Category Archives: Homeowners

Money Monday: Renovate or sell?

It can be a toss-up — renovating your home or selling and moving to a new place.

home

What should you do? Forbes has some things to think about. And while this article is specific to New Yorkers, the questions to ponder are universal.

Read the article here: “Should You Stay Or Should You Go? Expert Tips On When To Renovate And When To Sell.”

Money Monday: Benefits of homeownership

Fellow Americans were polled on what they considered the most important benefit of homeownership.

At the biggest percentage, 43% felt that individual stability and security was the most important benefit of owning a home.

Read the infographic below to see what other ranked as the best reason to own a home:

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.