Real Estate Information Archive

Finances are the most important issue here. Wanting to stay in your home during the later years of life will take some savings since most will be on a limited income. Having a retirement account as well as an emergency fund that cannot be touched until you are retired is best.  Having to pay for home repairs is not something an elderly person should have to worry about. 
 

Make sure you have a network of friends and family that you communicate with regularly.  Keeping in touch is vital for the elderly, and especially important if living alone. Start creating that network now, especially with your neighbors. 
 

In your 40’s and 50’s, pay attention to your health!  Take care of yourself, and if you have a chronic health problem, have a plan in place in case you are unable to communicate with others. Create a list of doctors, medications, insurance info as well as any conditions you have, and keep it current. 
 

Deciding to modify your current home or downsize when the time is right may be difficult. If you know you have health issues, then selling and getting a smaller home may be the right thing, and could provide you with added savings, as well. 
 

In case you choose not to sell your current home, take a good look at your home, and decide what changes need to be made.  Common changes for older folks at home: one-level living, more lighting, non-skid flooring, doorway width, kitchen counter heights, curbless walk-in shower, or walk-in tub, and not to mention handlebars to grasp in different areas. 
 

The outdoors is sometimes forgotten when it comes to making changes for the aging-in-place plan.  Consider covered walkways, porches, or decks, one entryway without steps, and raised gardening beds.  
 

A discussion with immediate family is probably the most important part of the plan. Let them know your wishes and all that you are doing to get the plan in place.  

- Write a list of needs and wants for your future home, beginning with size, the number of rooms, type of neighborhood, size of the yard, garage, or no garage, etc. Be realistic, as there is only so much house you can afford. Set a price range, and stick to it. 
 

- Create an income/expenses list, or use this handy budget calculator so you may see exactly where your money is going.  If there is little left of your paycheck at the end of the equation, it is time to begin eliminating unnecessary purchases so you can start saving. 
 

- Start paying off any debt you currently have credit cards, car loans, or personal loans. Eliminating these balances will reduce your debt-to-income ratio, and will show lenders you’re serious about paying for a home. 
 

- Once you start paying off debt, start depositing the amount of those payments into a savings account. Not only do you need to save towards the payment, but you’ll also have other costs for buying a home: appraisal, home inspections, and other fees may or may not be added to the closing costs. 
 

- Some people that live on low incomes may feel like homeownership is a pipe dream, but that is not true. Many government-backed agencies will assist those with limited incomes buy a home: 

- Federal Housing Administration offers loans with low down payments (3.5%). 

- USDA  helps low-income families in rural areas with purchasing a home with no down payment. 

- VA loans assist veterans with home-buying, as well as home repair. 

For your color palette, earthy tones will continue to be popular:  browns, beiges, and colors of the sky such as light blue, grays, and even shades of orange.  Warm up neutral backgrounds with warm colors like cinnamon, yellow (think turmeric!), and red. 
 

Contrasting design is hot, and it does not matter if the contrast comes from color, or design elements.  
 

Exposed brick is taking over the wooden plank focal point.  Creating a faux brick wall from brick veneer is a simple DIY. 
 

Whether you are considering a large furniture purchase or just looking for accessories, check out end tables or other pieces in dark wood, and a leather-covered ottoman or pillows. 
 

Plaids are continuing to be a favorite, and using it is as easy as a plaid throw on your favorite chair. As tartans can be busy, opt for neutral plaids in two or three colors, like black and white. 
 

If you love the look of trendy wallpaper, but don’t like the commitment, why not try a temporary brand?   Floral wallpaper is still a popular print and does not seem to be letting go in the upcoming Winter months. 
 

Brass. No, not the shiny brassy brass of the 1990s, but antiqued brass is a warm way to add metals to your decor. Mixed metals are still a trendy look, too.  Incorporate metals into your decor with lamps, an ottoman, or an accent table. 
 

Now, the kitchen/dining room combo is nothing new but has not been very popular in recent years. The desire for this kind of multifunctional room, among others, is on the rise as we are at home more, and may need our spaces to do double duty.   
 

An unsurprising trend in home design this year is the home office!  When your desk has to share a place with your living spaces, check out these tucked-away work spots from apartment therapy. 

- Make it easier on yourself and rake or vacuum fallen leaves as they come down.  Mulch leaves for your compost pile or call your local waste management for curbside pickup.   

- Check trees for dead or diseased branches and trim them back.  As they go into their dormant phase, there is less chance for the diseases to spread after trimming. Call an arborist if the job is too daunting. 

