Jun
28
(BPT) – Finally! The economy is improving, interest rates are low and many consumers now find themselves in a great position financially to become a first-time homeowner. There’s a small problem though for some locations around the country – the booming real estate market is resulting in rising home prices and increased competition for the most desirable properties.
The S&P/Case-Shiller national home-price index recently estimated that 2016 prices are within four percent of the peak in 2006. In some areas, low inventories around the country are making the situation even more challenging.
These conditions are introducing first-time buyers to common challenges and frustrations while searching for their dream home. “Don’t get discouraged,” says Travis Peace, executive director of mortgage at USAA Bank. “Buying a home requires some fortitude and the process intimidates many -not just those doing it for the first time.” As a result, Peace says it’s easy to concentrate too much on home buying “can’ts” rather than “can-dos,” and he offers this advice on how to overcome some common barriers.
“I Can’t” No. 1: I can’t figure out the home-buying process.
Peace notes that it’s essential to do research and to be equipped with basic information, but also be willing to ask for help when needed. For example, an experienced real estate agent can keep a buyer apprised of everything from area sales trends to the latest changes in state and federal laws that could impact a mortgage application.
“This is where experienced, licensed professionals can help,” Peace says. “Real estate agents can be an advocate for the buyer throughout the entire process.”
In addition, free tools like USAA’s Real Estate Rewards Network can connect buyers with an agent and even provide rewards based on the sale price of the home.
“I Can’t” No. 2: I can’t find the perfect home for my family.
Finding the perfect home may not be realistic, but shoppers can find the right home. Personal situations will dictate buyers’ ability to wait for a home in a particular neighborhood or design style to come on the market, but not everything has to be left to chance.
Peace says the key is to set realistic expectations and not fixate on negatives that can be changed. “Whether it’s the number of bedrooms or distance to work or school, it’s alright to have some non-negotiables. However, buyers should be willing to be flexible on things that can be relatively easy to change, like paint colors or landscaping.”
“I Can’t” No. 3: I can’t afford a 20 percent down payment.
Putting 20 percent down on a home has become more of a guideline than a rule. Today, not being able to put 20 percent down does not mean buying a home is out of reach. Peace notes that depending on a buyer’s financial situation, there may be a responsible way to get into your new home without putting 20 percent down.
Government-sponsored loan programs from the Federal Housing Authority, Fannie Mae and Freddie Mac provide loan options that require down payments as low as three percent. Veterans Affairs (VA) loans don’t require any down payment. While those programs are often great options for consumers who qualify, Peace notes that buyers should keep an eye on their potential total monthly payment.
“Some of these loans include fees and private mortgage insurance (PMI) that could significantly impact your overall cost,” Peace says.
Even private lenders are offering more competitive loan options. For example, USAA Bank’s Conventional 97 loan allows borrowers to acquire a mortgage with only three percent down and the bank pays the PMI costs.
Scott McEniry, a USAA member, recently moved into his new home with the help of the Conventional 97 loan. “It felt like a lifeline had been thrown to me as suddenly a house purchase was within reach again,” McEniry says.
Whether a house-hunting novice or seasoned expert, Peace underscores that being informed, getting the right help and having a healthy dose of determination are the best ways to turn a dream home into a reality.
Jun
23
(BPT) – The versatility and beauty of marble, granite, limestone, travertine and other natural stone countertops make them extremely popular in kitchens around the country these days. Unfortunately, as arguably the most heavily trafficked area of a home, kitchen countertops are exposed on a daily basis to all types of potential hazards including stains. Grease, wine, coffee, spaghetti sauce and other seemingly harmless foods and beverages can actually have lasting and costly consequences if the proper precautions aren’t taken to protect and care for your natural stone countertops, which are a significant investment to any kitchen.
Despite being a porous material that is susceptible to many everyday stain-causing elements including oils, soaps and dirt in addition to foodstuffs, homeowners can easily maintain the beauty of their natural stone kitchen countertop by being proactive and diligent in sealing and cleaning the surface regularly. According to Custom Building Products, using pH neutral care and maintenance products that are devoid of acids, etchers and other harmful chemicals like Aqua Mix sealers and cleaners will allow homeowners to safely preserve the finish of natural stone and avoid the expense of having a countertop professionally cleaned or replaced altogether.
Note: When applying natural stone sealers and cleaners always wear rubber gloves and eye protection, and follow the directions on the product label explicitly.
* For long-term protection against undesirable stains without altering the appearance of a natural stone countertop, apply a no-sheen, natural look, water-based sealer like Sealer’s Choice Gold. These types of sealers are formulated with high-quality polymers that penetrate into the pours of the natural stone so stains can be cleaned off before causing permanent damage to the surface.
