Category: Homeownership

Springtime repairs around the house can be pretty big chores, eating up your spare time and cutting into your household budget, but they are an important part of keeping your home in great shape. Taking care of little maintenance issues now can help prevent big problems down the road, which can save you quite a bit of money and a lot of stress. However, the key with DIY projects is to ensure that you are prepared to call a professional if you need help with a big job so that it will be done safely and correctly.

 

It’s also crucial to have the right tools and a plan for the task at hand. Taking care of repairs around the home can include anything from plugging up holes in the drywall to replacing shingles or tiles on the roof, and these jobs vary greatly in cost and the amount of time it will take to complete them. Having a good idea of how you’ll get started will allow you to get the job done right the first time without any issues.

 

Here are a few things to consider when it’s time to do some maintenance around the house.

 

Start with the Right Tools

 

As with any task, it’s imperative to start with the right tools. After all, you wouldn’t start drawing a picture without a sharpened pencil and a good eraser, so it just makes sense that you would have specific tools at the ready when you’re tackling a home repair job. In general, most homeowners will want a hammer, wrenches, screwdrivers, a drill, and a sharp utility knife to handle common repair jobs around the house. If you don’t have these, look online for tool buying guides, and read the reviews before making purchases.

 

Find the Right Help

 

No matter what tasks you need to complete, it’s important to make sure they can be done as a DIY job before you get started. Many big projects — such as roofing, plumbing, and electrical work — will require a professional’s touch, if for no other reason than the potential safety issues. Look online for contractors near you to get an idea of your choices and to compare prices, and make sure you read the reviews before making a final decision.

 

Think of the Cost of Winter

 

The thing about spring repairs is that they need to be focused on the things that took the most hit during a hard winter. Cold weather, excess water, and high winds can all do quite a bit of damage to various parts of the home, from the gutters to the pipes, so make a checklist of all the things you want to take a look at. Getting organized will help greatly when it comes to starting any repair project, and it will also help you stay motivated if you have a physical list in front of you.

 

Prioritize

 

If you have a tight budget and there aren’t any repairs that require your immediate attention, you can start with the smaller things first, such as cleaning out the gutters or investing in an insulation cover for the hot water heater. These little tasks won’t cost much, but they will allow you to take care of the small things first and get them out of the way. Just make sure there are no pressing jobs, such as leaky pipes or broken roof shingles.

 

Springtime repairs around the house don’t have to break your budget or your patience. With a little planning and some research online, you can figure out the best ways to tackle projects around the house when the weather warms up a bit and save money throughout the year.

Whether it is with the goal of saving money or for the satisfaction of living in the fruits of one’s labors, it has become increasingly popular for homeowners to take on home renovation projects themselves. One of the most common types of do-it-yourself projects is a bathroom remodel. Not only can bathroom remodels help to improve your overall quality of life, but they can also dramatically increase the value of your home if you ever decide to sell.

 

However, there are a number of potentially complicated or dangerous parts of every bathroom renovation, such as electrical and plumbing work, that you should be aware of before attempting the project. Here are some things to keep in mind when you are tackling a bathroom renovation for the first time so that your project can be quick, easy, and fun.

 

Plan out the Entire Project Beforehand

 

As with any kind of renovation, the first thing you need to do is plan out the scope of the entire project. The more you prepare, the fewer unexpected costs you will have to endure down the road. Start by listing all the things you would like to do to your bathroom. Don’t factor in cost at this point — instead, just list them all. You may want to include things like a walk in shower, a clawfoot tub, a heated floor, a double sink, and so forth.

 

Next, organize the list in order of desire — put your must-haves at the top, all the way down to negligible or “bonus” projects. Then, it is time to do some research online. Find the average costs of each type of project and put the numbers next to each line on your list. Finally, compare these costs to your total budget. This way, you can make sure that you have enough money for the most important projects, allowing for extras if you happen to come in under budget.

 

However, Remember to Have Fun

 

Even though it is tempting to get bogged down in the minutia of planning and money management, don’t let yourself forget to have fun. A bathroom remodel is a great way to boost your bathroom’s appeal, both for yourself and for potential buyers if you ever decide to sell your home. For instance, a renovated bathroom can provide you with a 40 to 80 percent return on investment, depending on the current state of the real estate market.

 

Think About Ways to Come in Under Budget

 

It is common for do-it-yourself projects to end up going over budget, but there are a few things you can do that will keep your costs lower. First, if you need to buy power tools for your renovation, you may want to try borrowing them from a handy friend or family member. If you end up having to buy them after all, look at previously used tools to save money. Next, while part of the reason you may want to be doing the project yourself is to save on the cost of a professional, in certain cases, a professional can actually save you money, such as with walls damaged by water. Furthermore, certain plumbing and electrical projects can be dangerous for you to attempt on your own — always hire a professional contractor in those cases.

