Some things about buying a home are common knowledge. Saving for a down payment and getting your credit in line immediately come to mind. But there’s more to home buying than meets the eye, especially while we wait for the pandemic to end. Chore Relief invites you to consider the best finance hacks for homebuyers.
Know the BasicsThough most people know they need to have decent credit and a significant down payment to get a mortgage, there are some other essential factors in getting the best deal. You should work with a real estate agent who has your best interests in mind and knows what types of properties you’re looking for. You’ll also need to shop around for the best mortgage. Overall, you should know your net worth and understand average mortgage rates and requirements.
Look for Helpful Home Buyer ProgramsConsumer Finance highlights that a 20-percent down payment is ideal in most scenarios. You’ll avoid private mortgage insurance and other fees by investing in your home up-front. But depending on the purchase price, such a hefty down payment may prove impossible. The good news is that plenty of programs can help you cut purchase costs. Many states even have first-time home buyer offerings. Many counties even run their programs, so it’s worth searching online for local opportunities. Common programs include zero-down options like USDA loans, which are ideal for those purchasing rural property, plus grants that cover repairs. You can also find offerings that cover down payment costs.
Enlist the Help of a Co-Borrower or Co-SignerYou might think that having someone apply for a mortgage with you is too much of an ask. But a co-signer can help boost your suitability for a loan in the eyes of your mortgage lender. Plus, while a co-borrower retains ownership over the home with you, a co-signer does not—though they are liable, too, if you miss a payment. If your creditworthiness or monthly income doesn’t impress lenders, having a second signer can improve your options. Plus, you can always refinance later—and save hundreds per month—if better scenarios become available.
Go Beyond Pre-QualificationGetting pre-qualified for a mortgage is often the first step when you begin searching for houses. Your next step is a loan commitment, which shows sellers that you’re serious about buying. Getting a loan commitment does involve more in-depth paperwork like tax records and proof of down payment funds. That said, it can fasten the process when it comes time to make an offer on the perfect home the moment you find it. At the same time, you are not obligated to use the commitment if another scenario pans out instead.
Avoid Opening or Closing Accounts to Boost Your Credit ScoreOnce you apply for a mortgage—and especially if you move ahead to make an offer on a property—the lender will be scrutinizing your every financial move. To prepare, make any accounting changes before you apply for a loan—ideally months before. Opening new accounts can either improve or hinder your credit score, so it’s best to avoid such changes while you’re in the process of negotiating a home purchase. Similarly, avoid adding large purchases to your credit card and don’t move money around while you’re looking at homes.
Buy Below Your MeansThough buying your dream home is a big motivator, don’t overextend your budget. Keep in mind that most mortgages last for 30 years, which means a lot of time for your financial situation to change. Buying less house than you can afford also translates to more cash you can use toward other purchases. The good news for home buyers is that we may be entering a buyer’s market due to COVID-19, which means you may be able to purchase your dream home at a lower price.
Budget for MaintenancePart of keeping your investment in tip-top shape should include planning and budgeting for home maintenance. Ideally, you can avoid dipping into credit cards or personal loans if you put together a home repair/emergency fund. The typical recommendation is to set aside 1 to 3% of your mortgage payment every month and allow the fund to build. You can also keep a checklist for updates and major repairs that will need to be addressed, making it easier to plan. Using an app like Chore Relief will help you connect with and vet contractors early on so you know availability and cost. Plus, getting early quotes for repairs and maintenance gives you a better idea of what to set aside. For example, if you need any windows replaced, you can expect to pay anywhere from $170 and $375.
Buying a home can be complicated, but there are also many ways to make things easier. Instead of stressing, consider these financial hacks and get ahead of the process. In no time, you’ll be enjoying your new home—and a great deal. Photo via Pixabay The post Here Are the Best Finance Hacks for Home Buyers appeared first on ChoreRelief. from https://chorerelief.com/here-are-the-best-finance-hacks-for-home-buyers/
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Whether you’ve settled into your dream home or you’re looking to refresh one of your rental properties, home improvements are an essential part of the homeowner experience that can boost your home’s equity, as well as your quality of life.
As crucial as these renovation projects are; however, many come at a steep price, and expenses are even further compounded for those attempting to work on multiple projects simultaneously.
That’s why we’ve created a list of 10 of the most affordable changes you can make to your home that are sure to drive value into your property and help your house feel like home.
