Century 21 North East - Norton Group RE



Posted by Century 21 North East - Norton Group RE on 7/28/2019

These days, homeowners are very busy renovating and improving their property, according to a HomeAdvisor survey. The homeowners who participated in that survey admitted they had spent an average of over $6,600 on repairs and improvements in 2018, and almost 50 percent of these homeowners were thinking about doing more renovations.

What is driving all this home improvement? Part of the reason is that a lot of potential buyers are buying places that need work as home prices are becoming so high. So, many people are remodeling rather than moving when they want more or better space.

Home renovations are a serious project. Many individuals renovate to update and upgrade their homes as well as increase property values. There are many ways you can pay for home repairs. Below you will find the three smartest ways to cover those costs.

1. Saved-up Cash

This option can be effective if you have a separate emergency fund saved and can save what you need before renovations become critical.

If you had saved up enough cash, you probably would not be reading this post as you are here to know how you finance your home repairs with your available funds! But still, the best way to pay for a home renovation is with the cash you've saved over the years so that you can keep your total debt at the lowest level. 

Of course, your patience can wear down when you see your core rooms like the kitchen and the bathroom going down the drain. You know waiting until you have cash is not realistic at all as you should not delay critical repairs for a long time. If you neglect a leaky roof, it might turn into a bigger and more expensive problem.

However, if you are not sure how critical a repair is, especially for something like the roof or anything structural, consult a real estate professional such as a licensed a home inspector.

2. Home Improvement Loan

If you do not have enough cash in your savings to fund your renovation project, there is still hope; you can get a personal home improvement loan. This option allows you to secure loan money without putting your house at risk. If you go for an unsecured personal loan, you will probably get more than you can on a credit card. 

However, pay attention: it is more sustainable not to borrow more than you need for your repairs. No matter how much you borrow, make absolutely sure that you know the amount of your overall monthly payments.

3. Home Equity Line of Credit

Using home equity is a viable option if you have at least 20 percent equity in your home and do not need over $25,000 as well as want to make a series of smaller home improvements.

The HELOC or home equity line of credit works in the same way as a credit card. You do not have to borrow and pay interest on the complete sum all at once. Instead, you borrow and pay as you go. With this arrangement, this option makes a HELOC an excellent choice for not-too-large renovations or a series of small home improvements.

Wrapping Up…Home repairs and renovations can be expensive to handle, but there are many ways to pay for them. So, you should plan your budget before embarking on a home renovation project as the cost of most repair works can increase considerably.




Categories: Uncategorized  


Posted by Century 21 North East - Norton Group RE on 1/15/2017

Many new homeowners are eager to begin renovations on their home to make it fit the beautiful picture they have in their mind. Unfortunately the aesthetic improvements, while important, are often prioritized over important structural and functional repairs that should be made first. The key to making smart financial decisions for renovating your home is to have a good budget and to stick to it. Home improvements are one of the few expenses that people often forget to budget for, alongside car repairs and emergency medical expenses. If done properly, however, a budget will help you prioritize your repairs so you'll spend your time and money wisely. In this article, we'll explain how to budget for home repairs in a way that works for you and your family.

Understanding your money

To budget for home improvements, you first need to budget for other things in your life. Use an app or website like Mint or You Need a Budget to get a better understanding of how you spend your money. For some, budgeting for home improvements may mean cutting back on other spending areas. Fortunately, these apps break down all of your purchases by categories and help you spend less each month.

Ranking your renovations

If you're dying to update the bathroom but the roof needs to be redone, you should call the roofers first. Some home improvements are a ticking time bomb: deteriorating roofs, poor insulation, HVAC issues, water damage, and safety concerns like fire hazards are all problems that need to be addressed first on your budget. Some will save you money, others could save your life, but all of them are more important than adding closet space in your bathroom.

Estimating costs

Do your research when it comes to the the cost of repairs and home improvements. Once you have a ballpark figure, add it into your budgeting app as a new item on your budget. There is a general rule, when budgeting for home repairs, that you should set aside 1% of the cost of your home for maintenance and repairs each year. However, there are many other factors involved in how much it will cost to upkeep your home like the age of the house, the weather in your area, and how well-maintained the home was before you bought it.

Sticking to your budget

Everyone starts with good intentions, but keeping a budget isn't easy. Thankfully, it has been made much more manageable with the help of apps and websites that link right to your bank accounts. To stick to your home repair budget, make sure you sign up for reminders on your spending and progress. If you're keeping a budget the old fashioned way (pen and paper), put reminders on your calendar each month to check if you're spending too much on home repairs. Another key to successful budgeting it to make sure everyone in the house is on the same page. If your significant other plays a role in home repairs, go over your budget together. This will help you keep one another accountable and set priorities that work for everyone.





