Downsizing: Overcoming the Emotions10 MIN READ | SEP 24, 2021 By Ramsey Solutions If you never thought you were sentimental about your home, try putting it up for sale. Suddenly every nook and cranny is the spot of some special event or sweet memory. But don’t let emotions keep you from downsizing your home. Downsizing could bring great benefits to you, your family, and your finances. But to cash in on those benefits, you’ll first have to overcome your emotions. Emotional Reasons That Prevent DownsizingThe decision to downsize your home can be difficult to make—and following through can be even tougher, even when you know it’s the best move to make. To save yourself from staying stuck in a home that’s not right for you, try to understand why you feel emotional about selling your home. Here are some common reasons why homeowners can feel emotional stress about downsizing:
Find expert agents to help you sell your home. Are you an "empty nester" who still lives in that big house where you raised your now-grown kids? Imagine how much time and money you could free up if you downsized! Instead of managing the upkeep of the house and lawn, you could spend more time and money on vacations and date nights! And you could have plenty of cash leftover to invest more for your dream retirement. What Does Downsizing Your Home Actually Look Like?Let’s see what the impact of downsizing could look like. Pretend you and your spouse own a four-bedroom home you bought 10 years ago when your two kids were young. At 3,000 square feet, you’ve got plenty of room for your family and friends to hang out. Unfortunately, everything else in your life feels cramped. Even though you and your spouse work hard to provide for the family, you never seem to have the money to do fun things outside of the house. With a $60,000 household income, your $1,375 mortgage payment takes up nearly a third of your paycheck each month. You have enough to cover the bills each month, but that’s it. You’re making slow progress on your car loan—the last remaining bill in your debt snowball. Once it’s paid off, you’re looking at an additional two years to build your emergency fund before you’re ready to invest for retirement. You’ll turn 43 this year too, so you don’t want to delay saving for retirement much longer. Also, it won’t be long before your two kids—ages 12 and 14—leave the nest. You and your spouse want to make the most of the time you have left together under the same roof, so you decide it’s time to trade all your space for the life you really want. From Barely Paying Bills to Baby Step 4After you declutter your home, you work with a real estate agent to get it sold. After a month on the market, you accept an offer for $300,000. With just $165,000 left on your mortgage, you bank $135,000 off the sale. Here's what you do with $135,000 Monthly SavingsCover agent commission and other seller costs on your current home$18,000 Pay off your car loan$6,500$560 Stockpile your emergency fund$12,000 Put a down payment on a $185,000 home with a 15-year fixed rate mortgage at 4%$91,000$440 Cover buyer closing costs on your new home$5,500 Fund a family vacation$2,000 Total:$135,000$1,000 That chunk of cash catapults you forward to Baby Step 4, eliminating debt and setting you up with a solid emergency fund. To celebrate this major money milestone, you use some of the proceeds from your home sale to go on a much-needed family vacation. You also have plenty of cash left to put a sizeable down payment on a smaller home and cover any closing costs. Living Larger in Less SpaceNow that your home is sold, it’s time to find a new place to live! Your agent helps you land a great deal on a three-bedroom home with 1,700 square feet for $185,000. You put $91,000 down on a 15-year mortgage at 4%, which—if you use our mortgage calculator—brings your monthly payment to just $935! With your debt snowball complete and a lower mortgage payment, that gives you a total savings of $1,000 a month. That kind of extra cash makes saving 15% of your income for retirement much easier. If you contribute $750 a month toward retirement for the next 22 years, you could retire with over $700,000 in your nest egg. Even better, a 15-year mortgage means you can look toward retirement with more confidence knowing your home will be paid off before you even turn 60. If you really want to get intense, check out the mortgage payment calculator to see how much money you can save by paying off your house early. Tips for Successful DownsizingDownsize Your "Stuff" Before Your HomeNow that we’ve walked through an example, let’s apply these steps to your own situation. Think about which downsizing benefit speaks to you most. Keep that at the forefront of your mind during this process. You