Before You Take The Plunge With A Fixer-upper, Think About Resale Value

We’ve all watched the HGTV programs that show a run-down old house transforming into a dream home. Tackling a big renovation project on an outdated property can indeed pay off big—both with the home of your dreams, and with a return on investment. If resale value is a primary concern, consider these factors as you’re making your fixer-upper plans.

Is the price right?
How much can you invest in a home beyond the sale price while staying in line with the value of homes in the neighborhood? You don’t want to improve a home to the point that it’s worth far more than the norm for the area. You’ll enjoy the property while you’re living there, but if you ever decide to sell, your ROI could be limited by the market value of nearby houses.

Low cost, instant equity
There are a lot of low cost and DIY improvements that will add equity almost immediately, such as rehabbing the landscaping and adding fresh coats of paint. These improvements add value to the property almost instantly.

What’s worth spending on?
A little elbow grease goes a long way, but there will inevitably be projects that require some serious spending. If you’re concerned with getting a return on your investment, focus your dollars toward the roof, floors, and the home’s exterior. They’re not flashy upgrades, but they’re important for future buyers. On the other hand, luxuries like a swimming pool are unlikely to see any return on investment.

5 Simple Ways To Keep Your Home Cool This Summer

Summertime is here and it’s bringing the heat! It’s always an option to blast the air conditioner all summer long, but there are ways to keep your home cool that are better for the environment and won’t double your energy bill.

1. Ceiling Fans

Ceiling fans may be an overlooked method to keep your home cool, but that’s because they are often used incorrectly. During the summer months a ceiling fan should be rotating counterclockwise to send cool air down otherwise you will be recirculating the heat in your home.

2. Blinds

If your home has windows that face the west or north, make sure to keep them covered with blinds to prevent the sun from heating up your home.

3. Mind the Gaps

Cover or repair all gaps and cracks near doors and windows to ensure your cool air stays in during the day. This paired with your home’s insulation will also prevent heat from seeping in on hot days.

4. Evening Chill

When the sun goes down and the temperature is cooler, open up your windows and doors to bring that cool air in. Just make sure to get them closed before the sun returns.

5. Box Fans

If your home has multiple windows on opposite sides of the room, you can create a cooling effect with two box fans on each side. One should be facing inward and the other outward. This will keep a constant airflow bringing in fresh air and removing the hot air.

Top Tips For First-time Homeowners

Owning your first home is one of the biggest milestones in an individual’s life. Once it’s finally all yours, you want to make sure you avoid common rookie mistakes like the ones below.

Starting major renovations right away. With all the excitement and energy from the closing table still lingering, it’s easy to get caught up in home improvements. Before starting a major renovation, give yourself 2 or 3 months of living in your home to really solidify that it’s the right financial investment and what you really want.

Ignoring routine maintenance. Ignoring routine upkeep and maintenance, such as prepping your pipes for winter, clearing gutters, and filling cracks near doors and walls, can cause big issues down the line. Make sure to budget both time and money for these tasks.

Hiring the cheapest option. If you have a job that requires a professional, don’t always opt for the cheapest option. Makes sure to get several estimates for the work and look online for reviews. Once you do your research, select the professional you think will do the best job.

Not knowing your property boundaries. During closing, you may receive a survey of your home and property, however it’s crucial you know exactly where your property lines are. Outline this before your start planting or building fences or structures.

Neglecting the exterior of your home. Once you move in, it’s easy to focus your energy and effort on the interior. But don’t forget to give your exterior some TLC with thoughtful landscaping and regular checks to ensure weeds are taken care of and water is draining correctly.

Avoid These Two Big Mortgage Mistakes

We all know that searching for and viewing potential homes is the fun part of the home-buying process. The not-so-fun part? The mortgage.

But if you don’t pay attention to the details, your mortgage can end up dragging down the enjoyment of your new home and cause some major regrets. Here are a few mistakes to avoid to ensure that you love your mortgage terms as much as your hew home.

Don’t find your home first: Shopping around for the best mortgage rate should be the first step in the home buying process. You may even want to talk to a mortgage broker a full year before you plan to buy. It’ll give you time to get your affairs in order to qualify for the best rate, could save you thousands of dollars in the long run, and you won’t feel rushed to accept an unattractive loan because you’re worried you’ll miss out on your dream home.

Don’t forget your real budget: There’s often a big difference between what a lender says you can afford and what you can actually afford. Your debt-to-income ratio doesn’t include the money you spend on hobbies, or the cost of commuting to work, or maintenance and utility costs.

Really sit down and examine your spending before committing to the loan amount the lender is offering. You won’t enjoy your home nearly as much if it’s eating into your favorite hobbies.