Advice & About

8 Reasons to Buy Your First Home in the Winter

January 13, 2023 by Team Ed Martin

Whether you are moving into your first home or moving on to your dream home, shopping during the cold winter months can be a daunting experience. From traversing snow-clogged roads to checking out the landscaping in subzero temperatures, there are lots of things to dread about buying a home in the winter.

And while that may be true, there are plenty of reasons to love the season as well. If you are ready to buy a home, you just might find winter to be the perfect time. Here are eight great reasons to buy your next home in the winter.

Less competition – The fact that winter is an unpopular time to buy a home can work in your favor. With less competition, you can drive a harder bargain, making your first-time buyer dollars stretch farther.
More time with your real estate agent – Real estate agents tend to be less busy in the cold winter months, and that could mean more time with your agent. You can use that time to lay out your requirements, making finding the perfect home easier.
Cheaper moves – Moving companies also tend to be less in demand during the winter, and that could mean a less expensive move when the time comes.
Holiday sales on home décor – The holiday season is a great time to buy home décor and furniture, especially if you are shopping for your first home. Reducing the cost of home furnishings will be even more important now that you have a monthly mortgage payment to make.
Motivated sellers – Homeowners with properties to sell may be more motivated as the cold weather months drag on, and that could be good news for you as a first-time buyer.
Vital information on road maintenance – Some neighborhoods are better at clearing ice and snow than others, and shopping in the winter can be a very enlightening experience. When you need to get to work, you want to know local road crews are up to the task.
Faster closing times – Time-to-closing tends to be faster in the winter, simply because there are fewer buyers competing for those limited resources. If you need to move fast, winter could be the perfect time to shop.
An inside look at hidden damage – Some problems, like clogged gutters or leaking roofs, may be easier to spot when there is ice and snow on the ground. The ability to uncover that hidden damage could net you a lower price – or stop you from making a costly mistake.

Buying a home during the winter months can be challenging, but there is a lot to love about this time of year. From enhanced bargaining power to more motivated sellers, buying a home in the cold winter months has its perks, including the eight big benefits outlined above.

Avoid Potential Turnoffs for Prospective Home Buyers

December 15, 2022 by Team Ed Martin

If you want to sell your home quickly and for top dollar, you need to look at the house through the eyes of a buyer. That can be hard to do, and putting yourself in the buyer’s shoes can be a tall order.

From unpleasant odors your own nose has learned to ignore to repurposed spaces you have come to love, some of the most common things can dissuade would-be buyers. Ignoring these potential turnoffs will greatly reduce the appeal of your home and cause it to linger on the market longer than it should. Here are eight things potential buyers might hate about your home, and how you can fix them before they show up.

Repurposed spaces – Have you transformed your garage into a playroom for the kids or turned your spare room into a home office? If so, prospective buyers could be turned off. It might be a good idea to return those spaces to their original purpose before putting your home on the market.

Clutter – Clutter is always an eyesore, and the sooner you clear it out, the better. Buyers may assume that your home lacks storage space when they see toys and other items strewn about, so clean up now before you schedule that first showing.
Overflowing countertops – Stunning countertops can be a real selling point, but not if buyers cannot see them. If your countertops are overflowing with appliances, it is time to put them away.

Hobby rooms – As a fisherman, you might love your fly tying room, and an avid reader may enjoy their huge library room. Buyers, on the other hand, could be deterred by these purpose-driven spaces.

Holiday décor – Selling your home during the holidays can be a smart move, but some décor can be distracting. Now is the time to skip the tacky lawn displays, so take the reindeer off the roof and stash them away until you move into your new home.
Pet odors – You love your pets, but would-be buyers may not feel the same. Pet odors can be a red flag for home buyers, and open house attendees may spend their time looking for soiled carpets and other pet damage.

Area rugs – If your home has hardwood floors, covering them up could be a huge mistake. Area rugs can look tacky and may potentially dissuade would-be buyers. Even worse, those potential buyers may assume that the rugs are hiding damage to those stunning hardwood floors.

Inadequate lighting – If you have been thinking about upgrading the lighting in and around your home, now is the time to do it. Darkness is a big turnoff for home buyers, and a smart lighting upgrade could increase interest and lead to more offers.

Selling your home can be stressful, especially when buyers show up in droves but fail to make a single offer. If you have been showing your home for months with nary a nibble, it is time to take a hard look at your property and what you might be doing wrong. Correcting the eight items listed above could turn things around, so your next open house will be your last.

