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Every time a prospective homebuyer walks onto your property, there are a few things that they will absolutely not put up with. These deal breakers can be anywhere in the home, but there is one area that we often forget about: the backyard.

The backyard is very important to family life. After all, this is the place where children will enjoy their childhood and play in a safe and secured environment. Most homebuyers prefer single-family dwellings solely because of the usable outdoor space! Take some time to focus on your backyard. After all, there are ways that you can update your backyard without spending money.

Pool in the Backyard
To many buyers, a pool can be seen as an expensive maintenance fee that they will have to pay for on top of the mortgage. Once they see a pool, they’re going to start doing some calculations in their head thinking, “Now how much is this going to cost me?” Whether it’s above or below ground, a pool can raise a flood of concerns over child safety.

Size of the Plot
The appraisal of your home is typically made in two elements, the plot size and the actual value of the physical home. That said, the size of your yard comes into play so you want to make sure that you spend a generous amount of time prepping your backyard for visitors. Getting rid of clutter and opening up the yard to make your lot feel larger will help you when it comes time to sell.

Pet Products
Hide dishes, play toys, and photos of your pets as this may make the buyer feel like the home is dirty, especially for a homeowner that doesn’t like the idea of having pets inside the house. This will be a deal breaker if the buyer is allergic to cats and/or dogs.

Landscaping
With the price of water rising rapidly and droughts in California, grass isn’t as appealing as it once was. When frugal buyers see grass, they see a sky-high water bill that will eventually lead to a dead yard and a new project to be undertaken. Think about landscaping trends like xeric landscaping, native plants, and artificial turf to make your home more appealing to all home buyers.

Leaving Backyard Photos Out of your Listing
This is a rookie mistake. If you leave out photos of your backyard, homebuyers will think that you have something to hide. If you have a gorgeous yard, why wouldn’t you want to showcase it in your listing? Are you hiding any skeletons in the closet?

Noisy Neighbors
Now this may be seen as something outside of your realm, but it may be worth a knock on the door to let your neighbors know that you will be showing your house at a given time. Rowdy neighbors can be an instant turn off to potential buyers. Make sure your neighbors’ parties are held on a different day than your open house to give buyers a better peace of mind. After all, they will share a fence with these neighbors for an indefinite period of time.

So What Are Homebuyers Looking For?
A survey conducted by the National Association of Home Builders found that new homebuyers are looking for exterior lighting, lots of trees, a deck or patio, and a fenced in yard. Beyond the basics, an outdoor amenity that is rapidly gaining in popularity is the outdoor fireplace/fire pit, outdoor kitchens, and the outdoor living room.

Investing in the backyard can net you some of the highest returns. Knowing what real estate appraisers (and homebuyers) are looking for will help you sell your property faster. That said, the exterior of your home is just as important as the interior of your home. Many people assume that the front and backyard aren’t crucial to the buying process so they overlook these pitfalls. Make sure that your backyard does not have any hidden deal breakers that could steer away new bids!

Published with permission from RISMedia.

Buying a condominium can be a smart start to being a homebuyer, without many of the maintenance hassles of owning a detached home.

Insurance through the homeowner association, or HOA, covers some areas of the complex, though each homeowner must have their own insurance to cover certain parts of their property and their belongings.

Heres a breakdown of how condo insurance works:

Group insurance: Condo association insurance usually covers common areas, such as a pool, lawn and building exteriors.

This insurance is called the master policy and doesnt include whats inside your condo unit ” such as a break-in, water damage to your kitchen walls, or someone slipping on your wet bathroom floor.

Condo unit insurance: Everything inside the walls, such as the plumbing and electrical wiring, is covered by your individual insurance policy, though some master policies may cover from the paint on the inside of your unit to the outside walls.

An individual homeowners insurance policy will also cover your belongings that you keep inside your condo, along with any fixtures or improvements you make to your unit.

When valuing your possessions, consider the replacement cost in todays dollars for new items, not what they originally cost. Some policies only reimburse for actual cash value, which is the depreciated value, and not the total replacement costs.

Insurance coverage for personal belongings and the physical building typically range from $25,000 to $100,000, with premiums at $400 to $600 per year. Owning artwork or other collectibles could require additional coverage.

Liability coverage included in condo insurance will typically cost $20 a year for $300,000 in liability coverage.

Loss-assessment insurance: This covers insurance expenses not covered by the condo association, or in excess of the group coverage. You may need it if the condo association insurance doesnt cover a major repair and the HOA doesnt have enough money to pay for the repair. Instead of paying extra for the fixes, your loss-assessment coverage would cover you.

Loss of use: This type of insurance pays for a place for you to stay if your unit is totaled or severely damaged by a tornado or some other disaster. Coverage may be limited to a dollar value or your actual costs for a specified time.

When determining how much insurance you need for your condo, start with your condo associations master policy and then fill in the holes from there. This real estate information will help ensure your investment and your belongings are well protected.

Published with permission from RISMedia.

Game rooms are all about fun, but creating the perfectspace for recreationin your new house is serious business. In this digital age,a lot of parents are opting to feature a game room in their homes in order to promote family time that doesnt involve a screen. Its also ideal for social occasions, as guests will love relaxing and enjoying some friendly competition.

