Pros And Cons Of Today’s Flooring Trends

If you’re thinking about doing your floors, you’ve probably done countless hours of research online, visited several stores, and pored over colors, textures, sizes, and styles. You may have some idea of what you like, but is it a good choice for your lifestyle or your budget – or both? We’re breaking down the pros and cons of the most popular trends in flooring today.

Wide plank

Wide-planks are the most predominant trend in flooring today, regardless of color and finish.

Pro: The popularity of this type of flooring means there is a wide variety of options, from smooth engineered flooring to barn-like boards.

Con: DIY installation can be trickier because you’re working with such a large area.

Distressed

“The distressed floor style has been around for quite a while but has become even more popular just recently,” said Sebring Design Build. “Distressed flooring undergoes artificial aging and styling processes that give it a slightly worn finish. It works best for spaces where a beautiful rustic look is desired.  In preparing distressed wood flooring, various actions are taken depending on the degree and style of ‘distress’ desired. The edges of each wood plank are hand scrapped, swirl and kerf markings are added to imitate historic wood and the planks are brushed to remove glossing and give them a soft worn texture.”

Pro: Because it’s already distressed, it’s a good choice for households with kids and/or dogs.

Con: If/when smoother wood looks come back into style, those who have gone the distressed route may not be be able to have their floors refinished, depending on the depth of the distressing.

Luxury Vinyl

This is another fast-growing segment of the flooring industry because today’s vinyl planks can fool the eye, and, sometimes the foot and fingers, too. Luxury vinyl planks look like the real thing, but often at a much lower cost.

Pro: Choose vinyl planks that “float” and you can go right over the top of existing flooring. That makes it an easy choice for those who don’t want to do demo. Luxury vinyl is also extremely durable and easy to take care of—great for active households.

Con: The best vinyl plank product will get close to the price of real wood unless you are lucky enough to catch a sale. It’s not wood.

Lighter floors

“For years, lighter floors were viewed as outdated or inexpensive. That is no longer the case,” said Flooring Inc. “As more homeowners embrace the light, airy feel in their home, you will see a huge resurgence in light wood floors. Blonde wood, in particular, can give you that light feel, while still feeling timeless. With blonde wood, your decorating possibilities are endless. You can go for a chic, contemporary feel or a rustic, homey vibe all without changing your floors.”

Pro: Depending on how light you go, you may be able to enjoy an added benefit of disguising dirt! Also, “blonde wood makes any room feel larger and more open, especially if you use large planks.”

Con: If trend cycles hold, darker wood will come back at some point. Choose an excessively trendy look, like bleached-out floors, and you may further limit your “in-style” window.

Gray finish

“Gray wood floors are increasingly common and are a 2018 floor trend. They provide a unique, clean look that fits well in modern houses that need to brighten up,” said Family Handyman.

Pro: They look fresh and can make any home feel a little more current.

Con: Will the pendulum swing back to brown? Eventually…probably. Flooring that works in both brown and gray tones might help with the staying power. Also, gray can “lack the warmth of traditional natural-color wood flooring,” they said.

Bamboo Floors

Those who lean green have loved bamboo floors for years because of the material’s eco-friendliness. “Bamboo is considered as the fastest growing woody plant, reaching full maturity in five to six years,” said Green Design Build.

Pro: Bamboo is also known to be very strong and durable, and, whereas options used to be somewhat limited, a growing green trend means more looks for buyers interested in eco-friendly floors.

Con: Bamboo can be pricier than many other options.

Wood-look tile

There is a huge trend toward going with tile that looks like wood instead of using real wood. “These are porcelain planks that are designed to mimic natural wood grains,” said Family Handyman. Porcelain planks (tiles) are an attractive and durable floor trend.”

Pro: With 3D printing, the looks you can achieve are endless, and mimic the appearance of wood so closely that people may not even realize it’s not wood. Wood-look tile is also a great choice for areas like “the bathroom or other space prone to dampness” and is easy to clean and care for.

Con: It’s hard under foot. And it’s not wood.

WRITTEN BY JAYMI NACIRI

Selling Your Home? A Kitchen Clean Up Pays Off

When it comes to selling a home, a kitchen clean up pays. You don’t have to do an expensive remodel to make your kitchen appealing to buyers. If you’re starting with a good kitchen space, then making a few inexpensive modifications can help you get your home noticed and sell for more money.

Here are a few things to start with. Some people like to leave every single appliance that they’ve used in the last week out, but, to show good space,you’re going to have to clear your counters. One of the major mistakes sellers make is leaving the kitchen, or their home, the everyday way they live in it. The way you sell and show a home is not usually the way you live in it. Yes, it may be an inconvenience but it’s worth the hassle if it brings in more money when your home sells.

So, look around your kitchen and see what you can put away. The more empty the counter tops, the better. A few subtle decorations that bring your kitchen to life are perfect. Leave open space for buyers to imagine their own belongings in your kitchen.

If you have any low-hanging pots and pans on racks from the walls or ceilings, consider removing them and patch the holes. Unless the rack is very necessary or really nice decor that doesn’t block views or hang too low, removing it will help create a greater feeling of spaciousness.

Wipe the counter tops thoroughly. Sounds so ridiculously simple and obvious. But many sellers forget to do this and the counter tops are left sticky or with stains on them. A little elbow grease could remove a wine stain or watermark and make the kitchen look much more cared-for.

