Home Improvements That Pay Their Way
Home Improvements That Pay Their Way
Homeowners pay an average of less than $1,000 a year on upgrades to their homes, and many spend less than $100 a year, a recent study found. In many cases, the improvements aren't enough to maintain their homes' current conditions.
If cash for home improvements is tight, focus on making low-cost upgrades that pay for themselves by cutting future energy bills. Simple improvements, such as switching to compact fluorescent bulbs or having your water heater and furnace checked regularly by a professional, can reduce your energy usage and extend the life of the products. If you need to make upgrades, consider installing energy-saving models such as tankless water heaters and ceiling fans with built-in heaters. If you need help paying the bills the federal tax credits and utility-company rebates are available for certain energy-efficient home renovations.
What are your thought/feelings about energy-efficient home renovations? Would you be willing to introduce any of the ideas mentioned above into your household? Leave us your comment below.
Buying a Home – Things You Should Consider
Buying a Home – Things You Should Consider
The national average for how long people live in their homes is approximately seven to nine years. Reasons for leaving a home can vary widely, but if you purchase a home and decide to move after only a short time, you may end up paying money in order to sell it. Generally, the shorter you're in your home, the less time your home has to appreciate in value—perhaps not enough to recover what it cost to buy and sell the home.
The amount of time it takes to recover those costs can depend on various economic factors. In most parts of the country, homes appreciate at an average of five percent per year. If this is the case in the area you are looking to buy a home in, you should stay in your home at least three to four years to recover buying and selling costs. If the area where you buy your home experiences an economic upturn, it may take less time to recover those costs. Conversely, if the local economy is not doing well, it may take longer.
The amount of time you plan on living in your home will have an impact on what home loan you choose. If you plan on staying there for more than ten years, a long-term fixed-rate mortgage might be a sensible choice. But if you know you're going to move within three to five years, an adjustable rate mortgage (ARM), with its lower payment options, might be a better choice.
If you'd like to know more about the home buying process, contact us to discuss your options.
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