Home Ownership

How to Keep Your House From Smelling Like a Dog … Or a Cat

You love your pets, but they definitely pose a challenge, especially when it comes to managing pet odors. Here’s a pet-owner’s handy guide to making those smells disappear....

Keep your pet clean. Make sure dogs are washed and groomed regularly. Don’t let their natural body odor build up. Cats groom themselves, but both cats and dogs should be brushed regularly to minimize shedding. Don’t forget to clean your dog’s ears and teeth, which will also prevent unpleasant odors....

Keep pet bedding clean. Wash pet bedding on a weekly basis. Add a quarter cup of white vinegar to the wash to neutralize embedded odors....

Clean carpet and upholstery. Besides bedding, carpet is the most common place for pet odors to infiltrate, followed by fabric upholstery. Vacuum both frequently and have them professionally cleaned multiple times per year. Sprinkle baking soda on carpet prior to vacuuming to absorb odors. For best results, spread evenly with a carpet rake, then vacuum several hours later....

When choosing carpet and area rugs, short pile is better for keeping clean. Slip covers on furniture protect the upholstery and can be washed regularly....

When accidents occur, it is vital to treat them quickly. Use an enzyme-based cleaner and follow directions closely. When having carpets and upholstery professionally cleaned, alert workers to previously soiled areas for treatment....

Don’t forget to steam clean draperies periodically as well, since they absorb smells from the air in the room....

Cat litter boxes. Managing odors with a cat litter box is crucial. Cat waste, especially urine, has a noxious odor caused by naturally occurring ammonia. Make sure the box is large enough and clean the droppings daily. Routinely change the entire contents....

Other tips. Open the windows and air the house out. Keep your heating and air conditioning filters changed faithfully since they, too, will absorb and hold odors. Wash food and water bowls daily....

When selling your home. With pets in the home, a professional cleaning is worth the investment. Hire a carpet and upholstery cleaner as well....

While it’s likely impractical to board your pets for an indeterminate period of time, consider asking a friend or relative to keep them during the first few weeks when showings are most frequent. Pet bedding, toys and litter boxes should also be removed....

Money, Mortgage,

Assumable Mortgages: A Path to Lower Interest Rates

Are you resigned to paying higher interest rates on a mortgage when shopping for a home in today’s market? You may not have to. You could buy a home with an assumable mortgage that was taken out when interest rates were lower. Here’s how assumable mortgages work....

What is an assumable loan?

Mortgage loans that the U.S. government insures are assumable. The federal agencies that back these loans are the Federal Housing Administration, the Veterans Administration, and the United States Department of Agriculture. Private mortgage lenders follow these agencies’ regulations when making loans, and in turn, the government protects the lenders in case of a default. Conventional, non-government-backed loans are not assumable. ...

Once you assume a mortgage, you assume the remaining amount owed, the repayment schedule, and the interest rate of the original mortgage....

How assumption works

In mortgage assumption, you negotiate the house purchase like any other. You agree with the seller to a price, earnest money amount, closing date, and other details. ...

You complete a mortgage application with the lender holding the assumable loan, documenting your employment and income, credit history and anything else the lender wants to see. Although you must meet standard qualification requirements like any other mortgage, some standards the seller had to meet when obtaining the mortgage don’t apply when assuming the loan. For example, you need not be a military veteran or spouse to qualify to assume a VA loan. ...

Assumable loans typically have lower closing costs than conventional ones and often do not require an appraisal, saving you money. Because housing prices tend to rise, the seller may want to sell the house for more than the mortgage balance to be assumed. In that case, you negotiate with the seller to determine that additional amount. You can pay it in cash, take a second mortgage for that amount, or combine the two approaches....

FHA loans require a monthly fee called a mortgage insurance premium (MIP) that is in place for the life of the loan. You can only stop paying that fee by refinancing the mortgage....

Finding homes with assumable mortgages

A professional real estate agent can search the MLS and other portals to find homes with assumable mortgages. In general, sellers with lower-interest assumable loans will note that in the property listing information. Homes owned by distressed buyers in pre-foreclosure fall into this category. These buyers are highly motivated to sell, possibly at a price low enough that the amount over the mortgage balance is very reasonable....

Selling, Selling Your Home,

When You Get a Better Offer on Your House

Congratulations, you’ve gotten a contract on your house! But wait, someone else makes an even better offer. Can you accept it?...

Once you sign a contract and earnest money has been paid by the buyer, an enforceable contract is in place. You cannot break it without penalties. The buyer can sue for enforcement of the contract, forcing you to go through with the deal. Barring the current deal falling through for other reasons, such as inspection results, you are committed....