- Many plant trees in the Springtime, but Fall is a better time. The tree’s roots do not have to compete with the heat, they get plenty of water from the Autumn rain, and can settle in and get established. 

- Dethatching the lawn is best done now before the grass goes into dormancy.  You will reap the benefits with a healthy lawn next Spring. 

- Before storing them in the garage for Winter, service and store the mower, string trimmer, and any other lawn tools you may use. 

- Inspect walkway and driveway surfaces, looking for cracks, and seal them with an approved sealant.  Snow and ice can cause the surfaces to bulge, causing a falling hazard. 

- Fall is a great time to paint the exterior of your home, thanks to moderate temperatures and lower humidity. 

- Have your heater serviced by a professional. Ask if they offer a yearly fee for a checkup on your unit at set times of the year; this could save you some money in the long run. 

- Check doors and windows for drafts, and seal with caulking or insulation strips.  Screens should be replaced with storm windows, if applicable. 

- See that your chimney is free of creosote to prevent fires.  A licensed chimney sweep would be the best for making sure your home and family are safe from chimney fires. 

- Now that it is not sweltering, venture into the attic and give it a good cleaning. Be on the lookout for any insulation issues, and replace or repair, if needed.  Be sure that pests cannot get inside and spend the winter in your attic! 

- Wash and/or air out heavy blankets and quilts to get them freshened up for use. 

When making plans for a child’s space, whether a bedroom or bathroom, and you are in your “forever” home, make sure those plans can grow with your child.  While a fun built-in castle bed is fun for now, it might require a whole new reno when he stops wanting to be a knight when he grows up. 
 

During contractor interviews, ask if they are experienced in working in a home with children present, get referrals from other families, and make a point to call those references.
 

Planning on a total rehaul for your kitchen? Create a makeshift kitchen with portable electric cooking gadgets, use disposable plates and utensils, and use the grill as often as possible. If there is carpet in the new eating area, and you have small children, purchase an inexpensive area rug or large outdoor “rug” (found in most discount stores for $20), to protect the wall-to-wall. 
 

When demolition begins, have a plan for everyone to be away from home that day. Have your contractor call with any possible dangers they may find:  mold in the walls, asbestos or lead in an older home, or any broken glass or tile. Wall off that area with plastic sheeting and make it as impossible as you can for the children to enter on their own. 
 

Talk to your contractor about the importance of hunting down every tool at the end of the workday and storing them out of sight. Offer a charging station in an area your children do not frequent so cordless tools can re-energize out of sight and out of their interest. 
 

Dust will be everywhere, and allergies may flare. Make certain all ductwork in the project rooms are covered, and again, walled off with plastic sheeting or “temporary” walls.  
 

If your contractor does not provide dedicated trash cans with lids for construction trash, buy them yourself and put them in each work area. Make sure they are tall enough that children will not be tempted to grab something they find interesting that could harm them. 

- Think of your visits to a storage facility like an interview! Ask to see the available unit, check for holes or other damage, and look (and smell!) for signs of mildew. 
 

- Go over each site’s payment plan closely, as some facilities have strict payment rules and can auction your unit if your payment is just one day late. 
 

- Some items need to be in a climate-controlled area but be prepared to pay a higher rental fee.  Items that will most benefit from this type of storage facility include electronics, furniture, and collectibles. Find a more comprehensive list from moving.com.  
 

- Hold off on signing a contract until speaking with your homeowner’s insurance agent. It could be that your belongings will be covered under certain circumstances.  Some storage companies will offer insurance for an added fee, so make certain of their policy before you sign. 
 

- Even if the items are insured, a storage unit company that offers secure fencing, good lighting, security cameras, and a fire alarm and sprinkler system is still your better choice. 
 

- Remodeling or painting? A portable rental unit may be your best bet, as many companies will deliver a container that can be kept in your driveway. If you are moving, the unit can be packed, stored off-site, then shipped to your new home. 

- Most foreclosures have been unoccupied for several months and will surely be affected by that. You will need to be willing to put in some work and some cash to bring it up to code/living conditions. 

- If the house is on the auction block, you will likely need the full purchase amount in cash, as the lender or bank is looking to recoup as much from the defaulted loan as they can. They do not allow time for financing to take place. 

- Some states allow redemption to the homeowner, and HUD defines this as “...a period after [the] home has already been sold at a foreclosure sale when [a homeowner] can still reclaim [their] home.”  

- Because a foreclosed property is sold “as is,” you will not receive any disclosures, meaning, a home inspection is a must!  Depending on who owns the property will make a difference in how much time you must complete the inspection.   

- On the other hand, if the property is REO (real estate owned), you will be able to go through the home-buying process in the usual way and have time to secure financing for your purchase. 

