The relocation shuffle 

Although Amy was perfectly happy with her first little house and made lots of friends in Grand Rapids, a job opportunity popped up that was too good to turn down. She recently relocated to Pittsburgh, where she serves as a regional sales manager for a major food distribution company.

Before her move, she experienced the ups and downs of both buying and selling houses in two different states. 

Selling a first home in Michigan 

"Lucky for me, Grand Rapids has a shortage of homes for sale and a lot of buyers. I didn't have a chance to make any improvements on my house, a farmhouse built in 1904, but I did add a simple deck and lots of flowers and new bushes. It has more curb appeal than when I bought it," Amy says. She says that the hardest part about selling a house was making sure it was clean all the time and ready for prospective buyers to tour.

Amy ultimately sold her house for $161,000, $21,000 more than what she paid in 2017. Even in that time, she accumulated some equity and walked away with a total of $28,000 when the sale closed. 

Buying a new house in Pennsylvania 

The next step was to find a house in Pittsburgh. Home prices are higher there, compared to Grand Rapids, Amy notes. She wanted to buy a nicer, more expensive home this time around.

"I found one that was a little bit above my price range at $200,000. But it's in perfect condition. I don't have to worry about repairs or anything," Amy says. Plus, coffee shops and restaurants are within walking distance.

She explains, "I could have used all of the proceeds from the sale of my house as my down payment. But I didn't want to drain my savings account. I used private mortgage insurance (PMI) again, so I could put less money down. I could have put 10 percent or $20,000 down, but I opted for a 5-percent down payment of $10,000 instead. My monthly payment is a little bit higher, but still affordable. Thanks to PMI, I could buy a bigger, better house and still have money in the bank."

Are you ready to buy a house right now? Or should you wait to save more for a down payment? Check out this calculator to find out: mgic.com/buynow. And for more information on how mortgage insurance can help you put less money down, go to readynest.com.

 

Questions plague homebuyers: Can we afford it? How much do we have to put down? Do we have enough to avoid incurring the dreaded PMI (Private Mortgage Insurance)? For homeowners looking to refinance, it becomes a question of, should we or shouldn't we? What's the down side? Does refinancing make sense in the long term?

In the past, consumers had only one option - taking on more debt. In addition to monthly payments with interest, this debt came with increased discomfort and the fear that "if we couldn't afford it, we could lose the roof over our head." Now, there may be another answer.

Home co-investing offers a new alternative - a better way to buy and own a home.

Home co-investing is a new category that works in partnership with homebuyers and homeowners to invest in the long-term appreciation of a home's value. Whether you're a homebuyer seeking to finance a new purchase or a long-time homeowner looking to maximize equity, home co-investing involves no monthly payments, no interest, and no additional debt.

Instead, home co-investing shares in the home's change in value - up or down. You can choose to return the investment any time after three years, or keep it until you sell, for up to 30 years.

"In a nutshell, we're in business to partner with you in your new or current home," according to the website for Unison, the company that invented this idea. The growing, San Francisco-based home co-investing company is now helping homebuyers and owners in 30 states plus Washington, D.C.

Unison's recently published 2019 Home Affordability Report states that individuals earning the current median income will need 14 years to save for a 20-percent down payment. Home co-investing benefits new buyers by helping them get over that first hurdle of the down payment. For example, with home co-investing, prospective buyers can put down 10 percent, and the company puts down 10 percent. The homebuyer can now reach a 20-percent down payment without taking on additional debt.

"Among the biggest financial mistakes potential buyers can make during the home-buying process is not researching all possible financing options beforehand, including home co-investing," says Cari Jacobs, Chief Marketing Officer at Unison.

"Think of it as the sharing economy for home buying. By partnering with a company like Unison, you can live the life you want, in the home of your dreams today, while sharing the risk," she explains.

"It's always better to have more information so you can make a fully informed decision that helps you buy the home you want, and sets you up for long-term financial success."

Home co-investing works for current homeowners, too, with opportunities for home equity-based funding for a variety of needs, including home renovations, paying medical bills, or even sending kids to college. But unlike a traditional home equity loan, there is no additional debt and no monthly payment.

Home co-investing represents a new way to think about home financing.

Visit unison.com for more information.

 

From an economic perspective, REMODELING magazine's 32nd Cost vs. Value Report states that a new asphalt roof recoups more of its value at resale compared to other home improvements such as a major kitchen remodel, bathroom addition or backyard patio.

