Home Ownership

Buying Your First Home in Your 20s

If you’ve recently graduated from college and are just getting established in your career, you may think you’re destined for many years of apartment dwelling. But think again! It’s possible to buy a home in your 20s. Here’s our guide for young home buyers pursuing that worthy financial goal....

Benefits of home ownership

Apartment dwelling may seem to offer more financial freedom than owning a home, since your monthly rent payments might be lower than what you’d pay on a mortgage. But that’s a short-term way of looking at life. That monthly rent buys you nothing more than temporary housing. Because the principal portion of a monthly mortgage payment builds equity in your house, investing in a home brings personal wealth and stability that can be far more satisfying than the temporary enjoyment of apartment living....

And home ownership brings other benefits. Apartment life offers a lively social scene, but occupancy turns over frequently. Owning a home in a neighborhood brings a more stable, long-lasting set of friends. Additionally, the annual amount young home buyers will spend on property taxes and mortgage interest can be deducted on federal income tax returns....

Why wait? Get on the path to homeownership as soon as possible....

Steps toward home ownership

Here’s what you need to do to buy your first home....

Save money for a down payment and expenses related to home ownership. Create a budget, live within your means, and sacrifice short-term pleasures for long-term financial goals. Set a monthly savings target and turn socking away money into a habit.
Young home buyers should aim to put down 20 percent on a house. A lower down payment is possible; the Federal Housing Administration (FHA) has programs that allow down payments as low as 5 percent. But lenders view buyers who put down less than 20 percent to be at higher risk of loan default because less of their own money is at stake.
As a result, you’ll be required to pay a monthly mortgage insurance premium to protect the lender, using dollars that could otherwise be building your equity in the home. To avoid this added expense, it’s best to wait until you have saved enough for 20 percent down.

Additionally, you’ll need to save for the additional costs that come with homeownership. There are fees you’ll pay at closing, and property taxes and insurance, homeowner association (HOA) dues and maintenance are regular expenses of home ownership....

Work on building a good credit score. Limit debt and pay what loans you have on time. Buy affordable cars. Pay faithfully on student loans. A clean credit history is vital for getting the best mortgage terms.
Begin to establish a stable employment history. Employment stability pays off when applying for a mortgage....

Shopping for a home

When you’re ready to begin looking at houses, take these three steps:...

Determine how much house you can afford. If you don’t already have a household budget, establish one, then figure how much you can swing for a monthly house payment, insurance, taxes and HOA dues. Online mortgage calculators can help you determine how much house you can buy. Be conservative, and when you begin home shopping, resist the urge to buy above your price range.
Find a mortgage broker to shop for the best lender terms for you and apply for pre approval. Prequalification is a cursory first look at your finances and doesn’t carry as much clout as pre approval, a more in-depth examination of your finances that tells a real estate agent and potential sellers that you are a serious buyer who can pay up to a specified amount.
Find a good real estate agent, preferably one who works with young home buyers like yourself. She will know the challenges first-time buyers face and can answer your many questions.

Buying, Buying a Home,

What the Home Inspector Doesn’t Find

Contracting with a professional home inspector is one of the most important things a buyer can do in the run-up to closing. But though an inspection can reveal essential deficiencies you need to know about, it isn’t foolproof. Here are some critical problems a general inspection may miss and steps you can take to protect yourself if that happens....

What the inspector does

Home inspectors often have a construction background. Typically their inspections are general and involve checking the major components of a house, such as the heating and air conditioning (HVAC), roof, plumbing, electrical systems and foundation. Inspectors also make sure the house is up to current building standards. Since codes are updated regularly, an older home may not have required features such as self-closing hinges on garage doors, ground fault circuit interrupter (GFCI) electric sockets near wet areas, and more. ...

The inspector mostly does a visual inspection, although he will measure the temperature of the oven and of the airflow from heating and air vents. He may go up on the roof to inspect it or take a look from below with binoculars or a drone....

