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Did Santa bring you the cash for a down payment on a home this year? Lucky you! That’s a fantastic gift to receive. However, you must be aware of certain requirements that need to be followed when you’re using a gift of cash as your down payment on a house. If you find yourself in this enviable position, then here’s what you need to know to make sure you’re within the guidelines.

Who played Santa?

Unfortunately, most lenders won’t recognize “Santa” as a legitimate giver of cash for a down payment. In fact, most lenders have limitations on who can give a gift of cash to use for a home purchase. If you’re getting an FHA loan, then you’ll have some wiggle room. The gift can come from family, close friends, your labor union, or even your employer (where can we find that job?). For conventional loans, there are more restrictions. In these cases, the gift usually needs to come from a parent, grandparent, sibling, spouse, or the person to whom you are engaged.

Get a letter

The cash for your down payment didn’t just appear out of thin air, so you’ll need to document where it came from. You’ll need to obtain a gift letter from the person who gave you the money. The letter needs to state their relationship to you, the amount of the gift, and the address of the home. It also needs to clearly state that the gift is not a loan. Lenders want to be assured that you will have the means to pay back your home loan.

Create a paper trail

The money for the down payment needs to be properly deposited in your account in order to create a paper trail. First of all, the person giving you the money needs to write a check for the exact amount of the deposit. You will then need to take this check to the bank and deposit it in person to the account you will use for the closing. Do not make any other deposits at this time. And be sure to get a receipt!

Get additional documents

You can never have too many documents when it comes to verifying where your monetary gift came from. If possible, get bank statements from the giver’s account. If the money came from the sale of stocks or it was a transfer from a brokerage account, then get those documents as well. Save any paperwork that is applicable – you never know what you may need down the line. It’s best to cover all your bases.

Pay your taxes

You didn’t think that gift money was going to be tax-free, did you? Uncle Sam will want a piece of this transaction. The gift giver usually pays the taxes. However, if both parties are in agreement, the person who received the gift can be on the hook for the taxes, instead. If you have any questions about what taxes need to be paid and by whom, talk to a professional tax accountant.

Compliments of Virtual Results

The holidays are here, and nothing beats curling up in a cozy home. If you’ve just moved or you’re currently selling, then creating a cozy vibe quickly is a must. Luckily, it doesn’t take tons of time or money to make your home warm and inviting. Here are five ways to quickly amp up your home’s coziness factor.

Use battery-operated candles

Everyone looks amazing in the glow of candlelight. But real candles pose a huge fire risk. Why chance it? You can create the same instant cozy vibe by using battery-operated candles. There are tons of choices on the market, and many of them can be operated with a remote control. This means you don’t have to spend time turning each candle off and on – you can do them all with the click of a button. If you have last-minute guests or showings, then battery-operated candles can quickly create a cozy vibe in every room.

Choose smart lights

While we’re on the subject of flattering lights, let’s talk about smart lighting options for your home. While smart lights can be a bit pricy, they can create the exact mood you’re going for. Many of the systems on the market allow you to change the color of each individual bulb to create pleasing palates in each room. Best of all – you can easily find a led strip light that can be controlled from your phone or device. So if you’re not home when you find out an agent is coming over for a showing, you can remotely create the vibe you want from an app on your device. When the agent shows up with potential buyers, your home will look warm and inviting without the agent having to touch a single switch. In addition, if you need the brightest and best quality light for your home, you might want to consider installing led high bay light.

Add blankets and throws

Nothing says, “stay awhile” quite like a luxurious blanket or throw draped on the couch. If you want to create a cozy and inviting vibe in seconds, then provide several options for curling up with a good book. Choose blankets and throws in warm hues with soft textures like faux fur or velvet. And you can also use a thermal imaging service if you want to improve your insulation greatly, as that will highlight exactly where you are losing heat. A great provider of such thermal imaging surveys is https://www.scantherm.co.uk/, so just give them a call if you’d like that very detailed thermal information. Your guests will never want to leave, and those potential buyers will be imagining themselves curled up on the couch with a cup of hot chocolate!

