Posts in category Uncategorized

Typical Buyers Closing Costs

Sep14
2018

Written by mary.w

Monies You’ll Be Responsible to Provide at Closing:

As a Buyer, if you are purchasing your new home subject to a mortgage, you will have certain costs that will be settled at your closing. Some of these may vary by state but as a general rule, before they hand you the keys, you will be handing them:

Down payment: This is the difference between your purchase price and your mortgage and ultimately represents how much equity you will possess on day one.


Escrow funds: Your mortgage lender will require these funds at closing to make sure that there’s enough money in your account to pay upcoming tax and insurance.
Third-party fees: Third party costs incurred in the processing of your loan. ie: appraisal fees, title insurance & fees for your credit report if applicable.
Per diem interest: This covers the daily interest cost covering the time frame between your closing date & your first mortgage payment due date.
Homeowners association (HOA) dues: If your new home requires HOA or Condo Assoc dues, you may be required to pay the first year’s cost at closing. Sometimes this is negotiated with the seller and if they have paid the fees as part of your agreement, they should provide proof of payment at closing.
Discount points: A discount point is a fee you’ve agreed to pay to lower your interest rate. This is due at closing.


Commission: Though this is typically a seller’s cost, if you’ve agreed to pay your agent any part of the commission due, that will be deducted at closing.

If you have any other costs, they will be detailed on your Closing Disclosure form which you will receive 3 days prior to your closing date for review. If you question any of the costs on that document, contact the closing agency asap to ensure your closing is not delayed.

Making Your Move GREEN!

Sep10
2018

Written by mary.w

Hate the cost and waste of using cardboard boxes for your move? Plus the hassle of putting them all together and then having to break them down? Well, there is now a great alternative popping up all over the country. The companies deliver strong plastic boxes for you to fill. Then you or your moving company pick them up and move them to your new home. When you order them, you determine how long you will need them to complete your packing, move and unpacking. Then the company picks them up.

This helps the environment by minimizing the number of cardboard boxes you throw away. Many people don’t realize that cardboard is not environmentally friendly and typically have some type of chemical compound to retard bugs, termites, etc. It is a ‘wood’ product with the same challenges so using these boxes helps minimize chemicals in the landfill.

I know what you’re thinking….but those boxes are ‘plastic’! Yes, they are BUT they are re-used for years. The company that was brought to my attention in Denver has been using some of their boxes for more than 10 years. Less waste, more environmentally friendly AND an easier, more organized move for you!

Some facts from Denversmovingboxes.com:

Over the course of just one year Denver’s Moving Boxes’ customers will have a direct impact in saving:

816 trees
3792 gallons of oil
336,000 gallons of water
2 million kilowatts of energy
2880 gallons of air pollution
144 cubic yards of landfill

If you’re doing a short move, you can minimize your cost by moving the boxes yourself in small trips and reusing them multiple times.

This is an alternative if you are planning on packing up your home yourself and then moving it all. These companies do not pack…just provide the boxes AND the packing paper and labels for the boxes to make your move in as easy as your move out!!

This is not something I’ve found available everywhere but do a simple search online of “Green moving boxes” (refers to the environment not necessarily the color of the boxes) with your city and hopefully you’ll find this great option available to you!

Creating the Feeling of Space in your Too Small Kitchen

Aug23
2018

Written by mary.w

Always want the feel and storage of a larger kitchen? There are a few things you can do to maximize small alcoves or inset nooks. Perhaps you have one of those built in desks that have been nothing more than a catchall that then makes your room appear even smaller due to the paper clutter. Some tips below can take your small out of date and claustrophobic kitchen from your least favorite place to your favorite family hangout!

Remove the built in desk and add a free standing cabinet that fills t Image result for images of cabinets with glass front tops he whole space but feels open due to at least the top having glass fronts. This allows you to showcase your glassware or lovely teapots, dishes, cookbooks or other special items that have been crammed in a box somewhere. By keeping solid bottom doors you have a place to store dishes, pans and other items you want handy but aren’t pretty enough to showcase.

Do you have a small alcove in your kitchen that is not deep enough for extra cabinets or large enough to accommodate even a small table? Always wanted a china cabinet to display your loveliest dishes? Try a bakers rack (like this one from the Container Store). Showcase your dishes, platters, pitchers, cookie jars….all the pieces of your set and then, if you choose, use the hooks to add the shimmer of your stainless or copper pans as a highlight. You can sometimes find items like this that will fit perfectly within the area you’re trying to fill and create a beautiful display to be both admired and functional while keeping your cost to a minimum.

