Better Homes and Gardens Real Estate Life

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  • Ask a Pro Q&A: Sloped Yard Solution

    Welcome to another installment of Ask a Pro! Today we are talking to Dream Team member and outdoor design expert Carson Arthur! Let’s see what he has to say about adding a terrace to a sloped backyard!

    Sloped_Yard_Solutions

    Q: How would you terrace a downsloped back yard?

    -Abigail M.

    A: It all comes down to your budget!  They best way to create a terraced slope is to use a series of retaining walls to add level spaces down the slope for plants and shrubs.  Of course this is the most expensive! If you are on a budget, collect large stones to create planting pockets behind them, working your way down the hill.

    -Carson A.

     

     

  • Five Party Themes for Fall

    Fall is a great time to throw a party. The weather is a comfortable cool. There are still a few months before it’s all snow and cold! If you’re planning a party, here are few suggestions for the best fall-themed party ever!

    Rustic

    rusticRustic is a great fall party theme for those who prefer a restrained and minimalist approach to party decoration. Small twigs and fallen branches are not hard to come by this season. Collect them in a tall vase and arrange some dried leaves to create the focal point of your party table. Be sure to gather enough leaves in varying shades of red and yellow to add excitement to your arrangement.


  • How To Enjoy Your Own Party

    You’ve double-checked the invites, tried out the recipes, rearranged the decoration, and recounted the gift bags. Yet it seems you might have overlooked something. With all the planning, cooking, and hosting, it’s easy to forget to have fun and enjoy the festivities you have worked so hard to bring about. These practical tips will save you time and headache so you can focus on having a good time your own party.

    1. Get the date into the books early. This is the busiest time of the year for EVERYTHING—so lock it in. Send out a quick email reminder, followed by an evite.

    Save_the_Date

  • Types of Mortgages – ARMs and Fixed Rate Mortgages

    Buying a home is an exciting, yet complicated, process. A home buyer who plans to secure a mortgage when financing a home has a dizzying array of options available. Although there are a number of hybrids and variations, mortgages loans come in two basic types—adjustable rate mortgages, or ARMs, and fixed rates mortgages. Understanding the advantages and disadvantages of your options will help you make a more informed decision.
    Fixed Rate Mortgages
    As the name implies, when you enter into a fixed rate mortgage the interest rate is fixed at the time of purchase and will remain the same throughout the life of the loan. Although a traditional fixed rate mortgage contemplates a 30 year repayment schedule, you may have the option to select a shorter or longer repayment period. Your monthly payments will remain the same throughout the life of the loan. Interest, however, is front-loaded, meaning that your payments during the first few years of the loan will be predominantly interest with only a small percentage of the payment going toward the principal.
    Among the advantages to financing a home with a fixed rate mortgage is that there are no surprises. Your payments will never change even if inflation causes current interest rates to surge. Buying a home with a fixed rate mortgage is often easier for a first-time buyer to understand as well. The terms of an ARM can be very confusing which sometimes leads to misunderstandings on the part of the buyer. With a fixed rate loan, budgeting is much easier for the buyer because there are no surprises or changes during the life of the loan.
    One disadvantage to a fixed rate mortgage is that a borrower must refinance if interest rates fall significantly. This means additional closing cost fees to the borrower. In addition, first time borrowers may not qualify for the amount of loan they need because the initial monthly payments are usually higher under a fixed rate mortgage.
    Adjustable Rate Mortgage (ARM)
    Financing a home with an ARM also has advantages and disadvantages. Under the terms of an ARM, the interest rate is subject to change. Typically, the loan starts off at a lower interest rate than a fixed rate mortgage but adjustments over the life of the loan can raise the interest rate substantially and the monthly payments along with it. One advantage to an ARM is that a buyer may be able to qualify for a higher loan amount than with a fixed rate mortgage because the lender will use the lower payment amount reflected by the initial interest rate when qualifying the buyer. With a lower monthly payment, a home owner can save or invest the money saved each month. An ARM is often a good option when a buyer doesn’t plan to stay in a home for more than a few years because the interest rate will typically stay relatively low during the first few years of the loan.
    Among the disadvantages of an ARM is the uncertainty surrounding the monthly payments. Although most ARMS have built in caps that limit the amount the interest rate can change each year and/or over the lifetime of the loan, a borrower may still end up with an interest rate substantially above that of a fixed rate at some point during the lifetime of the loan. In addition, the terms of an ARM can be very confusing to a borrower because of the flexibility a lender has to change the interest rate and therefore the monthly payments.
    There are also a number of hybrids that combine aspects of both a fixed rate mortgage and an ARM. Hybrids come in numerous forms and offer a veritably unlimited combination of advantages and disadvantages for financing a home. Be sure to consult with your Better Homes and Gardens Real Estate agent about all of your mortgage options before choosing one.