If you don’t have an island in your kitchen but have some extra room, a rolling butcher block island works like a charm for adding convenient working space and a sophisticated look. You might also have some delicious-smelling freshly baked cookies out alongside your flyers for open houses.

Get some light in the kitchen. If you have all recessed lighting, you might try adding a few pendant lights. They add a completely different look and can be quite attractive.

Change your flooring if it’s very old, torn up, or outdated. Putting in some inexpensive flooringthat gives an updated look will help. You don’t have to spend lots of money and get the best flooring around; just make sure your flooring doesn’t make your home look like it’s in a time warp.

Add some plants and greenery to the kitchen. Using fresh herbs in simple containers is a great way to add some pretty decor plus their lovely aromatic odors help buyers think about the meals they’d cook in your kitchen.

Clean up or replace old worn-down appliances. You can sell the home with appliances “as is” but a broken dishwasher, for instance, is a point of price negotiation. You can expect buyers to want some money off or for it to be replaced.

The kitchen is one of the most important areas of a home for most buyers, even if they don’t cook. Taking the time to enhance it before you list your home will help make sure your home sells for top dollar.

WRITTEN BY REALTY TIMES STAFF

Home Seller Tips To Having A Successful Open House

Holding an open house for your soon-to-be-listed or newly on the market home is a lot like being on a game show where edging out the other contestants in a short period of time is key. In TV game shows, such as “Jeopardy,” the contestants don’t automatically know answers to so many trivia questions; they study and they plan and they make it appear to viewers like they walk around with that body of knowledge every day. Open houses need to be thought of similarly. Once your home is on the market, an open house is your opportunity to plan and strategize how you are going to win over buyers in very short time.

Even in a strong real estate market where houses sell quickly, it’s still important to ask your agent to hold as many open houses as possible until the home sells. One reason is that even buyers with agents still like to look at homes on their own without feeling the pressure of a home tour. Sometimes their agent is out of town when your house goes on the market. Many buyers are not represented by an agent and the only way for them to tour a home is through an open house. Your agent will plan the open house to include everything from signage to freshly baked cookies. As a seller, you should take the following steps:

Depersonalize

Back to the game show analogy, think of depersonalizing as studying the answers and questions before trying out for “Jeopardy.” Your house is lovely for how you live in it, but buyers don’t want to see you in your house. In fact, the more your house makes it difficult to guess who lives there (age, religion, gender etc), the better. Take down personal photos, religious emblems, the cute collection of mini ceramic frogs, etc. Analyze your stuff for whether it’s morally, politically, or otherwise socially objectionable and remove all of it. You don’t want to eliminate buyers because they are turned off by your personal tastes.

Declutter

While you are depersonalizing it’s also a good time to declutter as the two go hand in hand. The more simple and understated your home is, the more likely buyers can see the home for what it is and imagine themselves in it. When you have too much stuff cluttering walls and counters and shelves, buyers turn their focus toward those things and sometimes even make the assumption in logic that if you are cluttery, then you are disorganized, which means maybe you don’t take care of the house as well or as on time as you should. A good rule of thumb is to box up or store at least half of the smaller items displayed in your home.

For example, how much is on your kitchen counter right now? Now imagine reducing that number to just three things. What would you choose to keep versus store? Some sellers are benefited by going to other open houses in their area and looking at how other people have decluttered and arranged what is left. Online pictures, such as what is found on Pinterest, can help too. Often you can get some good ideas on what works visually just by seeing how others do it. When you are all done decluttering, clean your home like never before because buyers notice dirt and grimeHire a maid service if you have to.

Lure Them In

The outside of your home is as important as the inside, especially the front entry area. Before an open house, take care of simple yard maintenance such as mowing, edging and weeding flower beds. A fresh layer of mulch adds color especially in winter months when not much is blooming. At your front door, clean off spider webs, blown leaves, and place a large, colorful pot of annuals or anything you can buy in season.

Complete Your Honey-Do List

While you have the yard power tools out, dust of your workbench and take a walk around your house inside and out. Make a list of all maintenance issues such as wiggly door handles, missing fascia, paint that has chipped, etc. and repair them before the open house. Buyers see even the smallest of maintenance issues as an extension of the condition of larger items such as roofs, plumbing and major appliances and assume you haven’t taken care of the home. You might talk to your realtor about a pre-inspection to deal with all home maintenance and problems upfront, before you get into contract with a buyer.

Be Cautious

Once you have taken the above steps and you are ready for the actual open house, there’s one last thing to plan. Protecting your valuables and identity. It might be rare, but criminals do use open houses as a way to case a house or to find collateral to steal identities. Make sure indoor safes are locked and hidden. Store heirlooms, checkbooks, prescriptions, and valuable jewelry away from prying eyes. Utilize a reliable, trustworthy, identity theft protection service to see you through the entire listing and sales process.

 

WRITTEN BY REALTY TIMES STAFF

8 Ways To Up Your Chances Of Buying Your First Home

Between rising prices, tough loan limits, and massive competition among other eager would-be buyers, it can seem like an impossible feat to purchase your first home. Homes in first-time buyer ranges are highly coveted and stories abound of buyers having made offers on numerous homes, only to be shut out time and again by multiple offers that drive prices up and out of their budget. But, there are ways you can put yourself ahead, even if the situation seems desperate.