Display plants

One foolproof way to soften your home’s atmosphere is with a plant or two. Plants quickly make any room feel cozier – especially in the winter. Who doesn’t want to rest their eyes on a living green thing when all you see outside is gray? If you don’t have a green thumb, don’t worry. There are plenty of fake plants out there that look just as good as the real thing. Position a few of them in corners or on tabletops to make a room feel fresh and inviting.

Offer warm drinks

Finally, who doesn’t love to sip a hot drink on a cold day? Whether it’s coffee, tea, hot chocolate, apple cider or wassail, having hot drinks on hand makes everything feel cozier. Have a pot ready to offer guests or buyers to quickly make them feel warm and welcome.

Compliments of Virtual Results

If buying or selling a home is on your list for 2020, then you’ll want to start searching for a professional real estate agent to help you during the process. Working with one of the best-known Bristol estate agents will help make the process smoother, easier, and less stressful – and who doesn’t want that? You will be able to lean on them for suggestions and advice, and a good agent will be your partner through the entire process. The question is – how do you choose an agent that is the best fit for you? Read on to find out.

Get recommendations

It’s not hard to find a home sellers agent in your neighborhood. You’ve no doubt seen ads on benches and billboards for agents who are active in your area. But how do you know if any of these agents will be a match for you? In short – ask family and friends. Find out if you know anyone that has worked with agents you’ve heard of, and ask for recommendations for those whose names you may not already know. Nothing beats getting a firsthand account of what it’s like to work with someone, and the best people to ask are those whom you already know and trust.

Research online

Nearly every professional real estate agent these days has a strong online presence. If they don’t, then that should be a red flag. So much of the real estate process takes place online that it should give you pause if an agent doesn’t have a website or social media accounts. If they’re not tapped into the Internet, then they’re missing a huge part of the market. Check each agent’s sites and accounts. You should also find out if the agent is properly licensed, and whether or not any disciplinary actions have been taken against them. Read online reviews to discover how other buyers and sellers feel about their work, and let that inform your decision.

Schedule an interview

You don’t have to work with the first agent you talk to. In fact, it’s always a good idea to interview several real estate agents before deciding on the one that will work best for you. Schedule appointments for a consultation with each agent you’re interested in. Ask them pertinent questions about how they work and request references. Trustworthy agents like Wapping estate agents will have no problem providing you with contact information from satisfied clients they’ve recently worked with. You should also make sure that they handle real estate transactions that are similar to yours, such as dealing with foreclosures or selling luxury estates. In today’s market, knowledge is power. Working with an agent who has expert knowledge in your specific market is key.

Trust yourself

In the end, you may discover that more than one agent will fit the bill. That’s a great problem to have! This means you really can’t make a bad decision when choosing the right agent for you. If you’ve weighed the pros and cons of each and determined that each candidate is about equal, then go with your gut. Whose personality is the best match? Remember – you’ll be spending a lot of time with each other over the coming weeks, so work with someone with whom you will enjoy spending time.

Compliments of Virtual Results

While winter is often considered the off-season in real estate, that doesn’t mean there aren’t serious homebuyers out there. And though there may be fewer buyers in the market for a home, that doesn’t mean winter isn’t a good time to list. However, selling your home in winter can present its own set of challenges that you should be prepared for. These are the mistakes you will want to avoid when you’re selling your home this winter.

Pricing your home too high

The biggest mistake you can make when selling your home in winter is to price it too high. Unless you live in an ultra-competitive market that sees bidding wars happening year round, it’s unlikely that a buyer will want to pay more for your home than what it is worth. When you price your home too high, it can sit on the market for weeks or even months without an offer. Homes that have been on the market too long can become stigmatized. This makes it even less likely you’ll find an interested buyer. Avoid these problems from the beginning by pricing your home correctly when you list.

