By Barbara Ballinger
Despite rumors of its demise, the dining room is not disappearing, but going through a transformation as homes get smaller and more energy-efficient and low-maintenance.
Often thought of as a place mostly for enjoying holiday dinners and birthday celebrations, the dining room is morphing into a friendlier, more intimate space as home owners try to maximize existing square footage rather than add on.
One popular trend today is to take down a wall between the dining room and kitchen to fashion one big, casual cooking and eating space, which can also be used for watching a movie or using a computer, says interior designer Janell Rasper of Callen Construction Inc. in Muskego, Wis.
Those who build from scratch today often go for a simpler approach: In addition to fewer bedrooms and smaller garages, people frequently opt for more casual living and eating spaces, an open great room with a corner for dining, or a smaller dining room, according to the most recent New Homes Started survey from the National Association of Home Builders in Washington, D.C. “Home owners worried about costs are interested in making trade-offs today,” says Stephen Melman, NAHB’s director of Economic Services, Economics and Housing Policy.
Tom Hackett of Orren Pickell Designers & Builders in Lake Bluff, Ill., says his firm regularly scales back on the size of most dining rooms and lowers once-high ceilings for warmth and intimacy. More dining rooms also have become multipurpose with bookshelves, a bar, or paneling that opens to a desk for an at-home office. And some of these rooms are placed at the center of the house so they lie within the main traffic flow to attract attention and use, Hackett says.
You can help your buyers and sellers analyze a dining room’s importance by discussing the following possibilities, based on how they live. The ultimate goal: to feed the eyes and make the space functional.
Click to read the full article.
Reprinted from REALTOR® Magazine Online November 2010 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2010. All rights reserved.
Thursday, October 21, 2010
Wednesday, October 13, 2010
5 STEPS TO OBTAINING A MORTGAGE
Today’s stricter lending environment means that processing a mortgage application is more complex than ever, given the number of steps that lenders, underwriters, and mortgage insurers must all complete before home buyers truly have their financing in place.
To help ensure the process goes smoother, you can also take steps of your own. It’s a good idea to discuss the process with your Accredited Buyer’s Representative (ABR), even before shopping for homes. By planning ahead, you’ll be in a much better position to negotiate and move forward on a purchase—and avoid any unpleasant surprises regarding your mortgage.
1. EVALUATE AFFORDABILITY
Lenders and mortgage insurers look at a variety of factors, but the two most important are your monthly mortgage payment and your total debt loan, relative to your gross income. As a home buyer, it’s also important to consider additional expenses, beyond your mortgage payment, that can impact how much home you can afford. Depending on your situation, these other expenses could include property taxes, mortgage insurance, homeowners insurance, home maintenance expenses, homeowner association fees, parking expenses, and utilities.
2. DISCUSS YOUR OPTIONS
Deciding what type of mortgage is best for you depends on your personal situation, your financial scenario, and your future plans. For example, if your down payment isn’t large enough to qualify for a conventional loan, an FHA mortgage can be an excellent option. Alternately, you may qualify for an attractive program offered at the national or local level. Mortgage programs are always changing, so ask your ABR about current options.
3. INTERVIEW LENDERS
Your ABR can provide several recommendations, based on past home buyers’ experiences. Rates and fees are typically very competitive between lenders, so it’s often more important to focus on other factors including the level of service provided and how well they’ve executed transactions for other buyers. The type of mortgage you are seeking may also impact your choice of lender, since some are more familiar with certain mortgage programs than others.
4. GET PREAPPROVED
Completing a loan application with one or more lenders will help confirm whether your intended mortgage financing plans will work out as hoped, or if you must modify your plans. It’s important to understand since pre-approvals are contingent upon the lender receiving full documentation; your pre-approval does not guarantee that you have a mortgage. Still, it’s an important first step that will also put you in a better negotiating position with sellers.