Work with a good REALTOR®

Everyone has a real estate agent in their neighborhood or in their family or friend group (or all three!). And, while you would undoubtedly love to give business to someone you know and care for, you have to balance your sense of loyalty against your goal. This may not be the time to entrust your financial future to a brand-new agent or one who simply dabbles in the industry in his or her spare time. You’ll likely need a seasoned agent to buy your first home, especially if you’re looking in an area where the market is highly competitive. An agent with extensive experience and good industry relationships can help find you homes that may not be listed yet and then negotiate a winning offer.

Get that preapproval

It goes without saying today that you need a preapproval to buy a house. Many real estate agents won’t even take clients out to tour homes unless they have received their preapproval amount from a lender. Even if you are just casually looking, make sure you talk to a lender before you head out on a househunt. You don’t want to fall in love with something and lose out on owning it because someone else was already preapproved and you first had to start pulling your paperwork together. Nor do you want to fall in love with a house that’s out of your budget because you didn’t know what your purchasing power was.

Talk to landlords

If there are rental homes in your target area (and there probably are!), you might have an opportunity to buy a home that isn’t even on the market yet—and might not be listed for sale anytime soon. Your real estate agent should be able to locate some homes and initiate a conversation about the potential of purchasing. Some rental home owners may want to sell but be reluctant to take the steps to update the home and get it on the market. You may be able to slide right in there, which would be a win-win!

Consider a home that needs work

You might have better luck buying a home that isn’t updated and/or staged because they can tend to stay on the market longer. But, a home that’s a real fixer-upper can be a great buy thanks to the 203(k) loan, which packages the home loan and money for needed repairs.

“An FHA 203k loan allows you to borrow money, using only one loan, for both home improvement and a home purchase,” said The Balance. “203k loans are guaranteed by the FHA, which means lenders take less risk when offering this loan. As a result, it’s easier to get approved (especially with a lower interest rate).”

There are a number of improvements that can be made with a 203(k) loan, including bathroom and kitchen remodels, additions, HVAC, plumbing, and flooring, but if you’re looking to add a pool, you’ll have to do that on your own dime. “Luxury improvements” are not allowed under the terms of the loan.

Look just outside your target neighborhood

In the city of Frisco, TX, a suburb of Dallas and one of the fastest-growing cities in the nation, home prices have climbed to levels that can put even the smallest and oldest homes out of reach for many first-time buyers. In the adjacent city of Little Elm, however, home prices are lower – even though it’s also a desirable, growing city—and many of the neighborhoods feed into the preferred Frisco ISD schools. For young families that are looking to get their foot in the door and make sure their kids have access to great schools, looking just outside your target neighborhood can be a great way to go.

Consider a transitioning neighborhood

Buying in a neighborhood that is transitioning can be tricky…you’ll have to depend a lot on your real estate agent’s knowledge and your own gut to make sure you’re buying in an area that is going to appreciate—and is also going to meet your needs now. The current state of the the neighborhood might not fit that dream home idea you’ve had in your head, but, if you’re in it for the long haul, you could be making a smart move by looking in an area that isn’t exactly top of your list in its current state. The obvious draws of buying a home in a transitioning neighborhood are: more affordability or more home for the money, and the possibility to make some money as the neighborhood changes.

Getting a lot of bang for your buck is one of the benefits of buying in a so-called transitional neighborhood,” said LearnVest. “Keys to finding such a place: “The area’s proximity to public transportation is one of the most revealing factors. Pinpoint your favorite trendy neighborhood – and then take the local train or subway one or two stops past it. That’s how you’re most likely to spot emerging areas because they’re already linked to established routes of transit.” Also, a neighborhood “that’s adjacent to a much-desired one is much more likely to gentrify than one that’s surrounded by less prime areas.” Paying attention to decreasing local crime and DOM (days on market) for real estate listings in the area, and noting whether there is a vibrant art scene in the area, are additional tips to locating an up-and-coming neighborhood.

Raise your budget

Some people get a number in their head and decide that’s the most they’re comfortable with spending. Say you’ve decided you can’t spend more than $300,000 on a home, but you’re not having any luck finding anything in your target neighborhoods and you’re not willing to look elsewhere. Consider this: Is your preapproval from your lender higher than that magic $300,000 number? If so, consider upping it. That $20,000 difference could open up your search to numerous additional properties, and would cost you only about $100 per month. Bring a lunch to work instead of eating out a couple days a week or skip one night out at the movies and dinner per month and you’ve got it covered.

 

WRITTEN BY JAYMI NACIRI

How to Choose Hardwood Flooring That Will Get Your House Noticed

As a house flipper, ensuring my renovated properties look great is very important to me. I love walking into homes with hardwood floors. From bamboo to cork to parquet, oak, pine, and mahogany, wood floors give an immediate feeling of quality and luxury. There are seemingly endless varieties, styles and textures of hardwood flooring to complement your home and the region where you live.

If you’re thinking of selling your home in the next few years or simply want to love where your feet fall, hardwood flooring can add value and give your home the design boost it needs.

Solid Wood vs. Engineered Hardwoods

With so many options available nowadays, making the right decision can be difficult. Consider these key differences when evaluating flooring for your home.

Solid Wood Flooring is milled from trees, and each plank is composed of natural wood. Within the realm of solid wood, there are varying degrees of hardness. The Janka Hardness Scale rates the hardness of wood and can help you choose the right flooring for your home.

Engineered Wood is made up of pieces of wood and composite materials that are layered to create each plank.

There are pros and cons to each option. Solid wood flooring can swell and retract based on humidity and climate, requiring proper installation to limit the chances of these occurrences. In most instances, hardwood flooring means paying a premium in the cost. On the other hand, engineered wood flooring doesn’t react like solid wood to humidity, but it can’t be refinished multiple times if it gets deep scratches.