Don’t have spaces to add a baker’s rack or cabinet? No problem. See the source image Change out the top doors of some of your cabinets to glass fronts. This allows you to display your glassware and dishes while expanding the visual imprint of the space itself. You can keep this affordable by replacing only a couple but the results will be immediate. Also, painting dark cabinets white can create instant visual space at a minimal cost. BUT if you decide to paint your cabinets make sure and do your research and do it well!

Posted in Decorating on a Budget, General Information, Home Improvement, Tips and Ideas

WHAT YOUR HOME MAY BE SAYING THAT’S COSTING YOU $$!

Aug15
2018

Written by mary.w

CLUTTER SAYS: There’s not a lot of room in this home and very little storage. Keep in mind that what you see as “collectible” others see as clutter. Purge BEFORE you put your home on the market so you don’t lose valuable time fixing this issue too late. Fill and store bins with the off season clothing, boots, big blankets…whatever you can remove that will make your closets look roomier and storage appear ample.

FULL MIRROR WALL/WASHED OAK CABINETS/BRIGHT BRASS FIXTURES/PSYCHEDELIC WALLPAPER/POPCORN CEILINGS, etc SAY: This home hasn’t been updated for a very long time and so you should get a great deal on the price. These items can actually be updated at reasonable costs so consider doing so BEFORE you hit the market. Disclaimer: If your decor deliberately displays Retro decor, embrace it fully and sell as such which will bring you a great price with the Retro seeking buyer…and they are out there!

DIRTY BASEBOARDS/TRIM/WINDOWSILLS/MESSY ROOMS SAY: If you think this is dirty, wait until you pull out the refrigerator and stove! Even if you are comfortable living in a less than pristine environment, it’s important to market your home to the masses who most often are seeking to not find hidden schmutz after they move in. You can typically hire a cleaning crew to do a “Spring Cleaning” for $250-300. This will be money highly multiplied in its return when you sell.

Keep in mind that you are marketing your home to your buyers not to yourself. If necessary, have a good friend that you trust to be honest help you evaluate what you should consider doing before selling and then do what you can afford prioritizing the items by what will maximize your profit. Then fix and sell!!

Posted in General Information, Home Improvement, Selling Tips, Tips and Ideas

Using Social Media to Learn About Your New Neighborhood

Jul30
2018

Written by mary.w

Are you feeling stressed and challenged about moving from your comfort zone neighborhood to a new one where you know no one? Is this especially difficult because you have young or teen children who are not happy at all with your decision to move and tear them away from their friends and the school they love? Then take advantage of a medium you’re probably already very familiar with to “move in” to the area before you ever make the physical move.

Check Facebook pages for Neighborhood Posts for the area you are moving to. If you find one, send a post or message to the administrator for that Facebook group introducing yourself and letting them know that you’re moving into the neighborhood with children (mention ages) and would love to join the group and glean input and general info about all the area offers you and your children.
Check Nextdoor.com and see if your new neighborhood has a group on there and do the same thing.
Go to the new school’s website and see if they have facebook/instagram/twitter groups that you can join and follow.

Not really a social media follower or subscriber? Be bold and create a postcard on a site like shutterfly with a family photo and take a walk around your new block(s) leaving them at your new neighbor’s homes with a note on it introducing yourself. If you don’t feel comfortable having your family’s photo out there like that, simply buy a pack of note cards, write a short note and leave those in the neighbor’s doors. (Do NOT put in mailboxes as that may not be allowed by the city or your association.)

Another friendly proclamation of your becoming their new neighbors is to plan an open house once you move in and invite the neighbors on your block and surrounding blocks if not a huge area to come on over and meet you.

Once your kids make some new friends in the neighborhood and school, not only will their stress level be reduced, so will yours!

Capital Gains Unscrambled

Jul19
2018

Written by mary.w

Capital Gains sounds like a scary inevitable cost when selling your home at a profit. BUT once you understand how it’s computed and who qualifies for exclusions you’ll see you can most likely breathe easy. Most people DO qualify for the exemption which allows for up to $250,000 per individual or $500,000 per couple.

What are Capital Gains?

You can determine the capital gain on your home by subtracting applicable costs of selling your home (ie: commissions, advertising) plus the cost of any qualifying home improvements (you can find specific details on the IRS website) from the original purchase price of your home.

Ex: Original Purchase Price = $200,000 + $25000 Costs = Cost Basis of $225,000 Selling Price = $325,000 – $6500 Commission (You saved by selling BuyOwner!) so you receive $318,500 – $225,000 = $93,000 in Capital Gains. You will not pay tax on this gain if you meet the exemption requirements noted below.

Qualifications for Capital Gains Exemption?

