Merry Christmas!!!
This is a wonderful time of year in which to celebrate the season with friends, family, neighbours and relatives! May you all be blessed to spend time with those that are important to you, to be able to enjoy some great moments in your homes -- and outside in the snow! -- that they are filled with joy and the holiday spirit. Thank you to our community and to our clients for this fantastic year!
Happy Kwanzaa! Happy Boxing Day! and an upcoming
Happy 2022 New Year!!!
Six Reasons why you shouldn't take your home off the market during the holidays...
As we careen at warp speed toward Christmas & New Years and all of the joyous (read: stressful) festivities in between, you might be tempted to take your home off the market - or hold off on listing it - until after the New Year. After all, you're swamped with cooking, shopping & decorating and the last thing you need is a bunch of potential buyers traipsing through your house, right? WRONG!
"It's a huge, huge mistake to either remove your home from the market during the holiday season, or to not put your home on the market if you're getting ready to sell," Glazer, one managing broker, says. Why? The first reason is painfully obvious: Your house can't actually sell if it's off the market, says Nora Ling Lane. "I'm pretty adamant about leaving a home on during the holidays," Lane says. "Sure, people are busy, but I'd rather buyers see a house messy with baking in the kitchen than miss the house. Let somebody else take their house off the market and miss out." In fact, this time of year can actually be ideal for selling. Here's why.
1. Your listing will rise to the top
If homeowners in your hood take a break from the market because they don't want to bother keeping their properties in show-ready condition over the holidays, that makes for reduced inventory. And that means buyers who are actively searching will be more likely to uncover your listing. "During the busy spring market, for example, you have way more competition than during the holidays," Glazer explains. "So you're much more likely to get your home sold when you're not competing with more potential sellers."
2. Your house looks (and smells) amazing during the holidays
With festive greenery, the sweet aroma of cookies baking, and a warm fire in the hearth, you've got built-in ambiance - meaning you can appeal to buyer's senses in a way that you can't during other times of the year, Glazer says. "With that nice, homey feeling, homes tend to show a lot better during the holidays, while making people feel really good," he explains. Plus, chances are good you'll tap into some buyer sentimentality: During the holidays, we tend to feel nostalgic about family, home and memories. That can cause a nesting instinct to kick in - and that often results in a sale, Glazer says. Don't go overboard with decorations though. "I tell sellers not to put a Santa Claus in every corner; you don't want clutter," Lane cautions. And remember: Buyers need to imagine their furniture in each room, so avoid blocking important selling features such as large windows and fireplace mantels. And if you live in a colder climate, be sure walkways and stairs are always shoveled clean, and turn your thermostat up before each showing to keep things toasty. "When you walk in and it's warm and cozy, that helps in the selling process," Lane says.
3. Holiday buyers aren't messing around
Yes, things typically slow down in the weeks leading up to the holidays. But there are still people actively looking for homes and ready to pounce - or those who just entered the market on a short timeline and need to buy fast. "The people who are out there looking at homes during the holidays are serious buyers," Glazer says. "And in areas where you have bad weather, these buyers are going to weather the storms - pun intended - to visit your property." Potential buyers who take the time to set up home tours during the holiday season are also more motivated to move forward if they like what they see, Lane notes. "These are not tire-kickers just looking around because it's fun; those are all weeded out."
4. Families often search during school breaks
Speaking of serious buyers: Relocating families often capitalize on the holidays as a time to move without tumult on the kids. They want to find the right property, have stress-free negotiations, and get their brood settled before school starts up again in January, Lane says. "It's a good time to show your house to people from out of town."
5. It can be easier to close a transaction in December
Buyers can often get their loans processed and approved faster in November or December than they would in the traditionally busy spring months. It all comes down to the holiday slowdown: Fewer home sales are on deck to process, plus lenders are motivated to close deals before the end of the year. "I've seen from personal experience that because of the low volume of business, things move quicker with lenders," says Bill Gassett, who has been in the business for over 31 years.