An inspection report will be very detailed. But some problems may still lurk out of sight, and some systems may be worth having a specialist handle. Consider having a specialist take a look at the following areas....

Heating and air conditioning

The inspector will visually survey the condition of the components and measure the temperature of air flowing from the HVAC vents. But he will not open up mechanical components of the HVAC system or attach diagnostic devices. If the system is more than 10 years old, have an HVAC professional run diagnostics....

Exterior plumbing

Homes built before the 1970s may still have galvanized or ceramic drain conduits from the house to the city sewerage system. Over time these pipes can clog and collapse. Replacing them can cost you $10,000 or more. The inspector will notice if a conduit isn’t draining correctly, but won’t find a problem if the conduit is operating but on the verge of collapse. With an older home, have a plumber conduct a camera inspection of these conduits. Also, have a licensed septic professional inspect the septic system if there is one. ...

Destructive pests

Wood-destroying insects such as termites and carpenter ants can cause expensive hidden damage inside walls. In most states, sellers who know their home has a history of these pests have a duty to disclose it. If a home you’re interested in has a history of these insects, have a professional pest control company examine the house. There should also be a termite protection contract that’s transferable to the new owner....

Swimming pools

The inspector may check that a swimming pool’s pump system is working but will not necessarily catch cracks or other issues. A home inspector may have a specific clause in his contract that he is not liable for undetected pool problems. To know a pool’s true state, hire a pool construction specialist to check it out....

Chimneys

You may be eagerly awaiting your first chilly night bundled up in front of a home’s fireplace, but if the chimney has years of creosote buildup, that dream can turn into a nightmare. To be sure a chimney is safe, have a chimney inspector check for dangerous creosote and soot buildup. ...

Walls

Black mold, asbestos or lead paint can all make you and your family sick. If an inspection report raises the possibility of toxins in or on the walls of older homes, or you otherwise suspect them, have a professional health inspector scrutinize the house....

Windows

Windows fog when they age and lose their vacuum seal, allowing moisture to infiltrate their chambers. Fixing this situation can become expensive if it affects a lot of windows. If a home inspection discloses this problem, you may want to negotiate a lower price with the seller to replace the windowpanes....

Beware fresh paint and new floors

The sellers had new floors installed or a single room freshly painted just before selling. Ask yourself why, and consider whether these updates might mask recent water, foundation or insect damage. If you suspect these conditions, have the inspector take a closer look....

Home Technology, Ownership,

Get Smart About Hiding Spare Keys

Everyone gets locked out of their home at some point. Once it happens, you get a spare key made. But where do you hide it for future emergencies? Some places are so typical that homeowners might as well leave a note with an arrow saying, “Spare Key Hidden Here.” Here are some better ideas for hiding spare house keys....

Don’t help criminals

Like using “Password123” to access your online accounts, “hiding” a key in a prominent place makes it easy for bad guys to break in. Leaving a key under the doormat, on the top of the doorframe, under a flowerpot or beneath a plastic rock in the garden fools no one. Instead, try more clever ploys such as these....

Hang a key from a nail in the crook of a tree branch you can reach.
Hide a key away from your home’s main entrance, such as in a backyard doghouse.
Place a magnetized box for hiding a car key on a gutter downspout, your air conditioner unit or beneath your barbecue grill.
Buy a key lockbox and attach it to a discreet part of a permanent structure.

And don’t keep a house key in your wallet. If you lose your wallet or a thief lifts it, he’ll have your cash, credit cards, the key to your house and your home address on your driver’s license or other ID. Yikes!...

Be discreet

Tell only a couple of trusted people where your key is hidden. Don’t broadcast on social media that you’re going out of town. While gone, use a timer or your smart home system to turn lights on and off, so it looks like you’re home....

Keys? How quaint!

Speaking of smart homes, you no longer need to rely on technology developed centuries ago. Upgrade to an electronic keypad and smart home technology. You’ll not only eliminate lost key lockouts but enjoy modern conveniences such as the ability to:...

