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Improve Your Credit Score for Chester County, Pa Homebuyers!

Wednesday, May 9, 2018
by Scott Darling

The main consideration in a home-buying decision is financials. In order for a lender to see you as a good prospect, the first thing they look at is your credit score.  No one’s is perfect, and even if your score isn’t ideal, you can (and should!) take the time to improve it before you start looking at prospective homes. 

 

  • - To see what your credit score is, request a free credit report from all three reporting agencies.  Check each report for errors, and report them to both the credit bureau and company that reported it. 

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  • - If there is a legitimate collection on your credit report, pay it as soon as you can, but it will not be removed from your credit history for seven years, although it will be marked as paid. 

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  • - Old debt on your report that was paid in full and on time is better for your score than having it removed.  So if you’ve paid off an account in good standing, leave it as long as possible. 

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  • - If you have a history of keeping your payments on time, that’s great, because late payments hurt your score.  Stay current by setting reminders to mail payments before their due date, or set up automatic payments through your bank. 

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  • - Pay off your credit cards!  This is so important, because the more outstanding debt you have, the lower your score.  Pay off the smallest balance first, and the larger balances can be paid off sooner by increasing your payments, or send equal payments twice per month if the creditor allows. 

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  • - Canceling a credit card that you’re trying to pay down sounds like a great idea, but it isn’t, according to FICO™.  It’s better to simply pay off the card, and use it as minimally as possible--charging to it once a month for a take-out dinner keeps it active. 

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  • - Don’t have a credit card?  Shop around for one with a good interest rate, and apply.  Having at least one credit account in good standing is better than none at all for those who haven’t really started establishing a credit history. 

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  • - Applying for loans or credit with multiple agencies can hurt your score.  Avoid new credit accounts while you’re trying to bring your score up. 

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  • - If you are truly hurting financially, and don’t see a light at the end of the tunnel, contact a reputable credit repair agency that can assist you in getting your bills paid, manage your finances, and increase your home purchase chances. 

 

There is no hurrying when it comes to improving your credit rating, so plan on taking several months to a year to bring your score up to a number that will impress lenders.  It’s not all about the loan, it’s also about getting a good interest rate.  Much like taking up jogging to get into shape, take it slow, increase your efforts every month, and you’ll soon be showing off the results! 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: shawsystems.com

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Tax Tips for New Homeowners in Chester County, PA

Thursday, March 8, 2018
by Scott Darling

It’s tax time, and many dread the prep and thought of paying them.  There are some deductions homeowners can take, so if this is your first time filing as a homeowner, make sure you get the maximum tax benefits out of your new home. 

 

  • - Homeowners can claim their mortgage interest for a tax deduction. On the chance that you’re using tax return software, it will calculate your deduction after you answer questions about your home purchase.  If you’d rather use an accountant or tax prep service to help you, they can answer all your questions.
     

  • - If you moved more than fifty miles because of your job, or starting a new one, your expenses are tax deductible.  There are some time stipulations as well, according to number one in this guide from taxact.com;  make sure you meet the requirements before taking this deduction. 
     

  • - Making your home more energy efficient by installing a solar energy system or solar water heater make you eligible for a thirty percent credit for parts and labor.  Unfortunately, the credit for geothermal heat pumps and small wind turbines has expired. https://www.energy.gov/savings/residential-renewable-energy-tax-credit 
     

  • - Are you self-employed and use a room or section of your living area for a home office?  There’s a deduction for that.  The IRS has a couple of requirements, and if you don’t want to go through figuring up the standard deduction, they offer a simplified deduction, but choose which method takes more off your tax responsibility. 
     

  • - Did you pay “points” to the bank to get a better interest rate? If so, that money is tax deductible. Since points are usually 1% of your home loan, if your loan was $250,000, your tax break would be $2,500 for paying down one point. 
     

  • - Any property taxes are tax deductible, beginning the official date that you purchase the home, which is usually on your settlement statement you receive at closing. 
     

  • - Hopefully, this hasn’t happened in your first year in your new home, but if you’ve had something unfortunate happen that insurance didn’t cover, there is a casualty loss deduction for out-of-pocket expenses.  The repair cost must be more than 10% of your gross income. 

