Know How the Sq Ft Were Measured

Measuring the home“It is amazing all the misunderstandings that occur when buyers are comparing homes on the internet.  You wouldn’t think that comparing the size of two homes would be a difficult task.  They have the Square Footage in the listing, right? However, there are several things to be aware of when reading those listing to make sure you are interpreting the numbers correctly.”

Denise Buck & Ed Johnson – DC Metro Realty Team

In an attempt to compare homes, one of the common denominators has been price per square foot. It seems like a fairly, straight forward method but there are differences in the way homes are measured.

The first assumption that has to be made is that the comparable homes are similar in size, location, condition and amenities. Obviously, a variance in any of these things affects the price per square foot which will not give you a fair comparison.

The second critical area is that the square footage is correct. The three most common sources for the square footage are from the builder or original plans, an appraisal or the tax assessor. The problem is that none of sources are infallible and errors can always be made.

Still another issue that causes confusion is what is included in measuring square footage. It is commonly accepted to measure the outside of the dwelling but then, do you include porches and patios? Do you give any value for the garage, storage or other areas that are not covered by air-conditioning?

Then, there’s the subject of basements. Many local areas don’t include anything below the grade in the square footage calculation but almost everyone agrees that the finish of the basement area could add significant value to the property.

Accurate square footage matters because it is used to value homes that both buyers and sellers base their decisions upon.

Let’s say that an appraiser measures a home with 2,800 square feet and values it at $275,000 making the price per square foot to be $98.21. If the assessor reports there are 2,650 square feet in the dwelling and the owner believes based on the builder, there is 2,975 square feet, you can see the challenge.

If the property sold for the $275,000, based on the assessor’s measurements, it sold for $103.77 per square foot and by the owner’s measurements, it sold for $92.44 per square foot. Depending on which price per square foot was used for a comparable, valuing another property with similar square footage could have a $30,000 difference.

The solution to the dilemma is to dig a little deeper into where the numbers come from and not to take the square footage at “face value”. It is important to recognize that there are differences in the way square footage is handled.

Factors that Influence Your Home’s Value

ForSale“Often times, Sellers will wonder why their home isn’t selling as fast as the one down the street did.  Sometimes it’s just timing…the right buyer was looking at the right time and found the perfect home.  The following article identifies the key factors. But at the end of the day pricing it too high will completely negate all of the items below, so be sure to let us help you price it right to begin to begin with.”

Denise Buck & Ed Johnson – DC Metro Realty Team

While home sellers hope to get top dollar for their property – and some have an inflated idea of what to expect – establishing a home’s value can be a complex, multifaceted process. Do home renovations really pay off? And which is more valuable: a three-bedroom or a four-bedroom with the same square footage? We talked to real estate insiders to find out.  

1. Location. The classic real estate refrain says, “location, location, location.” Location includes factors such as the price of recent nearby transactions, the quality of local schools and whether the area has a strong sense of community. “Buyers increasingly value community in the community where they’re buying,” says Amy Anderson, an agent with Davidson Realty, Inc. in St. Augustine, Florida. “They come to me not looking for a house for four years, but focusing much more on the community, the activities and the school district.”

As Americans scale back their dependence on automobiles, some homebuyers seek out communities that don’t require cars to get around. One resource is WalkScore.com, which rates neighborhoods throughout the U.S. based on access to public transit and proximity to grocery stores, parks and more.” I think walkability has become more important in many markets, especially amongst millennials,” says Ken Wilson, president of the Appraisal Institute, a professional association for real estate appraisers, and founder of Wilson Realty Advisors in Dallas. “You’re also finding empty nesters that are looking into properties that have walkability.”

But as Zillow.com chief economist Stan Humphries points out, location encompasses many other considerations. “Does it have a view? Is it a waterfront home?” he asks. “What’s it next to? Is it near retail establishments? Or a highway?”

2. Size and layout. While homebuyers used to swoon over ample square footage, many have fallen out of love with the McMansion. “I think people realize when they buy a 3,300-square-foot house, they’re not getting what they thought they were,” Anderson says. “There’s more upkeep and a lot more involved with taking care of these huge houses.”

Layout is a key factor because an open-concept design can look much more spacious than a boxy space of the same size. The number of bedrooms also influences a home’s value, so think twice before putting up a wall and subdividing one room into two. “Adding a bedroom will take away value,” Humphries says. “Fewer but larger bedrooms tend to boost value.”