6. The holidays give you a chance to adjust your selling strategy
If your home's been languishing on the market for several weeks - or months (eek!) - you might be feeling antsy. Maybe the best solution is to take it off the market and try after the New Year. Fight the urge! You're better off staying the course and using this slow time to tweak your selling strategy. Would home staging draw in buyers? Do you need to tackle that paint job you'd been putting off? Should you re-assess your asking price? "Generally, the reason a house does not sell is because it's not priced right, and if it's been sitting on the market, nothing will change over a 30 day period if you're pricing it the same," Glazer says. "You're much better off getting the price in line with where it should be, and leaving it on through the holidays." Lane recently had clients who wanted to take their home off the market during the holidays and relist in January. She talked them out of it, had several showings, and signed the contract on Christmas Eve. "I've sold more houses in December than in most months," Lane says. "It's always a busy month for me."
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Author: Wendy Helfenbaum - a journalist and TV producer who covers real estate, architecture and design, DIY, gardening and travel. Her work has appeared in Woman's Day, Metropolis, Costco Connection, Garden Collage, Parenting, Canadian Living, Canadian Gardening and more.
Don't Skimp on curb appeal
If you live in a snowy climate, you know there's little you can do about the white stuff piling up outside. Buy you can stay on top of your yard maintenance, so buyers have an easy path to your front door and walk away with a feeling that your place is easy to maintain. Shoveling the driveway and paths to your home is a must. And you'll want to clean out your gutters, so ice isn't backing up and giving the impression that you have roofing issues. You can also add some winter-themed outdoor decor. If you can, now's also the time to make sure your front door has a fresh coat of paint. A bright, colorful front door will stand out all the more in the snow, and that can really wow your buyer.
Turn up the heat
Many homeowners like to keep the thermostat set down in the 60s to save on their heating bills, but you don't want a potential buyer to think they're visiting a house that's hard to heat. "A cold house can hurt the sale," explains Scott. "When a buyer enters the house and wants to hurry up and get out of there because it is so chilly, it probably means they are going to have a bad memory associated with the home, no matter how great it is. You want to provide a warm and inviting environment so buyers will want to take their time and linger." To make buyers feel they're right at home, turn up the thermostat. You'll also want to fix any drafty spots around the house. You may be fine shoving a towel under the front door to keep the cold air out, but buyers will not look kindly on linens on your floor, or a chilly breeze on their feet.
Fire up the fireplace
Not only is it a good way to ensure the house feels warm, but making use of the fireplace is a good way to show off a great feature of your home. "I love when a home has a fireplace, and I can highlight that feature by turning it on during open houses," says Scott. Whether it's a wood-burning or you have gas logs in that fireplace, by lighting that fire, you're giving potential buyers a window into what it would be like to cuddle on the couch with a cup of hot cocoa and their feet in front of the fire. "Hitting all the buyer's senses creates a memorable experience that will hopefully lead to them purchasing the home," she adds.
Add seasonal scents
It's always wise to clean your house and make the place smell nice and fresh, but the winter months are a time to focus on seasonal scents. That means mulling seasonal spices such as oranges, cloves, and cinnamon on the stove, to go along with freshly baked holiday cookies cooling on a rack in the kitchen. Music should also be seasonal, though not too heavy on the silly Santa songs. Scott suggests some smooth jazz that evokes the festive feel of holiday entertaining. It's not a bad idea to have hot coffee on hand. Not only will it cut the cold, but it can boost the mood of potential buyers.
Pump up the holiday decor
You don't want to turn your home into the real-life version of Clark Griswold's over-the-top house in "National Lampoon's Christmas Vacation," but Aaron Bowman, of Mazz Real Estate in Tolland, CT says the holidays can actually make it easier to sell a home, if you decorate well. "The main reason is that buyers like to picture themselves in the home hosting holiday get-togethers, and it's much easier to show them the potential of a house when it's decorated for the winter months." He recommends a big wreath with a bright red bow on the front door and some (electric or battery operated) candles in the windows. Avoid blow-up lawn decorations or anything over-the-top or garish inside and out, favoring the sort of classic decor you'd expect to see on a greeting card.
And if the holidays are over, and you're still showing your home, remove the decor immediately!
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Author: Jeanne Sager - writer for the New York Times, Vice and more. Source: Realtor.com
Happy Thanksgiving!
