Real Estate Information Archive

Before you move, think about how you want to set up and decorate your new home.  Here are a few factors you can focus on: 

- If you love the layout of your current home, do the same in your new house as closely as you can.  Use the same furniture placement, arrange your focal wall close to what you are familiar with, and keep your kitchen arranged as you do now. 

- Is there something you really dislike about where you are now? Switch things up in the new house for a completely different look that you love. Paint and furniture slipcovers go a long way if a total overhaul is not in the budget. 

- Those who thrive on change are going to have an easier time of moving to a new place.  Many go from one decorating extreme to another: farmhouse rustic to sleek and modern or from mid-century decor to a cottage style.    
 

If it is in your plan to do any painting or other work, have that done before moving, or get it completed as soon as possible.  The longer it takes to unpack and put your personal things in place, the longer you will feel unsettled. 
 

Getting unpacked as quickly as you can; no one feels at home having to maneuver around boxes that are stacked up around the house. If there are storage items that need to be put away, get them in the attic. Some rooms can be set up easily, such as the kitchen and eating areas, as well as bedrooms.  
 

Forgo the take-out food after a couple of nights.  If you simply do not have time for cooking, at least seat everyone at the table with your usual dishes and silverware.  
 

Having younger children’s rooms arranged with all their favorites will help them settle in.  Is there a family clock that chimes the hour? Get it unpacked and chiming as soon as possible.  Whatever is an “expected thing” in your home, the sooner it is in place, the more comfortable everyone will feel.
 

No matter the season, get your landscaping and outdoor items placed where you would like them. Personalizing with a monogrammed flag, your favorite flowers (in pots, as that is easier to care for after a recent move), and outdoor furnishings. 
 

Get into your normal routine as best you can, and if there are new jobs or places to be, go about them as you would have in your former home.  Keeping everything, you need for the everyday running of life in the same general way and area they were in before will make for some normalcy. 

Pest damage and/or infestation is important to check for, as there are health and structural issues with either situation.  You could be completely unaware that critters are living in your home, so have an extermination service do a thorough inspection and take care of any extra guests you may have stowing away. 
 

Check for leaks turning on each faucet and watching closely under the sink for drips. Inspectors do not like dripping faucets, either.  Do not forget to test each toilet for running water, and clear any clogged or slow drains. 
 

Be on the lookout in tight dark spaces for mold or mildew, especially the attic space and on the underside of the roof. 
 

Outside, look at your roof carefully, taking note of missing shingles or sagging areas. 

Call your HVAC to set up a service call to make certain everything is running properly, as any issues will be flagged by an inspector. 
 

Make sure working bulbs are installed in every light fixture.  Inspectors need to make sure the electricity is working and blown light bulbs can throw that off. 
 

Repair cracks in windowsills, as leaky windows do not normally get high points during an inspection. 
 

If there are any cracks on walls, inside or outside, or in your foundation, have them checked out by a foundation expert, and if necessary, taken care of as soon as possible.   

It is important to know, realistically, how much house you can afford, and start shooting for a 20% down payment of that amount.
 

Turn your $4.50-per-day cup of coffee into $90/month in the piggy bank. Add up similar purchases, decide what you can live without, and move that money (set up automatic transfers) every day from your checking to a hands-off savings account.
 

Put your savings egg into a nest of high-yield savings or money market account. 
 

Sign up with your employer to deposit a portion of your pay into a down payment savings account.  Most of the time, if you do not see it, you do not miss it. 
 

If a pay raise comes your way, save that unexpected pay:  stay on your old budget, and have the difference in old and new pay direct deposited into your down payment account. 
 

When non-salary payments such as bonuses or even a tax refund come in, sock them away and give your savings a boost. 
 

Did you know that family members can gift money towards your down payment? Make certain you document these gifts correctly for your lender and the IRS.  Mortgage Reports shares more information about down payment gifts. 
 

A part-time job may provide enough each week to add to your down payment savings. Your well-being is important, however, so do not go into a second job unless you are certain it will be a benefit. 
 

If you have investments in stocks or bonds, plan on liquidating those assets when the time comes to purchase your house.  Make sure you document these sales. 
 

You can always borrow from your 401k or IRA, but make sure you will not have to pay penalties.  Talk with your account holder before making any withdrawals. 