3. Age and condition. Historic homes (assuming they’re livable and well-maintained) and new homes are typically more valuable than homes built somewhere in the middle. “Generally, as a home gets older, it becomes less valuable,” Humphries says. “Then there’s a U-shape where, at some point, homes become so old that they have historical significance. A home that’s built in 1910 is probably more valuable than one built in 1970.”

Age aside, condition matters too. “Someone will pay $15,000 more for a well-kept house that’s move-in ready than they will for a house that needs $5,000 worth of work,” Anderson says.

4. Upgrades. Renovations play into a home’s value, but if your home is considered “over improved” compared with other properties in the neighborhood, it can actually hurt the property’s value. “You want it to be common for the neighborhood or subdivision,” Wilson says. “It wouldn’t hurt to visit neighbors’ homes or visit a home via an open house to see what people are marketing [before undertaking big improvements].” You could also hire an appraiser to prepare a feasibility analysis that will help you determine the impact of renovations on your home’s value.

Unless you live in an area where granite countertops and built-in wine fridges are the norm, Humphries says you might be better off saving the money and choosing more basic finishes. “It’s harder to recoup [your investment] if you guild the lily, if you will, on granite this and chrome that in your kitchen,” he says. “You’re spending a lot of money on something that might have a lot of personal taste attached to it.”

However, you should keep records of repairs and upgrades to show potential buyers that the home has been well-maintained.

5. Negative events. If your property has issues like mold or experienced a fire or was the site of a violent crime, it could be a harder sell – and command a lower price. “Nowadays, people are very concerned if there was a fire, prior mold damage or even if there were some sort of death or crime at the property,” Wilson says. Federal law requires the disclosure of all known lead-based paints, but state laws vary in whether the seller must disclose issues related to natural disasters or crimes committed on the property.

The appeared on Yahoo Homes and was from US News & World Reports

By Susan Johnston July 15, 2014

Make Good Offers Better for the Seller

GoodBetterDirectional“We have always believed in making strong offers.  The cleaner the offer the better.  We have used all of these at various points, depending on the situation.  One of the keys to writing a strong offer is to know as much about what the Seller really wants and is important to them.  Don’t make a low ball offer blindly, thinking that the Seller will counter.  Many times that strategy can backfire and Seller considers you difficult and won’t want to even try to negotiate.  So Keep it simple and clean and you’ll get much better results.”

Denise Buck & Ed Johnson – DC Metro Realty Team

It’s disappointing, frustrating and sometimes, discouraging when you lose a home you want to buy.

One of the hardest lessons for today’s buyers is that writing an offer doesn’t mean that you’ll get the home or even a counter-offer. The low inventory affecting many of the housing markets requires a different strategy to give you the best chance to get the home you want.

  1. Make your best offer initially; you may not get a chance to accept a counter.
  2. Submit a written pre-approval letter from the lender.
  3. Increase earnest money above what is considered normal.
  4. Make a larger down payment.
  5. Eliminate unnecessary contingencies.
  6. Don’t ask for personal property not included in the listing agreement.
  7. Pay your own customary closing costs.
  8. Shorten the inspection period.
  9. Buy the home “as is” subject to inspections which still allows you to get your earnest money back if the inspections are unacceptable but doesn’t require the seller to make repairs.
  10. Write the seller a hand-written, personal letter telling them why you want their home; include a picture of your family.
  11. Offer to use the seller’s or listing agent’s preferred title company.
  12. If you can pay cash, do so and arrange financing after closing. Be prepared to show proof of available funds.
  13. Schedule the closing as soon as possible but let the seller know you can be flexible.
  14. Once you decide on a home, act with expedience.
  15. Ask your real estate professional if they have any other suggestions.

Think of making an offer like applying for a job. You want to make your best impression and show why you are the best choice. You won’t always know that there are multiple offers. Approach the process like the competition is doing their best to get the home.

While on Vacation, don’t forget…

Check the garage“When planning what your going to do on your vacation, don’t forget to plan what will and won’t be going on at home, while you’re away.”

Denise Buck & Ed Johnson – DC Metro Realty Team

 

Planning a summer trip is usually focused on what you’ll do, see and experience. Enjoy it even more by spending a little time before you leave to make sure your home is safe while you’re gone.