 

Don’t let all this information scare you away from doing your own taxes!  No matter how you decide to file, gather everything you would normally use to file taxes, but make sure you have the 1098 mortgage interest form from the lender, property tax receipts, and any paperwork you saved from the casualty loss repairs or alternative energy installments. Home ownership has many benefits for the homeowner, and you should take advantage of every penny you have worked so hard for to put into your new home. 

 

Courtesy of Chester County PA Realtor Scott Darling.

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Photo credit: rwthomeremodeling.com

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Saving Money For Your New Home Down Payment

Thursday, January 11, 2018
by Scott Darling

With the new year here, many people are thinking about resolutions.  If you’re seriously considering buying a new home, you’ll definitely need to be thinking about having your down payment ready when you find the perfect house.  Follow these ideas for saving as much as you possibly can. 

 

  • - First and foremost, know your house-purchasing budget, and estimate needing 20% of that budget. 

  • - Set up a hands-off down payment high-yield savings or money market account. 

  • - Start cutting out expenses, or find ways to make extra money.  Every little bit counts. 

  • - If you plan on getting an end-of-year bonus or income tax refund, set aside that money to begin your new nest’s egg. 

  • - Sign up with your employer to deposit a portion of your pay into a down payment savings account if you’re not great at putting money into savings.  Most of the time, if you don’t see it, you don’t miss it. 

  • - Receiving gifts from family members towards your down payment require documentation so your  lender, as well as the IRS, knows where the money is coming from, and that the money doesn’t require re-payment.  More information about down payment gifts are here from The Mortgage ---Reports website. 

  • - Start paying off your credit card debt by paying more than the minimum payment.  Lowering and/or eliminating your card balance also lowers your interest rates, so you can start taking what you’d normally pay on credit cards and depositing it towards your down payment fund. 

  • - If you have investments in stocks or bonds, plan on liquidating those assets when it’s time to purchase your house.  Make sure you document these sales. 

  • - A pay raise at work is great, but if you happen to get one, stay on your old budget, and have the extra pay direct deposited into your down payment account. 

  • - You can always borrow from your 401k or IRA, but make sure you’re not having to pay penalties. Talk with your account holder before you make any withdrawals. 

 

A down payment, especially at twenty percent, can look daunting.  If it just looks impossible, do your research.  There are many first-time buyer programs available, as well as lower down payment options through the USDA, the VA and state-specific programs.  Zillow has a terrific guide on low down payment guidelines and opportunities. Planning ahead and keeping your eye on your goal will get you well on the way to home ownership. 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: finder.com.au

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Tips for Creating a Pet-Friendly Home

Thursday, November 16, 2017
by Scott Darling

The addition of a pet to a home is one of the biggest and best decisions a family can make.  Is your home ready for the task? Follow these tips for making your home pet-friendly. 

 

Outside 

  • 1. A safe environment is as important for a pet as it is for children.  The first step in keeping them safe is a fence.  Not only does it keep your pets in, it keeps others’ animals out. 

  • 2. Have an ID tag on your pet’s collar, with your name and contact information just in case they do get out.  Having them microchipped is an excellent option for identification purposes. 

  • 3. When house-training, encourage your pet to use a specific area of the yard for easy clean-up, keeping the smell away from the house.  Welcomepup.com blog has a potty-area diy. 

  • 4. A pathway to the door of gravel, cement, or other materials that aren’t plant-based will help knock off any debris that catch on paws before they come in. 

  • 5. If your animals have to stay outside when you are away for a short time, make sure they have shelter, food and, most importantly, water. 

  • 6. A play area in your yard would be great for dogs, especially, but make sure you have paths they can walk and run on, and nothing hazardous to them if they get too excited in their play. 

  • 7. Incorporating a water feature that doubles as a pet-friendly cooling-off spot is perfect for Summer outdoor play for your pets. 

  • 8. Consider the plants in your landscaping, and make sure you have nothing that can make your pet ill if they ingest it.  A great list of poisonous-to-animals plant list.  

