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8 Tips for Finding Your New Home

8 Tips for Finding Your New Home

by | Jan 15, 2015 | Buying, Homeownership

A solid game plan can help you narrow your home buying search to find the best home for you.

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart home buying process.

1.  Know thyself.

Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2.  Research before you look.

List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3.  Get your finances in order.

Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4.  Set a moving timeline.

Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5.  Think long term.

Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6.  Work with a REALTOR®.

Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because home buying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of home ownership rights for more than a century.

7.  Be realistic.

It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues — like noise levels — that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8.  Limit the opinions you solicit.

It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.

More from HouseLogic

  • HOAs: What You Need to Know About Rules
  • A Financial Plan for Your Home
  • When It Pays to Do It Yourself


G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

 

By: G. M. Filisko:© Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®

 

Kids’ Rooms: Storage Solutions for Every Age

Kids’ Rooms: Storage Solutions for Every Age

by | Jan 13, 2015 | Homeownership, renovations

From babies who adore you to teens who ignore you, kids change — and so do their storage needs. Here’s how to organize kids’ rooms from cradle to college.

Cradle Crawlers

Transformer cribs. An ordinary crib accommodates baby for two to three years — until he learns how to escape over the rail. Boost storage with a convertible crib with storage drawers ($145 to $350) that’ll convert and adapt to your toddler’s needs and beyond.

Some convertible cribs change into toddler beds, daybeds, or full-size headboards, giving you options as your youngster gets older. If you can’t find a crib with storage below, use the space between the legs for stowing bins or baskets for diapers, toys, and more.

Pimping the closet. Remove the door on the nursery closet for easy access, and install a variety of cool storage features. Drawers, bins, and shelves can round up onesies, booties, baby towels, diapers, and toiletries. A simple wire rack storage system is $90 to $350 at home improvement centers.

Install lower rods so baby, as he grows, can easily latch onto duds (and maybe even hang them up). Expandable hangers ($14 for a 3-pack) fit tiny baby clothes but open up to accommodate larger sizes when needed.

Toddlers and Elementary Age

Look ‘em in the eye. Stow books and puzzles on a low magazine rack or shelving unit so toddlers and elementary-age children can grab a good read or brain teaser on a whim. As children grow, paint the shelf to suit changing tastes and use it for teen magazines, framed photos, and school books.

Cornering the market. Young kids love nooks, so create a cozy hideaway by arranging storage units — open shelves, a desk top, and cabinets — so they (mostly) enclose one corner of your kid’s room. Bookshelves and kids’ desks range from $50 to $200.

Stock up with plenty of games, books, toys, and crafts supplies. Paint cabinet doors with blackboard paint to add an eye-level creative opportunity.

Corral the bling. Little girls often possess a cartload of hair ribbons, barrettes, and bows. Look for special organizers that keep them on display, orderly, and within easy reach. One option: Sort items into the pockets of a clear vinyl shoe holder ($10) that fits on the back of the door.

Tweens, Teens, and Beyond

A magnetic personality. A bulletin board is a great way for your tween or teen to organize and display all those photos of friends and Fido. Or, coat a vertical surface (such as a closet door) with magnetizing primer ($25/quart) and paint over the primer with a hip color. Use assorted magnets and magnetic clips and holders to display artwork, sports schedules, and homework reminders.

Making a (book)case. A bookcase headboard ($100 to $200) is a grown-up way for your teen or college student to keep reading materials organized and the tablet reader handy. Platform storage beneath the bed provides room for drawers or cubbies that can hold baskets and bins for corralling small stuff.

Explore the shallows. Commandeer space between wall studs and create a shallow storage niche outfitted with hooks, shelves, or rods for organizing jewelry and other smallish gear. Add a mirrored door to keep clutter out of sight.

Lofty ambitions. For a small bedroom, a loft-style bed offers a fun spot for snoozing and space below for bookcase storage, a futon, or a study desk. Loft beds for kids’ rooms start at $150 and range to $3,000 or more.

