7 Steps to Take Before You Buy a Home

By doing your homework before you buy, you’ll feel more content about your new home.

Most potential home buyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.

1. Decide How Much Home You Can Afford

Generally, you can afford a home priced two to three times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.

2. Develop Your Home Wish List

Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top five must-haves and top five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.

3. Select Where You Want to Live

Make a list of your top five community priorities, such as commute time, schools, and recreational facilities. Ask a REALTOR® to help you identify three to four target neighborhoods based on your priorities.

4. Start Saving

Have you saved enough money to qualify for a mortgage and cover your down payment? Ideally, you should have 20% of the purchase price set aside for a down payment, but some lenders allow as little as 5% down. A small down payment preserves your savings for emergencies.

However, the lower your down payment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your down payment size can also influence your interest rate and the type of loan you can get.

Finally, if your down payment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and down payment assistance programs for first-time buyers.

5. Ask About All the Costs Before You Sign

A down payment is just one home buying cost. A REALTOR® can tell you what other costs buyers commonly pay in your area — including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.

6. Get Your Credit in Order

A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. The minimum credit score you can have to qualify for a loan depends on many factors, including the size of your down payment. Talk to a REALTOR® or lender about your particular circumstance.

You’re entitled to free copies of your credit reports annually from the major credit bureaus: Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.

7. Get Prequalified

Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.

If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.

Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage (ARM) offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.

 

Kids’ Rooms: Storage Solutions for Every Age

From babies who adore you to teens who ignore you, kids change — and so do their storage needs.

Here’s how to organize kids’ rooms from cradle to college.

Cradle Crawlers

Transformer cribs. An ordinary crib accommodates baby for two to three years — until he learns how to escape over the rail. Boost storage with a convertible crib with storage drawers ($145 to $350) that’ll convert and adapt to your toddler’s needs and beyond.

Some convertible cribs change into toddler beds, daybeds, or full-size headboards, giving you options as your youngster gets older. If you can’t find a crib with storage below, use the space between the legs for stowing bins or baskets for diapers, toys, and more.

Pimping the closet. Remove the door on the nursery closet for easy access, and install a variety of cool storage features. Drawers, bins, and shelves can round up onesies, booties, baby towels, diapers, and toiletries. A simple wire rack storage system is $90 to $350 at home improvement centers.

Install lower rods so baby, as he grows, can easily latch onto duds (and maybe even hang them up). Expandable hangers ($14 for a 3-pack) fit tiny baby clothes but open up to accommodate larger sizes when needed.

Toddlers and Elementary Age

Look ‘em in the eye. Stow books and puzzles on a low magazine rack or shelving unit so toddlers and elementary-age children can grab a good read or brain teaser on a whim. As children grow, paint the shelf to suit changing tastes and use it for teen magazines, framed photos, and school books.

Cornering the market. Young kids love nooks, so create a cozy hideaway by arranging storage units — open shelves, a desk top, and cabinets — so they (mostly) enclose one corner of your kid’s room. Bookshelves and kids’ desks range from $50 to $200.

Stock up with plenty of games, books, toys, and crafts supplies. Paint cabinet doors with blackboard paint to add an eye-level creative opportunity.

Corral the bling. Little girls often possess a cartload of hair ribbons, barrettes, and bows. Look for special organizers that keep them on display, orderly, and within easy reach. One option: Sort items into the pockets of a clear vinyl shoe holder ($10) that fits on the back of the door.

Tweens, Teens, and Beyond

A magnetic personality. A bulletin board is a great way for your tween or teen to organize and display all those photos of friends and Fido. Or, coat a vertical surface (such as a closet door) with magnetizing primer ($25/quart) and paint over the primer with a hip color. Use assorted magnets and magnetic clips and holders to display artwork, sports schedules, and homework reminders.

Making a (book)case. A bookcase headboard ($100 to $200) is a grown-up way for your teen or college student to keep reading materials organized and the tablet reader handy. Platform storage beneath the bed provides room for drawers or cubbies that can hold baskets and bins for corralling small stuff.

