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If youre lucky enough to have a spare bedroom, you may want to think of it less as a rarely used landing spot for guests or a place to store extra stuff, and more as a blank canvas – a pleasant spot you can use for rest, relaxation, hobbies or exercise, or even as a money-making option.

Consider these inspiring ideas from room designers and creative thinkers:

Get crafty – Do you sew occasionally? Like to draw or paint? Love to do amazing gift-wraps? Fill the room with smart choices of furnishings, storage, tables and accessories to make your hobby more fun than ever.

 

Make it personal – Turn the room into a maam- or man-cave, with comfy furnishings, a TV and sound system and anything else you need to make it a cozy, personal retreat.

 

Make it a study – Create a cheerful home office space where you or your kids can pay bills, read online or study without interruption. Install a work counter/desk across one wall, add enough chairs and supply drawers, plus computers and printers as needed.

 

Build your own library – Booklovers can line the walls with shelving, collect books to their hearts content, install a chair or two and some great reading light, and revel in a private library.

 

Make music – For parents and/or kids with a passion for making music, lay down thick carpeting to soak up sound, add a few comfy floor cushions for musically inclined visitors and make room to jam with friends or solo with as many instruments as you wish.

 

Start a garden – Wish you had a greenhouse? You can cultivate seedlings in that spare room from the waning days of winter through early spring. Buy ready-made shelving and add light fixtures and supplies appropriate for nurturing baby plants.

 

Sweat it out – Whether you practice yoga, run or do strength training, you’ll be more motivated, better disciplined and more excited about your workouts in a dedicated exercise space. Drag that treadmill out of the basement, add all the exercise equipment you want and go!

 

Airbnb it – Make a few extra bucks by renting out your guest room through Airbnb. Outfit the space with attractive towels, linens and toiletries, and make sure your home’s Wi-Fi password is prominently displayed.

Published with permission from RISMedia.

If, as is often the case, your home is your biggest investment, it stands to reason you want to protect it against damage, theft or other disasters. Your lender, who also has a stake in the property, wants to protect it, too. In fact, they will require proof of insurance coverage before you can close on the purchase.

If you are ready to purchase homeowners insurance, here are six things you need to know:

1. There Are Different Types of Policies.

Policies differ in terms of what they cover, so be sure you understand what you are buying. Does the policy protect you in case of any disaster except those omitted in the policy, such as flood damage? Does it include total replacement coverage? Coverage if someone is hurt on your property, and/or loss of personal belongings? The more substantial the coverage, the more the policy will cost.

2. Not Everything Will Be Covered.

If youre covered up to $2,000 on personal belongings, for example, and your $4,000 ring is stolen, you wont be fully reimbursed. But if your luggage is lost or stolen while you are traveling, you will be covered up to the policy limit.

3. Home Maintenance Counts.

Damage incurred because of homeowner negligence, such as failure to fix a longstanding slow leak, will likely not be covered. Also, some companies are leery about dog breeds known to bite, so be sure your dog is covered”and keep potentially dangerous breeds contained.

4. Your Credit Score Counts.

Except in Maryland, California and Massachusetts, insurance companies use credit-based insurance scores to predict losses and determine which customers are more likely to file claims. The scores also evaluate your outstanding debt, length of credit history, whether you pay bills on time, etc. The higher your insurance score, the lower your premium will be.

5. Document What You Own.

Keep receipts and appraisals for your belongings and maintain a list of personal possessions and their value.

6. Ask About Discounts.

Will your premium be discounted if you buy other insurance, such as auto or life insurance, from the same provider? Will making home enhancements, like adding a security system, lower your premium?

Published with permission from RISMedia.

A reverse mortgage is a loan designed to help older homeowners access home equity while using their house as collateral. This can provide financial flexibility and security in retirement, but its important to understand the terms.

Who Is Eligible for a Reverse Mortgage?
Reverse mortgages are intended for people who own a house outright or who have a large amount of equity. A Home Equity Conversion Mortgage (HECM) is the most popular type of reverse mortgage. Its insured by the federal government and widely available through Federal Housing Administration (FHA)-approved lenders.

The youngest borrower for a reverse mortgage must be at least 62 years old. The U.S. Department of Housing and Urban Development sets financial eligibility criteria. The borrower must use the house as a primary residence, pay required property taxes and homeowners insurance premiums, and maintain the house according to FHA requirements.

How Much Money Can You Get and How Can It Be Used?
You might not be able to borrow an amount equal to your homes full value, even if its paid off. The amount of the loan depends on the age of the youngest borrower, the current interest rate, the houses appraised value and lending limits set by the government. You may receive money in a lump sum, equal monthly payments for a fixed time period, equal monthly payments as long as you live in the house, a line of credit, or a combination. Reverse mortgages have several fees that can make them expensive.

Seniors use funds from a reverse mortgage for a variety of purposes, including medical bills, home repairs and emergencies. If you have an outstanding mortgage balance, proceeds from the reverse mortgage must be used at closing to pay off the existing mortgage first.