Keep rolling. Give your tween or teen a rolling caddy ($25 to $80) for storing personal bath supplies, jewelry, cosmetics, and hair gear. The caddy stores in the bedroom and rolls to a nearby bath and back.

Related: 8 Small Space Solutions to Shared Kids’ Rooms

 

 

By: Jan Soults Walker:© Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®

 

Small Home Storage: Maximize Your Storage Space

Small Home Storage: Maximize Your Storage Space

by | Jan 13, 2015 | Homeownership, renovations

Your small home has more storage space than you think. For relatively little money but a lot of common sense and ingenuity, there’s space to be found.

Finding storage space in a small home doesn’t require remodeling or room additions. Start by getting rid of accumulated stuff. Take a hard look at room space, and buy furniture and storage items that can do double duty.

Here are six tips to maximize storage that won’t empty your savings account:

1.  Declutter. It’s the first thing architect Sarah Susanka of “Not So Big House” tells clients who talk of expanding their homes. Haven’t used something for a couple of years? Pitch it, she says. You’ll be amazed at how much space opens up when you do.

Cost: $0

2.  Platform and bunk beds. Add space and eliminate a dresser in a small bedroom with a three-drawer or six-drawer platform bed. Find one at a furniture or big department store, and online.

Cost: $225 to $600 and up, queen size

Bunk beds won’t have drawers, but you’ll save space by stacking beds. And kids love ‘em. They come in a variety of styles and configurations. Some will convert to two twin beds.

Cost: $180 to $400 and up

3.  Shoe organizers. They’re for so much more than just shoes. Hang one in a kitchen closet or pantry, and use it as your small home catch-all for remotes, keys, notepads, cell phones, and chargers, and other household essentials. It’ll free up a kitchen drawer or two for other uses.

Cost: Less than $20

4.  Toe-kick storage. The space under your kitchen cabinets is a treasure trove of storage possibilities. Put placemats, napkins, cookie sheets, and how-to manuals there. Hire a cabinet-maker to install them, or request them as a custom feature in a new-cabinet order.

Cost: About $300 per drawer

5.  Floor-to-ceiling storage. Furniture-style 6-foot-tall bookcases don’t use all available wall space. But extend shelving that extra two feet to the ceiling, and you’ve got room for a lot more books, knickknacks, or art objects. Home improvement stores have brackets and shelves in a variety of colors and sizes to match your décor.

Cost: Under $200, depending on the space size

Related: More Ideas for Small Homes

By: Terry Sheridan:© Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®

 

Garage Organization Ideas for Under $50

Garage Organization Ideas for Under $50

by | Jan 13, 2015 | Homeownership, renovations

              If clutter trumps cars in your garage, get organized (and make room for your vehicles) with these smart garage storage solutions, each costing less than $50.

Bikes, Skates, and Other Wheels

Bicycles, skateboards, scooters, and rollerblades — wheeled belongings can get underfoot and land you on your assets or bang up the car. Protect your paint job (not to mention your backside) with these wily storage solutions for your garage.

  • Hoist bicycles to the rafters with a rope-and-pulley system (starting around $40) that makes it easy to raise the bike and lock safely in place. When you’re ready to ride, release the lock and lower your bike to the garage floor. You’ll need an hour or two and basic tools to secure the pair of pulleys to ceiling joists and thread the ropes. (Similar hoists are available for kayaks or small boats; starting around $25.)
  • Avoid unintentional skateboard “tricks” with a specially designed wall rack that makes it easy for kids to hang up helmets and skateboards together; starting around $20. Secure this one to wall joists in less than an hour.
  • Keep scooters and bikes out of the way with tool hooks installed on a length of 1-by-6-inch lumber. You’ll pay $3 for each pair of vinyl-coated screw-in tool hooks and $1 per foot for lumber. You’ll need only an hour or two to secure the lumber to wall joists and screw the hooks into place along the board.

