Don’t Ignore Décor

Make no mistake - what makes a house a home is its décor. The paint colors, flooring, lighting, window treatments, and furnishings – collectively, they transform a space, giving it character and life. A house is practical. A home is emotional. That’s why selling a home can be so challenging for a homeowner, and it’s typically how buyers decide to write an offer on a property.

So, buyers – do not spend all of your money on your mortgage. Too often, I’ve seen nice properties overshadowed by their shabby furnishings. Décor is part of the investment you make in buying property – and most of it you get to take with you. Do not underestimate what good décor will do for you when you eventually seek to sell your home.

First-time home buyers, you have a great opportunity to invest in good décor, with the help of the $8000.00 tax credit you may enjoy this year. For a great way to stretch your dollar and purchase some fantastic furniture, seek out consignment shops in your area. The furniture is gently used – often looking brand new – and is substantially less expensive than what you’ll find at new furniture stores. Also check out garage sales, flea markets, and thrift stores for unique pieces that might simply need a little clean-up, a small repair, or a fresh coat of paint to bring them back to life. You could literally save yourself thousands of dollars, while infusing your home with great character.

Current homeowners, I know times are tough and money is tight, but there’s much you can do to improve your property – for little to no cost. Decluttering every space in your home will cost you nothing – and now is the best time to tackle that. Clothes, books, movies, games, lamps, furniture, artwork, knick knacks – if you no longer use it, need it, like it, or have space for it, get rid of it. Hold a garage sale to get money for what you can, and then give away the rest. Use the money from your sale to make additional improvements to your property.

Paint is one of the most inexpensive ways to make an enormous impact on your home – whether inside or out. And the beauty of paint is that you can always redo it if you have a change of heart about the color – and you won’t break the bank. Many paint manufacturers offer tools on their websites that allow you to experiment with color, so you have an idea of how various colors will look in your own home. Click here and here for examples.

A note of caution: the color you see on your computer monitor/screen may be different from the actual paint swatch at the store. Before making the leap to purchase, collect a variety of paint swatches at the store, and then return to the website on your computer for comparison. (Make sure it’s the same computer, as computer monitors vary too.)

If you’re planning to sell your home soon, complete as many "necessary" projects as you can before listing your property for sale. Take care of any peeling paint, loose stair railings, and any other repairs. Declutter the garage, closets, and rooms; pack up family photos and collectibles so they don’t distract buyers; give walls a fresh coat of paint if you haven’t painted for many years (use neutral tones – preferably warmer tones); thoroughly clean your home, inside and out; and tend to any yard work that could add to your home’s curb appeal. Furniture a little outdated? Consider slipcovers. They’re an inexpensive way to give old furniture a new look – and you can take them with you to your new home.

The more you do to prepare your home for sale, the greater your opportunity to sell sooner than someone who didn’t.

Homeowners, if you’re waiting for inspiration to strike before choosing a project, pick up a few magazines related to home décor, organization, and landscaping. You’ll find an abundance of ideas that will help spur you into action. It’s never too late to improve your home’s décor, and it’s never too soon to get started.

To Buy or Not to Buy

It’s not complicated. If you have employment, good credit, money saved, and a desire to own a home, the stars have aligned to make this the best moment to buy – particularly if you’re a first-time home buyer. Interest rates are at historic lows, home prices have fallen – so you’ll get more for your money, and there continue to be a wide variety of homes for sale.

Plus, the new stimulus plan provides a tax credit of up to $8000.00 for first-time home buyers - or those who haven’t owned a home in the last 3 years. Yes, you’re actually being offered money to buy a home NOW. This tax credit is only good for purchases of primary residences made between January 1, 2009, and December 1, 2009. So, the clock is ticking.

For a quick breakdown of the tax credit, click here. For more thorough information, click here.

Now then, if all you have is the desire to own a home, but you don’t have any money saved for a down payment, and you’re not sure what your credit looks like – or even if you know it’s poor – desire is still a very valid place to start.

Seek mortgage loan officer recommendations from people you trust, and then give them a call. See if they take the time to answer your initial questions, or if they just try to hurry you along. Of course, if you leave a message, and your call is not returned in a timely fashion, move on to someone else. The last thing you want is someone who is unavailable when you’re in the process of buying a home.

Once you decide on a loan officer, set up a time to meet in person, if possible. At that time, have a detailed conversation about what you need to do, financially, to meet your goal of home ownership. Leave the meeting with a clear plan of action.

It is more difficult to buy a home now than it was just a few years ago. Borrowers have to jump through higher hoops – but that’s a good thing. The improved measures for lending money are actually there to protect you, as well as the lender, investors, and the general public. After all, we’re still trying to swallow the multi-dimensional pill that caused the current housing crisis.

You may miss the boat for the tax credit, interest rates may increase, and fewer homes may be on the market when you’re ready to buy, but such is life. Buy when you’re ready to buy – when the stars align in your life, and it makes good sense to do so. Forget the Joneses. They’re presently facing foreclosure.