1- Window Treatment
As an essential part of keeping out the draft during chilly Chicago winters, treating your windows helps lower your heating bill during colder months, while also creating a more comfortable atmosphere. Window treatment is a simple, do-it-yourself type of project that requires only a few supplies, depending on the source of heat loss.
If your windows are riddled with cracks, purchasing some rope caulk—which can fill large gaps or irregularities in your windows—is worth the cheap price tag. Alternatively, magnetic window insulators are ideal for areas that experience the full spectrum of the seasons and can be easily removed in preparation for warmer days.
2- Heating And Cooling
This might sound counterintuitive at first, but investing in a new heating and cooling system, or HVAC, is one of the best changes you can make to a home in the long-term. Replacing your current HVAC set up with a more efficient one often lowers utility costs, with the most efficient systems saving upward of 20% on your monthly energy bill.
Fortunately, enlisting the help of HVAC professionals to quote, install, and replace your HVAC system is a simple and affordable option, as these handypersons come equipped with all the right tools and expertise to get the job done correctly. And to further lower your heating and cooling expenses, weighing your home warranty options is an important step to ensure that your brand-new HVAC system stays around for the long haul.
3- Deck Space
One of the best ways to show off the character of your home to the rest of the neighborhood is with a well-constructed deck or patio area. Outdoor spaces provide the perfect setting for relaxing on the weekend, connecting with friends, or cooking out on the grill. At the same time, a poorly arranged or under-furnished deck is as useful as no deck at all.
If you’re looking to make better use of your outdoor areas—either for you or for a tenant—there are plenty of places to begin without too many added costs. A quick paint job for wooden fixtures will help with both appearance and resistance to the elements, while a shopping excursion for some weather-proofed chairs, throw pillows, and lounges will make for an even more enticing outside experience.
4- Eco-Friendly Alternatives
Every household needs to remember that you can live an affordable, eco-friendly lifestyle as long as you have the right creativity, willpower, and mindset. Often when people think about environmentally sustainable homes, they picture significant changes in their house’s appliances and construction—everything from solar panels to dual-flush toilets.
But eco-friendly homes can also start on a much smaller, more affordable scale. As our article on eco-friendly products highlights, environmental conservation can begin by swapping out paper products with sustainable alternatives, such as cloth napkins, bamboo toilet paper, and reusable paper towels. You can also consider replacing cleaning products with solutions that aren’t harmful to the earth, switching out older lighting with energy-efficient bulbs, and making a conscious effort to reduce water usage while at home.
5- DIY Decor
Decorations provide the finishing touch on any living space and have the power to turn an unwelcoming house into a vibrant, cozy home. For homeowners, Decor is an opportunity to represent your personality in the spaces you occupy. For landlords, savvy decorations can help prospective tenants envision your listing as their new home.
Although there are plenty of creative ways to bring your DIY expertise into your decor projects, the key to making decorations affordable is by getting creative with the materials you already have. An empty mason jar can quickly become a candle holder with the proper attention, and that final splotch of unused paint in your garage might be just enough for an original work of art.
6- Landscaping
Think of your lawn as your home’s “first impression” for any new visitors, tenants, or future homeowners. Regardless of how nice the interior of your home appears, a poorly tended lawn can leave a bad taste in the viewer’s mouth long after they’ve pulled out of your driveway.
If you want to take better care of your outdoor appearance but don’t have the time, equipment, or vision, contacting a local landscaper in Chicago is a great place to begin. Whether you need assistance mulching or want to put up a garden wall, these professionals are ready to meet your needs without having to break open the piggy bank.
7- Kitchen Backsplash
Ideal for homes with smaller or darker cooking areas, a kitchen backsplash is a simple, inexpensive design feature that can make your kitchen area feel more spacious, open, and welcoming.
Backsplashes come in a variety of styles and materials, meaning that your choice will largely depend on the amount of time and resources you can invest in this project. For example, ceramic backsplashes tend to last several years and can be relatively inexpensive, but installing them properly requires previous experience with tile work. A plastic backsplash, on the other hand, is simple to apply and shape to the dimensions of your kitchen, but its material makes it much less functional and stylish.
8- Plumbing
Though plumbing is often seen as one of the more unglamorous parts of home renovation, a leaky faucet or faulty pipe can destroy a positive home-life experience.
Because plumbing is so critical to a well-constructed home or apartment, it’s a good idea to seek out help from a professional plumber if you don’t personally have the necessary background in this type of work. Plumbers can help you eradicate that strange puddle in your basement, while also preventing any further damage to your pipes and other water-susceptible areas of your home.