  • Closing on a Home Purchase

    Once you have finally located the home of your dreams and negotiated the purchase price, it is time to go through the home closing process. At the closing, the title or deed to the home will be transferred and any mortgage documents signed. Typically, closing on a home will entail the review and execution of numerous legal documents. A home closing will also usually incur significant fees. A better understanding of the home closing process and the fees you may need to pay will make you feel more comfortable when the time actually arrives to participate at your own closing.

    Your Better Homes and Gardens Real Estate agent will go over most of the fees and costs associated with closing on a home before you put in an offer. Many closing costs can be paid by either the buyer or the seller. Because of this, which party will pay the closing costs is commonly an important part of the negotiating process for the purchase of a home. If you will be financing the purchase with a mortgage loan, you will need to make sure to obtain all the appropriate loan documents before you can close on a home.  The lender must provide you with a good faith estimate of the costs associated with the loan within three days of your completed application. While the actual cost will vary widely, some of the common costs that must be paid on the day of closing include the following:

    • Loan Fees—These may include a loan origination fee, points, appraisal fee, inspection fee, credit report fee, insurance application fee, and an assumption fee
      • Insurance Premiums – Mortgage, hazard and flood insurance premiums are often required to be paid in advance
      • Reserves – A lender may require you to deposit funds in an account to ensure payment of future tax and insurance obligations
      • Commission Fees—Paid to your agent for services rendered
      • Closing Costs—Agent’s fee for preparing the documents and presiding over the closing, title search fee, notary public fee, attorney feesThe actual closing on a home typically takes place at an attorney’s office, title company or escrow agent’s office; however, laws and customs vary by state and even by areas within a state. The closing agent will begin preparing for the home closing process once an offer to purchase has been accepted by the seller. The first step is generally to request a title search. This checks the history of the property through public records and looks for any potential defects in the title such as a tax lien or judgment attached to the property. The closing agent will then draft all of the legal documents needed to transfer ownership of the home from the seller to the buyer. A HUD-1 Settlement Statement will also be prepared. This important document outlines in detail all of the costs associated with the home closing process for both the buyer and the seller.

    On the day of the closing, both the buyer and the seller, along with their respective real estate agents, will appear at the closing agent’s office. Numerous documents will be reviewed by the parties and signed. Once everything has been signed, the transfer of the property from seller to buyer is complete and the closing is finished.

  • Fall Feast … Almost Famous

    Fall party

    Fall FeastThink of this as a Halloween after-party for adults, while the goblins stay home with the sitter. Invite your friends to come as their favorite celebrity. Assign everyone a number at the door and make a game of who can guess every famous-face in the room.


  • Thanksgiving Party Tips

    Thanksgiving is one of the best times of the year. The weather is not too cold, the leaves are still turning colors, and the frantic end-of-the-year rush has not fully kicked in. If you’re hosting your family’s Thanksgiving gathering this season, check out these little touches that will make your home extra cozy and welcoming for your guests.

    Create a Tasteful Centerpiece

    Tasteful_CenterpieceThere is no need to go overboard with your Thanksgiving centerpiece. Some flowers and candles with fall colors will give you a look your guests will love!

  • Quick and Easy Menu Ideas for Your Next Party

    If you are throwing an impromptu get together, then you will need to put together a delicious menu that will be quick and easy. Here is a sample menu that all of your guests will enjoy!

    Drinks

    Pink_LemonadeMint pink lemonade- chop some mint leaves and let them infuse for at least four hours. Get a beautiful pink color by adding some strawberry or pomegranate juice.

     

     

    Cucumber_WaterFresh cucumber or melon water- chop either cucumber or melon and let infuse in the water.

     

     

     

     

     

     

     

     

     

    Mason_JarsDécor tip- drinks can be served in old fashioned beverage dispensers or mason jars for a cool and classy look.