can overcome the emotions that are holding you back. But you might need a strategy to help. So, let’s get tactical. First, don’t think about the house. Start with the little things that make up your house—like old baby clothes and blankets, the bikes your kids learned to ride on, the squeaky wooden bunkbed, and the dusty grand piano. These items tend to build the majority of our emotional resistance to downsize in home. Give yourself enough time to sort through items that are precious to you. Then, when it comes time to sell the house, you won’t feel stressed or rushed. Instead, you’ll feel confident the items that represent “home” to you were cared for properly. Sort your belongings into four main categories:
Look for someone who puts service before sales—but who also knows how to get things done when it’s time to sell. Our real estate endorsed local providers (ELPs) know how to stage your home’s best features and estimate fair market price, and they have the skill to negotiate a fast home sale for the best price. Want the best of the best in your area? We can connect you to a real estate agent we recommend
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The Need for Change Owning a home is the primary way Americans build generational wealth, but historically, minority groups and people of color have been excluded from the wealth-building power of homeownership. This is evidenced by the severe homeownership gap that exists to this day. Today, the average homeownership rate in the U.S. is 65%.2 Among white households, that figure climbs to 74%, which is significantly higher than all other racial and ethnic groups. The Black homeownership rate is the lowest at 45%, followed by Hispanic homeowners at 49%. Asian Americans also lag behind the national average, with a homeownership rate of 59%. Homeownership Rate3 By Race (2010-2020) But the gaps extend beyond race and ethnicity. Among the LGBTQ+ community, the homeownership rate sits at 49%.4 And while homeownership among women has risen to 61%, women still lag their male counterparts, who have a homeownership rate of 67%.5 Barriers and Opportunities What’s Driving Homeownership Disparities? The reasons for these homeownership inequalities are multifold. A history of housing discrimination, unfair business practices, and a lack of affordable housing are just some of the issues we still face today. For marginalized groups, this has resulted in a wealth gap that has persisted for generations. For example, when parents own a home, their children are more likely to become homeowners, and the reverse is also true — children who grow up in a family without a history of homeownership are less likely to buy homes themselves. That’s why many minorities and people of color are likely to be first-generation homebuyers. Expanding down payment assistance is one way we can break the cycle and help more first-generation buyers achieve homeownership. But what else can we do? Be the Change A collective effort is needed throughout the housing industry to break down barriers and promote a future of homeownership equity and opportunity. While systemic change is needed, real change starts with each of us. Home builders, real estate agents, mortgage lenders, and other industry professionals have the power to make a lasting difference. Start by reflecting on the perceptions and practices that drive inequity in your part of the business. What are you doing to combat them? Also, consider your presence and involvement with minority groups. How can you improve? Can you make a concerted effort to meet and connect with leaders and members of Black, Hispanic, Asian, LGBTQ+, and other underserved communities? Most importantly, commit to taking action. Here are some areas of focus to consider: Focus on building entry-level homes in underserved areas.Advocate for policy initiatives that support zoning reform, down payment assistance programs, and affordable housing.Create an outreach program to educate young people about the homebuying process, with an emphasis on financial and credit education for low-income borrowers.Build culturally, racially, and ethnically diverse teams that represent the communities you wish to serve.Be a champion of fair housing practices and build trusting relationships with those who have experienced or fear experiencing housing discrimination. The homebuyers of tomorrow are increasingly diverse, and now is the time to tap into this underserved market. Expanding access to homeownership not only creates opportunities for those who need it most, it also provides an opportunity for your business to grow. Mortgage education plays a key role in empowering and preparing buyers for homeownership. I’m here to support your customers in