Installation and Other Considerations

Engineered floors come prefinished, which saves a step or two in the process of completing your flooring project. They can be installed quickly, in as little as one day, and are ready for immediate move-in. Hardwood requires several additional steps in the process: installation and cleaning, and staining (often several times) prior to adding a final coat of varnish.

Weather conditions matter as well. High humidity requires a longer drying time between coats, and stepping on floors that have not cured properly is out of the question. Those with sensitivity to strong odors will want to wait until the smell disappears before returning home.

Color and Pattern Choices

Style can be imparted not only through your choice of a particular wood but also through the color of stain you apply. Light floors appear breezy and beachy, while dark floors feel sophisticated and urban. The direction you lay the flooring – vertical, horizontal or in a pattern – also influences how formal or informal the space appears.

Durable, Practical and Stylish

Installing hardwood flooring is one of those rare instances in life where the practical choice doesn’t leave you feeling like you’ve made a series of compromises to arrive at a responsible decision. Hardwood is beauty and brains wrapped in one tough package. The main choice to be made, really, is whether to install natural or engineered hardwoods.

Because each type has different properties, where you plan to put the flooring could supply you with the quickest answer to the type of hardwood you should select. Due to the expansion and retraction qualities of solid hardwood, it’s best to keep it out of spaces that have a lot of moisture, like the bathroom or kitchen, or in spaces where the flooring would be laid directly on top of a concrete slab. For this reason, basements and bathrooms are great places to use engineered wood flooring instead.

Rental Property Considerations

If your home is an investment property for rent, you may want to opt for solid hardwood over engineered. Solid hardwood floors can be refinished up to 10 times before they need to be replaced. This will allow you to refinish the floors between tenants. Conversely, engineered hardwood, while very durable, has a useful life that does not extend beyond one or two sandings.

Pet-Friendly Flooring

Hardwood flooring is a practical choice for pet owners as it’s relatively easy to clean and doesn’t trap dust and other allergens the way carpeted floors do. Although engineered wood can be more scratch resistant, its thin layer of wood can’t be refinished multiple times like hardwood can. So if you have active dogs, you may want to opt for solid hardwood floors that can be refinished multiple times.

Noise Reduction

If you prefer that the pitter patter of little feet – or big feet, for that matter – be muffled, cork flooring has sound-absorbing properties to keep your home quiet. Its leathery look and comfort underfoot make it an attractive option. Cork is also an eco-friendly product because it’s derived from the bark of the cork tree and doesn’t require constant replanting.

Written by Jacqueline Falla

How The Equifax Hack Affects Homebuyers And How You Can Protect Yourself

Half of the country is freaking out. That’s about how many people are potentially affected by the unprecedented Equifax hack. If you’re the average person who’s afraid of having your data stolen – and by data, we mean your name, Social Security number, birth date, addresses, credit card numbers, and driver’s license number that were reportedly involved in this breach – you may have already taken some steps to limit the damage. But what if you’re in the process of buying a home or are getting ready to do so? How does this hack affect you, and what can you do to make sure you are protected?

Potential fallout for homebuyers

“Take this scenario: Say your Equifax file was looted but you’ve done little or nothing to detect fraudulent activity on one or more of your credit accounts. You sign a contract to buy a house, and you apply for a mortgage. The lender pulls your credit and confronts you with shocking news: Your FICO credit score is too low for you to qualify for the loan because you’ve been running up too much debt on one or more accounts. Your ‘utilization ratio‘ on your available credit is too high, and that has depressed your score,” said the Washington Post.

“Or there’s a newly established account in your files that has put you deep in debt, even though you had nothing to do with it. It turns out that financial thieves have been racking up thousands of dollars in debts at your expense, and now – smack in the middle of a major lifetime investment – you’re stuck with having to get the file corrected, which takes time and can be a pain. In the meantime, what happens to your purchase contract? Will the sellers bear with you, essentially putting off the transaction indefinitely and possibly blowing up their own plans to move into another house on a specific date? It could all get really messy.”

Those who are already in escrow could also be derailed when the lender runs your credit before the loan closes and discovers fraudulent new accounts or charges that raise the debt-to-income ratio beyond what is allowed. “At the very least, whatever rate locks you had could be blown as you scramble to get your files corrected,” they said. “Or your entire loan transaction could be jeopardized if the process takes too long.”

Steps to take now

Have you still not checked to see if you were potentially impacted by the hack that affected as many as 143 million people? Not having dealt directly with Equifax doesn’t guarantee your safety. “You may have never used Equifax yourself, or even heard of it,” said CNN. “Either way, the credit reporting agency could still have a lot of your personal information. To find out if your data was compromised by the hack, go here.”

Keep in mind that you’ll have to enter your last name and the last six numbers of your Social Security number to check. Regardless of whether or not they believe you were impacted, you’ll be prompted to enroll in their TrustID Premier credit monitoring service, which will be free for a year. Despite earlier concerns, “Equifax has confirmed that signing up for TrustID Premier will not prevent you from joining a class-action suit over this issue,” said PCWorld.

Armed with this information, you can go about taking further steps to protect your credit and prevent thieves from stealing your identity. Pull your credit reports for free once a year at www.annualcreditreport.com. Look them over carefully to make sure there are not any fraudulent accounts and/or charges. If you see anything, get on the phone with the creditor right away and start the dispute process. If you’re in the process of applying for a home loan or are under contract, you’ll also want to call your lender immediately to alert them to what you found.

