 For some homebuyers, it makes sense to buy what’s known as a fixer-upper, a home that needs work. Fixer-uppers are appealing because they sell for less than move-in ready homes, and, in some areas, the demand for move-in ready homes leaves fixer-uppers as the only option.
Being prepared to renovate your fixer-upper into your dream home is important. New homeowners may want a transformation overnight, but rushing into renovation projects can be counterproductive. Here are a few reasons to ease into renovations instead of jumping in headfirst. Recover from Moving The process of moving isn’t fun—packing, transporting, and unpacking is exhausting. Take the time to unwind and rejuvenate your energy before starting your first project. Renovations are stressful, so make sure you’re in the right frame of mind before starting them, and make sure to take breaks. If you spend every evening and weekend working on your home, it could cause you to resent the place, or worse, regret buying it. Do Your Research First Even small renovation projects, such as a half-bath or a laundry room, should be planned out. When you rush into any project, there’s a risk that it won’t turn out as well. When hiring professional services, don’t just grab the first ones available. Always get multiple estimates on materials and labor, and thoroughly assess the contractor you’ll be working with. Live and Learn When you live in a house for a while, you learn about its flow and layout. Maybe the kitchen island isn’t big enough or it’s too close to the stove. Perhaps the flow of traffic through the house would be smoother if a wall was removed. Even observing the lighting through windows at different times of day can help you decide on paint colors for the walls. Seeing which parts of the home work and which need fixed will help you make an informed decision.
0 Comments
 Starting a new year is the perfect time to review finances and set goals. Here are seven financial wellness tips to consider in the new year.
Pay Off High Interest Debt Binging on Black Friday deals or charging gifts to credit may be fun over the holidays, but the expensive credit card bills that show up in January are not. Get your finances in order by making a plan to pay off high-interest debt. Tax-Advantaged Savings Participating in your company’s 401(k) plan or opening an IRA can lower your taxes now and improve your retirement later. If you already have a 401(k), consider increasing your contribution. Consider an FSA If you have predictable health care expenses or plan to spend more in the year to come, a flexible spending account will benefit you by lowering your tax bill. Open an HSA If you have a high-deductible health plan, you’re eligible to open a health savings account. HSAs provide upfront tax breaks, as well as long-term tax-free growth and tax-free withdrawals for allowable health care expenses. Find the Best Interest Rate You work hard for your money, and your money should return the favor. Shop around for a higher interest rate on your savings account. Monitor Your Credit Look over your credit report for errors and review your credit score. Your credit profile will impact the interest rate you pay on loans, and improving your score could save you money. Review Beneficiary Designations If years have passed since you set up your retirement account, your beneficiary designations may be outdated. Marriages, divorces, and other life events impact the choice of beneficiary, so review your documents and make sure everything is current. |