9- Lighting Fixtures
A great interior designer knows that lights do much more than illuminate a dark corner. Well-intentioned lighting fixtures can draw your attention to other parts of a room, create a more comfortable environment, or become the focal point of your entire home’s style.
If you want to redesign a room but aren’t sure where to start, settling on a single style of lighting can provide a keystone for the rest of the room’s layout. Not only does this help ensure that your overall design doesn’t include clashing features, but it can also give each room in your home, it’s own distinct flair.
10- Paint Refresh
It’s far too often the case that painting becomes a secondary thought when homeowners or landlords reflect on how they want each room in a house to look. Of course, every room in a home needs a few coats of paint at the very least, but how often do you consider how your approach to painting can impact an overall look?
From accent walls in a bedroom to a dark color on your kitchen cabinets, a great eye for painting can tie together an entire area of your home, all while cultivating a unique mood or feeling with its hue. Paint supplies are, fortunately, a relatively inexpensive venture, giving you room in your budget to hire out the help of a handyman to get the job done right.
With these affordable changes in mind, you’ll be well on your way to creating the home of your dreams! The post 10 Best Affordable Changes To Improve Your Home appeared first on ChoreRelief. from https://chorerelief.com/10-best-affordable-changes-to-improve-your-home/
If you’re in the market for a new home, you’ll eventually realize how much goes into the process—if you haven’t already. From figuring out what kind of home you can afford to finding the perfect home and closing the deal, there are numerous steps a buyer must go through.
Somewhere in the middle of that process, you’ll need to have your potential home inspected for maintenance problems and needed repairs. Once you get the inspection results, you’ll need to determine which repairs (if any) you will ask the seller to address. Then, you’ll need to decide how you will go about making improvements if they’ll be left to you.
In this article, we’ll discuss some of the most common repairs home sellers are and are not responsible for, as well as provide advice on negotiating their costs. Repairs the Seller Should Cover
Some repairs should be the responsibility of the seller, including any structural issues and safety concerns. The exception to this rule is with as-is properties, or homes listed with a contractual agreement that the buyer is handling all repair issues. This includes even serious problems—such as structural flaws, damaged roofing and pest damage—so be sure you know if any homes you’re eyeing are being sold as-is.
If the home isn’t an as-is property and you decide to have the cost of these repairs credited by the seller, you will manage the problems yourself so you can choose the best contractor for the job. Common structural and safety issues to look out for are roof leaks, foundation failure, plumbing issues, weak framing, rotting floors, and termite damage.
Lower-Priority Repairs
There are other repairs that the seller shouldn’t be responsible for, which include cosmetic issues and minor problems caused by normal wear and tear. Here are a few fixes that fall under this category:
Though the seller isn’t usually required to cover these kinds of repairs, many will if a buyer makes the request. This is particularly true if the home is in a buyer’s market where the seller has competition or if the buyer has made a compelling offer.
If the buyer won’t cover the cost of minor repairs and you don’t quite have the know-how to make the fixes on your own, connect with a local handyman through ChoreRelief. Through their service, you’ll be able to bring in an experienced and reliable handyman who can handle a variety of tasks in one visit.
Negotiating the Repairs
Once you know which repairs need to be made, you can then determine how to handle them. Many buyers opt to ask the seller for a credit for any necessary work. That is, the estimated cost of all the repairs the seller is responsible for is distributed to the buyer as cash-back credit. This can be ideal for buyers, because sellers are typically ready to move on with their lives, which means they may not prioritize the quality or timeliness of the repairs like you will. Plus, you won’t have to engage in a lengthy process of confirming that all the repairs are being completed satisfactorily.
It can also help to consider the big picture when evaluating which repairs you need done now and which ones can wait. Obviously, all structural and safety issues should be taken care of promptly, but some of the less severe problems can wait. For example, if you’re planning to remodel the kitchen in the future, you may not need to worry about replacing the faded cabinet doors or installing a new sink until you do the full remodel. Nonetheless, you could still request a credit for those things to help with the closing costs or keep for future repairs.
A lot goes into buying a home, and dealing with repairs is a big part of it. Make sure you understand which repairs the seller should and should not handle. Also, negotiate the repairs to work in your favor, consider asking for a cash-back credit, and think about the big picture of future renovations. Keeping tips like these in mind will help your home-buying process go much more smoothly.
