Reasons To Consider Condos in Your Home Search

 
 

Are you having trouble finding a home that fits your needs and your budget?

If so, you should know there’s an option worth considering – condominiums, also known as condos. According to Bankrate:

A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”

That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below):

 
 

In addition to providing more options in your home search and possibly your price point, there are several other benefits to condo living. They tend to require less upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. Plus, since many condos are in or near city centers, they offer the added benefit of being in close proximity to work and leisure.

Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner so you can start building wealth in the form of home equity. In time, the equity you develop can fuel a future purchase if your needs change.

Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could provide the added options you need in today’s market.

Bottom Line

It could make a lot of sense to add condos to your home search. Connect with a real estate professional today if you’re ready to check out the options in your area.

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These Simple Cleaning Tips Could Potentially Save You Hundreds of Dollars a Year

 
 

Some people like to think of themselves as savvy shoppers, saving their money ahead of time to make big purchases, researching deeply to make sure they buy the best of the best they can afford, and then lying in wait, ready to pounce as soon as a sale hits.

If this is you, your vigilance shouldn’t end once your items are in hand. So much of what you do after you’ve made the purchase determines how wisely you’ve spent your hard-earned cash. 

Taking care of your possessions in large part determines their lifespan. This is a big part of why proper cleaning techniques and routine maintenance tasks are so important: They protect your investments, big and small. Spending time and energy to take care of things the way you’re supposed to might seem tedious and perhaps even unnecessary at the moment, but doing it can save you a good deal of money in the long run. 

Rather than having to pay for costly repairs or replacements on items that haven’t been well-maintained, you can add years to the possessions you already have. Here are some examples.

Clothing

Not all clothing requires special care; many items can be tossed in the washer and dryer repeatedly without much concern. Other garments, however, demand a bit more attention when it comes to getting them clean without undue wear and tear. And sometimes, the way you wash your clothes can cause more harm than good.

“When people wash their clothing at home, they tend to overfill or overstuff their machines,” shares Don Holecek of Crown Cleaners. “You need clothes, especially in a washer, to move around because part of that movement is the friction to release soil. When you pack it too much, that friction is actually causing abrasion and potentially damaging the fabric. That’s how sweaters get pilled. They’re very sensitive to abrasion.” 

Surprisingly, Holecek’s best advice doesn’t involve taking specialty items to the dry cleaner. Instead, he encourages washing your clothes, one way or another, as opposed to letting them sit without getting washed. Soiled clothing, even if the dirt isn’t visible, is what’s causing the most damage to your garments. 

And this isn’t to mention the invisible stains from external sources. “A good example is white wine or Sprite,” says Holecek. “Those become invisible stains — but what’s in those drinks are simple sugars, which turn yellow over time.” 

Moral of the story? Wash the clothes you wear, any way you can. “I’m an advocate for, if you can clean it at home, it’s better than nothing,” says Holecek. Holecek does acknowledge that you don’t have to wash your clothes every single time you wear them, but after a couple of wears is a good rule of thumb.

Larger Appliances

Proper maintenance is arguably more important with larger investments like household appliances. It’s all too easy to forget to care for the things that help you manage chores — washer, dryer, dishwasher — but being diligent to clean and care for these big-ticket items can add years to their lifespans and save you hundreds of dollars in expensive repairs or early replacement costs. 

Stacy Nelson of Pinpoint Appliance estimates that appliances aren’t lasting as long as they used to overall, but with proper care and maintenance, you can add a good five years to an appliance’s lifespan. According to the National Association of Home Builders, the life expectancy of a typical appliance all depends on its use, so if properly maintained as Nelson suggests, it can last longer. On average, dishwashers and microwave ovens have the shortest lifespan (nine years), while dryers and refrigerators last about 13 years.

Nelson offers her expert tips on the most important tasks people should routinely perform to keep their appliances from breaking down prematurely.

Washing Machines

For washing machines, Nelson recommends running the self-cleaning cycle as often as your owner’s manual suggests, particularly for front-loading washers. “When you do not follow all the necessary maintenance, you end up with a broken spindle (due to detergent buildup),” says Nelson. That’s the piece that holds the tub in place for your front loader, and replacing it can cost you at least $600 or more. 

