Category: Real Estate

8 Upfront Costs of Buying a House

Looking to buy a home soon? There will be upfront costs of buying a house.

You may have found a house that you like. You may have been approved for a mortgage loan, and have your down payment ready to make an offer. If you think that, at that point, all of the hard work is over, well think again.

In addition to the down payment, which can be significant depending on the price of the property, there are plenty of upfront costs of buying a home. As a first time home buyer, this may come to you as a surprise. So, be ready to have enough cash to cover these costs. In no particular order, here are 8 common upfront costs of buying a house.

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What is an upfront cost?

An upfront cost, as the name suggests and in terms of buying a house, is out of pocket money that you pay after you have made an offer on a property. They are also referred to as closing costs and cover fees such as inspection fees, taxes, appraisal, mortgage lender fees, etc. As a home buyer, these upfront costs should not come to you as a surprise.

What are the upfront costs of buying a house?

Upfront cost # 1: Private mortgage insurance cost.

If your down payment is less than 20% of the home purchase price, then your mortgage lender will charge you a PMI (private mortgage insurance). A PMI is an extra fee to your monthly mortgage payment that really protects the lender in case you default on your loan. Again, depending on the size of the loan, a PMI can be significant. So if you know you won’t have 20% or more down payment, be ready pay an extra fee in addition to your monthly mortgage payments.


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Upfront cost #2: inspection costs.

Before you finalize on a house, it’s always a good idea to inspect the house for defects. In fact, in some states, it is mandatory. Lenders will simply not offer you a mortgage loan unless they see an inspection report. Even if it is not mandatory in your state, it’s always a good idea to inspect the home. The inspection cost is well worth any potential defects or damages you might encounter.

Inspection fee can cost you anywhere from $300-$500. And it is usually paid during the inspection. So consider this upfront cost into your budget.

Upfront cost # 3: loan application fees.

Some lenders may charge you a fee for applying for/processing a loan. This fee typically covers things like credit check for your credit score or appraisal.

Upfront cost # 4: repair costs.

Unless the house is perfect from the very first time you occupy it, you will need to do some repair. Depending on the condition of the house, repair or renovating costs can be quite significant. So consider saving up some money to cover some of these costs.

Upfront cost # 5: moving costs.

Depending on how far you’re moving and/or how much stuff you have, you may be up for some moving costs. Moving costs may include utilities connections, cleaning, moving

Upfront cost # 6: Appraisal costs.

Appraisal costs can be anywhere from $300-$500. Again that range depends on the location and price of the house. You usually pay that upfront cost after the inspection or before closing.

Upfront cost # 7: Earnest Money Costs

After you reach a mutual acceptance for the home, in some states, you may be required to pay an earnest money deposit. This upfront costs is usually 1% to 3% of the home purchase price. The amount you pay in earnest money, however, will be subtracted from your closing costs.

Upfront cost # 8: Home Associations Dues

If you’re buying a condo, you may have to pay homeowners association dues. Homeowners association dues cover operation and maintenance fees. And you will pay one month’s dues upfront at closing.

In conclusion, when it comes to buying a house, there are several upfront costs you will need to consider. Above are some of the most common upfront costs of buying a house.

Click here to compare mortgage rates through LendingTree. It’s completely FREE.

MORE ARTICLES ON BUYING A HOUSE:

10 First Time Home Buyer Mistakes to Avoid

How Much House Can I afford

5 Signs You’re Better Off Renting

7 Signs You’re Ready to Buy a House

How to Save for a House


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How to Make $30,000 a Month Flipping Houses

I have flipped more than 200 houses in my career and while I love flipping, it is not easy! We have flipped 26 houses per year multiple times, and I can truly say that the more houses you flip, the more problems you have. Now, when I say house flipping, I am talking about buying … Read more

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How Long Should I Keep Credit Card Statements? – Lexington Law

Learn how long to hold on to important paperwork, including credit card statements and tax documents, in this article from Lexington Law.

Source: lexingtonlaw.com

What is a personal line of credit?

A personal line of credit (PLOC) has several benefits for consumers. Find out everything you need to know about PLOCs and how to apply for one.

Source: lexingtonlaw.com

Tips for Paying off Holiday Debt Before it Hurts Your Credit

Now that the festive season is behind you, what remains with you are the beautiful memories and of course, the huge holiday debt that you accumulated. As the new year kicks off, two factors can greatly impact your credit; how you pay (or not pay) your debt and how much of your available credit you […]

The post Tips for Paying off Holiday Debt Before it Hurts Your Credit appeared first on Credit Absolute.