To freeze or not to freeze

There has been quite a bit of discussion about credit freezes since news of the breach broke, with some consumers concerned that “turning off” their credit could potentially damage their score or negatively impact them in some other way, especially during the homebuying process. The fact is that a credit freeze is “the most extreme method, but it’s also the most effective” at preventing your information from being stolen and used to open new accounts, credit expert Barry Paperno, who blogs at Speaking of Credit, told NerdWallet. And, it can be turned on and off as needed for, say, a mortgage application or credit re-check before a closing.

“There are no downsides to this: You can still use your credit cards with the freezes on,” said Realtor.com. “But no one will be able to check credit scores and personal information without your permission—so no bad apples can open up fraudulent new cards or get loans under your name. And you can undo the freezes at any time – typically for a small fee.”

That fee varies depending on the state, and Equifax has said it will offer free freezes for 30 days, but the need for freezing will extend long after that is over. “Because a freeze can prevent fraud, it’s better than a credit monitoring service, which only alerts you that fraud might have happened,” said NerdWallet. “It’s the difference between using a deadbolt to keep thieves out rather than a security camera to catch them after the fact.”

You can easily request a freeze online for the three credit unions: Equifax, Experian, and TransUnion.

Fraud alerts

“If you don’t want to lock out all creditors – perhaps you’re in the middle of mortgage shopping or refinancing – you can place a 90-day fraud alert on your credit,” they added. “This tells potential creditors to verify your identity before issuing credit in your name.” A fraud alert is a good idea whether or not you freeze your credit. In this day and age, when hacks are more frequent and more damaging to more people, ongoing monitoring just makes sense.

“The biggest fears of identity theft “center around identity theft on an epic scale. It isn’t tough to conjure up worst-case scenarios,” said Realtor.com. “Think about it: Bad guys with all of someone’s information could, at least theoretically, try to buy a home under that person’s name. It’s more likely, though, they would use those stolen credit card numbers – or use SSNs to open up new credit cards – and rack up lots of debt in that unsuspecting victim’s name. And that damage could make it much harder for someone to qualify for a mortgage or refinance an existing mortgage.”

Consumers have largely been turning to ID theft protection company LifeLock, who the Los Angeles Times said could be “one of the big winners from the big data breach suffered by Equifax.” Not surprisingly, the firm has upped its advertising outreach in the wake of the breach. The result: “An executive of Symantec, LifeLock’s parent company, told Bloomberg that since the Equifax breach was reported, LifeLock’s Web traffic has increased sixfold and enrollments per hour are running 10 times ahead of the pre-Equifax era.”

But, there’s a rub: “Here’s what LifeLock isn’t advertising so widely: When you buy its protection, you’re signing up for credit reporting and monitoring services provided by, yes, Equifax. LifeLock signed a four-year contract with Equifax in December 2015,” and the relationship is still active.

If any (or all!) of that makes you queasy, there are alternatives to LifeLock you may want to consider.

Written by Jaymi Naciri

City Or Suburbs: Where Should You Buy A Home?

Getting ready to buy your first home? You’re probably caught in that age-old dilemma of whether to buy in the city or move to the suburbs. There are plenty of reports out there that detail how millennials want to stay in the city to be where all the action is. Walkability isn’t just a catchword; it’s a life goal. And, the reports out there that detail how being within close proximity to a Starbucks, a Trader Joe’s, and a Target can raise your home value only strengthen the argument for urban living. Of course, don’t discount all those reports that show that millennials are moving to ‘burbs to buy homes.

“A recent report from the National Association of REALTORS® shows that, instead of settling down in urban areas, young homebuyers are increasingly scooping up properties in the suburbs,” said smartasset. Conventional wisdom may say that’s primarily an affordability issue, and that factor can’t be ignored. However, there are several additional reasons why the suburbs are calling out to millennial buyers. And, on the flip side, there are those who can’t even conceive of leaving the city for the ‘burbs, affordability notwithstanding.

So how do you know where to go? These are some of the key factors.

Being close to what you need

In a city, you can be close to bars, shops, restaurants, and everything else that makes the area so dynamic. Of course, the density can make it hard to find parking, limit the open space, and make it unappealing for young families who want to live among other young families. Millennials who have kids or who are thinking of having kids in the near future have to weigh the importance of being in what they consider an exciting location against the practicality of being in a more family-friendly area.

Schools

The schools may be better in the suburbs. “It should come as no surprise that urban districts tend to have lower graduation rates than suburban ones,” said The Hechinger Report. The reason: “They often have more disadvantaged students and fewer resources.”

While individual cities and districts continue to tackle this important issue, families move to the suburbs, where they’ll likely pay higher taxes on their home to accommodate newer schools and expanded resources. Stay in the city, and you may have to pony up for private schools or seek out a charter to get a comparable education for your present (or future) kids.

Living Space

“The closer you get to a city center, the smaller the living spaces tend to be, even in Texas where things are bigger,” said Square Cow Movers. “This could be doable for some single professionals or couples, but for families it can be an issue. The suburbs provide more space to spread out, which is part of the reason they are still so popular today.”

 

Jobs

“One thing to consider before heading to the suburbs is where you’ll work,” said smartasset. Do you currently work in the city? How long will your commute be, and are you sure you can live with it?