This is a wonderful time of year in which to celebrate the season with friends, family, neighbours and relatives! We are wishing to thank the town of Buena Vista for the delightful way in which you have made us feel as an integral part of the community. We also wish to thank all of our clients - who have become extended family in our eyes! We appreciate you and wanting to post a message of gratitude to all of you!
We know it is early...yet also wanting to send an early greeting in regards to this upcoming Christmas season! May this time be a delightful one and ...
May you all have a joyous Christmas Season! and Hanukkah Sameach!
Buying a home is one of the most exciting things you'll ever do. It can also be a long and complex journey. Sometimes it can even be confusing with all of the different terms and financial hoops to jump through. That's why we're focused on helping home buyers understand the home buying process. Whether you're heading into the buying process for the first time or are a repeat buyer, this latest YouTube series, The Home Buying Process from A-Z, is designed to answer many of the common questions we hear: "Should I rent or buy?" "How big of a house can I afford?" "How do I choose the right home?" "What's the difference between pre-approved and pre-qualified?" and more. The main theme we continue to hear is home buyers wish they knew more before they started looking at homes. With that in mind, the series will cover a broad range of topics.
Are you a first time buyer? With so many choices to make and rising home prices, entering the market can feel especially intimidating, so preparation is crucial. That identifying needs versus wants is a critical starting point. Utilizing features such as a mortgage calculator and finding the right realtor are key steps in helping you start your journey and ultimately finding a great home. Also check out the great link to the First Time Home Buyer Resource Center, which also provides useful guides that will help you ace your home buying adventure. Check out secrets from industry professionals to land a loan and find your dream home. Sift through the myths and truths about buying your first home so you know what to expect at every stage.
Even if you've bought a home before, preparing for the home buying journey is an extensive undertaking. These resources serve as a great starting point if it's your first time or a helpful refresher in case things have changed since you bought your last home. We've put a lot of time and effort into finding experts who can help explain the process form an unbiased standpoint and help you make and educated decision when buying your home. Our resources tap the expertise of real estate professionals, loan officers, product managers, and even people who've been in a number of real estate markets for decades - all sharing their knowledge with you. Happy home buying!
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Author: Nathanial Fremd - senior marketing manager at Realtor.com and a writer for the Home Made Blog. Source: Realtor.com
Need to know how to sell a home fast, even though the holidays are speedily approaching? If you're thinking of throwing up your hands and giving up hope until the new year, we're here to offer hope: There's still time! Because here's the deal: As eager as you may be to sell your home before the holidays, plenty of people out there are dying to buy a place before the holidays descend too. So if you play your cards right, it is entirely possible to not only find a buyer, but also close the deal and move out before Santa's sleigh starts making the rounds. Here as some insider secrets on how to sell a home fast, even during the hectic holiday rush.
Polish your online listing
Because the weather outside is "frightful," as they like to say (or at least will be soon enough), buyers want to do much of their looking online. With that in mind, focus on making your home so alluring they're willing to put on those parkas and check it out in person.
Play up the holiday features
Buyers want to envision themselves settling into a home in time to celebrate that first Thanksgiving or Christmas, says home expert Lauren Mak, who has appeared on TLC's "Trading Spaces" and ABC's : Fab Life with Tyra Banks and Chrissy Teigen." Mak suggests accenting architectural features such as a fireplace or sweeping staircase to showcase how great your home could look for the holidays. "Add twinkle lights to a fireplace or table decorations to your dining room to help potential buyers visualize their future home," she says. "If you have something like a bay window where a Christmas tree might be, clear the clutter before showing your home."
But don't overdo the holiday decor
While it's good to be jolly, don't go over the top, says Dawn Houlf, real estate coach, "Homes do look their best during the holiday, but simple is best," she says. "Too big or too many adornments can crowd your home and distract buyers."