Explore the shallows. Commandeer space between wall studs and create a shallow storage niche outfitted with hooks, shelves, or rods for organizing jewelry and other smallish gear. Add a mirrored door to keep clutter out of sight.

Lofty ambitions. For a small bedroom, a loft-style bed offers a fun spot for snoozing and space below for bookcase storage, a futon, or a study desk. Loft beds for kids’ rooms start at $150 and range to $3,000 or more.

Keep rolling. Give your tween or teen a rolling caddy ($25 to $80) for storing personal bath supplies, jewelry, cosmetics, and hair gear. The caddy stores in the bedroom and rolls to a nearby bath and back.

 

Roofing: Repair or Replace?

Deciding whether to repair or replace roofing is largely an exercise in timing — you don’t want to re roof too soon and waste money, but you don’t want to wait too long either.

Eventually, all roofs wear out and need to be replaced. You don’t want to do it too soon, because you’ll waste money. But you also don’t want to wait too long, because then you’ll end up with leaks and expensive water damage. To get the timing right, you need to know how to assess the overall condition of your roof and identify early signs of roof failure.

The national average for a new asphalt shingle roof is about $21,500, according to Re modeling’s 2010-11 Cost vs. Value Report, of which you’ll recoup $12,800 at resale (59.5%). For high-end materials, such as standing-seam metal, the cost jumps to as much as $38,000.

If most of your roof is still in good shape, a spot repair makes sense. But if there are signs the roof is wearing out, or if it is more than 20 years old, replacing it may be the smarter choice.

Be Alert to Early Signs of a Roof Leak

If you check the condition of your roof at least once a year, you should be able to plan in advance for necessary repairs. Early signs of trouble include dark areas on ceilings, peeling paint on the underside of roof overhangs, damp spots alongside fireplaces, and water stains on pipes venting the water heater or furnace.

From the outside, you can assess your roof’s health by viewing it through binoculars. Warning signs include cracked caulk or rust spots on flashing; shingles that are buckling, curling, or blistering; and worn areas around chimneys, pipes, and skylights. If you find piles of grit from asphalt roof tiles in the gutters, that’s a bad sign, since the granules shield the roof from the sun’s damaging ultraviolet rays. Black algae stains are just cosmetic, but masses of moss and lichen could signal roofing that’s decayed underneath.

If you’re inspecting on your own and find worrisome signs, especially if the roof is old or there has been a storm with heavy wind or hail, get a professional assessment. Some roofing companies do this free; specialized roof inspectors, like those who work through the National Roof Certification and Inspection Association, charge about $175.

When Repairs Make Sense

You can usually repair a leak in a roof that is otherwise sound. The cost might range from $10 if you just need to squirt some roofing mastic into a gap alongside chimney flashing to $1,000 to fix a leak in a roof valley. If something sudden and unforeseen, such as a wind storm, causes a leak to appear, your homeowner’s insurance will probably cover the repairs. But you’re still responsible for limiting the damage, so put out buckets and try to get a local roofer to spread a tarp while you arrange for repairs. Insurance may not cover problems that stem from a worn-out roof or lack of maintenance.

The Cost of Re-Roofing

Stripping off old roofing and starting over typically costs about $3 a square foot for basic composition shingles. You may be able to leave an existing single layer and add a second layer on top of it for about $2 a square foot. If you plan to stay in the house for only a few years, this might seem like a smart way to save. But unless you’re so pressed for cash that your only other option is to risk leaks, it’s false economy. The second layer won’t last as long—only about 15 years rather than the standard 20—and you won’t get new flashing or underlayment or the opportunity to upgrade to features that make a roof stronger. Plus, when you go to sell, your re-covered roof will look a little lumpy, and potential buyers may interpret the two layers as a sign that other home improvements were also done on the cheap.

