Homeowners March 2, 2023

Savvy Ways to Increase Your Home’s Value

Here are a few of our favorite impactful and straightforward means of boosting your home’s value and appeal over the short or long term.

 

Whether you plan to be in your home for just a few more months or many more years, there are plenty of efficient ways to maximize your space and increase its value. This type of investment needn’t require a loan, nor does it have to span any great length of time. From green living to greenery in your yard, here are a few impactful and straightforward means of boosting your home’s value and appeal over the short or long term.

A Smart Move

Green is the new black. Any form of energy efficiencies and conservation in your home will inevitably be a fiscal gain. Whether you install energy-saving window treatments or solar panels, both options can reduce utility expenses for you and any future inhabitants. When it comes time to replace appliances, a prudent decision would be to select a “smart” model of said item, which can significantly lower long-term energy costs.

While on the topic of efficiency, a wise investment would be installing “smart” devices throughout your property. Think digital features such as automated blinds or shades, security cameras, door locks, security lighting and thermostats. When you’re ready to sell, the smart tech will appeal to buyers with a penchant for the added value of convenience and connectivity.

Wide Open Spaces

Create visual space in rooms by keeping them clutter-free and organized, which can be solved by simply installing a stylish shelving unit to keep extraneous items out of sight. Seek the help of a professional organizer who will be bursting with innovative ideas to optimize the storage areas in your dwelling.

Another way to increase square footage without a renovation is to let the sunshine in! Avoid heavy drapes and instead, use modern window treatments that add height such as roller, Roman or cellular shades. Similarly, you can position a decorative floor-to-ceiling mirror in any room to visually double your space.

From the Bottom Up

Explore the possibility of replacing the flooring in a few key spaces. A unique, beautiful and buzzworthy material is cork, which is also known to have antibacterial properties. If you opt for new surfaces under your feet, consider installing radiant heating simultaneously. These systems not only add optimum comfort, but are also aesthetically pleasing and energy efficient.

Make an impact through your lighting choices. Utilize contemporary or dramatic fixtures to complement each room. Whether you choose minimal or eye-catching designs – the right piece in the optimal locale can add intrigue and substance to your residence.

Kick It Up a Notch

Significant updates to your kitchen and bathroom are sure to boost value. Modern appliances and updated décor increase appeal to buyers, so consider a new backsplash or that roomy farmhouse-style sink you’ve been eyeing. Think one step further and install a water filtration system to add practicality and luxury to your dwelling. Additional elements like stylish sconces, a new vanity or a vintage mirror can elevate functionality and increase allure.

It’s Only Natural

Consider your front and backyard. If there is an area that would benefit from some striking landscaping or creative plantings, explore your options or consult with a professional landscape architect or designer. Executed well, a garden or other natural elements in your yard can become lovely extensions of your home’s indoor atmosphere.

When you look around, there are many ways to enhance the comfort and appeal of your property that will serve you well as a resident – and add value one day when you’re ready to sell.

Financing July 21, 2022

Things to avoid after applying for a loan

 

Once you’ve applied for a mortgage to be able to buy a home, there are some key things to keep in mind. While it’s exciting to start thinking about moving in and decorating, be cautious when it comes to making any big purchases. Let us have a look at things you should avoid after applying for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgage. Resist the temptation to make any large purchases, even for furniture or appliances.

Don’t Co-Sign Loans for Anyone

When you co-sign for a loan, you’re making yourself accountable for that loan’s success and repayment. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.

Don’t Switch Bank Accounts

Lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

Don’t Apply for New Credit

It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), it will have an impact on your FICO® score. Lower credit scores can determine your mortgage interest rate and possibly even your eligibility for approval.

Don’t Close Any Accounts

Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those aspects of your score.

Consult an Expert

To sum it up, be upfront about any changes when talking with your lender. Blips in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. Ultimately, it’s best to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.

Bottom Line

You want your home purchase process to go as smoothly as possible. Remember, before you make any large purchases, move your money around, or make any major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.