest is the biggest expense reflected in your house payment. In fact, most of what you pay in your monthly mortgage payment often is interest. In fact, unless your loan is for more than $1 million, you may be able to deduct all of that interest.
• Home equity line of credit: In general, equity debts up to $100,000* are fully deductible.
• Points: If you paid points in order to get a more favorable interest rate on your home purchase, the IRS lets you deduct them in the year that you paid them under certain qualifications. Those qualifications include, among other things, that you used the loan to purchase or build your main residence, and are an established practice in your locality. Points paid on a loan for a second home typically must be amortized over the life of the loan.

In addition to the items connected directly with your home, the Schedule A also allows you to itemize personal property tax, state withholding and local taxes. If you donated furniture, clothing, appliances, and other items to charity when you moved, you’ll be able to itemize your charitable deductions as well.

Know your exemptions

When you file a W-4 with your employer, you choose the exemptions you are allowed to claim. When you own a home, you may be able to claim more exemptions on our paycheck. Carefully balancing your exemptions allows you to take home more money in your paycheck during the year, giving you more cash in hand to pay on your mortgage.

Conclusion

If you don’t know the questions to ask, or if you want to purchase a home so that you can take advantage of tax breaks for next year, contact us. We are your real estate professionals and we can keep you up to date on the latest information on the benefits of homeownership.

*Some exceptions apply.

Compliments of Virtual Results

Nothing says “dated” like a kitchen trend from a decade ago. Consider giving your kitchen a makeover using timeless elements and top of the line GE Kitchen Appliances that are always in style. That way, no matter when you sell, your home is always ready.

Color

The simplest and most marketable hue for a kitchen is a clean, bright white. Look in any kitchen design magazine and you’ll see a white theme throughout its slick pages. White reflects light and can make even a small kitchen appear larger.  Of course, there are dozens of shades of white that evoke differing moods from cool and crisp to warm and comforting. You can even mix whites to give your kitchen depth and dimension.

No matter what your price point, all standard kitchen elements from appliances to finishes come in shades of white. If you DIY, you can find white tiles, paints, appliances, trims, sinks and cabinets.

Cabinets

Speaking of cabinets—the most timeless cabinet design is the Shaker style. A true Shaker style is a flat panel door with a square frame known as rail and stile construction, the best part of it is that you could make it and design it yourself, but you will need  your first compound miter saw if you don’t have one already. Alternatively, you may just  buy ready to install kitchen cabinets. You’ll find Shaker style cabinets in country cottages, contemporary lofts and classic homes. If made from fine wood, a simple polyurethane finish will display the wood’s beauty, but as in the section above, a white cabinet paint or finish will keep your kitchen beautiful for years to come.

Shaker-style kitchen cabinets span all price ranges and quality levels. You can remodel your entire kitchen or simply replace the doors and drawer faces. In fact, if your kitchen has odd-sized custom cabinets or door and drawer sizes from another era, and you’re handy with tools and looking for a budget-friendly solution, you can even make your own.

Counters

The third “C” is the countertops. From Formica to granite, countertops are the most used part of the kitchen.

The most timeless surfaces for your countertop include:

• White/black marble
• Soapstone
• Slate
• Natural tile
• Butcher-block
• Concrete
• Granite (find a granite countertop here)

Solid-surface materials such as Okite, Silestone Worktop or Corian in designs that mimic marble, stone or lighter granites and neutral colors promote an enduring look. Better for your pocketbook are butcher-block and concrete surfaces.

Cookspace

Classic kitchen layouts make moving from countertop to cooktop, refrigerator, ac filters to sink or cutting board to oven simple. The most classic are: I, G, C or L configurations.

• I — The “I” kitchen is a simple, single-sided galley and works great for small spaces such as lofts and smaller apartments. In an open space it only requires one wall, and adding an island opposite can create a full galley.
• G — The “G” is a full galley kitchen with workspace on two opposing sides. The best arrangement has a prep area equidistant from both the sink and the cooking space.
• C — A “C” (also called “U”) kitchen has cabinets on three sides. In an open design one side would be a peninsula. Busy bakers and cooks like the C or U shape for its large amount of counter space and classic work triangle.
• L — An “L” kitchen has cabinets against two perpendicular walls and often has a center island. Popular in open floorplans, the L-shape has plenty of space and two walls of cabinets. Typically, the sink is on an exterior wall with a window to let in light.

If your kitchen is not one of these classic layouts, you can hire the Best remodeling contractor in st paul Mn. to mimic these designs.

If you’re thinking of selling your home, let us give you a professional evaluation of your current kitchen before you spend to redesign it. We can help you determine which changes will give you the best return on your investment.

Compliments of Virtual Results

U.S. economists expect 2015 to be a strong year for housing. What this means to you is that more homes are selling and the supply of available homes is decreasing. This also means that prices likely will increase.

If you’ve been thinking of buying a home, now might be the time even if you haven’t saved up that full 20% downpayment yet.

Low mortgage rates

Mortgages rates have been at their lowest since 2013, with APRs in the three and four percent rates. With VA and FHA loans beating out conventional rates, even homebuyers with less money saved up can get into a home.

Misconceptions about the “twenty percent down” rule:

• Many potential homebuyers believe that 20% down is required to get any mortgage. They will delay buying a home because they haven’t been able to save up enough for that large of a downpayment.
• They may believe that with 20% down they are guaranteed a loan. Potential first-time buyers sometimes get the idea that once they have that large of a downpayment it will cover over any blemishes in their credit report or past credit history.
• They believe they will get a better rate with 20% down.

What 20% down does:

• Improves the chance you will get a conventional mortgage. Regular lenders ask for a 20% downpayment because it improves their ability to sell your loan.
• When the downpayment is as high as 20% it meets some of the rules issued by the Consumer Financial Protection Bureau. In addition, the homebuyer will need to meet a 43% debt-to-income ratio, so it doesn’t necessarily mean you can get a bigger loan.
• When you pay 20% or more down, you are not required to buy private mortgage insurance (PMI). This reduces your monthly outgo and saves you a bundle.

Options with less than 20% down:

You don’t have that twenty percent saved up. So can you still get into a home? Yes! Being able to afford a home is not about how much money you can put down; it is about whether or not you can make the monthly payments with your ndis plan management sunshine coast quick and efficiently on time. Larger downpayments mean that your monthly outgo is lower. But there are other options:

• FHA Mortgage: A FHA insured mortgage requires just 3.5% downpayment. FHA loan guidelines have a liberal approach to both downpayments and credit scores. In fact, borrowers with a lower FICO score can still get an FHA loan if there is a reasonable explanation for why their score is lower.
• Conventional 97: Available from Fannie Mae and Freddie Mac, the Conventional 97 is a fixed-rate loan that requires just three percent down, and the downpayment can come completely from gifts by blood-related or marriage-related donors. A Conventional 97 loan cannot be greater than $417,000 and can only be used on a single-unit dwelling.
• VA Loans: Members of the active duty and honorably discharged U.S. Military and surviving spouses are eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans offer a zero downpayment and in higher cost of living areas can be made for up to $1,094,625.
• USDA Mortgage: This no-money-down, 100% financing option is available to non-military borrowers and is offered through the U.S. Department of Agriculture. Known as the Rural Housing Loan, it is also available to buyers in suburban neighborhoods as well. Often, the USDA loans are the lowest cost option for borrowers.

Qualifying

Not everyone will qualify for a lower cost or low downpayment loan because that was a big contributor to the housing bubble, but if you are interested in home ownership, one of these options may be for you.

Compliments of Virtual Results