Program a keypad with an entry code.
Set up temporary codes for guests that expire when they leave.
Use an app on your phone to remotely lock or unlock your door from anywhere in the world.

Outdoor Living, Ownership,

Train Vines Onto Your Trellis for Beautiful Vertical Blooms

Flowers such as gardenias or azaleas typically grow from the ground or on bushes. Take flowers to the next level with vines that spread the beauty of blossoms to eye level and above on a trellis or pergola....

Three ways vines climb

Three types of vines climb structures. Two similar types, twining and tendril vines, climb by wrapping themselves around frameworks such as trellises, lattices, fences or pergolas. These vines weave and twist themselves along as they soar higher and higher....

Clinging vines need no frames or slats to climb on. They can spread themselves up a wall or flat surface. These vines sprout aerial roots that seize hold of the surface and climb it....

How to train vines on a trellis

Twining and tendril vines need a grid-like structure to wrap themselves and grow. Plant them at the base of a trellis or similar structure. To help them get started, use string, twist, or zip ties to attach a few low tendrils to the climbing structure. Once started, the vine will do the rest. ...

If you want to grow twining or tendril vines up the side of your house, position the trellis or lattice a couple of inches away from the wall. The structure needs to be securely anchored to the ground, with a few points of the upper lattices anchored to the wall. Otherwise, as the vine flourishes, its weight will pull the lattice down to the ground....

For clinging vines, no structure is needed. Simply plant the vine at the base of the wall on which you want it to grow, and it will do the rest....

Good choices for climbing vines

You’ll find many gorgeous flowering climbing vines to choose from: wisteria, clematis, honeysuckle, trumpet vine, and climbing roses. Some of these, such as wisteria and clematis, have several breathtaking variations....

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....

Home Improvements, Outdoor Living, Ownership,

Should You Screen In Your Deck?

A deck can be a little slice of paradise…except for the scorching sun by day and the insects by night. So why not turn that deck into a screened-in porch? Here’s an outline of what it takes....

Get proposals. Using online and personal referrals, ask three contractors for proposals and quotes. Make sure they’ve been in business for a substantial number of years and have a satisfactory track record with the Better Business Bureau and regulatory agencies. Ask each contractor questions. Make certain each has required licensing and liability insurance. If at all possible, visit previous projects....

Get the needed permissions. If you live in a neighborhood with a homeowners association, submit detailed plans for approval. You will also need building permits from city or county authorities....

Design considerations. Adding a roof will add weight so your contractor may need to add more posts, joists and piers to support it. A slab of some size may be required. This will add thousands to the cost. The design of the new roof will have to tie in architecturally with the roofline of the house. If the deck is old, portions of it may have to be repaired or replaced....

Bugproof? Adding a roof and screened sides doesn’t totally eliminate insects. Screening must be added to the underside of the floorboards....

Finishing touches. Skylights, ceiling fans, fireplaces, audio/visual hookups, and decorative items are not required, of course, but go a long way toward dressing up the new space and making it more functional. They also add to that final price tag....

Value versus cost. Depending on size and amount of work put into the job, screening in a deck starts at $12,000 and goes up from there. While a screened porch definitely adds value to the home, it’s questionable how much you’ll recoup upon resale. A lot depends on market conditions at the time of sale....

Home Improvements, Ownership,

Bye-Bye Fly: Keeping Flies Out of Your Home

You expect insects to crash your summertime barbeque. After all, the outdoors is their world. But your home is your world, so it’s vexing when flies barge in. Here are some ways to keep them out of your home....

What attracts flies into the house?

When winter’s chill wanes, insects emerge from dormancy and begin reproducing at prodigious rates. Then they look for open windows and doors through which they can enter your home. The following will make your house attractive to flies:...