  • 9. Make sure window screens are secure when you open them, in case Kitty wants to enjoy a nap in the open area--you don’t want her falling out of the window. Investing in a “cat condo” would be ideal for indoor cats to enjoy the outdoors safely. 

 

Inside Your Home 

  • 1. When looking for safety hazards, you should have an animal’s eye view.  Have someone get onto the floor and look for wires, window treatment cords, and anything else that is hidden from a human’s view, but could be attractive and harmful for a pet. 

  • 2. It would be ideal to have a pet-washing area in the mudroom, but if that isn’t possible, think about shelving or a storage cabinet near the door for towels, leashes and outdoor toys. 

  • 3. A cat’s litter box should be in a quiet area away from food.  It would be optimal to have one more box than cats. 

  • 4. Keep garbage in a container with child-proof lid, as dogs and cats both can figure out how to get into the trash and make a mess, and maybe eat something harmful. 

  • 5. Area rugs should be machine-washable and inexpensive, in case you need to throw them away after multiple washing, or too much dirt. 

  • 6. Crate-training is best for dogs, but most animals need a space of their own.  Provide a comfy pet bed, toys and food and water in a quiet area of the house. 

  • 7. Keeping pets brushed, toenails trimmed, and bedding changed and washed regularly is essential in keeping you from doing a lot of extra cleaning and floor repairs.  A hard surface, scratch-resistant floor is perfect for homes with pets. 

  • 8. Smaller pets that require their own habitat have specialized needs: safety from larger pets, child-proof habitat covers, a room with certain temperature and humidity setting. 

  • 9. Check with your local municipality to see if you need permits for exotic pets. 

 

Having a pet of any kind is a big responsibility.  As they become part of the family, make sure you provide the best home, the same as you would for a relative.  When your pets are happy, it just adds to the sweetness that pets bring to life. 

 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: pinterest.com

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Fung Shui Ideas for Your New Home

Thursday, October 12, 2017
by Scott Darling

Decorating a new home is a fun process.  Whether or not you are an experienced decorator,  you can look and feel like a pro with the aid of some fung shui.  Below are a few ideas on how to make it work for your new home.  

 

  1. 1. Many folks like to hang mirrors at their entrance way to make the space look larger and more inviting as well.  Be sure to place your mirror on a side wall as you walk in instead of directly across from the door.  This will help with the flow of things as guests enter your house.  They will be able to see themselves and feel welcomed as they arrive as opposed to feeling like they are being pushed out with their own reflection.   
     

  1. 2. Another way to make fung shui work for you  is to keep clutter to a minimum.  This is especially true in the bedroom because a bedroom is a place of rest.  If there is a lot of junk all around the room those who spend time there will likely feel a bit disheveled.  If you feel as if you don’t know enough about this topic to do the job right, you can always higher an expert to help get you started in the right direction.   
     

  1. 3. Make sure that if you want to have live plants in your home that you place them in areas where folks will be hanging out and spending quality time together.  Try not to place live plants in areas where sleep takes place such as the bedroom because you need items that give off restfulness.    
     

  1. 4. Leaving the toilet lid closed is a great, easy little trick that will help to make everyone who enters your bathroom feel good about the space.
            

  1. 5. Keeping the flooring all one type in the home helps the energy to flow freely.  Try not to use two different types of flooring butted up against one another if you can help it as this will weaken the energy of the home.   
     

  1. 6. Be sure to place your bed across from the door to the bedroom or at least at a spot where the door can be easily seen.  This will enhance the comfort level of the room as opposed to putting the bed on the same wall as the door.   

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Fung Shui is fun and interesting and it really does work to help the energy of the home  feel comfortable and welcoming.  

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: lakecountrykeys.com

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Tips for Creating a Perfect Kitchen Pantry

Thursday, June 8, 2017
by Scott Darling

The typical household kitchen pantry is full of items that are needed and some items that may have been in there way too long that are no longer needed or good for that matter.  Perhaps you have tried in the past to clean out your pantry to make it more efficient to no avail.  Below are a few tips for a perfect kitchen pantry that may help you clean and organize yours once and for all.