understanding the financing options available to them. Sources: [1] Urban Institute, The Future of Headship and Homeownership, January 2021. [2] U.S. Census Bureau, Quarterly Residential Vacancies and Homeownership, Q1 2022. [3] National Association of Realtors® (NAR), “Racial Disparities in Homeownership Rates,” March 3, 2022. [4] Freddie Mac, “Breaking Barriers: Closing the LGBTQ+ Homeownership Gap,” August 12, 2020. [5] Urban Institute, “More Women Have Become Homeowners and Heads of Household…,” March 16, 2021. [6] Urban Institute, “Reducing the Racial Homeownership Gap.” [7] The Black Homeownership Collaborative. [8] Freddie Mac, “Who Are the Future Borrowers? A Deep dive into their Barriers and Opportunities,” October 25, 2021. [9] National Association of Hispanic Real Estate Professionals (NAHREP), 2021 State of Hispanic Homeownership Report. [10] Asian Real Estate Association of America, 2021 State of Asia America Report. [11] NAR, 2021 Profile of Home Buyers and Sellers. [12] Freddie Mac, “Survey of Single Women Finds Low Confidence in Homeownership Prospects,” October 13, 2021. The Need for Change Owning a home is the primary way Americans build generational wealth, but historically, minority groups and people of color have been excluded from the wealth-building power of homeownership. This is evidenced by the severe homeownership gap that exists to this day. Today, the average homeownership rate in the U.S. is 65%.2 Among white households, that figure climbs to 74%, which is significantly higher than all other racial and ethnic groups. The Black homeownership rate is the lowest at 45%, followed by Hispanic homeowners at 49%. Asian Americans also lag behind the national average, with a homeownership rate of 59%. Homeownership Rate3 By Race (2010-2020) But the gaps extend beyond race and ethnicity. Among the LGBTQ+ community, the homeownership rate sits at 49%.4 And while homeownership among women has risen to 61%, women still lag their male counterparts, who have a homeownership rate of 67%.5 Barriers and Opportunities What’s Driving Homeownership Disparities? The reasons for these homeownership inequalities are multifold. A history of housing discrimination, unfair business practices, and a lack of affordable housing are just some of the issues we still face today. For marginalized groups, this has resulted in a wealth gap that has persisted for generations. For example, when parents own a home, their children are more likely to become homeowners, and the reverse is also true — children who grow up in a family without a history of homeownership are less likely to buy homes themselves. That’s why many minorities and people of color are likely to be first-generation homebuyers. Expanding down payment assistance is one way we can break the cycle and help more first-generation buyers achieve homeownership. But what else can we do? Be the Change A collective effort is needed throughout the housing industry to break down barriers and promote a future of homeownership equity and opportunity. While systemic change is needed, real change starts with each of us. Home builders, real estate agents, mortgage lenders, and other industry professionals have the power to make a lasting difference. Start by reflecting on the perceptions and practices that drive inequity in your part of the business. What are you doing to combat them? Also, consider your presence and involvement with minority groups. How can you improve? Can you make a concerted effort to meet and connect with leaders and members of Black, Hispanic, Asian, LGBTQ+, and other underserved communities? Most importantly, commit to taking action. Here are some areas of focus to consider: Focus on building entry-level homes in underserved areas.Advocate for policy initiatives that support zoning reform, down payment assistance programs, and affordable housing.Create an outreach program to educate young people about the homebuying process, with an emphasis on financial and credit education for low-income borrowers.Build culturally, racially, and ethnically diverse teams that represent the communities you wish to serve.Be a champion of fair housing practices and build trusting relationships with those who have experienced or fear experiencing housing discrimination. The homebuyers of tomorrow are increasingly diverse, and now is the time to tap into this underserved market. Expanding access to homeownership not only creates opportunities for those who need it most, it also provides an opportunity for your business to grow. Mortgage education plays a key role in empowering and preparing buyers for homeownership. I’m here to support your customers in understanding the financing options available to them. Sources: [1] Urban Institute, The Future