Smart Home Upgrades That Save Energy and Money

July 13, 2023 by

Smart Home UpgradesIn an era where environmental consciousness and cost savings are top priorities for homeowners, smart home technology has emerged as a game-changer. With the ability to automate and optimize various aspects of your home, smart home upgrades offer numerous benefits, including energy efficiency and reduced utility bills.

Smart Thermostats

One of the most effective ways to reduce energy consumption and save money is by installing a smart thermostat. Traditional thermostats often result in excessive heating or cooling, leading to wasted energy and higher utility bills. Smart thermostats, on the other hand, learn your preferences, monitor your daily routine, and adjust the temperature accordingly.

Energy Monitoring Systems

Understanding how much energy your household consumes is the first step towards reducing waste and saving money. Energy monitoring systems, such as smart plugs and smart meters, provide real-time data on your electricity usage for individual appliances or the entire home.

By identifying energy-hungry devices and monitoring their usage patterns, you can pinpoint areas of improvement and make necessary adjustments

Smart Lighting

Lighting accounts for a significant portion of a household’s energy consumption. Upgrading to smart lighting systems, such as LED bulbs and smart switches, can drastically reduce your energy usage and extend the lifespan of your bulbs.

Smart Power Strips

Many electronic devices continue to consume energy even when they are turned off or in standby mode. Smart power strips combat this “vampire power” by cutting off power to connected devices when they are not in use. Equipped with built-in timers or occupancy sensors, these power strips can detect when devices are idle or the room is vacant and shut down power accordingly.

Water-saving Devices

Reducing water usage not only conserves a precious resource but also lowers your utility bills. Smart irrigation systems can optimize your outdoor watering schedule based on weather conditions, moisture levels, and plant requirements. Leak detection sensors can alert you to potential leaks and water waste, preventing costly damage and excessive water usage. Smart shower heads and faucets can regulate water flow and provide real-time feedback on consumption, encouraging water conservation.

Embracing smart home upgrades presents an opportunity to save energy, reduce utility bills, and make your home more sustainable. By leveraging technologies such as smart thermostats, energy monitoring systems, smart lighting, smart power strips, and water-saving devices, you can contribute to a greener future as well as enjoy the added benefits of convenience and control over your living space. Homeowners should take advantage of these upgrades to make their homes smarter, greener, and more cost-effective.

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Purchasing A House That Requires Repairs: What To Know

May 2, 2023 by

Purchasing A House That Requires Repairs: What To KnowIf you are looking for a way to save money on the purchase of your next home, you might be thinking about buying a property that requires repairs. Keep in mind that you will not be able to move into this property right away, so is it the best option? You could open the door to unique financing options that could make it easier for you to purchase your next property.

FHA 203(k) Rehab Loan

One of the best options available is an FHA 203(k) rehab loan. This is a convenient option because it allows you to finance both the purchase price of the property and the price of any repairs that you want to do. You do not have to worry about taking out multiple loans, and you might be able to qualify for a lower interest rate. You might also be thinking about taking out a home equity line of credit or putting the cost of the repairs on credit cards, but you can save a significant amount of money by bundling everything together.

Standard Vs. Streamline

Next, you need to think about which type of FHA 203(k) loan you want. The first option is the standard loan. It is a great option if you have lengthy, expensive repairs as it does not have a maximum amount of money you are allowed to spend on the repairs themselves. It is a great option if you need to rehab the garage, modernize the bathrooms, or remove health and safety hazards. The other option is the streamline loan, which allows you to tap into your funds quickly and easily. You can finance repairs up to $35,000, and it is ideal if you have to replace the HVAC system or work on the plumbing.

Think Carefully About Buying A Fixer Upper

Even though you might be able to save money on the purchase price of your house by purchasing a house that requires repairs, you need to think carefully about how you finance the project and how much money you plan on spending on repairs.

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The Top Tips For Finding The Right Home

September 8, 2022 by

The Top Tips For Finding The Right HomeIf you are in the process of looking for a new home, you have probably realized that there are lots of options available. It can be very difficult to decide which home is right for you, but there are several important tips you should keep in mind. They include:

1. Make A List Of Your Wants And Needs

First, make a list of what you need to have and what you want to have. It is very difficult to find the perfect home, but if you have a list that allows you to prioritize what is most important, the process will get easier.

2. Consider Home Improvements

Next, take a look at some of the most important home improvements that homeowners have done. Think about what matters to your lifestyle. Then, look for those home improvements during your housing search.