 

When you are renovating your bathroom, remember to consider all the possible angles that will need to be covered, both from the financial and design sides of the process. Doing so will allow you to relax and have fun with the project.

 

Photo Credit: Pexels

Thank you to guest writer, Erin Reynolds

There are many benefits to homeownership, but one of the top benefits is protecting yourself from rising rents by locking in your housing cost for the life of your mortgage.

Don’t Become Trapped
A recent article by Apartment List addressed rising rents by stating:

“Our national rent index is up 0.1 percent month-over-month, marking the sixth straight month of increasing rents. Year-over-year growth now stands at 1.2 percent.”

The article continues, explaining that:

“Rents increased month-over-month in 62 of the nation’s 100 largest cities, down significantly from the 85 cities that saw rents rise last month. That said, rents are still up year-over-year in most of the nation’s largest markets — 77 of the 100 largest cities have seen rents increase over the past twelve months.”

Additionally, Urban Land Magazine explained that,

“Currently, nearly half (47 percent) of renter households are cost burdened (i.e., paying more than 30 percent of income for housing), while 25 percent (totaling 11 million households) are severely cost burdened, paying over 50 percent of their total household income for rent.”

These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.

It’s Cheaper to Buy Than Rent
As we have previously mentioned, the results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 2% less expensive in Honolulu (HI), all the way up to 48.9% less expensive in Detroit (MI), and 26.3% nationwide!

Know Your Options
Perhaps you have already saved enough to buy your first home. A nationwide survey of about 1,166 renters found that 34% said they rent because they cannot afford to buy, 29% said they cannot afford to buy where they live, and nearly a quarter (24%) were saving to buy.

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream homes. As we have reported before, in many areas of the country, a first-time homebuyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line
Don’t get caught in the trap that so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you determine if you are eligible for a mortgage today.

Young people looking to purchase their first home are often put off by the cost involved, including the downpayment and the mortgage process. Fixer-uppers can be a perfectly viable option as long as you’re up to handling the extensive renovations that go along with buying a house in a state of disrepair. Bear in mind that buying a fixer-upper can end up being more of a financial burden than you’d anticipated. Some turn out to be the dreaded “money pit,” the house that always seems to have another problem. There are several things to consider carefully before choosing to take on a fixer upper project.

Location

You’ve probably heard that location is the most important factor when it comes to real estate. The same holds true for fixer uppers. Consider location first, since you’ll be fixing up the house. Once you’ve identified the area in which you want to live, begin searching for fixer uppers. There are real estate agents who specialize in these kinds of properties. Once you’ve talked to lenders and been pre-qualified for a home loan, spend some time on the internet looking for agents who specialize in fixer uppers. Homes for sale in Naperville, Illinois, have an average list price of $450,000.

Assess your handyman skills

Think carefully about what you’re proposing, and assess your skills honestly and objectively. Fixer uppers are almost always a challenge, and you could be facing a job that requires tools and experience that you may not possess. You’re going to need power drills, sanders, jigsaws and a host of other robust power tools. Crowbars, a mallet, joists and a full set of reliable hand tools are also essential. Then there’s the time commitment. Remember, this is more than two or three weekends of work. You could be renovating and fine tuning for years to come until you get it just right. There are many examples of eager, over-optimistic buyers who found out too late they’d bitten off more than they could chew. Don’t pursue such an opportunity until you’ve had a home inspection done and have a good idea of what fixes are necessary and whether they’re within your capabilities.

A big investment

Buying the house is only the first step. There’s a considerable ongoing investment involved in a fixer upper, which means you’ll need to have a considerable nest egg socked away for the work that’s yet to come. The home inspection should help you determine whether your finances are up to the challenge or not. Make a careful list of everything that needs to be repaired, get estimates for each, and then decide whether it’s within your reach.

What are your long-term plans?

People who purchase a fixer upper are usually committed to it for a period of years. If your job may require you to move at any given time, you’ll probably want to pass on a home that’ll need a lot of money and time to fix up. If for some reason you’re called on to relocate while you’re renovating, you could lose a lot of money if you find yourself having to sell.

Priorities

The first projects to tackle will depend largely on what the inspector has to say. Often, windows, flooring, electricity and roofing are priorities when moving into a project home. If there are serious structural, foundation or plumbing problems, you’re probably better off continuing your search. Once you’ve completed renovations, check out home values and prices in your area. You might consider selling if it’s a seller’s market and you can be pretty sure of getting maximum value for your investment and the sweat equity that went into it.

Purchasing a new home is always a big investment. Between the cost and the improvements you make, a fixer upper can be a tremendous investment if the market’s in your favor. Think of yours as a big investment in your financial future.

 

Courtesy of Pixabay.com.

 

CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.

The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from February 2017 to February 2018 (the latest data available).

