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If you are renting an apartment but want to buy your own home, youll have to save enough money for a down payment first. The amount will depend on the price of your dream home and the terms of your mortgage, but itll most likely be several thousand dollars more than you currently have in your bank account. Saving money for a down payment while putting a significant percentage of your monthly income toward rent can feel daunting, but you can do it if you make some strategic decisions and commitments.

Figure out How Much You Need
If you have a pretty good idea of where you want to live and the size and features you want in your future home, you can look at recent sale prices and come up with a ballpark estimate of how much youll need for a down payment. Having a target can help you stay on track.

See Where Your Money Goes & Look for Ways to Cut Expenses
Keep track of every dollar you spend for two or three months. Knowing where your money goes can help you identify areas where you can make changes to save. For example, you may be surprised at how much you spend on things like eating out and entertainment.

If you live in an area where rental costs are high, consider relocating. You might have a longer daily commute, but cutting your rent bill could give you hundreds of extra dollars each month to put toward your down payment. If moving isnt an option, consider getting a roommate to share expenses.

Utility bills can fluctuate from month to month as your usage changes with the season. If possible, find an apartment with some or all utilities included. The rent payment may be higher, but paying the same amount each month can make budgeting easier. If you cant find an apartment with utilities included, look for ways to use less electricity and water.

Increase Income & Reduce Debt
You can earn additional income by taking on a part-time job. Whether you capitalize on an in-demand skill that you have or look for odd jobs or a freelancing gig, every extra dollar can bring you closer to your down payment goal.

If you have credit card balances, high interest rates can cause you to pay thousands of dollars extra. Paying off your debt means that money could go toward a down payment instead. Eliminating credit card debt can also raise your credit score and help you get a mortgage with a lower interest rate.

Focus on a Goal & Create a Strategy
Saving money for a down payment can be tough if youre paying to rent a home, but it can be done. Set a goal, figure out where your money is currently going each month and then look for changes you can make to reduce your living expenses. A multi-pronged approach can help you reach your goal faster.

Published with permission from RISMedia.

Weekend warriors unite. You know the open secret: home improvements dont have to cost a fortune or take an eternity to have a big impact. If youre on the hunt for your next project, look no further.

Paint Your Front Door

A boring front door should be a thing of the past. Not only does a bold color breath some life into your front yard, it can actually have a significant impact on your homes value. Zillow reports that painting your front door charcoal grey or black not only has a big impact on your homes aesthetic, but homes with this easy touch up sold for as much as $6,271 more than expected. Talk about a return on investment!

Replace Hardware

Whether you are talking about door handles or cupboard pulls and knobs, changing out the hardware in your home can have a remarkable impact. Swap bland hardware for a sleek modern options, or go eclectic by using found or unexpected objects to make knobs for your drawers and cabinetry. Agates, for instance, can be made into drawer pulls for a unique and luxurious feel.

Paint Your Kitchen Cabinets

Nothing has the same bang for your buck as a fresh coat of modern-looking paint. If youve already tackled your walls, consider painting your kitchen cabinets. Tuxedo cabinets are rising to the top of the trend charts and can add value to your home. These two-tone kitchen cabinets consist of floor cabinets that are one color or shade and the upper wall cabinets that are another. True to its name, this trend started with a black and white pairing, but jewel tones with grays or creams have begun taking the stage. Either can be great modern options.

Power Wash Problem Areas

Proof that the projects with the most impact dont have to be costly, all this project requires is a power washer, a little elbow grease and a lot of patience. Tackle any areas of grime and grunge with a good power washing to make your home look like new again. Dont feel like investing in your own power washer? Borrow from a friend or neighbor, or rent from your local hardware store.

Simple touch-ups that can be completed in a weekend can still pack a punch when it comes to your homes aesthetic or value. Time to get started!

Published with permission from RISMedia.

Homeowners often use their equity as a resource when they need to finance home improvements, a childs college education or another major expense. Before you tap into your home equity, consider the possible effect on your private mortgage insurance (PMI) requirements.

What Is Private Mortgage Insurance?
If a homebuyer puts down less than 20 percent of the purchase price, a lender considers the loan risky. Most conventional lenders therefore require a borrower who puts down less than 20 percent to obtain PMI so the lender will be compensated if the borrower defaults on the loan. A borrower must continue to pay the premiums until reaching 20 percent equity.

How Can Borrowing Against Home Equity Affect PMI?
Premiums for PMI are based on your loan-to-value (LTV) ratio. If you currently have less than 20 percent equity and pay for PMI, you may be able to obtain a home equity loan, but thatll increase your LTV ratio and, thus, your PMI premiums.