It’s also important to think in terms of a big, unpleasant, “What if?” What if your job situation changes? What will the prospects be like in the area you are considering? Asking yourself how much time you are willing to spend in the car every day and taking a good look at how that translates to options in the area can help you key in on some areas and nix others.

Outdoor space

In some urban areas, parks give residents a respite from all the high rises and commercial spaces. However, living in the city often means having to make tradeoffs, and ample access to nature is one of them.

Safety

While crime rates and data vary depending on the specific location, overall, the suburbs have a reputation for being safer. Obviously if this is an issue for you, you’ll do your due diligence to ensure the safety of your family. It’s important to keep in mind, though, that transitional neighborhoods can provide a great value for money-conscious homebuyers – as long as you’re willing to put up with some potentially unpleasant realities while the transition is under way.

This guide from Forbes can help you identify a neighborhood that’s about to take a turn for the better and might be a good buy. Or, you can heed these tips from Property Brothers’ Drew and Jonathan Scott. “This is when it’s really important to work with a real estate agent that knows the area. Proximity to downtown, transit, shopping, amenities, and schools are really important,” they said on POPSUGAR. “You can also go to the city planning department and find out any major developments that are going into the different communities. Also, drive through the neighborhoods that you are considering and look to see if there are a lot of recent sales. Trying to invest in emerging communities can be risky, so if you are new to real estate, then we suggest sticking to areas you are comfortable in.”

Age of properties

If you want something newer, it may be harder to find in the city. Infill projects tend to be rarer, depending on the location, largely because of their cost. “Real estate is generally more expensive in infill locations than in outlying areas because land is relatively scarce, sites are closer to services and infrastructure, and zoning and the market often support uses that have higher revenue potential,” said the EPA. “However, the assembly process itself involves additional costs.” And then, of course, the higher cost has to be passed on to the buyer, which ties right back in to that affordability issue.

 

 

 

 

 

 

Written by Jaymi Naciri

How To Buy A House Without Going House Poor

How much house can you really afford? Is it the amount the bank tells you when pre-approving your loan? That’s what most people go by, oftentimes spending up to their max approval amount to get as much house as possible – or to be able to afford something at all in tight markets.

The debt-to-income (DTI) ratio, along with your credit score, is what is used by lenders to determine your loan approval and amount. The Consumer Financial Protection Bureau’s (CFPB) efforts to keep this number low notwithstanding, it has been rising to levels that are concerning to industry insiders who fear a widespread wave of home buyers overextending themselves and becoming unable to support their mortgage payment and other obligations.

The CFPB’s Qualified Mortgage (QM) Rule went into effect in 2014, intended to curb over leveraging by capping a borrower’s debt-to-income (DTI) ratio at 43 percent. “This means that a borrower’s total debt expense (including total mortgage payment) does not exceed 43% of their gross income (before taxes are withheld),” said the National Association of REALTORS (NAR). The rub: Many loans Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA), are exempt from the 43 percent DTI limit.

The impact higher DTIs are having on the market is clear; a new WalletHub report “analyzed data from 2,533 U.S. cities and ranked all of them on the basis of a ‘WalletHub Home Overleverage Score,'” said 24/7 Wall St, finding that, in many cities, over leveraging is becoming the norm. “The score was derived from a city’s median mortgage debt, median house value, median income, mortgage debt-to-income ratio and mortgage debt-to-house value ratio.” The top 10 are all well over the 43 percent threshold, with the top three – San Luis Obispo, California at 59.62; Williamsburg, Virginia at 58.76; and Brooksville, Florida at 57.44) pushing 60 percent.

Getting in over your head with a house, either from the get-go when first purchasing, or later on with a home equity line that increases your monthly payments, is a dangerous scenario for homeowners (and for the market in general). So how do you keep yourself in check to make sure the house you’re buying is one you can actually afford and that you’re not in danger of becoming house poor?

Do your own calculations

The bank may be telling you that a $350,000 house is within your means, but are you OK with the monthly payment attached to that price? No one is more familiar with your spending habits than you. Are you really going to be able to cut $500 a month in discretionary spending (eating out, movies, clothes shopping, morning lattes) to comfortably make your new house payment?

Don’t forget about the extra expenses

If you’re buying your first home, you may not be estimating your new monthly expenses accurately. Did you include the HOA fee, if the community in which you’re looking to buy has one? What about any special assessments, if there are any? And private mortgage insurance (PMI) if you have an FHA loan and are putting less than 20 percent down on your home. That couple hundred dollars could put you over the top.

Have you also considered your utilities? You may not be accustomed to paying gas and electricity and water and trash if you’ve been living in an apartment. There could also be an increase in the cost of electricity if you have more square footage to heat and cool.

Watch out for HELOCS

A home equity line of credit (HELOC) can seem harmless. I mean, it’s your money, right? And you’re using it improve your home, which will only raise its value, right? But what seems like a great idea can also get you in trouble when you tap your home equity. You may be calculating the additional payment for now, but what happens later?

That’s the conundrum thousands are facing right now, as “HELOCs are resetting higher rates and over leveraging homeowners,” said Inman. “An analysis by Black Knight Financial shows that 1.5 million home equity lines of credit will see interest-only draw periods end this year with outstanding unpaid principal balances that average $62,500 per HELOC. The data reveals that average borrowers whose lines of credit reset will face an additional cost of $250 per month, more than double the current average payment.”