  1. The best way to start organizing your pantry is to clean everything out of it and start from the beginning.  It may make a mess at first when you begin taking all of the items out of your pantry but sometimes you have to make a mess in order to get rid of a mess.   Be sure to look through all of your items throwing out anything that is outdated or spoiled. 
  2. Another tip for a creating a perfect kitchen pantry is to install shelving that makes it more efficient.  You can purchase shelving for your pantry at most local hardware stores or you can build them yourself out of wood, whichever works best for you.   You can make the shelves stationary or you can choose to make them where they will pull out so that you can get things out a bit easier. 
  3. Putting all your staples such as flower and sugar into air tight containers then labeling them is a great way to organize your pantry and make it more user friendly.  Once you get all of your staple items into containers you can then more easily organize them. 
  4. Another good tip for creating a perfect kitchen pantry is to use one shelf for each type of food.  For example you can put cereals together all on one shelf,  spices on one shelf and  items that you use daily on a shelf that is eye level. 
  5. If your pantry is dull and dreary, you can always paint it a light color to brighten it up after you organize it all. 

Once you get your kitchen pantry all organized exactly like you want it you will likely want to spend more time in the kitchen creating fantastic meals for your friends and family.  

Courtesy of Chester County PA Realtor Scott Darling.

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Nursery Decorating Ideas to Welcome Your Little One

Tuesday, March 14, 2017
by Scott Darling

Decorating your home can be fun but no other room is more fun than decorating the nursery for the arrival of a new little one.  Nothing brings more happiness than welcoming a new baby into the world and what better way to welcome your new bundle of joy into your home than by fixing the nursery up for them.  Below are a few nursery decorating ideas to welcome your new little one. 

  1. A little baby is nothing more than a miracle from above so why not decorate your new baby’s room like the royalty that they are.  Decorating the nursery  in a royal theme is a perfect idea whether you are welcoming a tiny prince or a princess.  You can keep the décor unisex by adding some rich colors to the wall or adding a chandelier to the ceiling.  Adding a few decorative pillows maybe in the shape of a crown might be a good idea as well. 
  2. Another cool idea for decorating your nursery is to make it extremely colorful with balloon décor.  This type of room can be unisex as well if you stick to the primary colors of yellow, blue, green and red.  If you want to get really creative you could paint a balloon mural on the wall and perhaps an outdoor scene to go along with it. 
  3. If you like country décor you could use painted pallets to add a touch of southern sass to the room.  This type of country décor can be unisex if you want or you can make it more of a cowboy feel or a cowgirl feel depending on which you have been blessed with. 
  4. Yet another great decorating idea to welcome your new little one into their new room is a Hollywood glitz and glam room.  Sheer curtains hung throughout the room with walls painted pink is a great way to get this particular look and feel.  Yet again, a chandelier may be appropriate for this type of room. 
  5. If you want another gender neutral idea for your baby's room  you can use colors such as grey and yellow.  These colors are not only unisex they are timeless as well.  

Courtesy of Chester County PA Realtor Scott Darling.

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Reasons to Purchase a Home Before the End Of 2017

Tuesday, March 7, 2017
by Scott Darling

Now is the time, now is the best time, now is the best time to purchase a home.  Do yourself a favor; don’t wait to purchase your dream home until the end of 2017.  If you have even given a small thought that you might want to move in the next year or so, go ahead and begin looking now so that you might be able to make that purchase today instead of tomorrow.   A few of the reasons why you should purchase your home before the end of the year are listed below for you. 

  1.  One of the many reasons you should go ahead and purchase a home   before the end of 2017 is because interest rates are already beginning to rise.  The current average interest rate is a little above 4 percent but that rate could reach 6 percent by 2019.  Begin looking for the home of your dreams now so that you can purchase one and get moved in while the market is in your favor.
  2. Fewer homes are available as the years go on.  Just a few short years ago there were plenty of homes to choose from; however this list is getting a bit smaller yearly.   Buyers of today will have many more homes to choose from than buyers of tomorrow so get out and get house shopping now!  Call your Realtor today if purchasing a home is on your mind. 
  3. House prices are rising and will continue to rise in the future.  If there ever was a reason to go ahead and purchase a home before the end of the year, this is the one!  You just might be able to get more of a house for your money now than if you waited until later to purchase. 