Consider these suggestions along with your other normal efforts:

  • Tell your neighbors you’ll be out of town and to be aware of any unusual activity.
  • Notify your alarm company .
  • Discontinue your postal delivery.
  • Use timers on interior lights to make it appear you’re home as usual.
  • Don’t make it easy for burglars by leaving messages on voice mail or posting on social networks.
  • Post on social networks about your vacation AFTER you’ve returned.
  • Remove the hidden spare keys and give one to a trusted neighbor or friend.
  • Lock everything, double-check and set the alarm.
  • Take pictures of your belongings in case you need them.
  • Disconnect TVs and other equipment in case of unexpected power surges.
  • Adjust your thermostat.
  • Arrange for lawn care.
  • Consider disconnecting the garage door opener.
  • Put irreplaceable valuables in a safety deposit box.

It’s nice to go out of town on a well-deserved trip and it’s always nice to get back home…especially when it is just the way you left it.

Another Source for a Down Payment

IRADownPayment“Not everyone knows that they can actually withdraw funds from their IRA, penalty free for the purchase of a home, if they haven’t owned a home in the previous two years.  This can be a great way to increase what you have to put down on a home.”

 

Denise Buck & Ed Johnson – DC Metro Realty Team 

Most taxpayers know that they will pay a 10% penalty if they withdraw funds from their IRA before they turn 59.5 years old. There is an exception for first-time home buyers that allows a penalty-free withdrawal of up to $10,000 per person if they haven’t owned a home in the previous two years.

This would allow a married couple who each have an IRA to withdraw a lifetime maximum of $10,000 each, penalty-free for a home purchase.

In many cases, the money would be used for a down payment or closing costs. However, some buyers might consider this source to increase their down payment so they could qualify for a loan without mortgage insurance.

If the taxpayer qualifies for the penalty-free withdrawal, there may still be taxes due. Contributions to traditional IRAs are made with before-tax dollars and the tax is paid when the funds are withdrawn. Since Roth IRAs are made with after-tax dollars, there is no tax due when the funds are withdrawn.

Another interesting fact about this provision is that the taxpayer making the withdrawal can help a qualified relative which includes children, grandchildren, parents and grandparents.

Homebuyers who are considering using IRA funds for a home purchase should get expert advice from their tax professional concerning their individual situation.

Protect Yourself from DIY Disasters

DIY Disaster“It always looks so simple, especially when they do it on TV.  Anyone can caulk the bathtub, or install a new light fixture…and think of all the money you can save by Doing it Yourself?  But before you tackle one of these projects, do yo have the right tools, do you really know what you’re doing?  Maybe you’re ready, but maybe you’re not.”

Denise Buck & Ed Johnson – DC Metro Realty Team

“The road to the hardware store is paved with good intentions,” says David Pekel, president and CEO of Pekel Construction in Milwaukee and a master certified remodeler. He is often greeted at his office on Monday by frantic calls from homeowners who failed in their DIY weekend projects.

Just know this: “It takes twice as long as you think it’s going to and generally costs twice as much,” Pekel says.

Here are 11 tips for avoiding your own DIY disasters.

Measure twice, cut once. There is a reason this proverb has been around for decades. If you cut your crown molding, tile or paneling too short, you can’t go back and make it longer.

Beware of plumbing projects. Most people can change the insides of a toilet, but problems can still arise, as Prescott discovered. If you have just one bathroom, be prepared to stay overnight elsewhere if something goes wrong. Make sure you turn off the water before you start any plumbing project.

Leave electrical projects to the professionals. If you know what you’re doing, you can change a light fixture. But replacing a light fixture with a ceiling fan involves more than just changing the fixture. Other electrical projects are even more complicated. If you do give it a shot, turn off the breaker before you touch anything.

Look for instructions online. You can find a YouTube video or detailed instructions for any project. But if that’s all the information you have on a project that you’ve never done before, beware. A video on building a deck from someone in Florida may not tell you what you need to get the deck to withstand 80 inches of snow, and a video from Minnesota on building a deck may not have the instructions you need to ensure your deck can survive a hurricane.

Take a class at Home Depot. Nearly every week, Home Depot stores nationwide offer free classes on everything from replacing a faucet to tiling a room. Be mindful that you need to register ahead of time to participate in these workshops.