Make Sure to Factor in Hidden Costs

When you evaluate bids, don’t just look at the total. A bare-bones estimate might include a single layer of 15-pound building paper under the roofing, while a better but more expensive bid includes 30-pound paper plus self-stick rubbery material along eaves to protect against damage from ice dams. Bids might also differ in whether they include the cost of disposing of the old roofing, on hourly rates for structural repairs, and on costs related to gutters.

Once you settle on a contractor, check to make sure the company is licensed and insured. Also discuss how the crew will minimize damage to landscaping, and who will pay for any that occurs. Schedule the roof work during dry weather, if possible, so your lawn doesn’t take as much of a beating. You’ll sleep better, too, if you’re not worrying about rain coming in when the roof is half-done.

Get the Most From a New Roof

A new roof isn’t something most families buy happily. But getting multiple benefits from it makes it easier to shell out the money. As part of a new roofing project, you can incorporate many features that make your home more environmentally friendly, some of which may qualify for a federal tax credit to offset the cost. You can also choose roofing that’s more resistant to fire or damage from wind and hail, which may qualify you for a discount of 30% or more on your homeowner’s insurance policy.

What Not to Do as a New Homeowner

Avoid these easy-to-prevent mistakes that could cost you big time. You’ve finally settled into your new home. You’re hanging pictures and pinning ideas for your favorite bath.

But in all your excitement, are you missing something? Now that you’re a bonafide homeowner are there things you should know that you don’t?

Probably so. Here are six mistakes new homeowners often make, and why they’re critically important to avoid.

#1 Not Knowing Where the Main Water Shutoff Valve Is

Water from a burst or broken plumbing pipe can spew dozens of gallons into your home’s interior in a matter of minutes, soaking everything in sight — including drywall, flooring, and valuables. In fact, water damage is one of the most common of all household insurance claims.

Quick-twitch reaction is needed to stave off a major bummer. Before disaster hits, find your water shutoff valve, which will be located where a water main enters your house. Make sure everyone knows where it’s located and how to close the valve. A little penetrating oil on the valve stem makes sure it’ll work when you need it to.

#2 Not Calling 811 Before Digging a Hole

Ah, spring! You’re so ready to dig into your new yard and plant bushes and build that fence. But don’t — not until you’ve dialed 811, the national dig-safely hotline. The hotline will contact all your local utilities who will then come to your property — often within a day — to mark the location of underground pipes, cables, and wires.

This free service keeps you safe and helps avoid costly repairs. In many states, calling 811 is the law, so you’ll also avoid fines.

#3 Not Checking the Slope of Foundation Soil

The ground around your foundation should slope away from your house at least 6 inches over 10 feet. Why? To make sure that water from rain and melting snow doesn’t soak the soil around your foundation walls, building up pressure that can cause leaks and crack your foundation, leading to mega-expensive repairs.

This kind of water damage doesn’t happen overnight — it’s accumulative — so the sooner you get after it, the better (and smarter) you’ll be. While you’re at it, make sure downspouts extend at least 5 feet away from your house.

Related: How to Prevent Water Damage

#4 Not Knowing the Depth of Attic Insulation

This goes hand-in-hand with not knowing where your attic access is located, so let’s start there. Find the ceiling hatch, typically a square area framed with molding in a hallway or closet ceiling. Push the hatch cover straight up. Get a ladder and check out the depth of the insulation. If you can see the tops of joists, you definitely don’t have enough.

The recommended insulation for most attics is about R-38 or 10 to 14 inches deep, depending on the type of insulation you choose. BTW, is your hatch insulated, too? Use 4-inch-thick foam board glued to the top.

Related: Attic Air Leaks: How to Find and Seal Them

#5 Carelessly Drilling into Walls

Hanging shelves, closet systems, and artwork means drilling into your walls — but do you know what’s back there? Hidden inside your walls are plumbing pipes, ductwork, wires, and cables.

You can check for some stuff with a stud sensor — a $25 battery-operated tool that detects changes in density to sniff out studs, cables, and ducts.