Representing as much as 40 percent of a home's exterior, the roof is an easy way to boost curb appeal. Homeowners are no longer limited to gray, taupe and other neutral shingle colors. New palettes and color selection tools make it easy to integrate color into the roof. Today's calibrated shingles are infused with hues that add depth, dimension and subtle color.

Unsure what shingle color will best complement your home's exterior? Designer and style expert Chad Esslinger offers some tips:

* Seek out Digital Design Tools: Technology makes it easy to experiment with exterior home colors, including roofing shingles. Owens Corning® Roofing offers inspiration boards and color and design tools that allow homeowners to color coordinate their exteriors with the click of a mouse. The 2020 Owens Corning Shingle Color of the Year, Pacific Wave, is a good example of how a carefully curated shingle color can complement styles ranging from a stately Midwest colonial to a coastal beach house.

* Look around your house:

People surround themselves with colors they love - in interior paint colors, accessories such as bedding or pillows, and their closets. What colors make up the bulk of your wardrobe? If your closet is stocked with navy shirts, you may gravitate to shades of blue on your roof. Similarly, bookmarking an online search of exteriors can help you identify appealing color combinations for your roof, doors, windows and landscaping.

When searching online, look for patterns emerging in exterior color, trim and roof colors. It is likely these same shades will also appeal to you when brought together on your home's exterior.

* Go for a Color Drive: Drive around your neighborhood - or a neighborhood you like - and consider which homes and colors appeal to you. Be sure to drive by homes at different times of day and in different weather conditions so you can see how a particular color looks in sunlight, shade and when wet.

* Don't forget performance: A roof must be beautiful and able to stand up to the elements. Duration Series Shingles by Owens Corning have patented SureNail Technology in the nailing zone, giving them added performance against the elements. Homes in areas prone to strong winds and storms need extra protection against hail. Duration FLEX shingles feature a rubberizing SBS polymer modified asphalt to help guard against impact*.

When it comes to home improvements, the roof is an ideal place to connect value, curb appeal and performance. And today's shingle colors make it easy to tie functionality and aesthetics together beautifully.

Beautiful and Durable 

Jane Frederick of Frederick + Frederick Architects in Beaufort, South Carolina, and president-elect of the American Institute of Architects, says homeowners are looking for comfortable spaces for entertaining. "Our area is hot and humid," she adds. "Screened-in porches with ceiling fans continue to be extremely popular upgrades in new construction and renovations."

And full outdoor kitchens are no longer must-haves, says Frederick. "Most people want porches with a simple kitchen, integrating a grill and plenty of countertop space, storage, and seating - good-looking light fixtures, too."

To top off a porch with a high-end look, Frederick chooses cypress for ceilings, overhangs, and rafter tails. Why? "First and foremost, cypress is a beautiful material. But equally important, cypress is naturally resistant to decay and mildew. And it's locally sourced." 

How About a "Prefab" Structure Built to Last? 

"Pergolas and pavilions offer open, airy outdoor spaces, yet provide relief from direct sunlight, to enjoy dinner or cocktails after a long day at the office," says Hubert Burns of My Outdoor Rooms in Dothan, Alabama. "They can also be outfitted with TVs and fireplaces, and adorned with plants and drapery to add privacy and a personal touch.

"Most importantly, outdoor living space is an investment and homeowners deserve high-quality structures that will last. We've been building with cypress for more than 10 years, and found that it performs well when exposed to the elements, is naturally durable and resistant to insect infestation, and is more beautiful than pressure-treated wood."

Building a gorgeous, outdoor cypress pergola or pavilion need not be a daunting task. Burns says that companies across the country specialize in prefabricating structures and ship nationwide, taking the stress out of design and construction. "Prefabrication ensures they are high-quality and can be installed quickly," Burns adds. "And three people can install a 16-foot-by-16-foot pergola in about five hours."

For more tips on creating your outdoor living space with cypress, visit www.CypressInfo.org.

Jocelyn Vasquez is living proof of those statistics.

At a young age, her parents instilled the belief that if you owned a home, you had achieved the American dream. That dream of homeownership carried a lot of weight for her Hispanic parents, who had immigrated from El Salvador in 1977.

Jocelyn turned the dream into an aggressive goal for herself:

"My goal, as a U.S. citizen, was to graduate college and get a house before turning 30," says Jocelyn. "And, I wanted to do it on my own."

To accomplish this, the Los Angeles, California resident made a roadmap for herself. She saved, attended college and kept her student loan debt as low as possible - all without burdening her parents.