The post The Ins and Outs of Handling Post-Inspection Repairs as a Home Buyer appeared first on ChoreRelief. from https://chorerelief.com/the-ins-and-outs-of-handling-post-inspection-repairs-as-a-home-buyer/
Are you looking to pack your bags and move somewhere new? If so, you want to get the most value from your current home. But selling your house isn’t an easy task. Not only do you have to judge local housing market trends, but also you need to juggle the expenses that come with selling your home. In this article, we’ll cover the ins and outs of home selling so that you can get the best possible sale price. Make small home upgradesIncreasing your property value can help you raise the sticker price of your home. There are plenty of ways you can upgrade your property without having to empty your wallet. Small fixes can go a long way, and they will put more money in your pocket. You don’t have to gut your kitchen completely. (Yes, you can install granite countertops or new appliances if your realtor says it will make a significant difference. But not every home requires all that.) It’s important to focus on the little things for cost-effective renovations. You can improve the look and feel of your home with small improvements that include:
These are the types of minor home improvements you can make that will cost money upfront but increase your home’s value even more. To add more value to your home, you can take on bigger projects, such as adding a pool, installing wood floors, remodeling the kitchen, if other homes in your neighborhood commonly have those features. If you’re interested in these significant remodeling projects before you sell, look for financing options, such as a VA cash-out loan or home equity loan, and start making those changes as much as a year before you plan to sell. Make sure that whatever you spend on home improvement is less than the additional amount you’ll earn when your home sells. Conduct market researchUnderstanding the market is crucial when it comes to getting the most money for your home. Look at local trends for properties that are for sale in your area. Days on the market (DOM), is a telling factor. If a comparable home has been on the market for months, determine whether it has a problem (such as a cracked foundation) or the wrong price (too high for the neighborhood). Then adjust your price accordingly.
If you notice there are a ton of homes like yours for sale in your area, prices will typically fall because sellers are competing for fewer buyers. Conversely, if you’re living in an attractive area with no homes on the market, it can drive your price up as buyers compete for fewer homes.
Timing is also imperative. People tend to look for homes during the warmer months when children are out of school and, let’s be honest, no one likes moving in frigid temperatures. Once you find the right time to sell, make sure you have enough equity in your home to pay off the rest of your mortgage, along with closing costs and realtor fees. Otherwise, you’ll have to pay for these expenses out of pocket. Be prepared for selling expensesUnfortunately, you can’t sell your home for free. There are many expenses and fees that come with putting your home on the market. Some of them are:
If you’re looking to save money on real estate commissions, you can opt to sell your home on a DIY basis without a real estate agent (“for sale by owner” or FSBO). Selling your home yourself can reduce many costs, but it requires a lot of extra work on your end, and you lose the expertise and buyers that a realtor can provide. And if the buyer uses a real estate agent, you will still have to pay the buyer’s agent commission. Wrapping upThere’s a lot involved in selling a house. To make the most money on your home, use these tips to improve its value while keeping your expenses low. When thinking about putting your house on the market, plan to sell it at a time that will bring the most attractive bids from buyers.
The post How to Sell Your House for the Most Money appeared first on ChoreRelief. from https://chorerelief.com/how-to-sell-your-house-for-the-most-money/ 7 Tips for Investing in a Rental PropertyInvesting in rental properties can be a lucrative endeavor that generates passive income every month. However, investing in rental properties isn’t as easy as it may seem. Buying the wrong property, renting to unruly tenants, or picking the wrong location can all lead to a money-draining investment that leaves you in mounds of debt. Before you start your journey to investing in rental properties, consider these seven tips to ensure you made the right moves. 1. Determine whether you want to be a landlordFirst and foremost, you want to determine whether the life of a landlord is meant for you. Being a landlord isn’t a walk in the park. You have to be available at all hours of the day in case anything goes awry, such as a burst pipe or a clogged toilet. This can be especially troublesome if you’re out of town and can’t get back to your property quickly.
While being a landlord can be stressful at times, it comes with many perks. If you rely on being a landlord as your main source of income, you can create your own schedule and earn passive income. After your initial investment and any maintenance costs, the income you generate through rent can be put toward your own savings or living costs. 2. Pay off personal debtBefore you buy a rental property, you’ll want to pay down as much personal debt as possible. While some debt can be helpful for your portfolio, too much debt can lead to unattractive loan terms if you need to finance the property. Before you sign the deed, pay off any student loans, medical bills, and other debts. 3. Decide whether you want to buy or financeWhen it comes to buying a home, you can either buy it upfront or finance the property. For most, paying $200,000-$300,000 for a rental home out of pocket is highly unlikely. However, if you have the means, buying your rental property can generate immediate positive monthly cash flow.