Sporting Goods

Active pursuits require a lot of gear that ends up in the garage. These organizers help tidy up all those sports balls, rackets, bats, gloves, clubs, fishing rods, and other outdoor fun-related goodies.

  • Bring together balls and bats on a convenient wire rack equipped with hangers that hold gloves too; starting around $35.
  • To keep your garage organization from going downhill, stash two pairs of snow skis, poles, and boots in one handy steel ski rack; $45. Securing this rack to wall studs helps it hold the weight of the equipment. If you can’t position it on studs, use wall anchors for a secure installation. You can do the task with or without anchors in an hour or two.
  • Make a port for your fishing rods by suspending two wire shelves from your garage ceiling about 5 feet apart, then threading the rods through the openings. Use shelves left over from a project or purchase a 4-foot-by-16-inch vinyl-coated wire shelf for less than $9, and saw it in half crosswise (or clip with bolt cutters) to make two 2-foot shelves. Snip additional wires where you need wider slots to accept pole handles or reels.

Tools

With a little imagination, you won’t need specially designed storage to organize your tools.

  • Conveniently hang wrenches and bungee cords using an ordinary vinyl-coated wire tie-and-belt rack, available at big box stores; $8.
  • Metal tools cling to a magnetized rail, keeping items in view and easy to retrieve; starting around $30. Simply screw the rail to wall studs to safely hold the weight of the tools (it’s an idea you may be drawn to.)
  • Cushion and protect tools by padding your toolbox drawers with a soft, non-slip liner. The open-weave design keeps moisture away and prevents tools from rolling around. Enough material to line eight average-size drawers is $15. Just cut the liner to length to fit and slip it into the drawer.
  • Organize small items — such as pencils, box cutters, and tape measures — by stashing them in electrical junction boxes; about $2 each (free if you have spares). Purchase a variety of sizes and shapes and secure them to studs or pegboard.

Yard and Garden Gear

Rakes, ladders, clippers, shovels, and sprays — a host of supplies keep your yard and garden looking lush and well-cared-for, but your garage? Not so much. Keep your garden and landscaping tools organized with these novel storage solutions.

  • Transform an old cabinet into a nifty garage storage unit on wheels. Hunt down an old four-drawer filing cabinet for a few dollars at a garage sale. Remove the drawers, turn it on its backside, and use a couple afternoons to apply paint and pegboard sides. Less than $25.
  • Hold heavy tools, long-handled implements, ladders, and more. Long steel rails with extruded holes mount high on the garage wall and secure to studs. Arrange a series of hooks and pegs on the rail to hang big tools. Two 48-inch rails sell for $22.
  • Secure a wooden pallet to wall studs to create a pocket for holding long-handled garden tools. To find free wooden pallets, check with local businesses as well as online classifieds, such as Craigslist. Cost: Free.
  • Keep bottles of fertilizers, repellants, and lubricants upright and easy to retrieve. A can rack ($15) prevents cans and bottles from tumbling off shelves.

 

 

By: Jan Soults Walker:© Copyright 2015 NATIONAL ASSOCIATION OF REALTORS® 

Buying a House at Foreclosure Auction is Risky Business

Buying a House at Foreclosure Auction is Risky Business

by | Jan 6, 2015 | Homeownership, Real Estate

You can buy a home at a significant discount at a foreclosure auction, but you’ll face a host of challenges. Don’t get burned; be solutions-ready.

If you want to get a good deal at a foreclosure auction, know what you’re buying and how you’ll be expected to pay for it.

Start by understanding the foreclosure auction rules for your area. State and local governments set their own rules for such factors as:

  • Bidding process
  • Amount of deposit
  • Where the auction is held
  • Whether the home owners can get their properties back after the sale

You can learn about the process in your area by talking to officials at your county tax department or to a REALTOR®.

Although foreclosure auctions follow local rules, there are some universal challenges you’ll face no matter where you shop for foreclosed properties. Here’s how to solve them.

