Monday, January 28, 2008 4:11 PM
It’s tough to sock away funds toward a down payment when you’re laying out rent every month. No wonder rent-to-buy arrangements seem like a sweet deal.
How They Work: These agreements allow you to pay rent monthly on your apartment or house, with some or all of your payments being used to defray the cost of eventually buying it. Usually you’ll have a contract at the outset specifying how long you can rent and what portion of your payments count toward the down payment.
The Pitfalls: The apartment or house may carry a higher price tag than if you had bought it on the open market. That’s because the seller is getting the money in dribs and drabs, not all at one time. Also, at some point, you’ll still need to get a regular mortgage to complete the deal.
Tip: These transactions can be complicated, so find a buyer’s agent with experience in lease-to-buy deals. She’ll walk you through the process and protect your interests.
-- Betsy Wiesendanger
Filed under: Real estate
Posted by Nest Caitlin
Tuesday, October 30, 2007 10:30 PM
I love light, especially in my bedroom. In the morning the sun blasts in and excites me about the great day ahead! But I also want to control the amount and kind of light in my home. Natural daylight is great, of course, and I just would not be happy if the sun never streamed through my windows. But in the evening, when I am at home playing, reading or doing homework with my son, I really want the light in my rooms to work with and for me. That means having a variety of lighting options at my fingertips.
If you live in an apartment or house where the rooms have one center ceiling light and maybe a lamp or two on end tables you could be in the dark when it comes to the advantages of great lighting. Great lighting helps set the mood for date night or dinner parties, and allows you to read and write comfortably. It can also highlight artwork and pictures on shelving. And a good lighting system adds value to your home – dark rooms turn off buyers.
I recommend extending a single overhead fixture with halogen track lighting or energy efficient low voltage flush-mounted pin lights. Both come in an array of styles and prices, making them affordable options. Track and pin lights are easily installed and should take a licensed electrician less than half a day to finish one room.
Another bright idea when it comes to lighting is dimmers. If you have not installed dimmers on all the switches in your home, run don't walk to your nearest home center to pick up some dimmer kits. They are inexpensive and a very useful interior design feature.
Dimmers give you so much flexibility. When you need a lot of light, move the switch to full strength illumination. If you want softer light, just lower the switch. The instructions are easy to follow and it only takes about 45 minutes to install one unit. Just remember to take all necessary safety precautions when doing electrical work - even simple jobs require caution, such as making sure the power is off, and the work area is completely dry. So light up your life and enjoy the glow!
Monday, October 08, 2007 12:51 PM
When I first moved into my house, several years ago, one of the features I liked the most was its great sliding doors. The first summer I noticed a few unsightly tears in their screens. I thought it would be a problem to fix or replace them. It took a few unpleasant encounters with bugs and insects to change my mind. Turns out it’s pretty easy. Besides, holes and tears in window screens make a house look uncared for – bad news if you are thinking of selling!
A minimal investment of time and a few simple tools get your screens in top shape. Work with a friend, who can help hold the screen taut while you work, and the job should only take about 20 minutes per screen.
All you need is screening (buy it for a few dollars at a home center), screen spline (thin, narrow piece of wood, metal or plastic that fits into or onto the edges of the window and holds the screen taut), a screwdriver, 1-1/4" putty knife, utility knife, clean paint brush, small clamps, and screening tool with a convex wheel at one end, and a concave wheel at the other.
Clear a flat, firm surface as a workspace and remove the torn screen window. Use a flat head screwdriver or putty knife to pry out the old spline. Remove the screen and clear the channel with a clean paintbrush. Cut a new piece of screen 2" larger than the opening. Use the screening tool's convex wheel to push the screen into the channel all around the window, keeping screen smooth and taut. Cut a piece of the spline 6" longer than the perimeter of the opening. Use the concave wheel on the screening tool to push the spline and the screen into the channel all the way around the window, maintaining tension. Cut any excess screen from outside the spline with a utility knife, and then reinstall the window.
Pour a glass of iced tea -- and enjoy the breeze. If I can do it, so can you!
Thursday, September 27, 2007 8:33 PM
In my house everyone “hangs out” in the kitchen. That’s one reason why I want it to be beautiful and comfortable. Even though I am not a great cook, investing in my kitchen is a smart financial move since I can get back between 85% and 150% of what I put into it if I ever sell my house. Yet, not everyone can afford to undertake a major kitchen redo, which can cost a bundle. The average price of a kitchen renovation can cost $30,000.
If you’re short on funds, or are selling your place and don’t have time for a major redo, don’t despair. There is a lot you can do to revamp the room without busting your budget or using up valuable time. Start with your cabinets -- improving them gives the greatest impact, even in small spaces.
Consider changing the knobs on cabinet doors. For instance, gold and brass pulls are old school – brushed nickel and stainless steel handles are sleek and modern. All you need is a screwdriver (or a power screwdriver for even faster work), a little inspiration, and an hour to make the switch.