of Headship and Homeownership, January 2021. [2] U.S. Census Bureau, Quarterly Residential Vacancies and Homeownership, Q1 2022. [3] National Association of Realtors® (NAR), “Racial Disparities in Homeownership Rates,” March 3, 2022. [4] Freddie Mac, “Breaking Barriers: Closing the LGBTQ+ Homeownership Gap,” August 12, 2020. [5] Urban Institute, “More Women Have Become Homeowners and Heads of Household…,” March 16, 2021. [6] Urban Institute, “Reducing the Racial Homeownership Gap.” [7] The Black Homeownership Collaborative. [8] Freddie Mac, “Who Are the Future Borrowers? A Deep dive into their Barriers and Opportunities,” October 25, 2021. [9] National Association of Hispanic Real Estate Professionals (NAHREP), 2021 State of Hispanic Homeownership Report. [10] Asian Real Estate Association of America, 2021 State of Asia America Report. [11] NAR, 2021 Profile of Home Buyers and Sellers. [12] Freddie Mac, “Survey of Single Women Finds Low Confidence in Homeownership Prospects,” October 13, 2021. The Need for Change Owning a home is the primary way Americans build generational wealth, but historically, minority groups and people of color have been excluded from the wealth-building power of homeownership. This is evidenced by the severe homeownership gap that exists to this day. Today, the average homeownership rate in the U.S. is 65%.2 Among white households, that figure climbs to 74%, which is significantly higher than all other racial and ethnic groups. The Black homeownership rate is the lowest at 45%, followed by Hispanic homeowners at 49%. Asian Americans also lag behind the national average, with a homeownership rate of 59%. Homeownership Rate3 By Race (2010-2020) But the gaps extend beyond race and ethnicity. Among the LGBTQ+ community, the homeownership rate sits at 49%.4 And while homeownership among women has risen to 61%, women still lag their male counterparts, who have a homeownership rate of 67%.5 Barriers and Opportunities What’s Driving Homeownership Disparities? The reasons for these homeownership inequalities are multifold. A history of housing discrimination, unfair business practices, and a lack of affordable housing are just some of the issues we still face today. For marginalized groups, this has resulted in a wealth gap that has persisted for generations. For example, when parents own a home, their children are more likely to become homeowners, and the reverse is also true — children who grow up in a family without a history of homeownership are less likely to buy homes themselves. That’s why many minorities and people of color are likely to be first-generation homebuyers. Expanding down payment assistance is one way we can break the cycle and help more first-generation buyers achieve homeownership. But what else can we do? Be the Change A collective effort is needed throughout the housing industry to break down barriers and promote a future of homeownership equity and opportunity. While systemic change is needed, real change starts with each of us. Home builders, real estate agents, mortgage lenders, and other industry professionals have the power to make a lasting difference. Start by reflecting on the perceptions and practices that drive inequity in your part of the business. What are you doing to combat them? Also, consider your presence and involvement with minority groups. How can you improve? Can you make a concerted effort to meet and connect with leaders and members of Black, Hispanic, Asian, LGBTQ+, and other underserved communities? Most importantly, commit to taking action. Here are some areas of focus to consider: Focus on building entry-level homes in underserved areas.Advocate for policy initiatives that support zoning reform, down payment assistance programs, and affordable housing.Create an outreach program to educate young people about the homebuying process, with an emphasis on financial and credit education for low-income borrowers.Build culturally, racially, and ethnically diverse teams that represent the communities you wish to serve.Be a champion of fair housing practices and build trusting relationships with those who have experienced or fear experiencing housing discrimination. The homebuyers of tomorrow are increasingly diverse, and now is the time to tap into this underserved market. Expanding access to homeownership not only creates opportunities for those who need it most, it also provides an opportunity for your business to grow. Mortgage education plays a key role in empowering and preparing buyers for homeownership. I’m here to support your customers in understanding the financing options available to them. Sources: [1] Urban Institute, The Future of Headship and Homeownership, January 2021. [2] U.S. Census Bureau, Quarterly