For top loaders, Nelson suggests running vinegar through the unit about once a month or so to address odor. You’ll also want to drain your washer — which you can do yourself or get done professionally — periodically.

Dryers

When it comes to dryers, the single most important thing homeowners should do to maintain them is to have their dryer vents cleaned professionally once a year, which can cost roughly $100 to $200. “Otherwise, you could blow the thermal fuse,” warns Nelson. A thermal fuse is a safety component to help prevent fires — so a blown one can lead to even more issues, repairs, and money spent.

Another easy maintenance tip that you can do is to make sure the lint trap is clean and doesn’t build up or fall inside the dryer. This is an easy, zero-cost habit to build into your laundry routine: Clean out the trap every single time you put clothes into the dryer. 

Dishwashers

An unexpected-yet-useful tip Nelson had on dishwashers: Never run them during an electrical storm. This is due to the potential power surge that can fry the control board. While this can happen to any appliance, it’s most common with dishwashers. Repairing the control board could cost up to $500, so putting this simple information to good use is a no-brainer. 

Refrigerators

A crucial-yet-overlooked task for refrigerator maintenance is changing the water filter. Not only does the filter’s condition affect the taste of water and ice that comes out of your fridge, but it can also cause the whole filter housing to tear, which can lead to water leaks that’ll potentially cause damage to your floors. 

Educating yourself about routine maintenance and scheduling time to do those tasks can save you hundreds of dollars on repairs and purchases. Whether you’re considering your clothing, appliances, or any other home-related possession, the old saying about a stitch in time-saving nine proves to be true.

Read more on Apartment Therapy.

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10 Surprising Cities Where New-Home Construction Is Booming

 
 

Where are America’s new homes?

That question keeps boiling up to the surface, as buyers grapple with the current state of the housing market. High prices and soaring mortgage rates are driving affordability into the dirt. And lurking at the center of all buyer challenges is one towering and inescapable bugaboo: the lack of available homes. It’s simple math. Fewer homes = increased competition, higher prices, and epic levels of frustration.

Last year, new-home construction permits for single-family dwellings declined by about 14% over the previous year—and it’s hardly a new trend. Since the 1990s, U.S. housing starts per 1,000 households have been about half of what they were for the preceding 30 years. The building slowdown spiked in the wake of the 2008 housing crash, then again with the supply-side issues of the COVID-19 pandemic. The current shortfall in new construction is estimated to be as high as 6 million homes.

But not all corners of the U.S. are quite as new-home parched as others. There are still places where builders are putting up new homes to meet buyers’ demands, especially in more affordable areas where dollars stretch further. And Realtor.com® searched out those metros.

Most of these places are in the South, where land is more readily available, expensive building regulations are fewer, and prices aren’t as crazy as they are in states like California.

And among the locations on this list are several pandemic hot spots, including Austin, TX and Boise, ID, which has seen a flood of new residents in recent years.

“Builders are simply following where more Americans are moving,” says George Ratiu, a senior economist and manager of economic research at Realtor.com. “These are fast-growing cities, with a lot of lifestyle amenities and a lot of young people and professionals moving in. Builders have recognized this and are trying to catch up to this incredible growth.”

It’s true that new homes are generally more expensive. In January, the median price tag on a new home was $427,500, according to the most recent data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development. That was about 19% more than the list price of an existing home, which was $359,000, according to the National Association of Realtors®.

But the advantages of buying a newly built house are far more significant than you might think. The bigger builders are often more willing to cut prices below what a typical homeowner can stomach when negotiating with a buyer. Builders can also sometimes get more creative with financing, including mortgage rate buy-downs that can save buyers big bucks as an incentive.

Another benefit? New-home buyers get to select the cabinets, counters, paint, and other finishes on the front end. Who wouldn’t want to sidestep the tedious renovations that often come with an existing-home purchase?