If your cabinets are dark and dreary paint them a crisp white or French blue. Make sure to wash the cabinets thoroughly with a degreasing cleanser, remove the doors (number them to correspond to the cabinets so reinstalling is easier) and sand them and the cabinet fronts lightly. Remove the dust with a tack cloth, prime with an oil-based primer and let it dry overnight. The next day, get painting with a semi or high gloss paint (depending on your preference). You might need to give the cabinets two coats. Let them dry for 48 hours, then reinstall.
If you don’t have time to paint the doors, you can send them to a pro and for about $15 per door they will give your doors a professional spray with a color of your choice. You will still have to paint the cabinet fronts – but it takes far less time than painting everything yourself.
Finally, if your cabinet doors are really out of date, consider changing them. Replacing doors costs about 75% less than buying new cabinets. And the result is dramatic. Google “cabinet refacing” to find dealers in your area.
Then order your favorite takeout and invite your friends in to admire your handiwork.
Monday, December 03, 2007 8:21 AM
Not necessarily. If rocky credit has turned you into the most unpopular loan-seeker on the block, think about applying for the loan under your spouse's name only (assuming his or her credit is in better shape then yours). It's not ideal, because with just one salary involved, you'll have less-attractive loan options with higher interest rates. But don't despair: When you've finally whipped your own credit into shape, you can add your name to the paperwork later.
Posted by Erin*
Thursday, August 23, 2007 4:53 PM
It took almost throwing out some trees and shrubs on my property to learn just how costly mature plantings are to buy. Luckily, a gardener I know stopped me before I yanked valuable greenery from my front yard. That was quite a while ago – now I understand that whether you live in the city or the suburbs, beautiful trees and shrubs enhance your terrace, roof garden, balcony or yard.
Great landscaping tells your neighbors you care about your home, they look great, and their sweet scent and rustling leaves makes home life so pleasant. They are long lasting, grow more beautiful over time, attract birds and butterflies, and are low maintenance (meaning I don’t have to fuss over them). Trees and shrubs are a good investment too. In fact, a recent study by the American Nursery & Landscape Association found landscaping increases property values by 7% to 14%.
I love color, so I favor trees that offer a spring show such as dogwood, cherry, and red bud or have interesting foliage, like Japanese maple and ginko trees (all stand up to the harsh realities of city environments too). To create a fast growing evergreen screen (think noisy city or country neighbors), Thuga Green Giant is a good choice. It’s tall and elegant and can grow 5 feet a year. Shrubs like flowering almond, azalea, and butterfly bush add interest to container gardens. All of these species can be found at large nurseries or home centers.
So this weekend, plant some trees and shrubs – and enjoy your great new view!
Thursday, August 23, 2007 4:51 PM
I’m not much of a cook but whether I am in the city or the country I love barbequing. In fact, I am a master at taming the flame and grilling up all sorts of goodies. That’s why it’s so important that my barbeque sits on a nice deck. It can look pretty dismal after a wet and cold winter and spring. Deck stain and waterproofing doesn’t last forever.
A dirty, dull deck is to your house like ring around the collar is to a crisp white shirt: it makes the whole thing look dingy. Now is the time for a deck re-do, before summer temperatures skyrocket, making it too hot for staining (stain won’t dry properly if done in extreme temperatures – over 85 or less than 55 degrees). A great looking deck is also an asset to homebuyers. If you are thinking of putting a For Sale sign up, a great deck adds curb appeal and value.
First, wash the deck. You can rent a power washer at a home rental center, but you can also do it by hand (get the kids involved). Use a long handled bristle brush and warm, soapy water (a cup of bleach added to two gallons of water will remove mildew and moss). After you’ve scrubbed the deck, rinse it off using the jet setting on a hose sprayer attachment. Let the deck dry completely. Pour deck stain in the shade of your choice into a paint tray and use a long handled roller to apply the stain to the deck. Apply it lightly, and try not to overlap edges. Use a brush on railings.
Let the stain dry for 24 hours – and then enjoy a long, cool drink with your friends on your just-like-new deck!
Thursday, September 06, 2007 8:20 AM
Every time you make a mortgage payment, you’re putting money into your own pocket, but it’s not exactly like a checking account because you can’t take it out unless you sell your house. In the interim, however, your bank can loan you money based on the amount of cash you’ve put into your pad. The process is just like taking out a loan, except that your collateral is easy to assess.
The bank will do an appraisal of your property to figure out its value, and then will calculate how much equity you have in it -- which takes into consideration your down payment, your payments to the principal and any increase in value in the property. You can take out the money in a lump sum, called a home equity loan and also referred to as a second mortgage, and pay it back with interest payments. Or you can get a line of credit, where the bank makes the money available to you for a certain time period and you make payments on just the amount you actually withdraw.
As with mortgages, these loans come with fixed rates or adjustable rates, and also come with closing costs and fees. On a good note, however, the interest may be tax deductible, just like on your regular mortgage.