But stud sensors aren’t foolproof. Protect yourself by drilling only 1¼ inches deep max — enough to clear drywall and plaster but not deep enough to reach most wires and pipes.

Household wiring runs horizontally from outlet to outlet about 8 inches to 2 feet from the floor, so that’s a no-drill zone. Stay clear of vertical locations above and below wall switches — wiring runs along studs to reach switches.

#6 Cutting Down a Tree

The risk isn’t worth it. Even small trees can fall awkwardly, damaging your house, property, or your neighbor’s property. In some locales, you have to obtain a permit first. Cutting down a tree is an art that’s best left to a professional tree service.

Plus, trees help preserve property values and provide shade that cuts energy bills. So think twice before going all Paul Bunyan.

 

Repair Walls to Give Rooms a Fresh Face

Sooner or later you’ll repair walls that make rooms look worn out. Erasing dings, dents, and scuffs is an easy fix. We’ll show you how.

Repair walls filled with dents, dings, and scuffs, and you’ll make rooms look young and fresh and maintain the value of your home. Fortunately, repairing walls is a good weekend warrior project. Here’s how to fix your home’s face in a hurry.

Patch Drywall to Smooth Walls

A putty knife, spackle, or joint compound can repair wall damage that ages a room.

Dents and dings: A quart of spackle ($11) and a putty knife can fill dozens of small wall indentations. Spackle adheres to painted walls better than joint compound, though it takes a bit longer to dry. Cut wall repair time by thoroughly wiping away excess spackle.

Fist-sized holes: Joint compound is your best bet when covering the mesh or drywall patches that cover big holes. You’ll need at least two thin coats of compound and fine grit sandpaper to blend repairs into the rest of the wall.

Nail pops: Nail pops travel in packs: Rarely do you see just one. To repair walls pocked with pops, hammer the popped nail back into the wall or pull it out with a needle-nose pliers; refasten the drywall to the nearest stud with a couple of screws, then fill dents with two or three coats of joint compound. Sand until smooth and flush with the rest of the wall, then repaint.

Remove Marks for a Clean Start

Microfiber cloths are little miracles that erase the evidence of a childhood well spent, drawing on and caroming off walls. To get rid of scuff marks and fingerprints:

  • Spray an all-purpose cleaner onto the cloth (never directly onto walls to avoid drips) and swipe the scuff. (Test a hidden spot to make sure the cleaner doesn’t take off paint with the mark.)
  • Pour a little dish soap onto a damp cloth and wipe the mark.
  • Dip a sponge into an earth-friendly and slightly abrasive paste of dish soap, baking soda, and water, and gently scrub grime.
  • To repair walls decorated with crayon marks, dab toothpaste onto a towel or toothbrush and scrub marks.
  • Use a Mr. Clean Magic Eraser ($3), the best instant wall cleaner around. Wet and wring the eraser before attacking scuffs.

Touch Up What You Can’t Wipe Out

Prepare for inevitable touch-ups by keeping leftover paint or at least recording the paint number and/or formula (paint names change). Don’t have the original? Scrape off a little and ask your paint store to match it.

For touch-ups, use the same type of brush or roller the original painter used. Feather the paint from the outside borders in.

If touch-ups stand out, paint the entire wall, making sure to paint corner to corner and avoid splatters onto the ceiling and adjacent walls.

 

Don’t Go Over Budget on a Renovation

‘Home renovations on a budget’ isn’t an oxymoron. It can be done with these 5 tips.

When Kelly Whalen demolished her built-in bookshelves as part of a living room DIY, she found it gave the room some much-needed space. Unfortunately, she also found a hidden subfloor made from asbestos(!) tiles. She hadn’t budgeted for a new subfloor — or for the removal of a toxic substance. Yikes.

And there were more surprises. “When we pulled up the tiling, we found we also had to pull out two layers of wall paneling just to get to the edges of the room,” says the Exton, Penn., native. The paneling fix led to a need for new insulation and drywall. What started as a small project quickly ballooned — and so did Whalen’s expenses.