After she graduated, Jocelyn got a job as a loan officer assistant. It wasn't until she had worked there for three years that she fully understood what was needed to qualify for a mortgage. The lightbulb went off when she realized, "I really could buy my own home someday."

That was when she got serious. Because California real estate is so expensive, Jocelyn got a second job. She earned her real estate license and worked part-time as an agent, determined to save all her commission checks for a down payment.

It took her three years to build her savings, pay off bills and get her debt-to-income (DTI) ratio low enough to qualify for a loan. (Many lenders don't want a borrower's debt to be greater than 45 percent of their gross income.) Once she achieved this, it was time to execute her plan.

Jocelyn searched for a house that was less than $300,000 - not an easy task in the Greater Los Angeles Area. She looked at 16 homes before she found a 2-bed, 2 ? bath townhouse, with a 2-car garage for $285,000. Even though it was perfect for her, she took the weekend to think it over before making an offer. Unfortunately, her hesitancy cost her. By Sunday night, the seller had already accepted an offer. Jocelyn was devastated.

"I felt so discouraged, I didn't know what to do," she admitted.

"After all my hard work and determination, I couldn't believe I had missed out on this house. But I told myself what I tell all my buyers, 'If it's meant to be, it will be.'"

It must have been meant to be: Five days later, Jocelyn got an alert on her phone informing her the house was back on the market - for $7,000 less. Jocelyn immediately called the seller's agent, who told her the first buyer had backed out of the deal because his truck didn't fit in the garage. This time, Jocelyn didn't hesitate to offer the new asking price of $278,000.

Jocelyn used conventional financing with private mortgage insurance, which allowed her to put down less than 20 percent. By saving diligently, she was able to make a five-percent down payment of $13,900. Her current monthly payment of $2,020 is exactly what she paid to rent her previous 1-bed, 1-bath, 640-sq.-ft apartment in downtown LA.

"This is the best investment I've ever made," says Jocelyn. "In the two years I've owned my home, its value has increased by almost 15 percent. It took a very long time, but I knew my plan would work eventually. And, I did it all on my own at age 28. My goal now is to help other Hispanic homebuyers realize the American dream of owning their own home."

For more first-time homebuyer stories, visit readynest.com.

 

1 According to Fannie Mae's 2018 National Housing Survey

 

"I figured if I was going to buy a house, I'd better do it sooner rather than later because prices just kept going up," explains Erin.

However, with only $7,000 in savings at the time, she felt she didn't have enough money for a down payment. But the timing became a dilemma for her. Should she wait to save more money for a house that would probably cost more in a year? Or, use all her savings to buy a house now - at the risk of leaving herself with no funds for a rainy day or future expenses?

The answer came when Erin visited the new home of a friend who had used a down payment assistance program to purchase her house. Her friend explained how down payment assistance programs give first-time homebuyers money to pay for a portion or all of their down payment, with some programs even helping with closing costs. 

Free money for eligible borrowers 

While there are more than 2,500 down payment assistance programs available throughout the country, Erin decided to apply for the same state-offered program her friend had used.

The program, called North Carolina 1st Home Advantage Down Payment, makes homeownership more affordable for state residents. It offers down payment assistance of up to 5 percent for FHA, VA and USDA loans, and up to 3 percent for a conventional loan. And because Erin had a decent credit score and met the program's income limit, she qualified.

Erin received down payment help in the form of a zero-percent, deferred second mortgage. As long as she doesn't sell or refinance the house for 15 years, her down payment assistance will be forgiven, meaning she won't have to pay it back.

Let the house hunting begin! 

Once Erin knew she was eligible for help with her down payment, she earnestly began her home search. She found a historical 3-bedroom, 1-bath home that was built in 1925. The price of the home was $152,000. She used conventional financing with private mortgage insurance because she was putting less than 20 percent down. With her 3-percent down payment assistance ($4,560), Erin successfully purchased her home in 2016.

"And, I didn't have to use all my savings!" says Erin. Plus, she's built up equity over the last two years due to home values going up.

Aside from the financial perks of owning her own home, Erin enjoys other benefits. "I've got so much more space for the money than when I was renting," says Erin. "And I like being a permanent part of the neighborhood and getting to know my neighbors."

For more homebuyer resources, visit readynest.com.

To find down payment assistance programs in your area, visit downpaymentresource.com/

 

Not so fast.

Those seasons may be the most popular time of year for a project such as this, but when you take a deeper dive into the world of home remodeling, you'll find October and November are actually the best times to remodel your kitchen. By taking advantage of the fall season, you can get your project done before the holidays (and save a ton of money.) 