Trying to save on the heating bill

If you live in a region where you need to turn on the heat in the winter, then you may be tempted to keep the temperature low in the house. After all, you’re trying to save money for your big move. While this can be a noble effort during other times, you should not scrimp on the heat when selling your home in winter. When it’s time for you to leave your home for a showing, set the thermostat to a comfortable level. Plan to leave it between 68 and 70 degrees – it will make your home feel more cozy and inviting. If your air conditioning and heating system isn’t functioning properly, call on an ac maintenance and heater repair technician before showing your home to potential buyers. Having a heating macomb contractor inspect and service your heating unit will help ensure that there’s comfortable temperature in your home when potential buyers visit.

Not being available for showings

If you’re putting your home on the market before the end of the year, then you’ll need to consider what you’ll do on the holidays. Don’t assume that buyers won’t want to view your home on Christmas, Hanukkah, New Year’s Eve or New Year’s Day. Although you probably won’t want to vacate your home for a couple of hours on a holiday, it could mean the difference between getting an offer or not. Buyers who want to see your home on a holiday are serious, and you could be denying yourself a great sale if you don’t try to accommodate them.

Keeping up your holiday decorations

Though you don’t have to forgo holiday decorations when you’re selling, you should keep them simple and tasteful. And even though you may love all your special decorations, you should not keep them up after January 1. If you really want to create a lasting cozy vibe, decorate with simple winter seasonal décor that can be used past the holiday season.

Not working with a trusted professional

The best thing you can do when listing your home in winter is to work with a trusted real estate professional. By working with an expert in your market, you can avoid any potential pitfalls that the winter season may bring. The end result can be closing your home sale before you even see the first signs of spring. Now wouldn’t that be a great way to start the year?

Compliments of Virtual Results

Is your 2020 New Year’s resolution to buy a home? Congratulations! Buying a single family home or an island real estate property is a major lifetime achievement. Resolving to make it happen brings you even closer to your dream of home ownership. If you want to put yourself on the path to success, then there are some things you can do to make sure you’re ready to buy a residential property when the time comes. Here’s what you need to do to prepare to buy a home in 2020.

Order your credit report

One of the most important things you should do when you’re preparing to buy a home is to order a copy of your credit report. Your ability to qualify for a mortgage is dependent upon what your credit report reveals. The better your report, the better rate you will get on your mortgage. Unfortunately, many credit reports contain errors. If you find an error on your report, you need to take the appropriate steps to have it removed. It can take up to a few months to have your credit report fixed, so give yourself plenty of time.

Pay down debt

Once you’ve ordered your credit report, you’ll have a clearer picture of exactly how much debt you already have. If you can pay off some of your debt before applying for a mortgage, you can improve your credit score. This will help you get better terms on your loan. Try to pay off credit cards if possible, or at least lower the balance you are carrying. Aim for your debt to be 50 percent or less of your available credit. And don’t take out any new lines of credit now, including auto loans.

Save money

Are you ready to put a down payment on a house? If you prefer a loan secured against property to buy home, then you must have a guidance with regards to these secured loans. Depending on the type of loan you secure, you may be on the hook for up to 20 percent of the purchase price. The more you have saved for a down payment, the more home you can afford. Now is the time to start tightening the purse strings. Even small changes like making your coffee at home in the morning instead of buying it on the way to work can add up over time.

Determine your budget

Now that you’ve got a clearer picture of your financial health it’s time to determine your budget. One of the best pieces of advice we can give you is to stay within your budget – only buy a home you can reasonably afford. There is nothing worse than having to stretch to make your mortgage payment each month. To find out how much house you can afford, use one of the many online calculators that will give you an estimate.

Begin your search

Once you’ve determined how much house you can afford, it’s time to begin your search. Start by researching neighborhoods and looking at online listings in those communities. This will give you an idea of where you can afford to buy a home and the kinds of amenities that are nearby. Make a list of all the things you are looking for in a home and be clear about what you really need verses what you’d like to have.

