Sunrise Homes & Renovations, Inc.

The Importance Of Paint Colors When Selling A Home

by

The Importance Of Paint Colors When Selling A HomeIf you are interested in selling your house, you need to make sure you get as much money for it as possible. There is never a second chance to make a first impression, and every detail matters when you want to get an offer on the table. That means you need to pay attention to the color of your paint as well. Even though this might sound like a relatively minor detail, the color of your paint does matter. What do you need to know about paint color and its impact on your home’s value?

The First Impression

First, the color of your walls matters because it is responsible for the first impression. Even though the buyer can repaint the house, the paint throughout your house will give the buyer a certain vibe. You want the people in your house to like it, so make sure you select colors that most people will be happy with.

Ease Of Matching 

When you are selecting paint for your house, you want to pick colors that are relatively easy to match. For example, gray will go with just about everything. On the other hand, colors such as lime green and pink are going to be harder to match. If more people can match their decorations to your home, you will have an easier time getting an offer on the table.

The Location Of The Colors

Finally, don’t forget that some colors are better in some rooms than others. For example, light blue is probably going to go well in the bathroom, but it might not go well with other rooms in the home. In addition, brown or red might be fine in your kitchen, but mint green is probably not going to look great in that room. Think about what colors are used in certain rooms of your house. 

Pick The Right Color For Your Home

While a potential buyer can simply repaint the house if they don’t like it, it will mean extra time and money that they need to worry about. Furthermore, remember that your paint will be responsible for the first impression you make on a buyer, so make sure you choose colors that other people will like.

What’s Ahead For Mortgage Rates This Week – December 19, 2202

by

What's Ahead For Mortgage Rates This Week - December 19, 2202Last week’s economic reporting included readings on inflation, retail sales, and the Federal Reserve’s Federal Open Market Committee meeting.  Fed Chair Jerome  Powell held his scheduled post-meeting press conference and weekly readings on mortgage rates and jobless claims were also released.

Federal Reserve Raises Target Interest Rate Range

The Federal Reserve’s Federal Open Market Committee announced its decision to raise the Fed’s target interest rate range to 4.25 to 4.50 percent from its previous range of 3.75 to 4.00 percent.

Fed Chair Jerome Powell said in remarks made during his scheduled press conference, “We’re going into next year with higher inflation than we thought.” Seven Fed officials predicted rising interest rates with the Fed’s interest rate range potentially reaching 5.75 percent. Analysts said that the Fed’s position of controlling inflation at any cost could result in a recession. Chair Powell said it was impossible to predict if a recession would occur and how deep it might go and how long it could last. He repeated the Fed’s commitment to controlling high inflation.

Mortgage Rates, Jobless Claims  Fall

Freddie Mac reported lower fixed mortgage rates last week as the average rate for 30-year fixed-rate mortgages dropped by two basis points to 6.31 percent. The average rate for 15-year fixed-rate mortgages dropped by 13 basis points to 5.54 percent.

Initial jobless claims fell to 211,000 first-time claims filed as compared to the prior week’s reading of 231,000 new jobless claims filed. Continuing jobless claims were reported as unchanged from the prior week with 167,000 ongoing unemployment claims filed.

The Commerce Department reported lower retail sales in November than in October. Retail sales decreased by -0.6 percent in November, which surpassed analysts’ estimates of -0.3 percent. Lower retail sales could suggest an impending recession as consumers hold back on paying rapidly rising prices for non-essential goods and services.

What’s Ahead

This week’s scheduled economic reporting includes readings from the National Association of Home Builders on U.S. housing markets and Commerce Department data on building permits issued and housing starts. Reports on sales of new and previously-owned homes and weekly readings on mortgage rates and jobless claims will also be released.

Landlord Squeezing You for yet Another Rent Increase? It’s Time to Buy a Starter Home

by

Landlord Squeezing You for yet Another Rent Increase? It's Time to Buy a Starter HomeDid you recently receive your annual notice that the rent is going up? If so, you’re not alone. Millions of renters are seeing more and more of their income drained away due to higher rents. To make matters worse, every dollar in rent is one that you are not saving, investing or using to build your net worth. If you’re feeling the pinch of higher rents, it might be time to buy your first starter home.

Comparing Rent With A Mortgage

Have you ever done the math to understand how close your monthly rent might be to a mortgage payment? Here’s a quick and easy exercise. Multiply your monthly rent by twelve, and then multiply that number by 25. For example, if your rent is $1000 per month, that is $12,000 per year and $300,000 over 25 years. So if nothing changed from today, you could afford a $300,000 mortgage.

Homes Are More Affordable Than You Think

Many first-time home buyers are convinced that they can’t afford to enter the market, but that is not the case. There are homes available that fit almost every budget or price range. In fact, it is less important to worry about the total cost and more important to worry about location, size and local amenities like schools and parks.

Remember, when you buy a house you aren’t just locking yourself into a rental contract. You are investing in a home and property have the potential to gain in value over time.

A Few Other Considerations

Of course, there are some considerations that you will need to make as you start down the path to homeownership. The first is that your mortgage is unlikely to be your only monthly expense. You will also encounter property and other taxes, utility fees and if you buy a condominium or apartment, homeowners’ association fees. You will also be responsible for maintenance and upkeep since you own the home. But that also means that you are free to customize and renovate as you see fit.

Keep in mind that it is never too late to escape the rental trap. When you’re ready to start building your future by investing in your first home, contact us. Our experienced real estate team is happy to share beautiful local home options that will suit your needs and budget.