If you decide to finance, it’s important to remember that taking out a mortgage for a rental property is much different than financing your primary residence. Most lenders are wary of underwriting loans for rental properties and will ask you to meet strict requirements before getting approved, such as requiring a larger down payment and paying higher interest rates. 4. Understand landlord-tenant lawsLandlords also need to be well-versed in state and local landlord-tenant laws, such as obligations regarding:
Not knowing your state and local laws can land you in legal hassles that can eat up your time and money. Hire a lawyer to help you draft a fair lease, and invest time in learning the ins and outs of being a landlord. For example, you must understand tenants’ rights and how much you can ask for rent. Overcharging rent can be a violation of these rights. To find a reasonable price for rent, calculate rent based on income by taking a typical tenant’s gross annual income in that area and dividing it by twelve, then multiplying that number by the industry standard of 30 percent.
Example: ($50,000 gross annual income ÷ 12 months) X 0.3 industry rent standard = $1,250
With this simple equation, you can charge your tenants $1,250 for rent each month. Make sure that is enough to cover your mortgage and maintenance costs, as well as the profit you wish to earn, before you purchase the property.
Also, check existing rental prices in the area to make sure your calculation is realistic for the area you have in mind. If the numbers don’t work in your favor, consider a different location for your rental property purchase. 5. Search for a low-cost homeSearching for low-cost homes can help you save and earn more money. Buying the most expensive house on the block will mean you will have higher ongoing expenses that will eat away at your profits. However, make sure to steer away from the worst house on the block, as well. Buying a fixer-upper will take a lot of time and money to get up and running. 6. Sign up for landlord insuranceLandlord insurance can save you a lot of money in the event something ever goes wrong. Rental properties are expensive, so you want to protect them at all costs. Investing in landlord insurance can:
7. Make the purchaseOnce you’ve saved up for a sizable down payment, paid off debt, and secured financing (if applicable), take some time to research up-and-coming neighborhoods and hire a real estate agent. As you look for potential properties, keep in mind operating expenses and your return to ensure you’ll generate a profit. Once you sign on the dotted line and purchase your rental property, make cost-effective home improvements to boost its look and feel. Not only will home upgrades like a remodeled kitchen, updated bathrooms, or attractive landscaping increase your property’s value, but they’ll also allow you to ask for more money in rent. Key takeawaysBecoming a rental property landlord is tough work. However, if done correctly, you can get one step closer to becoming a successful property manager within the booming real estate business. With these seven tips, you’ll be on your way to a lucrative future. The post 7 Tips for Investing in a Rental Property appeared first on ChoreRelief. from https://chorerelief.com/7-tips-for-investing-in-a-rental-property/ Many people want to do their part to go green, but they don’t know-how. If you fall into that category, you’ve come to the right place. One of the simplest ways to start living a greener lifestyle is by going green at home, starting with incorporating eco-friendly products into your household. Ways to Conserve EnergyConserving energy is essential if you want to make your home eco-friendlier. Here are some of our favorite energy-saving products:
Water-Saving AppliancesReducing the water used in your home is essential to help avoid future droughts, limit the energy needed to provide water supply to our homes, and preserve the quality of water. Plus, using less water means your water bill will be lower. Here are a few ways you can conserve water in your home:
All of these products can be easily installed on your own with the need for a plumber or maintenance person! Alternatives to Paper Goods Traditional paper goods play a huge role in how big our carbon footprint is. Making the transition to eco-friendly alternatives can make a significant impact on the environment. Try buying these options instead of your usual household paper goods:
Along with replacing paper goods, consider using green cleaning products too!
Making changes in your home can be difficult, but once you get your eco-friendly lifestyle momentum going, you’ll want to integrate all of these products into your home!
