The Millstone Times July 2018

REAL ESTATE

Boost Your Resale Value By Lauren Kolacki

Selling your home is not always easy, especially one you have lived in for a long period of time. There are appliances and decor that need to be updated and fixed, renovations that you do not even think about that need to be done. We have compiled a list of simple, low cost tasks to help you modernize your home and boost the resale value of it today.

1. Spend an hour with a pro. This could be a relator or designer that is willing to walk through your home and provide you with tips regarding paint colors, decor and furniture placement. 2. Inspection. This allows you to become aware of what is broken in the house. How can you fix what you do not know is broken? 3. Landscape. Clean up the backyard so it looks presentable. Do not be afraid to add some flowers or a couple small trees.

4. Refresh your front door. After all it is the first thing people see when they walk up to the house. 5. Replace or get rid of worn carpets or rugs. Old carpets can be hoarding dust and odors. If you have hardwood, don't be afraid to refinish it. 6. Make your home more energy and cost efficient. 7. Update the kitchen. This is a bigger project when renovating your home but it is worth it. One of the considerable sell points in real estate is the modernization of the kitchen. 8. Refresh your bathroom. Simple decor can add so much. 9. Paint. A fresh coat of paint can change the vibe of any room. Studies show that color affects moods. Pastels can be calming, whereas bold colors can be energizing. 10. Storage is something most buyers are interested in. Make sure all closets are neatly organized to show how much can fit. Mortgage Loan Do's and Dont's By Lauren Kolacki AVOID • Adjustable Rate Mortgage (ARM)- Interest rates have been incredibly low for some time but once rates start to adjust, they will start to go up. • Credit inquiries or applying for any new credit that can affect your credit score • Federal Housing Administration (FHA) Loan- New regulations require you to keep private mortgage insurance (PMI) for the life of the loan. PMI can cost around $100 a month per $100,000 borrowed, and it doesn’t go toward paying off your mortgage. • Department of Veterans Affairs (VA) Loan- VA loans are backed by the Department of Veterans Affairs and allow veterans to purchase a home with practically no down payment, which can leave you owing more than the market value of your home.VA loans also have lot of fees, and interest rates are usually higher than those for conventional loans. make sure • To get fully pre-approved • You’re completely debt-free. • You have three to six months of expenses saved in an emergency fund. • You’ve saved a big down payment. We recommend at least 10%, but 20% is even better since it will allow you to avoid PMI payments. • Your monthly payment should not exceed 25% of your take-home pay. • Pay all your bills on time. • Your home loan should be a conventional, fixed-rate mortgage with a 15-year term. A 30-year mortgage may end up costing you much more than a 15- year mortgage will.

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The Millstone Times

July 2018