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What To Know Before You Buy Lakefront Property

Before you sign on that dotted line to purchase a lakefront property of your own, there are several important factors to consider.

The post What To Know Before You Buy Lakefront Property appeared first on Homes.com.

Source: homes.com

Terrazzo flooring has stood the test of time, enduring for centuries as a durable and versatile surface.

To arrive in Venice for the first time is to be transported into a completely unique world—a city of gothic buildings floating on water, where grand palaces and churches stand above the ubiquitous canals, and an array of building materials is on permanent display. From the dusty-rose clay bricks that can be found on the exteriors of houses, palaces and churches, to the dazzling white Istrian stone that typifies many of the grander Venetian establishments, and the marble mosaics that adorn surfaces throughout the city, Venice is a city of contrasting textures and styles—and this is something that is reflected in one of its most famous exports: terrazzo flooring.

You might know it as that speckly concrete from government buildings of the 1970s and ’80s, but this hybrid flooring material was actually created in the 15th century. Venetian mosaic workers would gather up offcuts of marble and repurpose them, combining them with clay and other materials to use for flooring in their own residences. The workers would grind the stone down for an even walking surface, but without being coated, the color of the aggregate flecks would not emerge; terrazzo was merely a convenient and utilitarian choice for flooring.

The flooring style gained popularity when workers refined the process of installation by creating a grinding stone called a galeto to even out the surface, and discovering that a coating of goat milk would bring out the color and sheen of the stone. Since then, technology has advanced (and coatings other than goat milk have been developed), and terrazzo has established itself as a durable and attractive flooring material, first in Italy, and then across the globe.

In palaces and buildings throughout Venice, terrazzo is omnipresent, having been chosen for its aesthetic appeal and durability. In the centuries since its invention, the surface has made its way around the world, and recently, it has enjoyed a resurgence as a style statement in modern architecture and design.

David Filippi, Vice President of American Terrazzo Co., has a long family history with terrazzo, beginning with his great-grandfather Antonio’s emigration from Italy to the United States. Antonio Filippi set out for the United States from a small town called Casasola, not far from Venice, in the early 1900s. After an arduous journey and years of hardship as a foreigner in a strange land, Antonio established what is now American Terrazzo Co.

“Like so many Italian immigrants, my great grandfather left behind a wife and young child to board a ship and set sail for the country of his dreams,” Filippi says. “Some seven years after arriving in America, he called for his young family to join him and eventually secured a piece of property where he built his shop and home next door. Relatives and friends from the ‘old country’ joined my great-grandfather, and together they earned a reputation for performing the finest in terrazzo and masonry work.”

Terrazzo flooring has stood the test of time, enduring for centuries as a durable and versatile surface. image 1

Filippi’s family is dedicated to the continuation of the business, which is a testament to Italian ingenuity and Filippi’s great-grandfather’s hard work. “Over the years, terrazzo has had its ups and downs,” Filippi says. “Today, it is very popular.

Historically, you would have seen terrazzo mostly in airports and hospitals, and in the lobbies of large commercial buildings. Now, it has expanded to retail stores, universities and high-end homes.” As with many design and architectural trends, terrazzo has come in and out of style, but one of the enduring benefits of the material—and what makes architects and designers come back to it again and again—is that it is durable and versatile.

“Generally, of all building types, airports have the most foot traffic,” Filippi says. “One of the main reasons that terrazzo is so widely used in airports is that it is extremely durable.” It’s because of this that, even though the initial financial outlay for terrazzo might be greater than a simpler form of flooring, terrazzo is considered to be the most cost-effective flooring that there is—because it will never wear out. Fifty years from installation, a terrazzo floor will look as fresh as if it were installed yesterday.

Another major benefit of terrazzo flooring is its uniqueness, and the ability to customize its look to suit any setting. “It has many options,” Filippi says. “There is a wide spectrum of available colors, as well as many aggregate sizes and colors.” In recent years, terrazzo has been embraced as a wildly versatile material that can be used as a refined surface in professional buildings; for a fun and colorful addition to a retail space; and as a personality-laden feature in a beautiful home.