The following requirements must be met in order to qualify for the capital gain exclusion when selling your home:

You must have owned your home for at least 2 years.
The home must have served as your main personal residence for at least 2 years.
During the 2 year period ending on the date of sale (Note: If you’re close to this date, negotiate your closing to ensure it occurs after the 2 yr qualification has been met), you didn’t exclude gains from the sale of any other home.

YAY: You can use the capital gain exclusion over and over again as long as you meet the requirements.

BOO: If you take a loss from your home sale, you do NOT get to take the loss as a tax deduction.

NOTE: To Always ensure that you are receiving max tax benefits, consult your tax accountant or review thoroughly the applicable information on IRS.gov

Posted in General Information

Increase Your Kitchen’s Value Without Decreasing your Bank Account!

Jul05
2018

Written by mary.w

The following affordable Kitchen upgrades can increase your value while being mindful of your pocketbook.

1.Update your cabinets by painting them and installing new hardware. Of course this is less costly if you do the work yourself BUT if you’re not great at diy projects, you might want to either hire someone to do the work OR reach out to a friend or family member who has proven themselves to be very handy and a good diy-er. If your cabinets end up looking repainted instead of looking like new, you can actually decrease instead of increasing the value of the ‘upgrade’. Changing out the hardware will be easier if you choose new hardware that uses the same number of holes as the old. Then you can simply unscrew the old and install the new. Maybe your cabinets don’t need painting but look like builder grade. Adding crown molding will immediately upgrade the look of your upper cabinets. Simple and effective upgrade!!

2. Change your sink and faucet. Stainless always a good choice but certainly if your home’s design warrants, farm sinks are very popular and stand the test of time because they are considered as trendy as they are retro. Faucets should also reflect the style of your home. Big box stores along with home bargain outlets have great options at surprisingly minimal costs. If you don’t know how to install a sink or faucet, again, don’t be afraid to ask for help or shop around for a local handyman who comes with great references for quality of work and cost to value!

3. Update or add a backsplash that blends with your countertops (if you have granite, try to match the tones with glass tiles so it looks like it was all done at that same time!) There are so many great and affordable backsplash options right now that for the minimal work involved, the value can be strong.

4. If you have old, dingy, linoleum or vinyl floors, replacing them with newer flooring or upgraded options like ceramic tile (which can be very very affordable and one of the less difficult diy projects). There are even fabulous new ceramic tiles that when installed, look like hardwood floors! Refinish hardwood floors instead of replacing but if they are too far gone, you might even consider scraping and painting them. There are sooo many great flooring ideas online. Take time to look at several and choose the one you believe you can do yourself or with a friend that will enhance your room and your pocketbook!

5. Get rid of the countertop microwave and old fashioned over range vent and replace it with a built in microwave. This can be done for under $400 and will immediately update the look of your kitchen. OR if you already have a built in microwave but an old fashioned hood, install a ductless range hood (will keep your costs down by not requiring you to add new venting). This will definitely create the look and feel of a gourmet kitchen. Anytime you’re adding or changing a hood, make sure that the height from your range to vent will fit before you do all the work and then discover you won’t pass inspection. Simply read the box before you buy and adjust accordingly.

6. If you’ve already made lots of updates and are wanting to take it to the next level of upgrade, replace your ceiling light with recessed lighting. This can certainly be more costly if you don’t know someone who can do the work, but if you do, this can certainly improve the wow factor. If you can’t afford to install recessed lighting and you have outdated or a blah overhead fixture, replace that fixture with a more current and upgraded look. Again, big box stores and outlet stores have great options at surprisingly affordable prices. If you have a high ceiling, consider installing a fanlight!

7. Last but certainly not least, upgrade your countertops. This is a definite shop around for your best options and deals. Granite tiles are cheaper than a slab of granite so if you want See the source image granite, this might be an option you’ll consider. Cement is certainly popular right now and not surprisingly butcher block is back in style. Again, shop online and then in person. Take your time!

The key to all of this is to set a budget and work to stay within that because it’s very easy to get wooed by the more expensive options. Doing so can possibly eliminate any value that you might have derived from all your hard work. And again, don’t hesitate to draw on friends and family that you know have the expertise to help you. They most likely will be happy to do so and possibly offended if you didn’t even give them the opportunity to assist you with your projects.

Posted in Decorating on a Budget, General Information, Home Improvement, Selling Tips, Tips and Ideas

DECLARE YOUR INDEPENDENCE!!

Jul04
2018

Written by mary.w

Let today be the day you use BuyOwner.com to help you declare your independence from renting by helping you find your dream home! As a seller, let us help Set You Free from your current home so you can move on to your new life adventure!! Happy Independence Day!