3. Check Out The Neighbors

Pay close attention to the neighbors. You will have to live next door to them, so you want to get along with them. Do you want neighbors who keep themselves? Or, do you want neighbors who are outgoing?

4. Consider The Kids

Do you see a lot of kids playing in the street? If you have children, you might want to make it easier for them to make friends. Having other kids in the neighborhood is important.

5. Think About The Commute

What is your drive to work like in the morning? How much traffic are you willing to deal with? Pay attention to how much time you will have to spend in the car.

6. Consider The Schools

What is the school system like? Even if you don’t have kids, a quality school system can make a significant difference in the value of your home.

7. Look At The Crime Numbers

How much crime is in the area? Much of this information is public, so take a look at the municipal police department website to see what the prime numbers are like.

8. Consider Your Future

What is your future going to be like? Do you think the home will still be right for you in a few years? Try to find a home that you will stay in for a while.

9. Look At The Days On Market

Are there a lot of homes in the area selling quickly? If the homes sell fast, it is a sign of a desirable neighborhood.

10. Don’t Forget The Amenities

What are some of the changes taking place in the local community? Are there new shops and restaurants opening up? If so, you have probably found the right home. 

 

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Financing Options For Home Improvement Projects: What To Know

July 12, 2022 by

Financing Options For Home Improvement Projects: What To KnowAre you planning on updating your house? A home improvement project can be expensive, but you don’t necessarily need to pay for the entire cost upfront. There are several loan options that can make it easier for you to get your home improvement project started right now. What are your options?

A Personal Loan

One of the most common options people use to finance a home improvement project is a personal loan. This could be a great option for you if you don’t want to use your home as collateral or if you don’t have enough equity in your home to use one of the other options available. The downside of this option is that you might have to pay a higher interest rate because a personal loan is not necessarily collateralized.

A Cash-Out Refinance

Another popular option is a cash-out refinance. In this option, you will refinance your mortgage, replacing your current loan with a new loan. Then, you will withdraw some of the equity in your home. You will increase the balance you have to pay back, but you will have a lump sum of cash you can use to cover the cost of your home improvement project. If interest rates have gone down since you took out your first mortgage, you might be able to keep your monthly payment the same. If you can’t get a lower interest rate, you might extend the length of the mortgage to prevent your monthly payment from going up. 

A Home Equity Line Of Credit

Finally, you should also consider a home equity line of credit. As long as you have enough equity in your home, you can withdraw some of the equity and use it to finance the home improvement project. Essentially, it is a second mortgage, but it has a lower interest rate than a personal loan because you use your home as collateral. 

Get Ready For Your Home Improvement Project

You need to think carefully about every financing option available to you. They each have their benefits and drawbacks, and you should get your finances in order before you decide to apply for a loan. Consider reaching out to a professional who can help you.

 

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The Top Home Renovations You Should Go All Out On

May 24, 2022 by

The Top Home Renovations You Should Go All Out OnWith many people spending more time at home, lots of homeowners are taking advantage of the opportunity to improve their houses. If you are thinking about making an upgrade to your house, you probably have a budget you would like to stick to. On the other hand, there are several home renovations you should splurge on if you want to maximize the return on your investment.

Renovate The Kitchen

Many people say that the kitchen is the center of the house. This is where you will spend a lot of your time, and a lot of your guests will congregate in the kitchen as well. Because of how important the kitchen is to not only yourself but a prospective homebuyer, this is where you can maximize the return on your renovation investment. It is not unusual for you to recoup most of the money you spend improving your kitchen when you go to sell your home. 

Replace Your Floors

Even though you may not think about the surface on which you walk, upgrading your floors is a great way for you to improve the value of your home. Your floors take a beating between heavy equipment, your feet, and your pets, so if you can replace your floors and give them an upgrade, you can increase the value of your home. There might even be new flooring options available, such as luxury vinyl plank, that were not available when you first purchased it. Consider upgrading your flooring to increase the value of your home. 

Finish Your Attic Or Basement

One of the most direct ways to increase the value of your home is to increase your square footage. You do not necessarily need to complete an addition if you can finish your attic or your basement. You may want to work with a professional contractor who can help you turn your attic or basement into an extra room. You can use the extra space as a home theater, a gym, or a recreational space.

Invest In Your Home Through Renovations

These are a few of the top renovations on which you should consider going all out. Even though it might be expensive, these renovations can increase the value of your home. 

