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Its no secret that the kitchen ranks highly among luxury homeowners. Often described as the heart of the home, this is where families gather together and make memories, which is why you want a cooking area thats a cut above the rest.

Here are a few key features thatll enhance your kitchen, as well as impress potential buyers if you later decide to sell your house:

Two Ovens
In luxury kitchens, two ovens are fast becoming the norm. They provide you with flexibility and functionality, especially when making a multi-course meal for large groups. When youre baking fish in one oven and cake for dessert in the other, youll be sure to appreciate having a well-equipped cooking space.

Pot Filler
For those who dont particularly enjoy lugging a pot full of water from the sink to the stove top, a pot filler is the ultimate convenience. Serious chefs love having a faucet mounted right above the stove because it lets you skip the heavy lifting and get right down to cooking.

Professional-Grade Range
Whether youre making family breakfast or hosting dinner parties, a professional-grade range is a kitchen essential. Having six to eight burners is sure to come in handy when youre whipping up elaborate meals, and the aesthetic of a commercial-style cooktop will let everyone know youre not messing around in the kitchen.

Dishwasher Drawers
Rather than having one large dishwasher, two dishwasher drawers give you the ability to clean smaller loads without sacrificing space. When you only have a few dishes to clean, running a single drawer is an efficient way to save water and energy”plus, you wont have to bend over and strain your back when loading it!

Smart Appliances
Of course, technology in the kitchen is becoming increasingly desired. Millennial buyers, in particular, value having appliances they can control through their smartphones or by giving voice commands to a virtual assistant. Smart ovens, touchless faucets, and refrigerators that notify you when ingredients are about to go bad are the new normal in luxury kitchens.

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Many people enjoy the convenience of living in a city or in the suburbs, with easy access to stores and entertainment and with neighbors nearby. For others, the idea of being surrounded by nature and away from all the hustle and bustle is appealing. If you are thinking about buying a house in a rural area, carefully consider the advantages and downsides.

Amenities and Resources
Homes in rural areas are often much less expensive than those in cities and suburbs, but lower prices often mean fewer amenities and less convenience. A rural house may not have what would be considered standard features in an urban area, such as running water, electricity, central heat and internet access. Police, fire and medical help could be miles away, and first responders could take a relatively long time to reach the house in an emergency. You might also need to drive far to reach stores, restaurants, entertainment and medical providers, but you would encounter less traffic than you would in a city.

Nature
If you love the outdoors, you may be intrigued by the idea of living in a wooded area where you could see birds, deer and even larger animals, such as bears, on a regular basis. That said, some animals have the potential to cause damage to your home or harm your family or pets. Large wildlife could also draw hunters to your property, which could be both a nuisance and a safety hazard.

Rural areas often feel the effects of severe weather more than urban and suburban locations. Heavy snow, rain and wind can be more problematic in rural areas where roads may not be paved, infrastructure may be less sophisticated or not as well maintained, and workers may need to cover much larger geographic areas since homes are more spread out. A snowstorm that would be an inconvenience in an urban area could leave you stranded in a rural home without electricity and heat for days or weeks.

Work Options
Employment opportunities are much more limited in rural areas than in more populated locations. If you have a job that allows you to work from home, that may not be a problem. If you would need to drive a long way to and from work, that could cost a lot in terms of gas, wear and tear on your vehicle, and time spent commuting instead of relaxing with your family.

Community Support
Rural areas are often more close-knit than urban and suburban neighborhoods. Residents look out for each other, and crime tends to be relatively low. On the other hand, it may take time for new homeowners to feel like they fit in, and some people dislike the relative lack of privacy.

Is Country Living Right for You?
A rural home offers several advantages, such as proximity to nature and a close-knit community, but it has downsides, including fewer employment options and less convenience. Weigh all these factors carefully when deciding whether to purchase a house in a rural area.

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Financial problems can strike at any time. An illness or injury can leave you or your spouse unable to work, or a childs or parents medical issue can require you or your spouse to cut back on work hours, take an extended period of time off, or quit. In such a situation, your family may be unable to cover your mortgage payments. Help is available, and the quicker you ask for it, the better.

Call Your Mortgage Company ASAP
Contact your loan servicer as soon as you realize you wont be able to make a mortgage payment on time. Be prepared to explain your circumstances, including how a family members illness or injury has affected your finances. Let the representative know whether you expect the situation to be temporary, long term or permanent.

Be prepared with figures on your households monthly gross income, mortgage payments (including a second mortgage and/or home equity loan), account balances and minimum payments for credit cards and other loans, savings account balances, and other assets. Providing specific information will allow the representative to give you detailed advice on programs that can help.

Explore a Range of Solutions
If you expect the illness or injury to affect your familys finances temporarily and anticipate that things will get back on track relatively soon, your loan servicer may suggest forbearance. That means your mortgage payments would be reduced or suspended for a period of time, and later youd have to make larger payments to catch up.

A repayment plan is another option to deal with a short-term financial problem. A portion of your missed payments would be added to future mortgage payments until you got caught up.