Slower season means better values 

Spring and summer may seem the ideal time to begin a remodel project, but it's the busy season for contractors and retailers know it. High demand can mean higher prices and longer lead times to get things done. More people are recognizing this and getting their kitchen done in the fall. They can find better deals and, just as importantly, get their house ready for the holidays.

Here are some insider tips:

* Watch for the sale. Retailers will push great savings in October and November to clean out inventory heading into the new year.

* Find an expert. The Internet is great for research, but for a big project such as a kitchen, find a retailer that offers personal one-on-one design help.

* Remodel the whole kitchen, not just one part. You can get the best deals from retailers that do it all: cabinets, countertops, sinks, faucets - even flooring. And you'll be able to design the full kitchen without driving to three different stores.

* Plan installation. Ask if they offer installation. This time of year, that can be a real positive.

Try to find a store such as Cabinets To Go in your area. Unlike online retailers, they have experts in every store. They also offer free, 3D-kitchen design, installation and hundreds of style options for cabinets, countertops, sinks, faucets, and flooring. Better yet, they also offer some of their best deals of the year right now. For more information, visit www.cabinetstogo.com/. 

Show it off for the Holidays 

Home blogger Cassie Bustamante also encourages taking advantage of this season for a remodel.

"The fall is a financially wise time to undertake a new kitchen, but it also makes sense for a lot of other reasons," she says.

"The holidays are about family time and the kitchen is the heart of it all."

Bustamante also feels there's a more personal reason."Maybe you'll finally get up the nerve to host Thanksgiving dinner since you'll have such a gorgeous new space."

The kitchen is the heart of the holiday experience. It's the place we gather with loved ones to prepare meals and share stories. Now, imagine how amazing it would feel to host the holidays in your newly-remodeled kitchen knowing you saved a lot of money? Great family time during the holidays is more than just a kitchen, but it's the perfect place to bring it all together.

"Looking at the curve of the old barrel staves, the wooden lids and the rusty rings that once held it all together, I was struck by the shapes and threw it in my pickup truck to take home and see what I could do with it," Deffenbaugh recalls.

Despite having no barrel-making experience, Deffenbaugh put the barrel back together and decided to take it a step beyond serving as an unusual table in his home. He cut out one side and turned the pieces into a bar cabinet that could store wine and liquor bottles on the deck when he had guests.

Then, when the guests started asking him to make something similar for them, he had an inspiration that led him to quit his career in human resources, draw up plans, rent a truck and head for Kentucky, returning with 90 barrels and an idea that would become The Oak Barrel Company.

The Oak Barrel Company, based in the heart of Amish country in Berlin, Ohio, takes recycling seriously. In keeping with its motto, "Reclaim, Reuse, Recreate," the company does its best to use the entire barrel, with little or nothing wasted.

Deffenbaugh learned woodworking from members of the local Amish community and contracted with several Amish craftsmen and other local woodworkers to partner with him on various phases of creating art and furniture from the components of the barrels, including the staves, lids and rings. The company has chosen to use wine barrels to create beautiful tables instead of whiskey. While whiskey barrels are very popular, they run the risk of producing a black mold if not properly cleaned, both inside and out, whereas wine barrels are already clean and do not run the risk of any mold, creating a better product in the long run.

The company's product line is always evolving and includes small benches with curved seats and legs from barrel staves as well as stools with barrel-lid seats. Also available are bistro-style, wooden-topped tables made from whole barrels, with matching chairs made from barrel components. Wine enthusiasts may appreciate the wine barrel wine rack and even the wine slate wine rack, designed to hang on the wall or sit on the counter.

All Oak Barrel Company products come with a lifetime guarantee, and many of the products can be customized with choices of stain color, type of metal fixture, and indoor or outdoor finish. The Oak Barrel team can create a custom piece in four to six weeks.

For more information visit theoakbarrelcompany.com to view some of the company's unique designs.

January 2020 marks the EPA mandate to end production of Freon (also known as HCFC-22 and R-22), the primary refrigerant chemical used in residential air conditioning units that has been found to have a significant contributing effect on ozone depletion and global warming.

While this is good news for environmentally conscious consumers, what does this mean to homeowners?

In short, you can still opt to keep your older system that requires Freon. However, this can pose a problem should your unit need even minor service, such as a small leak. Technicians will have limited access to R-22 or use recycled versions until supplies dwindle. Further, a shortage means increased prices. Alternatively, homeowners would need to hire a technician to replace the outdoor unit and indoor coil to accommodate the newer R410A, which is an expensive proposition.

