Summer Home Improvements that Add Value

Are you considering making home improvements this summer to your home? The best home improvement projects will not only add value to the property, but will also make it more enjoyable for you and your family. However, not all improvements will add value. For example, spending on painting the walls is one area which many believe adds value, while in fact owners will see less than 50% of a return, if any. Consider these options instead when you are considering where to make improvements to your home that add personality and value.

Fix it up - Sounds simple enough, but people really don't consider fixing the items in the summer home as an improvement. If deck wood is rotting or if your faucets are leaking, simply repairing and replacing these things will help add value to your summer home. No matter which areas of the home need fixing, it is better to repair these first before you hire contractors to begin new constructions. If you plan on selling the home, buyers will want things to work and look good. And, if you plan on keeping the property, you want to know everything is in working condition. For a reasonable price, you can hire a great handyman to perform all repairs for you.

The lawn - Curb appeal is what draws people to a home. You don't have to spend a ton on fancy landscaping ideas, but nice floral arrangements or a new tree in the front lawn is inviting. Maintaining your lawn will definitely add to the home's value. It is more aesthetically pleasing, and it will also bring you joy to see how great your summer home looks when the lawn and garden are properly maintained.

Consider new lighting - New outdoor lighting will also help increase your summer home's value, plus it doesn't have to be that costly of a project to take on. Run some lights up and down the driveway, or add a new light post to the front porch. Having a nicely lit path is not only easier to get from the front driveway to the door, but it also looks better from a distance.

Shutters - New shutters—especially in areas where adverse weather conditions are a problem—will also add value to your summer home. If it is a hurricane or heavy storm area, shutters will protect the windows and glass along the home's front. Adding new shutters will also dress up the front of the home, as they come in numerous colors, shapes, and design options. Adding curb appeal, adding protection, and adding value for a fairly low cost makes adding shutters to your summer home a wise investment option.

There are a number of projects you can perform when it comes to increasing your summer home's value. These are some of the least costly options, and they won't take too much time to complete. Plus, most homeowners can even do themselves. At a low cost and high return value these are some projects to take on if you wish to increase your home's value this summer.

Creating a Home Office

These days, millions of people work from home thanks to innovative technology. In fact, over 20 million Americans telecommute for work at least part-time. This number is only expected to grow as technology advances. While there are pros and cons to everything, working from home presents more advantages than disadvantages. That explains why so many employees prefer telecommuting over hopping in their car and driving to an office.

Many residential architects are building home offices in new homes and in remodeling projects. A home office is a great way to add value to your home as well as functionality. If you’re thinking of creating your own home office, here are some things that you should consider:

One of the most difficult decisions is where to put the home office. Finding the right spot for your office can be a challenge. Some homeowners like to put their home office in the kitchen—the center hub of the house. Others prefer to create an office in a spare bedroom or the basement. If you choose the basement as the location, you need to make sure the space is absolutely dry. Also consider a private entrance for your home office for extra privacy.

Make technology available in the office. The whole point of working from home instead of the office is to be able to replicate what is available at the headquarters. This means that you need the correct wiring for voice communication, wireless setup, etc. Most homes that were built in the last few years have advanced wiring known as Category 5.

Make use of all available space. There will probably be plenty of wall space in your home office, and don’t be intimidated to use it. You can have bookcases and shelves from the floor to the ceiling if you choose. Don’t worry so much about aesthetics if you need lots and lots of storage space.

Be sure the electrical system is up to par. If you live in an older home with older wiring, there is the potential for power surges that can result in fires. If you need to upgrade the wiring, don’t put it off. Hire an electrician to make certain the system can handle the demands of your home office.

Paint the walls a motivating color. For some, yellow or red gets them motivated to work. Others perform better surrounded by calm blue walls. Choose a color that you love and that will motivate you. And don’t worry about what others think—it’s YOUR home office!

Refinancing a Mobile Home Loan

If you’re thinking about refinancing your mobile home, there are some important details that you should know in advance. Refinancing a mobile home can be a challenge, depending on your current situation. For instance, with the majority of mobile home lenders there is a minimum credit score requirement. Your existing credit history could end up being a big factor.

Another thing to be aware of is that with a mobile home loan, you will normally end up paying more in interest than you would pay with a traditional mortgage loan. This is because mobile home loans typically have a higher default rate. Here’s what else you should consider when refinancing your mobile home:

Why refinance your mobile home?

Before determining how to go about preparing to refinance a mobile home loan, you should first consider your reason for refinancing. This is especially true if your monthly payments are already manageable. Are you hoping to obtain a lower mortgage interest rate? Refinancing could lower those mobile home mortgage payments that you make every month. Needless to say, in the long run, you could actually end up paying less by refinancing.

Some mobile home owners opt to get a refinanced loan so they can switch from their existing adjustable rate. They may be ready for the stability that a fixed rate can offer. Obtaining the right kind of fixed rate may enable you to lock the amount in for the duration of your mobile home loan. Other reasons for refinancing your mobile home loan could be to modify a spouse or co-applicant’s name, or even to shorten the loan term so you can pay it off sooner.