Odors. These are the main attraction drawing flies to your house.
Food. Flying pests will make a buffet out of leftovers sitting on the stovetop or dirty dishes unattended in the sink. Leave ripening fruit in a bowl, and fruit flies will magically appear. Even a spill on the counter that isn’t thoroughly wiped up can attract flies to your home.
Pets. Leave a cat litter box unattended for just a day and watch the flies invade.
Drains. Musty water in drains and the garbage disposal attract drain flies.
Houseplants. Overwatering houseplants will leave standing water that attracts an annoying gnat-like fly.

What can you do to keep them out of your home?

Keep doors and windows closed as much as possible. If you want spring and summer breezes in your home, ensure your open windows and doors are screened. Pass through exterior doors as quickly as possible.
Some species of plants are not only beautiful but also repel flies. Plant marigolds, petunias, nasturtiums and herbs such as lavender and rosemary beside exterior doorways.
Put food away after meals and wash dishes promptly. Wipe counters and the stove top till they’re squeaky clean.
Clean litter boxes more frequently than usual when flies are a problem. Unfortunately, when flies land on pet waste, their next stop could be a counter or other surface.
Pour a non-caustic, enzymatic drain cleaner or white vinegar into your drains a few times a year to keep the drain flies at bay.
Eat that fruit in the bowl on your counter before it gets overly ripe. Move the fruit to the refrigerator if needed.
Water plants just enough to keep them hydrated, no more. Sprinkle diatomaceous earth on the top of the soil.

Home Improvements,

Checklist: Summer To-Dos for Homeowners

While immersing yourself in summertime activities, it’s important to set aside enough time to take care of home and yard chores. Here are 10 must-do items while summer’s in full swing....

• Air Conditioning Summer Maintenance

If you haven’t already, it’s imperative to have a professional check your air conditioning system. It’s working full time now, and you wouldn’t want to suffer without it. In addition, be diligent about changing filters on schedule. Outside, keep bushes trimmed away from condenser coils so they can breathe. Finally, the condensation drain line can become clogged. Look for the open-ended, vertical piece of white PVC pipe and pour a quarter cup of bleach in it to keep it clear....

• Conserve Water

Keeping your lawn and landscaping hydrated is key, but not at the expense of water conservation. Set sprinkler systems for regular watering at specific times, which controls usage. If you use a hose, be consistent with the amount and times you water. Adjust sprinkler heads to prevent inadvertent watering of sidewalks. Follow local ordinances regarding water conservation....

• Sprinkler Head and Moisture Sensor Maintenance

Replace or adjust any sprinkler heads that may have been damaged while mowing or trimming. If you don’t already have one, install a moisture detector to save on water after a rain....

• Gutter Check

Spring storms may strip leaves and small branches from trees. Check your house’s gutters for debris and clear them to allow for easy draining....

• Make Vacation Arrangements

Ask friends or neighbors to tend to indoor plants and pick up newspapers while you are on vacation. Arrange to board pets. Go to the United States Postal Service website to set dates to stop and restart your mail....

• Water Heater Maintenance

Periodically, sediment needs to be drained from the bottom of the water heater. Summer is a great time to do this. Out of your comfort zone? Call a licensed plumber....

• Transition Time

Break out the backpacks, calculators, and lunch bags for back-to-school time. Prepare a place at home for the kids to study and access a computer. Set aside the coolers and beach chairs for weekend use....

• Have Carpets Cleaned

Traffic in and out of the house peaks in summer and so does the dirt tracked inside. Summer’s end is the perfect time to have your carpets professionally cleaned so they look and smell good for the fall holidays....

• Eliminate Wasp and Bird Nests

By late summer, pull down abandoned bird’s nests and scrub the area with hot soapy water. For wasp nests, wait until just after dusk when wasps are becoming dormant, then use wasp spray that projects a stream of 20 feet. The next day, inspect to ensure the wasps are gone before pulling down the nest. If you are allergic to wasp stings, call a professional exterminator....

• Plant a Fall Garden

Harvest the last of your summer vegetables and prep the soil for planting a fall garden. Visit your garden center and choose vegetables that do well in your autumn climate....

