4 Signs You're Not Ready to Buy a Home and What to Do About It

Buying a home is a major life milestone. Your heart might be set on becoming a homeowner, but red flags might indicate you're not yet ready to make the leap. 

Homeownership represents much more than a financial investment, and there are several reasons why potential homeowners might want to delay a home purchase. Here are four of them—and advice on how to overcome these obstacles. 

1. You Have Too Much Debt To get approved for a mortgage, you must show you can handle all of the expenses of owning a home (including the ones that aren't rolled into your monthly mortgage payments). You also have to meet your other financial obligations, and that might be a challenge if you already have a mountain of debt on your plate. 

How to overcome it: Pay down your debt to a manageable level. If you've accumulated a lot of debt over time, consider a personal loan to consolidate them into one streamlined, and preferably lower-interest, monthly payment. And avoid getting sucked into a new debt trap by cutting spending and diligently paying down debt. A debt consolidation calculator can help you determine how to strategically consolidate and pay down your debt. 

2. Your Credit Isn't Stellar Your credit history and credit score are closely linked to the mortgage pricing you'll receive—and that impacts your monthly payments for the life of the loan. A good starting point is to give yourself a credit check-up to see where you stand. If your credit score is not optimal, you'll pay more for a mortgage. Your credit score today will have a huge impact on the homes you're looking at and can afford. It may be sensible to wait to buy and work on your credit. 

How to overcome it: To boost your credit score, pay your credit cards and other debts on time. Ideally, credit cards should be paid off in full every month. Avoid opening new credit lines unless you're establishing a credit history. Finally, keep your credit utilization ratio to 30 percent or less of your available credit limit for each credit account. In other words, your balances shouldn't exceed 30 percent of your maximum credit limits. 

3. You Don't Have Enough Savings Buying a house comes with a lot of upfront expenses that go beyond your monthly mortgage payment. Expect to pay 2 percent to 4 percent of a home's purchase price in closing costs. Plus, there's the down payment (anywhere from 3 percent to 20 percent of the purchase price, depending on your loan type) and moving expenses to factor in. But it's the hidden costs of homeownership that take many new homeowners by surprise. These might include homeowners association dues, condo/assessment fees, routine maintenance, utility bills and major repairs. Ideally, homeowners should save roughly 1 percent of the home's purchase price each year for maintenance expenses. 

To save more, pay yourself first by depositing a set amount from each paycheck into a savings account. If you have to start small, that's OK. Consider opening a high-yield savings account to accrue interest on your cash. Cut back on unnecessary spending such as monthly subscription services, eating out, impulse shopping and other financial vices. Depending on your income and credit profile, you may qualify for homebuyer assistance programs that can help you pay for down payment and closing costs for a home. 

4. You Want a Carefree Lifestyle If you're someone who moves frequently, buying a home might not make financial or practical sense. Lifestyle plays a huge role in the decision to rent versus buy. Remember that the bigger the house, the more maintenance and upkeep. If you want to keep things low-key, buying a condo or continuing to rent might make more sense until you're ready for more responsibility.

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Tips to Help You Find a Starter Home

A starter home isn't necessarily your forever home. Be prepared to make some compromises to get
your foot in the homeownership door. Be open-minded about the location, size and condition.  

Look for an older home in a well-established neighborhood. Resales typically cost less than brand-
new homes. Older homes typically need more maintenance and repairs, which offset some of the
savings; however, buyers who choose a used home might be able to do repairs and renovations
over time, pacing themselves to make the cost manageable.

Buyers who sacrifice location for affordability can find themselves in a neighborhood far from major
job centers with a long daily commute and expensive transportation costs. Sometimes that trade-off
makes sense, but not always

When you're up against stiff competition, working with an experienced real estate agent is key.
A good agent shines when it comes to negotiating the deal and writing a strong offer. Your agent
may suggest certain strategies to win in a competitive market, such as limiting contingencies or
writing a personal letter.

When a well-priced starter house comes on the market, the quest to buy it can be extremely
competitive. To entice sellers offer above asking price (if you can afford to), keep repair requests
to a minimum, or allow the sellers more time to move.

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Touch of Black Adds Allure to a Home

Everybody knows what a little black dress does for a woman. Guess what? Black accents do the same for a home.