Inspections can trigger a failed deal. If a buyer wants you to make price concessions for repairs, you can refuse, forcing the buyer to accept the house without the repairs or concessions, or walking away from the deal, as most contracts provide. This frees the seller to move on to a better offer....

One word of caution: The home must appraise high enough for that second offer to go through. If not, the buyer is then left with three choices: coming up with more money out of his own pocket, asking you, the seller, to lower your price, or walking away from the deal. In other words, a better offer is great news, but the sky is not the limit....

Negotiations mean nothing without a signed contract. Until there is a signed and executed contract and an earnest money check has been received, a seller is free to consider and select a second buyer’s offer....

Before you even list your home, be proactive. Find out if your state’s standard sales contract allows you to accept backup offers. This is especially important if you’re selling a desirable home in a hot market. If so, strategize with your agent about the possibility that this might happen. If you have a backup offer waiting in the wings and your first buyer withdraws, you will be able to roll right into your new deal....

Selling, Staging Your Home,

Curb Appeal Blossoms With Springtime Flowers

Spring is the perfect time to use container gardening to impress prospective buyers touring your home. Potted plants instantly add color and interest with beautiful blooms in just the right places. Here are a few top picks....

Stock sounds ordinary, but these fragrant blooms are showstoppers. Available in many colors with either single or double flowers, stock blooms all spring and summer until temperatures get too hot. In full or partial sun, stock will grow up to 3 feet tall and requires minimal maintenance. Here’s a bonus: Stock makes an excellent cut flower to use in arrangements for showings....

Geraniums are a favorite for many gardeners because they are so reliable. They’re easy to care for and versatile, and they have gorgeous colorful blooms. Regal geraniums perform better in cooler seasons (spring and fall), but other varieties can take the heat. They need full sun, but otherwise are hardy and don’t require much water....

Pansies and viola make great container plants in almost any season. With full sun and well-drained soil, they will produce beautiful flowers all spring and beyond (as long as they don’t overheat). Today, varieties are available in a multitude of colors, including white, yellow, pink, red, blue, and purple. If you’re planning a multi-season container, pansies and viola can provide color and interest until other plants fill in, and then again in the fall when some less hardy plants have died back. To keep them blooming, don’t let them dry out, and deadhead spent blooms....

Ranunculus varieties are gorgeous additions to any spring container. Because they are cold tolerant, they are a great option for early spring (or even late winter if you live in a warmer climate). They produce large, spectacular flowers with layers of fine petals. Depending on the variety, blooms may be yellow, red, peach, sunset orange, pink, or mixed pastels. These plants bloom for up to six weeks in full sun with well-drained soil. For success, make sure they don’t get too warm or wet. They also make beautiful, long-lasting cut flowers....

Tulips are a quintessential springtime flower. Available in every color of the rainbow, these low-maintenance beauties will make your house pop. Place them in the sun and water when soil becomes dry. Depending on the variety, your tulips should bloom two to four weeks. When buying tulips, pick plants with tightly-closed buds to get the most flowering time....

Creeping phlox makes an excellent low-height or trailing plant in containers. It’s hardy and boasts pretty, star-shaped blossoms that come in red, pink, lavender, or white. The best thing about creeping phlox is how easy it is to grow. It thrives in many conditions, but does best in sun to partial shade with moist, well-drained soil. Tip: Keep your phlox blooming all spring and summer by removing dead blossoms or trimming....

Plant your selections in pots with potting soil, or if you’re in a hurry, try this hack: Place plants in their original plastic pots inside a larger decorative container, then mulch over the top. You’ll need to water this arrangement more often, but you won’t even get your hands dirty. Bonus: Switching plants out is a cinch....

Home Energy, Ownership,

What Every Consumer Should Know About Energy Star

We’ve all seen the blue Energy Star logos on appliances, windows and even electronics, but what do they mean?...

Origins and purpose. The Energy Star program was launched in 1992 as a joint program of the Environmental Protection Agency and the U.S. Department of Energy. Energy Star encourages development of technology that reduces energy costs and greenhouse emissions. Its initial target was to improve energy efficiency of computers, servers and printers, but was eventually expanded to encompass more than fifty products. It has been so successful that its standards have been adopted by the governments of other nations, thus making the Energy Star logo the international label for tested, energy-efficient products....

What it means and how products earn it. The Energy Star rating means that a product has been tested by government officials and found to offer energy savings consistent with specifications set forth by the EPA for that product. Generally, an Energy Star rated product saves 20 percent or more than minimum standards for that product. It must provide measurable energy savings without compromising quality. Energy-efficient products that cost more must provide savings in a reasonable period of time. As improved technologies are developed, the Energy Star specifications are updated....