Buying, Finding a Home,

7 Issues You Should Consider Before Buying Waterfront Property

Property that fronts directly onto water brings tranquility, privacy, breathtaking views, and the opportunity for water recreation. It’s a great place to entertain family and friends, making an attractive Airbnb or VRBO rental. What’s more, waterfront property tends to appreciate handsomely. However, owning waterfront property entails certain responsibilities and challenges. Here’s what you need to consider before buying waterfront property....

Challenges of owning waterfront property

Before buying waterfront property, you need to determine whether it lies in a flood zone. The Federal Emergency Management Association (FEMA) has a web page where you can check. If your property lies in a flood zone, your regular homeowners insurance will not cover flood damage. You’ll need to contact a qualified agent to buy flood insurance coverage.
Homeowners insurance for waterfront property will be higher because of the increased risk of storm damage, especially along the Gulf and Atlantic coasts.
If you buy waterfront property along an ocean coastline or on a barrier island, you’ll need to formulate a plan for when hurricanes threaten. The plan should cover efforts to mitigate flooding by boarding up windows and placing sandbags around the house. You should also determine how you’ll evacuate if the need arises.
Property located alongside a lake or stream faces the risk of significant erosion when heavy rain runoff surges downward into the body of water. You’ll need to use ground cover landscaping, retaining walls, diversion and other methods to mitigate erosion, all of which will add to your ownership costs.
County health departments impose more stringent rules on home septic systems near bodies of water. You may be required to have an aeration septic system or to place the system well away from the body of water, both of which could add significant costs.
Because waterfront property is more valuable than landlocked sites, your property tax bill will be higher.
Your use of your property may be subject to the rules of a homeowners association (HOA). You’ll need to familiarize yourself with the association’s Covenants, Conditions and Restrictions documents, which may cover such matters as maintenance of your dock and boathouse. HOA dues are generally higher in a waterfront community than in a typical neighborhood.

Outdoor Living, Ownership,

Keeping Weeds Away From Your Driveway or Patio

Life thrives in unexpected places, such as when grass or weeds pop up from cracks in sidewalks, patios, and driveways. Here’s a guide to removing weeds and preventing these unsightly trespassers. ...

It starts with a tiny seed

Many weeds disseminate extremely tiny seeds into the wind. Some of these seeds find their way into cracks in pavement and germinate in the underlying soil. Other seeds were in the ground before the pavement was laid, but a crack allowed them to sprout. ...

Pulling the weed or grass

The soil under a driveway or sidewalk crack is drier than the surrounding areas. As a result, pulling weeds from these areas without taking extra steps will merely break off the weed or grass instead of removing the root. A fresh weed will grow from the leftover root. ...

To prevent this, soak the crack with water to soften the soil. Wait a few minutes, then pull the weed. You should be able to remove most of the main root. Then, if the crack is wide enough to insert a flat screwdriver, dig out the soil to extricate additional seeds and stray root fragments that could sprout anew....

Treating with chemicals

You can use natural or manufactured chemicals to ensure the weed or grass does not return....

An effective natural chemical is vinegar. Pull the weed or grass first, getting as much root as you can, then pour vinegar into the crack. The acid in the vinegar will eliminate seeds and root fragments. If you use 30 percent vinegar, found at big-box home improvement stores, you’ll be assured of success. Alternatively, Mix water with a high proportion of salt and pour it into the crack....

Manufactured weed killers will eliminate these stray plants down to the roots. If you are comfortable using these products, stop pulling the weed or grass. Instead, wearing gloves, spray the leaves with the chemical until they are wet. (Do not do this if rain is forecast, as it will wash off the chemical.) Leave the plants to absorb the product for a minimum of 24 hours. Then, again wearing gloves, pull the weeds or grass. You should be weed-free thereafter. ...

Weed Prevention

To prevent future sprouting of weeds and grass in cracks, purchase mortar and a trowel from the masonry supplies section of the home improvement store. Mix the mortar and trowel it into the crack. Smooth and feather the surface around the crack for an even finish. This seals the opening and prevents future sprouting....

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