Keep an open mind

Finding a house you can afford may be challenging – especially for first-time buyers and those in competitive markets that push the affordability index. If you have tight parameters for your house hunt that are making it hard to find something within your budget, consider:

  • Extending your area search. You may not be aware of (but your Realtor probably is!) adjacent cities or communities that offer a similar lifestyle at a lower price or up-and-coming areas that provide a great value because they’re still slightly under the radar.
  • Buying a condo or townhome instead of a single-family home. Some buyers have an automatic aversion to condos and townhomes because they don’t like the idea of living attached. But your real estate agent may know of properties that are end units, that have private yards, and that are two-story units with no one above or below you. It may be that this is your best bet for homeownership you can really afford at this point, and you may find you like it far more than you expected – especially because so many of these communities come with great amenities like a pool and gym, plus front-yard landscaping that is taken care of, saving you time and money.
  • Looking at fixer-uppers. A little-known loan called an FHA 203(k) mortgage may be your “in” to a home you can afford and make your own. The bonus is that it’s also great for borrowers who may not have the credit and/or down payment to qualify for conventional loans. “The FHA requires a credit score of at least 580 if you want to make the minimum down payment; if you have 10% down, your score can be as low as 500,” said Interest.com. “You can borrow more than the home is worth, as long as the repairs will increase its appraised value. The most you can borrow is 110% of what an appraiser estimates it will be worth after renovations, or the cost of the home plus the estimated renovation cost, whichever is less, minus your down payment. The minimum down payment on an FHA loan is 3.5%.”

Written by Jaymi Naciri

 

New Advances In Technology Make Going Green A Breeze

Did you know that an automatic dishwasher uses less hot water than doing dishes by hand, which equals an average of six gallons less per cycle, or more than 2,000 gallons per year? Considering that an individual American uses about 2,000 gallons of water per month, that’s a pretty significant number.

The idea of “going green” has come a long way in recent decades. In the 1950s, some kinds of energy efficiency weren’t really a choice. From drying your clothes on a clothesline, to cutting your grass with a mechanical push mower, people often lived green without ever consciously considering their carbon footprint. These days, the story is a little different; you can’t turn a corner or pick something up without seeing some kind of “save the earth” signage or packaging.

Reasons to Go Green

There are a plethora of reasons to go green, most falling into either the money-saving or the earth-saving categories. On one hand, you could seriously put some green back into your wallet with things like energy-efficient appliances, and green building tax credits and rebates. Also, simple things like carpooling, limiting eating out, and starting your own vegetable garden are great ways to save money and help the environment.

On the other hand, eco-friendliness means making your community and the planet a better place to live not only for us, but also for future generations. Examples of things you can do in your home are unplugging unused electronics to prevent “phantom” energy consumption, switching to LED light bulbs, conserving water by taking shorter showers, and using reusable items like Tupperware and canvas shopping bags rather than plastic.

Home Automation Technology

New advances in technology are taking much of the guesswork out of going green. With home automation systems like the Wink Hub and free app, you can control the settings on many of your home devices with the push of a smartphone button or even just with your voice. The Wink ecosystem interconnects all of your smart home devices either first through the Hub, or directly to the app. Wink’s simplicity is one of its most attractive features: according to Home Depot technology professional and Wink test user, Ramesh Chaparala, “It’s very, very simple and self-explanatory,” continuing, “Installing the Hub is a no-brainer; in five steps you’re connected.”

What Can You Control?

With the Wink home automation ecosystem, you no longer have to “set it and forget it” when it comes to your home devices. You can control many of your smart devices from your couch, bed, work, or anywhere you are in the world. Here are just a handful of devices you can install in your home that will not only bring you into the 21st century, but also make your home a smoothly running, highly efficient machine.

Smart Thermostats

Thermostats are a great way to control your home’s energy consumption, and when you apply smart technology, you can control it from anywhere. One Wink App Ready device is the Honeywell Wi-Fi Smart Thermostat, which not only adjusts to your schedule, uses automatic energy-saving settings, and Smart Response technology for precise temps, but also has a full-color, customizable screen to match your decorating scheme. You can be sure your home is aesthetically pleasing and at your exact desired temperature at all times.

Custom Window Shades

Motorized window shades allow for a clean, uncluttered look, are safer for pets and children with cordless technology, and help insulate your home with the setting of a timer or the push of a button. One quality option, Bali Custom Blinds and Shades with Somfy® automation & controls, utilizes a single control, wall switch, remote or programmable timer to operate single or multiple window coverings. Keep the shades drawn during summer to keep your home naturally cool, or leave them open in cooler months to let the sunshine warm your space.

Remote-Access LED Lights

Huge energy and money savings start by simply swapping out incandescent and even compact fluorescent light bulbs in your home for LED bulbs. LED solutions outlast incandescent and halogen bulbs up to 35 to 1, consume 85% less energy than incandescent bulbs, and emit less heat, which altogether drastically reduces replacing costs and landfill waste. Once you’ve decided to install LEDs, take it to the next level by installing smart light bulbs, like the TCP Connected Smart LED Light Bulb Kit with (2) A19 LED light bulbs. With this kit, you can remotely control lighting, dimming and smart lighting features from anywhere in the world with any computer, tablet, smart phone, or connected remote control. They have an estimated yearly cost of $1.32 and a life expectancy of 22.8 years (both figures based on three hours of use a day.)

Home Automation Technology is an Environmental No-Brainer

When it comes to eco-friendly new gadgets, it’s clear that home automation takes the cake. Having nearly complete control of your energy-consuming home devices right at your fingertips is certainly a big step forward for earth-conscious homeowners. In addition to these devices, several other smart green products are energy sensors, HVAC systems, irrigation systems, and outlet controls.