Residential Vacancies and Homeownership, Q1 2022. [3] National Association of Realtors® (NAR), “Racial Disparities in Homeownership Rates,” March 3, 2022. [4] Freddie Mac, “Breaking Barriers: Closing the LGBTQ+ Homeownership Gap,” August 12, 2020. [5] Urban Institute, “More Women Have Become Homeowners and Heads of Household…,” March 16, 2021. [6] Urban Institute, “Reducing the Racial Homeownership Gap.” [7] The Black Homeownership Collaborative. [8] Freddie Mac, “Who Are the Future Borrowers? A Deep dive into their Barriers and Opportunities,” October 25, 2021. [9] National Association of Hispanic Real Estate Professionals (NAHREP), 2021 State of Hispanic Homeownership Report. [10] Asian Real Estate Association of America, 2021 State of Asia America Report. [11] NAR, 2021 Profile of Home Buyers and Sellers. [12] Freddie Mac, “Survey of Single Women Finds Low Confidence in Homeownership Prospects,” October 13, 2021. Source M2 Lending The New Rules of What It’ll Truly Take To Save Up for a House TodayBy Janet Siroto
May 2, 2022 EnvelopeFacebookTwitterLinkedinPinterestIf you’re saving for a down payment for a home—particularly your first—you probably know this is one tricky real estate moment. With inflation sending prices spiraling, mortgage interest rates ticking up, and biddings wars on homes more the norm than the exception, it’s clear that homebuyers will need to save every cent in order to compete in this crazy market. This means you’ll need to bring your A-game to saving up for a house. Yet if amassing a down payment seems all but hopeless, we’re here to help. Here’s how to turbocharge your house fund so it’s ready for your house hunt. Related articleKnow your numberBudgeting is easier when you know exactly what your goal is. Do you need $50,000? $60,000? Much more? Figure it out so you can get real about saving. “I would recommend that prospective homebuyers ‘back into’ the math,” says Jason J. Krueger, a certified financial planner and financial adviser with Ameriprise Financial Services in Madison, WI. “Start with how much house you want to buy and what type of loan—for example, conventional mortgage, FHA, VA,—which dictates the required down payment. The next thing is to determine when you want to buy. This then allows someone to aim for a specific target.” So let’s say that a year from now, you hope to buy a $300,000 house with a 5% down payment, which amounts to $15,000. Divide $15,000 by 12, and you’ll see that it would take saving $1,250 a month to reach that goal. As you look at your cash flow—how much income is coming in versus how much is going out—you can assess how realistic that amount is, and adjust as needed. Let tech track your cashLet’s be real about what’s happened during the COVID-19 pandemic. Did you wind up subscribing to every pay-per-view platform out there? We get it. Did you start ordering takeout (like, a lot) because you were sick of cooking? Understood. But if you’re in savings mode, it’s time to recalibrate and get rid of some recurring and random charges. Money is a funny thing; it seems to flow like water—often down the drain. To help you get a grasp on why your dinero is disappearing, consider downloading a cash-tracking app. Mint is one well-reviewed example. It’s a free app that syncs an array of accounts (checking, savings, credit cards, and more) and can categorize your spending into buckets. You can set spending caps for each of them, and as you approach the limit, Mint lets you know. It’s a seamless way to stay on target with savings. You might also be interested in “zero-based budgeting system” apps like YNAB, or You Need A Budget. These help you plan where every dollar you earn should go. It requires a commitment from you to keep on top of your financial life, but that’s the point. You become more intentional about managing your money and trimming areas where you are spending a bit too freely. ___
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Featured image. Alt-text: Architectural blueprint of a residential floor plan. Whether you've just moved to a new home in Westminster or undergoing a renovation of your old one, you probably can't wait to see your daydreaming come to fruition, see things take shape. So fun, right? But on your road to your dream home, it's easy to get caught up in all the excitement and overlook some of the common pitfalls homeowners face when determining the floor plans that work for them and their families. Yup, these dream home killers, on the other hand, aren't fun at all. They can bring the whole thing undone. Here, we reveal the seven most common floor plan mistakes to avoid in your home. Caption: Carefully planning your home’s floor plan is key to optimal comfort and functionality. Alt-text: Woman planning a home layout. 