If your mobile home is not affixed permanently to land, your original financing was probably the result of a personal property loan. This is a standard situation, because lenders won’t normally finance homes unless they are designated as “real property” by law. Since mortgage loans have lower interest rates than personal property loans, it makes more sense to try and obtain a mobile home mortgage loan. One way to try and do this is to seek to have your mobile home reclassified. That means permanently affixing your mobile home to a foundation that is approved by the Federal Housing Administration. Doing this will change the classification of your mobile home to “real property” and entitle you to a home mortgage loan.

Government help is available

When you decide to refinance your mobile home loan, be sure to look into the type of government help that may be available to you. There are several government agencies that refinance loans if you are a qualified mobile home owner. Freddie Mac is a government sponsored entity that has mobile home mortgage programs. They are well known for being one of the largest purchasers of traditional home mortgages. But not everyone realizes that Freddie Mac also buys and guarantees a number of mobile home mortgages each year.

If your mobile home qualifies as a permanent attachment to land, you may be eligible for a mortgage loan. Freddie Mac can help whether you’re a lender with a fixed or adjustable rate mortgage. Believe it or not, you can get help from the Federal Housing Administration (FHA), even if you are a mobile home owner. The FHA is responsible for enabling the banks to offer traditional homeowners a variety of low-down payment programs. Now more than ever, mobile home owners are also being encouraged to take advantage of these and other related financing programs.

The Best Home Improvements to Boost Home Value

Are you a homeowner who wants to add value and beauty to your home?  Are you also apprehensive about making the wrong decision that will not only be expensive but may add no value to your home? In order for you to improve your home value, you might consider making the following improvements:

Upgrade indoor systems

Before you think of making any functional or cosmetic changes to your home, you need to make the proper repairs, replacements and upgrades to all the major systems in your home. These systems include heating, sewer, electrical, and plumbing systems. 

Buyers won’t settle for a house that has a leaking roof or a ruined drainage system. They need the assurance that all the basic systems in the house are in proper working function and will not require any replacement or repairs in the near future. Most of these issues will be covered during the home inspection. One might be required to get an updated plumbing and wiring system if the house is old. An old roof should also be replaced. Make sure all problems associated with air-conditioning and heating are addressed beforehand.

Outdoor replacement projects

Having replacement projects will give you a better value than remodeling ones. Replacement projects are also affordable and give great curb appeal. Consider making necessary replacements to the front door, windows, siding, and garage door. On average, the investment return for these kinds of outdoor projects is about 72%. You can consider getting vinyl windows, steel entry door and foam-baked or fiber-cement vinyl siding.

Kitchen upgrades

Anything that you can do to improve the appearance of the kitchen will up the home’s value. This also means upgrading the appliances. Whether you plan on doing a major facelift or an entire remodel, painting the kitchen in modern colors is the first step. Fortunately for homeowners, paints are relatively cheap. In addition to that you can install new cabinetry, updated lighting and kitchen sink fixtures. Tile or laminate flooring also improves the appearance of the room. 

However, if you’re on a tight budget, painting and new countertops will be enough to add value to your home.

Add an extra bathroom

For a long time, the kitchen has been the buyer’s focal point when buying a home. However, over the past few years, the bathroom has become even more significant to buyers. Having an extra bathroom adds value to your home. If your budget is tight and you can’t afford to have an additional bathroom, then give the existing bathroom a proper facelift. Have it painted with a new floor and better fixtures.

Reinventing a room

Having to reinvent a new room can be expensive and can turn out to be even more costly if you run into unexpected difficulties during the project. However, you can make an investment return of about 50% to 83%. You can use the attic or convert your basement to make an extra bedroom.

Boost curb appeal

It’s not unusual to find a homeowner making expensive changes to the interior and overlooking its appearance on the outside. This becomes a challenge since buyers will not even get past your driveway if the house has a poorly maintained front yard. This can result to about a 10% decrease in value. In order for you to avoid this, trim trees and shrubs and have your yard cleaned from any debris. Having a well maintained front yard works well and it costs less than having to do an expensive landscape.

How Often Should You Replace Major Appliances?

 

Every year, thousands of households invest thousands of dollars on high quality home appliances. While these appliances play a key role in their homes such as making work easier, sooner or later they become inefficient and ineffective. It’s at this point that one has to answer that simple question, should I have them repaired, or should they be replaced?

Since no appliance is designed to last forever, it's important to be knowledgeable about the appliance's lifespan. Failure to do so may lead you to unexpectedly find that the fridge no long works, or that the boiler has gone cold. But since one appliance's lifespan varies from the other, it's wise that you keep a log of each one of them so as to prevent incidences of your family's life being inconvenienced.

 In essence, it's hard to give an exact date of when your appliance will become ineffective. And although some major publications such as Appliance Magazine publishes an annual report showing how long people keep their household appliances, it's worth noting that in most cases, families choose to replace their appliances when they are remodeling rather than when the appliance's lifespan is about to be exceeded.