Seven Ways To Create A More Beautiful Front Door Entryway

November 11, 2022 by

One of the most welcoming features a house can have is a beautiful entryway. The front door is the first thing people see when they visit your house, and it can say a lot about the rest of your house, including the personality of the people who live inside.

If you are looking to add some character to your home’s exterior and add more curb appeal, decorating your front door may be exactly what you need to give your home more presence and personality. From wreaths to garlands, there are plenty of ways to put your stamp on your front door. Let’s look at some ways to dress up your front door that will add impact but won’t break the bank.

Upgrade Your House Numbers – If your house numbers are not clearly visible from the street, replace them with a new set that emergency personnel and guests can easily see. Consider choosing something more creative than standard numbers – like letter shapes or other ornamental embellishments that fit with the design style of your home. Upgrade those numbers and give them some character and style!

Upgrade Your Lighting – Lighting makes any porch look more inviting and welcoming. It can set a mood and highlight the best features of your home. A dark front door will leave you fumbling for keys, while an illuminated entrance will make it easy to find the keyhole or keypad and add a welcoming glow to your entryway. Outdoor wall lights are available in a variety of shapes, sizes, and styles, so you can choose the lighting that best suits the style of your home’s exterior.

Another way to increase safety and add an element of drama and style to your home is by adding path lights along the path leading to your door. Your guests will appreciate that they can follow the lighted path directly to your door, and the added lighting will add drama to the exterior of your home.

Add a Wreath – Wreaths aren’t just for the holidays. They add visual interest and style at any time of the year, and you can customize a wreath to fit the season. Wreaths are available in all sorts of styles, colors, and materials such as fabric, dried flowers, cotton bolls, fruits, or vegetables. Depending on the season or holiday, you might choose one of these ideas:
Wreath made of Easter eggs
Hanging door basket with daffodils for spring
Rustic Christmas wreath
Vintage ornament wreath
Simple floral wreath
Red, white, and blue July 4th wreath

Upgrade Your Doormat – A doormat is one of the first things guests step on when they arrive on your doorstep. Make it memorable. Not only will a stylish mat welcome visitors into your home, but it will also help keep dirt out of your house. No one likes dirty footprints on the carpet!

A doormat can add color too. To make your home feel bright and welcoming, choose a doormat with bold colors or patterns. Doormats with multicolored stripes are perfect for adding a pop of color to your entryway. Also, think about texture. Look for mats with unique textures, such as ropes or shells. They’ll help you set your home apart from the drab mats most people have on their porch.

Get a New Door Knocker – Knock, knock… who’s there? A door knocker is a functional and decorative piece that can help make a great first impression. Your front door should reflect the personality and style of your home. If your style is quirky, something as silly as a French bulldog door knocker will bring smiles from your guests, or you might prefer the more conventional elegance of a bold brass baroque door knocker. In either case, a new door knocker will change the look and feel of your front door and also offer functionality.

Paint Your Front Door a Happy Color – Paint the door a bright color. Bright colors such as red and yellow are cheerful and welcoming. A simple coat of paint in a happy hue adds personality, and you can change it when the mood strikes. Choose a gloss finish to protect the paint from rain, snow, and dirt. You could also add decorative trim around the edges of your front door so that it perfectly frames your door.

Place Flower Pots on Each Side of Your Doorway – Plant flowers in pots on either side of the entrance. This timeless look adds instant curb appeal and beauty to any door. Choose lush green plants or bright flowers that complement each other and grow well together in your climate and soil type. Choose eye-catching pots that complement the rest of your home and its color scheme, or perhaps a contrasting color. Consider annuals if you want vibrant colors all season long, or mix them in with perennials so they’ll come back year after year.

The front door plays a crucial role in the curb appeal of your home. It’s not just the focal point of your house; it’s often the first and last thing guests see when they visit. Make it memorable. Now you know how to make yours more eye-catching and engaging. Ready to get started?

Is It Time to Replace Your Rain Gutters?

October 13, 2022 by Team Ed Martin

The gutters on your home serve as the first line of defense against water damage. They perform a critical function by redirecting rain and snow away from your house and foundation. Gutter systems are designed to protect your house, foundation, roof, and siding, as well as your basement and landscaping.

A properly functioning gutter diverts water away from the home, ensuring it does not seep into your house through cracks in the foundation. But, as with most things, even the best rain gutter system won’t last forever. If you notice water pooling in the gutters or dripping from your roof’s edge, it may be time to replace your old gutter system with a new one (though it may also just mean you need to clean out the gutters). Let’s look at some signs that your rain gutters need to be replaced.