What kind of products are Energy Star rated? Virtually all information technology machines (computers, servers, printers, etc.) have stringent Energy Star standards, which are updated every few years....

Consumers are probably most familiar with Energy Star labeling on appliances. Virtually every home appliance category has Energy Star rated offerings. Besides the blue star logo, appliances feature a yellow sticker detailing energy usage savings per appliance model....

Heating and air conditioning units today offer significant savings over those manufactured even less than ten years ago. Related to HVAC equipment, home insulation, replacement windows and doors and roofing materials have Energy Star ratings. Entire homes plus many public and commercial buildings can be classified as Energy Star rated by implementing these standards throughout the structure....

Lighting has been revolutionized through Energy Star standards. Energy Star rated fluorescent bulbs use 75 percent less energy and last considerably longer than traditional incandescent bulbs. Light emitting diode or LED bulbs are even better, saving 75% in energy over fluorescent, with even longer lifetimes and LED bulbs produces almost no heat....

Homeowners benefit greatly by insisting on Energy Star building materials and methods as well by using Energy Star appliances. Learn more by going to www.energystar.gov....

Investment, Money,

Making Money on a Vacation Rental

One of the greatest benefits of owning a rental property is its wealth-building capabilities — other people are paying for your equity in the property. With the right location, your earning potential is great....

Earning higher rents. Owning a rental house or condo in a high-demand area likely will command excellent rental fees in peak season. Heavily traveled destinations are often booked up months in advance. This very strength, however, means that you’ll likely pay top dollar to purchase such a place....

Do the math. Before purchasing, figure out how much money you’ll need to charge to cover your mortgage, insurance, taxes and expenses, plus some extra for a passive income stream. Check with nearby property management firms to find out if the market will support the rental fees you would require. Also inquire about their fees, should you choose to hire them. It will eat into your bottom line, of course, but save you the headaches of advertising, leasing and maintenance issues....

Take into account the off-season. You may be able to easily book your rental during peak season, but what is the off-season like? Can peak season earnings carry you through slow times?...

Wear and tear. With a constant turnover of clientele, vacation houses and condos quickly show wear and tear. This will cost you....

Logistics. How will you handle cleaning services between renters, key turn over, and hurried maintenance or repairs so that incoming renters don’t have to deal with problems created by previous tenants....

Insurance matters. Strong liability insurance is needed to protect you should a renter become injured on your property. You’ll also likely have higher homeowners insurance if your rental is located in a hurricane zone, for example....

Me time. If you intend to reserve some time during the year for you and your family to enjoy the place, remember to figure than into your income stream....

Investment, Money,

How to Use Your Home to Make Money

Thanks to today’s online and cell phone technology, pretty much everyone has the opportunity to be a landlord. Using services such as Airbnb and HomeAway, you can rent out your home to travelers visiting your community. Interested? Let’s take a look....

Ask questions. Do you live in a neighborhood with a homeowners association? If so, check your neighborhood rules to see if short-term rentals are allowed. If so, are there any restrictions? Next, check with your municipality. Your city or town may not prevent short-term rentals, but may have rules governing them and may also require you to pay a percentage to the city in what amounts to a hotel tax....

Treat it like a business. It’s a good idea to weigh the costs and commitment versus the income you’ll make renting out your home. Opening your home to strangers is a considerable amount of work. Cleaning before and after guests, providing keys, having valuables locked away, and providing amenities to your guests all take considerable commitment on your part. Don’t forget to figure in the fees you’re required to pay Airbnb or another rental service company to advertise your home....

Let’s talk taxes. Find out if your municipality levies a tax on short-term rentals. If you only rent your home out once per year for a special event, you may not face taxes. The same goes for federal taxes, but the rules are complicated so it’s always best to consult your tax adviser and read this IRS publication....

Buying, Finding a Home,

Should You Buy a Home with Visitors in Mind?

When buying a house, how much importance should you put on size when it comes to hosting out-of-town family and friends? Here are some things to think about before investing in extra guest rooms and bathrooms....

Season of life. Are you still raising children or are you empty nesters? If the kids are grown, how much extra space do you really need? Do any of them live nearby or would you need to house all of your children for a holiday gathering? What about significant others and grandchildren? Also, be realistic about how often your out-of-town children will visit. Life is busy, and those dreams of frequent get-togethers don’t always come true....

Guest room or flex space? If you have frequent visitors, you might find it more comfortable to have a guest bedroom and bath set aside exclusively for visitors. But if guests are a rarity, you might consider a flex space, such as a second living room or office with a pull-out sofa or murphy bed that can be quickly converted to guest quarters....

Do the math. Does it make sense to pay the mortgage, taxes, insurance and maintenance on a larger place just to entertain occasional overnight guests? It would likely make more financial sense to put them up in a nearby hotel....