1. Not paying heed to room placement Given that each room in a home serves a specific purpose, approaching room placement without any aim and strategy can, at best, turn into a missed opportunity. At worst, it could be a frustrating flaw sabotaging the functionality of a home as well as the comfortable experience of its residents. For instance, sprinkling your bathrooms throughout regularly traveled areas may look great on paper. Yet, do you genuinely want that half bath right next to the kitchen? Just imagine trying to enjoy a meal with your family and friends while hearing a flushing sound every few minutes. It doesn't sound very appetizing, does it? It's also kind of awkward when the entire party knows when you are in (and out of) the bathroom. On a similar note, imagine taking a refreshing bath, and as soon as you dry out, you suddenly end up smelling like BBQ. Different zones in the house should work together in harmony without disrupting each other and causing awkward scenarios along the way. And for that, strategic room placement is essential. Bathrooms and bedrooms should be strategically located in a house for privacy and convenience – not too close to the busy streets but still easily accessible from the main living areas. Similarly, your kitchen should be positioned in proportion to your garage. Who feels like toting 17 hundred grocery bags all the way to the other side of the house after unloading from their garage? Not me! This is just something you'd like to consider before buying a property or land to build your home or before starting the remodel of an existing one. 2. Bad home orientation Another of the most common floor plan mistakes to avoid is bad home orientation. Bad home orientation goes hand in hand with ineffective room placement. The interior layout should be such that it makes the most of your building site and climate. We're talking about passive solar design! If you've come across it before, then you know passive solar home design is meant to take full advantage of warm sun and cooling breezes while reducing a household's heating and cooling load. In other words, you'll achieve greater comfort in your home throughout the entire year, irrespective of the harsh weather outside and at a lower cost. Plus, if you ever decide to sell, it'll be one of the things that will help you sell your home at the highest possible price. Take the main living area and master bedroom, for instance. Having these spaces facing north will allow plenty of natural light and natural heat from the sun during the cold and dark winter season. Once the temperature rises, the sun's arc will travel above your home, becoming a shield that protects it from the direct rays of the sun. 3. Not sticking to the budget In the excitement of constructing their Westminster dream home, homeowners often tend to go overboard. They make a lot of choices without really thinking if they can afford them. And we get it. It is your home, after all. But the price? It's usually pretty costly, especially when you overlook the hidden costs of these kinds of projects. That's why it's always a good idea to first make a list of your must-haves. Allocate your budget to the things you really need now, and try sticking to it. That is not to say you shouldn't plan in advance for those features and little luxuries that you can potentially add to the house at a later stage. At present, it’s best to forgo the luxuries and fancy upgrades you can add later. For now, just focus on the must-haves. Alt-text: A person stacking coins. 4. Overlooking storage needs Forgetting to include both the right amount and the right type of storage is a common slip-up regarding floor plans, especially with first-time homeowners. Let's be honest; no architect knows what you need to store better than you do. Furthermore, the type of storage typically hinges on a homeowner's lifestyle. For instance, you may want to store your kids' toys in the living area or your bicycles in the foyer. You may want to make plans for a garage workspace, a butler's pantry, or a large linen closet. For this reason, the homeowner's involvement in the storage planning process is indispensable. And the golden rule when it comes to adequate storage? It's much better to overestimate than to underestimate. Having your storage needs met is priceless. It will help you avoid clutter, meaning a better organized, safer, and peaceful home. 5. Mismatching your floor plan and lifestyle Perhaps the single biggest factor that should influence your new home's layout is your lifestyle. Not every floor plan will fit your lifestyle or that of your family. So, you might need to dive a little deeper into your planning. Try to imagine yourself going about your everyday