Be flexible with showings
If you want buyers bidding for your home, they're going to want to check out every nook and cranny, so you'd better be ready and willing to let them. "The best thing that sellers can do during the holiday search is keep the home clutter-free and stay open and available for last minute and short notice showings," says Shayna Goldburg, broker and chief human resources officer at SetSchedule. "What I have noticed is that it is harder and harder to view homes during the holiday season," Goldburg says. "Oftentimes homeowners go out of town, guests come to visit, or owners have their own entertaining schedule, and prefer not to have showings to interrupt this time. At the end of the day, the more open, available, and flexible you are as a homeowner for showings, the more your home will be seen and greater your chance for a sale."
Make sure your home is move-in ready
Having your home pre-inspected before you list can accelerate your sale in three key ways, says Steve Wadlington, president of WIN Home Inspection.
Make curb appeal a top priority
"As the leaves begin to fall, maintaining the exterior of your home becomes even more important," says Houlf. "Bare trees equal a more exposed home, so touch up the paint, clean the gutters, and spruce up the yard. Paint the front door, hang a decorative wreath, and [add] a decorative welcome mat. In addition, keep buyer's safety in mind as well by making sure stairs and walkways are free of snow, ice and leaves." And don't forget to highlight the outdoor features buyers can enjoy year round. If you have a fire pit or hot tub, show it off.
Offer Incentives
While competition is greatly reduced around Thanksgiving, that alone may not be enough to encourage offers, notes Sophie Kaemmerle, communications manager for NeighborWho.com. "Incentives put you ahead of the pack," she says. "Offer what you can, ranging from updated appliances to paying closing costs, offering extras like TV's, and be flexible with negotiations."
Plan a themed open house
"Since you are so close to the holidays, why not host a "Thanksgiving or holiday-themed open house," Kaemmerle suggests. Think: an early tree trimming or offering up some homemade holiday treats. "Not only is this a fun way to show off a home, but also you will stoke buyer's holiday and home buying excitement," she says. Just keep in mind that timing is important this time of year, Kaemmerle adds: "Not many people will ditch family dinners for an open house on an actual holiday."
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Author: Liz Alterman - writer who's covered a variety of subjects, from personal finance issues for CNBC.com to career advice for The Muse. Source: Realtor.com
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Stop us if this sounds familiar: Your thermostat is hiked up to 74 degrees, you’re covered in blankets, you’ve donned your fuzziest socks—and your house still feels cold. The likely culprit: Drafty windows. Whether they’re old as dirt or just not energy-efficient, windows that let in cold air not only bring down your home’s temperature but also raise your heating bills because your furnace is working overtime.
Do you even have drafty windows? Before you get industrious by sealing cracks, you’ll want to figure out just how cold it is near the window. If you own one of the infrared thermometers we’ve become so familiar with during the coronavirus pandemic, you might be able to get a decent temperature reading and detect cold air leaking in from old windows. “What these instruments do is capture what the eye cannot see, and that could be the radiant heat around the object,” says Matt Swann, a general contractor and president at Brawn Construction. “They can also help detect air leaks by measuring the ambient temperature in an area where cold air is leaking in.”
You can also look for visible cracks and gaps around the window frame, or try the old-school trick of shutting your window on a dollar bill. If you can pull the bill out easily, you have drafty windows. If your bank account is a little lean these days, then replacement windows are probably out of the question. So you have two options: You could keep layering on socks and sweaters, or you could make your windows a lot more energy-efficient by trying these tips from the pros.
Caulking is good for sealing cracks, gaps, and joints less than a quarter of an inch. On the inside, keep bitter drafts out by caulking between the interior window trim and the wall. You can also apply caulk to the exterior perimeter of the window. Just be sure not to caulk weep holes, the small rectangular holes found on the bottom of the exterior side of the window frame. “Caulking over weep holes is a big mistake,” warns Kevin Busch, vice president of operations at Mr. Handyman. “Weep holes allow moisture to escape the window frame. Clogged weep holes can’t do their job properly, and your windows can rot, collect mold, or rust.” Also avoid caulking the moving parts of the window and the ledge above the window frame, Busch says. Do note that the caulk aisle is massive. Be sure to read the labels, and buy caulk that is explicitly labeled for windows. Be sure to purchase exterior caulk for around the window outside, and interior caulk for inside. There are also caulks for humid spaces and masonry uses.