Children versus adults. Many grandparents want their homes to be large enough to accommodate visiting grandchildren but that doesn’t mean you’ve got to have multiple empty bedrooms. Twin beds in a single guest room, trundle beds, cots, inflatable mattresses and sleeping bags are all options that cost far less money....

Beyond bedrooms. Besides sleeping quarters, think about the size of your kitchen and dining area. Do you have enough space to sit comfortably around the table with guests? Do you want or need extra space for a folding table for holiday dinners? Can you convert a kitchen island into a second seating space for family gatherings? If you opt against the extra space, consider altering your traditions going forward. Buffet-style dinners or hosting a meal at a restaurant are two good options....

Don’t forget to think about your entertainment space. If you opt for a small space with limited seating, consider ottomans and comfy pillows for guest seating. Nesting tables are also a good space-saving option that come in handy when guests come calling....

Outside spaces. Do you need a yard for guests? If you like to grill out and entertain, a yard is nice. But even small townhouses typically have a patio space suited for outdoor cooking and dining. Beyond that, check out the amenities your neighborhood and community have to offer. Visiting nearby parks and indoor entertainment venues is far less expensive than owning a larger home on a bigger piece of land than you need on a daily basis....

Keep things in perspective. Don’t fret too much over size and amenities and lose sight of the fact that your guests, be they friends or family, are coming to see you....

Money, Retirement,

Is it Time to Downsize?

In pursuit of the perfect home, our wants and needs change as our lives, families and priorities change. A house that might have once been your dream can wind up feeling too big, too overwhelming to maintain, or too expensive. Here’s a list of reasons why you might be ready to downsize to a smaller home....

Your kids have moved on. While some parents choose to repurpose their children’s rooms, others find they don’t need that space once their kids leave home. Downsizing gives you the freedom to choose the perfect place for a new lifestyle and new phase of life....

Money. Downsizing is a great way to cut costs. Simply put, smaller houses tend to be more affordable. It will be cheaper to heat, cool, maintain and insure a smaller house. Property taxes will likely be lower. Depending on the value of your current home, how much you owe, and the cost of your new space, you could end up debt-free....

Free time. Caring for a large home is a lot of work. Cleaning, maintenance, and caring for landscaping all require time. Taking care of a smaller home is easier, creating more time for travel and leisure....

Simpler lifestyle. Most people who downsize get rid of unwanted and unneeded items, decluttering their homes of decades worth of accumulation. With fewer possessions, life becomes more simple. With less space, you’re less likely to buy unnecessary items. Downsizing also is a great choice for folks who are environmentally conscious — smaller properties use less resources to operate....

Location. If you’re open to a smaller home, you may be able to afford your dream location. Close to the beach or a bustling downtown? Check....

What about visitors? Your children likely won’t return home to visit as often as you think. The price of paying for an occasional hotel room for guests is far less than ongoing costs of operating a large home....

Marketing The Home, Selling, Selling Your Home,

As a Seller, What Should I Expect From My Real Estate Agent?

The complexities of selling a home can be daunting. You don’t have the time or inclination to sell it yourself so what should you expect when hiring an agent to list and sell your home?...

A specific plan. The agent representing you should put together a detailed plan for marketing your home for the best possible price. This plan has many facets, which will include many of the following: doing a Comparative Market Analysis (CMA) to see what your home could sell for, listing your home on the Multiple Listing Service (MLS) and other sites, developing sales flyers, “staging” your home to help it look its best, having professional photos taken for advertising, scheduling showings to other agents and brokers as well as scheduling an “open house.”...

Your best interests. Your listing agent works for you, so he or she is obligated to negotiate the best price and terms for any offers you receive. They should be mindful of any information in the negotiation process that could help your cause. They should screen interested buyers to make sure they are good candidates for your house and are preapproved for a mortgage....

Feedback. Your agent should be candid with you about any aspects of your home that need attention, such as repairs that could be an impediment to selling. The agent also has a duty to disclose any material facts about the property to the buyers and their agent. They also should provide feedback from prospects who have viewed your home. Such critiques could be valuable for sharpening your home’s presentation....

Shepherding the contract and closing process. Once you have accepted an offer and have a sales contract, your agent should help you navigate the complex steps ahead such as option fees, escrow, dealing with appraisers and inspectors, finding contractors for repairs and much more. This is where an organized agent can spare you lots of anxiety as closing day approaches....

Above all, your agent has a fiduciary responsibility to look out for your best interests. Develop an honest and open working relationship with one another. That’s why it helps to network with people you trust to get referrals to respected real estate sales professionals....

Newer Posts

Older Posts

Read more articles in Buying, Selling, Ownership, or Money.