 

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The Top Issues Homeowners Cannot Ignore

May 3, 2022 by

The Top Issues Homeowners Cannot IgnoreOwning a home can be a major investment, but it is also a significant responsibility. From time to time, issues can pop up, and it is important that homeowners do not to ignore them. Ignoring these issues can lead to significant repair bills down the road. What are some of the top issues that homeowners should not ignore?

1. Mold

Mold is a sign that the humidity level in the home is off or that there is standing water present somewhere. Mold thrives in warm, moist conditions. If homeowners do not address mold as quickly as possible, it will proliferate throughout the house, damaging the structure. Mold can also lead to significant health concerns, particularly for people who suffer from chronic respiratory conditions. 

2. A Warped Floor

If there is a warped floor present, it needs to be investigated quickly. A floor begins to warp when there is water trapped underneath it. Water damages the integrity of the floorboards, causing them to bend and buckle. The problem will get worse if the water source is not identified and rectified. Homeowners need to fix this as quickly as possible. 

3. Missing Roof Shingles

The roof is responsible for protecting the rest of the home from precipitation. If there are any shingles that are damaged or missing, they will not do their jobs. Water can get in through this area, spread throughout the rest of the roof, and lead to major damage. Homeowners need to get the roof inspected to identify and fix missing shingles.

4. Unusual Noises From The HVAC 

If there are unusual noises coming from the HVAC, it could be a sign of a tremendous amount of stress on the unit itself. This could cause the HVAC unit to burn out quickly, leading to a major bill. When unusual noises are addressed, the HVAC unit can be fixed, extending its lifespan.

Take Care Of The Home

These are a few of the many issues that homeowners should not ignore. If homeowners do not identify these issues and fix them as quickly as possible, they will simply become more expensive and cumbersome down the road. These signs need to be addressed by a major professional, and many of them can be avoided with routine maintenance. 

 

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A Home Improvement Loan: How To Get One

September 16, 2021 by

A Home Improvement Loan: How To Get OneWith more people spending time at home than ever before, many people are wondering how they can go about changing the way the home is laid out. This can be an expensive project, which is why many people are interested in getting a home improvement loan.

With many people buying outdated houses, there are numerous projects that many homeowners want to finish; however, this process is not the same as applying for a mortgage. There are home equity lines of credit, cash-out refinance opportunities, and financing through the contracting company. How is the process of applying for a home improvement loan different, and what do homeowners need to know?

Gather The Right Information Before Tapping Into Home Equity

One of the most common ways homeowners complete projects is to tap into the equity in the home. Therefore, no matter what option someone chooses, they need to make sure they gather the right information. All homeowners must make sure they have a great credit score before pursuing this option. Homeowners have the right to check their credit score once per year free of charge. They also need to have documents that verify their income, as lenders will want to take a look at someone’s debt to income ratio. Other forms of debt include car payments, credit card debt, and student loans.

Compare The Cost Of The Loan Options

Next, homeowners need to take a look at the cost of each loan. There are home equity loans, home equity lines of credit (HELOCs), and cash-out refinances. The interest rates on these loans can vary depending on the market, and many of them will have closing costs as well. Homeowners need to take a look at the costs and the interest rate to figure out which option works best for them. Some of these loans have adjustable rates on them, which can make them risky, and some of these loans have limits that are dependent on the amount of equity in the home.

Fixer Upper Loans Are Available

Those who have purchased a home in dire need of repairs might qualify for a rehabilitation loan, which is a Federal Housing Administration (FHA) 203(k) rehabilitation loan. This provides funds for renovations and repairs that are necessary to restore a home. Consider all options available before deciding.

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A Comprehensive Home Maintenance Checklist For The Homeowner

August 25, 2021 by

A Comprehensive Home Maintenance Checklist For The HomeownerThere are many people who purchase a home with a target monthly payment in mind. This monthly payment usually includes major expenses such as the monthly mortgage payment, real estate taxes, and homeowners’ insurance. At the same time, there are other costs as well, such as home repairs and maintenance.

In general, homeowners should budget between one and three percent of the home’s value every year to cover typical maintenance and repairs. This does not include renovation expenses, which might require additional funding. What are a few examples of maintenance expenses homeowners need to consider?

Monthly Home Maintenance Tasks

There are a few straightforward tasks that homeowners need to do every month. These maintenance tasks can help homeowners prevent larger bills down the road. A few examples include checking the filters on the HVAC system, looking for leaks that might be present around sinks and toilets, and taking a look at the filter in the kitchen vent hood. Homeowners also need to make sure their smoke and carbon monoxide filters are working properly. Finally, go for a walk around the outside of the house to look for any cracks in the foundation.