Will You Have to Make Payments?
Youll never owe more than the house is worth, no matter what happens to property values, and you wont have to make monthly payments. A reverse mortgage generally doesnt have to be repaid until the last borrower dies or moves out, but the loan may come due if the borrower no longer uses the house as a primary residence, falls behind on property taxes or homeowners insurance, or doesnt properly maintain it.

If you die, your spouse may be able to continue living in the house, even if he or she wasnt a co-borrower, or the estate may repay the reverse mortgage or sell the house. Any home equity in excess of the loan balance will become the property of the estate. If the sale price isnt enough to pay off the reverse mortgage, the lender will take a loss.

Is a Reverse Mortgage Right for You?
A reverse mortgage can let you tap into your home equity and live comfortably in retirement, but it can be a risky financial move. Make sure that you understand the rules and fees and that you can afford to pay for property taxes, homeowners insurance and maintenance. Discuss the pros and cons of a reverse mortgage with a financial planner.

This article is intended for informational purposes only and should not be construed as professional advice.

Published with permission from RISMedia.

Kids today have a lot to distract them from doing their homework, like video games, Netflix, YouTube, texting and social media. And lets face it, a lot of adults are just as addicted to their phone as any teenager.

So, as you move into a new home, consider designating a device-free room, a place where kids can study, adults can work and read, and the family can gather to relax, talk or enjoy a hobby.

Heres how you can create a quiet and productive room for your family.

Start With a Desk:
Bring in a simple desk where kids can study and write papers. Although you want to keep this room free of devices, students will most likely need to bring a laptop into the room for research and writing.

 

Bring in the Books:
Set up a bookshelf and fill it up. Start with a dictionary, thesaurus and reference books. Then add some favorite novels and non-fiction titles about a variety of topics such as sports, history and entertainment. If you have young kids, be sure to include picture books to get them in the habit of reading.

 

Figure This Out:
This room is also a great place to set up a table with a puzzle. You can even buy tables that are designed for puzzles. Dont feel any pressure, make it something family members do, as a group and individually, on an ongoing basis.

 

Get a Comfy Chair:
This room needs a place where people can sit, and a nice welcoming chair is perfect for reading and practicing a hobby, such as Add a blanket to the room to make it an ideal spot for a nap.

 

Let There Be Music:
You can make an exception to the gadget rule by streaming music via a phone or tablet. You can even put your old CDs to use in this room or even just listen to a radio. Whatever you choose, the right music can set the mood for all sorts of activities.

Before you know it, your family will be spending a lot more time together”and a lot less time on their phones.

Published with permission from RISMedia.

Redoing your kitchen floor on your own is an ambitious undertaking that can be accomplished with the right supplies, tools and know-how. Whether you want to redo your floor by yourself to save money or simply for a sense of accomplishment, there are various ways to get the job done.

Here are several things that youll need in order to complete your DIY kitchen floor project:

Correct Floor Measurements
Your entire project could wind up in chaos if your floor measurements arent correct. The floor measurements will determine the sizes and shapes of the tiles youll need, along with where theyll be placed. If the shape of your floor is square or rectangular, you can calculate its square footage by measuring the floors length and width in feet and multiplying them together. For a floor with a more unusual shape, youll need to divide each section into rectangular units with string or other markers, and then add the square footage of each unit to get the correct total. You should also buy a bit more tile than what would cover your floors square footage, just in case some tiles break or you make mistakes.

The Right Tiles and Caulk
Next, choose the tiles thatll go best in your kitchen. Tiles are available in different shapes, sizes colors and materials, and making the right choice will depend on your specific requirements and personal taste. To set the tiles into place and hold them together, youll need caulk thats formulated to prevent cracks and loose pieces. Be sure to lay tiles down together before you add the caulk so you can ensure they’ll fit in the given space.

Proper Installation Equipment
Some of the tools youll need to complete your project include a notched trowel and a grout float made of rubber along with grout nippers. Masonry saws also work well when sawing tiles that dont fit exactly into a particular space. When using a tile nipper or masonry saw, its always advisable to wear safety glasses and a mask to filter out the particles in the air. Make sure stone or ceramic tiles are wet when cutting them in order to prevent sending dust everywhere that can get into your lungs and eyes. If youre uncomfortable cutting the tiles yourself, many hardware stores offer that service for you.

Cleanup Supplies
Youll likely have a big mess on your hands after youve completed your project, and youll want to have cleanup supplies handy. Sweeping with a broom or using a vacuum to clean up dirt, dust and other debris can eliminate a lot of the clutter. Having trash bags handy for removing spare pieces and supplies that arent needed will also be helpful. Going over your new tiles with a mop and coat of wax will make them look especially attractive. Also, disinfectant spray can be used for a more thorough sanitizing.

Going the DIY route to install a new kitchen floor can be both a challenging and rewarding experience. Getting everything thats needed to complete the project beforehand can save you a lot of time and additional hassle.

Source: Meghan Belnap/RISMedias Housecall

Published with permission from RISMedia.