Tips to Help Save Money for Your First Home
It's 2022, you’re ready to buy a house and now you have the stress of figuring out how you are going to save enough money. Well, the first step in saving for a house is figuring out how much house you can afford. Reach out and connect with a lender that can walk through what you qualify for, do you need to do credit repair, and what should you expect to have set aside. Give me a call, text or email and I will share a few lenders that I have worked with over the years that we trust. Once you have that number ballparked, can see how much you need to save and start the process. It doesn’t have to be painful, just follow these 5 tips and you’ll be saving money in no time. Budgeting Budgeting can seem stressful, but it doesn’t have to be. There are many different choices of apps that will do all the work for you and even give you suggestions on how to better manage your spending habits. Apps such as Mint and PocketGuard give insight on what you have been spending your money on and give you tips on how to cut back and save more money. The interfaces on both apps make it easier to see where your money is going by utilizing different graphs to make it easier to read. Set up an automatic savings For people who don’t find themselves putting money aside very often, this can be an easy option. Depending on your budget you can set up an automatic transfer from your accounts on a daily, weekly, bi-weekly, or even monthly schedule, whichever fits your lifestyle best. This is a “set it and forget it” option that will be building up savings before you know it. Get a side hustle Today more than ever there are so many options out there for people to earn more money with a second job or “side hustle”. Consider driving for a rideshare service or delivery such as Uber and UberEats where you can work whenever you are able to with no set hours or minimum requirements. If you are a dog person you might find dog walking or pet sitting more of your style. There are many apps out now that allow you to easily connect with people who need their dog walked or somebody to watch them for a day/night. The best part about all of these options is that they won’t interfere with your current job. Put retirement savings on hold If you are young and actively contributing to your retirement fund, then you can put it on pause and start putting that money into a savings account instead. Saving for retirement is stressful by itself so you just need to remind yourself this is a short-term option to help boost your savings. Take care of your debt Saving might seem impossible especially if you have other debt obligations to take care of. Knocking down some of your outstanding debt first will help free up more money to put toward a savings account. If you have high-interest loans, consider refinancing them and if you have a high credit card balance, try to put as much as you can to that to help in the long run with saving money.
Do Home Improvements Increase Your Home Value
Thinking about making home improvements or remodeling? Certain projects do wonders to increase your home value, while others not so much. Whether you’re looking to make these improvements in preparation for an upcoming move, or simply because you want to, here is a breakdown of what major and minor remodeling projects can do to your property value. Roof Replacement Replacing a roof is a necessary improvement, but unfortunately, it will not increase the value of your home. When listing a home, mentioning that the roof is new may help entice buyers, but you cannot raise your asking price to cover your costs. Additions Adding a room to your home can increase your property value, but it is dependent on the type of room you are looking to build. Adding another bedroom or bathroom is a fantastic way to add value to your home, but offices and living rooms can not only be costly but may steer buyers away due to additional heating and cooling costs. In-ground Swimming Pools Depending on your geographic location, adding a pool can either increase your property value or make your home more difficult to sell. In the southern half of the country, you are likely to see an increase, but the opposite is true in the north. Swimming pools increase energy costs, homeowners insurance, and can drive away many families with small children due to safety concerns. Deck/Patio Adding an outdoor living space to your home is a fantastic way to add property to your home. Whether extravagant or plain, a deck or patio increases the usable, livable space that a home provides, which attracts buyers. Kitchen Remodel Updating your kitchen adds value and makes your home more attractive to potential buyers, but you don’t have to build out a gourmet kitchen to do that. Replacing appliances and using modern colors can do wonders. What you need to keep in mind, though, is that you don’t want to make your kitchen nicer than the rest of your home or the neighborhood. Insulation & Windows Adding new insulation or energy-efficient windows not only reduces your energy costs but also adds value to your home. You can even earn a green energy tax credit when you complete your project! Sunrooms Though sunrooms can be a lovely place to spend a sunny afternoon, they do very little to add value to your home. These spaces can increase your energy costs due to the lack of insulation and may be unattractive to buyers for that reason. People choose to make home improvements for a number of reasons, from necessity to aesthetic appeal. If you’re looking to add value to your home, just keep the list above in mind! If you have any questions about home improvements or would like help deciding what might be the best value project to do reach out to one of our amazing agents today!
Why You Should Sell This Winter
Why You Should Sell This Winter! Some might think that spring or summer would be the best time to list your home as buyers’ interest is peaked but winter can be a great time to sell as well. With fewer houses on the market, more serious buyers, and people on the move there are many reasons to sell your home in the winter. Serious buyers Buyers in the winter are more serious than buyers in the spring or summer. Buyers in the warmer months might not be as motivated and are in the “just-looking” phase of their buying process. Most buyers in the winter are ready to move and since not many people like to move in the winter it might be a situation where they need to move. Many people are moving With many changes happening in the winter and with the new year, many people are on the move. Whether it is due to a growing family or a new job there are many reasons people might be needing a new home in the winter. January is a big month for new jobs when people are looking to start the year in a new place. Less competition With not as many people looking to sell in the winter months due to the colder weather, the competition will be less than in the summer months. Inventory falls around 20% in the winter. Less competition increases your chances of selling your home and also means you can get the price you want for your home. Highlight winter features What better time to show off how great your house is than in the winter when it is working at full speed. With the colder weather comes higher energy bills so you can show off some of the energy-efficient and cost-saving features that your house has to drive up buyers’ interests. This can be a great time to show off your fireplace or hot tub as well! If you’re interested in selling your house this winter or just want to check out what options you have, give a call!
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