Some Highlights:
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Some Highlights:
In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.
If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television orPinterest, and start looking at the countless homes listed for sale with rose-colored glasses. Do you really need that farmhouse sink in the kitchen in order to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the man cave of your dreams be a future renovation project instead of a make or break now? The first step in your home buying process should be to get pre-approved for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it. The next step is to list all the features of a home that you would like, and to qualify them as follows:
Bottom Line Having this list flushed out before starting your search will save you time and frustration, while also letting your agent know what features are most important to you before starting to show you houses in your desired area. Remodeling can cost thousands of dollars, which can take homeowners months or years to save.
– Photo courtesy of Modify Your Space In the interim, how do you make improvements to rooms like bathrooms and kitchens? Instead of taking out loans for an expensive remodel, consider investing in a few of these less expensive remodeling alternatives: 1. Refinish bathtub If you have a porcelain bathtub that looks a bit worn, the alternative to replacing it is refinishing the tub. While refinishing is a long process, it costs less than a new bathtub, about $300 to $1,000 according to ImproveNet. The process involves getting off all of the dirt and grime and then sanding it before putting on new layers of paint and primer. It’s a process that will leave your bathtub looking almost new if you have the right tools and want to invest at least a day working to refinish it. 2. Refinish wood floor Over time wood floors get scuffed, scratched and worn down by foot traffic in kitchens, living rooms and hallways. While homeowners might consider replacing parts or the whole wood floor, another option is to refinish the wood. The DIY approach is to sand down the wood floor and then re-stain it, which requires a lot of elbow grease and time to complete. If you want to have a flooring professional do the work, you might pay between $1,500 and $2,000 for wood floor refinishing depending on the square footage. 3. Replace cabinet and drawer hardware When cabinets are opened and closed continuously, the hardware can wear down, hinges may start to squeak and areas may crack. Instead of replacing the entire cabinet door, you can go to a local home improvement store and find knobs, hinges and pulls. Then on the weekend, using some screwdrivers and a drill, you can take off the old hardware and replace them so the cabinets have brand new knobs and hinges that don’t squeak. 4. Paint cabinets If paint starts to chip away from your kitchen or bathroom cabinets because of usage over time, you can take the doors off with a screwdriver and repaint them or have them professionally finished. This will save on having to replace the entire cabinet, and you can have them personalized for the room. If you choose to paint them yourself, be sure to choose quality paint that can last so you won’t have to go back and do it again. You also want to be sure and cover the hinges and knobs. It might be good to consult with a painter ahead of time just in case. 5. Update lighting For those who want to have a greener home, an inexpensive project is updating your lights from fluorescent or incandescent to LED. You can go to your local home improvement or big-box store and purchase LED bulbs for around $10 and install them in about any fixture. These will cut down on your utility bill while giving off the same glow without that bright, buzzing haze. You can also replace many of your hanging fixtures with recessed lighting, which can optimize ceiling space but might require an electrician’s expertise for handling exposed wires. 6. Paint appliances Many older homes have appliances that are oddly colored in pastels or pinks and blues. While these appliances are still in working order, they don’t match modern demand for stainless steel. Instead of replacing them, innovation now allows for homeowners to paint their appliances. Homeowners can buy painting kits to transform these retro appliances from old to new without spending thousands on all-new appliances. However, if you aren’t certain about doing it yourself, there are professionals who refinish appliances every day. These are just some of the inexpensive alternatives homeowners have to remodeling rooms in their home or ways to revitalize rooms while saving up for a remodel. If you need other ideas for updating without gutting a room, consider options like plumbing, furniture upholstery, heating and cooling and other small projects that will save you time and effort on a remodel. Getting a home loan is a complicated process and many first-time home buyers are unaware of all the pitfalls they might face during the loan process. Have you been wondering what to do or what to avoid as you go through this process? Here are a few tips for a smooth and hassle-free loan closing.
Once you have been pre-approved for a mortgage, do not make any major purchases such as car, jewelry, furniture or appliances. Continue paying all your rent or mortgage payments on time. Do not apply for any new lines of credit or make unusual deposits or transfers of funds. If possible, do not change jobs or bank accounts during this time. Changes in debt-to-income ratio can disqualify you for many loan programs, and other changes may otherwise raise questions about your ability to handle a new mortgage. Homebuyers should keep the process moving by responding to loan officers’ requests for documentation as quickly as possible. Be prepared to explain any sizable deposits in your bank accounts, which might be called into question when not documented completely and accurately. Lastly, enjoy purchasing your home but remain objective throughout the process and make decisions that are suitable for your current situation. Remember that pre-approval is not a guarantee. Therefore it's possible to be denied for a mortgage even after you've been pre-approved. However, following these tips should give you confidence that you will receive final mortgage approval. If you are ready to make your move in the market, either buying or selling, contact Jay Buinicky today at 704-280-0011. Jay would love the opportunity to earn your business and assist you every step of the way. |
AuthorJay Buinicky, Realtor Archives
September 2017
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