One Day Home Improvement Projects

10 Home Improvement Projects You Can Do in a Day

To the uninitiated, home renovations sound daunting and conjure up painful images of burning

 cash. But don’t let that scare you. Many projects can be done in a day, and if you’re smart about it,

 says Kerrie Kelly, founder of Kerrie Kelly Home Design Lab, they’ll boost curb appeal without 

breaking your budget.

“Whether it’s something you leave on a list for a handyman to do or you do it yourself, which is 

always gratifying,” she says. Here are few of her favorites.

1. Switch the hardware

Sometimes it’s easiest to begin with the front of the house rather than what’s inside, Kelly says, 

especially if you’re on a tight budget. To that end, changing the front doorknob and lock is a quick

 update that only takes a few minutes and can complement the style of the house. Add a kick plate

 for a touch of glam or go gold for a traditional feel.

2. Brighten the lights

Another quick, simple way to brighten your home is by changing the lights in the front yard. Feel

 free to purchase new ones, or better yet, clean the ones you already have. Your home will look 

far less spooky at night, and you’ll actually see where you’re walking.

3. Paint the door

If scrubbing bug-infested front yard lights isn’t your thing, put a new coat of paint on your front door

 to freshen it up. Go for something that complements the house’s exterior or be bold and opt for a

pop of color, Kelly says, which will set the right tone.

4. Upgrade your house numbers

House numbers and address plaques are another quick update that can make a big difference.

With the proper placement, they can make your house easier to find—not a bad thing when trying

to sell—and the right style of numbers can help play up its architecture.

5. Plant a vertical garden

Beautify a blank wall by planting a vertical garden. “It can add architecture to the side or back of a

 home and be more structural” if you opt for, say, hanging planters, stacked crates, or a lattice, 

Kelly says. And the plants can be anything, from herbs used for cooking to bright gerbera daisies

and vines.

6. Update kitchen or bath fixtures

Nothing modernizes a bathroom or kitchen quite like changing the fixtures. If you’re starting from 

scratch, you may want to coordinate with the rest of the room, although Kelly says she’s been 

seeing a lot of mixed metal and mixed wood. “People are more forgiving [of a lack of cohesion], 

and it seems more livable in our eyes,” she says.

7. Paint a piece of furniture

A fresh coat of paint can make old furniture feel new, Kelly says. Anything from bookcases to 

shelves to nightstands is an easy project, and if you mess up, so what? Just paint it again. “It’s not 

such a commitment, which is nice,” she says.

8. Install a fan

Installing a fan doesn’t take more than a few hours and is an inexpensive way to add interest to a 

room. Just remember to keep it “sleek and simple,” Kelly says, as low-profile fans are the best. 

“Don’t get too cute with it since it can quickly become dated.”

9. Change the cabinet hardware

“Changing the actual cabinet hardware can make a huge difference,” says Kelly, who recommends

going with nickel for a more modern look. “It can dress up the cabinet.” Clear knobs are another 

option for a timeless and elegant feel, plus, they match nearly everything.

10. Add light dimmers

These days, homeowners are adding light-control dimmers and switches for the energy efficiency, 

not just the drama, Kelly says. “[Dimmers] are very affordable and create mood and ambiance,

” plus you can use them with the lights that you already have. For a dramatic look, they work great 

in the dining room and bedroom.

If you are considering a home sale or purchase, please call, text or email.

Thanks and Happy New Year

New Year's Resolution? Escape the Rent trap

Don’t Let Rising Rents Trap You!

 Monday December 28th, 2015  Down Payments, First Time Home Buyers, For Buyers

There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.

Don’t Become Trapped

Jonathan Smoke, Chief Economist at realtor.com recently reported on what he calls a “Rental Affordability Crisis”. He warns that,

“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.”

The Joint Center for Housing Studies at Harvard University recently released their 2015 Report on Rental Housing, in which they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare.

It’s Cheaper to Buy Than Rent

In Smoke’s article, he went on to say,

“Housing is central to the health and well-being of our country and our local communities. In addition, this (rental affordability) crisis threatens the future value of owned housing, as the burdensome level of rents will trap more aspiring owners into a vicious financial cycle in which they cannot save and build a solid credit record to eventually buy a home.”

 “While more than 85% of markets have burdensome rents today, it’s perplexing that in more than 75% of the counties across the country, it is actually cheaper to buy than rent a home. So why aren’t those unhappy renters choosing to buy?”

Know Your Options

Perhaps, you have already saved enough to buy your first home. HousingWire reported that analysts at Nomura believe:

“It’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment.

It’s that they think they’re not qualified or they think that they don’t have a big enough down payment.” (emphasis added)

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream home. As we reported last week, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you determine if you are eligible to get a mortgage.

When you are ready to see how this applies to your unique situation, just call, text or email.

Happy New Year

Save Money for Holidays and all winter long

9 WAYS TO SAVE MONEY DURING THE WINTER

From increased utility usage to holiday gifts and travel, winter is an expensive season. To balance out your holiday shopping and household costs, here are 9 ways you can save money during winter and see the benefits last all season long.