Your Rain Gutters Are Rusty

Rust is one of the first signs that your rain gutters need an upgrade. Keep an eye out for rusty areas, and perform a thorough visual inspection at least once per year for signs of rust. Why is rust a problem? It creates areas of weakness that can lead to leaks. If you see more than surface rust, it’s time to replace your gutters.

Also, look for signs of corrosion. With heavy rains, corroded or rusty areas become prone to leaks and can collapse under pressure from the weight of water during the storm. Being weaker, corroded metal may also break when human hands touch it, making it unsafe for anyone who works on roofs.

You Have Leaks

One sign that your rain gutters are performing poorly is rainwater pooling at the bottom of your home or around the foundation. Another sign of poorly functioning rain gutters is water stains on your ceiling or walls. You might notice spots on your ceiling or walls from inside your home. Another sign is staining on the inside portion of the gutter or the wall behind it. This means that water is not draining properly down the side of your house.

Leaks and clogs can cause serious issues. If there is a clog in the gutter, water can back up and cause problems with the foundation or exterior paint job. If you have cleaned out the gutters recently, and they clog again in a relatively short time, this can be a sign that your gutters are not doing their job and need to be replaced. Excessive leaking can also lead to mold growth inside your home’s walls and on your house’s exterior. Mold is not only unsightly, it is also a health issue. A professional contractor can help solve this problem by repairing or replacing damaged gutters as needed.

You Have Leaves in Your Gutter System

It’s not uncommon for leaves and other debris to make their way into your gutter system, but don’t let them stay there. Leaf and debris build up, obstruct water drainage, and cause damage, including foundation cracks if you ignore it. Inspect your system regularly and remove build-up before it creates more costly problems.

Your Rain Gutters Are More Than 20 Years Old

If your gutters are more than 20 years old, there’s a good chance they are coming apart at the seams. Rain gutters have a finite life span. While some signs of rust or corrosion could show after only 10 years, rain gutters can last 15 or 20 years before you need to replace them. But don’t count on your rain gutters to perform well after that. Faulty construction, poor installation, or external damage from storms can further shorten their lifespan.

Hire a Professional for the Job

Are you convinced you need to replace your rain gutters? If you’re not comfortable or familiar with installing a new rain gutter, hire a professional to do it for you. You can save money by doing it yourself, but it’s time-consuming, messy, and risky. Also, a professional can tell you whether you need to replace the whole system or just a portion of your rain gutters. If your gutters are fairly new, you may only need to repair one or two areas. Repairing is easier and less costly than replacing the whole system.

The Bottom Line

Gutters are one of the most neglected parts of a home, but they play a critical role in protecting the exterior of your home. You’ll need to remove your old gutters before installing the new one, and that’s a hassle if you’ve never done it before. Keep an eye on them, though. Don’t let leaves or debris block them or let rust go undetected.

What Retirees Need to Know about Buying a Vacation Home

June 15, 2019 by

Many retirees decide to purchase a vacation home as their ideal place to rest and relax. A second home can be a gathering place for friends and family, and a supplement to your retirement income via future renting potential. Plus, any mortgage interest you pay is tax deductible as long as it’s a personal residence, meaning you occupy the home at least 14 days a year. Two weeks of vacation doesn’t sound so bad, does it? Renting comes with tax deductions and other benefits to consider as well. If you think a vacation home might be right for you, check out these home-buying tips.

Spend Some Time There

You’ll be using the property regardless of whether you choose to rent it out part of the year. It’s important that you actually get a true feel for the area. Consider visiting during every season, taking rental demands into consideration. Whether it’s peak season or off season, you’ll want to be sure your property has features that appeal to renters in order to help keep your home occupied and your rent paid. Since you don’t live there, you probably won’t be able to do the work yourself. Instead, you’ll need to hire a pro.

Caring for the Property

Renovations and upgrades can be difficult to manage from afar, so building a good relationship with your contractor helps. Just remember to communicate your desires and budget effectively, and be prepared to compromise. In the end, the job will be done to professional standards and you may even save money.

Budget Properly

It’s no surprise that homes come at a price. When you factor in beautiful weather, proximity to large cities or nature’s beauty, you can have high potential for rentals. You’ll find that it all pays off in the long-run. Of course, you still need to budget carefully. Find a real estate agent who is familiar with the area and can be honest with you about price histories and resale potential. You’ll need to factor in costs such as maintenance, insurance, and a second mortgage. Additionally, if the location of the home is a good distance away, you’ll need to budget money for gas or plane tickets.