* For everyday care of natural stone countertops, apply a non-acid cleaner that also seals the surface during the process like Polished Granite Cleaner & Sealer. Strong enough to remove common household dirt without harming the surface, these mild cleaners protect natural stone countertops from more evasive stains with a thin layer of sealer.
* For neglected natural stone countertops with challenging stains, apply a heavy-duty cleaner and degreaser like Stone Deep Clean to effectively remove grease, soap scum, dirt and other undesirable grime from the surface. Concentrated cleaners of this nature should be mixed to the desired strength for a stain and rinsed thoroughly with clean water before drying on the countertop surface.
Sealers with low VOCs (volatile organic compounds) are recommended for protecting natural stone countertops in a safe and environmentally-friendly manner. For more information on cleaners, sealers, colorants and other tile grout care and maintenance products, visit Custom Building Products at www.custombuildingproducts.com and Facebook.
Jun
23
(BPT) – When your family outgrows your home’s available space, moving to bigger digs isn’t always the best option. Maybe you really love your current home. Perhaps you can’t find a bigger home in your price range in the area of your choice. Whatever your reason for staying in place, expanding the home you already have can be a cost-effective option when your family needs more room.
Converting an unused attic into usable living area is a reliable, cost-effective way to gain more space in a home. It’s also a good investment; when you add an attic bedroom, you can expect to recoup about 77 percent of the construction cost when you resell the house, according to Remodeling Magazine’s Cost vs. Value Report.
Three time-tested techniques can help you turn an empty attic into the extra space you dream of:
1. Rely on natural light for beauty, visibility and cost savings.
Attics don’t usually have many windows, and adding them can be difficult if the ceiling is sloped. Adding dormers – a typical solution – can be costly and time-consuming, and eat up wall space that is often at a premium in attics.
Skylights or roof windows can be a better, more cost-effective way to bring natural light and fresh air into an attic. Installation is faster and cheaper than adding dormers, and they work well on slanted ceilings. Energy Star-qualified, solar-powered, fresh-air skylights like those from Velux America make it easy and affordable to bring natural light and fresh air into an attic space.
Add solar-powered blinds in designer colors and patterns, and the skylight becomes an even more valuable piece of the room’s overall decor. Solar-powered skylights close automatically in case of rain. They, and the blinds, are operated by programmable remote control, making it easy to adjust the amount of sunlight that enters the space. Both products, plus the installation costs, are eligible for a 30 percent federal tax credit to the homeowner. Learn more at www.whyskylights.com.
2. Pay close attention to insulation.
In any home, the attic is often the hottest spot in the summer and the coldest in the winter. The amount and quality of insulation in the attic directly affects the comfort level in the space – and the overall energy efficiency of your home.
Have an insulation pro evaluate the insulation in your home’s attic before you begin planning your conversion. You may need to add insulation or even replace older, inefficient types – a move well worth the investment since insulation is so important to your home’s overall comfort and energy efficiency. Many insulation pros will recommend spray insulation for attics because it goes easily between existing joists. Plus, it can create a tight air barrier without losing the inches of space required for thick fiberglass batt insulation.
3. Get smart about plumbing.
If your attic conversion will incorporate a bathroom, good for you! Bathroom additions return more than 56 percent of your initial investment when you resell, according to the Cost vs. Value Report.
If pipes are already present in your attic, adding a bathroom can be simple. If no plumbing exists, consider cost-effective alternatives that will have less impact on the space, like up-flush plumbing. Because it fits into the kind of tight spaces that often occur in attics, up-flush plumbing can be an easy, cheaper way to plumb a sink, toilet or shower stall in an attic space.
Converting an unused attic into living area can be a great way to expand your space without moving. Plus, when you finally are ready to move one day, that attic renovation may end up paying for itself by boosting the sale price of your home.
Jun
17
(BPT) – From self-driving cars to Snapchat, digital technology continues to transform almost every aspect of our lives. While these big-ticket smart items make the headlines, many homeowners are more interested in how smart technology can be used to in…
Jun
16
New home improvement trends that strengthen your property investment
June 16, 2016 | Leave a Comment
(BPT) – When you’re in the process of buying or building a home, you’re constantly researching trends and technology that will set your home apart. Fast forward a few years and you probably don’t have your finger on the pulse of home advancements like …
Jun
16
(BPT) – As home improvement projects take center stage, the search is on for products that will enhance, rather than jeopardize the health and well-being of our families and loved ones. Products made from American hardwoods have been the natural choice…