Winter Maintenance Tasks

There are a few maintenance tasks that need to take place during the winter as well. Homeowners in the colder climates need to watch for the buildup of ice dams on the roof, which could trap snow as it melts. Homeowners should also inspect the home for any drafts under the doors or windows, which could drive up heating bills. Finally, depending on where your home is located you may need to cover the air conditioning units to protect them against snow and ice.

Spring Checklist Tasks

While winter can be tough on a home, there are several maintenance tasks that should be done during the spring as well. It is important to order an HVAC inspection during the spring to make sure it is working properly. The roof should also be inspected by a professional for any signs of issues. Sometimes, the gutters can be clogged by leaves and ice buildup, which should be addressed before spring storms arise. Finally, make sure the doors and windows are sealed as well.

Following these spring maintenance tasks can reduce the risk of repairs down the road.

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7 Inexpensive Upgrades You Can Make To Your Rental Property

April 20, 2021 by

7 Inexpensive Upgrades You Can Make To Your Rental PropertyUpgrading your rental doesn’t need to cut deeply into your profits. You can add curb appeal and help prospective tenants see your rental as their next home by making some simple changes. The following upgrades are all things that a handy landlord can do without needing to hire professional contractors.

1.  Decorative Switch Plates

Replace ugly cream switch plates with either stainless steel models or decorative designs. Fancy switch plates for light switches and electrical sockets cost very little, yet make any room look nicer. The best part is, you can do the replacements yourself, using only a screwdriver.

2.  Flower Beds

Beautiful flower beds make any rental look more inviting. You can enhance curb appeal by planting inexpensive perennials around the front of the rental and along the pathway leading up to the door. Top off your newly planted flower beds with a fresh layer of colored mulch.

3. Kitchen Cabinet Refacing

Kitchen cabinets are pricey, but it’s cheap to just reface existing cabinets. You can either replace the entire doors or take them off and give them a fresh sanding and a couple of coats of varnish or paint.

4. Fresh Paint

Even quality paint is inexpensive. Give your rental a beautiful new look with fresh paint throughout. You’ll want to use neutral tones, but consider making an accent wall, painted with an attractive color.

5. New Light Fixtures

Old light fixtures make a place look dated. You can pick up inexpensive light fixtures at big box home improvement stores. This simple upgrade will make your rental more attractive and modern.

6. Broom Storage Area

Most rentals don’t come with a broom closet, but you can create a makeshift broom storage area very cheaply. Just pick up some plastic broom holders and a shelf from the hardware store. Attach the broom holders to the wall and hang the shelf over that. Your tenants will appreciate the upgrade!

7. Fresh Window Treatments

Window treatments make a house look like a home. Replace window blinds or shades for an instant upgrade. Curtains are even cheaper and can be laundered and reused between rentals.

No matter where your rental is located, you can make it more attractive with these easy and inexpensive upgrades that you can do yourself.

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The Top Tricks For Updating A Home On A Tight Budget

February 11, 2021 by

The Top Tricks For Updating A Home On A Tight BudgetThere are a lot of people who are looking for ways to get the most money out of their property when they put it on the market. One of the tricks to doing this is to update the home before it goes on the market. Unfortunately, this can also be expensive.

Even though it is true that many homeowners will be able to recoup the price of the renovations when they list the home on the market, we still need to pay for these updates out-of-pocket. This can be incredibly expensive and could take money from other important areas, such as a car or someone’s education. Fortunately, there is a way for people to update their home without spending any money out of pocket. 

Refinance The Home And Free Up Some Cash

The first option the people need to consider is the opportunity to refinance the home while also freeing up some cash. Those who have been in their home for several years might have some equity built up in the home. They may be able to refinance their home, reducing their monthly payment while also getting a little bit of cash they can use to complete the renovation without paying anything out of pocket. Those who are interested in this option should speak with their lender about some of the ways they might be able to finance their renovation project.

Set Up A Payment Plan With The Contractor

Another option that homeowners might want to consider a set up a payment plan with the contractor. A lot of contractors are willing to provide homeowners with very low interest rates, or 0 percent interest rates, on the home renovation project. Most contractors understand that a lot of families are operating on a budget and might not have money to pay for the project in its entirety up front. This is another topic that homeowners should discuss.

Finance A Home Improvement Project On A Budget

These are just a few of the many ways that homeowners can finance a home renovation project without spending an exorbitant amount of money out-of-pocket. Think about these options ahead of time and make that next home improvement project more affordable.

 

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