The post How to Incorporate Eco-Friendly Products in your Home appeared first on ChoreRelief. from https://chorerelief.com/eco-friendly-home/ The Coronavirus pandemic is a trying and uncertain time for people all over the world. In the US, it forces people to stay home and businesses to close for two or three months — at this point, there is no definite end date. Business owners and employees are left wondering what to do and what is going to happen to their livelihoods. And independent contractors are wondering if they can make it from this side of the pandemic across the unknown to the other side. Independent contractors are those who provide a service under a stand-alone agreement or contract, as opposed to working as a salaried employee. They work where they are needed, as they are needed, and in a normal economy, fill an important void. During these unusual times, their incomes are threatened, so the government has put aid packages in place for them. Independent contractors, especially those who provide residential services, such as HVAC and siding contractors, need to know how the aid packages will impact them. This post details some of the ways that the government’s stimulus package will affect independent contractors. Independent Contractors’ Top Three Questions About the Stimulus Package1. How Does Unemployment Insurance Work?With the stimulus package, the American federal government expanded unemployment benefits to those who are self-employed. This means that self-employed individuals can collect income that they otherwise would not have been able to receive prior to the Coronavirus situation. Independent contractors and self-employed individuals can qualify for unemployment benefits for several reasons related to the global pandemic, such as loss of income due to the virus, or even loss of income due to the need to care for one’s child during school closures.
A business owner who sells solar panels in Cherry Hill, NJ, pointed out that this process may not be easy. To qualify for unemployment benefits, one must prove that they are not eligible for other benefits, and that can be a tedious process. He urges other independent contractors to do what they can now and to be proactive in getting their benefits, as it could take a long time, depending on the state. Remember, most states’ unemployment offices are deluged with applications right now. 2. What About Health Insurance?Independent contractors who can’t pay for their current health insurance or healthcare because of employment issues related to the pandemic may be able to enroll in Medicaid for the time being. If your income has dropped below a certain threshold, you could qualify for Medicaid and should do so right away, as the number of people enrolling in this government-provided health insurance plan has increased dramatically. 3. How Will I Know If I Am Approved for Unemployment Benefits?Independent contractors will not receive written confirmation that they have qualified. Instead, they will receive their benefits via direct deposit to their bank account, or they will receive a debit card to access their approved amount of benefits. The first payment can take up to three weeks; however, in most cases, it is much sooner.
If you apply for unemployment benefits and are not approved, you will receive written notification. Be Proactive During Trying TimesIf you are self-employed or an independent contractor, it’s important that you apply for benefits sooner rather than later. As more and more people apply, it takes longer and longer to process them all, and that can result in delayed payments, making your life even more stressful. If you have been impacted by the Coronavirus, do what you can today, and apply for the benefits you may be entitled to now.
About the Author Jennifer Bell is a freelance writer, blogger, dog-enthusiast, and avid beach-goer based in southern New Jersey. The post Top 3 Questions Independent Contractors Are Asking About the coronavirus Stimulus Package appeared first on ChoreRelief. from https://chorerelief.com/covid19-stimulus-package-contractors/ It’s a new decade, and many homeowners who have been holding off on making changes are starting to reimagine what their home can be. Yet, the vast majority of us do not have tens of thousands of dollars just lying around, waiting to be spent on a luxurious new kitchen, bathroom, or backyard. However, you shouldn’t let that stop you: by focusing on the essentials, working with a professional, and finding inexpensive upgrades, you can complete your home makeover on a budget. Let’s take a closer look.
Focus on what matters mostWhether you’re primarily interested in adding value to your home or just want to modernize it, there are two areas where you should focus first: your kitchen and your master bathroom. There’s a reason that kitchen and bathroom remodels have high ROIs: prospective homebuyers value upgrades to these two spaces.
Remodeling your kitchen on a budgetRemodeling your kitchen just makes sense. It’s the center of life in the modern American home: families cook, entertain and hang out in the kitchen. If you’re considering a kitchen remodel, start by thinking about the countertops and cabinets, and then building everything else around those two elements. The counters and cabinets are the most visible, eye-catching parts of the kitchen, and also an area where styles have dramatically changed over the past few years. In other words, you could make sweeping changes — new floors, appliances, and even a layout shift — to the rest of the kitchen, but people won’t see the “upgrade” if you retain the plastic pastel countertops and worn wood cabinetry.
Of course, new countertops and cabinets can be expensive. So, how do you make these changes on a budget? First, we recommend working with a remodeling professional. Not only can a pro help you put together a game plan for your kitchen makeover, but they’ll also have connections to less expensive — yet still high-quality — materials. Second, there are less costly ways to finish off the kitchen project once the “big ticket” items are out of the way. New lights, paint, and a tile backsplash are relatively inexpensive items, but can significantly transform the space. Finally, consider putting off some elements of the project for a few months. For example, many homeowners can wait to replace their appliances until a few months after completing the rest of the remodel. This gives their budget time to recharge while also allowing them to get a feel for the new space and what style of stove, fridge, and dishwasher might work best in it.
