Painting Mistakes That’ll Show

Painting can be one of the most cost-effective ways to spruce up a listing. But homeowners can also make a lot of mistakes with this common DIY job. Realtor.com® recently spoke with staging and color experts to find out some of the most obvious mistakes that they see most often.

1. Choosing the wrong finish.
Homeowners need to select a paint finish that correlates with the room’s purpose. "Many homeowners are nervous about using shiny semigloss, but it's more durable than flat or matte and more moisture-resistant, which makes it perfect for bathrooms and the kitchen," Kristen Chuber, marketing director at Paintzen, told realtor.com®. However, flat and matte finishes may make better choices for high-traffic areas like hallways or kids’ rooms, since they usually allow for easier touch-ups.

2. Not paying attention to the room’s undertones.
Pay close attention to the other elements of the room that can influence how the color looks on the walls. "Your color will look off if you pair a pink undertone with a yellow one, so look at the counters, the stone fireplace, and cabinets when choosing paint," Karen Gray-Plaisted, a home staging expert with Design Solutions KGP, told realtor.com®. The flooring can influence the color perception too. For example, a warm mahogany hardwood might look strange when paired with a cool gray paint, Gray-Plaisted says. Also, be sure to "test your color swatches in different lighting, or you'll end up with a shade that's all wrong," Chuber notes.

3. Selecting the wrong color of white.
White paint comes in many shades. "Some whites are cool, others warm, still more are neutral, so the one you pick will depend on the room's finishes and undertones," Gray-Plaisted says. Liat Tzoubari, CEO of home decor boutique Sevensmith, told realtor.com® she sees homeowners overuse white paint in a home. "Instead, choose a white with a slight pink or yellow tint, such as cream," she suggests.

4. Forgetting about what's overhead.
Ignoring the ceiling when repainting can make the room appear dull and dirty, says Chuber. "Whether you pick white or a bright color, painting it properly will give you those sharp edges along the top and can make wall color pop," Chuber says.

5. Adding an accent wall in an odd place.
Adding a pop of color to an accent wall is a popular move, but homeowners should make sure the effect isn't jarring. "Accent walls are supposed to draw attention to a beautiful area, like the dining room—but not the bathroom or toilet area," Kaitlin Willhoit, a real estate pro with The Boutique Real Estate Group, told realtor.com®. Also, the paint chosen for the accent wall needs to still work with the overall color scheme of the room or the house, says Bee Heinemann, interior designer with Vant Wall Panels. Too bright or too bold a color may be a turnoff to buyers.

Source:
realtor.com®

Getting Your Credit Ready to Buy a Home

If buying a home is in your future, one of the first things you should do is check your credit score. Even if you’re still saving for a down payment, the sooner you know your score, the better. You can get your score by requesting a credit report from one of the three major credit reporting companies: Equifax, Experian, and TransUnion. Federal law requires these companies to offer you a free credit report : https://www.annualcreditreport.com/index.action once per year, so take advantage of this benefit.
After you get your report, thoroughly check for any errors or inaccuracies. Are the addresses, accounts, and balances accurate? Are there accounts you don’t recognize? If you find a mistake, contact the credit reporting company and file a dispute. You want to make sure your credit report is completely accurate before you start house shopping.

What Credit Score Do You Need?

Once you know your credit score, this will help you understand how it will impact the type of mortgage you might be able to qualify for. Conventional loans typically require your credit score to be at least 620. If your credit score is less than that, then you will likely want to look into a Federal Housing Administration (FHA) loan. If you have a credit score of 580 or over and a 3.5 percent down payment, you may qualify for an FHA loan. Finally, if you have a score of 500 to 579, then you will need at least a 10 percent down payment for an FHA loan.
That said, the closer you are to an 850 FICO score, the better your chances of qualifying for a loan, and the better interest rate you are likely to get.

Steps to Improving Your Score

According to FICO, the scoring system used by the majority of banks, the following are key to having the best possible credit score:

1. Pay your bills on time. Your payment history is the most important factor for determining your score. If you have a tendency to be forgetful, consider setting up your bills on automatic payment.
2. Keep your credit card balances low. This is the next most important factor in your credit score, so do what you can to keep your debt as low as possible and pay off what you can.
3. Open credit only when you need it. The older the age of your open credit card accounts the better it is for your credit.

Improving your credit score takes time, so be wary of any services that claim to be able to fix your credit overnight. If you want to learn more, the FICO company offers a variety of credit resources, including information on how to understand your report : http://www.myfico.com/credit-education/credit-reports/ and how to improve your score : http://www.myfico.com/credit-education/improve-your-credit-score/

Top Amenities for Relocating Baby Boomers

 

Baby boomers say they want to move to a home that has a multicar garage and that’s near their grandchildren, according to the latest Del Webb Baby Boomer Survey, sponsored by national home builder PulteGroup Inc. The age at which baby boomers expect to retire is getting younger, down from 65 in 2013 to 63.7 in 2017, according to the survey of more than 1,000 adults between the ages of 50 and 65. Thirty-eight percent say they plan to purchase a home within the next three years, and 11 percent say they’re looking to buy within a year. Their top motivations for moving are retirement, the desire to downsize, and wanting a home in a better location.

“Retirement marks a new phase in a baby boomer’s life, and it only seems natural to relocate or move to a new home when transitioning away from their primary career, or from the day-to-day rearing of school-aged children,” says Jay Mason, vice president of market intelligence at PulteGroup. “Whether they are selling the homes where they raised their children and heading to sunnier pastures or staying near their hometown, it’s not surprising that the 55-and-older buyer wants a variety of options in their homes.”

Baby boomers have differing expectations for retirement, so their home preferences are diverse. But overall, they indicate that their top must-have features for their next home are a multicar garage with storage, open deck or patio, open floor plan, eat-in kitchen, and small, private yard. Further, 30 percent rank proximity to grandchildren as their number one consideration when choosing a community. The other two most popular community amenities are access to water (such as a beach, river, or lake) and parks or other open green spaces.

“Having grandchildren nearby was a surprise, as previous Del Webb surveys have shown that having grandchildren nearby in retirement wasn’t a priority,” Mason says. “The desire to nurture the grandchildren-to-grandparent connection appears to be strengthening between baby boomers and the millennial generation, who also have a strong desire to be near aging parents.”

Source: Daily Real Estate News