JTownRealEstate

Sara Wallace - Financial Planner 

How to Keep Costs Low in Your New Home

When my husband and I purchased our first home this past May, we were beyond excited to move in and make it our own. As we left the closing, we couldn’t stop talking about all the new things we wanted to do to the interior and exterior of the home.

Some of our plans were practical - the house needed a good cleaning and as we would find out later, a thick treatment of spider spray. Others were merely superfluous.

Regardless, through all the planning we began to realize the hidden costs associated with our new home. immediately we began to revise our plan to make it as cost efficient as possible. This meant some sacrifice, but mostly, just a little bit of creativity.

Here are my tips for keeping costs as low as possible.

Say “No” to the Hired Help:

Sigh. I know, moving day is tough. But doing it yourself can save you hundreds of dollars in expenses. Professional movers love to take advantage of the lazy. They will charge you for the labor, the moving van, gas, boxes, tape, bubble wrap, and anything else they can get away with.

Instead, borrow trucks and vans, or if needed, rent a U-Haul for the day (this is still cheaper than hiring movers). Call in those favors and ask friends and family to help load and unload boxes into the house. Buy them lunch and drinks and be sure to return the favor when they are in need.

Also, save any receipts associated with your move in day. If a company is not paying you to relocate, and if you are moving more that 100 miles away, you may be able to deduct moving expenses from your taxes at the end of the year.

Say “Yes” to Painting:

One of the least expensive ways to make a big change to the interior of your home is to paint. You can easily change the entire look of a room with just a few gallons of your favorite color.

Again, try doing this on your own. My husband and I work full time and still managed to paint on our own. it took a few nights and weekends, but it was well worth the effort. unless your have cathedral ceiling that require professional painters, this is one of the easiest projects to conquer by yourself.

When buying paint, take advantage of buying in bulk. It is much cheaper to buy a gallon of one color than many small quartz of various shades. However, make sure you purchase something you will like for years regardless of the cost.

 If you fall in love with a pricier, designer shade of paint (as I did with Ralph Lauren’s selections) consider taking those color swatches and having them made with a less expensive paint, such as Bear. You can get the exact color and quality you want, without paying the designer price tag.

Reuse, Redo, Reward:

This is where it’s time to get creative. This is also where you can save a lot of money if you put in some effort.

We moved from a one bedroom apartment into a three bedroom house and could have gotten carried away with the expenses of new furniture and accessories. But instead of buying all the new things, we worked with what we have and it looks great,

We were given two old dressers that my grandparents purchased when they first got married. They were old, dirty and in major need of repair. We sanded them to their bare wood and stained them a deep mahogany. While once old and dirty, they now look as if we bought them from the Haverty’s catalog.

For in the living room furniture, we painted the tables we had that were looking rough. One can of black paint and we saved hundreds of dollars in furniture. 

Go to yard sales, consignment shops, or www.freecycle.org. Freecycle is an online community which people give and receive items for free. Things are not always in perfect condition, but they can be with a little TLC.

We used the same strategy with the outside of our house. Instead of hiring someone to do the landscaping, we did it ourselves. We used what the previous owner had left, but rearranged it to fit out style. It is actually very easy to transplant small bushes and shrubs from one area to another.

Buy Quality:

We had never owned a home before, so there were many first time expenses involved for us. These big ticket items included lawn mower, weed eater, refrigerator and some tools. Here, the trick is to spend a little more money for quality items that will last for years. it may seem expensive in the beginning, but it will pay off in the long run.

Buying a first home or upgrading can be such an exciting time for buyers! If, you are feeling overwhelmed with all the associated costs involved, try doing things yourself and getting creative. After all, if I can do it…you can to!

Sara Wallace is a Financial Advisor for Stock Yrads Bank & Trust and can be reached at sara.wallace@syb.com

As a homeowner, you can play an important part in the timely sale of your property. When you take the following steps, you will help REALTORS like myself sell your home faster and at the best possible price.

Steve Adams-Mortgage Broker 

I remember as a child running weekend errands with my father.  Some days with time to kill, we would take the long way home, cruising through neighborhoods from Old Louisville to St. Matthews.  I was amazed by all of the “mansions” in this city!  As beautiful Victorian homes lined Eastern Parkway, stone three stories filled the Cherokee Park area.  I always enjoyed taking these weekend tours.  It allowed me to see how the rich live; or so I thought.  You see, as a child, I associated wealth with big homes, and big cars.  My thought process was this:  you get a job that pays lots of money, buy a big house, and big car, and live happily ever after!  Now that’s living! 

