Uncategorized

As hard as we try, it often seems like there’s never enough space for everything we want to do. However, if you’re a homeowner who finally won the war on clutter, you might be wondering what to do with a now-empty garage.

Here are five great ideas for what you can do to transform your garage:

Home Gym
If you want to work out but hate schlepping to the gym, turn your empty garage into a versatile home gym. Depending on which types of exercise you prefer, you can look online for inexpensive pieces of equipment. You can check out local yard sales or go online to find gently used equipment. You can also invest in mats, free weights and whatever else motivates you to work out.

Playroom
As your family continues to grow, you might find yourself with less wiggle room. If your garage is suitable, you can transform it into a kids’ sanctuary where they can play in the sand, have painting stations and even play on a few low-sitting swings. The key is to make the space as child-friendly as possible, so that means upgrading your garage door opener, if necessary. It’s important if you do use your garage as a playroom that your little ones aren’t able to open the garage door. In addition, don’t forget to pad the floor with high-quality padding and carpeting for your little ones to play on.

Spare Bedroom
If you love to entertain but simply don’t have the room for overnight guests, you can transform your garage into a spare room. But before you start decorating, you need to make sure the space is insulated to keep guests warm. You also want to make sure it remains pest-free. Depending on the space, you might need only a coat of paint and a comfy bed to make your guests feel at home, or you may also need to invest in carpeting.

Office Space
You can use your garage to create the home office of your dreams. Even if it’s only in a corner of the garage, you can liven things up with a fresh coat of paint and new office furniture. Since the floor is probably concrete, you can easily warm things up by using throw rugs around your workspace. The garage makes a great office space because it’s separate from the rest of the home, meaning you’ll have minimal distractions.

Mudroom
If you need a place to store coats, boots and book bags without cluttering up your entryway, use your garage as a mudroom. With a little creativity and elbow grease, you can install wall hooks for everyone’s coats, as well as backpacks. You can also create a space where your family can leave wet umbrellas and muddy shoes outside.

When it comes to making use of an empty garage, there are a lot of things you can do. The key is knowing how to make the most of the space without pushing your budget.

Source: Anita Ginsburg/RISMedias Housecall

Published with permission from RISMedia.

Many Americans dont save as much as they need for retirement and find themselves strapped for cash or working longer than they wouldve liked. If you havent spent decades investing in a 401(k) or individual retirement account (IRA), you may be able to use your home equity for retirement expenses, but you should be careful.

Selling Your House Could Help You Cut Expenses or Invest for Retirement
If you have significant equity, or if your mortgage is paid off, selling your house could allow you to access the equity you have built up. If you bought a smaller house, you might be able to pay cash. In addition to eliminating a mortgage payment, youd likely spend less on utilities, property taxes and maintenance. If you decided to rent, your landlord would cover taxes and maintenance.

Taxes on home sales generally dont apply to the first $250,000 of capital gains or to the first $500,000 for a married couple filing jointly, as long as theyve lived in the house for at least two of the past five years. If you sold your house, walked away with a profit and didnt plan to retire in the immediate future, you could invest that money in a retirement account to give it an opportunity to grow before you reached retirement age.

Using Home Equity for Expenses During Retirement Could Save You Money
If you decided to stay in your home during retirement, you could tap into your equity for major expenses, such as repairs, renovations to make the house safer and medical expenses. A home equity loan would provide funds in a lump sum, while a home equity line of credit (HELOC) would allow you to access money as you needed it.

If your retirement savings are held in a 401(k) or IRA and withdrawals are taxed, they must be counted as income on your tax return. A large withdrawal for a major purchase could push you into a higher tax bracket.

Using home equity might be a better option since the interest charges could be less than the additional taxes youd pay if you withdrew money from a retirement account. Before you decide to use either option, consider the interest rates and whether the monthly payments would fit into your budget if youre no longer working.

Create a Safe and Comprehensive Retirement Strategy
Your house is probably your most valuable asset. If youve built up substantial equity, selling your house could put you on more stable footing when it comes time to retire. Using a home equity loan or HELOC to cover expenses in retirement might make sense in some cases, but you shouldnt plan on using home equity as a major source of income after you stop working. Prioritize saving through a retirement account, and consider your home a possible source of additional income if you should need it.

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

Published with permission from RISMedia.

Minimalism has been having a moment for some time now. As trends evolve and tastes change, however, were seeing a slight twist being put on the less-is-more movement. The result is warm minimalism.

For those who enjoy the lack of clutter but find minimalism to be too sparse, this might be your new favorite look in interior design. Focused on achieving a living space that strikes a balance between simple and cozy, here are a few tips to bring the look into your home!