routines in the new space to ensure the home you design is functional for everyone. Caption: Call up a family meeting and decide on the floor plan that works for every member of the household. Alt-text: People discussing a potential home layout. For instance, say you tend to host guests regularly. In that case, your guest toilet shouldn't be positioned on a different floor or in the family bathroom. Placing the pathway from your living area to the kitchen between the TV and the sofa will create an eye-line obstacle while you are watching your program. If you're a sports enthusiast, you might need storage for all your sports gear with easy access. If you work from home, you'll need to plan for a home office in a quieter part of the house. And if you've moved to Westminster for a new job at the office and expect you'll be working far more than the next guy, you might not have time for all that leisure reading you had hoped to do when you built your new home library. 6. Treating furniture as an afterthought People often tend to hold from reading the actual dimensions of the rooms in a floor plan. And after moving, fitting the furniture into their desired space quickly becomes a challenge. Taking the measurements of the rooms and major pieces of furniture is especially important if you are moving locally to downsize (although the mistake can just as easily occur in larger spaces). Nobody wants to end up in their new place only to learn they need a new sofa and a smaller bed. So, before you hire moving professionals from the neighborhood to pack up your stuff and transfer everything to your new place in Westminster, make sure you've done that part of the work. There are no undo buttons when planning a layout, so make sure to successfully avoid this common floor plan mishap. 7. Unappealing sight-lines Few things are worse than a poorly planned space where the eye is left to wander around, with nowhere to settle upon. Even worse is having front doors that open to storage or a toilet. Thus, failing to consider the line of sight in a room is one of the most common floor plan mistakes you definitely want to avoid. Be it a piece of wall art or some furniture – each room deserves an area that creates a focal point. Carefully planning the layout of a room will help you work out where you would like to create one for a visually appealing space in your Westminster home. Meta description: A perfect home joins form and function, as long as you don’t forget to check off all the boxes. Here are 7 common floor plan mistakes to avoid. Photos used: https://pixabay.com/photos/architecture-blueprint-floor-plan-1857175/ https://www.pexels.com/photo/crop-estate-agent-working-with-computer-in-office-4491459/ https://unsplash.com/photos/jpqyfK7GB4w https://www.pexels.com/photo/people-pointing-out-parts-of-the-floor-plan-8470034/ The key to winning the ROI game with home improvement is to take a less-is-more approach,” says Dan DiClerico, home expert at HomeAdvisor.
If your goal is to earn a return on your DIY investment, DiClerico suggests taking on smaller improvements that will have a big impact on buyers. “Bells and whistles tend not to rank high on ROI,” DiClerico says. “The high-tech home theater might mean hours of fun for you and the family, but it’s probably not going to pay for itself when the time comes to sell.” Of course, that doesn’t mean you can’t outfit your house with the latest technology—if you’re making an improvement that you’ll love and enjoy, go for it. But if you’re looking to roll up your sleeves and tackle a project that will offer serious bang for the buck, try one of these home improvement projects next weekend. 1. Refresh your kitchen cabinets“If the cabinets are in good shape, adding a fresh coat of paint or stain will dramatically transform the feel of the entire kitchen,” DiClerico says. Be warned: Even though painting isn’t very difficult, it’s still time-consuming. You’ll need to remove the doors and drawers to ensure a clean finish. “But in terms of skill level, it’s something even novice DIYers can handle,” DiClerico says. And remember, slow and steady wins the race when it comes to any painting project. “You could lose some buyers with a sloppy paint job,” says Scott W. Campbell, a real estate agent in Milwaukee. “If you truly want to increase ROI, a good paint job takes time and patience.” 2. Create curb appeal Photo by David Morello Garden Enterprises, Inc.Making a great first impression on home buyers is one of the quickest ways to boost your home’s value. “Landscaping and gardening are the biggest ones that also are simple,” says Kendall Bonner, a real estate agent in Lutz, FL. “Curb appeal has a significant impact on buyer’s purchasing decisions.” Aside from adding tasteful foliage and keeping your lawn manicured, a few strings of café lights can also improve your home’s outdoor space and curb appeal. Don’t forget to paint old fences and prune overgrown plants. 