Plan for Away Time

A vacation home is a second home, so you won’t always be living there. Unfortunately, your home doesn’t go into a protective bubble when you are away, so you’ll need to make plans for upkeep. If your home is a condominium, you can usually count on the maintenance being provided. If not, then it’s up to you to take care of repairs. This upkeep includes yard work, interior cleaning, and general home maintenance. You’ll also need the right tools and equipment as well as a place to store everything when it’s not in use. Many people turn to storage sheds so extra equipment is not an eyesore for renters.

If time is a factor, the alternative is to have someone else tackle the upkeep. A property management firm can provide weekly visits, maintenance, repairs, housekeeping (for renters), security checks, and overall peace of mind. You need a point of contact in order to remain informed on what is happening to your home so that it is a positive in your life rather than a source of stress. In addition to a professional, get to know the neighbors so that you have an extra layer of security. They can let you know about any issues, including suspicious activity or a rambunctious renter.

Retirement is the perfect time to start thinking about buying a vacation home. A home away from home can be the perfect escape for you, as well as a way to earn some income on the side. Before you jump right in, spend some time there, take a fine-tooth comb to your finances, and determine how you’ll take care of your home when you can’t be there.

This article was provided by Jim McKinley, a former banker who uses his background and skills to provide advice and valuable resources to anyone who needs help with their financial literacy. Money With Jim

Hidden Costs of Buying a Home

May 14, 2019 by

You’ve saved and planned and you are finally ready to buy your first home or move up to a larger one. It’s fairly easy to figure out how large a mortgage you can fit into your budget. Your real estate agent has tables and formulas that can determine the percentage of your income that’s reasonable for a home. However, be aware of the numerous other costs that must be considered, both for the home purchase and for the monthly payment.

Loan Origination Fee

This is the fee paid to your lender for the work involved with making the loan. It can be a large expense, depending on the lender and the size of your mortgage. Figure it will be between a half and one percent of the total mortgage. The loan origination fee must be paid to the lender up front, so budget accordingly.

Agent Fee

You need a good real estate agent with a proven track record to help you navigate the market. Your agent should know about housing trends and availability, as well as lead you through all the paperwork and requirements for making a purchase. In most cases, the sellers pay the fees, so you won’t pay this expense yourself. However, the sellers should have figured the agents’ fees into their listing price. Hire a reputable agent and you can be sure you will get your money’s worth.

Inspections

Your first big expense after your offer on the home is accepted will be inspections. Your lender will likely require a thorough inspection, but it will be money well spent for you to find any major problems with the property before concluding the sale. Your agent will help you hire an inspector whose report will include structural components, interior plumbing and electrical systems, foundation, air conditioning and heating, roof, basement, attic and insulation, ceilings, walls, floors, doors and windows. You may be required to get a separate termite inspection. Depending on the age of the home, you also may need a sewer inspection.

In some states, if an inspection was conducted by a buyer who then backed out of the purchase, you may be able to skip paying for another. All the inspections will add hundreds of dollars to your home-buying budget.

Insurance and Taxes

You will be paying several different insurance fees that will add up quickly. You can figure your mortgage payment with a mortgage calculator, but it might not include taxes and insurance costs. You’ll pay the title insurance at the time of purchase, and homeowners insurance payments will go on as long as you own the home. You may also need flood and/or natural disaster coverage depending on where your home is located. Insurance and property taxes can be paid into an escrow account with your lender who will make those payments for you. Remember, both insurance and taxes will go up through the years of your loan payment, so be aware of the growing total you will have to pay in addition to your mortgage.

Closing Costs

Typically, home buyers will pay between 2 to 5 percent of the purchase price of their home in closing fees, according to Zillow. So for a house costing $150,000, the fees will be between $3,000 and $7,500. You will receive a loan estimate from the lender three days before closing. There might be some negotiations in these fees. Ask your real estate agent to help walk you through all the items on the closing cost list. Feel free to shop around for another lender if you want to look for a better deal. Also, you can request that the seller incur some of this cost.

Don’t let these additional costs surprise you. Ask lots of questions to your agent and lender to be prepared for the price you’ll really pay. Factor in these expenses, and you should be on track with a budget that will allow you to enjoy your new home for years to come.