Posted by Century 21 North East - Norton Group RE on 3/20/2016

Take a drive down any residential road in your town or city, and you're bound to notice a neglected porch or two. Is your porch giving your home the best face it can have? Could your porch use a little spice? Here's how to get the most out of your porch, whether it is only a few feet, or a covered area spanning the length of your home. 1. - Replace things when needed. New welcome mats, address numbers, doorknobs and deadbolts can breathe new life into your porch space. All of these experience significant wear-and-tear in only a short time, and replacing them when needed shows passers-by and potential home buyers that you live in a house that is well taken care of...Even down to the last detail. 2. - Don't be afraid to paint. Often times, painted areas on a porch can be overlooked. If you are in the middle of a deck painting, then don't hesitate to touch up your porch as a part of your project. 3. - Bring a little life onto your porch. Consider buying a few weather-hardy plants that could complement the color scheme of your home. Tasteful plant window boxes installed on the windows closest to your porch can make your porch appear much bigger than it is, and is an optical effect that will definitely work in your favor. Just be sure to pick plants that don't run afoul of your home's outdoor color scheme, and you'll find that bringing a little plant life onto and around your porch is a very enjoyable investment. 4. - Lighting is not only important for looks, but for safety as well. Make sure that your porch light is always in working order, and be sure to choose quality bulbs that match the wattage of the outlet. Some homes have faulty porch wiring, and sometimes lack proper lighting. If you are in one of these homes, consider making a project out of it. Proper lighting will show off your porch at night in all the right places, and will be a welcome safety addition for your family and visitors.





Posted by Century 21 North East - Norton Group RE on 2/23/2014

If you are thinking of adding an addition to your home there are some things you will wants to be aware of. If you decide to add a new space, ask yourself the following questions: * Can I finance the home improvement with my own cash or will I need a loan? * How much equity is in the property? A fair amount will make it that much easier to get a loan for home improvements. * Is it feasible to expand the current space for an addition? * What is permissible under local zoning and building laws? Despite your deep yearning for a new sunroom or garage, you will need to know if your town or city will allow such improvements. * Should I make the improvement myself or hire a contractor? Many homeowners consider going to job alone to save money. Consider how much time you have, your level of expertise or willingness to handle the job, amount of help from friends or relatives, and how much you want, or need, to save by doing the job yourself. You could save up to 20 percent of the project cost through your own hard work. Be aware, however, that you may need to call in the pros. Going it alone can sometimes lead to spending more time and money. if problems arise. Most home improvement experts suggest that homeowners who do not have a lot of experience should stick to painting, minor landscaping, building interior shelving, and other minor improvements.





Posted by Century 21 North East - Norton Group RE on 12/8/2013

Are you considering a large-scale home remodel?  Whether you are looking for a project intended to increase your home's value, or you're splurging on a pleasure project for your family, many of you will be turning to contractors to carry out the work that needs to be done.  However, not all contractors are equal.  It is important for you to outline your priorities for the project.  You'll want a reliable contractor that can perform satisfactory work for a reasonable price.  Here's a few tips to help get you started. 1. - Find yourself an insured and licensed contractor.  Don't just pull a number from the classifieds and run with it without doing some proper homework.  Licensing ensures that the contractor in question is qualified to do the work being discussed.  To find out if your prospective contractor is licensed, contact your state license board and check up on them. Insurance is another matter.  Insurance protects the workers the contractor will be employing, and your home from accidents resulting in damages.  Ask your contractor to provide you with proof of insurance.  If they can't provide this, then move on to a new contractor. 2. - Referrals and reviews - Before you strike out on your own, ask your friends and family if they have anyone that they'd recommend.  Many times, the best contractors are found word-of-mouth.  Every contractor on the planet wants his clients to think that he's the best for the job, but results speak for themselves.  Again, make sure any referrals are licensed and insured.  You don't want to take the chance of incurring additional damages to your property due to negligence and accidents.  If no referrals can be found, then check online for reviews of local contractors.  Most reputable contractors will have solid online reviews that are easily accessible.  Contractors that operate their own websites are a plus. 3. - There's no such thing as a stupid question.  If your contractor acts annoyed with you for asking too many questions, then you should probably consider someone else for the job.  Questions to consider asking are - How long have you been in business? - How much will this project cost in total? - Have you performed this type of work before? - What is the protocol if the project goes over-budget? If you don't like the answers given, then continue looking for a contractor you feel comfortable with. 4. - Don't pay too much up front.  Paying up to a third of the total estimate up front isn't unheard of.  This initial payment will more than likely be used to hire employees and buy supplies.  However, be wary of giving the contractor any more money until after your project is finished.  Also, don't be afraid to get a rundown of how that initial payment will be spent.  Be thorough if you want to be.  The contractor should be able to give you a pretty good picture of the project in terms of cost and time. 5. - Get a contract - No matter the size of the project being undertaken, a contract should always be written up.  This will ensure a legally-binding agreement between you and the contractor exists in the event of the unforeseen.  Without a contract, there is no way to hold the contractor accountable in the event he performs an unsatisfactory job.  And trust me...Any hassles you may incur in securing a contract is nothing compared to going to court without one in the event something goes awry.  A proper contract should include the following information.

  • When the project will start and end
  • How and when you or the contractor is in default of the contract
  • How any disputes will be rectified
  • What happens if there is a delay due to weather, available materials, and so on.




Categories: Money Saving Tips