3. Give your front door a makeoverWant to boost your home’s curb appeal but don’t have a green thumb? Spruce up your front door instead. All it takes is a few coats of paint. (The same rules apply: Work slowly and carefully to avoid drips and roller marks.) “A fresh pop of color at the front door is a great way to enhance your home’s curb appeal for not a lot of money or time,” DiClerico says. 4. Create a backyard deck Photo by Boyce Design and Contracting “Outdoor living is hugely popular, even more so since the pandemic, since people are looking to expand their home’s usable living space,” DiClerico says. Creating a new deck is possible to do yourself, but “it’s not for the faint of heart,” he adds, especially if you’re putting in concrete footings for the deck posts. This project is best for intermediate to advanced renovators, and it helps to have a few friends on board to assist. Keep the design simple—avoid any tricky changes in elevation—and work with pressure-treated lumber instead of hardwoods that are tough to cut and screw into, DiClerico says. ——-- Watch: In Spite of It All, Summer 2020 Is a Great Time to Sell Your Home 0 seconds of 0 secondsVolume 0% Loading ad ——-- 5. Brighten up the basementYou don’t need to spring for a fully finished basement to appeal to prospective buyers. “Spraying the basement unfinished ceiling with flat black latex paint can make big difference to clean up a look, and spraying the walls,” Campbell says. To take your project to the next level, you can add carpeting and adjustable lighting. By cleaning up the basement, you can help prospective buyers envision a space that will fit their needs, whether it’s as a rec room, play area, or home gym. 6. Add more storage Photo by Shelf Confident “Anytime you add usable living space to the home, you increase its value,” DiClerico says. “That’s true now more so than ever given all the time we’re spending at home.” Making an addition to your home might not be realistic. But smaller improvements, like adding a pantry in the kitchen, a new storage unit in the garage, or even closet organizers, add valuable storage space to your home and will pay off when you’re ready to sell. 7. Make small repairs and keep up with maintenanceIt may not be as satisfying as tackling a big project, but staying on top of your home’s basic maintenance is just as important and promises serious ROI. “Many of today’s buyers are staying away from fixer-uppers in favor of move-in ready homes that won’t require frequent repairs,” DiClerico says. Seemingly small problems like a leaky faucet, loose gutter, or missing light fixture can be a red flag.
Let's be honest here! This year has not been all sunshine and gravy. Last year was even a wilder ride. Hey, but we are here and have everything to be thankful for. Now let's get down to business. Many people do not even know where to begin if they have gone through financial hardship and as a small business ourselves I do feel it is my obligation to provide options to We the People that are needing assistance in this matter. No mortgage company are not going around advertising that you may qualify for forbearance but they are rather taking the help themselves. If we can rewind back to 2007 when the last mortgage crisis happened you will remember the banks were bailed out and not the people. This can be a History Repeats Itself situation, but we can only hope that the mortgage company will use these funds to help out the people instead of their high up CEO's and executives. For example Flagstar is doing a great job of showing an option for homeowners.
https://www.flagstar.com/personal/mortgage-information-center/facing-financial-hardships.html
The biggest kicker here! You must call and ask for the Cares Act. If you do not call your mortgage company and ask for assistance you will not receive assistance. It may seem tedious but it is well worth it regardless if you are planning to keep your home or sell it. The program offers up to 6 months with no payments with no late fees and credit reporting during this period. There are other options for homeowners such as: 1. Selling your Home 2. Short Selling your Home (Allows you to stay in your home longer) 3. Refinancing 4. Deed in Luie of Foreclosure 6. Forbearance Refinance after the 6 months of CARES act is when this is done. Your home is your security we have learned this very well after covid. If you are facing any type of issues please feel free to reach out for advice. Best Regards, Celina 303.564.9637 |
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