Almost four out of 10 homeowners go over budget when doing a remodel, according to a 2014 report from home improvement site Houzz. Another stat that’ll make you think: Only one in five comes in under budget. Protect your bottom line with these five tips:

1. Reconsider DIY

DIY is cheaper, right? Not necessarily, says Philadelphia-based interior architecture and design expert Glenna Stone. Depending on the project, amateurs beware.

“If you don’t have the expertise, you could end up paying between 10% and 40% more,” Stone says.

Why? While your DIY labor is technically free, your lack of know-how can be costly.

And then there’s hiring and scheduling. A task like moving a wall could mean hiring an engineer and an architect, not to mention coordinating permits. A general contractor knows who’ll do the best work for the best price, and they’ll know when to schedule them to avoid wasting dollars on inefficient use of time.

“If the plumber comes out before you’re ready for him, they’ll charge you for that visit, and then to come out again,” says Stone.

Finally, a contractor is more likely to get it right the first time. There’s nothing like having to buy stuff twice because you messed up. Stone recommends hiring a general contractor for most medium- to large-scale jobs.

Takeaway: Don’t DIY unless you really know what you’re doing. Mistakes cost more than hiring a pro the first time.

2. Hire the Right Experts

If you decide to forgo the general contractor route and hire individual workers yourself, it’s best to get at least three quotes for each service performed. Talking to professionals isn’t just about finding the most competitive price. It’s also an opportunity to figure out what services each individual contractor includes within his fee.

In fact, the least expensive contractor may be a warning sign for inferior construction quality or subpar building materials. A bid worth reviewing should include a line item for every charge.

“‘Everything’ means every detail, from [the] exact kind of sink fixture to brand of roof shingles,” says Dean Bennett, president of Dean Bennett Design and Construction in Castle Rock, Colo. Even the color of the outlets in each room should be included in the bid, he adds.

Takeaway: The more detail that’s in the bid, the more likely you’ll come in on budget.

3. Map Out the Project Step by Step (So You Don’t Miss Anything)

So, you’re planning to put up a backsplash. What do you need to put into your budget? The tile and adhesive, right? And that’s about it?

Try again. Big project or small, the more detailed your plan, the better prepared you’ll be for both the expected and unexpected costs that can (more like will) arise.

When estimating the cost of your project, consider the large expenses, like that tile and adhesive, but also remember the little items like sales tax, delivery charges, shipping charges, the float, caulking, cleaning materials, and more. For bigger projects, you’ll need to estimate engineering costs, interest costs, permit fees, and sewer and water tap fees, says Bennett. The more you can plan to expect, the better.

Takeaway: Don’t forget the “small” costs. Like pennies, they might not seem like much at first, but they sure do add up.

4. Know Where You’re Willing to Cut Corners — and Where You’re Going to Invest

Before setting a project budget, consider what features are most important to you. When it comes to allocating funds, ancillary desires should take second place to your overall project goals.

If, for example, your primary goal is to expand your cabinet space, how vital are custom cabinets or high-end finishes to that goal? “If you’re … OK with using stock sizes, you can save about 20% to 30% on your budget,” says Stone. So if your bottom line is to increase kitchen storage space, stay on budget by sticking with stock cabinets instead of paying more for custom.

On the flip side, if your goal is to gain more glam than storage space, custom cabinets may be where you want to splurge.

Takeaway: Let your goals drive your budget decisions.

5. Pad Your Budget

“For any large renovation, you have to plan for the unexpected,” says Stone. You could open a wall and find electrical work needs to be done. You could find that your chosen tile is on back order and your second choice comes at a higher cost. Stone suggests building a 10% buffer into the budget. Some experts suggest more — up to 25% for those with older homes. According to Stone, that cash cushion is used more often than not.

