Safety Tips for a Boo-tiful Halloween!

Welcome back on this boo-tiful day! We are all getting into the Halloween spirit and preparing for a fun-filled, spooky day of tricks and treats. Whether your neighborhood has lots of kiddos that venture out for candy or just a few that stop by (leaving all the chocolate for you!), we want to make sure you're covered.

So, today we've got a few safety tips and last-minute Halloween ideas to ensure your little goblins and ghouls are prepared for the day.

Trick or Treating Safety

• Plan your route in advance. Prevent little ones from getting tired and cranky after walking too much, and make sure you're sticking to familiar areas. If your kids are older and go out with their friends, they should stick to your agreed-upon route and arrange a time to be home.
• Wear comfy shoes with costumes. Sneakers or other walking shoes should be worn. Avoid heels or ill-fitting costume shoes because they can cause tripping.
• Take flashlights or glow sticks to keep your path lit and help drivers see you walking. Bonus points if you can put reflective tape on kids' treat bags.
• Trick or Treat in a group. Parents can help keep an eye on all the kids and groups are usually easier to see as it gets dark outside. A trusted adult should always be nearby, and obviously kids should never go up to a strange house alone.
• Drivers need to slow down in residential areas even more than usual. Stay alert because kids are excited to be out trick or treating, and they often move and run around in unpredictable ways.
• When you get home, examine all treats before eating. Look for choking hazards, allergens or signs of tampering. Only eat candy that has been factory-sealed and toss homemade treats made by strangers.

Homeowner Tips

• Clear your lawn and sidewalks/driveway of debris to prevent tripping. 
• Keep your porch lights on to let trick or treaters know you're still "open for business".
• Put your pets in another room or in the backyard if they jump or bark to avoid scaring kids, especially little ones who may be out trick or treating for the first time.
• Consider offering treats that do not contain allergens. Food allergies are more common than many people realize, and other parents will appreciate your sensitivity. Here's a list of candies that are allergy-friendly. 
• If you prefer to offer an alternative to candy, try handing out festive coloring pages or fun, inedible trinkets. 

After Halloween is over, what do you do with your remaining loot of candy? There's only so much sugar the kids can handle, so consider trying these clever ideas to use leftover treats. 

• Locally, many dentists "buy back" leftover candy to send to our troops overseas. Check with your dental group to see if they participate in Operation Gratitude.

Finally, if you haven't finalized your costume decisions yet, here are a few easy, affordable DIY costumes that can be done over the weekend. We wish everyone a safe, fun and spoooooky Halloween! 

Part 2: New Construction or Renovation? Which is for you?

Our last blog focused on choosing new construction versus renovating and remodeling an existing home. There are many benefits of moving forward with a new build, and after we wrote that piece, many felt pretty confident that a brand-new home would be top choice at this time. However, after thinking about the remodeled homes we have been fortunate to tour, and scouring many articles and before-after photos online in my preparation for this piece, many of us have reserved the right to change our mind. While a major remodel is a time-consuming and likely inconvenient venture, the results are downright spectacular in many cases.

Admittedly, so many of us are partial to older homes. Their character, unique features, ample space and storage, and established yards just speak to me in ways new construction does not. While we love the fresh start and literal “newness” of a new home, there is a quality it always lacks. We want to be fair in analysis, so like the last blog, we will go through the most important categories to consider in embarking upon a remodel, and to keep our thoughts organized, we're going to outline the same categories as last time, only now we will focus on remodeling an existing home – whether it’s your current house, a home on the market, or maybe even a historical property.

·         Meeting Code and Structural Soundness: The quality construction of a renovation is as important as its cosmetic appearance. Be sure your contractor has plans to show you, references, and a portfolio of work that mirror the vision for what you want upon completion of this project. What materials will be used? How will demolition and subsequent rebuilding be handled? How often will inspectors stop by to check in and ensure standards are met? Better yet, does your contractor note and explain building code during conversations about the renovation plans? Once you build trust in your contractor and his or her team, you can feel confident that the plans – no matter how extensive – will be carried out with the highest quality and safety concerns in mind. Just be ready for frequent visits and permitting hoops from your local building commission.

·         Short and Long-Term Costs: Compared to building, the short-term costs for remodeling tend to be higher. You can certainly get a loan for the work, but many contractors need deposits up-front to start the work, and all too often I have seen budgets creep up during projects due to unexpected issues or changes to plans. Extensive, high-end renovation jobs can often cost as much as building a new home (kitchen remodels alone average $50,000!) but in the long run, you should feel like the location, neighborhood, and “bones” of the home will be worth the monetary investment. One prime example we can share is a client’s current renovation project. They found that their 100-year-old home was tilting forward when they took out the old flooring. They had to completely replace the floor joists and most of the foundation – totally unexpected and quite expensive.