Compliments of Virtual Results

Are you hoping to buy a new home in 2020? Then you probably already know how important your credit score will be when applying for a home loan. Your score will help determine the terms you’ll get on a mortgage – the better your score, the better the terms will be. Having a great credit score can literally save you thousands of dollars on your home purchase. So how do you make sure that your credit score is as good as it can be? Here are some tips to help you improve your credit score before you shop for a home.

Know what to aim for

You need a good credit score to buy a home – but what number should you aim for? If you’re applying for an FHA loan, you’ll need a score of at least 500 to qualify. But be aware that you’ll need a down payment of at least 10 percent if your score is that low. To qualify for 3.5 percent down, you need a score of at least 580. With other types of loan, such as VA, USDA, and conventional loans, you’ll need a score of at least 620. You’ll begin to qualify for the most favorable rates if your score is at least 670. Remember – the higher the score, the better.

Correct mistakes on your credit report

Several months before you apply for a home loan, you should obtain a copy of your credit report. Some consumers find out that they have errors on their reports, and you will need time to have them removed. Alert the credit reporting company about the error and include supporting documents. Send all correspondence by certified mail with return receipt requested. The credit reporting companies must investigate your claims within 30 days. If they do discover that there is an error, they must alert the organization that provided the information. They must then inform all three nationwide credit reporting companies. This process can take several weeks or months, so the earlier you begin, the better.

Make regular payments

If you want to improve your score, then don’t make any late payments on your credit cards or loans. You’ll not only incur fees on your credit cards for late payments, but they will also negatively impact your score. If possible, pay down the balances on your credit cards and loans as well. Make more than the minimum payments whenever possible, and aim to keep your balances below 50 percent of your available credit.

Don’t take out new loans

Now is not the time to make large purchases. Don’t buy a car or open any new lines of credit. And wait to buy vacations, large appliances, and any other expensive items until after you’ve closed on your home. When lenders see big changes in your recent credit history, it can be a red flag.

Don’t close any accounts

Finally, if you’ve managed to pay off a credit card or loan – congratulations! It can feel very good to get your finances under control before buying a home. But wait to close those paid off accounts until after you’ve closed on your new house. Closing an account will affect the ratio of your existing balance to your available credit, which can also be a red flag.

Compliments of Virtual Results

Did Santa bring you an early Christmas gift in the form of a new house? Congratulations! That’s a wonderful way to end the year. If you’re getting ready to host holiday guests in your new home, then it’s time to make preparations so that they feel at home, too. Whether your guests are staying overnight or for several days, here’s what you should do to make your home feel warm and welcoming.

Give them the essentials first

When your guests first arrive and are settling in, it’s a good idea to acquaint them with all the basics. This allows them to relax and know that they won’t need to bother you every time they need something. Share with them:

• The name of your WiFi network and the password.
• A spare key so that they don’t have to time their outings with yours.
• Some ideas of fun places to visit in your town.
• How to use any of your smart home technology, like the lights, alarms, televisions and sound systems.
• Any special instructions, such as where to find spare toilet paper or what kinds of treats they can give your pets.

Stock the kitchen

It wouldn’t be the holidays without lots of delicious food. Part of being a good host is making it easy for guests to help themselves. Before guests arrive, stock the kitchen with a variety of snacks and drinks, taking into account any dietary restrictions your visitors may have. Since you and your guests may be getting up in the morning at different times, have breakfast options that don’t need preparation. You should also show them how to use your coffee maker and where they can get drinking water when they need it.

Prep the guest quarters

Part of the fun of hosting overnight guests in your home is making the guest room into a little retreat. Be sure to cover the basics, including making the bed with fresh sheets, providing extra pillows and blankets, and making some room for their luggage and clothes. Provide a table next to the bed with a small light for reading at night, and make sure there is an outlet or two available so they can charge their devices. Set out some fun magazines or information about local attractions that they can read while they’re getting ready for bed. Consider providing your guests with their own robes and slippers for the duration of their stay.

