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If your home needs repairs and you dont have enough money in your bank account, it can be tempting to use your home equity. Doing so might be your best option in some cases, but it can be risky.

When and How to Tap Into Home Equity for Repairs
The decision on how to finance home repairs will depend on whether they are urgent. A leaky roof needs to be fixed now, before it gets worse and you wind up with major damage, both inside and outside the house. Any issue that could put your family at risk or make your home uninhabitable, such as a broken furnace in the middle of winter, needs to be addressed immediately. In that case, you might have no choice but to access your home equity.

With a home equity loan, you can receive money in a lump sum and repay it at a fixed interest rate. Home equity loans typically have higher interest rates than first or second mortgages. Youll have to make monthly payments until the amount borrowed has been repaid.

With a home equity line of credit (HELOC), you can draw money as you need it, similar to the way a credit card works. Your monthly payments will be based on the amount of money youve used. HELOCs have adjustable rates, which means your payments may rise and fall.

When to Wait and Save
Optional projects, such as remodeling a bathroom or upgrading kitchen appliances, can wait until youve saved up enough cash. Saving the money ahead of time can help you avoid having to repay a home equity loan or HELOC with interest. In the meantime, you can look for other ways to make your home more comfortable, such as making smaller changes or tackling just one piece of a larger project.

Is Using Home Equity a Good Option for Home Repairs?
Some home repairs cant wait. In such a situation, you might have to access your home equity through a loan or line of credit. Before you choose either, make sure you understand how it works and the risks involved. If you take out a home equity loan or HELOC and dont make the payments on time, you can lose your home.

You shouldnt get in the habit of borrowing against your home equity, but rather should focus on saving and prioritizing and use home equity only when absolutely necessary. If you can wait to make repairs, saving the money first is a safer move.

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

Published with permission from RISMedia.

If youre getting ready to start an exciting new chapter, here are several home features that are ideal for new families.

Large Backyard

Its great to have a spacious outdoor area where kids can run around and expend their energy, and its a place where early memories are formed.

Kid-Friendly Design

You need to make sure your home is safe for kids. You dont want a residence with lots of sharp corners or staircases that can be dangerous.

Neighborhood and Schools

The feel of a neighborhood and the schools nearby are a few of the most important things to consider when moving.

Room to Grow

An extra bedroom or two might save you from having to move again in a few years…and youll certainly want ample storage space.

Published with permission from RISMedia.

Selling your home will involve a lot of paperwork. The requirements may vary somewhat depending on where you live, but the following are some of the most important documents youll likely need:

Documents From Your Purchase of the House
Youll need the original sales contract from the time when you bought the house. Thatll let the buyer know who the previous owner was, the sale price at the time, and any disclosures that were made then. Youll also need to provide the appraisal that was conducted before you bought the house.

Documents Related to Maintenance, Repairs and Current Problems
You shouldve kept records of maintenance and repairs during the time you owned the house. Those can give the buyer an accurate idea of the condition of the house now and any repairs that might be needed in the future. If you had any new appliances installed, you should give the buyers the warranties.

Youll also need to provide a potential buyer with homeowners insurance records. These should include any claims you submitted so the buyer will be aware of any significant past damage and repairs that were made.

Once a buyer has made an offer and youve accepted it, youll need to follow mandatory disclosure laws and provide information on any known damage or hazards. That could include everything from lead paint and water damage to broken appliances and disputes over the property line. Failing to provide this information could lead to a lawsuit later.

Documents Needed to Complete the Transaction
A purchase offer spells out the agreement between the buyer and seller. The real estate agents or attorneys representing the buyer and seller will later draft a final purchase and sale agreement that includes specifics on the sale price as well as other terms, such as the closing date and contingencies.

The buyer will most likely have the house inspected to find out about any problems. If anything serious is discovered, you and the buyer will need to decide whether youll make repairs before closing or lower the asking price.

If the buyer will need to get a mortgage to buy the house, the lender will require an appraisal to determine its value. The appraiser will provide the buyer with a report, and a copy will be made available to you.

The deed is a document that officially transfers ownership from the seller(s) to the buyer(s). It will include the names of all parties involved in the transaction and a description of the property itself.

Working With the Right Real Estate Agent Is Key
Selling a house is complicated. Your real estate agent should be able to guide you through the process. When interviewing agents, look for someone who has the knowledge and patience to walk you through all the steps and the documents thatll be required and to answer all your questions.

Published with permission from RISMedia.

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.