Ultimately, now might be a perfect time to upgrade since the average lifespan of an HVAC system is approximately 15 years - allowing homeowners to enjoy greater long-term savings on utility bills and live greener. 

Live Green, Save Green, Stay Cool 

With home heating and cooling accounting for nearly half of home energy use and air conditioner energy expenses costing homeowners more than $11 billion a year, small steps can go a long way.

Following are some useful tips to help you contribute to the cleaner energy movement and reduce bills:

* Get Electric: According to Columbia University's Earth Institute, electric systems are a solution to decarbonize home climate control. Among the most energy-efficient heating and cooling products, electricity-powered ductless mini-split systems, offered by companies including Fujitsu General America, can save as much as 25 percent on your energy bill. Mini-splits use thin copper tubing to pump refrigerant from an outdoor compressor directly into an indoor air-handling unit, where the air is quietly distributed to the interior space.

* Be "Smart" About Home Climate Control: When it comes to smart home temperature control, there are Smart HVAC Systems and Smart Thermostats. Smart HVAC systems have built-in Internet capability and can be controlled directly without additional equipment. Smart Home Thermostats create "smart" systems by enabling remote temperature control via a mobile or Internet-connected device or voice-operated home automation system.

* Voice Your Preferences: Take control of your comfort. Most HVAC manufacturers offer apps that enable systems to be controlled from anywhere using a mobile device. Voice-control capability uses digital assistants, such as Amazon Alexa or Google Home, to verbally dictate home temperatures. Easily controlling the temperature more closely allows homeowners to be more comfortable and improve energy savings.

* Find Your Efficient Comfort Zone: Many of us live in homes designed for bigger families, but have yet to downsize. If you find yourself using a fraction of your home on a regular basis, consider upgrading to a zoned, ducted, or ductless system. That will allow you to save energy heating and cooling spaces where you and your family don't spend a lot of time. This will multiply savings as you're not only needing less cooling, but you also gain from a more efficient system in the spaces you do still use.

* Go Low-tech: Simple changes can have a big impact. Try to use heat-producing appliances - stoves, irons and dryers - at night or early morning. Switch to LED light bulbs instead of incandescent bulbs - which consume 90 percent more power. Seal air leaks around windows, doors, and places where pipes and wires come through walls. Check existing caulking and weather-stripping for gaps or cracks.

There's no need to sweat the ban on Freon this summer. If a new system is right for you, many Fujitsu systems with the Energy Star rating are more than twice as efficient as the minimum standard set by the government.

To learn more or find a contractor near you, call 888-888-3424 or visit www.constantcomfort.com.

 

The Botanic Garden collection from Portmeirion brings vibrant color and traditional British charm to any table. The collection, designed by Susan Williams-Ellis in 1972, is based on early-19th-century floral illustrations. The realistic flowers are accented with butterflies and dragonflies and bordered with the iconic triple leaf design.

The Botanic Garden Collection allows you to create your own garden table with more than 23 floral motifs highlighted in the 30-piece dinnerware set. The set offers service for six, and includes six of each dinner plate, side plate, cereal bowl, pasta bowl, and tankard mug. Each piece has multiple uses; the side plate is ideal for appetizers, snacks, or desserts, and the cereal bowls work for ice cream or salad. The pasta bowl is perfect not only for pasta, but for soup or salad as well.

Each piece is made with care and attention, passing through 22 hands in the Portmeirion factory in Stoke-on-Trent, England, which is considered the birthplace of English pottery.

The Botanic Garden tableware is designed for everyday living. The items are dishwasher, microwave, freezer, and oven safe to provide maximum flexibility in meal preparation, cooking, and cleanup.

Here are a few tips to get the most from your tableware:

* Tableware items such as plates, bowls, and mugs can be placed in a warm oven (225 degrees Fahrenheit or lower), but should not be used for cooking.

* Cookware items including roasters, casseroles, and ramekins are designed to be used for cooking up to temperatures of 425 degrees Fahrenheit.

* When microwaving, "remember that ceramics will pick up some of the heat created in the microwave, so use care in holding handles or picking up plates," according to the company's website.

* Cleaning is easy in the dishwasher; the company recommends liquid detergents instead of the powdered variety to help preserve the design and color.

For more information about the Botanic Garden collection, visit Buybotanicgarden.com