While your new house has had a thorough inspection, you may want to go through that list and begin planning for items the inspector may have noted would need repair soon. Get estimates for the fixes and begin saving now. 
 

Assuming the former owner kept everything in tip-top shape and not performing your own monthly or seasonal inspection is never a good idea. Print this handy checklist, and use it for DIY inspection and maintenance so you stay a few steps ahead of a major repair need. 
 

Beginning any major work as soon as the moving truck leaves the driveway may be too soon!  Live in the home for a while and learn its quirks and possible trouble spots before drawing plans and hiring a contractor.  Finding an unforeseen issue with the house after work has begun can cause more financial burden. 
 

Renovation television shows make DIY tempting, to say the least.  If you have no experience in a major remodel, leave it to the pros.  Paying the right person to do the job could save you thousands in “mistake” money. 
 

A total overhaul of your decor as soon as you move in can put a dent in your wallet. Personalizing your home is best done room-by-room or whatever is easiest on your budget. Living space furniture with new slipcovers, new stylish pillows, and a fresh coat of paint on the walls should satisfy anyone who is itching to make their home “theirs.” 
 

Probably the furthest thing from new homeowners’ minds is their future tax returns, but not keeping receipts and all other financial forms related to your home purchase could hurt come tax time. Consider hiring an accountant or tax preparer when the time comes. 

- When you purchase a home in an HOA, an organization that creates and enforces rules in a subdivision or condominium, by default you are a member of that HOA and must pay fees and follow their bylaws. 
 

- HOAs have rules and bylaws in place to protect property values, as well as to maintain a certain quality of life for the homeowners.  
 

- Do not think about living in an organized community as a place that keeps homeowners from expressing themselves in their landscaping or house’s exterior.  It is more about protecting your investment because of the home-maintenance regulations. You will appreciate this if you ever decide to sell the home. 
 

- While searching for houses online, read the listing information carefully, and if the property is in an HOA, you will find the association’s name as well as the neighborhood’s fees. HOA fees can be high, but in comparison with what amenities they offer, it could save you money in the end. 
 

- Performing an internet search for the specific name of a community should result in finding their website, complete with photos of homes and amenities.  Some HOAs offer a readable file with more specific information, such as the community bylaws, covenants, restrictions, and fees.  
 

- Not all HOAs are the same:  amenities vary from community beautification, playground, swimming pool, or tennis courts to a neighborhood walking path or gym. 
 

- Some associations provide security, trash pick-up, pest control, as well as street sweeping and snow removal.  
 

- Choosing to live in a condominium community may be more to your liking: the HOA usually handles all landscape maintenance, as well as exterior home maintenance.  You are responsible only for the interior of your home.  
 

- The organization’s board members live in the neighborhood, so they are aware of needs specific to the area and can better handle solutions to any problems. 

- pizza, veggie burgers, coffee shop, or other places to eat 

- nearest parks and recreational areas; include neighborhood sports organizations for children 

- lawnmower or auto repair, neighborhood teen that mows grass, local handyman, tree service 

- HVAC repair, plumber, electrician, pool care,  

- banks, dry cleaners, salon, and barbershop 

- electricity, cable, satellite, internet, phone providers, heating fuel 

- sanitation pick up, local municipality office, water/sewage, emergency management, health department 

- additions, renovations, foundation repair, painting, floor work, roof repairs, snaked/cleared drains 

- plumbing, electric, septic/sewer, water pump, well water testing, ductwork repair/cleaning, added insulation, HVAC service 

- Cleaned gutters, window/door repair/replacement, tree work, lawn care, garage door opener  
 

- Electric, water, phone/internet, cable/satellite, landscaping/pool care, waste removal/recycling, heating fuel 

Buy: Buying an existing property isn’t an instant process, but it does not take long to get pre-approved for a mortgage, go house hunting and find the house you love, close on the deal, and move in.  
 

Build: According to the latest research from the US Census, new construction takes an average of seven months from planning to moving in.   
 

Buy: Negotiating is key to many home purchases and if a house needs some work or repairs, the seller usually makes exceptions and changes to reflect reasonable inspection findings. 
 

Build: Model homes will be shown with upgrades that can add thousands to the base selling price.  Customizing your dream home, however, cannot have a price tag. 
 