  • Housewarming Party How-To’s

    Hosting your first housewarming party? It can seem a little intimidating at first, but with a few party planning tricks and tips you will be on your way to throwing a stress-free housewarming party!

    Entertaining Space

    Outdoor_partyA casual, outdoor party is a great way to inaugurate your new home, and an even better excuse to meet new neighbors and catch up with old friends. The key is to make it as stress free as possible, because you’ve already been through a closing, moving, and an unpacking marathon. A little socialization and some good food are certainly in order.

     
     
     
     

  • Home Selling Tips – Get the Maximum Home Resale Value in a Buyer’s Market

    Simply put, a “buyer’s market” is a term commonly used to describe a market condition where the supply surpasses the demand. The real estate market after the housing bubble burst back in 2007 is a prime example of a buyer’s market. The nation as a whole had suffered through a fairly significant recession over the past several years when home values along with the demand for real estate plummeted. With lower home values and an increase in inventory of homes for sale, a buyer’s market was created. Understanding how to sell your home during these situations is the key to selling a home quickly and at a reasonable price.

    With that said, maximizing your home’s resale value when the market favors the buyer typically involves a multi-pronged approach. The following tips on “how to maximize your home resale value in a buyer’s market” can help ensure that your home sells for every penny despite the disadvantages of a buyer’s market.

    Choose the Right Home Improvement/Remodeling Projects
    Taking on expensive, complicated home improvement projects right before you decide to sell your home is usually not a good idea. First, it is highly likely that you will not be able to recoup all the financial costs of a major home improvement project at the time of sale. On average, a seller can only expect to get 50-75 percent of his or her investment back on a major remodeling project. While there are some projects that have a higher rate of return on investment, it is usually a gamble not worth taking. Moreover, you may deter buyers who don’t like the addition or improvement or who would have preferred to do it themselves in their own style after purchasing the property. Although expensive remodeling is usually not advisable, that is not to say that you should never invest in significant home improvement project. For instance, if there are any structural issues with your home, you should definitely make the necessary repairs before listing it for sale. Also, you should make sure that all major systems in your home (electrical, plumbing, heating and cooling) are in working order.

    Stage Your Home to Sell
    A fresh coat of paint throughout the home and a professional cleaning of all floors/carpeting are also good ideas. Likewise, trimming bushes and trees and planting flowers outside to give the home curb appeal is advisable. Finally, de-clutter each room to give the home the appearance of having more space and to give the potential buyer a chance to envision themselves living there.

    Get the Maximum Appraisal Value for Your Home
    Even before homebuyers arrive at your doorstep, you want to make sure that your home is presentable for the appraiser (a state licensed professional who will provide his or her expert opinion about the market value of your home). It is important for sellers to get the maximum value for their home during the appraisal process because this is what your homebuyer’s mortgage lender will likely use to determine how much they will lend.
    A way to improve the chances of getting the maximum appraisal value would be to gather as much information about your home as possible. Compile a record of all the past home improvements that you invested in, which may have increased the value of your home (E.g. master bathroom was completely remodeled, countertops have been replaced, etc.), and present this information to your home appraiser for his or her consideration. You can also conduct your own comparative market analysis. You may have information regarding your own neighborhood that your appraiser may not be aware of. For instance, if your neighbor sold his home at a price that is significantly lower than the property’s fair market value only because he had to relocate for a new job, then your appraiser should be made aware of that information.

    Reach Out to a Real Estate Professional
    The process of selling your home will be a challenge and getting an offer with a price you are happy with is even more difficult – especially in a buyer’s market, and one of the trickiest part of selling a home is the negotiation process as there are many legal terms as well as costs involved. Not only will you be negotiating the sales price for your property, but you will also be negotiating other terms of the agreement, such as who will be paying what closing costs. Working with a seasoned real estate agent gives you a competitive advantage when it comes time to negotiate.

    In addition, consulting with a real estate agent will give you a more realistic idea of what your home is actually worth. In a buyer’s market, sellers should expect to get low offers. Many buyers will come with very low offers if they understand that they are operating in a buyer’s market; however, that does not necessarily mean they are unwilling to negotiate. A real estate agent can help you draft a counter-offer and work towards negotiating a higher price for your home.