Category Archives: Homeowners

Money Monday: Home construction loans

How does a home construction loan work?

home construction loans

“Whether it’s to renovate a kitchen, tear out a wall or two to expand a room, or add on to the property, when deciding on a home upgrade…The most common way to secure funds for upgrading a home is to tap into its equity, or accumulated market value.” (BHHS California blog. “How Does a Home Construction Loan Work?” 15 August 2018.)

Read about home construction loans on BHHS’s blog here.

Money Monday: Is owning or renting better?

“Affordability is a much more pertinent issue for renters than homeowners, according to new research from CoreLogic, a real estate data firm. Since 2005, the monthly cost to rent a single-family home has risen significantly, while the monthly principal-and-interest mortgage payments of homeowners dropped slightly.”

Read more from Realtor Magazine here on the report.

Money Monday: DIY remodeling

In an effort to save money, some homeowners take on DIY projects, instead of hiring a professional.

But is it worth it?

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Financially prepare for retirement by downsizing

“It makes financial sense to downsize your home as you prepare for retirement.”

retirement

“The move to a smaller home is a lifestyle and financial change all parents should weigh after their offspring are off on their own, personal finance pros say.

“One of the first things freshly minted empty nesters should do is “revisit their housing situation,” says Dana Anspach, founder and CEO of Sensible Money, an investment advisory firm in Scottsdale, Arizona.” (Yahoo Finance. https://finance.yahoo.com/news/makes-financial-sense-downsize-home-110102643.html)

Read more at Yahoo here: “It makes financial sense to downsize your home as you prepare for retirement. Here’s why.”

Money Monday: More homebuyers are DIYing than hiring professionals

“Although the majority of homeowners prefer the trusty hands of a professional, data suggests that “do it yourself” remodeling projects are on the rise.

diy home improvement

“In fact, the National Association of Realtors 2019 Remodeling Impact Report indicates that 53% of home projects were completed by a professional, whereas 47% were completed by a homeowner.” (Housing Wire. https://www.housingwire.com/articles/47836-nar-diy-projects-now-competing-with-renovation-professionals. 3 January 2019)

Read more here: NAR: DIY projects now competing with renovation professionals

Money Monday: Paying for surprise repairs

Nearly half of homeowners have had to make (and pay for) an unexpected repair within the first year of owning their home. Do you have money set aside for a repair?

  • 12% had to use savings to pay for the majority of the home repair and/or improvement
  • 13% had to go into debt for the repair or improvement
  • 20% had to make sacrifices in other areas of life in order to pay for them
  • 52% were able to easily pay for the repair or improvement without going into debt, making other sacrifices or using savings

Making and paying for surprise home repairs

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Summertime features raise home prices

Homes with amenities geared toward summer activities hold high buyer appeal.

And in Southern California, it’s a perfect place to have some of these features incorporated into your home. If you’re thinking of selling, it just might help you fetch top dollar for your home!

CALIFORNIA ASSOCIATION OF REALTORS | Summertime house features infographic

This infographic is from CAR.org.

Money Monday: First-time landlord tips

Renting out your home or another property can be nerve-wracking.

There’s a great article from Yahoo Finance on how to go about being a landlord. Here’s a handful of their tips, but click over to their article for all of the tips and details.

  • Make rent collection a priority.
  • Purchase and require insurance.
  • Screen all potential tenants.