Simple Sprucing Tips For Your Home

You don’t need thousands of dollars to fully refurbish your home to make it feel like new again. Instead, you can DIY a lot of features in your house to help spruce it up for the upcoming season. Whether you plan to sell your home, have guests over, or are just tired of how drab it’s been feeling lately, here are a few tips and tricks you can use to refresh your space:

Clean and Declutter
Throw out all of the junk taking up space! You’d be surprised by how much more you’ll fall back in love with your home when you take out the collection of accumulated stuff that has piled up over the years and finally get to see your home’s features for what they are. Store what you don’t need/use in either the attic, basement, or in a storage unit. After you’ve decluttered, be sure to finish it off by cleaning your home. Clean windows, walls, and the floors for the best results.

Bring in Natural Light
Do you have heavy curtains covering your windows? Bring them down! Not only will this make your space feel bigger by removing stuff off the walls, it’ll also feel alive again with all of the natural light that pours in.

Add Fresh Paint
Nothing refreshes a home like a new coat of paint. If you have dark dull colors, opt for lighter tones. Covering up stains on the walls, or drab old paint, can help your house feel brand new all over again.

Add Tile
Consider adding a tile backsplash in your kitchen or bathroom. You don’t have to spend a lot of money to get beautiful results. Be sure you get tiles that compliment the colors in the space, so it doesn’t clash and look unappealing.

Add Color
Although neutral colors are always recommended as the base of any home decor, don’t be afraid to compliment your neutrals with a pop of color. You can add it throughout the home by using flowers, pillows, decor, or even light curtains that are staged on the sides of your windows.

Change Out Fixtures and Hardware
You’d be surprised by how much more a kitchen can look different just by replacing the hardware on the cabinets. A bathroom or living room can come alive again by installing a brand new light fixture. If you moved into a place that still has the same stock hardware or fixtures, replace them and add a little creativity with the new pieces you have installed.

Rearrange Furniture
Head to Pinterest and get inspired for new living room, bedroom, or dining room arrangements. Most homeowners decorate “incorrectly” when it comes to standard staging rules. View a variety of furniture set-ups on social media and let it motivate you to rearrange your space. You don’t have to buy a bunch of new furniture to make a drastic change.

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What Or Who Are Fannie And Freddie, Anyway?

If you are a home buyer or seller or pay any attention whatsoever to the housing market, you have probably heard about “Fannie” and “Freddie.” Fannie stands for Fannie Mae but is really the acronym – FNMA – For Federal National Mortgage Association. Freddie is for Freddie Mac, or FHLMC, the Federal Home Loan Mortgage Corporation. These two companies keep the money for mortgages flowing. Here is how they do it and why they are important.

Both Fannie and Freddie are backed by the federal government, so the U.S. has a vested interest in helping them provide money. These two companies buy the mortgages that have already been made by banks, and are often referred to as “the secondary market.” Then, they pay themselves back by packaging big bunches of existing mortgages and selling them to big investors, such as pension funds, insurance companies, etc. who are looking to collect the interest. Fannie and Freddie have also created guidelines – and forms — that just about every lending institution uses for just about every loan.

You are probably wondering why banks cannot just fund loans, keep them, and earn the interest. If you live in a largely populated area, the big banks probably do have plenty of cash to lend. But let us say you live in a smaller area, such as Flagstaff, Arizona or Joplin, Missouri. Your local lending institutions may simply not have enough money to continually make home loans. So, they make you a loan according to certain common guidelines, and then they turn around and sell it to either Fannie or Freddie. Now, the local lending institutions have more cash to continue making more home loans. The truth is, without Fannie and Freddie, the mortgage market and housing market would dry up in many parts of the country. Not good. This is another reason why the government gets behind these two entities – homeownership is generally seen as good for the country.

Another thing that these entities have done is create the 30-year loan. If we had to pay off our homes in, say, five years, home ownership would be pretty unaffordable in large parts of the country. And the longer the loan term, the more interest is charged and the more profit is made by the large investors. Win-win, right?