Because terrazzo is poured during installation, a fluid, unbroken surface can be achieved, providing continuity and connection between spaces in your home, which most other flooring and wall surfaces are unable to achieve. And designers are now experimenting with precast terrazzo, opening up a whole new channel for design experimentation—it’s no longer limited to just flooring and walls.

“Over the years, we have fabricated terrazzo sinks, bathtubs, tables, chairs and even sculptures,” Filippi says. “Terrazzo can be placed anywhere and everywhere. It has no limitations.” This expansion from building surfaces to accessories and decor is indicative of the strength of terrazzo in today’s design palette. Modern design outlets jumped on board, with Anthropologie selling a range of terrazzo-inspired bath accessories, West Elm doing a collection of melamine terrazzo-style dishes, and multitudes of furniture and fabric designers incorporating the material’s aesthetic into their products.

If you’re considering terrazzo for your home, there are a few important things to keep in mind. Consider your time line, because terrazzo is still laid by hand, and is considered artistic and artisanal work. If you’re going with traditional cementitious terrazzo, be prepared for it to take more than a month to install. Epoxy, on the other hand, can usually be completed within one to two weeks.

Cost varies, starting from $30 per square foot for installation. If you’re looking for intricate designs or installations in challenging areas, the cost will increase. But remember, the long-term maintenance costs of terrazzo are virtually nonexistent compared with other types of flooring.

Lastly, when you’re choosing the color and aggregates for your terrazzo features, make sure that you’re making a choice based on personal preference rather than trend, because this surface, with its virtual indestructibility, will be with you permanently.

The post Terrazzo flooring has stood the test of time, enduring for centuries as a durable and versatile surface. first appeared on Century 21®.

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8 Money-Saving Tips for Improving Your Bathroom’s Design

I don’t know about you, but for me, a bathroom goes well beyond its practical uses; within the past years, I’ve come to think about it as a sanctuary of sorts, that room of the house that’s dedicated to pampering, relaxing, and deconnecting — a place where I can enjoy some alone time and use that alone time to take care of my skin, hair, body, and mind.

And just like any other space in my house, the more beautiful my bathroom is, the more I can enjoy the time I spend in it. But re-designing a bathroom or remodeling it altogether is quite an investment. That’s why today we’re going to look at a few handy ways in which we can improve our bathroom’s design without having to spend a ton of money in the process. Here are some tips to help you maximize your bathroom’s function and style while saving money — both on the short and long run:

#1 Choose décor materials wisely

When designing your bathroom, one of the most important things to take into consideration is choosing the right materials. And I’m not talking about the tile (which we all know ceramic is the way to go); but rather furniture and appliances. Since this space is expected to be exposed to water, humidity, and moisture, it’s best to use waterproof materials for all furniture, décor items, and appliances.

For example, solid wood or plywood may not be a good choice for furniture, as it will likely warp and crack (and it can even lead to mold). Instead, a way better — and longer-lasting — choice would be PVC, which is extremely durable, completely waterproof and offers a great look and feel as well for bathroom cabinets. When buying blinds for your bathroom windows, choose waterproof blinds because they are stain and mold resistant, as well as fade-free. When picking appliances, make sure to avoid any metal that might rust, and preferably stay away from plastic; some of your best choices are brass, stainless steel, and zinc (or zinc alloys), as they stand the test of time and add a note of style to your bathroom.

Overall, focus on materials that can withstand humidity and water. This way, you don’t have to spend money replacing them and you can rest assured that your bathroom will maintain its clean and brand-new look over the years.

#2 Widen and brighten your space with mirrors

Instead of adding a skylight or a new window to brighten a rather gloomy bathroom (which would call for a pricy renovation), consider using a large mirror, re-painting your walls in a light color, or adding extra light fixtures. These can all help create the illusion of space, making your bathroom look wider and brighter. Obviously, this technique is much more affordable than having to install an additional window to your bathroom space and you’d be surprised at how much of a difference adding a large mirror can make.