5. COMMIT TO A LENDER
As soon as you are under contract to purchase a home, commit to working with one lender to complete your mortgage application. You will probably be charged a fee at this point because this is when the lender starts incurring processing expenses on your behalf. Show your lender that you are serious about working in partnership with them by submitting all the required documentation as quickly as possible.
Following these five steps will greatly improve your results in getting a mortgage. Count on your ABR to provide more detailed information on each step on the process and answer any questions.
To help ensure the process goes smoother, you can also take steps of your own. It’s a good idea to discuss the process with your Accredited Buyer’s Representative (ABR), even before shopping for homes. By planning ahead, you’ll be in a much better position to negotiate and move forward on a purchase—and avoid any unpleasant surprises regarding your mortgage.
1. EVALUATE AFFORDABILITY
Lenders and mortgage insurers look at a variety of factors, but the two most important are your monthly mortgage payment and your total debt loan, relative to your gross income. As a home buyer, it’s also important to consider additional expenses, beyond your mortgage payment, that can impact how much home you can afford. Depending on your situation, these other expenses could include property taxes, mortgage insurance, homeowners insurance, home maintenance expenses, homeowner association fees, parking expenses, and utilities.
2. DISCUSS YOUR OPTIONS
Deciding what type of mortgage is best for you depends on your personal situation, your financial scenario, and your future plans. For example, if your down payment isn’t large enough to qualify for a conventional loan, an FHA mortgage can be an excellent option. Alternately, you may qualify for an attractive program offered at the national or local level. Mortgage programs are always changing, so ask your ABR about current options.
3. INTERVIEW LENDERS
Your ABR can provide several recommendations, based on past home buyers’ experiences. Rates and fees are typically very competitive between lenders, so it’s often more important to focus on other factors including the level of service provided and how well they’ve executed transactions for other buyers. The type of mortgage you are seeking may also impact your choice of lender, since some are more familiar with certain mortgage programs than others.
4. GET PREAPPROVED
Completing a loan application with one or more lenders will help confirm whether your intended mortgage financing plans will work out as hoped, or if you must modify your plans. It’s important to understand since pre-approvals are contingent upon the lender receiving full documentation; your pre-approval does not guarantee that you have a mortgage. Still, it’s an important first step that will also put you in a better negotiating position with sellers.
5. COMMIT TO A LENDER
As soon as you are under contract to purchase a home, commit to working with one lender to complete your mortgage application. You will probably be charged a fee at this point because this is when the lender starts incurring processing expenses on your behalf. Show your lender that you are serious about working in partnership with them by submitting all the required documentation as quickly as possible.
Following these five steps will greatly improve your results in getting a mortgage. Count on your ABR to provide more detailed information on each step on the process and answer any questions.
Monday, October 11, 2010
RENTING VS. BUYING
Many purchasers are determining whether to buy a home or rent.
According the USA Today, there is a formula which helps determine whether it is best for you to rent or buy. Of course, it is not always right, and I found it interesting and wanted to share with you.
The ratio is determined by multiplying the rent times 12 months and dividing that number into the average list price. As you may or may not know, the average list price is ALWAYS available on my web site, and if you can’t find it where you are, contact a REALTORS office and ask them for the number. A low ratio indicates that it’s less expensive to own than to rent.
Then your own personality enters into it too, with rent you don’t have to deal with maintenance, with ownership you have to pay to replace items, like an roof and that can be very expensive.
According the USA Today, there is a formula which helps determine whether it is best for you to rent or buy. Of course, it is not always right, and I found it interesting and wanted to share with you.
The ratio is determined by multiplying the rent times 12 months and dividing that number into the average list price. As you may or may not know, the average list price is ALWAYS available on my web site, and if you can’t find it where you are, contact a REALTORS office and ask them for the number. A low ratio indicates that it’s less expensive to own than to rent.
Then your own personality enters into it too, with rent you don’t have to deal with maintenance, with ownership you have to pay to replace items, like an roof and that can be very expensive.
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