Ask questions at the hardware store. Most hardware stores, and even some big-box stores, have experts on staff who can answer questions about home projects. If you’re replacing specific parts, bring along the parts if you can rather than trying to remember what they look like.

Use the right tools. You can rent or borrow some tools if you don’t own them yourself. Hint: If you’re going to assemble a lot of Ikea furniture, invest $20 in an electric screwdriver.

Know which work requires a permit. Some cities are stricter than others about permits, and only licensed contractors can obtain permits for some work. Doing major renovations without a permit could cause problems when you sell your home. Some cities require presale inspections, which can result in fines and the need for retroactive permits. That can mean redoing the job to city specifications.

Know what you can and can’t do yourself. “If you have to go to YouTube to learn something, you probably don’t know what you’re doing,” Pekel says. Homeowners often “don’t know what they don’t know.” If you mess up a painting project, you can always redo it. But if you take down a load-bearing wall and bring the second floor down with it, you’ve created a very expensive problem. With DIY projects, being cautious is typically the way to go.

Consider what your time is worth. If you earn $100 an hour and replacing a faucet takes you three hours, you would probably save money by hiring a plumber.

Be prepared to live with the results. That includes both the quality of work and the time your house will be in disarray. Can you install crown molding well enough to be happy with the results? Or will it forever bug you that it’s not exactly straight? That goes for more complex projects, too. If you gut the kitchen and end up taking six months to redo it, can you live without a kitchen that long?

Written by Teresa Mears, Originally appearing in US News

DIY Wall Ideas Using Items in Your Home

Hangplates“You know you want to do something new and different on a wall, but you don’t want to spend a lot of money.  There are any number of ways to change up a wall and make it look and feel different, using items already in your home.”

Denise Buck & Ed Johnson – DC Metro Realty Team

Banish those bare walls. Go from boring to unbelievable with a few creative tricks:

Hang Plates The good china needn’t stay behind the cabinet glass. Display plates or flea-market finds in a space where art would feel cramped, such as in the corner of a large kitchen or along a lengthy corridor. A casual assemblage of patterned and neutral plates delivers a visual bang that’s homey. (For this project, pick up special wire hangers from the local hardware store.)

Hang Plates

Create a Gallery

Let your wall express yourself. There are no rules saying everything needs the same frame or, better yet, that everything needs to be framed. Choose art, prints, and photos that tell a story about people, places, or things in your life. If you’re hanging a grouping of art, maintaining two inches or more between frames on all sides is a good rule of thumb.

Gallery Wall

Transform A Stairway

When it comes to hanging art, we often need to force ourselves to think beyond the living room wall. Other spaces, such as along a stairwell, are often overlooked and can be truly captivating. Before hanging anything, arrange the art flat on the floor in front of the wall and experiment with placement.

Transform a Stairway

Hang a Grid

Tell a story on the wall with polaroids of friends, family, and vacations. Attach them with double-sided tape above a fireplace or other focal point.

Hang a Grid

Balance it Out

When decorating a wall with furniture, set the bottom of the picture six to eight inches above the sofa. Add some supportive decorative touches on both sides to pull the look together.

Balance it Out

Reinvent a Corner

Yes, you have the power to personalize any nook or corner. Bare white walls should have a chance to inspire you, too. Choose a grouping of inspiring prints that work together. Mixing up shapes and sizes adds visual interest to the space.

Reinvent a Corner

Originally appearing on Yahoo! Shine from Domino.com

7 Biggest Mistakes Made with Area Rugs

ARea RugsIt’s such a small thing, but it can make such a big impact.  Do it right and it adds just the right touch to a room.  Do it wrong and it sticks out and takes away from the room.  Just following a few simple tips might make the difference in your room.”

Denise Buck & Ed Johnson – DC Metro Realty Team

1. Choosing a rug that’s too small
Skimp on size, and your room will look smaller. “You need your rug to set boundaries, and ground your furniture,” says interior designer Danielle Oakey. “In a living room, your rug defines the conversation area, and it should be large enough so at least the front legs of the furniture are on it.”

“In the bedroom, you want to feel the rug on your feet when you get out of bed,” says interior designer Amber Lewis. “I like two feet to extend beyond the bed on each side.”

2. Not trying layering
Why do people often choose a too-small rug? Tinier rug = tinier price. “We’re the layering queens,” says Lewis, about her design team. “Buy a neutral jute rug — which cleans up really well, even if you have stain-prone kids or pets — and place your patterned rug over it.”

