The Biggest Home Improvement Mistake That Folks Make

Homeowners are expected to spend a near record $317 billion on home improvement this year. \

The trend is expected to continue, as areas have fewer homes for sale and homeowners have little incentive to move from homes with record low fixed mortgage rates, experts say.

What’s the biggest home improvement mistake that most folks make? Over-improving one’s home can be the costliest, housing experts say. Remodeling magazine found that only attic insulation netted an immediate return on investment (108%). A new entry door was next best (91%). Even the popular minor kitchen remodel only netted an 80% return.

In time, these improvements will net a return. But sometimes homeowners customize and overspend, thinking they’ll sell at a profit in the future, but are unlikely to ever recoup their investments. There is no harm in over spending if you realize that it won’t get you a return, but if you are doing solely for the return, it’s best to do some research first.

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Moving in? It’s time to create a home inventory

Homeowner and renter insurance plans are designed to protect you in the event of a disaster such as a fire. But with all the items in an average household, it’s imperative that you document your belongings so that you can file an accurate and timely claim should you need to. When moving, many families buy new appliances or furniture and in some cases get rid of other items. That’s why once you’re settled into your new home, it’s an ideal time to create or update your home inventory. Here are the three components of an effective home inventory:

Photos or video. You can take photos or video, but you’ll want shots of entire rooms and close-ups of items such as electronics, jewelry, collectibles, guns and any individual items of significant value. It’s a good idea if you’re using video to provide a narration as you walk through each room, explaining what you are recording.

A written inventory. You’ll also want to prepare a written inventory of your belongings. You can create a Word document on your computer or use a blank sheet of paper or a worksheet like this one from the National Association of Realtors. Keep your written inventory with receipts for items you’ve purchased.

Safe storage. If you have a fireproof safe, keep both your visual and written inventories there or in another safe place. You also may want to keep a copy off-site as well, in a safe-deposit box or with a trusted friend or family member. If your written and visual inventory is saved electronically, make sure it’s backed up.

Having a home inventory makes surviving and dealing with a home disaster a lot less stressful. Could you imagine trying to recount every single item in your home that was damaged, destroyed or stolen? With a home inventory, you’re more ready for the unexpected.

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Refinance in the fall

The fall season is the perfect time to consider refinancing. If you’re unsure about why you should consider it, we’re going to help you.

The following are some of the most popular reasons people decide to refinance in the fall.

The Holidays Are Coming

If people lower their mortgage payments, they will have more money they can put towards gifts during the holidays. Even a savings of a couple hundred dollars can do wonders for holiday budgets, so let us help you keep your head above financial waters this year.

Setting Up the New Year for Financial Success

The year is ending, and people are reflecting on the past year. Some of them may be a bit stressed about their finances, and refinancing can be a way to relieve some of that paycheck to paycheck way of life. Let us help find ways to relieve some of the financial stress – let’s talk about how much you really can save per month by refinancing.

Lower Monthly Payments or Downsizing

With the housing market slowing down due to the holidays and colder months, many people are considering a move in the new year. This is especially true for people who are looking to downsize. But if you really don’t want to move, consider the option of refinancing instead of downsizing, which would allow you to stay in your current home. If you don’t decide to refinance, we are ready to help finance a new home.

Save Money Over Time

For people who have a mortgage with a high mortgage rate, they can save a lot of money by refinancing. Take a look at your current rate, and compare it to what the rate is now. Add in how much money you could save if you decide to refinance – savings over time means a lot to your future.

Get Estimates

Not all mortgage companies, banks and brokers are created equal. Each have different charges, closing costs etc. It is a good idea to talk to 2 or 3 companies. I can give names of trusted people who I work with and do a great job. Contact us today to get started.

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