·         Return on Investment: There is a great deal of potential to turn a dated, crowded home into a showstopper after renovation. Many older homes do not boast the open concept, trendy finishes, and modern features homeowners expect today, but they do have character and other outstanding qualities that make them worth keeping. When an older home has been renovated in a way that updates it while maintaining its “old charm”, it has the potential to turn a major profit upon sale. It will either make a stunning home for those remodeling and planning to stay or move in, but it also offers a tremendous opportunity for the right investor with a vision. Let me just caution you though; take note of the block or neighborhood. Do not invest in a six-figure renovation only to price yourself out of the area. Set the bar high for the whole community, but be sure the renovation plans don’t outpace the rest of the area.

·         Location: The locations of homes worth remodeling tend to be one of the selling points in this venture. Older, established neighborhoods are well-placed in towns, have mature trees, larger lots, more space to enjoy. As communities grow, new subdivisions are developed outside of town or away from urban spread. Personal preference certainly plays a role in deciding what location is best for you, so think through where you want to be in relation to a downtown area or parks, schools, retail, etc. In many areas, the older neighborhoods are within walking distance of restaurants, shops, theaters, and more. Many people find that feature extremely attractive and decide to renovate a home to be near “the action”.

·         Efficiency and Technology: While new construction might be favorable to feature the newest home features, many of the things you might desire can still be installed in a renovation. The building materials play a major role in a home’s efficiency, so if you replace the roof or windows, or even major systems like HVAC and electrical, talk to your contractor about which options will be favorable for the home’s efficiency because an older home and its dated materials need all the help it can get to compete with new construction.

·           Design and Layout Options: Designers and general contractors are almost miracle workers. They do some absolutely incredible work to transform the worst spaces into stunning rooms. While they can make nearly any vision a reality, homeowners need to be aware that there could be limitations and unexpected adjustments that accompany a renovation that a new build wouldn’t face. Remember, a renovation is gutting an existing home, a structure with that already has wiring, support beams, plumbing pipes, and gas lines that may or may not be able to be moved. If they can be, it’s often very expensive, but worthwhile if your budget can handle the hit. I definitely recommend getting drafts of several renovation plans to consider and finding as many potential roadblocks as possible before getting started.

·         Long-term Maintenance: A home that undergone a major renovation still might require a bit more maintenance than a newly-constructed house. There will still be some “old” components in the home, so just keep an eye on what needs to be done on a monthly or annual basis. A renovation project does not come with a warranty like a brand-new home, so additional investments could be necessary if anything breaks down.  That possibility is certainly not a reason to shy away from renovation, but you must be aware and plan to care for an older home in a way that keeps it looking and aging its best.

What else are considerations you feel are important in this decision? Which side do you tend to lean toward? We'd love to know!

Building New or Renovation? Which is For You?

There is a great debate among real estate professionals, contractors, and homeowners about choosing to build new construction or embarking on a “gut job” renovation of an existing home. Opinions are often strong, supported by various costs, stories of homes’ histories, and prime locations. The benefits and drawbacks vary in every situation, and we understand that cost is not always the determining factor in deciding which direction to move. There is currently a lot of new construction and impressive remodeling happening across the country. Because of beloved shows like Fixer Upper and Property Brothers on HGTV, the once-dreaded though of renovating a home has actually become kind of intriguing.

Buyers see the potential of a dated home now rather than casting it aside. They understand a bit about the process and costs associated with a major remodel, so they can plan and make an offer accordingly. On the other hand, there has never been a more exciting time to build a new home. Contractors are building efficient, customized, and downright stunning homes in new developments all over. It’s a tough call, one that we all would have a difficult time making at this juncture after the many renovated and brand-new homes we’ve seen.

So how might one go about deciding whether to build, renovate and stay put, or invest in a “fixer upper” to remodel and customize? This post and my next post will outline what to consider for each option. Let’s start with some of the benefits and potential drawbacks of building a new home.

·         Building code and structural soundness: Building code is always changing, and in my experience, the best builders are always up to speed on the most current regulations and implement them immediately on their projects. A new home is most likely going to be your best option if you want a house that will not have any structural issues. One caveat, of course, is making sure you hire a builder with a great reputation who stands behind his or her work. Unfortunately, I have seen some nearly-new homes with settlement issues or are not up to code when inspected, so know the work of the builder you are considering.

·         Short and Long-Term Costs: Each option is expensive! However, if you sit down and figure out costs line by line of building versus remodeling, you might be shocked at the breakdown. What will taxes be? What kinds of up-front costs are associated with each and what would be rolled into your mortgage? Generally, I have heard that renovating is actually costlier in terms of cost per square foot, but there are so many factors that need to be considered based on your specific situation and needs.

·         Return on Investment: Which option will afford you the most profit if you ever want or need to sell the home? Talk to an agent to get an idea of how homes are selling in various neighboring and what features are at the top of buyers’ wish lists.

·         Location: If you own land or find a great piece of property you love either in the country or in a neighborhood, building would be the logical next step. Another option we are starting to see a lot is a tear-down new construction. In cities all over, buyers find a beautiful lot with trees, prime location, and a bit more space – perfect for their dream home. However, an old home already sits there. The most common “fix” or this problem is to tear down the old home and start from scratch. That way the homeowners get all the benefits of a new house with the beauty of a mature property.

