Category: Real Estate

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 saleWhen it comes to finding your dream home, there are many things to consider during the buying process. Do you want a brand new house in the suburbs? Do you want a fixer upper that is in your perfect location? At Bill White Homes, we have a wide variety of Naperville houses for sale that is sure to fit your needs and budget. We strive to help our clients through the buying process by showcasing the pros and cons to each house. Below we outline the benefits to buying an older home.

  • Older homes have unique and antique features that you just won’t see in newer homes. From original hardwood floors to glass door knobs, the design of an older home is unique and timeless.
  • Newer homes are built wherever they have room to develop, allowing older homes to have better locations that are more central to downtown. Since location is everything, often it beneficial to purchase an older home to be closer to the things you love.
  • Many homeowners prefer older houses because you can buy more home and land for less compared to newer developments.

Contact us today at bill@billwhitehomes.com to learn more about our new listings for our older properties.

Naperville home for salePurchasing a home is an investment towards your future. Many prospective homeowners like the idea of buying a place that is older yet cheaper, to remodel and make their own, otherwise known as a fixer-upper. When it comes to purchasing your fixer-upper, there are many items one should consider before making an offer.

  • Time

They say time is money, which is why when purchasing a fixer-upper you should understand the time it takes to achieve your dream home. Remodeling a fixer-upper is no simple task. When considering buying a home, it is imperative to give yourself time to fix the items that need repairing and adding new construction to improve the layout of your space.

  • Budget

Although fixer-uppers are perfect for finding a bargain, older homes tend to have hidden problems within the structural foundation that could cause a financial burden. It is best to budget for unexpected costs that could arise during your renovation.

  • Home inspection

Requesting a comprehensive home inspection will allow you to have peace of mind before you make an offer. Home inspections check your future home for hidden issues such as water damage, unsecured wiring, and other structural integrity hazards. We recommend requesting a few home inspections from multiple companies to ensure no defects have been overlooked.

If you are looking for a Naperville home for sale, contact our helpful Realtors at bill@billwhitehomes.com to begin your search for your dream home.

 

Naperville house for saleWhen it comes to selling your home, there are many steps homeowners should take to increase the value of your home. At Bill White Homes, we believe in the importance of staging your home properly to allow potential buyers to envision themselves living in your home, increasing their chance to purchase. Check below to learn helpful tips to staging your home to sell.

  • Clearing clutter is a great start to staging your home. Although the furniture is imperative to decorating a home, too much furniture can clutter your space, leaving it to feel cramped and small. Keep essential pieces that create user-friendly spaces that showcase the room’s potential.
  • Impersonalize your space by taking down family photos and memorabilia. The goal of staging your home is to allow buyers to visualize their life in your space. Removing personal items will enable them to picture their life in the home, hopefully creating a positive experience to increase their chance of putting in an offer.
  • Ensuring your home lighting is bright, and welcoming is vital to staging your home. Adding beautiful light fixtures and high wattage bulbs will be an investment in the long run.
  • Painting your home neutral colors will increase the overall feel of your space by allowing it to feel peaceful and light.

Whether you are looking for a Naperville house for sale or interested in selling your home, contact our Realtors at bill@billwhitehomes.com to help you with your home endeavors.

Naperville houses for saleIf you’re considering selling your home but aren’t sure if it’s worth the time, effort, and money, there are things to consider. Many people are concerned that their home is modern enough for today’s market and that they need to remodel their entire home for added value, but that’s not always the truth. Here are some things you can do to increase the value of your home.

Take it one room at a time – If major renovations need to happen to your home, make sure you take each project room by room.  Breaking down the renovation projects into pieces will help you increase the value of your home because you’ll be working on it one room at a time.

The little things mean the most – When it comes to focusing on improving your home’s value, take into consideration the small, quick projects too. These little renovations or upgrades can pay off in the long run, adding significant value to your home without a full remodel.

Pay attention to curb appeal – When you’re working on adding value to your home, don’t forget about curb appeal. It happens often that people neglect the outside of their home for adding value to the inside instead. Make sure you’re tidying up outside of your house and doing small projects there as well.

If you’re looking for Naperville houses for sale and are unsure of where to turn, contact our team at BillWhiteHomes.com today.