3. Leaving your wall-to-wall carpeting bare
“Don’t be afraid to layer an area rug over carpet,” says Oakey. “It adds playfulness, and pulls together your room with the boundaries it needs.”

4. Choosing your rug last
If you’re decorating your room from scratch, choose the rug first. It’s the big, impactful piece that ties a room together, and if you wait until you’ve placed the final throw pillow, you could search for months before the perfect rug come around. (Though, you could go with something neutral until the rug gods grant you a better choice).

“When we’re designing room, we’ll choose the rug and then throw pillows, textiles for curtains, and more on the floor with it, and pick whatever goes with the rug best,” says Lewis.

5. Being afraid of pattern
Some contrast (read: a cute print) is necessary to create a happy space. “Brown walls, a brown couch, and a brown rug will make a room look flat and bland,” says Oakey.

6. Skipping the rug pad
A rug pad dispels slipping and sliding, and adds a layer of comfort underfoot — especially to a flat weave rug. “Rug tape is useless,” says Lewis. “It doesn’t work, and will ruin your hardwood floors with its stickiness.”

7. Missing out on a discount
“If you’re looking for a great price on unique, vintage rug, like a Persian one or Turkish kilim, try eBay,” says Oakey. “Same is true with Etsy — thrift stores often post there. I also like RugsUSA. They have a huge selection and always run sales.”

By Lauren Piro on Yahoo! Shine

The Worst Mortgage Advise You Can Get

Worst Mortgage advise“It’s amazing how  many people who have purchased a home in the past automatically become ‘experts’ in mortgage advise.  There is an awful lot of bad information out there and most of it out dated.  When considering financing a new home, or re-financing your current home, consult with a lending professional first to get the most current and accurate information.”

Denise Buck & Ed Johnson – DC Metro Realty Team 

Are you thinking about buying or refinancing a home in the near future? If so, chances are you’re getting all kinds of advice from well-intentioned friends and family.

Just remember to keep this important piece of advice in mind: Don’t listen to everything you hear. According to industry professionals, some words of wisdom are not wise at all.

To help you separate the bad advice from the good, check out five common statements that should cause you to cover your ears immediately.

Bad Advice No. 1: “A 30-year fixed-rate mortgage is best for everyone.”

The common perception is that a 30-year fixed-rate mortgage is always the best option, because it typically offers lower monthly payments than other shorter-term mortgages. But the kicker is that interest payments over the course of the loan can be quite substantial when compared to mortgages with shorter terms and lower interest rates.

Consider this example based on rates from Freddie Mac, as of March 20, 2014:

A 30-year loan on a $200,000 property with a 4.32 percent interest rate has a monthly payment of $992 and interest payments totaling $157,153 over the life of the loan. On the other hand, a 15-year loan for the same property with a 3.32 percent rate has monthly payments of $1,412 and yields $54,187 in total interest paid. So by opting for the shorter mortgage, you could save more than $100,000 in interest, which is worth it if you can meet those higher monthly payments.

Whether or not a 30-year fixed mortgage is the right choice depends on the borrower’s goals and financial situation, says Houtan Hormozian, vice president of Crestico Funding, a Los Angeles-based mortgage brokerage firm.

For example, if you have cash saved up for job, family, or medical emergencies and you already have college and retirement funds set up, then a 15-year mortgage might be a better option. Without money saved up, losing a job or an expensive surgery could deal a hard blow to someone’s finances, including their ability to make mortgage payments.

Bad Advice No. 2: “Stay away from adjustable-rate mortgages.”

An adjustable-rate mortgage (ARM) is a loan with an interest rate that is fixed for a period of time then adjusts, causing the ARM payments to increase or decrease.

ARMs get a bad rap, because they’re seen as risky products that contributed to the housing bubble, easy credit, and ultimately, the subprime mortgage crisis.

“The 30-year fixed-rate mortgage is the most popular type, because everyone is afraid of adjustable [rates],” Hormozian says.

In fact, only 3 percent of homebuyers chose adjustable-rate mortgages in the first half of 2013, reports Freddie Mac. With that low figure it’s easy to get scared off, too. But the fear associated with ARMs is somewhat unjustified, according to Hormozian.

