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Invest Your Tax Refund in Your Home

Monday, March 23, 2020
by Scott Darling


A recent survey by Credit Karma shows that “46% of respondents expect to get refunds of more than $1,000 in 2020 (for their 2019 taxes)...” Now, we won’t get into the financial sense of tax refunds, but if you are one of that 46%, and you’re planning on doing some homework with your refund, here are a few suggestions on how best to spend that money! 

 

$1,000 or Less 

  • Add or improve your front walkway.  Whether you plan on putting your home on the market soon or not, a new walkway will improve the curb appeal.  

  • Replacing the front door is an expensive job, but you can create a whole new look for the front exterior of your home just by having a new front entranceway. 

  • Install new light fixtures, especially if you’re tired of the builders-grade fixtures. If you shop smart, you can get stylish new flush-mount lights for every room. 

  • Do a minor bathroom renovation:  replace the toilet, faucets, and lights, and give the tub/shower a makeover with a refinishing kit. 

  • Paint the kitchen cabinets, replace the hardware, and add a tile backsplash. You won’t believe what a difference those three minor renos will make! 

  • Upgrade one appliance - kitchen appliance.  

 

$1,000-$2,000 

  • Any repairs that you’ve put off because of cost should be done before any improvements to renovating is done. Protecting your investment is more important than new bathroom tile. 

  • If your front lawn is a black canvas, hire a landscape designer to create some improvements.  

  • Have your “popcorn” ceilings removed by a pro and add new crown molding.  

  • Tankless water heaters, whether you choose whole-house or single-point, are worth the investment as you’ll see a difference in your electric bills. 

  • If you’re handy, you can take on a DIY job and save money: paint your home’s exterior, install new flooring, add wainscoting, or install kitchen countertops. 
     

As much as you’d like to see something physical after spending your tax refund, paying any accumulated debt down or investing it will pay you back in the long run. Check out these ideas from Investopedia,  and take off some of that financial load you may be bearing! 

 

Courtesy of Chester County PA Realtor Scott Darling.

 

Photo credit: the money pit 

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Chester County Market Trends Report for February 2020

Thursday, March 19, 2020
by Scott Darling

Chester County PA Real Estate Market Trends for February 2020

Chester County PA single-family homes saw pending sales increase by 12.9% in February 2020 when compared to February 2019. 346 homes sold in February with a median sales price of $335,785.  Homes were on the market 3 days less.

If you are thinking about selling your home get a free instant home evaluation Learn More. 

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Why Your Mortgage Payments Change

Wednesday, March 11, 2020
by Scott Darling

Your mortgage payment is probably the largest one in your monthly budget, and you assume it will be the same amount for the next 30 years. That may not always be the case, however, and that depends on a few factors. Be prepared for changes, and understand those changes: 

  • - If you paid less than a 20% down payment, you are required to have Mortgage Insurance with FHA and USDA loans, while Private Mortgage Insurance is required with other lenders. In some cases, these can be removed, and your mortgage payment will reflect the change. 
     

  • - An Adjustable Rate Mortgage (ARM) has a set interest rate for a certain amount of time, and after that time is up, the interest rate will vary. When the rates change, your payments will, too. Learn more about ARMs from Investopedia. 
     

  • - Changes in escrow are almost unavoidable. What is escrow? The Consumer Financial Protection Bureau’s definition: “An escrow account...is set up by your mortgage lender to pay certain property-related expenses.”  When property taxes or insurance premiums increase, your current payments won’t reflect that change, and that results in an escrow shortage. The shorted amount will be added to your loan payment, plus the new amount for adjusted increases. To avoid paying extra every month for the shortage, pay the amount in full as soon as you receive your annual escrow statement. 
     

  • - What if you don’t have an escrow account on your mortgage, and you don’t pay your property taxes?  Lenders don’t want to foreclose on a home because of delinquent property taxes. To protect their money, they can add the amount to your current loan payment or open an escrow account for your loan. 
     

  • - Homeowners insurance is a requirement when you have a loan on the home. If yours lapses, or you don’t have enough insurance on the house, lenders have the right to purchase a policy, called “forced-place insurance.” They will send you the bill for the premium, which is probably more expensive than your current payment.  

 

While escrow accounts aren’t always a requirement, it would benefit your budget to request one when you are applying for the mortgage. Keep an eye on your insurance information as well as your property taxes so you won’t be surprised when your monthly payment increases. Having an emergency savings account can help ease any of these burdens.   

 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: masonfinance

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Five Reasons You Need a Buyer Agent

Friday, March 6, 2020
by Scott Darling

 

When it’s time to start house-hunting, you know that going to an Open House is one way to get a good look at some homes on your own time. But when you’re ready to search for just what you need, the choices can be overwhelming, not to mention the thoughts of negotiating an offer, inspections, the closing--it’s not as simple as you may think. Do you need a buyer agent? 

  • - You know what you want in a new home because you know what kind of lifestyle your family lives.  A buyer agent will listen and learn about your needs, wants and don’t-wants, take that information, and you don’t have to do another thing but wait for them to find prospects for you to see! How easy is that?! 
     

  • - Hiring a buyer agent opens a whole world of real estate options of which you are likely unaware. REALTORS® not only have a network of other agents, but the tools and expertise that can connect you with the right house sooner than you can find on your own. 
     

  • - The experts a real estate agent has at the click of a mouse or tap on their smartphone will all work together to ensure your home-buying process goes smoothly! Real estate attorneys, tax experts, and inspectors are just a few of the people you may need during the home-buying process. 
     

  • - If problems arise, your buyer agent isn’t always a miracle worker, but they will use all their means to see that the issue is resolved.  They want your transaction to go as smoothly as you do. 
     

  • - In most cases, you will owe a buyer agent nothing when you buy your house. Fees are normally paid by the seller, so you’re getting an exclusive, personalized service free! 

 

 It’s also important that your buyer agent be part of the National Association of REALTORS® or the National Association of Exclusive Buyer Agents. Ask friends and family for referrals, create a list of your needs, and then write down some questions for the agents you plan on meeting.  Interviewing more than two will help you find the best fit, and carefully read over any contracts before you sign. You won’t be sorry you chose to hire a buyer agent! 

 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: opendoor

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