Does Size Matter? 7 Ways to Make Small Spaces Work for You

Do you ever catch yourself day-dreaming about extra square footage? Are you secretly envious of your neighbor’s ginormous kitchen? Don’t be! Small spaces have tons of advantages: they’re cheaper to heat in the winter, they’re more intimate and your keys have fewer places to hide. Plus, with a few tricks and a little creativity, it’s easy to get more from your smaller (and cozier) rooms. Here’s how:

1. Go vertical. If you’re not packing a big square-footage punch, your walls are your new best friends. Whether it’s a vertical garden, a magnetic spice rack or just a few extra shelves, you can maximize your space by using the height of your walls.

2. Go big. It seems counterintuitive, but four or five small pieces of furniture won’t serve you as well as one or two big ones. We’re not saying you should put a pool table in your living room, but don’t be afraid to try that larger sofa.

3. Use your doors to the max. Don’t let the front of your cupboard or cabinet door have all the fun. Use the inside, too! A mini-shelf on the interior of a door can hold tons of stuff: spices, utensils, you name it. Plus, your doors can be used to display art. Fill glass panes with maps, or hang art on the inside of infrequently-used doors.

4. Watch the arms. No, not your arms. Chair arms! They may be comfy, but they take up a lot of extra space. Try some armless options for your tiny room, they can be just as comfortable. We promise.

5. Put your TV on the wall. Even if you have a flat screen, propping it up on a clunky entertainment system can hog three or four square feet. Wall-mount that baby and do something else with the space you open up.

6. Install above-toilet shelves. It’s easy to let this prime bathroom real estate go vacant, but it’s a great space! A few shelves above the toilet can hold magazines, toiletries and towels. Candles aren’t a bad idea, either.

7. Double up on closet rods. Two is always better than one (except when it comes to dishes in the sink), so why not install a second closet rod? Use it for another row of dresses, or throw on some hanging shelves for your shoes.

Article By Brightnest

Courtesy of First Choice Title Services & Escrow, Inc.

First Choice Title Services & Escrow, Inc

3 SW 129th Avenue, Suite 202

Pembroke Pines, FL 33027

http://www.firstchoicetitleservices.com/

Phone (954) 433-7680

Fax (954) 433-7355

maria@firstchoicetitleservices.com

Don't Miss These Homeowner Tax Benefits

One of the most useful yet widely misunderstood benefits of homeownership is tax deductions. Tax deductions are a welcome gift from the government, but if you're renting, they benefit your landlord, not you.

Property tax deduction: Any money you paid during the year you purchase and in the years afterward to local state, county and city property tax assessors is tax deductible.

Mortgage interest deduction: Your mortgage interest on both first and second liens is tax deductible. Any points you paid to obtain a lower interest rate are deductible. Private mortgage insurance payments are also deductible.

Closing costs: Some fees to the mortgage lender are deductible. Ask your tax professional for guidance. You can deduct some moving expenses, such as items for home offices. Save your Hud-1 form and show it to your tax professional.

Home office deductions: If your home is your principle place of business, and you meet other IRS guidelines for home businesses, you can take a deduction on workspace dedicated to your business and no other purpose. You can also depreciate that portion of your home over 39 years. All improvements to the workspace are tax deductible. In addition, your security expenses, phones, internet costs, computers, insurance, and utilities can be deducted or depreciated according to IRS allowances. Percentages and limits apply, so talk to your tax professional.

Energy Star: If you purchased an energy efficient system or appliance for your home and it meets government Energy Starstandards, you may deduct a portion of your expenses. Save your receipts.

Property sales deductions: If you purchased a home today, occupied it as a primary residence, and sold it in two years, you could be eligible for some capital gains exclusions up to $250,000 if you're single, or $500,000 if you're married. You can even live in the home two years, rent it out for three years, and still enjoy the capital gains exclusion.

There may be many other deductions out there for you to take advantage of that are associated with your home, so save all receipts throughout the year for repairs, parts, purchases, remodeling, etc. Some allowances and special circumstances apply, so before taking this exclusion, be sure to talk to your tax professional.

