Decorating a Spare Room

Invite Inspiration When Decorating the Spare Room

Whether you have company arriving for a visit or want to design a room that offers more space to relax in your home, the spare bedroom is an excellent opportunity to explore trending design elements. The room is there, waiting for you to try a few simple but creative ideas to make everyone feel at home.

Color

It all starts with deciding on your color base. Use the guest bedroom as a place to test new colors in your home. A bold gray-and-yellow combo makes a statement, or use lighter wall colors, such as aqua, to create a soothing atmosphere. Select a clean, white-walled bedroom to provide an open and refreshing space for guests, or try a vibrant hue, such as orange, to create a fun, bold space in your home.

Flooring

Whether the room has hardwood flooring and area rugs or you choose new carpeting, keep it neutral to provide a strong base for furniture and accents. If you have a hardwood floor, select a dark or light stain to add depth to the natural coloring. Remember to keep your wall color in mind when deciding on the color of flooring, especially if you want the colors to play off each other. Use area rugs for texture, pattern and an additional pull to draw your guests in. The flooring is the foundation on which to build your room design, so take time to explore different possibilities.

Furniture

After your room is painted and ready, keep the color of your flooring and walls in mind when deciding on the furniture. Turn to magazines or online searches for inspiration. Use furniture you have in the home in new ways, or find new, one-of-a-kind pieces. Imagine a light, airy guest room with a dose of vintage charm and an antique iron bed. Custom-painted furniture and plush fabrics to contrast with your new wall colors can add to a relaxed ambiance. You'll want to curl up in your own guest room for reading and an escape during the day. If you have a pair of twin beds, cover them in the same fabrics and add a charming armchair to unify the room and offer seating. The possibilities and combinations are endless; have fun with it!

Bedding

Selecting the bedding is the icing on the cake. Be bold and brighten up a room with playful patterns and vivid colors, or stick to a corresponding palette to tie patterns together. Use a variety of pillows and fabrics, like quilts and throw blankets, for plush accents. Try tribal patterns and designs inspired by traditional Asian and African motifs, which are trending. Classic black and white are also hot colors in bedding. Whether you decide on traditional floral patterns or mod stripes, this is the best part - find the perfect look for your bedding to tie your design together.

Accessories

This is it: the big finish. But don't go overboard in the guest room with accessories. Even if you go in the direction of more dramatic design versus casual comfort, be sure to choose simple items that have great impact on your overall decor. Traditional accents like colorful table lamps, bookshelves stocked with great reads, beautifully framed mirrors, and useful wicker baskets keep the space feeling cozy and classic. Keep the wicker baskets stocked with adorable new soaps, petite shampoos and conditioners, new toothbrushes, and even new books and magazines to make your guests feel right at home.

Steps in the Mortgage Loan Process

You walk into the local bank and ask to see a mortgage specialist. Palms sweating, heart leaping – you are about to apply for what may be the largest loan in your life. A lot is riding on an approval: the ability to purchase a home, a new start in life, or the first steps toward a life that is moving in a new direction.

You probably don't realize that the lady sitting behind the desk actually wants to help you. Like your real estate agent, she doesn't get paid until the deal is consummated: until you take out a mortgage loan. Naturally, then, your first contact in the mortgage loan process is going to want to put your mortgage application in the best light possible.

Unfortunately, the loan officer doesn't have the final word on approval. To get to that great big "yes" requires work on your part, long before heading out the door to see a lender.

Grab your calculator and that stack of bills off the kitchen counter - you've got some number crunching to do.

What Budget?

If you live within a budget, congratulations – this part of the process will be a cinch for you. If you don't, it's time to determine how much money you have coming in and how much goes out. Once you know this, you can determine the amount of money you can comfortably afford to pay for a house every month. Remember, this amount needs to cover homeowners insurance, property taxes, and HOA fees if you move to a managed community.

Got Credit?

Lenders pull your credit reports as part of the loan process, but the wise mortgage loan pursuer will get out in front of the process and know where he stands with FICO, the corporation that determines consumers' credit worthiness.

By law, you're entitled to one free credit report each year, from each of the three major credit reporting agencies. The Federal Trade Commission recommends that you order the credit reports from AnnualCreditReport.com, the only source it authorizes.