To come up with this list, Realtor.com dug into the Census Bureau’s 2022 new-home construction permit data, as permits are a strong indication of future new construction. We identified the metro areas with the most new single-family home construction permits per capita, to arrive at the places with the most new homes slated to be built—relative to the local population. (This ensures the largest metros, such as New York City, don’t dominate the ranking.)

We limited our list to just one metro per state to establish geographic diversity. Metros include the main city and surrounding towns, suburbs, and smaller urban areas.

So where are America’s new home-building boomtowns? Here’s what we found.

 
 

Get all the details on Realtor.com

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Foundation Repair Tips Your Home Can’t Do Without

 
 

Foundation repair is an important part of homeownership. It’s essential for keeping your home safe and secure, so knowing the basics of foundation repair is key.

From regularly inspecting your foundation to identifying the cause of any damage, there are a few tips and tricks every homeowner should keep in mind when dealing with a foundation issue. By following these simple tips, you can ensure that your home stays in top condition and is safe for years to come.

Inspect Your Foundation Regularly
Regularly inspecting your foundation for signs of damage or instability is essential for maintaining the safety and integrity of your home. Cracks, bulges, or other types of damage can be tell-tale signs that something is not as it should be. If you notice any discrepancies in your foundation, it’s important to call an experienced professional immediately so they can advise you on the best way to proceed with any necessary repairs and help identify potential risks.

Identify the Cause of the Damage
Determining the cause of any damages is paramount in beginning repairs to ensure that the best outcome is achieved. Depending on the location, possible causes may include poor soil composition relating to having too much sand or clay, soil shrinkage due to less-than-ideal climate situations like a long drought period, inadequate drainage systems in the area that may not be able to move water away from structures sufficiently, and finally excessive moisture from plumbing leaks in underground lines or buildings which have been constructed without adequate grading around their perimeters. Knowing where the damage has originated before initiating any fixes will help you and your service professional target the issue more effectively.

Choosing a Foundation Repair Professional
Determining the best professional for your foundation repair project is important and requires thorough research. Make sure that any potential contractors have experience with similar foundations in your area, and thoroughly read their reviews from prior clients to ensure their work meets expectations. It's also essential to verify they provide guarantees on their work, as this helps reduce costs while still providing effective results. Taking the time to confirm these important points will help ensure you get reliable and quality service.

There are many things that homeowners need to consider when dealing with foundation repair issues. Inspecting your foundation regularly and identifying the root cause of any damage before proceeding with repairs is important. Additionally, make sure that you select a qualified professional who offers guarantees on their work so that you know you're getting quality service at an affordable price. With these tips in mind, homeowners can rest assured knowing that they have taken steps towards protecting their homes from future damages or instability due to poor foundation health.

Keep reading on RIS Media.

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2 Things Sellers Need To Know This Spring

 
 

A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market.

If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind.

1. Houses That Are Priced Right Are Still Selling

Houses that are updated and priced at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, says:

“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”

The need to price your house right is so important today because the market has changed so much over the past year. Danielle Hale, Chief Economist at realtor.com, explains:

“With a smaller pool of buyers today and more competition from other homes on the market, homesellers will likely need to adjust their price expectations in the market this spring.”

While this spring housing market is different than last year’s, sellers with proper expectations who lean on a real estate expert for the best advice on pricing their house well are still finding success. And that’s great news if you’re thinking about selling.

2. Buyers Are Still Out There

As mortgage rates have risen and remain volatile, some buyers have pressed pause on their plans. But there are still plenty of reasons people are buying homes today. Lisa Sturtevant, Chief Economist at Bright MLS, spells out the mindset of today’s buyers:

“For some buyers, higher mortgage rates simply means buying a home is out of the question unless home prices fall. For others, higher mortgage rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months.”

That’s why, if you’re interested in selling your house this spring, it’s helpful to work with a real estate agent who can help connect you with those buyers who are ready to purchase a home.

Bottom Line

There are still clear opportunities for sellers this spring. If you’re wondering if it’s the right time to make a move, connect with a trusted real estate advisor.

Get more on Keeping Current Matters.

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