place to hang art

10 Ways to Prepare for Homeownership

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

reprinted from Realtor Magazine

Just watched a video on the Remodeling Magazine website about 2014 International Building Trends. Interesting ideas that have been taking shape over the last several years. The takeaways as I see them…

Homes are shrinking. There has been talk of this for several years but to me, in both modestly upscale family homes or “luxury” homes we haven’t seen much of that…apparently its coming. The real estate market is improving, and with that comes increases in both resale and building costs. Homeowners will be increasingly more conscious of making a newly built home fully and even elegantly functional, but perhaps in a bit less space. Energy consumption and sustainability play a role here also.

Multi-functional rooms. I think designing rooms that can be flexibly used is a great idea, no matter current needs. Shrinking homes must mean more efficiency, and realizing that not all needs remain the same. What is a home office now may need to be a guest room, either congruently, or later on. One idea that wasn’t discussed specifically within this category was multi-generational building considerations. Building a home that can function as one ages, or if an older relative needs to be accomodated in a family home are concerns for many. We are living longer. Many “boomers” are caught between the needs of children and aging parents and need a home that can fit the needs of all family members.

 Acoustics. “looking for a home with an open floor plan”–how often do we hear that? Sounds tend to carry in an open plan. Builders and designers are paying more attention to how a house “sounds”. Choosing the right flooring, adequate/large area rugs, cloth blinds instead of wood, and even artwork placed both for size and location can minimize sound in an open home.

Urban infill. Ooh, the walk score! Homeowners, not just empty nesters but often families, will be more open to building urban, amenity accessible homes that offer a car-free or car-limited lifestyle. The large lawn, and time-consuming maintenance, sacrificed for local eatery outings and walks to the park and bike rides. Sounds idyllic!

Outdoor living. We have been seeing and enjoying inventive outdoor entertaining spaces for several years now. BUT, apparently there is a growing trend toward multi “room” spaces that will increasingly mimic the interior of homes. Ironically yes, the interior of homes apparently getting smaller and the outdoor spaces bigger!

360 Architecture and a “friends entry”. I found this one interesting, Ties many of the building ideas together in my opinion. Builders have put a lot of thought over the years on designing the interiors of homes. Thinking about  the exterior in home design does not just mean looking at it from the curb, but from the backyard. We are doing a lot of outdoor entertaining after all!  Putting some detailing on the back of the home instead of the look of a  “stucco box” with some scattered windows seems like an idea that has been a long time coming. I also like the idea of a “friend entry”. An entry that has as much appeal as the front-and not an entry into a mudroom. There are of course thoughtfully designed homes that have this, but i think naming it a “friends entry” conveys a much more convivial approach to what has traditionally been referred to as the “side entry”.

Sometimes looking at design in a sligthly different way can help homeowners, builders and designers remember that a home is where memories are made and where friends and family come to visit. 

I think you will find these all resonate–either we ourselves are guilty of some of these or someone close to us is. Especially number 25…”the toilet rug”. Really, is that a great idea?

Take a look, the pictures really help sell that these are really bad ideas.

http://www.hgtv.com/decorating-basics/25-biggest-decorating-mistakes/pictures/index.html