Remodeling your master bathroom on a budgetJust like kitchen remodels, master bathroom renovations have a relatively high ROI. By finding ways to keep your costs low, you can stretch your remodeling dollar even further. One of the most expensive aspects of any bathroom remodel is moving existing pipes or electrical to accommodate a layout change. If you can, keep your bathroom in the same configuration. If you have to choose, remodel the shower before the bathtub. That’s because, for most homeowners, the bathtub is a rarely used luxury, while the shower is an everyday necessity. In doing so, you’ll want to replace the shower glass, add wall tile, and install new faucets and fixtures.
For bathroom vanities and sinks, add new stone countertops and high-quality cabinets. Quartz and granite are generally the best, most durable options here. Again, this is where it makes sense to work with a remodeling professional: they can help you find the right sinks to fit in your new bathroom vanity setup. A remodeling contractor can also help you avoid costly mistakes and rework. Generally speaking, if it feels like you’re in over your head when attempting a DIY remodel, you probably are.
Find the easy (and inexpensive) winsWe’ve already mentioned replacing lightning and repainting your kitchen, but those same tips also extend throughout the entire home. The cumulative cost of both projects should be less than a few hundred dollars, but can completely change how your home looks.
If your home could benefit from new flooring, but you want to limit your material costs, look into vinyl or laminate. These flooring types have come a long way in both appearance and durability over the past decade, and are much less expensive options than hardwood flooring or tile. Vinyl and laminate also come in a wide variety of styles to fit all kinds of homes.
Our final piece of advice: talk to local pros about other projects you can complete within your budget. They might point you in an unexpected direction. For example, adding more attic insulation may not be as exciting as a kitchen remodel, but it could lower your summer cooling bills by hundreds of dollars every year. And planting a couple of trees to block the hot afternoon sun can help, too. These are incredibly high-ROI project for any homeowner who plans to stay in their home for many years to come. The post How to do a home makeover on a budget? appeared first on ChoreRelief. from https://chorerelief.com/how-to-do-a-home-makeover-on-a-budget/ How much should you budget for home maintenance?Buying a home is probably one of the largest purchases you’ll ever make. Over the long haul, maintaining a home can be another of your most substantial expenses. While the upside of homeownership still outweighs these costs, homeowners need to be prepared to pay for both routine monthly maintenance and large repair/replacement projects. But, just how much should you be setting aside? In this article, we’ll walk you through creating a home maintenance budget and what you should consider before getting started. Set your home maintenance budgetMany experts advise that homeowners should typically save between one and three percent of their home’s value and set that money aside in a maintenance and emergency-repair savings fund. However, while this rule-of-thumb is a helpful way of thinking about savings, it’s far from perfect. In the real world, your home’s value has no direct connection with its maintenance, repair, or replacement needs. After all, the cost of repairing your home is often unrelated to the economics of the real estate market. For example, a home worth $150,000 in Omaha, Nebraska, might need more upkeep and care than a home worth $900,000 in San Jose, California. If you’re building a home maintenance budget and savings account, customize it to your home and its needs. Older homes generally need more work as they age, so you may need to save more if your home was built in the 1970s or earlier. If you live in a cold, snowy winter climate, you may want to save money ahead of time for roof upkeep, gutter repairs, or sump pump replacement. While it’s probably not realistic for every American family to squirrel away tens of thousands of dollars in a separate account, the more you can set aside, the better. After all, that money isn’t going anywhere and doesn’t expire at the end of the year, so you can roll your leftover budget into next year to keep your long-term fund growing. Plan ahead for big projectsThankfully, major home repairs are relatively rare — you might encounter only a handful of urgent, large projects throughout your time owning the home. However, when they do arise, they can be stressful and expensive. For example, replacing your home’s roof can cost thousands of dollars upfront — that can put a lot of stress on anyone’s monthly budget. Similarly, a leaking pipe, a cracked sewer line, or a broken-down water heater could all require you to dip into your savings account. In a best-case scenario, it’s more economical to pay for major home expenses with savings rather than debt. If you have that savings account in place, not only will you be prepared to cover these projects, you’ll also have peace of mind.
