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Showing posts with label mortgages. Show all posts
Showing posts with label mortgages. Show all posts

Friday, February 10, 2012

Staging Your Home


 
The process of staging your home is all about illusions, so to speak. It is more than just cleaning and decorating, it’s about preparing the home for sale and creating and perfecting moods. Staging is the part that takes place AFTER you have done all of your cleaning, de-cluttering, painting, and minor repairs. When you stage your home it makes your home look bigger, cleaner, brighter, warmer, and most of all it makes buyer want to buy it. The key is adding the small details, for example: that perfect amount of lipstick/lip gloss, light mascara, and a stunning single strand of pearls. It’s simple, yet elegant.

Secrets of a Professional Home Stager
Professional Stagers possess the skills of a top-level designer and they create dramatic scenery that appeals to all five senses. Here are some of their secrets:
  • Arrange sparse pieces of furniture in an appealing grouping known as a vignette
  • Showcase a generous usage of soft fabrics such as silk and satin
  • Display unusual knickknacks in units of 1, 3 or 5
  • Drape window coverings with simple lines
  • Add unique elements to shelving, bookcases and fireplace mantels, which draw attention to predetermined areas
What Accessories Does a Stager Use?
Stagers bring in a vast array of items to spruce up the house. Here is a small sampling of items professional stagers often use to dress each room. How they are utilized is limited only by the creativity and vision of the stager.
  • Mirrors
  • Plants
  • Silk Flowers
  • Floor & Table Lamps,
  • Area and Throw Rugs
  • Small Love Seats
  • Ottomans
  • Afghans
  • Pillows
  • Inflatable Queen-Size Beds
  • Baskets
  • Plastic Tables & Chairs
Professional Staging Tricks & Tips
I spoke to a few stagers in my area and they offered this practical advice for making your space sparkle:
  • Apply orange oil to cabinets that appear dry, which will renew their original luster
  • Put out large bowls of fruit such as polished apples, bright oranges, luscious grapes
  • Arrange colorful and fun cookbooks on the counters
On stager had a “green thumb” and loved bringing the outdoors inside through the use of greenery and plants; in creating clean, crisp spaces and arranging furniture with plenty of room to walk around. Another stager mentioned that bathrooms are essential to dress well. Bathrooms should look open, airy and delightful. One of her favorite tricks is to add baskets filled with spa treatments such as:
  • Towels, tied with ribbons
  • Scented soaps
  • Creamy lotions
  • Moisturizing & Facial jars
Just because we stage the house doesn’t meant that the back yard doesn’t need staging too! For patios and decks, bring in plants and potted flowers, and add additional color by setting the picnic table with bright, plastic dinner plates.

How Much Does It Cost?
Prices vary depending on where you live and the local demand for professional home staging. I believe that vacant homes show better with staging, however, fees range from $500 to $5,000 or more, depending on square footage and the number of rooms staged. It is not a requirement to have a professional stager. Based on the tips that I mentioned in this post coupled with your creative sense of design you very well may be able to create a beautiful “illusion” to your buyers. Good luck!!

Additional Resources:

Thursday, December 1, 2011

Mortgage Tips for First-Time Home Buyers



In this blog I will be talking about mortgages!!  Usually the biggest challenge for a first-time home buyer is getting enough money saved for a down payment, especially in metro area markets here in NC. There is a solution for that though! Thanks to an array of financing options available now, it is very likely to find mortgages for as much as 97% of a home’s value!!  To break it down, what this means is that you could put down as little as $5,441 for a home that costs $181,375 (estimated median home price in Fayetteville, NC for the month of Nov.)
 
 The catch? Your interest rate could possibly increase due to the low down payment. Don’t get scared! Even with a higher cost there are many more reasons to own YOUR own home. You gain intangible benefits, build equity through your homeownership, and it is the single biggest tax break available to many consumers.  Use this mortgage calculator to help determine if you are better renting or buying.
Whew! So after all of that you decide to buy into the “American Dream” of owning your first home. Here are a few strategies that would be beneficial to first-time home buyers:

Pay off your debt first
I cannot tell you how many times I have seen this happen: Johnny and Sue save as much as they can to cover their down payment but then are faced with the reality that a lender will not fund the whole amount of their loan due to their existing debt. Here is how it can be broken down; many lenders will not allow your total monthly debt to be in excess of 40% of your gross income. (This includes credit card payments, student/car loans, homeowner’s insurance, property taxes, AND mortgage payments!)
 
Instead, a better approach is to use the extra cash you do have and put it towards eliminating your credit card debt and other high-interest consumer debt.

Questionable Credit?
Worried that your less-than-perfect credit may affect your home buying experience? Worry no more, you may qualify for loans insured by the Federal Housing Authority (FHA). An FHA loan is a government-insured loan that allows you to put as little as 3% down, and get an interest rate for about less than a quarter of a point higher than those in the conventional market.

There is no limit to qualify for an FHA loan, however, since they are focused on first-time home buyers and low-to-moderate-income families there is a limit to how much you can borrow. The amounts vary by region with the overall max being $290,319. In order to get an FHA government-insured loan be sure that you have a HUD-approved lender, or at least a mortgage broker that works with one.

How Much Can You Afford?
Initially this may seem like a simple and basic answer that requires you looking at your checkbook and number crunching to see how much you can afford for a down payment. While that is a start it is only half of the 2-part function it takes to estimate how much you really can afford. The other half is figuring out how much you can borrow. Your mortgage payment, taxes, and insurance (homeowner’s) should not exceed 28% of your gross income. On top of that, you should determine how much cash you have for a down payment and still be able to leave yourself enough to pay closing costs (which can get to be 3-5% of the total home’s value. And always put a little cash to the side in the event of emergency repairs once you move in.

So based on everything we just discussed, the main points to take with you are
o        First and foremost – PAY DOWN YOUR DEBT!
o        If your credit is not good, look into optional funding             sources
o        Figure out how much you can REALLY afford prior to buying a home
o        Always keep in mind that if your mortgage (plus taxes and insurance) should not exceed 28% of your gross income, that leaves you with only 12% for any excess debt!