Tag Archives: mistake

No-No

Many are excited moving into a new home. New homeowners tend to obsess over décor blogs and catalogs, watching home improvement shows non-stop and having something in mind to put in a part of the new house. Overeager homeowners often make big mistakes when furnishing their home. Everybody knows that you’re dying to fill and decorate every corner with your stuff as soon as you go in that door but beware and at least try to be mindful of what you put in and do everything step by step.

Here are some mistakes that a new homeowner needs to know.

 

No-No # 1: Buying everything at once

Being excited and all, you want to make those empty rooms full of your decorating ideas. So you’d go on a mad shopping spree from coffee tables to your canopy bed.

“Stop, sit down, get out a piece of paper, and plan,” says Mark Clement of MyFixItUpLife.com which suggests a completely different strategy. Make a list and plan. This will help you take your time to think through the rooms and focus with what you really need for the most important rooms. These rooms include the living room, kitchen and family room. Then from there, you can head on one step at a time with the other things you love. Don’t worry if it takes you forever to decorate a new home since you’ll be living there for a while.

 

No-No # 2: Decorating around a legacy piece

Keeping a great or memorable piece from the past is one of our favorite things to do. May it be your mom’s armoire, or a chair, or even a bookshelf that you just can’t put away, this may just add to your anxiety on trying to decorate around the house. Chances are they’ll just create a more unlikely layout which might be completely wrong for you and the new home.

According to experts, you can still put them inside your house but place them where it’s more appropriate, or maybe sold them, or just put them out on the street.

 

No-No # 3: Trusting your ‘eye’ rather than a tape measure

Measuring the positions accurately is an important step in designing something as professionals do.

“Measuring a space is imperative before you purchase anything,” says Homepolish designer Will Saks, “You need to understand the dimensions of a space so the scale will feel balanced.” It’s all about how it will look sitting there. Everything should be balanced with the room it’s in.

Don’t forget to measure the doorways and hallways before purchasing large pieces. It will not just give a hard time for the delivery guys but also to you. Imagine buying a large sofa to take up six flights of stairs only to discover that it won’t fit through the doorway. Most companies will give you the minimum clearance you need for delivery, so you need to make sure that it will fit. Get the height of a sofa instead of the width or depth because it is the key measurement needed.

 

No-No # 4: Cramming rooms like a clown car

Stop and breathe for a moment. Having some empty spaces and walls is just fine unless you want your space to be clogged with unwanted furniture. It will all depend on the home appeal you want to achieve. Going for a sleek look will just need a few key pieces in a room to create that feeling of openness. And as for the artwork, maybe just one large creative frame can do the trick.

 

No-No # 5: Looking like a page from a catalog or décor mag

It may create a fab look when it comes to décor magazine, but in your own home, it could have a different story. Having to buy everything all at once and from the same place is tempting, but please fight the urge to do it. It may look good in catalogs but will they do the same with your home? Think… think… think!!!

 

Source: realtor.com, myfirstapartment.com, zlien.com, furnitureconcepts.com, dimesfordesign.com, hgtv.com, betterdecoratingbible.com

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No Mistake

Selling your house for the first time? Don’t just let your Realtor do all the work. There are some responsibilities for you to do even though you’re not present for the open house. According to the experts, you could end the chances of having a successful deal in an open house with these mistakes.

 

pet-at-homeLeaving a Pet Behind

Some potential buyers might not like pets at all so letting your pets run free may annoy them, most especially those who really don’t picture themselves having one at all. You might also want to consider the safety of the animals.

 

dirty-dishes-in-the-sinkTurning a Blind Eye to the Kitchen

Many homeowners ignore this entire room when selling. A disgusting kitchen may leave your home unsalable. This is a great turn off for potential buyers. Check if there are any unwashed dishes or is there anything inside the dishwasher. Expect the nosy buyers to open the dishwasher and investigate the fridge. Clean up and store your dishes, and smelly food in the fridge must go out.

Other rooms you think buyers won’t check out are the garage, laundry room, or closets, so better clean up and organize.

 

clean-bathroomNot Hiding Your Dirty Bath Towels

Bath towels you’ve used and still wants to be used again must be tucked away properly in a closet. This will not only make it look well-staged, but it will also keep it away from the germs and dirt throughout the day’s procession of guests. Just maybe leave a clean set of decorative bath and hand towels for your guests to use during the open house.

 

prof-cleanersCleaning Solo

Not a fan of cleaning by yourself, you might want to consider hiring a professional. Cleaners will scrub all the out-of-the-way spots you might miss and eliminate any bad odors and messes that go back years.

 

check-out-homeNot Getting a Second Opinion

Having a blunt-tongued neighbor or friend is very useful during this time. After the cleaning and staging your home for the open house, you need a neutral party to tell you like it is. You should not be offended if they tell you that your place stinks, either figuratively or literally. This can get you focused on the cleaning details before the open house.

 

yard-maintenanceNot Maintaining the Yard

Don’t neglect your side yard. Not only that a messy yard is not pleasing to the eyes, scattered objects can also be dangerous. Get that garden hose coiled up and trash bins out of sight.

 

bathroom-medicine-cabinetForgetting to Stash Your Drugs

This is the most important one of them all. Stagers need to hide your private details as much as they can to remove all the ammunition against you during the negotiating process. That is why it’s really important to empty your medicine cabinet during an open house. They might steal meds and think that you’re selling the house because of some illness that they can use as leverage during the offer process. Same goes for the family photos and things such as walkers and canes because they might think that you can no longer take care of your home and wants an undercutting of the home’s price. This is not just for good staging but it’s a good business sense, too.