If you feel like you don’t have the space to add an additional mirror to your bathroom, consider replacing the mirror above your vanity with a far larger one. Bonus tip: choosing an unusual shape or a unique frame for the vanity mirror (like the one in the image below) can give an impressive look to your bathroom, and act as the centerpiece of the room.

bathroom vanity with large, unique mirror

#3 Update by regrouting

If you’re looking to update your bathroom quickly and on a tight budget, consider replacing the existing tile grout. Regrouting is a two-step manual process by which you first remove the hardened old grout from the seams, or joints, between the tiles in your bathroom, then apply fresh new grout to make it seem like you have just installed your tiles (here’s a full walkthrough of the process). You’d be surprised how big of a difference this fairly simple update can make — especially since tiles rarely show signs of wear and tear, but the grout’s initial color fades away, and often gives a sense that it’s dirty, discolored and old.

This idea works best if the tiles in your space are still in great shape, that is, they don’t have cracks or missing pieces. Although it may take a bit of work, it’s surely faster and cheaper than a major bathroom overhaul. Fresh grout will make the tiled area look brand new, and you can even apply a new grout color to make a more dramatic change to your bathroom. 

pink bathroom tiles

#4 Get creative with designer tiles

Now, if you’re looking to add a splash of sophistication to your shower or bathroom tiles, but don’t have the budget to splurge on designer tiles, there’s a super easy trick you can turn to: use regular, budget friendly tiles across the walls of your bathroom, then add a pop of design and color in a small area using more expensive designer tiles. 

Or, you can keep it simple and use classic tiles, but arrange them in an unusual pattern or install them at an angle to create an eye-catching effect. If you’re looking for the maximum effect, create an accent wall (preferably right where either the shower or bathroom vanity go, to highlight that space), like the one pictured below. It won’t cost as much as replacing all of your bathroom tiles, but will definitely give your space a great, updated look.

bathroom shower tiles

#5 Try to avoid current trends

We all like to think that we’re aligned with the latest trends and fads. But the truth of the matter is, the best way to waste money is to follow fads that in a couple of years will seem so outdated that you’ll feel the need to renovate your bathroom all over again. You can make your design last way longer if you’ll use natural finishes and neutral colors.

Classics also tend to be considerably less expensive than their trending counterparts, and they’re much more likely to stand the test of time. See below for a marble-themed bathroom that was all the rage a few years back, but that seems a little out of place in the more minimalist-inclined era that we live in today.

marble bathroom with gold fixtures

#6 Use traditional finishes

This goes hand in hand with our last point: using fancy fixtures and embellishments on your faucets and cabinet hardware may seem like a good way to add some personality, but they can turn out to be rather costly without having the desired effect over the years. These kinds of fixtures are pricier than standard ones and their unusual colors, trimmings, and shapes can be more difficult to match with the rest of the décor — and limit any improvements you might decide to make in the near future.

Because of this, you may be forced to buy new coordinating pieces, too. However, if you’ll stick with traditional finishes, it will be simpler for you to create a cohesive look while still sticking to your budget. 

bathroom sink and fixtures

#7 Re-use old furniture to create a unique look

If you have an old desk, table, dresser, or TV stand, consider using it in your bathroom (provided it can withstand humidity and isn’t easily prone to water damage, as we’ve stated above). Repurposing old furniture will give you a chance to show your personality while adding much-needed bathroom storage. Consider doing this as a DIY project, which can help you save money while also being earth-friendly. 

Not sure how to fit old furniture with your bathroom décor? Repurposing doesn’t mean using the piece of furniture in the same way it was intended by its makers; so you can get as creative as you want, by say turning an old desk into a vanity, parts of a table into shelves, an old painting frame into a mirror frame, you name it. See below for a great example of how this stunning bathroom with matching his and hers vanities uses old crates to frame the bathtub.

elegant bathroom with matching his and hers vanities

#8 Refinish rather than replace

Replacing bathroom elements will usually require removing or replacing plumbing fixtures, which comes with additional costs. It can also involve construction changes, demolition work, and new installation. Before deciding on replacing any of these fixtures, determine if they really need replacement. If you’re replacing them for aesthetic reasons, you might have the option to refinish them instead of replacing them altogether. 

For example, you can refinish your old tub with a nice-looking, protective coating instead of completely replacing it. You can also paint your cabinet anew instead of purchasing a new one — and you can even get creative with the color you use. Check out this elegant bathroom below, whose owners chose to refinish the bathtub and paint it in a slight pinkish hue. Isn’t it just lovely?

pink bathtub in elegant bathroom

Final thoughts

The bathroom is one part of the house that needs some upgrading every now and then, and said upgrades can turn out to be quite expensive. However, with some rather small, but well-thought changes, you can spruce up your bathroom design without spending a pretty penny. And if our suggestions are not to your liking, there’s tons of helpful resources out there that can give you some great ideas to get you started.