 How then can one know that it's time to replace their appliance?

 The most reliable way of doing so is by making an approximation or in other words, calculating the appliance's average lifespan. Usually, this is highly determined by the appliance's durability, manufacturing quality, frequency of use, levels of maintenance, the weather, and  how well or how poorly they have been installed.

While a central air conditioning system is designed to last for 15 to 20 years, if you live within the coastal areas, it can end up lasting far less than a decade. In terms of durability and frequency of use, a window air conditioner is more likely to become inefficient a whole lot faster than a freezer. That aside, here's a breakdown on the average number of years some of the major household appliances are likely to last:

Since window air conditioners, washing machines and microwaves are among the most used within the house, they tend to have a lifespan of less than 10 years. To be specific, their approximated lifespan is 5-7, 5-15, and 9 years respectively.

Refrigerators are likely to last for 9-13 years, gas ovens 10-18 years, freezers 10-18 years, kitchen disposals 12 years, dryers 13 years, boilers 13-21 years, and wall ovens 15 years or more.

It’s always important to keep track of your appliance's age. Alternatively, you can pay close attention to the performance of the appliance. Small issues like emitting funny noises and/or frequent malfunctions should be taken as warning signs that the appliance should be replaced.

Should You Get Your Roof Repaired in the Winter?

If the roof of your home is not in very good condition, you might be wondering whether roof repairs and even replacements can be done in winter or not. You may be under the impression that the answer is no, given the tough weather conditions the residents of most areas experience at this time of year which make the task not only unpleasant, but also possibly unsafe to perform. 

Winter roofing repairs can be done- at a price.

While roofing in the wintertime is harder to do and can be unsafe for everyone involved – roofers, homeowners and inhabitants and ever passersby who– the truth is, it can be done if the necessary precautions are taken. This is primarily in the case of an emergency, which is why professional roofers still work during winter if only on a minimum capacity, and usually for a higher fee.

What about a total roof replacement?

So, should you have your roof totally replaced in the winter? Probably not, unless there is a dire emergency. Aside from the fact that it is unsafe and unpleasant, the conditions for roofing aren’t exactly fantastic during winter. Also, failing to respect the need for good weather while fixing or placing a new roof generally tends to result in a less than desirable final product, which will likely not be any safer or less prone to leaking than your current roof.

There are products available that facilitate and make winter roofing possible, allowing for those urgent leak repairs to be done in the colder month. But the fact is that traditional materials don’t dry properly in the freezing cold – or snow – and they don’t dry well with humidity either. This means that the roofing structure will not be fixed properly, and might even become defective and more fragile. Another fact you should keep in mind is that the leaks are harder to find during winter, and looking for them then isn’t the best idea, particularly if you are not experienced and have no idea of what you are doing.

What if you notice a leak in your roof during the winter months?

If you have noticed a leak in the roofing structure of your home during winter, your best bets are: covering the roof with a tarp and waiting for at least a few days of decent weather to appear. Or, take note of any existing problems with your roof, even adding in some photos if possible, and get in touch with a professional roofer to plan for the roof repairs or replacement to take place as soon as possible when the weather becomes more suitable roofing work. 

Should You Refinance to an Adjustable Rate Mortgage?

An adjustable rate mortgage (ARM) is a type of mortgage where the interest rate charged on the outstanding balance varies based on a specified schedule. The interest rate is initially fixed for a given period after which the rate is set periodically. There are many advantages associated with the adjustable rate mortgage especially when compared to the fixed rate mortgage. Below are some of the reasons why you should consider refinancing to an adjustable rate mortgage.

You want a lower interest rate

A lower initial rate is charged on an ARM when compared to the rate charged on fixed rate mortgages. While the initial rate is fixed for a given duration of time, the interest rate is much lower than the rate charged on a fixed mortgage at any given time. This works to your advantage as it frees up some money at the beginning of your loan term. This money can be useful in taking care of other expenses or can be invested in an income generating project.

You’re selling soon

An ARM is ideal for home buyers who wish to sell in the near future. For buyers who foresee a job transfer to another location or a need to upgrade to another house, for example when starting a family, the lower ARM initial interest rate provide a better and cheaper option. Once the house is sold, the loan can then be paid off in full. It is important to note that some contracts stipulate that a penalty is charged if the loan is paid off early. This should be considered while refinancing the mortgage.

You want to improve your financial standing

An ARM mortgage is ideal for homeowners who want to improve their financial standing. The adjustable rates provide short term stability as the homeowners anticipate a better financial standing in the future. The state of the economy also means that homeowners get some relief with the adjustable rate mortgage as they wait for the economy to recover.

Refinancing is not for everyone

It is important to note that an adjustable rate mortgage may not be favorable in some situations, for example where the homeowner is looking to stay in the house in the long haul. You should, therefore, take your time to examine your financial situation and get a professional to advise you on the additional costs to be incurred with refinancing and help you determine whether refinancing to an adjustable rate mortgage will make any economic sense both in the short term and in the long run.