 

Source: realtor.com, dogvacay.com, gettingorganizedmagazine.com, goingcrazywannago.com, styleathome.com, homenclean.com, businessinsider.com, tg3k.com, dotcomwomen.com

 

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Biggest Mortgage Mistakes

mortgage4

Mortgage is the largest monthly expense that you might have. Yet the borrowers do little to no preparation, negotiation, or shopping to get the best deal there is. Most likely, you will end up paying much more for their loans that they need to. You should be smarter than that! Here are five of the biggest mistakes that can cost you real money.

 

Believing advertised rates are what you’ll pay.

mortgage1Unless you have perfect or near-perfect credit, most advertised rates are out of your league. The information in your credit report is what scoring companies such as FICO use to generate your credit score. Your credit report and your credit scores determines everything from how much you pay for a loan or if you can even get a loan at all. It also generates the amount of insurance premiums you pay all the way to having a potential employer hire you. To get boasting rights on a good rate, you have to pay part of a point (one percent of the loan amount), or more to get the best rates. The rates you see may be teaser rates and they aren’t going to be available to you when you apply for a loan. That’s because banks will charge you “discount” points to give you their best rate. You’re not required to pay points, but it’s a choice if you want a lower interest rate.

Your lender will go over your credit with a fine-tooth comb to find anything to raise the rate. That includes qualifying you at the beginning of the transaction, and then running your credit again a day or two before you’re supposed to close on the home and loan. If there’s been any change in your debt-to-income ratio, goodbye low mortgage rate. What is debt-to-income ratio? It is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the payments you make every month to repay the money you have borrowed. To calculate this, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out.

 

Not comparing lenders.

mortgage3Everyone knows two or three real estate agents or more, and every one of them know a loan officer or a mortgage broker. A loan officer works for a bank or savings and loan and can only offer you loan packages that the bank has put together. Some specialized loan officers, called loan underwriters, analyze and assess the creditworthiness of potential borrowers to see if they qualify for a loan. A mortgage broker prequalifies you just like a loan officer, and shops your deal around to various lenders.

So whether you talk to either the loan officer or a mortgage broker, you’re going to have to share personal financial information in order to get a realistic rate. There are many reputable brokers will show you what certain banks and credit unions quoted and you can pick the loan you like best.

If you want to do it yourself, consider talking to a local bank, a national bank, a credit union, and a savings and loan, but do remember, unless you give them personal information and permission to run your credit, it’s just talk.

 

Not paying attention to terms.

mortgage2Many advertised rates, even for those with perfect credit aren’t what you will actually pay. There’s the APR or Annual Percentage Rate, which includes fees from the lender. It describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is finance charge expressed as an annual rate. In some areas, the APR is the simplified counterpart to the effective interest rate that the borrower will pay on a loan.

Understanding loan terms is harder than shopping for a new mattress because there are so many ways lenders can inch up the fees. A loan origination fee is also called a processing fee. It is the payment to the loan officer or mortgage broker, so this fee can vary widely. Sometimes, you may pay one lender more for an appraisal than another might charge you.

One lender may charge more for pulling your credit than another. It’s all in your good faith estimate, which you don’t get until you’ve applied for a loan. But don’t be afraid, all terms are negotiable. You can ask what particular fee is for and maybe it can be reduced or eliminated.

 

Waiting for a better rate.

mortgage8It feels great to have bragging rights on a low rate, but you don’t want to lose the home of your dreams over a quarter of a point in interest.

You might not see the big picture here. No matter what your interest rate is, you’re still going to pay thousands of dollars in interest up front before you make any serious gain in equity. If you go all the way to the end of your loan’s term, you’ll pay so much interest that you could have bought the same home two or three times more.

Work on how quickly you can build equity instead of focusing on the percentage rate. Try to make one extra payment a year. This might help lower and offset the rate you’re paying.

Down the road, it rates drop through the floor, you can refinance, but even that’s not an ideal solution. You’ll still pay loan origination fees, title search fees, appraisal fees and so on – enough to equal the closing costs you paid the 1st time around. Don’t forget that you’ll start the amortization schedule all over again – with most of your payments going to interest instead of principal.

 

Choosing the wrong type of loan.

mortgage9The type of loan you choose should depend on current market conditions and how long you plan to stay in your home, not how much home you want to buy.

Current market conditions favor fixed rates, because it’s rising from all-time lows. They can cost more than hybrid loans or adjustable rate loans, but the base amount is fixed and doesn’t change. Only your taxes and hazard insurance will cost you more over the years.

If ever you get an adjustable rate mortgage, you are at the mercy of market conditions. While there’s a cap on how high your interest rate can go, which is still a risk.

Planning to stay in your home for five years or more? You should get a fixed-rate mortgage. But if you plan to sell your home sooner, you’re taking a risk. It takes most borrowers five years to earn back their original closing costs in equity.

Now that you’ve narrowed your choice of lenders, you can ask them on the same day to give you a quote. Because if you wait even one day, rates may have changed, so you’re no longer comparing matching cards.

mortgage7

 

Source: realtytimes.com, consumerfinance.gov, Investopedia.com, buytolet.com, totalmortgage.com, mortgagecalculator.org

 

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