Lenders use a score aggregated from all three credit reports and calculated by the Fair Isaac Corporation (FICO). Known as your FICO score, it largely determines whether you will be approved for credit and the interest rate you'll be offered.

Dispute anything on your credit reports that is questionable. Even removing one negative entry can move your credit score in a positive direction.

Piles of Paperwork

Finally, all those piles of paperwork lying around the house will come in handy. Although you'll need to ask your lender exactly what she needs to see, lenders typically want the following:

Copies of tax returns.

Investment information.

Bank account statements.

Your landlord's name and phone number, if you rent. If you currently own a home, bring your mortgage papers.

Your driver's license and social security card.

Paperwork, including the account numbers, pertaining to loans and credit cards.

Pay stubs or other information that verifies your income.

Court papers verifying your responsibility for support payments or bankruptcy, if applicable.
The Mortgage Loan Process

Here's what happens during the mortgage process:

You fill out the application.

Your loan package goes to the processing department where everything is verified.

The underwriter receives your package from the processing department and decides whether or not to give you a loan.

If the underwriter decides in your favor, the lender sends you a commitment letter.

These are the basic steps in the mortgage loan process, and they may vary depending on your situation.

While you wait for word of approval, the lender is required to send you, within three days of application, a Good Faith Estimate – commonly called the GFE. This form discloses the costs of the loan.

Expect a Truth in Lending Disclosure as well, which will let you know your monthly payment, the annual percentage rate of the loan, and a disclosure of all finance charges.

The loan commitment letter repeats the information in the GFE and the Truth in Lending Disclosure. If the terms meet with your approval, sign the letter and return it before the deadline.

While waiting around for loan approval is stressful, and there may be delays while the lender acquires additional paperwork from you, the more you are prepared going into the process the quicker and easier it will be.

I have a network on banking professionals that I highly recommend.  If you need a recommendation, I would be happy to help! 

How Homes are Valued

Homes are valued a lot like everything else: They are worth what people will pay for them. The Maybach Exelero, the most expensive car in the world, sells for $8 million because that's what people will pay for it. By the same token, you can ask for $8 million for your Hyundai, Ford or Chrysler, but don't count on getting it – you'll get what the market says it's worth.

So, how do we know what a willing buyer will spend for a house? Although we may never be certain, by looking at the recent past, we can come up with a pretty good idea. This is why the market value of a house is based on sold homes that are comparable in various ways.

In other words, it doesn't matter what amount Tom, the next-door neighbor, lists his house for. The only thing that matters is what Jessica, your former neighbor, got for her house. List prices are fantasies while sold prices are reality.

Determining an accurate asking price for your home is vital, and the best way to find that price is by having the home professionally appraised. The second best way is to ask a real estate agent for a comparative market analysis. While both the appraiser and the real estate agent use the prices of sold homes as a basis, the appraisal process is a bit more in-depth.
The Appraiser

Licensed appraisers aren't house experts, but they are analysts, able to pull together myriad facts and statistics to arrive at a home's value.

To avoid a conflict of interest, most lenders adhere to the Home Valuation Code of Conduct (HVCC) and use the services of an appraisal management company.

The First Step in the Appraisal Process

Shortly after you've accepted an offer to purchase, you'll receive a call from the appraiser to set up an appointment to see the home. The time he or she spends inspecting the home varies, depending on the appraiser, but plan on it taking at least 30 minutes.

The appraiser makes note of the floor plan and any improvements, and takes measurements of the exterior of the home to determine the square footage.
Step Two

The appraiser uses statistics from the multiple listing service, public records, or a combination of both to find recently closed sales that are similar in age, size, location and features to your home. Typically, the appraiser relies on sales within the last 90 days, but may go back as far as six months. She will also use homes within a 1-mile radius of yours.
The Final Steps

The final steps of the appraisal involve comparing your house, which the appraiser calls the "subject," to the comparable homes. She'll use a list of criteria that includes the age of the homes, size, number of bedrooms and bathrooms, location and any improvements made to the homes.

She'll add or subtract value from your home depending on how it stacks up to the comparable houses until she arrives at the market value of your home.

What to Do if You Disagree With the Appraisal

An appraisal obtained by the lender is paid for by, and therefore belongs to, the buyer. So the lender won't send you, as the seller, a copy. It is up to the buyer to supply you with a copy if he or she is willing.