Ready to Work to Live instead of Living to Work?

Jun24
2018

Written by mary.w

If you’re more interested in spending time with family and friends (or desire to be a one income home w/an at home parent) than working a gazillion hours just to own a home and pay ridiculous “keep up with the Jones’s” cost of surviving, then you might be interested in moving to one of these 5 cities, all which, when factoring cost of living including housing to average household income come in at under 25% ratio of income to expenses.

Listed from Best to 5th:

#1: Huntsville AL Avg Household Income: $52,960 Living Expenses Less than 23%

#2: Fort Wayne IN Avg Household Income: $42,250 Living Expenses Less than 23%

#3: Des Moines IA Avg Household Income: $49,420 Living Expenses Less than 24%

#4: Grand Rapids MI: Avg Household Inc.: $43,610 Living Expenses Less than 25%

#5: Indianapolis IN: Avg Household Income: $46,840 Living Expenses Less than 25%

YAY or NAY THAT HOA!!

Jun12
2018

Written by mary.w

Homeowner’s Associations have grown in number especially with homes built within the last 10 years. Some think that’s great and others have discovered the downfalls of living under the thumb of their HOA. So let’s address the possible pros and cons. Then decide whether you want to live with the extra cost and rules.

Pro: Because of the rules established by your Homeowner’s Association, you can be pretty assured that your neighborhood will be well maintained. Some typical items under the HOA’s control are: Keeping your lawn manicured; Garbage cans must be put out after a certain time and brought back in within x number of hours after pickup; Restrictions on street parking or leaving boats/trucks in the driveway; Limitations on exterior home paint colors creating a uniformity within the neighborhood.

Pro: Many of your upkeep costs are shared by all members of the HOA ie: Common lawn areas and entries of the subdivision; Community snow removal which can definitely be a plus after big snowfalls guaranteeing that your streets will be plowed and you can get out and to work or the kids to school; Upkeep of community amenities like pools, fitness center, clubhouse party rooms, social areas, trails, boat docks, playgrounds, parks, etc; Newsletter distribution with updates, announcements and community events; some even offer 24 hour emergency maintenance!

Pro: Community Amenities might be included in your fee providing activities for your family that you might otherwise have to pay seasonal fees or costs to take advantage of ie: Pool, Clubhouse, Fitness Center, Social Activities like game nights, cards, billiards, tennis courts, etc.; Parks, Trails, Kid’s pools and playgrounds; Manned and unmanned gated entry to the subdivision and in some cases Security Patrol as well.

Pro: By participating in the HOA ( by joining the board or participating in community sponsored events) you have the opportunity to meet and get to know more of your neighbors, which can be a real plus if you’re new to the area.

Pro: In the event you and your neighbor find yourself disagreeing about something that pertains to your properties, you can ask your association to mediate by filing a grievance with your HOA Board or your Management company.

Con: HOA Dues. When determining how much home you can afford, you will need to definitely factor in your monthly dues + any reserve funds required in the event there are major repairs necessary in the neighborhood. You DO NOT want to get behind on your HOA fees as they have the ability to put a lien on your home and even foreclose in spite of the fact that your mortgage is current.

Con: If you purchase a home and then decide you want to expand on it say with a screened patio, or a deck or even in some cases planting flowers, you may have to get permission from your board to do so and they very often say no so even though you own your home, you don’t own what you do with it.

Con: If your HOA is poorly managed and gets into financial problems, it could bring down the values of all the properties in the subdivision and even affect your ability to get a loan on your home if you’re trying to refinance your mortgage or take out an equity loan.

Con: You have to follow the rules even if you don’t agree with them. You can petition to try and get the rule changed but will have to live with the result even if it’s not in your favor.

The point is, HOAs can be very very good BUT they can also be very very bad. Before you purchase a home, condo, townhome that lives within an HOA, take the time (and it will take time) to read the entire bylaws. It will be time well spent so you can make an educated decision on your true dream home!

Posted in General Information

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Posts in category Uncategorized

Typical Buyers Closing Costs

Making Your Move GREEN!

Creating the Feeling of Space in your Too Small Kitchen

WHAT YOUR HOME MAY BE SAYING THAT’S COSTING YOU $$!

Using Social Media to Learn About Your New Neighborhood

Capital Gains Unscrambled

Increase Your Kitchen’s Value Without Decreasing your Bank Account!

DECLARE YOUR INDEPENDENCE!!

Ready to Work to Live instead of Living to Work?

YAY or NAY THAT HOA!!

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Posts in category Uncategorized

About the BuyOwner.com Blog

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