Some economists and politicians want to privatize Fannie and Freddie and stop the government from backing them. They argue that there is too much risk if the government, and an endless flow of money from taxes, is involved. It is thought that this may have contributed to the 2008 economic crash. There are lots of views on this issue, but the majority agree that maintaining the status quo is a good thing. If you would like to know more, please check out the Fannie Mae and Freddie Mac websites.

Fannie Mae: http://www.fanniemae.com
Freddie Mac: http://www.freddiemac.com

Image courtesy of www.FutureAtlas.com.

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Dealing with a Past Bankruptcy? You Can Still Buy A Home—And Sooner Than You Might Think

In the past 6 years, more than 5 million Americans have filed for bankruptcy. And while many people believe that filing for bankruptcy causes long-term financial ruin—and will keep them from ever being able to purchase a home—it turns out that might not be the case.

According to The Cost of Bankruptcy, a recent study from Lending Tree, within a year, 43% of people with a bankruptcy on their record are able to get their credit score to 640 or higher, which is the credit level typically necessary to qualify for a mortgage. Within two years of filing bankruptcy, that number jumps to 65% and at five years, 75% of people who filed bankruptcy have a FICO score of 640 or above.

Now, if you have a bankruptcy on file and a credit score on the lower end of the qualifying spectrum, you’re likely to pay higher interest rates. But if you can get your score up, your bankruptcy is unlikely to have a major impact on your loan. According to the study, people with a credit score between 720 and 739 who applied for a mortgage three years after filing for bankruptcy were offered similar interest rates to those without a bankruptcy on their credit file.

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The Barn Amphitheatre at One Loudoun

Have you seen the large red barn in One Loudoun off of Russell Branch Parkway?  I was curious about its importance and explored a little bit.  “The Barn” was originally constructed here in Loudoun County in 1875 on the property of a man named Charles Harris.  Shortly after the Civil War, Mr. Harris, an African-American landowner, began acquiring land along what is present-day Shellhorn Road.  Between 1870 and his death in 1907, Mr. Harris acquired a total of 32 acres including the land where he constructed his barn.  Much of his land, according to records, was used for social gatherings and for picnics in the surrounding rural communities.  The barn stood for 132 years before it was carefully deconstructed by One Loudoun developer Miller & Smith and a timber-frame preservation expert and Loudoun resident, Mr. Allen Cochran.  In 2014, reconstruction of The Barn was completed and was dedicated to be used for similar purposes as Mr. Harris had used it so long ago.

The Barn now offers an iconic back-drop for a wide range of outdoor events and shows throughout the year for the One Loudoun Community.

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Can I use an agent to purchase a new construction home?

Yes!  In fact, some builders pay agents to find prospective buyers.  You can also use a buyer’s agent to help negotiate the price and upgrades on a new home.  An agent can be particularly valuable for directing you to newly built developments that match your needs, as well as helping you select reputable builders who are financially sound and respond promptly to buyer’s concerns.

Builders normally require an agent to be present on your first visit to the site.  This is a sensible procedure that allows the agent to be paid a commission should you decide to buy within that community.  Otherwise, if you find a development on your own, make the first visit without the agent, and later make a purchase, the builder may refuse to pay the commission – even if, at some point, the agent became involved in the process.

I’ve created a free guide to help my clients properly prepare for purchasing a home. If you’re thinking about buying a home in the near future (or ever…), grab a copy! The Ultimate Home Buyer’s Guide

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Majority of Buyers Favor School District Over Home Features

Like the old saying goes, when it comes to homeownership, the most important thing? Location, location, location.

According to a recent report from Realtor.com, getting their kids into the right school was the top priority for a huge portion of buyers. And those buyers were more than willing to give up other features in order to buy a home in their desired school district.

According to the report, a whopping 91% of buyers with children (and 73% of buyers total) said that school boundaries were “important” or “very important” to their search. And of the buyers that purchased a home in their desired school district, 78% willingly gave up desired home features—like a garage, large backyard, or updated kitchen—in order to make sure they got their children into their school of choice.

The Takeaway:
When you invest in a home, make sure it’s in a good school district, whether you have children or not—for many buyers, it’s one point they’re just not willing to negotiate on.

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