How Much Has Your Home Increased in Value Over the Last Year? | Keeping Current Matters

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor that determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning to list your home for sale in today’s market, find a local agent who can explain exactly what’s going on in your area and your price range. Like us!

How Rising Prices Will Help You Build Family Wealth in 2018 | Keeping Current Matters

Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchases and closes on a $250,000 home this month (January). If we only look at the projected increase in the price of that home, how much equity will they earn over the next 5 years?

How Rising Prices Will Help You Build Family Wealth in 2018 | Keeping Current Matters

Since the experts predict that home prices will increase by 4.2% in 2018, the young homeowners will have gained $10,500 in equity in just one year.

Over a five-year period, their equity will increase by nearly $45,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!

So, you’ve decided to sell your house in Naperville. You’ve hired Bill White Homes to help you with the entire process, and Bill White has asked you what level of access you want to provide to potential buyers.

There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access that you can provide to Bill White Homes so that they can show your home.

Here are five levels of access that you can give to buyers, along with a brief description:

  1. Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
  2. Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
  3. Open Access with a Phone Call – the seller allows showings with just a phone call’s notice.
  4. By Appointment Only (example: 48-Hour Notice) – Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
  5. Limited Access (example: the home is only available on Mondays or Tuesdays at 2pm or for only a couple of hours a day) – This is the most difficult way to be able to show your house to potential buyers.

In a competitive marketplace, especially in Naperville, access can make or break your ability to get the price you are looking for, or even sell your house at all.

Naperville houses for saleThere’s always the question out there on deciding whether you should be renting or buying a home. With every large decision, there are definitely pros and cons on each side of the situation. Here are some ways where you could be at a great place to purchase a home or just rent one for now.

Do you travel a lot? If you answered “yes” here, renting might be the right option for you. When it comes to taking care of a home and all of the issues that may arise, being around for those things can be difficult if you’re traveling quite a bit.

Are you planning on staying in your current location for more than 10 years? If you’re planning on staying in the current location you’re in for another 10 years or more, buying might be the right option for you. Having a long-term plan in place for where you want to end up could mean that buying is the right situation for you.

What’s your credit like? If you have credit that isn’t as great as it should be currently, both renting and purchasing a home will be difficult for you. Many times, landlords do require a credit check to see what your payment history looks like so they can determine if you’re a good fit to live there. Additionally, finding a mortgage is difficult with a poor credit score too.

If you’re looking for more information on Naperville houses for sale, turn to the professionals at BillWhiteHomes.com today.

Often times when looking for a home, first time buyers might skip their home inspections to speed up their closing process. While this makes sense Naperville houseswhen it comes to shortening the timeframe of you getting into your new place, it’s not wise in the long run. Here are three reasons why you should never, ever skip the inspection process to speed up closing on a home.

It allows you to make up your mind – When it comes to buying a home; you want to make sure you have all the facts on the table before you sign on the dotted line. A part of making up your mind is having a pre-sale home inspection by a professional, which helps to see things that maybe you don’t see as the buyer. This includes things like a faulty septic system, heating issues, and other problems.

It keeps you safe – If you’re thinking about skipping the pre-sale inspection, think of your safety. Many times, having a professional come in and inspect the home is crucial because it identifies hazardous issues that a seller might not be aware of or expose. This helps to keep you, your family, and anyone who comes into your home safe.

It allows you to see everything for what it is – When you’re home shopping, it can be tough to see things that could be potentially dangerous, hazardous, or costly in a home you really love. An inspection by a professional allows you to see the home for exactly what it is – flaws and all – and really put your potential purchase into perspective.

If you’re looking for Naperville houses for sale, turn to the professionals at Bill White Homes. Contact us today at BillWhiteHomes.com.

In today’s highly competitive seller’s market where there are more buyers than there are homes for them to buy, some sellers may feel like the ball is in their court.

And they would be right when it comes to choosing which offer to accept, the closing date, or even which improvements they are willing to make to their house prior to selling.

One thing to remember though, is that there is always a line that shouldn’t be crossed.

Interest rates can change, financing might not go through, the appraisal might not come back at the price that you have agreed to. These are all opportunities to work with your buyer to make sure that the sale still happens.

You may think that, because buyer demand is so high right now, you can choose to make your buyer jump through hoops. But what happens if they reach their limit and need to walk away? You’re starting over… weeks, maybe months later… and other buyers may wonder what’s wrong with the house since the last deal fell through.

The Golden Rule

We were all taught from a young age to “treat others as you would like to be treated.” This shouldn’t change once you have a buyer who seems as though they would do anything to buy your home.

If you’re in the market for real estate in Naperville, IL, turn to Bill White Homes as your expert team of realtors. Contact us today and see how we can help you find the home you’ve always wanted.

Keeping Current Matters