When it comes to winter home maintenance, weather-stripping is a cheap and effective way to dodge bone-chilling drafts. Unlike caulk, which lasts around five years, weather-stripping is easy to apply and remove. It comes in a variety of materials and thicknesses and is used on doors, too. Foam weather-stripping is good for the top and bottom of window sashes, and tension seal (or V strip) is ideal for the side of sliding and double-hung windows. The trick is to seal the gap without layering it on too thick. Apply weather-stripping to the sash and frame. Make sure you can still open and close the windows with the weather-stripping in place.
Maybe the idea of covering your window with shrink-to-fit plastic wrap seems a bit tacky, but when done correctly, it provides an airtight seal and is virtually invisible. Not only does it help your house feel warmer, but it also reduces moisture buildup on the window due to condensation. It’s an easy DIY project, especially if you have a partner to help with larger windows. In a nutshell, you’re securing the shrink plastic by placing an adhesive strip around the perimeter of the window, on the window frame. This stops air leaks that may be sneaking through. Once the plastic is in place, use a hairdryer to shrink and tighten the seal for a snug fit. Be sure to measure your windows before heading to the store because the kits come in many sizes.
Thermal drapes are more stylish today than the drab ones our parents had, and, according to the EPA, pulling thermal drapes over your windows can reduce heat loss by around 25%. If you still feel chilly, install a cornice at the top of the drapes. Then to better block those bitter drafts, make sure the drapes overlap in the center. Then use Velcro or magnetic tape to attach the sides of the drapes to the wall and bottom. An interior decorator may not approve, but it’s a good option especially for windows that don’t let in warm sunshine during the day.
You can reduce heat loss by as much as 40% when you install cellular shades (also known as honeycomb shades), according to the EPA. They can be pricey but, according to Swann, they’re considered one of the best ways to insulate your windows. “They significantly reduce the temperature that transfers between the window and the room by creating a barrier through its hexagonal pocket shapes,” says Swann. The price ranges from $30 to $200 depending on the size of your window and if you want a more deluxe version.
Storm window inserts are clear inserts that look just like a traditional window but are installed inside the window jamb, and over older, single-pane windows to reduce heat loss. They’re light and easy to install and require no nails or screws. Just snap them in place, and your rooms will feel significantly warmer in the winter. Once the weather warms up, pop them back out and store. Depending on the size, they run about $200 per window. That’s still a good alternative if new energy-efficient windows aren’t in the budget. Look for Energy Star–certified (low-e) inserts, and you could save $350 on your annual heating bill, the EPA says.
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Author: Lisa Marie Conklin - She writes for Reader's Digest, Family Handyman, The Healthy, Taste of Home, and MSN.
Ten years. That’s the average amount of time a homeowner stays in a house before a sale, according to the National Association of Realtors®. Think that sounds shockingly short? Or way too long? The fact is, people’s reasons for selling their homes are different, as are their time frames. Still, there are some common reasons—financial and emotional—that lead us to sell our current home and move on to the next one. And you don’t always see the reasons coming. Read on for some telltale signs it’s time to start looking for the next home and packing your bags (and when you should settle in for the long haul).
Let’s start with one of the most obvious reasons to sell: You’re eager to make a profit on your property. You need to gauge the key indicators of a strong real estate market, explains Allen Shayanfekr, CEO and co-founder of Sharestates, an online real estate investment company. A few signals: The price per square foot for real estate in your area is increasing, the amount of time properties stay on the market is decreasing, and you’ve noticed an uptick in brokerage activity in your neighborhood. (If you’re situated in an especially hot neighborhood, you might even get a letter or a knock on the door from a listing agent who wants to help you get in on the action.) “If any of these are true in your area,” Shayanfekr says, “think about selling up.”
Check online real estate listings in your neighborhood, and pay attention to the “recently sold” flyers in your mailbox to keep track of comparable home prices in your area. “If other houses on your street with the same bedroom/bathroom count [as yours] are selling for a price that you’d be more than satisfied with, it might be time to move on,” Shayanfekr says. Another sign of a hot home sales market is the relationship of asking prices to sale prices. If home buyers are making offers fast—for as much or more than sellers are asking—it’s a seller’s market. A buyer may offer you a sales price you can’t refuse, too.