“Depending on the consumer, circumstances, and knowledge of their economic situation, there could be an ARM that fits them,” says Frank Percival, board president of the Washington Association of Mortgage Professionals.

One major benefit of an ARM is that it typically will have a lower interest rate than fixed-rate mortgages at the outset. For example, a 5/1 ARM will have an initial fixed rate for the first five years then adjusts afterward.

This is a great option for homeowners who plan on moving out of their house before the rate adjusts. However, this does carry some risk, since personal finances and the condition of the housing market may make moving difficult in a set amount of time.

So choosing an ARM may come down to your financial situation and your aversion to risk. Percival explains that if a homebuyer with a 5/1 ARM saves $200 a month in interest compared to a 30-year fixed mortgage, it may make sense to choose that type of loan. However, if someone wants to err on the side of caution, given the risks discussed, a 30-year fixed mortgage might be the more sensible choice.

Bad Advice No. 3: “If your home is underwater, consider a short sale.”

“When the housing market was bad a year or a year and a half ago and the values of homes were low, people were encouraged from realtors [and] buddies at work to walk away from their home,” says Percival. He calls this “one of the worst pieces of advice in recent history.”

If desperate homeowners took that advice, they would usually do a short sale on their home. What exactly is that? It’s a real estate transaction in which a lender agrees to let the borrower sell his or her property for less than – or “short” of – what is owed on the mortgage.

Even if your home is underwater, it’s a bad idea, asserts Percival. If homeowners can still afford to make their mortgage payments, then they shouldn’t do a short sale.

“People who didn’t have medical emergencies or lose their jobs were dropping their keys and leaving their homes,” Percival says. This is a dumb choice, he adds, since it’s possible that their home value could go have gone up.

Plus, if you do a short sale, you may have to wait several years to qualify for a home again, says Percival. The reason? Because a short sale usually lowers your credit score just as a foreclosure would, according to myFICO, the consumer division of FICO. Shortsellers may be able to qualify for a mortgage in as little as two years, but this may depend on a variety of factors, like how much you are able to put down.

Beyond your own finances, short sales have a far-reaching effect, according to Percival.

“Every short sale or foreclosure reduces the value of every home in the neighborhood,” he says. “If folks would have waited for the recovery to kick in and housing prices to go up, they could have sold it at a profit. People just wanted to walk away from debt.”

Bad Advice No. 4: “An FHA loan is your only option.”

First-time homebuyers are particularly susceptible to bad advice. For example, homeowners who can’t afford a large down payment may hear that a government-backed FHA loan is their only option, since the down payment requirement can be as low as 3.5 percent of a house’s purchase price. But that’s not necessarily the case.

Some homeowners might be surprised that getting a conventional loan might be better suited – and easier – for them than an FHA loan, says Aaron Vantrojen, president of the Arizona Association of Mortgage Professionals, says.

The standards to qualify for an FHA loan have tightened, says Vantrojen. Plus, the FHA loan has become more expensive in recent years due to its rising mortgage insurance premium (MIP).

According to the U.S. Department of Housing and Urban Development, the mortgage insurance on an FHA loan must be carried for the life of the loan. On the other hand, the private mortgage insurance (PMI) on conventional home loans can be dropped when equity in the home reaches 20 percent, Vantrojen says.

As a result of dropping the insurance premium, homeowners can save thousands of dollars in the long run. “The annual mortgage insurance for FHA loans is so high, we are trying to get people into conventional loans if they qualify,” Vantrojen says.

The biggest advantage FHA loans have over conventional loans is the low down payment requirement. But conventional loans, with a 5 percent down-payment required, might be a better deal when you factor in the mortgage insurance payments, says Vantrojen.

“I will always look at options for conventional loans [for homebuyers],” says Vantrojen, president of Geneva Financial, a mortgage banking firm based in Tempe, Arizona. “The guidelines for conventional loans are changing, and a person who couldn’t qualify for one a month ago might be able to qualify now.”

Bad Advice No. 5: “Trust me, I know what I’m talking about.”

If you’re in the market for purchasing a home loan and in need of a little guidance, you might want to think twice about listening to someone who tells you: “Trust me, I know what I’m talking about.”

“One of the most common mistakes is not getting advice from a mortgage investment advisor,” says Hormozian. “Any time you don’t seek advice from a professional, you could be in trouble.”