Bare necessities

Like the form it emerged from, warm minimalism is all about stripping down to the essentials and eliminating chaos. This doesnt just mean doing away with the trinkets and knick knacks, but cutting down on eclectic patterns and intricate color schemes in order to create an environment that exudes a sense of harmony.

Sleek but Warm

The key is to pick out dcor with warm textures and sleek lines so that your home still feels inviting. After all, the last thing you want is for it to look like an empty house you just moved into. Organic materials like wood and stone work well and, rather than having sterile white walls, try a light cream color. Cozy, neutral tone furniture, especially leather, will fit into the mix and complement the base textures.

Curated Objects

This is where you can infuse a bit of personality, but be careful because it can also make or break the entire aesthetic. A few thoughtfully curated objects, like antiques or handmade crafts, that can stand on their own without overpowering the room are ideal. If youre only using a few small pieces to fill a large area, its okay for them to be a bit more intricate, like an ornate mirror or piece of artwork. Ceramic pottery with a visually appealing houseplant or tree is another great way to fill the space without introducing clutter.

Published with permission from RISMedia.

If youre a new homeowner, this may be your first summer in your new house, and one of the things you should be doing to take advantage of the warmer weather is replacing your glass windows with window screens, and adding screen doors to your entryways.

There are myriad advantages. First, they can limit sunlight and heat gain, which will lessen sun damage to furniture and floors, plus keep cooling costs at bay. They also allow plenty of fresh air, yet protect from bugs or debris getting into the house. Plus, an open window with a screen will allow far less water in during a downpour than one without a screen.

For those who purchased in the fall or winter, you may not have even thought of this, but the screens could be stored in the basement or garage. Its rare for a home seller to take the screens with them, so they are most likely around.

Always start by cleaning the screens before putting them up. Simply spray them down with a hose before putting them in the windows and use some laundry cleaner to get out any tough dirt that may have built up. Once the screens are in for the season, use a duster to remove dirt or vacuum with the brush attachment to lightly go over the surface.

If you notice a small tear on the screen, that doesnt necessarily mean you need a new one. Your local hardware store should have screen patch kits, and the mend is as simple as adhering it to the problem spot. A really small hole can be fixed simply by using clear-drying glue.

For those who do need a new screen, its not too expensive to replace but be aware there are lots of options. Window screenscan be made of aluminum, fiberglass, metal wire, nylon or polyester, and depending on where in the home youll be adding them, different options work best for different rooms. Fiberglass is usually recommended for the main rooms of the house.

When its time to take out the screens come fall, place a piece of masking tape or other label on each one identifying what window it goes in (such as play room), so when its time to repeat next year, theres no confusion.

Published with permission from RISMedia.

Home improvements are sometimes necessary to make a house safer, more comfortable or more functional, but they are often very expensive. Many homeowners struggle to save money for upgrades and consider tapping into their retirement savings to fund projects, especially for urgently needed repairs, such as a roof replacement. Dipping into money set aside for your golden years may or may not be a wise move, depending on your circumstances.

How Close Are You to Retirement?
Borrowing from a retirement account could help you avoid high interest rates associated with credit cards or loans, and the money could be used however you saw fit. However, youd reduce your retirement savings, and money that you contributed later might not have enough time to accumulate interest and get your savings back to the level they were at before the withdrawal.

This means that how far you are from retirement is a key part of the equation. Generally speaking, borrowing from retirement accounts is not a good idea if youre nearing retirement age. If youre decades away from retirement and you can continue to make regular contributions and allow your money to grow from compounded interest, you should be able to build your savings back up by the time you retire.

Potential Taxes and Penalties
If you withdraw money from a 401(k) or a traditional or Roth IRA before age 59 1/2, youll have to pay a 10 percent early withdrawal penalty and income taxes. In addition, the money that you withdraw wont be able to accumulate interest. The total hit to your retirement savings could be much larger than the amount of the withdrawal because you could lose years or decades of potential savings with compounded interest.

Talk to a Financial Professional
If your home needs repairs as soon as possible, tapping into your retirement savings may seem like an attractive option. In some cases it makes sense, but in other situations it can be too risky. Consider the type of work your home needs, how urgent it is, the cost, how much money you currently have saved, how far you are from retirement, and the potential taxes and penalties you could have to pay. A financial advisor can help you understand the implications and weigh the pros and cons so you can make the right decision for your circumstances. If youre considering cosmetic changes or improvements that can wait, you might be better off exploring other financing options.

Published with permission from RISMedia.