Not everyone sells their real estate in order to pad their bank account. Some homeowners underestimated their ongoing housing costs and simply sell to ease their mortgage burden, or to cash in their equity and use it for other purposes. If your property taxes or mortgage payments have become unmanageable, the best recourse may be to sell and find another home that’s more affordable, Shayanfekr says. Selling your home is better than struggling with a big mortgage loan, and possibly risking foreclosure. To breathe easy, your monthly housing costs, including your mortgage interest, principal, property taxes, homeowners insurance, and HOA or condo fees if applicable, shouldn’t exceed 28% of your gross monthly income. Before you sell your home to reduce your monthly living expenses, make sure you can find another home to rent or buy in your price range, and that you can qualify for a loan at current interest rates when you do.
The starter home you moved into when you were expecting your first child isn’t necessarily the house you need now that you have three preteens and a capybara. It’s bittersweet to give up the memories you’ve made in your home, but if your living quarters are causing you stress rather than comfort, “take the leap and sell up,” Shayanfekr says. Death, serious illness, divorce—these are all emotionally wrought experiences that may warrant a need for change. Relocation is another factor. But let’s not overthink things. “Maybe you’re just tired of the same old, same old, and it’s time for a change of scenery,” says Bruce Allion.
The average homeowner shells out $2,000 a year for maintenance services, according to a recent report by Bankrate. Not repairs, mind you, but scheduled services such as landscaping, snow removal, septic service, private trash and recycling, and housecleaning. Sick of watching these payments steadily drip out of your bank account? You could sell, and buy some lower-maintenance real estate such as a condo or a new-build property, Shayanfekr says. You might even want to try renting, and let a landlord worry about leaky pipes and other property hassles.
“If you sell too soon—assuming you have a mortgage—you haven’t really built up any equity in the home beyond the down payment,” points out Adam Jusko, founder and CEO of personal finance portal ProudMoney.com. “In the beginning, your mortgage payments are almost completely interest payments.” In fact, unless the housing market is seriously booming (see above), you might lose money when you sell. You might even owe more than you can get from your house after closing costs.
Remember: Selling isn’t free: You’ll have to shell out to cover all of the costs associated with hiring a real estate agent, closing, and, of course, purchasing another home. That’s why Jusko recommends staying put for at least five years, unless you have an urgent need to move. In addition to everything else, moving too quickly sends potential buyers a bad message. “Buyers don’t feel good when it appears you are selling too soon,” Jusko cautions. “What was wrong with the house? Why are you leaving so fast? Are the basement walls about to collapse? Are the neighbors selling drugs and shooting fireworks at your house? Buyers can dream up all kinds of negative scenarios when a seller hasn’t owned the home for very long.” Another reason you may not want to sell is if you don’t meet the qualifications to avoid paying capital gains tax on your profit from a home sale. Generally, you can exclude the gain from the sale of your home if you owned and lived in the home for two of the past five years. A sale before the two-year mark, if you don’t meet any of the exceptions, could be a costly mistake. By the time you pay capital gains tax, you won’t have as much equity left as you’d planned.
Of course, there are no promises that selling will be better for you in the long run. Take your time deciding if you should sell, and then study the local home sales market with your real estate agent (here’s how to find a real estate agent in your area) before you price your home. If you underprice your home, a buyer may snatch it up too cheaply. If you overprice it, the right buyer may pass it by. Jusko and his wife lived in Chicago in the early 2000s, when home values were through the roof. After about three years, they sold at a 40% profit. But soon after moving to the Cleveland area, where they’re both originally from, home values plummeted. “For many years, our home was worth less than what we paid,” Jusko says. “It’s only now—more than 15 years later—that I believe we could sell for more than our purchase price. And don’t get me started on how much money we’ve put into the house over that time.”
Selling your home is, above all, a personal decision. Do what will help you live—if not happily ever after—happily for now.
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Stephanie Booth's stories have appeared in magazines such as Real Simple, Cosmopolitan, Glamour, and Psychology Today. Source: Realtor.com
It’s a big question with no easy answer: Should you keep renting, or is it time to think about buying a home? One of the major benefits of being a homeowner is building equity with each mortgage payment, instead of putting money into your landlord’s pocket.