Your lender may also suggest reinstatement to deal with medical expenses and a temporary reduction in income. That means you and the lender would agree that youd pay the past due amount, plus any fees and penalties, by a specific date.

If you expect that a family members medical condition will permanently affect your finances, you may be able to get a loan modification. That would permanently change the terms of your mortgage, such as by extending the term, lowering the interest rate, adding missed payments to the end of the repayment period, or making another modification. The lender may even be willing to forgive some of your mortgage balance.

Dont Wait to Address the Problem
If an illness or injury in the family has left you unable to afford your mortgage, contact your lender as soon as possible to explain your situation. Many options are available to help people in difficult circumstances, but your lender cant offer you assistance if you dont ask for it. Provide detailed information, explore a variety of options, and keep records of all your communications with your mortgage servicer.

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When shopping for a mortgage, one of the most important decisions youll have to make is the length of the repayment period. Most homebuyers choose 15- or 30-year mortgages, but some lenders offer additional options. The length of the term will have a major impact on your monthly payments and the amount of interest youll pay over the life of the loan. Before deciding on a mortgage term, think carefully about your current financial situation and goals.

How the Loan Term Can Affect Payments and Interest
A 15-year mortgage has significantly higher monthly payments than a 30-year loan because the principal needs to be paid off in half the time. Payments on a 15-year mortgage are not quite twice as much as payments for a 30-year loan because the interest rate on a shorter mortgage is lower. Paying off your mortgage in 15 years could allow you to save tens or even hundreds of thousands of dollars in interest, but you might be more strapped financially because of higher monthly payments.

Which Loan Term Is Right for You?
If youd like to save for retirement and/or your childrens college education, choosing a 30-year mortgage with lower monthly payments would leave you more room in your budget for those priorities. If youre relatively young and your savings were allowed to accumulate interest over a period of decades, they could outpace what youd pay in mortgage interest. Low loan payments could also allow you to pay off high-interest credit card debt and free up money for other priorities.

If you took out a 30-year mortgage, you might be able to pay it off sooner by making extra payments or by paying more than the required monthly amount. Some lenders charge prepayment penalties, so check with yours before you pay extra.

If you dont have much other debt and youre already saving for retirement and your childrens education, you might want to consider a 15-year mortgage. The payments would be much higher than they would with a longer loan, but youd pay less in interest. If you plan to retire relatively soon on a fixed income, it could make sense to pay off your mortgage quickly to avoid paying for housing after you stop working.

Before you choose a loan with a shorter term, think about your current income and whether you could afford high mortgage payments on top of everything else in your budget. Also think about how secure your and your spouses jobs are. Make sure you have a substantial emergency fund in case one of you lost your job or became unable to work for some reason.

Look at the Big Picture
Lenders offer mortgages with a variety of terms for homebuyers in various circumstances. Consider the amounts youd pay each month and over the life of the loan, and choose the term that would also allow you to achieve your other financial goals and live comfortably.

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For many students and their parents, a college education is a top priority. With education costs continually rising, paying for a degree may seem difficult or impossible. Some parents consider using their homes equity to obtain funds for college but arent sure if that would be a wise move.

Benefits of Using Home Equity for Higher Education
Home equity can be easier to access than a traditional loan. To obtain an educational loan yourself, or for your child to obtain one, a lender would require a lengthy application and credit check. If you already have a mortgage and make payments on time, you may find it much easier to secure a home equity loan. If you already have a home equity line of credit, you can simply write a check to your childs university.

Federal student loan programs limit the amounts that can be borrowed each year. If your child will attend an expensive university, you may not be able to borrow enough to cover the entire cost. Meanwhile, your mortgage lender may allow you to borrow up to 90 percent of your homes equity.

Interest rates on home equity loans are generally lower than rates for loans offered by the federal government or by private lenders. The lower interest rate can make a home equity loan the most attractive option if you need to borrow to finance your childs education.

Danger of Using Home Equity
Using home equity to pay for a childs college education is very risky. If you suffered a financial hardship, such as a job loss or unexpected medical bills, you could have limited options to modify or delay your home equity loan payments. Using your home as collateral means you could lose it if you failed to repay the loan. On the other hand, if your child took out student loans, options such as forbearance, deferment, and loan forgiveness could be available to help in tough financial times.

Other Ways to Pay for College
A variety of grants and scholarships are available from universities, community organizations and businesses to help cover the costs of higher education. Your child could work part-time during the school year and work part-time or full-time during the summer. Another option is for your child to attend a less expensive university, at least for a year or two.

Think Carefully Before Tapping Into Your Homes Equity
Using your home to help cover the cost of college may seem like a good idea. While a home equity loan or line of credit can be easy to obtain and can have favorable interest rates, make sure you fully understand the risks. If you suffered a hardship and couldnt repay the debt, a mortgage lender would be less forgiving than a student loan servicer, and you could lose your home. Think things over carefully and explore other sources of funds, as well as the possibility of your child attending a different institution.

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

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