A touch of black can add intrigue, sophistication and even mystery to a decorating scheme, inside or out. Paint your door black, and suddenly your house stands out. Add a black coffee table or a black-and-white chair to a monochromatic room, and the decor goes from dull to dramatic.

A bit of black is almost a cure-all for an uninspired space! Black works because it adds contrast without clashing. Since it goes with everything, it’s easy to add to any color palette.

And it doesn’t have to involve a big change. Even something as simple as adding black knobs to a vanity can break up the monotony of a bathroom with matching fixtures. Black works well in accessories or small accents, such as throw pillows or area rugs.

Painting window sashes black are becoming popular. The effect is almost like eyeliner, drawing attention and adding interest both inside the house and out. It’s also a historically accurate detail on an older home, since sashes were often painted dark colors in the 19th century.

Black, however, is best used with restraint. Too much black, and the power of contrast is lost.

Some other good ways to add a touch of black:

— Paint non-matching chairs black to unify them.
— Paint an outdated piece of furniture black to update it.
— Spray-paint ornate gold picture frames flat black to downplay the glitz and focus the attention on the artwork.
— In a traditional room, add a chair or pillow in classic black-and-white toilet. In a mid-century modern setting, use a bold pattern such as a trellis design.
— Instead of decorating daughter's bedroom in her favorite color, use black and white as the base with the color as an accent. Black and white will be more sophisticated and easier to live with as the child grows older, and the accent color can be changed easily as her taste evolves.
— Add black in odd numbers: maybe one strong piece, such as a sofa, wall or door, or three smaller pieces sprinkled around the room, such as a throw, a vase and an accent pillow.

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Eco-Friendly Amenities for Your Home

Eco-friendly amenities often add to the beauty and comfort of a home, and even save money in the long run. There are unlimited ways to upgrade your existing home to be more eco-friendly. Here are some of the top trends in eco-friendly remodeling in 2015:

1. ENERGY STAR appliances. Appliances are responsible for about 20 percent of an average home’s energy use, and some can make an up to 50 percent saving on energy and water bills. Consider using trendy and durable stainless steel appliances, and the new high-efficiency, clean-burning gas stoves that protect your indoor air quality.

2. Natural sunlight. Not only does it illuminate your home for free, but studies show that natural light is far better for mental and physical health. Well-placed windows with quality window treatments will help you make the most of your available daylight. Skylights are another great option. If your existing windows are in poor shape, replacing them with high-quality, energy-efficient windows can also save on your energy bills. Wood or fiberglass windows; they are much more eco-friendly than vinyl.

3. Real wood. Nothing beats the warm luxurious look and feel of real wood flooring, trim and cabinetry. Real wood is much healthier than alternatives such as particleboard, because it will not off-gas toxic substances into your home.

4. Built-in water filters. Municipal water supplies contain chlorine and other substances that can compromise your health. Install sink filters. Imagine the convenience of having delicious, pure water right out your tap. Your skin absorbs chlorine readily, so why not get a showerhead filter? Or better yet, invest in a whole house water filter.

5. Smart home technology. Smart management is the key to efficiency. You can save huge amounts of energy and water (not to mention time) by taking advantage of modern automated home management technology. Some popular examples include programmable thermostats and weather-based irrigation controllers.

6. Eco-friendly landscaping. The first step is careful plant selection. Native plants are a good choice because they don’t require more water and nutrients than is natural for your area. Next, place them where it makes sense for optimal beauty and energy efficiency. Shade trees are a great example, but well-placed shrubs, vines and even flowerbeds can help shelter your home from sun and wind, and collect excess rainwater runoff. Rain barrels, rain gardens and automatic watering systems can help minimize your water use while maintaining a beautiful exterior.

If you are thinking of remodeling, consider some or all of these eco-friendly upgrades. Not only will they make your home greener, but also a more pleasant, healthy place to live.

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Who Should You Trust to Sell Your Home

So you are ready to move on to the next chapter in your life, and you need to sell your home. Who are you going to hire to do this job?

You need a great agent, you need to be able to trust that agent, you need to know that the agent you chose will make YOUR business his or hers top priority.

Here are some tips published recently by Rismedia http://rismedia.com/rrein/18662/1023666/5079737/71884?utm_source=newsletter&utm_medium=email

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