If you take out a home equity loan before you reach 20 percent equity, you may reach that goal much later than you wouldve without the home equity loan, and youll have to continue to pay for PMI in the meantime. Depending on the amount youre currently paying for PMI, the amount youd pay for PMI after taking out a home equity loan, and the interest rates on your mortgage and home equity loan, the additional cost might not make a home equity loan a good idea.

If you have more than 20 percent equity now, you arent paying for PMI. If you take out a home equity loan that causes your LTV ratio to rise above 80 percent, however, your home equity lender and your primary mortgage lender may both require you to purchase PMI.

Should You Take out a Home Equity Loan?
A home equity loan can be a useful tool to pay for large expenses, but you should think things over carefully. If youre currently paying for PMI, a home equity loan could raise your PMI premiums substantially, and you could be on the hook for PMI payments for a much longer period of time than you would if you didnt tap into your home equity. If youve been working for years to pay down your mortgage and the combination of your existing mortgage and a new home equity loan would cause your equity to fall below 20 percent, you could have to deal with the additional expense of PMI, on top of mortgage and home equity loan payments.

Talk to your lender about your current LTV ratio and how a home equity loan would affect your PMI obligations. If your monthly costs would rise significantly, you might be better off postponing a large purchase or exploring other financing options.

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

Published with permission from RISMedia.

Home is where you spend a great deal of time. You want it to be both smart and comfortable, and to reflect your personal style. But finding the right interior designer isnt always easy, especially if you want someone who will work with you to bring your vision to life.

Spend some time flipping through magazines for design ideas that inspire you”then look for a designer in much the same way as youd look for any other contractor; ask friends for referrals and review their portfolios, and/or call a design school for a list of talented graduates. A qualified interior designer will most likely have a graduate degree in interior design, certification by the Council for Interior Design Qualification, and/or membership in the American Society of Interior Design (ASID).

Then, interview your top three candidates:

Begin by setting your expectations. What do you want to accomplish? Do you want to be consulted with every choice, or will the designer have some latitude?

What visuals will he or she provide before the work begins“sketches and drawings, a sample board of colors, finishes, swatches?

Whats the best way for the two of you to communicate? How soon will calls or texts be returned?

How will bills, purchase orders and payments be handled? Is he or she comfortable working within a budget?

Most important, how do you feel you will get along with this person? Do you feel he is likely to listen and respect your ideas, or go off on his own tangent? If she isnt asking questions now”if she doesnt seem truly vested in your ideas”how likely is it that she will listen later?

Like a hair stylist or a personal trainer, a designer should be a good fit. If all goes right, you may have found one who will follow you not just through years of moves or redesigns, but with second or vacation homes and other projects, as well.

Published with permission from RISMedia.

Is it time to revamp your homes outdoor living situation? Whether you need to stage the backyard for prospective buyers or simply replace outdoor furniture thats seen one too many seasons, there are plenty of decor options for breathing new life into your backyard. Here are a few ideas to get you well on your way to a stunning living area in the open air:

Suspended Chairs
If you have a veranda or covered terrace, suspended chairs that hang from the ceiling are far from ordinary patio furniture and will add a touch of flair. Just imagine curling up with a good book and gently swaying in the breeze all day long during the summer.

Luxurious Daybeds
When all you want to do is lie out in the sun and laze the day away, nothing beats a daybed in your backyard. Put it by the pool, next to the firepit, or under the shade of a tree, because wherever it goes, youre guaranteed to enjoy the pinnacle of leisure time.

Outdoor Bar Cart
Who wants to run all the way to the kitchen to fix a drink when the sun starts to set? A bar cart is a great solution for effortlessly serving refreshments al fresco during backyard parties. You can stock it up with juice for the kids or keep all the essential accoutrements for mixing your favorite cocktail at the end of the day.

Spacious Sectionals
For those who need ample seating to accommodate friends and family, a sectional is the perfect way to bring indoor comforts into your backyard. A must-have item for outdoor entertaining, everyone can gather around and enjoy the fresh air while spending time together.

Mesmerizing Lanterns
After the sun goes down, you can set the mood with chic lanterns that provide a warm glow. Ideal for intimate dinner parties or quiet evenings on the terrace, the flickering flame of a gas lantern is a sophisticated and stylish lighting solution thats sure to make your backyard a memorable setting.

Published with permission from RISMedia.