But not all mortgage professionals are created equal, which is why Hormozian says homebuyers should make an effort to consult and get the opinions of established mortgage advisors, licensed mortgage companies, and reputable professionals when they are ready to purchase a loan.

“At the end of the day, my job is to make sure my client will have a comfortable life and a sound investment,” Hormozian says. “If I feel they are going to have a hard time making a payment or living up to that liability, I have to advise against it.”

For example, if someone tells you it’s a great idea to buy investment property as a source of instant income, you better consider the source. Instead of talking to real estate agents, homebuyers should talk to unbiased resources, who could help them avoid potential mortgage heartaches, says Vantrojen.

 “Do your due diligence, talk to industry professionals – people who have been real estate investors and [who] can tell you the highs and lows of owning real estate,” he explains.

If owning a new home for you and your family is a main objective, Percival says it might be a good idea to check whether you are dealing with licensed mortgage professionals. He suggests verifying mortgage loan originators (MLOs) and their MLO license numbers through the National Mortgage Licensing System (NMLS), which performs this service for free.

Originally appearing on Yahoo! Homes.com

How to Paint a Door

how-to-paint-a-door-2“Painting a door…pretty simple right?  Well maybe not.  It’s an easy way to to add a pop of color to a room, but only if done properly.  Take your time and plan it out before you start to make sure it gets noticed for all the right reasons!”

 

 

Denise Buck & Ed Johnson – DC Metro Realty Team

Considering the low cost of the project and the relative ease with which it can be completed, painting a door is a terrific way to add a punch of personality to any interior. Painting a door involves virtually no risk: If you decide to paint the door orange, let’s say, and you end up hating how it looks, no problem: You can always revert to the original color or experiment with a different one. That said,painting a door is different from painting other surfaces. It requires more planning, a slightly modified approach, and a few supplies you might not have anticipated. Follow the steps below, however, and you ought to encounter few difficulties. 

MATERIALS AND TOOLS 
– Interior paint 
– Sandpaper 
– Tack cloth 
– Mineral spirits 
– Painter’s tape 
– Paintbrush 
– Roller (with paint tray) 

[inset] 

STEP 1 
If you’ve painted before, you’re most likely familiar with the idea that proper surface preparation means the difference between a smooth, lasting, beautiful finish and a sloppy-looking job. Satisfying, professional-level results begin with sanding, which goes a long way toward ensuring that the paint readily sticks to the door. Use 120-grit sandpaper and either manually, or by means of a hand-held power sander, sand the surface of the door in the direction of the wood grain. Once finished, wipe down the door with a lint-free tack cloth dampened with mineral spirits. Doing so removes the dust and oils that can interfere with paint adhesion. 

STEP 2 
Of course, the presence of hardware—that is, hinges and knobs and perhaps a locking mechanism—spells the crucial difference between a door panel and a wall of plaster or gypsum board. Avoid getting any paint on the door hardware, not only for aesthetic reasons, but also because you might disturb the hardware’s functioning. The safest course is to remove the knob and lock—or to completely remove the door from the hinges—before you start painting in earnest. For those looking to avoid that sort of hassle, a decent compromise would be to protect the metal parts of the door with strategically positioned painter’s tape. 

STEP 3 
Paint the frame of the door (also known as the casing) first—assuming you want to—so that any errant brush strokes land on the door panel that you’re going to paint anyway. If you do choose to paint the frame, use a one- or two-inch brush and let the coat dry completely before you proceed any further. That way, you won’t have to tread carefully later on, fearing that your next movement might result in an unsightly smudge. 

STEP 4 
Are you painting a door with inset panels? If so, paint those before the rest of the door. As you did with the door casing, use a one- or two-inch brush for this round of detail work. Your goal is to get these more-demanding aspects of the job out of the way, so you can then speedily finish with a roller. 

STEP 5 
A roller not only enables you to work faster, but it also delivers a smoother finish. As you go, remember to blend in any brush marks created in earlier steps. To avoid leaving fingerprints, it’s smart to paint one side of the door, let it dry completely, and then go on to paint the edge of the door and the opposite side. 

A word to the wise: While the paint is drying, minimize imperfections by keeping pets and children away from the door. Replace any hardware you’ve removed only after the paint is fully dry. Finally, step back and marvel at what a difference a painted door can make!

Originally appearing on BobVilla.com