1. Energy Audit – An energy audit of your home is a great place to start.  Some utility companies will perform them for free!  This will show you exactly where most of the warm air is escaping and cold air is entering.  They can also provide detailed plans on ways to warm up your home.  A DIY method is to hold a stick of incense near windows, doors, and any other place there might be a gap; then watch for the smoke to blow inwards.  Leaks can be fixed by using caulk, insulation, or by replacing worn weather-stripping.

2. Use LED holiday lights – Ditch the traditional incandescent bulb and use LED lights, which last up to 25 times longer and use 75% less energy. Set your lights on a timer so they turn off during the day to further decrease your energy usage.

3. Insulate your pipes – Uninsulated water heater pipes take longer to heat up, which wastes water usage. You can easily insulate your pipes yourself by purchasing pre-slit pipe foam and duct tape. By spending less than $15 to insulate your pipes, you can raise the water temperature by two to four degrees.

4. Stop drafts – Drafts affect your energy bill more than you would think. A draft from a door or window can waste anywhere between 5-30% of your energy use. Rather than replace your doors and windows, which can quickly add up, use a reliable and inexpensive draft snake. Purchase one from a store, or make one yourself using a rolled towel or long stocking.

5. Heat only your main rooms – It takes much more energy to heat an entire home, as opposed to a few select rooms. Close the vents in any rooms that don’t need to be heated, such as the laundry room or unused guest room.

6. Fireplace/Indoor stove – When properly used and maintained, they can be efficient sources of heat for multiple rooms and/or your entire home.  Some indoor stoves can generate more heat than common home furnaces.

7. Maximize your dishwasher – Today’s dishwashers provide enough water power to break down food particles from dishes. Save water by skipping the pre-rinse and put dirty dishes directly into the dishwasher. You can also save on energy costs by switching your dishwasher setting from heat dry to air dry.

8. Replace furnace filters – During the winter, furnace filters quickly build up dirt, resulting in restricted airflow and increased energy usage. Replace or clean your filter once a month. If you’d rather avoid a monthly task, switch to a permanent filter. While there is the initial cost, which ranges anywhere between $50 and $1,000, you reduce waste and the effort of buying and replacing a disposable filter each month.

9. Turn down your water heater – If you haven’t manually adjusted your water heater thermostat, it may be set at the manufacturer setting of 140 degrees, which is much hotter than necessary. By lowering the thermostat to 122 degrees, you can save up to $61 every year.

 Incorporate these 9 money-saving winter tips to keep more money in your wallet to spend on holiday shopping!

When you are ready to consider a new place to save money call, text or email

HAPPY HOLIDAYS

What You Need for a Mortgage

What You Really Need To Qualify For A Mortgage

 Tuesday December 8th, 2015  Down Payments, For Buyers

A recent survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.

1. Down Payment

The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 5% or less.

Below are the results of a Digital Risk survey done on Millennials who recently purchased a home.

2. FICO Scores

The Ipsos survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA mortgages are much lower.

Below are the numbers from the latest Ellie Mae report.

Bottom Line

If you are a prospective purchaser who is ‘ready’ and ‘willing’ to buy but not sure if you are also ‘able,’ let's get together and discuss your options.

Up Up Up Rents in 2016

The Residential Rental Market Heading into 2016

Below are quotes from experts as well as industry reports & articles that cover the residential rental market in the U.S.

The experts…

Zillow Chief Economist Svenja Gudell:

"Make no mistake: Despite this recent slowdown in rental appreciation, the rental affordability crisis we've been enduring for the past few years shows no signs of easing, especially as income growth remains weak. It will take a lot more supply, and a lot more renters-turned-homeowners, to fully reverse this.”

Lawrence Yun, Chief Economist of the National Association of Realtors

“Rents and home prices are expected to exceed income growth into next year because of the insufficient creation of new home construction and the detrimental impact its inadequacy continues to have on housing costs in several markets.”

David Brickman, Executive Vice President of Freddie Mac Multifamily

"We know rents are rising faster than incomes, and now we have data to show that many renters don't have enough to pay all their debts each month, which is forcing them to make tradeoffs, such as cutting spending on other items.”

The reports and articles…

Zillow's 2016 Housing Market Predictions

“Rising rents won't let up in 2016, and will continue to set new records. The next year will bring the least affordable median rents ever.”

2015 rent.com Rental Market Report

“68% of property managers predict that rental rates will continue to rise in the next year by an average of 8%”

CNBC

“The primary reasons cited for the latest rises were increasing demand and low inventory. Vacancy rates for rental housing nationally dropped to a 20-year low of 6.8 percent in the second quarter…Rents and occupancies are currently hovering at historic highs as supply isn't keeping up with demand.”

 Bottom Line

If you are one of the many renters debating a home purchase, let's get together to discuss your options, before your rent goes up!

Whose mortgage do you want to pay

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Rent vs. Buy: Either Way You’re Paying A Mortgage

 Monday November 30th, 2015  First Time Home Buyers, For Buyers

There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either your mortgage or your landlord’s.

As The Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return.  

That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

Christina Boyle, a Senior Vice President, Head of Single-Family Sales & Relationship Managementat Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

The graph below shows the widening gap in net worth between a homeowner and a renter:

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, owning might make more sense than renting with home values and interest rates projected to climb.

Click here for a home buying guide 

or

Call, text or email me.

Happy Holidays