Of course, homeownership wouldn’t be any fun if it meant one catastrophe after another. That’s why your home maintenance savings account can be used for another purpose: proactive maintenance, upgrades, and remodeling. After all, styles change through the years. If your kitchen looks like it belongs in a sitcom from the 70s, it’s probably time for a refresh. Adding progressively to a savings account can help you accumulate the upfront investment needed for these value-adding improvements. Just make sure you keep enough in reserve for your emergency fund. Take care of the small thingsMake a habit of tracking the money you spend on home upkeep and manage that money out of your established home savings account instead of just your checking account. First, this helps you budget and relieves pressure on your routine month-to-month finances. Second, it allows you to see what you’re spending on home maintenance month-to-month and year-over-year. If you find that your maintenance account is barely getting the job done, you might need to invest more.
On the other hand, if you have a ton of leftover cash in your savings account at the end of the year, you can either reduce your contribution or keep saving for that proverbial “rainy day” (when you discover your roof has a leak) to come.
Ultimately, a robust home savings account can be a significant stress-reducer when your home needs a sudden repair. Our final recommendation? Talk to a local contractor in your area about what kind of home maintenance your home needs on a regular basis. This will help you get started putting together an annual upkeep checklist, and give you a ballpark figure for how much to start saving out of your income every month. The post How much should you budget for home maintenance? appeared first on ChoreRelief. from https://chorerelief.com/how-much-should-you-budget-for-home-maintenance/
For many homeowners, time and upfront costs are the most significant barriers to completing major home renovations such as a kitchen remodel. However, you don’t need thousands and thousands of dollars to make improvements to the look and feel of your home or rental property. In this article, we’ll review 6 of the most affordable and impactful ways to transform your home.
1. Interior paintingA home project doesn’t get much cheaper or DIY-friendly than repainting the interior walls of your home. All you need is paint, rollers, and a couple of hours. A fresh coat of paint can really make the inside of the property look like new again. For the majority of your walls, choose neutral colors like off-whites and light greys. However, if you’re ready for a change, paint a single wall in an accent color like blue or green. You’d be surprised at the degree to which color can completely transform a space.
2. Hanging new lightingJust like paint, lighting tends to get overlooked in the grand scheme of things. Yet, light impacts the way we perceive space. Harsh, white lighting can make a bedroom feel clinical instead of cozy. Dim light can drain your kitchen of energy, making it feel old and worn down. If you want to drastically change the way the property feels without spending a fortune, take a look at lighting. We recommend matching styles of lighting to each room of the home. Better yet, invest in dimmable lights that allow you to modify the brightness on-demand.
3. Making your home more energy-efficientOne of the primary reasons to invest in energy-efficiency upgrades is to lower your utility costs. However, don’t underestimate or overlook how adding these upgrades can also positively impact the comfort of your home. Adding attic insulation or caulking around leaky windows cuts down on both heat loss and drafts coming into the home. This means more consistent cooling, heating, and comfort throughout all the rooms.
4. Schedule seasonal HVAC tune-upsOn that note, you should also schedule seasonal cooling and heating tune-ups for both your air conditioner and furnace. Most indoor comfort problems—whether it’s a lack of cooling/heating or excessive humidity—start with a malfunctioning HVAC system. Professional maintenance helps your cooling and heating systems avoid breakdowns, run more efficiently, and keep the home more comfortable. As with most forms of preventative home maintenance, these spring and fall tune-ups are really worth the investment. To schedule yours, talk to a locally trusted HVAC company in your area.
5. Take care of the landscapingYou shouldn’t judge a book by its cover, but prospective buyers or renters will judge your home or property by how it looks from the street. Overgrown trees, bushes, and lawns send a strong signal to others that the property isn’t being very well cared for—even if that’s not remotely true inside the house. You can change this negative perception by giving the front yard a makeover. Remove plants or bushes that aren’t adding to the curb appeal of the home, and consider planting shade trees that provide coverage to windows. If you’re unable to care for the property yourself, hire a landscaping contractor to regularly come in and keep things tidy.
6. Spruce up the backyardSimilar to the front yard, you should also take a critical look at the backyard. Is it a place where you want to spend time? If not, it’s time for a change. Your plans don’t have to be extensive or expensive. Start with the same cleanup process you put the front of the home through. Then, look into extending either the patio or the deck for additional seating and space for grilling when the weather is nice. Where possible, you may want to put in some trees or plants that fit the space and make it more inviting. Obviously, the exact prescription is going to vary from neighborhood-to-neighborhood, but even small changes can make a big difference here.
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