Save your tax records up to seven years, because you have to be able to support the deductions you take with documentation such as receipts, credit card statements, cancelled checks, and online banking. Make sure you take deductions and depreciation only for legitimate items.

Remember all the benefits you could be getting in deductions, your landlord is currently enjoying while billing all costs associated with managing the home to you. Wouldn't you rather do that yourself?

By Blanch Evans, Realtytimes.com

Courtesy of First Choice Title Services & Escrow, Inc.

First Choice Title Services & Escrow, Inc

3 SW 129th Avenue, Suite 202

Pembroke Pines, FL 33027

http://www.firstchoicetitleservices.com/

Phone (954) 433-7680

Fax (954) 433-7355
maria@firstchoicetitleservices.com

What to Expect From the Homebuying Process

Buying stuff online has spoiled us with “one-click ordering.” If only buying a house were so easy. A lot of people stumble into the whole thing and try to figure it out as they go. That’s tough; we’ve been there.

From that first home — little more than a cottage, really, but what seemed like such a massive leap of faith at the time — to the urban split-level loft with a view, we’ve made the mistakes. But you don’t have to. Let us break down the homebuying process for you.

How do I even start?

Besides determining what your housing needs are, setting a budget, getting your financial ducks in a row and obtaining a preapproval — which is a lot to do — you’ll also want a firm idea of just what it is you’re looking for. A wish list can be a good tool. Among the potential considerations:

• What part of town do you want to live in?
• Are schools a factor?
• Older home, or newer?
• One story or two? Condo?
• Contemporary or traditional? Something else entirely?
• A fixer-upper or move-in-ready?
• Near public transportation or other amenities?
• How many bedrooms? Bathrooms?
• Yard? Fenced?

These are just a beginning. You’ll have a much longer list once you start brainstorming.

Do I have enough money?

You know about making a down payment. But there are other expenses due before or at the loan closing that you’ll want to prepare for, such as:

• Earnest money, a deposit you’ll make to the seller upon signing the sales contract to show your good faith.
• Closing costs, listed in a good-faith estimate, including an appraisal, credit report, loan origination fees, home insurance premiums, property taxes (often prorated at closing), title insurance, recording fees and attorney’s fees. (The GFE might lump these expenses together, but ask for an itemized list and have your lender explain them to you.)
• An initial deposit to your monthly payment escrow account (if one is to be established).

You will receive a good-faith estimate on the total charges three days before your scheduled loan closing. You’ll also be provided a separate, detailed HUD-1 statement itemizing the fees you will be charged. Expect to pay roughly 3% of the home’s purchase price in closing fees.

Sometimes a seller will agree to pay some, or all, of the closing costs, depending on how competitive your housing market is. Plus, some lenders will allow you to roll the fees into your mortgage (called lender credits) — but then you’ll be paying interest on what could have been a one-time charge. Lender credits, or “rebate pricing,” may also cause the interest rate you pay to be higher.

Do I need a real estate agent?

A real estate agent knows what’s selling and at what price; the neighborhoods that are in demand or overpriced; and where the homes are that fit your budget. An agent will also know how long a particular house has been on the market — information that’s not always available online, and which can affect the home’s price and enhance your bargaining power.

But most real estate agents are ultimately working for the seller, in that commission is paid by the seller and only triggered by a sale. That’s why you’ll want to find an exclusive buyer’s agent, if you can. They can be hard to find. However, agents of all kinds are generally bound by state real estate licensing laws to act in a fair and ethical manner.

How long will this take?

You’ll likely view about 10 homes over 10 weeks to find a home you’re willing to make an offer on, according to a survey by the National Association of Realtors. Roughly half of those surveyed said finding the “just right” home was the most difficult part, but even so, there’s lots left to be done.

The entire process from contract to closing (not counting the time you’ll spend getting preapproved for a loan and house hunting) will normally take from 30 to 45 days. A contract timeline is usually no longer than 60 days. Some of the steps involved include:

1. Negotiating and submitting an offer (1-5 days)
2. Signing a sales contract (1-3 days)
3. Securing your financing (21-30 days, sometimes more)
4. Having a home inspection completed (7-10 days)

Unfortunately, after the contract is accepted, it’s mostly out of your hands. Any hitches along the way can sometimes delay the process. If you need to sign an authorization or respond to a request, do it as quickly as you can — and then just wait patiently.