When the unexpected does arise, it can pay to keep a level head. “Even if you feel pressed for time, give yourself at least 24 hours to make an unexpected decision,” says Stone. When people are reaching their threshold for how long and to what degree they’ve had their house torn apart, “they rush into a decision,” she says. “They regret it almost 100% of the time.”

Takeaway: Pad your budget for the unexpected — and don’t rush decisions.

What Not to Do as a New Homeowner

Avoid these easy-to-prevent mistakes that could cost you big time.

We know so well the thrill of owning your own house — but don’t let the excitement cause you to overlook the basics. We’ve gathered up a half dozen classic boo-boos new homeowners often commit — and give you some insight on why each is critically important to avoid.

1. Not Knowing Where the Main Water Shutoff Valve Is

Water from a burst or broken plumbing pipe can spew dozens of gallons into your home’s interior in a matter of minutes, soaking everything in sight — including drywall, flooring, and valuables. In fact, water damage is one of the most common of all household insurance claims.

Quick-twitch reaction is needed to stave off a major bummer. Before disaster hits, find your water shutoff valve, which will be located where a water main enters your house. Make sure everyone knows where it’s located and how to close the valve. A little penetrating oil on the valve stem makes sure it’ll work when you need it to.

2. Not Calling 811 Before Digging a Hole

Ah, spring! You’re so ready to dig into your new yard and plant bushes and build that fence. But don’t — not until you’ve dialed 811, the national dig-safely hotline. The hotline will contact all your local utilities who will then come to your property — often within a day — to mark the location of underground pipes, cables, and wires.

This free service keeps you safe and helps avoid costly repairs. In many states, calling 811 is the law, so you’ll also avoid fines.

3. Not Checking the Slope of Foundation Soil

The ground around your foundation should slope away from your house at least 6 inches over 10 feet. Why? To make sure that water from rain and melting snow doesn’t soak the soil around your foundation walls, building up pressure that can cause leaks and crack your foundation, leading to mega-expensive repairs.

This kind of water damage doesn’t happen overnight — it’s accumulative — so the sooner you get after it, the better (and smarter) you’ll be. While you’re at it, make sure downspouts extend at least 5 feet away from your house.

4. Not Knowing the Depth of Attic Insulation

This goes hand-in-hand with not knowing where your attic access is located, so let’s start there. Find the ceiling hatch, typically a square area framed with molding in a hallway or closet ceiling. Push the hatch cover straight up. Get a ladder and check out the depth of the insulation. If you can see the tops of joists, you definitely don’t have enough.

The recommended insulation for most attics is about R-38 or 10 to 14 inches deep, depending on the type of insulation you choose. BTW, is your hatch insulated, too? Use 4-inch-thick foam board glued to the top.

5. Carelessly Drilling into Walls

Hanging shelves, closet systems, and artwork means drilling into your walls — but do you know what’s back there? Hidden inside your walls are plumbing pipes, ductwork, wires, and cables.

You can check for some stuff with a stud sensor — a $25 battery-operated tool that detects changes in density to sniff out studs, cables, and ducts.

But stud sensors aren’t foolproof. Protect yourself by drilling only 1¼ inches deep max — enough to clear drywall and plaster but not deep enough to reach most wires and pipes.

Household wiring runs horizontally from outlet to outlet about 8 inches to 2 feet from the floor, so that’s a no-drill zone. Stay clear of vertical locations above and below wall switches — wiring runs along studs to reach switches.

6. Cutting Down a Tree

The risk isn’t worth it. Even small trees can fall awkwardly, damaging your house, property, or your neighbor’s property. In some locales, you have to obtain a permit first. Cutting down a tree is an art that’s best left to a professional tree service.

Plus, trees help preserve property values and provide shade that cuts energy bills. So think twice before going all Paul Bunyan.

How to Fix Common Wall and Floor Problems

Although some maintenance projects are best left to the pros, these three easy DIY fixes will give you bragging rights.

We turned to three bloggers for ideas on how to tackle some little, but nagging, household wall and floor issues.