Solutions to 6 common foreclosure auction challenges

1. Challenge: Getting reliable information about foreclosure sales. Many companies charge fees to send you lists of foreclosures that may not be current, or sell expensive foreclosure-buying “systems” that promise to teach you how to make millions in real estate.

Solution: Most foreclosure sales are still announced in local newspapers. And you can get accurate information about buying foreclosures from reliable book publishers:

Foreclosure Investing For Dummies (For Dummies, 2007)

Keys To Buying Foreclosed and Bargain Homes (Barron’s Educational Series, 2008)

2. Challenge: You can’t get inside the property before the auction to inspect it for structural problems and repairs. Many foreclosure auction properties are in bad shape because the owners couldn’t afford the upkeep. And sometimes angry home owners purposely damage the property to punish the foreclosing lender.

Solution: Walk around the home to check its exterior condition. If it’s vacant, look through the windows. Ask the neighbors what they know about the property. If it was a rental, check the inspection records on file with the local government.

You can safely assume there’s something wrong with any house sold at a foreclosure auction, so cover yourself by bidding no more than 70% of the home’s market value.

3. Challenge: You need to figure out the market value of the house to prepare your bid. Some foreclosure auction announcements include information about the size of the original mortgage. That’s not how much the house is worth or even what the owners owe now. If the current owners bought at the top of the market, their mortgage may be more than the home is worth in today’s market and they could owe even more if there’s a second mortgage on the house.

Solution: Commission your real estate agent to do a broker’s price opinion (BPO) on the home you want to bid on. The BPO will show you comparable sales, telling you what similar, nearby homes that weren’t foreclosure sales have recently sold for.

Bid well below those comparable sales to leave yourself room to pay for repairs and unexpected problems. Ask the agency that runs the auction how to find winning bid amounts from recent auctions. Use that information to guide your current bid, too. A look at local tax and assessment records will tell you more about previous and current auction properties, like square footage and lot size.

4. Challenge: You don’t know if there are liens on the home. Some auctions don’t give you clean title to the property, meaning liens from the federal government or other entities may not be removed during the foreclosure auction process. You’d have to pay off those liens if you won the property.

Solution: Focus your efforts on two or three homes in desirable locations. To find out about any liens, pay a real estate attorney to run a title search on each property and issue a commitment to insure the title after purchase. Ask how the policy treats liens filed between the time of the search and the time you close.

A less-expensive option: Hire an independent title search professional called an abstracter or an online company. Both search options should be under $200, title insurance costs vary by state.

5. Challenge: You have to pay cash and pay it quickly. Most auctions require bidders to come up with the full purchase price in cash within 30 days.

Solution: Don’t count on getting a mortgage that fast. Look for other sources of cash that make financial sense for you.

  • Take out a home equity line of credit or do a cash-out refinance.
  • Tap retirement accounts, provided it makes sense for you from a tax perspective.
  • Work with other investors to fund a partnership to invest in foreclosed homes.

6. Challenge: You’re in love with a house that you’re aware is headed to foreclosure, but you’re afraid to bid on it at the foreclosure auction because you know nothing about the process.

Solution #1: Contact the owners and offer to purchase the home as a short sale. That’s where the bank agrees to let the owners sell for less than what they owe on the mortgage.

Solution #2: You may be able to buy the house after the foreclosure sale. Foreclosure sales are run by a government agency (often the sheriff), which collects the money from the highest bidder and gives it to the bank to pay off the mortgage.

Banks will often bid at the sale to make sure someone doesn’t pay less than the house is worth (translation: not giving the bank enough money to satisfy the mortgage).

If the bank is the high bidder, it’ll take title to the house and put it up for sale. Then, buying the home is just like buying any other house. You can buy an owner’s title insurance policy so you know the house is free of liens; you can get a home inspection to check for needed repairs; and you’ll have plenty of time to line up your financing.

A real estate agent can alert you the day the bank puts the home on the market, so you can submit your purchase offer.