Buy:  What you want in landscaping, such as trees, a garden, or an established lawn, are ready for you to enjoy. Personalizing it with your favorite plantings will cost much less than starting a new lawn and landscaping. 
 

Build:  You may see a brand-new yard as a canvas and plan your own landscaping design.  Where you want trees or outdoor structures are all according to your imagination--the possibilities are almost endless! 
 

Buy:  An earnest money deposit generally starts at 1% of the price of the home.  Closing costs can sometimes be part of the sale negotiations, but not always. 
 

Build: Many builders prefer an earnest money deposit to be at least 5% of the sale price and closing costs do not vary as much unless the builder is offering to cover those costs as a purchase incentive. Just ask--you might receive!  
 

Buy:  Buying an older home may require some work to update wall colors/coverings flooring or fixtures.  Keep in mind that if any of those jobs can be DIY, costs will be significantly lower, and can be done when you have the extra money in the budget. 
 

Build:  A new build may not always be maintenance-free. Whether you are considering a new development or building on your own land, contact owners of the builders’ completed homes and make certain you will be paying for a quality home without new construction issues. 

Tax deduction on mortgage interest:  when a homeowner’s mortgage is no greater than $750,000, the interest on that mortgage is tax-deductible. 

- In 2017, the IRS made changes to this deduction, reducing the mortgage limit. If your mortgage was taken out before December 2017 and is $1 million or less, this deduction applies to your situation as well. 

- Having a home equity line of credit (HELOC) that meets the above standards will receive the interest tax credit as well. 

- In case a homeowner has two mortgages that are each less than the $750,000 limit, but the total of those mortgages exceeds the limit, not all interest is deductible.  Learn more from the IRS Newsroom. 

- According to the Tax Cuts and Jobs Act, this benefit will stand through 2026! 

When the home was purchased, were mortgage points used as part of the loan transaction? This may qualify for a tax credit. Use this handy worksheet from the IRS to determine eligibility. 
 

Many have used their homes for office space this past year, but not everyone qualifies for a home office tax credit.  Those who are independent contractors or self-employed are the only taxpayers allowed this credit. 
 

Your lender is required to include property taxes paid on the 1098 form they send at tax time.  Property taxes paid up to $10,000 are eligible for a tax deduction. 
 

If you are paying private mortgage insurance (PMI), the law to receive a tax credit for this has been reinstated as well as being retroactive. House Logic has more information about the changes and benefits. 
 

Living in a federally declared disaster area can also get tax boons for homeowners.  Find more information about the natural disaster relief from TurboTax. 

- Being pre-approved before you start house hunting is best, and a buyer agent will recommend a lender that will help you begin.  Once you have a mortgage amount, you will know how much home you can afford. 
 

- Realtors® have thousands of property listings at their fingertips! Once you let them know what you are looking for, they comb through those listings and find homes that fit your needs and wants. 
 

- Do you have any idea how to do the research for writing a successful offer on a house or negotiate counter offers you might receive? Your buyer agent certainly does and can save a lot of stress on your part, especially in the case of a bidding battle.   
 

- Your agent will schedule and attend an inspection of the house and will help handle negotiations with the seller to have the necessary repairs performed, have the seller reduce the sale price, or make concessions at closing. 
 

- As exciting as the closing is, it can cause some anxiety, but your Realtor® will have prepared you for what is to come and make sure all of your necessary paperwork and other applicable things are ready. 

- A listing agent will spend a good deal of time making sure your home is priced comparably to homes in your area by analyzing recent sales of similar homes.  Setting either too high or low can deter potential buyers.
 

- Not only does the agent prepare and post the property on the MLS (Multiple Listing Service), they will create a page on their website specifically for your listing, video or 3D tours, and market your home to reach as many house hunters as possible. 
 

- Your Realtor® will work diligently to get the best price for your home. Many agents will even go so far as to attend the appraisal and the inspection, warding off any misunderstandings about the findings in each. 
 

- During any repair requests, your agent will be able to discern what is your responsibility, and what is an unnecessary request by the buyer.  Knowing the difference could save the seller thousands of dollars. 
 

- While your house is on the market, you need to know everything that happens behind the scenes, and a reputable agent will stay connected to you, whether it be by phone or in person. Communication is vital to your home’s sale.