Don’t forget the bathroom

Whether your guests have their own bathroom or they’re sharing yours, you’ll want to make it as nice for them as possible. Do a thorough cleaning of the bathroom before your guests arrive. Make sure there are plenty of washcloths and towels for every guest. Clear some shelf or counter space so they have room for their items. Stock your bathroom with special, travel-size toiletries they can use and have some extras available of things they may have forgotten, like toothbrushes or floss. And don’t forget to have some first aid items on hand, like pain relievers and antacids. It is the holiday season, after all, and you want your guests to have some relief should they overindulge in their favorite foods and drinks.

Compliments of Virtual Results

Is there anything more inviting at this time of year than a roaring fire? If you’re buying a home, then you may be looking at properties that have fireplaces. Perhaps you’re daydreaming about winter afternoons cozied up with a cup of hot chocolate, a good book, and a crackling fire in the fireplace. While owning a home with a fireplace can be a great joy, it comes with its share of challenges. Here’s what you should ask yourself if you’re thinking about buying a home with a fireplace from the euro fire heaters catalog.

Is a fireplace on your wish list?

When you decided to buy a home, you probably compiled a list of all the things you want and need to have in a home. Was a fireplace on that list? It’s easy to get swept up in the romance of a fireplace. But if it’s not a high-priority item for you, you may get bogged down by the maintenance and end up not using it. Really consider whether or not a fireplace is something you need to have and whether you can commit to taking care of it properly.

What are the fuel costs?

While you may imagine yourself sitting by the fire every night, is that financially reasonable? When you’re touring a home with a fireplace, notice what kind of fuel it uses. It may be gas, electric, or wood burning. No matter which kind of fireplace it is, you will need to spend money on fuel. Review what the costs of heating oil delivery are in your area to determine how much you may end up spending each season to use the fireplace regularly.

What condition are the fireplace and chimney in?

A fireplace needs to be regularly maintained. Otherwise, in can develop issues that are expensive to repair. Do you notice any water damage around the fireplace on the inside of the home? How does the chimney look on the outside of the home? Does it have a chimney cap to keep animals, water, and debris out? Are there cracks in the concrete at the top of the chimney? Does the chimney lean, is it missing bricks, or is the mortar cracked? These can all be red flags that may indicate some costly repairs down the line.

Are you prepared to get a chimney inspection?

While home inspectors will do a general inspection of the fireplace and will also do a chimney sweep, it is not comprehensive. They may check to make sure the damper works and that there are no obstructions in the chimney. But that is where their services end. If you really want to get an accurate picture of the condition of the chimney, you need to hire a professional chimney inspector. A Level 1 inspection will check for creosote or soot buildup, which can easily start a fire. A Level 2 home chimney inspection is even more comprehensive and includes an inspection of the attic, roof, and crawl space to check for specific damage.

While fireplaces are a hot commodity with homebuyers today, they don’t come without risk. If you’re considering buying a home with a fireplace, then be sure you understand what is involved before you seal the deal.

Compliments of Virtual Results

Decorating your home for the holidays is one of life’s big pleasures. But if you’re selling your home this time of year, then you may want to rethink your usual décor. While it isn’t necessary to banish all your decorations to storage this year, you probably shouldn’t deck those halls like you usually do. Here’s what you need to know to strike just the right balance.

Choose decorations that are right for your home

In order to create the right atmosphere for potential buyers, you should choose holiday decorations that match the style of your home. If you’re got a classic colonial, then choose more traditional decorations. Those with more modern homes can work with décor that is more modern and minimalist. The bottom line is – the style of the decorations should not compete with the style of your home.

Consider the neighborhood vibe

If you live on Candy Cane Lane and all your neighbors go all-out for the holiday, then it would look strange if you didn’t decorate. Consider the neighborhood vibe when you decide how to decorate the outside of your home. Those that live in festive neighborhoods can afford a few more decorations outside. But if most of your neighbors opt not to dress the house with lights and inflatable snowmen, then you shouldn’t, either.