Since the bank pays the real estate agent’s fees, you likely won’t pay more than you’d have bid at the foreclosure auction to outbid the bank, and you’ll avoid most of the risks and unknowns of buying at the auction.

 

 

By: Marcia Jedd:© Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®

 

Matching Room Color and Lighting to Get the Effect You Desire

Matching Room Color and Lighting to Get the Effect You Desire

by | Jan 6, 2015 | Homeownership, renovations

Light changes color, so your lighting design — a top priority for any remodel — should help guide your color choices. Here’s how.

If you want to make your remodel project shine, finalize your lighting design before you select paint and carpet colors. The light you choose to illuminate tasks or set the mood will change the way you see color throughout the room. The Robin’s Egg Blue you picked could look like Paris at Sunset under some kinds of light.

It’s all determined by the way light and colors interact.

“People have to understand that the color of an object won’t look the same 24 hours a day,” says lighting designer Joseph Rey-Barreau. “I just had bamboo flooring installed throughout my house, and during the day it looks totally different than it looks at night.”

The way we “see” color primarily depends on two things:

1.  The light that an object absorbs. Black absorbs all colors; white absorbs none; blue absorbs red.

2.  How the light source works. Natural light (sunlight) changes throughout the day and is affected by a room’s location. Artificial light changes with the type of bulb you use.

How Sunlight Affects Colors

As the amount and angle of the sun changes, so will your room colors.

“Natural light should always be considered when choosing color for a space,” says Sarah Cole of the Farrow & Ball paint company.

North-facing rooms: Light in these rooms is cool and bluish. Bolder colors show up better than muted colors; lighter colors will look subdued. “Use strong colors and embrace what nature has given,” says Cole.

South-facing rooms: Lots of high-in-the-sky light brings out the best in cool and warm colors. Dark colors will look brighter; lighter colors will virtually glow.

East-facing rooms: East light is warm and yellowy before noon, then turns bluer later in the day. These are great rooms for reds, oranges and yellows.

West-facing rooms: Evening light in these rooms is beautiful and warm, while scant morning light can produce shadows and make colors look dull.

How Light Bulbs Affect Color

The type of bulb you use can alter the colors in a room, too.

Incandescents: The warm, yellow-amber light of these bulbs will make reds, oranges, and yellows more vivid, while muting blues and greens.

Fluorescents: This flat and cool light enriches blues and greens.

Halogens: These white lights resemble natural light and make all colors look more vivid. Using halogens would make the shift from daylight to artificial light less jarring.

Compact fluorescent lights (CFLs): CFLs can produce either a warm white, neutral, or bluish-white light.

Light-emitting diodes (LEDs):  You can buy warmer or cooler LEDs, and even “smart” LED bulbs whose color you can control wirelessly. “You can point to the color of the sky in a picture at sunset and make the light bulb in the house be that same color,” says Rey-Barreau.

Related: The Latest In Lighting Trends to Enhance Your Home
Tips for Achieving the Color You Want

  • Paint squares of primed drywall with samples of the colors you’re considering, and then move them around the room during the day. Apply at least two coats.
  • Evaluate samples of carpet during different daylight conditions.
  • Most contractors won’t hang lights before you paint, but you can get a color approximation by placing a bulb you’ll be using in a floor or desk lamp. If you’re hyper-sensitive to color or want a very specific look, ask your electrician to hang the lights, then cover them carefully during painting.
  • Remember that natural and artificial light will work together during certain times of day, especially in summer when dusk lasts a long time. Turn on artificial lights even during daylight to see what your colors will look like.
  • Paint sheen also affects color. Glossy finishes will reflect light and change the way the color looks, whereas flat finishes are less reflective and allow colors to look truer under bright light.
  • Light-colored walls can reflect the colors of bold carpets: A bright blue rug, for instance, can cast a bluish tone on a white wall.

By: Lisa Kaplan Gordon:© Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®

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