A Made-Up Drywall Repair

The problem: Concealing drywall damage is a tricky business that requires a handful of drywall tools and materials to make walls look like new. To fix coin-sized holes, many traditionalists use mesh or paper tape. But not Lesli DeVito, the DIY blogger behind My Old Country House.

The fix: Cosmetic wedges! DeVito first tried patching the two nickel-sized openings with cement board she had lying around, but the pieces didn’t fit as you can see in the picture below (left).

Tool list:

  • Make-up sponges
  • Scissors
  • Spackle
  • Putty knife
  • Sandpaper

How to:

  1. Cut the wedges into pieces that are slightly larger than the holes.
  2. Spackle the drywall and wipe off the excess.
  3. When the spackle dries, sand the area until it’s smooth.
  4. Add a fresh coat of paint.

Now DeVito challenges people to find where the holes were; go ahead, take a peek.

 

A Seamless Way to Remove Nails from Trim and Flooring

The problem: You can save some dough by using salvaged materials like trim and oak flooring. But before you can install or even safely store them, you have to pull out any old nails — without damaging the wood.

The fix: Although you might be tempted to whack the nail from the back with a hammer and then yank it, don’t. That can mar the surface. Instead, pull the nails out from the back, says Peter Fazio from the site Dadand.

Tool list:

  • Pliers
  • Work gloves
  • Drop cloth

How to:

  1. Put the trim or floorboard face down on a drop cloth to protect the front surface.
  2. Using your pliers, grab the nail and gently roll onto the curved part of the tool until the nail pops out.

If the old filler used to conceal the nail on the front side pops out, it’s easy to fix. Refill the hole with color-matched wood filler (it’ll work for composite trim, too). Scrape the top of the repair gently with a putty knife to remove excess filler — otherwise you’ll leave a noticeable bump.

If you can’t find color-matched filler, repair the hole and gently sand the area smooth. Spot paint to match.

The Trick to Spiffing Up Grody Grout

The problem: When Virginia from LiveLoveDIY painted her kitchen cabinets bright white, her dingy tile grout became a real eyesore.

Sure, cleaning agents like hydrogen peroxide can brighten discolored floors, but they won’t do much for grout. Grout is gritty and easily stains; despite scrubbing, it may never appear clean.

The fix: Using what she calls the “best product ever,” a bottle of Polyblend Grout Renew (there are other brands, too), a stain- and fade-resistant grout paint in snow white. It cost $10 for an 8-ounce bottle, which was enough to cover the all grout in her kitchen.

Tool list:

  • Grout paint
  • Toothbrush
  • Rags or paper towels

How to:

  1. Squeeze a dollop of paint on the grout and scrub it in with a toothbrush. (The paint Virginia used dries fast, so you’ll need to work quickly.)
  2. Wipe off the excess from tile with a paper towel.

Including a few breaks, it took her about four hours to complete the job, which she says was time well-spent. Virginia also says the grout paint is easy to keep clean.

Tip: You might also want to seal the grout paint after it dries.

Keep Your Home Purchase on Track

buysell-home-inspection-getty_3x2_c3dc1565a0f8379135c91c1bc036af04_540x360_q85A home purchase isn’t complete until you make it to the closing. Until then, the transaction can fall apart for many reasons. Here are five tips for avoiding mistakes that cause a home sale to crater.

1.  Be truthful on your mortgage application.

You may think fudging your income a little or omitting debts when applying for a mortgage will go unnoticed. Not true. Lenders have become more diligent in verifying information on mortgage applications. If you fib, expect to be found out and denied the loan you need to fund your home purchase. Plus, intentionally lying on a mortgage application is a crime.

2.  Hold off on big purchases.

Lenders double-check buyers’ credit right before the closing to be sure their financial condition hasn’t weakened. If you’ve opened new credit cards, significantly increased the balance on existing cards, taken out new loans, or depleted your savings, your credit score may have dropped enough to make your lender change its mind on funding your home loan.