But that doesn’t mean buying is always the best choice—as a renter, you enjoy more flexibility and avoid many of the costs that come with homeownership. “This is an extremely personal decision, for those that want the flexibility to move quickly, have no desire to maintain a property, or need to save up money before making a purchase, renting is worthy of strong consideration.” But there's more to consider. We understand the magnitude of your rent versus buy quandary, and we're here to assist. Here are seven questions to ponder to help decide what's right for you.
If you qualify for a mortgage, buying a home might be a good next step. If not, you should first spend some time shoring up your finances. “Qualifying for financing is a critical part of the home-buying journey. So if you have challenges in this realm, renting may be a good alternative,” Ross says. You can also use the realtor.com® rent vs. buy calculator to see if the cost of homeownership is actually a better deal than renting given your location and budget.
So you've saved up enough for a down payment—congratulations! But beware: If you want to buy, there are more upfront costs involved. “Buying a home involves more money out of pocket than just the down payment,” says Michele D. Hammond, a Chase private-client home lending adviser. “Closing costs are used to pay for items such as appraisals, inspections, and much more. These can amount to up to 3% or more of the final purchase price.” When you’re buying a home with a six-figure price tag, 3% or more can mean many thousands of dollars that you’ll need to pay upfront, in addition to your down payment.
Some costs—such as the down payment, closing costs, home inspection and appraisal—are just the price of admission to homeownership. But other real estate expenses depend entirely on where you choose to buy. “When considering the overall cost of homeownership, the price of insurance and property taxes will vary based on community and location,” Ross says. You can check with your local tax office or assessor to confirm the property taxes in your area and calculate what you can expect to pay based on a home’s assessed value. Keep in mind that property taxes vary widely by state and city.
If you’re buying a home, you should plan to stay there at least two to three years if you don’t want to lose money. “Remember, there is a cost to buy and sell a home,” Ross says. When you're buying, you have closing costs and a down payment. When you're selling, you'll need to factor in the real estate sale commission, which is typically 6% of the sales price. Considering that homes appreciate from 4% to 5% a year, he says, you might need to live there for a few years to cover the cost of a sale.
"If you’re confident you’ll stay in place for five to 10 years or more, that’s when you’ll find the prospect for meaningful wealth creation,” If you’re not sure you can commit to a home for at least 24 months, Ross recommends renting and setting aside any money you’ve saved for a down payment and closing costs. It's better to save that money in the meantime and have it available when you’re ready to buy a home.
If you’ve got the itch to tear down walls, try your hand at tiling, or experiment with a bold new wallpaper, you’re better off buying than renting (unless you have a very open-minded landlord). Owning a home gives you the freedom to renovate and decorate to your heart’s content.
One major perk of being a renter is that your landlord is likely responsible for most of the maintenance and chores that homeowners have to deal with. “When one goes from renting to owning, they are responsible for maintaining the property, which can be more expensive than many realize,” Hammond says. From standard upkeep like replacing smoke detectors and shoveling snow to major issues like pipes bursting and foundation problems, homeownership comes with a long to-do list, and the maintenance can be as costly as it is time-consuming.
The real estate market is hot right now, but it’s not guaranteed to stay that way. “The housing market fluctuates, and although it has historically been an excellent investment in the United States, house prices do go down sometimes,” Parsons says. “If you’re uncomfortable weathering inevitable ups and downs of any market, renting may provide more peace of mind,” he adds.
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Author: Lauren Sieben, writer in Milwaukee. Work has appeared in the Guardian, Washington Post, Milwaukee Magazine and other outlets. Source: Realtor.com
Whether you’re a professional-level home cook or a take-out fanatic who uses the oven to store shoes, the design and function of your kitchen is very important. No matter its square footage or number of built-in features, the kitchen plays a big part in how you live at home. That’s why time spent beautifying your kitchen is always time well-spent—especially if you plan on selling your home someday. And while “kitchen renovation” may set off alarm bells for a big-budget project, there are some simple DIY upgrades that can improve the functionality and appearance of your kitchen—as long as you have the time.
