Posts with tag 'homeownership'

Moving into a new home is an exciting time and comes with so many things you need to learn.  Whether you are a new homeowner or it's not your first rodeo, you'll need to familiarize yourself with the many systems that make this house function.

Here are 15 essential basics you should know about your new home.  Consider #1, #2, and #3 your first priorities!

1. Water shut-off valve. Whether you need to replace a leaky faucet or prevent a burst pipe from flooding your home, it's important to know how to quickly turn off the water supply. To do this, you'll need to locate the shut-off valve connected to the main water line entering your home. If your home has a basement, check for the shut-off along one of the outside walls. If your home does not have a basement, check for the water shut-off at ground level near your hot water tank. After you find it, make sure everyone in your home knows where the shut-off is locate...

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Whether you're a first-time buyer or an experienced homeowner, at some point you'll need to make home repairs. And those repairs will cost money. It's something first-time buyers often don't think about ahead of time and experienced owners may have learned the hard way. So budgeting at least some money in advance for these expenses is a must. Here's how to figure it all out.

Common Budgeting Approaches

The first step is deciding how much to save for home repairs. Here are a few different ways you can approach budgeting.

• Save 1 to 3 percent of the price of your home per year. That means if your home was $200,000 you should devote $2,000 to $6,000 per year to your home repair budget. This rule is based on a per-year average over a longer period of time. Some years you'll spend less a...

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Even though home prices  have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time:

"Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage."

How Your Equity Can Help You Achieve Your Goals

The equity you build up over the years can be used to your advantage when you sell your current house and buy your next home.  If you no longer have the space you need, it might be time to move...

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There's been a lot of focus on higher mortgage rates and how they're creating affordability challenges for today's homebuyers. It's true that rates climbed dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it's determined by a combination of mortgage rates, home prices, and wages.

Considering how each one of these factors is changing gives you the full picture of home affordability today. Here's the latest.

1. Mortgage Rates

While mortgage rates are higher than they were a year ago, they've hovered primarily between 6% and 7% for nearly eight months now (see graph below):

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Homeowners have a unique opportunity to Celebrate Earth Day Month all year long!

As a Homeowner, you are in a position to help make a significant positive contribution to our environment, both inside and outside of your home. By making conscious, sustainable choices in every aspect of "home", your efforts will help us get one step closer to a healthier Planet!

Begin by taking simple steps to reduce your impact on the environment and promote sustainability. Choose sustainable efforts from the following five categories where your efforts will help protect the environment, conserve natural resources, reduce waste and pollution, and preserve our...

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