Managing expectations

Buying a home, especially the first time around, will probably leave you with a feeling of information overload. At practically every meeting you’ll be given “helpful” guides, informational booklets and legally required disclosures. That’s why we’re boiling it all down for you — our goal is to limit your homebuying experience to as few surprises as possible.

By NerdWallet
Courtesy of First Choice Title Services & Escrow, Inc.

First Choice Title Services & Escrow, Inc

3 SW 129th Avenue, Suite 202

Pembroke Pines, FL 33027

http://www.firstchoicetitleservices.com/

Phone (954) 433-7680

Fax (954) 433-7355

maria@firstchoicetitleservices.com

What Everybody Ought to Know About a Home Appraisal

You’ve found the home that meets your needs and are ready to make an offer. Before you can actually get through the door, however, you have to go through the home appraisal. A home appraisal will determine how much the home in question is really worth. The worth or value of the property will in turn determine how much your lender is willing to give you to buy the home.

The What and The Why

In short, a home appraisal is the part of the mortgage process when a state-licensed and certified real estate appraiser determines the value of a property. This professional is an independent third party who can have no financial stake in the outcome of the appraisal. Lenders generally require a home appraisal if you are using the home as collateral for the loan. It ensures that the property is worth as much as the bank will be investing, and keeps buyers from overpaying for a home.

The How

A home appraisal is paid for by the buyer as a part of the home loan process at closing and costs around $300, depending on the price of the home. An appraisal notes and includes details including an estimate of how long it will take to sell the home, where the home is located, how the type of area it’s in will affect the value, how the property compares to three other similar properties in the area (comps), and any draw backs to the property (foundation, access, condition, etc). The appraiser will also look at lot size, square footage, the materials making up the interior of the home, fixtures, improvements made to the home, the foundation, exterior condition of the home, systems (air conditioning, sound system, security system), and outdoor features (pool, deck, etc). Check out this uniform residential appraisal report from Freddie Mac for a better idea.

The appraisal is normally carried out in three steps, including a physical visit to the home (a few hours), a comparison of the home to comparable properties in the area that have recently sold, and the creation of the report (all together taking about seven days).

If You’re the Seller

If you’re the home seller and want to make sure your home gets appraised for at least the amount it’s listed for, there are things you can do to positively impact the appraisal.

First off, clean your home or hire someone to do it for you. A clean, well-kept house tends to net a higher appraisal. Tend to the home’s exterior and up its curb appeal by pulling weeds, mowing the lawn, and touching up peeling paint. Make small improvements like fixing holes in the drywall or getting rid of unsightly stains in the carpet. If you can, provide the appraiser with a list of comparable homes that have recently sold. Although they will do this regardless, it’ll be nice for them to know you did your research before settling on a listing price. Lastly, provide the appraiser with a list of improvements and updates you’ve made to the home as well as a list of the positive aspects of your neighborhood (including new grocery stores, parks, schools, etc).

 

In Closing

Although there is no fixed expiration date on an appraisal, many lenders consider them outdated after six months. You are allowed to accompany the appraiser during the home appraisal and have the right to view a copy of the appraisal.

If you’re unhappy with the appraisal, most lenders have appeal procedures called “Reconsiderations of Value.” If you’re aware of home improvements or recent, comparable sales that were unavailable or weren’t considered by the appraiser, provide this information to your lender. If there were legitimate problems with the first appraisal, you can always obtain a second appraisal. Furthermore, lenders are required to report legitimate complaints.

Overall, home appraisals are normally carried out in a professional manner and provide added security to the buyer. If the appraisal comes out at a markedly lower price than the listing price, you may have dodged a bullet.

By HouseHunt

First Choice Title Services & Escrow, Inc
3 SW 129th Avenue, Suite 202
Pembroke Pines, FL 33027
http://www.firstchoicetitleservices.com/
Phone (954) 433-7680
Fax (954) 433-7355
maria@firstchoicetitleservices.com