To find out what kind of kitchen refresh might be doable in the time you have, we reached out to a variety of design and home improvement experts. We found 10 projects that homeowners can execute themselves (or with the help of a professional) no matter how much free time they have. Have only 5 minutes to commit to cleaning up your kitchen? There’s a project for you. Ready to get your DIY on for an entire weekend? Grab your tool belt and get to work!
There are several low-cost projects that can be accomplished in a few minutes, tops. However, one that will make a world of difference quickly is removing dark scuff and dirt marks from surfaces, cabinets, and walls with a Magic Eraser, says Julie Bennett, the founder of Renovator’s Toolkit, a guide to making home renovations simple, in Seattle. Cost: Around $7.
You can also take 5 minutes to organize a junk drawer or cooking utensil drawer. Remove all of the items from the drawer, and purge anything you don’t use. Add in wooden or plastic dividers, group your items by type or use, and place them back in the drawers. Cost: Dividers range from $5 to $30.
In well under an hour, you can transform the look and feel of your kitchen with simple cosmetic upgrades. Outdated pendant lights or fixtures should go, says Lanna Ali-Hassan, co-owner and principal designer of Beyond the Box Interiors in Washington, DC. If you’re feeling confident in your DIY skills, you can easily replace a funky old ceiling light with a more tasteful one. The installation instructions are fairly straightforward, but if you have any reservations about dealing with electricity in your home, go the safe route and hire an electrician. Cost: $50-plus for the light(s) and hardware; $150 to $300 for an electrician.
Looking for a more low-key project? Ali-Hassan recommends swapping out cabinet hardware like drawer pulls and cabinet handles for an updated, clean look. Cost: Depends on the number of cabinets and/or drawers. Hardware starts around $5 per item.
An investment of just an hour can lead to instantly noticeable, significant changes. Faucets are easy to swap if you follow directions, and can make a huge difference in the appearance of your kitchen. “Faucets are like the garnish of the kitchen,” says Jake Romano, who works for John the Plumber in Ottawa. “A beautiful faucet can modernize the room, or make it look classic. Plus, new functions that are touch-activated keep the kitchen more sanitary.” Cost: Supplies are $50 to $500. A professional will install it for about $150.
An under-the-radar quick fix is adding LED lighting strips ($15.99, Amazon) under cabinets, which brighten up and modernize kitchens quickly. Cost: $15-plus for lighting that can be hard-wired, plugged in, or battery-operated. A professional will install it for $150 and up.
Three hours gives you enough time to take on projects that will reap serious aesthetic rewards. One option that may not occur to many sellers—but will have broad universal appeal—is a reorganized pantry with matching storage containers, says Nick Drewe, a home improvement expert for Wethrift, headquartered in Melbourne, Australia. The bulk of your time will be spent pulling all items out of your pantry, throwing away expired or unused food, and decanting your dry goods into plastic or glass containers. Use woven rattan or metal baskets to hold chips, crackers, cookies, and other bagged snacks. “Use a 10- to 20-piece set to organize dry foods, and modernize the overall look of the kitchen and pantry,” Drewe says. Cost: $50 to $199
If you have some extra wall space, floating shelves will give the kitchen an open, airier feel and add room for storage, says Hartmann. Your local hardware store should have a number of prefab floating shelf options in a variety of finishes. Cost: $20-plus for a single shelf, depending on size and material.
Giving yourself a full weekend means you can tackle a larger project like installing a new tile backsplash. Of course, novice DIYers should proceed with caution—but if your home improvement abilities are above average, you’ll be more than capable of completing this in a couple of days. If you need some extra help, pull up a tutorial on YouTube, or you can hire a pro. Cost: Supplies will range from about $200 to $1,000, depending on the tiles and the size of your backsplash.
You can also give your kitchen a face-lift with a few fresh coats of paint. Either repaint using your existing color or go for something bold and new. Cost: Supplies for a 150-square-foot kitchen will be about $150, and if you want a professional painter, the total project will run from $300 to $1,000.
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Author: Kathleen Willcox is a journalist who writes about real estate, travel, and food and wine.