Well unfortunately, for most of us, that’s simply credit.  We all know what credit is, right?  Remember the old saying, “paying your bills on time keeps your credit in line?”  I wish it was that easy for consumers.  Our society has become so focused on status, they will do anything to obtain it!   Most simply don’t care what it cost, but how much is it a month. And creditors are in the business of accommodating those requests.  From long term vehicle leases, to interest only mortgages, to minimum credit card payments, living large is made easy; for a while. 

I recently had the opportunity of sitting down with a gentleman that was referred to me from a previous client.  Although I knew the reason for his call beforehand, I had no idea what was in store for me!  From the moment he entered my office, he began to explain his financial situation to me.  He was sixty two, $50,000 in credit card debt, $300,000 in mortgage debt, and had personal loans that totaled an additional $32,000.  And he needed help.  Needless to say, there was nothing I could do.  But I was curious.  I ask him, “how did this happen?”  He explained to me how he and his wife always had to portray that certain lifestyle because of the “circles” they ran in. 

Contrary to what you may have been taught in the past, this is not living! Nor is this how it is supposed to be.  Although you may feel this is an isolated incident, it’s not.  In fact, it is very common in today’s society.  I hope you are not in the same situation as the above mentioned.  Here are a few tips to avoid falling into this financial TRAP: 

*Avoid credit card debt-Although a major credit card may be beneficial for emergencies, random purchases should be avoided.

*Too much house will be too much headache –When searching for a home, BE REASONABLE.  Take the time to sit down and assess your income vs. debt load.  Keep in mind, things do break, and there are additional costs in owning a home.  Being “house poor” is not fun! *Stay with a fixed rate mortgage-niche products such as interest only mortgages keep your payment down only for a short period of time.  Fixed rates are too low not to take advantage!

*In need of a new vehicle?  Do your homework!  A two to three year vehicle may fit your budget better then a new one.  Most banks or credit unions will still finance 100% of a three year car or truck.

*Contribute to your company’s 401K Plan-taking advantage of your company’s plan will allow you a little more financial freedom later in life.  If your company doesn’t have this benefit, consult with a local financial planner to implement a plan.

There is nothing more burdensome than financial issues.  By living within your means, you will not only avoid unnecessary stress, but have the ability to plan for the future!

Steve Adams is a Senior Loan Officer with 1^st Independence Mortgage.  He can be reached at 502-897-5880 x249 or at sadams@1stindependence.com

The best way to  describe what is going on in the well established Hurstbourne Woods neighborhood is to steal a line from the great song “Hotel California” by the “Eagles“…”You can check out anytime you like, but you can never leave.”  What I mean here is that when people purchase a home in Hurstbourne Woods they tend to stay for a long time.

 Since January 1, 2006 there have only been 13 homes sold in the entire neighborhood. The lowest price home to sell in that time period was $179,950.00 and the highest was $261,000.00. This gives the entire Hurstbourne Woods neighborhood an average sales price of $225,419.00. The average days on market is just over 2 months and the price per square foot is $104.00.

 Currently, there is only one home “Actively” being sold in Hurstbourne Woods. It is located at 8309 Sunny Ridge Court and is being sold for $249,400.00.  The home has 3 bedrooms, 3 full bathes, total living space of 2690 square feet and has been on the market for 163 days. This is just another instance of not many people wanting to move out of this great neighborhood.

Who could blame people for wanting to stay. The neighborhood is ideally placed between Watterson Trail and Hurstbourne Parkway with shopping, entertainment and easily accessible expressways.  I am a fan of this neighborhood and it seems like the folks that live there are as well.

Over the next several weeks and hopefully informative blogs, I wanted to focus on an area of J-town that continues to show tremendous residential real estate growth. The Watterson Trail corridor of J-town currently has 5 new construction neighborhoods with home prices varying from the mid $150’s to the high $400’s.

Some of the neighborhoods we will be discussing will include the following:

-Monticello Place     -Monticello Park     - Sunny Slope  Crossing 

-The Villages of Bristol Oaks     - Brookhurst   - And many more…

Within these neighborhoods, we will be talking to some of the builders and find out a little bit of history about them, their opinion and future plans for J-town real estate. We will also be showing floor plans, building styles, what is and isn’t selling. So, I hope you enjoy this blog and I hope you find this information provided to be helpful.