Again, if purchasing a home has even been on your mind at all and you think you might want to move in the next year or so, get a jump start on your search by starting today.  It can’t hurt to start looking now because you just may be more likely to find it now than later.   Buying a home is a big deal and can cost quite a bit of money so it’s best to start looking now to find the home you have always dreamed of.  

Courtesy of Chester County PA Realtor Scott Darling.

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Money Saving Ideas for Furniture Shopping

Thursday, February 16, 2017
by Scott Darling

If you have recently purchased a new house and you would like to fill it up with new furniture you have likely found that it can be quite the overwhelming task and an expensive one as well.  There are a few money saving ideas for furniture shopping that can help you out quite a bit in your search for new furniture and those have been listed below.

  1.  One good thing you can do to help you save a bit of money when furniture shopping is to call a few of the stores you are going to be visiting ahead of time.  This way you can find out if they have prices you can afford and also if they have brand names that you are interested in.  This can save you a little bit of time and money so that you don’t waste it traveling long distances.
  2.  Another money saving idea for furniture shopping  is to make sure to look at every piece of furniture that the store has by walking the entire shop.  Many times there are clearance items or items that perhaps are slightly damaged in the store but they are not out for all to see.  Do your due diligence and walk the entire space so you don’t lose out on any good deals. 
  3. Yet another good way to save money when furniture shopping is to purchase consignment furniture.  You can find lots of really nice pieces by shopping consignment. 
  4. If you find a piece of furniture that you have your heart set on do your best to bargain with the seller.  You never know unless you ask.
  5. Shopping estate sales is another way to get good prices on furniture.  Many times you can get pieces at estate sales that are worth much more than you pay for them so you can make your home look very nice. 
  6. Lastly if you want to save a good amount of money on furniture  why not refinish what you already have!  Old furniture can become new again if you are able to successfully refinish it.  

Hopefully this list of money saving ideas on furniture buying has gotten you thinking in the right direction before you begin making your purchases.   Now get out there and save some money and furnish your home with beautiful new furniture.  

Courtesy of Chester County PA Realtor Scott Darling.

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New Year Resolutions to Help You Purchase a Home

Thursday, January 5, 2017
by Scott Darling

 

 

 

 

 

 

 

If you are like the rest of us then just a few days ago you made a list of New Year resolutions.   Many of us however do not stick to our plan when it comes to these promises we make ourselves.  If you plan to purchase a home sometime in this New Year you need to make a few related resolutions that will likely help you to attain your goal and dream of home ownership.  Below these resolutions are listed for you. 

  1.  Stop opening credit cards.  It is easy these days especially when you are shopping, to open one credit card after the other.  If buying a home is on your to do list this year however, you need to steer clear of opening new credit cards. 
  2. Start paying your student loans on time every time.  Many times when folks get student loans they tend to think they can pay them as they can but that can mess up your credit in no time.  If someone who has good credit and shows they are good at paying bills on time every time puts a bid in on a house you have your eye on and you put a bid on that house as well, it’s likely due to their history that they will win the bid and not you. 
  3. Start paying your credit cards every month and on time.  Even if you can’t afford to pay more than just the minimum payment you need to make sure you pay your credit card each and every month.   This type of diligence will serve you well when you go to make an offer on a house.  
  4. Make sure you have a little bit of a cash reserve in your bank account at all times.  It won’t look good to a mortgage lender when you ask for a loan if you have a zero balance in your bank account. 
  5. Stick with the same job for as long as you can.  Jumping from one job to another during a year is a sure fire way to lose your chance at the home of your dreams.  Lenders want to see stability and staying with the same job for a few years will show them that. 

These New Year resolutions, if you do your best to keep them, will do their part towards helping you to purchase the home you have always dreamed about.  

Courtesy of Chester County PA Realtor Scott Darling.

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