That said, if the appraised value is determined to be lower than what the buyer has agreed to pay, the lender will typically not lend on the property and the buyer and seller have some decisions to make.

The buyer can come up with a larger down payment (which brings down the amount of money he needs to borrow). Most buyers think long and hard about this option – nobody wants to overpay for a house.

The seller and the buyer can agree to split the amount that is over the appraised value, with the buyer bringing half the cash to the deal and the seller lowering the price of the home to meet his half of the deal.

Another option, and the one most commonly used, is that the seller lowers the price of the house to meet the appraiser's evaluation.

Finally, the seller can simply walk away from the deal.

Before any of these steps are taken, however, the buyer and the seller should review the appraisal to ensure that the appraiser used accurate information in his determination. Appraisers are human and do make mistakes. If errors are found, the buyer can notify the lender and ask for another appraisal.

For more information about selling your home, contact me today! 

Painting to Sell: Painting tips to ensure a quick home sale!

Paint to Sell: Painting Tips to Ensure a Quick Home Sale

No matter how much you rearrange or decorate a room, nothing affects appearance like a fresh coat of paint. When you enter a house, your eye may be drawn to little decorative touches, but all the staging in the world will fall flat if your paint is drab, dirty, or goes against the potential buyer's taste. Considering that a gallon of paint is only about $25, it's also an inexpensive way to give your home a makeover, and make sure your home sells quickly.

Choosing Colors to Appeal to Homebuyers

Using colors that make the buyer feel "at home" will help you sell your home more quickly. You want them to look at each room and be able to literally see themselves and their belongings fitting inside your walls. Inspire a feeling of peace and relaxation, and part of the sale is already done!

Neutrals and soft colors create a soothing, calm atmosphere. Homebuyers can more easily visualize the paint colors they want when other colors aren't bombarding them at every glance.

Avoid bold, vibrant or dark colors. Even pure white can prove overwhelming. Stay away from trendy colors no matter how good they look to you.

Keep in mind color psychology. Not only do certain colors calm you, but the shade can also affect the room itself. Light colors make a space appear larger. Dark colors, on the other hand, make the room feel smaller. Of course, sometimes a darker color is good if you want a certain effect. A cozy den with a darker color and a bright, cheery kitchen with a lighter color may work best to highlight each room's appeal.
Neutral Shades

Even with neutrals, you still have a variety of colors to choose from. Off-white is a popular, all-purpose color, but it's not the only one. Beige, tan, eggshell and ecru are other colors that work well with almost any style. But your choices range even further: pale shades of blue, green, yellow and gray, for instance, can blend with the house and complement the room. Aim for colors that don't overpower the room or furnishings. Keep the color variations to a minimum to lend a sense of continuity to the house. If every room is a different color, it can prove overwhelming. It's much better to pick two or three colors to use throughout the house.
Painting Tips

Take the time to paint properly. Mask off areas that will be left unpainted. Throw down floor and furniture coverings to ensure you don't create damage during the process. Most importantly, prep the wall properly.

You may wish to spread a primer first to block bold colors. If the walls don't require color or stain blocking, sanding the walls slightly or washing with a solution of trisodium phosphate are other options. Both sanding and washing with TSP will remove dirt, oils and other contaminants that prevent the color from adhering well and looking good.

While you paint, take time and care to cut in the corners and avoid drips. Aim for the best paint job of your life – it will be worth it when the buyers sign on the dotted line!

If you can't afford to repaint your entire house, concentrate on a few select areas. The first room the buyer enters is the place to start – remember, first impressions count! Consider painting cupboards, trim and doors along with key rooms. Let your instincts guide you. Look around at other homes for ideas. If your home has a "parade of homes" that local builders showcase, you can glean a lot of tips in a short amount of time.

With a minimum investment, a little time and elbow grease, it shouldn't take long to sell your home!


Interested in reading more home selling tips? Visit my website: http://www.homesalesbymcbride.com/miarticles

This Month in Real Estate - January 2014

According to a national survey of real estate transactions, over 90% of buyers start their search on the internet -- and then spend almost two months looking for homes before finally settling on the right one for them. That two month lag time means that houses that are on the market right now are in the best position to close in the early spring. So if you're looking to sell in the spring, you'll want to list the house now - and get a head-start on the competition.