Rack Em Up
Pool is perhaps the most popular table game around. Its not only fun, but it also takes real skill, making it a game you can really dive into. It can take years to master the game, but playing as a novice is also enjoyable, and there are many books and videos devoted to games like 8-ball, 9-ball and Bank Pool. There also are options in terms of cost and quality.

Other Table Games:
f youre interested in something thats a bit easier to play and is more kid-friendly, there are other games to consider. Foosball is a popular table version of soccer that is fast and fun, and kids love it.Other options includetable shuffleboards games, high-end air hockey and dome hockey setups.

Arcade Action, No Quarters Necessary
Many like to go retro with their game rooms by featuring a pinball machine or classic video games. Used pinball machines can be found on eBay at various price points. Also available are video games, such as Space Invaders, Pac-Man, Asteroids and Donkey Kong, and some arcade units offer multiple games. Put some thought into your choice; these arent cheap so you want to be sure the machine will be used often.

Bulls Eye
Darts isa great option for a game room because quality boards can be found at reasonable prices. And if you become passionate about the game, you can buy pricier, more precise darts and other equipment. There are even digital and electronic dart boards that keep score for various dart games.

Pick a Theme
One of the fun things about creating a game room is choosing how to decorate it. Sports is a popular theme that allows you to hang posters, signage and photos of your favorite team. You can also make your game room a shrine to movies, music, games or your favorite travel destination.

Thats Entertainment
Games and entertainment go hand in hand, which is why many game room retailers also sell theater-style seats. If your game room is sizable enough, consider adding a TV with comfortable seats. And for music, how about a jukebox filled with everyones favorite hits?

The right game room could turn out to be the most popular space in your house, because the family that plays together, stays together.

Published with permission from RISMedia.

Are you living with termites without even knowing it? The wood-devouring insects can often go undetected and wreak havoc on a home, potentially compromising its structural integrity and causing thousands of dollars worth of damage. Even worse, because termite damage is considered preventable, it typically isnt covered by homeowners insurance. That puts the onus of any necessary treatment and home repairs on you and your wallet.

Luckily, there are steps you can take to help prevent a termite infestation. Follow these 10 tips from the National Pest Management Association (NPMA):

1. Seal cracks and holes on the outside of the home, including entry points for utilities and pipes.

2. Keep basements, attics and crawl spaces well ventilated and dry. Termites need moisture to thrive.

3. Repair leaking faucets, water pipes and exterior AC units.

4. Repair fascia, soffits and rotted roof shingles. Some termites are drawn to deteriorating wood.

5. Replace weather stripping and loose mortar around basement foundation and windows.

6. Divert water away from the house through properly functioning downspouts, gutters and splash blocks.

7. Maintain an 18-inch gap between soil and any wood portions of your home.

8. Store firewood at least 20 feet away from the house and 5 inches off the ground.

9. Routinely inspect your homes foundation for signs of mud tubes (used by termites to reach a food source), uneven or bubbling paint, and wood that sounds hollow when tapped.

10. Monitor all exterior areas of wood, including windows, doorframes and skirting boards for any noticeable changes.

If you suspect a termite problem, the NPMA urges you to contact a pest professional right away to confirm that a problem exists and determine the best course of action.Also, consider scheduling a professional inspection annually to catch potential termite problems before they get any worse and, thus, more expensive to fix.

Published with permission from RISMedia.

A mortgage lender looks at several factors when deciding whether to approve a loan application. A lending institution wants to know that a borrower has both the ability and the will to repay debts. If you have a high income and a low credit score, a lender may have reservations about approving your mortgage application.

How a Lender Looks at Income and Credit Score
A lender adds up the costs of housing, car payments, student and other loans, and credit card payments and divides the total by an applicants gross monthly income to arrive at a percentage known as the debt-to-income ratio. Some lenders require a low debt-to-income ratio, while others are much less stringent.

A credit score reflects a persons payment history and use of credit. Someone may have a high income, but that doesnt mean much if the individual spends money frivolously instead of paying bills. A low credit score is a red flag that can cause a lender to think that a loan applicant doesnt know how to handle money responsibly. A person with a low credit score is more likely to make payments late or miss them altogether than someone with a higher credit score.

How to Qualify for a Mortgage With a High Income and Bad Credit
Credit reports sometimes contain errors because information was reported incorrectly, wasnt reported at all, or got mixed up with someone elses information. Youre entitled to receive a free copy of your credit report from each of the three major credit bureaus once a year. Check your reports for errors that could be lowering your scores. If something doesnt look right, dispute it so the mistake can be corrected.

You can also hold off on buying a house and take some time to pay down debt and boost your credit score before you apply for a mortgage. Thatll help you get a better interest rate and avoid paying tens of thousands of dollars in additional interest over the life of your mortgage.

If you want to buy a house soon but are concerned about your low credit score, you can apply for a mortgage through a lender that is forgiving. The Federal Housing Administration, U.S. Department of Veterans Affairs, and U.S. Department of Agriculture offer loans to borrowers with low credit scores. If you have bad credit, you should expect to pay a higher interest rate than someone with a better credit score. Making a large down payment could reduce the loan-to-value ratio and make the loan less risky for the lender, which might help lower your interest rate.

Explore Your Options
Lenders will look at your entire financial picture when deciding whether to approve your mortgage application. A combination of a high income and a low credit score may be a red flag. Work on improving your credit, explore options for borrowers with poor credit, or save as much as possible for a down payment to improve your chance of being approved for a home loan.

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

 

Published with permission from RISMedia.