- An REO will be sold as-is just like an auctioned house, and all repairs will have to be done by the new owner--there are no repair requests or contingencies granted. 

- For buyers that are new to the foreclosure-purchase game, going through a bank to buy the property is your best bet versus auctions. Once you gain some experience in the process, try your hand at auctions. 

- For any distressed property, make sure you have a title search performed. Buying a foreclosure takes long enough, and you want to make certain you will not run into any roadblocks. 

Nothing shouts “Don’t buy me!” more than an unkempt yard!  If nothing else, keep the grass cut and weeds and shrubbery trimmed. Put a bit more effort into it, and put down fresh mulch in the flowerbeds, and add a pot of flowers to the top step. 
 

No one wants to walk into a house with plastic storage containers stacked up in each room “hiding” the seller’s clutter. When you declutter, get rid of things, or put them in storage if you cannot part with them. Your rooms will appear larger without a lot of stuff in them. 
 

Touring a house that has a grimy stove or mildewed bathtub caulking is a huge turn-off:  no one wants to move into a dirty home. If you cannot find the time to clean the house spotless, hire a professional to do it. 
 

Natural light is important to most home buyers, so window treatments that block light need to come down, cleaned, and stored for moving. Add sheers, blinds you can open, or pull the shades up completely when you know the house is being shown. 
 

Items such as rodent traps or insect baits, should not even be an option for you. If you know you have mice or insects in your home, have them exterminated before you put a sign in your yard.  
 

Wall-to-wall carpeting is not as appealing to buyers today as it was in the past. If you can afford it, remove carpeting that is hiding hardwoods and spruce them up. No hardwood? Have the carpets professionally cleaned, and if you really need to sell, offer a new carpet credit to buyers. 
 

When you know about a problem and don’t bother to make repairs--think dripping faucets or cracked windows--buyers will not be impressed with your house, and if they’re remotely interested, offers won’t be close to your asking price. 
 

Any unpleasant odors will put off most people, and homebuyers will wrinkle their noses as soon as they walk in. Cleaning is important to remove dirt, but you need to clean for odors, too. Follow these tips from realtor.com® for removing any funky smells from your home. 

- The most common types of fencing are wood, vinyl, and metal. 
 

- The type of wood you choose depends on your budget. Pine is inexpensive and treated to resist rot and insects. Different types of cedar and Douglas fir, on the other hand, is naturally resistant to moisture and pests and will cost more upfront. 
 

- Wood composites are made of sawdust and recycled plastic. It looks like wood and comes in many styles, finishes, and colors. Most manufacturers of composites offer a warranty on their products, making it a more expensive choice, but a long-lasting one. 
 

- Vinyl fencing is almost maintenance-free and comes in many styles. Costs are high initially, but its durability and little upkeep pay for themselves in the end. 
 

- Wrought iron, aluminum, and chain link fencing are all long-lasting choices. Chain link is likely the easiest for DIY, but the others would be best installed by a pro. Maintenance for wrought iron mostly consists of painting and keeping an eye out for rust.  
 

- If cost is not an option but security and durability are your concerns, there is the option to have steel fencing installed.  
 

- Hiring a fencing contractor is a smart move because they are knowledgeable about materials and styles that perform well in your area.  Installing fences is what they do; their expertise can save you money and time in the long run. 

Energy Efficiency:  Energy-Star windows, smart or programmable thermostat, LED lightbulbs and full-house water heater are all attractive to buyers who are concerned about energy costs as well as those concerned about going green. 
 

Home office:  If there is no room in your house that is a dedicated home office, create one!  Stage a space in the kitchen or living area or smaller bedroom with what appears to be a working spot. 
 

Upgraded kitchen and bathrooms:  While completely renovating these rooms are a possibility, it may not be in your budget. Take a good look at each, and decide what wallet-friendly projects will make them look new: painting kitchen cabinets, new stainless appliances; in the bathroom, new faucets, lighting fixtures, or add pizazz by framing a mirror in glass tiles. 
 

Dining space:  An eat-in kitchen or open-flow kitchen and dining room are what many are looking for, especially families. Kitchen islands with seating will suffice when the budget does not allow for creating space for a dining table in the kitchen. 
 

Organized storage:  Buyers want homes with ample storage. While you can’t create space, you can build space in closets and the laundry room by adding shelving or pre-fab storage systems. 
 

Hardwood flooring:  While not an inexpensive project, consider putting hardwoods or less costly engineered wood in the entryway and living space. 
 

Security:  Front-door video cameras, plenty of outdoor lighting as well as smart lighting features are all great for starters.