More interior design tips

Here’s Everything You Need to Set Up a Meditation Corner in Your House
How to Turn Your Kitchen Into Every Coffee Lover’s Dream
Design Trends that Add Extra Flair to Your Fancy Home
How to Add a Touch of Luxury to Your Home without a Costly Renovation

The post 8 Money-Saving Tips for Improving Your Bathroom’s Design appeared first on Fancy Pants Homes.

Source: fancypantshomes.com

See Inside Travis Scott’s House: a Striking $23.5M Yacht-Inspired Mansion

What makes Travis Scott’s house so unique? The 17,000-sq-ft futuristic mansion is perched high atop the Los Angeles hills; and that’s just the beginning.

Source: fancypantshomes.com

By January 19, 2021.    Unique Homes  ,  

This Dream Getaway Home is Part of a $220 Million Aspen Ranch

If you’re a fan of the mountain farmhouse aesthetic, you’re in for a treat. Nestled into a hillside just minutes away from Aspen core sits the Mount Daly House, one of the eight modern ranch retreats at the 800-acre Aspen Valley Ranch.

The massive Colorado ranch — owned by oil and gas executive Charif Souki — was initially listed back in May 2020 for $220 million, which propelled it to the top of the list of most expensive residential properties for sale in the U.S.

Since then, marketing efforts for the property, led by Souki’s son, Chris Souki, along with Carrie Wells (both with Coldwell Banker) have shifted, with the massive ranch being divided into more manageable assets. One of which is the biggest home on the ranch, Mount Daly, which has been listed alongside a future homesite (so far simply titled Lot 9), which has a 13,000-square-foot proposed floorplan that would outshine all the other existing homesteads on the property.

Inside Mount Daly, a luxury ranch home in Aspen, Colorado.
Inside Mount Daly, a luxury ranch home in Aspen, Colorado. Image credit: Coldwell Banker Mason Morse Real Estate

The asking price for the two properties — Mount Daly and Lot 9, the future homesite of a 6-bed, 9-bath dream ranch home with a generous 13,000-square-foot floorplan — is a whopping $30 million, but that’s not above the mark for properties in the area, especially considering that the lots total 82 acres (in what’s undoubtedly a phenomenal location).

Mount Daly house has 5,373 square feet and comes with 4 bedrooms, 4.5 baths, and a barn. Designed by Michael Fuller, the residence beams with mountain farmhouse aesthetic, with its interiors paying homage to western culture and history, boasting reclaimed beams, barn wood, stone features, and other traditional ranch-style elements.

kitchen-luxury-mountain-retreat-in-aspen
Inside Mount Daly, a luxury ranch home in Aspen, Colorado. Image credit: Coldwell Banker Mason Morse Real Estate
wooden bedroom of a luxury home in aspen
Inside Mount Daly, a luxury ranch home in Aspen, Colorado. Image credit: Coldwell Banker Mason Morse Real Estate
bathroom of a luxury ranch in aspen, colorado
Inside Mount Daly, a luxury ranch home in Aspen, Colorado. Image credit: Coldwell Banker Mason Morse Real Estate

Best of all, the home rests on the valley floor at the confluence of two mountains, offering some of the best Elk Mountain range views. The massive windows carefully placed throughout the home make the most of these views, and invite calm and relaxation.

picture perfect views of the mountains from inside the aspen ranch
Inside Mount Daly, a luxury ranch home in Aspen, Colorado. Image credit: Coldwell Banker Mason Morse Real Estate
outdoor entertaining area of a luxury aspen ranch in colorado
Outdoor entertaining area at Mount Daly, a luxury ranch home in Aspen, Colorado. Image credit: Coldwell Banker Mason Morse Real Estate

More luxury properties for sale

Charming Estate With Ties to The Beatles On the Market in Connecticut
This Stunning Modern House Was Built With Fire Safety in Mind
New Jersey’s Gloria Crest Estate, Once Home to Hollywood Silent Film Starlet, Is on the Market
Morgan Brown Re-Lists Stunning West Hollywood Home Amid Split from Actor Gerard Butler

The post This Dream Getaway Home is Part of a $220 Million Aspen Ranch appeared first on Fancy Pants Homes.

Source: fancypantshomes.com