·         Efficiency and Technology: New construction boasts the latest energy efficiency feature and building technology available today. If you were to remodel and older home, there would likely be some limitations on the efficiency and sustainability of the home because the original structure and its materials would still exist. New homes are just that – new. They have the most efficient windows, plumbing, electrical, roof and wall materials, and insulation. If you renovate, you’d just have to make sure any or all of those that you’d want to update could be changed.

·         Design and Layout Options: Typically, a designer or contractor can provide a lot more options if given a blank canvas. In an existing space, they are sometimes limited by space or code restraints, but when designing a new home, the options are endless (within budget constraints). I am not referring to cosmetic finishes like counter tops or cabinet colors in this point. I want you to consider how you want an area to flow and how it will be used. Be sure you can do what you want for that space when you are making your decisions about remodeling versus building.

·         Long-term Maintenance: It’s important to consider the overall maintenance of a home because cost, repair time, and potential issues can affect a new or older home. A new home should have very few maintenance issues and should also be under warranty for at least two (and sometimes up to ten years). There is a lot of comfort in knowing you are covered if a major component of the home breaks down for whatever reason. If you remodel, are you going to renovate every inch of the house, or will you still have an older HVAC system, plumbing or roof? This part of the decision not exactly glamorous, but it is crucial in getting an overall picture of the best move for you.

Stay tuned because our next blog will outline many of the benefits and potential drawbacks of renovating and existing home. In the meantime, do you already know which you’d choose?

The "Don't" List When Buying a New Home

Welcome back! We hope you've had a great week and can get out a bit to enjoy this lovely weather! Things are continuing to stay busy around all the ERA First Advantage offices -- gotta love a "hoppin" local market!

This week, we are going to focus on a topic that is not as widely discussed as it should be. We want to share a few things you should avoid once you have gone through the pre-approval process and are ready to buy your new home. Changes in your financial or employment status can really affect your mortgage terms, and lenders really frown upon borrowers who go out and incur debt during the transaction time leading up to closing.We want to make it easy for you! Just follow this guide and be frugal for the time period you're buying your new home. We promise it will be worth it when you close on that dream home!

1. Don’t apply for new credit cards: It may seem like a great idea to apply for a credit card at a home improvement store or a furniture store when you are about to become a homeowner, but applying for credit can lower your credit score. Not only will you lose a few points because of a credit inquiry, but if you are approved for new credit, a lender might worry that you will spend up to your new credit limit and then default on your loan. Wait to make those furniture and home improvement purchases until after closing on your new home.

2. Don’t close any credit accounts: You may be feeling that this is a good time to get your financial state in order by closing unused credit accounts or transferring your debt to a new credit card with lower interest rates. While that’s a smart move financially overall, it’s a bad one for your credit score because you lose points when you have a higher usage of debt compared to your limit on one credit card. Wait until your closing is complete before you make these changes.

3. Don’t move your money around: Your lender will need the most recent bank statements before you go to closing, so if you have any unusual deposits you will need to provide complete documentation of where the money came from. If possible, it’s best to move the cash you will need for your home purchase into one account before you apply for a mortgage.

4. Don’t increase your debts: In addition to your credit score, your debt-to-income ratio is extremely important in a loan approval. If you take on more debt, you could be in danger of going above the acceptable debt-to-income ratio. Again, wait until after you've closed on the house.

5. Don’t skip a payment or make a late payment: One of the most important elements of your credit score is your history of on-time, in-full payments, so don’t get so caught up in your move that you forget to keep up with paying basic bills. Keep a list of payment dates for all your bills and check them off as they're paid!

6. Don’t buy a car: You may be feeling that a new car would be a nice addition to the driveway of your new home. Resist that feeling!! Even if you can easily afford payments on a new car, the depletion of your savings or the addition of a new car loan could derail your mortgage application. Get that new car once you actually have the new driveway.

7. Don’t change jobs if you can help it: While a job change could mean a raise or a path to a better future, it could also delay your transaction. Your lender needs to verify employment and will need pay stubs to prove your new income before your loan can go to settlement. If at all possible, stay put throughout the transaction process and make the switch after you've closed and settled in. Promotions or moves within your company don't count in this situation -- if you get promoted, we will be the first to offer our congratulations!

8. Don’t spend your savings: You’ll need cash on hand for earnest money, inspection costs, and for your down payment and closing costs. Your lender may even verify your cash reserves one more time just before closing, so make sure the funds stay in place. It's best to just be as frugal as possible throughout the time you're in the buying process. It will give you peace of mind and ensure the process runs as smoothly as possible.

We hope this information helps as you are navigating the home buying process. Remember to ask your ERA First Advantage agent and lender lots of questions! We are all here to help and will be happy to do whatever we can to give you the real estate experience.