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THINGS TO CONSIDER WHEN CHOOSING THE RIGHT HOME


Looking for the right home can be a daunting process for first-time buyers and seasoned vets alike. From the style of the house to the type of appliances, countless factors can go into such a big purchase. The following short checklist outlines the most important things you should think about when you're on the hunt for a new home.

1. Define your budget:

It's never fun to fall in love with a house that you can't afford. Avoid heartbreaks by taking the time to analyze your financial situation before you begin the search. Start by reviewing your credit score, monitoring your debt, and choosing an appropriate down payment. Meeting with a financial professional can help you get an accurate picture of your financial situation and the loans you are eligible for.

Looking at your debt-to-income ratio is one of the ways that creditors establish how qualified you are for a mortgage loan. Your debt-to-income ratio is determined by taking your monthly debt (think current mortgage payments, student loans, car loans, etc.) and divide them by your gross monthly income. Ideally, you want to keep that ratio at 43% or lower. According to the Federal Consumer Finance Protection Bureau, "studies of mortgage loans suggest that borrowers with a higher debt-to-income ratio are more likely to run into trouble making monthly payments. The 43 percent debt-to-income ratio is important because, in most cases, that is the highest ratio a borrower can have and still get a Qualified Mortgage."

Don't skip the down-payment analysis! A huge factor in getting the best mortgage rate relies on how much cash you can put down initially. The rule of thumb has been to put 20% down as a minimum. Anything below the 20% rule will usually require mortgage insurance and end up costing you more on the loan long term. Determining the right path for you will require you to analyze your situation—your budget, timeframe and any other factors involved in figuring out your financial capacity to save and put money away for your new home.

2. Your Must-Have List:

Always search for homes that meet your "must-have" list. A must-have list encourages you to write out exactly what you need in a new home and will significantly aid in narrowing down the scope of your search, especially when searching with another person. This list will also foster communication on critical aspects of your new home that might not have been discussed previously, and help you identify requirements that may conflict with each other.

Focus your list on the high-level, pricey aspects of a home. Minor changes such as painting and smaller renovation projects can be worked on down the road, but changes that add up in time and money should be avoided (think kitchen remodels or adding another bathroom). Narrowing down your search to homes that don't require major changes will help ensure you choose a home that is within your budget.

If you are struggling with where to start, think about what type of home you want to live in–Single Family or Townhome/Condo? How many bathrooms and bedrooms do you need? Do you want a fireplace or pool? What's the minimum lot size you would be comfortable with and do you require a garage? What about air conditioning?

Keep your list short and precise–try to keep your must-haves on the shorter side by focusing on major requirements and rank them according to importance. Prioritizing your list will help when it comes to decision-making time, as selecting a home will often require some flexibility. Your list will provide you with an easy way to determine which aspects you can compromise on and which are red flags telling you to let go and move on.

Compromising can be hard, but don't let small things completely take a home off of your shortlist. Keep in mind that minor changes can be worked on, however, if there are a lot of things to be renovated and changed, the costs of the projects can add up. Focus on the minor modifications that you feel comfortable changing.

3. Location, Location, Location!

While the importance of location is often a no-brainer, the location of your potential new home serves multiple purposes. Location will impact your daily life and happiness as well as your home's value down the road.

When looking at location in terms of resale value, you want to look at a multitude of things: school districts, crime stats, and the neighborhood & community. A little research can answer most of these questions, and this website offers Market Insider, a tool to give you details on all these factors and more! Besides looking at the current stats and trends, take this information and think about what the value of the area might be after 5 or 10 years when you potentially could resell your home.

Along with the resale value, analyze the location of a home from the perspective of your wellbeing and happiness. Things such as your daily commute, surrounding noise, and community will greatly shape your experience in the home.

Along with this checklist, seeking guidance from a professional is always a good idea! A realtor like me can offer a wide array of skills and expertise, from the showing of a home to the endless paperwork. You can count on me to guide you through the process and assist in your home-buying decisions.

Finding the right home might not necessarily mean finding the "perfect" home, but rather, finding the right home for you to make your own. Hopefully, this checklist provides you with a guide to start your journey towards the right home. When you're ready to start looking, don't hesitate to give me a call!

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TOP 5 HOME IMPROVEMENT IDEAS ON A BUDGET


Updating your home to be chicer - without looking cheap - is completely doable on a budget.

Are you always planning to upgrade your room but you don't have the time and you're on a tight budget? DIY projects are on the rescue! They can give your house that extra sense of style without spending too much money. No need to cringe at those three little words: "do it yourself." They’re fast, easy, and affordable projects you can do on your own. Here are five relatively easy ways to enhance your home.

1. Replace Your Light Fixtures

Switching out an old boring light fixture for a more sleek and elegant one is an easy way to shift the ambiance of a room. By adding a sophisticated light fixture, you can control the mood of your room and add character.  Don’t worry, you don't need to pay a pretty penny for expensive new fixtures - you can buy them online or go to thrift shops and scavenge those shabby lights fixtures.

2. Add Floating Shelves

Installing floating shelves in your house combines the functionality of an extra storage space with added style and personal flair. Floating shelves can be mounted on walls in many different patterns, and they come in various materials to give your rooms a unique texture. Small rooms have storage challenges so choose shallow shelves to display framed photos, vases and accent objects but don't go overboard. If you’re dealing with a large room, you can use deep shelves to incorporate the floating shelves and the furniture. This way you have multiple storage for your things without making the room empty.

3. Paint an Accent Wall

Painting an accent wall can add a pop of color and showcase your personality. Usually, a low-risk project, a homeowner of any skill level can tackle this project in a day. You just need some tape, brushes and paint. Colors can change the vibe in your home and it will definitely be for the better. Choose a paint color that suits you, Just make sure that they complement each other and be consistent between warm and cool tones.

4. Install Decorative Molding

Adding decorative molding around your home can add an extra touch of elegance. Install molding to the ceiling by capping walls, columns, and cabinets, or add chair molding lower to the ground. With detailed molding, you can add character to your rooms while also making them feel taller and more finished.

5. Build a Stone Fire Pit

Take your sophisticated style outside by building a stone fire pit in your backyard. Completed in just a few hours, take uniquely shaped rocks or large stones and put them together to create a functional and stylish fire pit. Before starting the project, be sure to check your local fire codes or homeowners association to ensure you are safe and allowed to start building.

Adding a touch of class to your home doesn't have to break the bank! Just be sure to start with one project at a time, allowing yourself to complete one before starting the next. Otherwise, you'll fall victim to chronic project incompleteness syndrome - not a good look!

Now that you know about these five inexpensive DIY projects, which will you try?

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