Which environmentally friendly automated devices will you install in your home?

Written by Sarah Kellner

6 Ways To Create A More Serene Stress-Free Home

Your home is supposed to be your haven, the place where you can relax and wash away the stresses of the day. But, if your house is messy, cluttered, or designed in a way that opposes certain Feng Shui principles, it could actually be adding to your stress. Apply a few tips to make your home the serene spot it should be.

Plant a garden

It might seem seem like getting dirty in the yard could raise stress levels, but it turns out just the opposite is true for many people. It’s “so effective at combating depression, stress, and anxiety that it’s often used in ‘horticultural therapy‘ at psychiatric hospitals,” said Rodale’s Organic Life.

Perfect Backyard Vegetable Garden Design Plans Ideas |

For maximum benefit, choose crops that “can also have an impact on your mood,” they said, including “potent antidepressant foods and herbs” like Swiss chard, which is “packed with magnesium, a nutrient essential for the biochemical reactions in the brain that boost your energy levels. Cherry tomatoes are another great choice because, “Tomato skin is rich in lycopene, a tonutrient that actually stops the buildup of pro-inflammatory compounds linked to depression.”

Bring some plants indoors, too

A little greenery sprinkled throughout your home can be beneficial physically because it improves air quality. Researchers have also found a link between houseplants and a person’s emotional state.

According to the Royal Horticultural Society, say that ‘bringing the outdoors inside’ can offer some of the benefits that are lost by retreating indoors,” said the Daily Mail. Plants reduce stress levels, improve mood and filter polluted air. A review of the scientific evidence suggests that workers are more productive when their office is filled with greenery, and hospital patients even tolerate pain better if there is a plant on the ward.

Perhaps most importantly, plants also trap and filter pollutants that are linked to thousands of deaths a year.”

Declutter

There’s a big difference between having a few too many knickknacks on the shelf and dishes in the sink and being a full-blown hoarder, but too much clutter can definitely have an effect on your emotional state. In fact, there is a proven link between clutter and depression, researchers at UCLA’s Center on Everyday Lives and Families (CELF) discovered. Among their findings: “A link between high cortisol (stress hormone) levels in female home owners and a high density of household objects. The more stuff, the more stress women feel,” said Houselogic. “Men, on the other hand, don’t seem bothered by mess, which accounts for tensions between tidy wives and their clutter bug hubbies. Women associate a tidy home with a happy and successful family. The more dishes that pile up in the sink, the more anxious women feel.”

A few Houselogic’s easy decluttering tips include:

  • Adopt the Rule of Five. Every time you get up from your desk or walk through a room, put away five things. Or, each hour, devote five minutes to de-cluttering. At the end of the day, you’ve cleaned for an hour.”
  • Don’t let dishes pile up. “A clean sink will instantly raise your spirits and decrease your anxiety.”
  • Pare down photos. “Put snapshots in a family album, which will immediately de-clutter many flat surfaces.”
  • Aim to actually see your refrigerator again. “Researchers found a correlation between the number of items stuck to the fridge door and the amount of clutter throughout the house. Toss extra magnets, file restaurant menus, and place calendars in less conspicuous places.”

Add a water feature

Live on a busy street or have other noise you’d like to mask? Maybe you just need an easy way to add a relaxing feature to your environment. A fountain may be your answer.

“Studies show that being near water reduces stress levels. As little as five minutes with nature can help reduce stress hormones, but being near water may have a stronger impact,” said Masterplan Landscape Design. “Evaporating water produces negative ions, which are invisible, tasteless, odorless molecules that we inhale. Negative ions have been shown to boost moods and lower stress hormones.” 

If you’re building a pool, keep the fountain idea in mind. Not only will it add the de-stressing benefits to your yard and provide a great focal point, but pool fountains and waterfalls have an added benefit in helping keep water cool – great for areas where hot temps can make the pool feel like a bath by mid-summer.

Reconsider your color

Color theory shows that certain hues can bring energy and excitement while others can help us feel more relaxed and serene. For instance, if you find yourself unable to sleep in a red bedroom, blue might be a better choice.

Color can have a huge impact on our experience of a space – but that doesn’t mean it has to be colorless to be calming,” said Houzz. “Color is personal, so spend time getting to know how color (or a lack of it) affects you, and intentionally choose your home’s colors to create a tranquil feeling. For some, an all-white space would be the ultimate in calm and relaxation, while someone else may get that same calm, cool feeling in a rich mineral-green room.”

Apply the principles of Feng Shui

Color therapy, decluttering, and bringing nature indoors are all considered principles of Feng Shui, but a few more can impact how you feel at home.

“The benefits associated with the promotion of organization, relaxation and productivity that’s central to Feng Shui” could be realized by something as simple as leaving your shoes at the door – a “purposeful way of leaving all outside events and potentially negative stressors out of your home or ‘safe haven,'” said HealthCentral.

Another top tip: Create sacred sleep quarters. “Sleep deprivation is linked to maladies ranging from anxiety to heart disease to breast cancer,” they said. “Feng Shui suggests choosing a bedroom away from a noisy street and positioning the bed in the back corner of the room, diagonally opposite from the door. Additionally, while in the bedroom, avoid artificial light from electronic devices, as this stimulates the brain to stay awake.”

 

Written by Jaymi Naciri