Irrigation Options For Your Yard

by

Irrigation Options For Your YardIf you are tired of deploying sprinklers and standing over your yard with a hose, you might be interested in some irrigation options. There are plenty of choices available, and you need to think about all of your options before you decide which one is best for your needs. What are a few examples to consider?

A Drip Irrigation System

A drip irrigation system delivers water directly to the roots of plants. It delivers water at a slow, steady pace using micro-sprayers, bubbler nozzles, or inline emitters. The biggest advantage of this type of system is that it uses significantly less water when compared to other watering systems. There is no runoff or wastewater because the water itself is delivered directly to the root system. On the other hand, a drip irrigation system requires a significant amount of maintenance to prevent mineral buildup and system clogs from forming.

A Spray System

A spray system is arguably the most popular method to deliver water to just about every type of landscape. It typically consists of a controller system, a series of valves, and sprinklers that will automatically distribute water. The biggest advantage of a spray system is that it can cover an immense amount of area with ease. The downside is that it may have a difficult time keeping the water evenly dispersed on a sloped landscape.

A Rotor System

A rotor system is very similar to a spray system; however, the sprinkler heads rotate on a rotor system. They do not rotate on a spray system. A rotor system typically distributes water more evenly when compared to a traditional spray system. The downside is that a rotor system requires higher water pressure than a spray system, which means that it might be more expensive.

Choose The Right Irrigation System For Your Yard

In the end, these are a few of the most popular options if you are looking for an irrigation system for your yard. Each system has its benefits and drawbacks, and the right option for one person is not necessarily the right option for you. If you are having a hard time deciding which system to go with, consider reaching out to an expert who can help you. 

 

Understanding ‘PITI’ and What Goes in to Your Monthly Payments

by

Understanding 'PITI' and What Goes in to Your Monthly PaymentsAsk any friend or family member that owns a home and they will share that it takes a bit of management to keep all the expenses under control. Let’s explore the concept of PITI and why it is vital to have a clear picture of how much your home is costing you each month.

Just What Is PITI, Anyway?

PITI is an acronym that stands for “principal, interest, taxes and insurance,” which are the four main components that make up your housing costs.

Principal – this is the amount that you are paying against the total amount that you borrowed when you purchased the home. For example, if you used a mortgage to cover $200,000 of the home’s purchase price, the remaining balance of that $200,000 is the principal. A part of your monthly mortgage payment goes to paying down the principal.

Interest – this is the extra cost that the lender charges for the service of lending you the principal amount. For most mortgages, you will see this expressed as an “interest rate” which is a small percent charged on the loan. A portion of your monthly mortgage payment goes to paying down the interest owed.

Taxes – tax costs are not included in your monthly mortgage payment, but will be added by your lender as part of your yearly expenses when calculating your debt-to-income ratio (see below). Property taxes and other assessments will need to be paid each year.

Insurance – this is the cost of insuring your mortgage and your home. Like taxes, your mortgage lender will typically include some insurance costs in your DTI ratio calculation.

How Lenders Use PITI

Many mortgage lenders use some form of PITI calculation when determining your debt-to-income ratio. This ratio helps the lender understand your ability to manage your monthly mortgage payments without being at risk of missing one. The lower the ratio, the more likely you can afford all your monthly expenses.

Don’t Forget Your Other Monthly Expenses

Finally, don’t forget that along with PITI you will have a variety of other monthly expenses that need to be budgeted for. Leave some space for utilities, repairs and other renovations that need to be made throughout the year.

Once you have the full picture of what is coming in and going out each month, managing your expenses is easy. When you are ready to discuss or apply for a mortgage, get in touch with us. Our friendly team of mortgage professionals is happy to help.

Do Your Home Upgrades Qualify As Medical Expenses On Your Taxes?

by

Do Your Home Upgrades Qualify As Medical Expenses On Your Taxes?You might want to make some upgrades to your house, but they could be a bit expensive. If you make upgrades to your house that qualify as medical expenses, you may be able to deduct them from your taxes. Before you do so, you should always reach out to a qualified accountant who can review your work to make sure you are allowed to claim that deduction. What are a few examples of home upgrades that might be tax deductible?

Upgrades That Address Joint Pain

If you have severe joint pain, you may have a difficult time navigating your house. You may need to make some upgrades to your house that make it easier for you to get around. For example, you might be thinking about installing a wheelchair ramp. Or, you might need to make some changes to your stairs and your railings. There is even a chance that you may consider installing a pool in your house that can help you stay healthy. Remember to get a letter from your doctor stating that these upgrades can help you treat your arthritis.

Upgrades That Address Chronic Lung Conditions

If you have a chronic lung condition, you may need to make changes to your home’s HVAC and air filtration systems to address your symptoms. If you or your children continue to have asthma, allergies, or COPD exacerbations, you should talk to your physician about changes you can make to your HVAC system to reduce contaminants in your area. It can be expensive to make upgrades to your home’s HVAC and air filtration systems, but you may be able to deduct them from your taxes if you can prove they are required to address your symptoms.

You May Need To Get An Appraisal

These home upgrades could increase the value of your house, so you may need to talk to your real estate agent to get an appraisal before you claim a deduction. Then, don’t forget to combine this paperwork with a letter from your doctor stating that these upgrades can help you address medical conditions. Finally, you should always talk to an accountant about how you can properly claim these upgrades as deductions on your taxes.