Empty Nest? 5 Changes Your Home Needs Now That It’s Kid-Free

The house you raised your family in has seen a lot — a lot of love and laughter and maybe a little turmoil. Now that your home is officially kid-free, it is in dire need of some enhancements so you can make a smooth transition from being a full-time parent to having a less hands-on relationship with your children.
Check out these five changes your home is begging for now that you have an empty nest.

First-Floor Guest Bedroom
Think about rearranging the layout of your home now that the kids are out of the house. You might already have plans to turn one of your kids’ bedrooms into a guest bedroom; however, if it’s on the second floor, consider using a room on the first floor. For now, you can use it for guests, but if you plan to stay in your home for the rest of your life, you may want your bedroom to be on the first floor when you get older.


Create Extra Space With Fewer Walls
If you have a few smaller rooms that were once kids’ bedrooms, consider knocking down a wall or two to create one larger space. It makes sense to have lots of smaller rooms if you have a house full of kids, but now that it’s just you or you and your spouse, you can keep one bedroom for guests and create a bigger room to serve a more meaningful purpose, such as a studio, office or home gym.


Kitchen Facelift 
With lots of people in the house, it can be tricky to do any kind of home upgrade or renovation. Now that you have an empty nest, consider making kitchen upgrades that you’ve been putting off. Does the tile need work? Do the cabinets need replacing or maybe just some paint? You could also update old appliances — now is the best time to do whatever needs to be done to bring your kitchen up to date.


Master Bath Enhancements 
With kids out of the house, you will have more time to yourself and hopefully to pamper yourself. Make some updates to the master bathroom by changing the counters and cabinets and/or adding ambient lighting with a dimmer. Add a bench in the shower and a heated towel rack. Replace towels with ones that are plush and soft. Do whatever is necessary to make your bathroom feel more like a spa. You deserve it!


Update Your Most-Used Furniture
Maybe you didn’t want to invest in high-end furniture while you were raising kids because you feared stains and smears on expensive items. However, now is the time to invest in a little luxury. You can transform your home into more of an adults’ house by swapping out some older pieces of furniture for something tasteful and refined.


Looking for even more ways to update your home? Give me a call today! I love sharing my expertise.

Should I Buy a Home That Needs Repairs?

If you’ve found your dream home − in the area you want, with a big kitchen, three bedrooms and more − is it worth it to buy if the home needs a little TLC? The answer differs depending on the type of repairs, the neighborhood and more. Keep reading to find out if putting an offer on a home that needs repairs is the right move for you.

Are the repairs just cosmetic?
Don’t get confused between a fixer-upper and a house that just needs some minor, mainly cosmetic, repairs. A fixer-upper usually has a very cheap purchase price because the new owners will have to put in so much elbow grease to get it to livable condition. However, cosmetic repairs are another ball game. These are small tasks like painting, changing the carpeting or installing new cabinetry. If the home you’re interested in only needs cosmetic repairs, it may be worth the money because you’ll get to customize the home a little bit, and the seller might be offering a discount because the house needs a little TLC.


Check the inspection report
Get an inspection report before you buy. Maybe the seller told you that all the house needs is a fresh coat of paint and a little landscaping; but the inspection report could alert you to bigger problems that the seller either doesn’t know about or hasn’t disclosed. If the inspection report mentions foundation issues or that a new HVAC system is needed, this is not the kind of project you want to get into if you’re not prepared.

Will you get good ROI after the repairs are complete?
What kind of neighborhood is the home in? If it’s in a decent neighborhood, close to schools and parks, or if the neighborhood is up and coming, it might be worth buying a home in the area because the value will increase over time. It’s worth it to take on some minor home repair projects for a house in a desirable neighborhood.


Do you have the time to devote to this project?
If you weren’t previously planning on purchasing a home that needs minor repairs, make sure you have the time and patience to put up with the items that need updating. If you have a busy job or kids with demanding schedules, moving into a home that isn’t move-in ready could be stressful. Also, be prepared for loud noises and a little debris if you hire workers or plan to do repairs yourself.


Are you getting a deal on the home?
One of the most important factors is the type of deal you’re getting on the home. If it’s not move-in ready, what’s the incentive to do the repairs and updates yourself? If the seller isn’t offering an allowance for you to do the repairs or isn’t selling slightly below market to incentivize buyers, what’s the point?


Look into a 203 (k) loan 
If you find a home that you’re serious about but that requires minor or major repairs, look into financing through HUD’s 203 (k) loan. This type of financing allows you to finance the purchase of the home and the necessary improvements without having to seek multiple loans. Visit HUD.gov to learn more.

 

Is This Your Situation: You Want to Save for a House?

Purchasing a home is a big financial responsibility, but the rewards of homeownership are many. Particularly for first-time homebuyers, coming up with the down payment needed to see your dream to fruition can often seem overwhelming. There are many strategies, however, that can help you save for your down payment.


It should also be noted that various loan programs exist that would allow you to drastically reduce the amount of money needed for a down payment. For example, VA loans often require 0% down, while FHA loans see down payment options ranging from 3-6%.
When you're ready to start saving for your down payment, consider these smart solutions:



#1: Cut Back

When you realize that cutting back on certain things can help you reach your goals, it will change your perspective. Think of it as an investment rather than a loss. Here are some areas where you can potentially cut back:

• Morning coffee and stops in the car for water, drinks and snacks ... carry your own
• Cable and expensive internet … use some of the cheaper options such as Netflix
• Eating out ... cook at home and use leftovers for quick meals and lunches

#2: Do it Yourself
You can save on a number of the services you pay for each month by doing it yourself. While there is a time and place for professional assistance, consider these alternatives:

• Personal grooming ... paint your own nails, give yourself a facial, use coupons for haircuts
• House maintenance ... mow your own yard, trim the trees, clean the interior, repair what you can
• Make presents for family and friends instead of buying, especially cards and gift wrap

#3: Let Your Goals Be Known
You'd be surprised how much support you will receive from your circle of friends and family. They may opt for a game night-in instead of an expensive concert or dinner. They will also be more understanding if you can't chip in for a trip or group present. What's more, when you make your goals known to your friends and family, you're more likely to stick to them!


#4: Take on Extra Work
This may sound obvious, but it's more than just overtime or a sales commission. Try to turn your hobbies and extra time into money. Look on community boards for services wanted such as tutoring, cleaning, dog walking, errand running and even elderly companionship and driving.


#5: Save on Purchases
Take the time to research costs and shop during sales. It may take a couple extra minutes each week while grocery shopping or clothes shopping, but the end results will be worth the effort. Become a bargain hunter and you'll quickly see the savings stack up.


Make Your Homeownership Dreams Come True
Making the conscious decision to save will be the best start to achieving your down payment goals. Create a monthly alert on your phone or computer that lets you know when you've reached the monthly amount. Once you've reached the desired down payment amount, talk to a real estate professional to start looking at homes that could be yours.


Meanwhile, give me a call so I can help put you on track with a savings program, and refer you to a good lender who can also work with you and give you some tips.