Although it’s tempting to purchase new furniture and other items for your new home, or even a new car, wait until after the closing.

3.  Keep your job.

The lender may refuse to fund your loan if you quit or change jobs before you close the purchase. The time to take either step is after a home closing, not before.

4.  Meet contingencies.

If your contract requires you to do something before the sale, do it. If you’re required to secure financing, promptly provide all the information the lender requires. If you must deposit additional funds into escrow, don’t stall. If you have 10 days to get a home inspection, call the inspector immediately.

5.  Consider deadlines immovable.

Get your funds together a week or so before the closing, so you don’t have to ask for a delay. If you’ll need to bring a certified check to closing, get it from the bank the day before, not the day of, your closing. Treat deadlines as sacrosanct.

Source: HouseLogic

Find the Home Loan that Fits Your Needs

man-woman-looking-laptop-veer_fe263dc4a8e595e21658ec726585fc18__3x2_540x360_q85It’s easier to settle happily into your new home if you’re confident you can afford it. Here’s what you need to know about your mortgage financing options, including how to choose the loan that matches your income and tolerance for risk.

Mortgage Financing Basics

The most important features of your mortgage loan are:

1.  Term (how long the loan lasts)

Mortgages typically come in 15-, 20-, 30- or 40-year lengths. The longer the term, the lower your monthly payment. The interest rate on a 15-year mortgage might be 1% lower than the rate on a 30-year mortgage.

The trade-off for a lower payment on the 30-year mortgage is that you make more payments. Since you borrow the money for longer, you pay more interest to the lender.

2.  Interest Rate (how much you pay to borrow money)

Mortgage interest rates generally come in two flavors: fixed and adjustable.

A fixed rate gives you the same interest rate and payment until the end of your mortgage. That’s attractive when you’re risk-averse, if your future income won’t rise, or when interest rates are low.

The interest rate you pay on an adjustable-rate mortgage (ARM) changes at some point in the future based on where interest rates are at that time. ARMs are named for how long the rates last. For example, with a 5/1 ARM, your rate changes after the first five years and again every year after that.

ARM Risks and Rewards

An adjustable-rate mortgage rate goes up or down based on a particular financial market index, such as treasury bills. Typically, ARMs include a limit on how much the interest rate can change, such as 3% each time the rate changes, or 5% over the life of the loan.

Rewards for the uncertainty:

  • ARMs can be a good choice if you expect your income to grow significantly in the coming years.
  • The interest rate may drop if the financial market index that it tracks dips.
  • An ARM usually starts at a lower rate than a fixed-rate mortgage of the same length and that can mean big savings.

Risks: If rates go up, your ARM payment will jump dramatically. So before you choose an ARM, be comfortable with your answers to these questions:

  • How much can my monthly payments go up at each adjustment?
  • How soon and how often can my monthly payment go up?
  • Can I afford the maximum monthly payment?
  • Do I expect my income to increase or decrease by the time the mortgage payment adjusts?
  • Do I plan to own the home for longer than the initial low-interest-rate period, or do I plan to sell before the rate adjusts?
  • Will I have to pay a penalty if I refinance into a lower-rate mortgage or sell my house?
  • What’s my goal in buying this property? Am I considering a riskier mortgage to buy a more expensive house than I can realistically afford?

More Mortgage Options: Government-Backed Loans

If you’ve saved less than the ideal downpayment of 20%, or your credit score isn’t high enough for you to qualify for a fixed-rate or ARM with a conventional lender, consider a government-backed loan from FHA or the Department of Veterans Affairs.

FHA offers adjustable- and fixed-rate loans at reduced interest rates and with as little as 3.5% down; VA offers no-money-down loans. FHA and VA also let you use cash gifts from family members.

Before you decide on any mortgage, remember that slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment. To determine how much your monthly payment will be with various terms and loan amounts, try realtor.com’s mortgage calculator.

Source: HouseLogic