Opt for general decorations

There are many different kinds of ways to celebrate during the holiday season. You don’t want to alienate any potential buyers by choosing decorations that are very specific. Instead, opt for decorations that create a seasonal vibe. Good choices include simple evergreen boughs, white twinkle lights, bowls of pinecones, and lightly scented candles.

Don’t eat up space

We know how incredible it is to have a huge tree that fills up your living room over the holidays. But those giant trees can make your room look small – which you definitely don’t want. Instead, choose a tree that takes up less floor space. And go easy on the ornaments. This is not the year to pack the tree with all the ornaments the kids made over the years. Instead, choose tasteful ornaments that coordinate with each other for a cohesive and elegant look.

Don’t display the gifts

While we agree that a tree packed with presents underneath can look amazing, you shouldn’t display your presents when you’re selling your home. After all, strangers will be walking through your house while you aren’t there. This year, keep those gifts in storage, or lock them in the trunk of your car when you have a showing.

Make it cozy and inviting

One of the things that make the holidays so special is that warm and cozy vibe. Aim to create that kind of atmosphere inside your home. If you have a fireplace, build a fire before a showing and have hot chocolate ready for buyers. Put a pot of simmering potpourri on the stove and fill the air with the scents of the season. Place some battery-operated candles in your windows, which will look very inviting when buyers pull up to your home. 

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You’ve sold your house – congratulations! Signing those closing papers and handing over the keys to new owners can be a great relief. But that means that it’s time to move – during the holiday season, no less. While it isn’t necessarily the most ideal time to pick up and move, it can be done with a good local moving company. In fact, there are even some benefits to moving during this time of year. Here’s what you need to know to keep your stress at a minimum by hiring adtmoving to deal with this for you.

Book early

If you’re relying on a moving company to help you with your relocation, then you should make your reservation as soon as possible. You may start searching for a residential moving company or some local movers online and find one that can provide excellent moving services and is available on your moving day. Some moving companies may take time off over the holidays to let their employees enjoy time with family and friends. And try to avoid moving over a holiday weekend. You’ll pay a premium, and you’ll have to deal with holiday traffic.

Strategize your packing

Are you the kind of person who gets depressed when you can’t decorate for the holidays? Just because you’re moving doesn’t mean you can’t get into the holiday spirit. Set out a few of your decorations, and plan to pack them up last. The key is not to go overboard – you don’t want to be in a rush to get them all put away on moving day. The added benefit of packing them up last means you can unpack them first when you get to your new place. And if you need to move out of state, the use of services like an Interstate Moving could be the best choice for this.

Plan your budget

Moving can be expensive. That can be a challenge when you’re also spending money on holiday gifts. Save money by planning to move in the middle of the week. You may be able to score a deal on your moving services. You can also save money by packing up your own truck and moving yourself. Score used boxes and packing material on sites like Craigslist. Use your blankets and towels to cushion furniture instead of purchasing moving blankets. And if you can convince friends and family to help you – even better! Turn it into a celebration with holiday music and cookies.

Donate what you don’t need

Don’t make moving harder than it needs to be. While you’re packing up your belongings, be honest about what you use and what you don’t use. There’s no sense in packing up box after box of items you won’t need in your new place. Instead, donate those items to a local charity, or give them to family and friends. During this time of year, it feels great to be able to donate to those who may be in need.

Include your new address in holiday cards

If you’re planning to send out holiday cards this year, then why not kill two birds with one stone? Include your new mailing address in the cards that you send to your friends and family. This will save you both money and time, and let your loved ones know where they should send their holiday cards.

Wait until after Christmas

Do you normally take time off of work between Christmas and New Years? Then why not schedule your move to coincide? As a bonus, your family and friends may also be taking off work and may be available to help you with your move!