Home Floor Plan Designing For Your Future Home

Designing Your Own Dream Home for the New Home Builder:
What is your dream home? Do you have an idea of what it will look like? Defining a dream home is very difficult, especially if you have a spouse or significant other that has tastes different than your own. Although you might be able to agree on a floor plan, do you both agree on what the purposes for each of the rooms? My solution to this matter is simple. Brain storm together. Make it fun! After all it’s your dream that you are talking about. Privately each of you collect floor plan ideas from other sources, and prioritize what you like. List the top 10 bedroom floor plans, bathroom floor plans, kitchen floor plans and of course the floor plan layout styles.

You can do this by researching these topics: Log Home Floor Plans, Model Home Floor Plans (which, by the way, utilize small spaces very efficiently), Kitchen Floor Plans, Apartment Floor Plans (another very good space effective plan), and various architectural floor plans. Collect your “top ten” sources from each of these plans and then select your top ten out of those. You will have a very comprehensible top ten list to discuss with your spouse or significant other. Keep in mind that you can make any room the size you desire from these plans, but it’s the concept and ideas of the plans that you should be collecting.

You both then get together with your top ten lists and discuss why you really like the plans you choose. Make it fun! Make it a party if you want with friends and family, but you need to remember to be open minded and “listen” to the each other since you both have your own pro’s and con’s with each of the plans. Surprising enough, eventually you will agree on a top ten between you. In fact you probably will have extremely similar plans picked out! I did this with my wife and found that in a few hours we agreed completely on our dream home! This was the hardest part! (This method also works in determining baby names and other life critical significant other issues.)

Factors to Consider:
Probably the hardest factor to consider is financing availability and budget. You need to review your own current budget and evaluate how the new budget will affect your current life style. If you check your credit report and it is not what was anticipated, you might have to adjust your budget or take the necessary steps to clean it up. Since I am not a financial specialist, I would ask you to consult with the credit personnel at your local bank. Once your credit is cleaned up as much as possible, apply for a loan. Apply for the maximum amount you can get. Find out what the monthly payments would be and see if that works in your budget. Make sure your monthly payments do not affect your ability to landscape and buy some interior design items and new furniture. A common mistake most people make is that they put everything in their home but leave out the funds and budget for interior design and landscaping. Always have available financing reserved for future emergencies. Do not put everything in your home and become house poor.

Location of your new dream home is also a factor. Does the neighborhood have houses similar to your style? Is there a variety of home styles? Do research on what type of neighborhood it is. Are there neighborhood, city or county ordinances that might affect your lifestyle? Make a list of all the pro’s and con’s of each of your choices of sites, narrow it down to your top 3 to 5 and seriously think about all the factors that might influence your decision. You don’t always want the perfect size or shaped lot if there are ordinances that will effect how you use it. Be careful.

Make sure you have no surprises. Ask your real estate agent for a list of permits necessary to build your dream home on the lot you chose. If they will not provide this, then go to your city and county and get the list. Make sure your construction contractor provides all of these permits in their contract with you.

Local codes can also surprise a lot of dream home builders. Ask the architect that does the signed blue print on your floor plans to research local codes that may or may not affect your floor plan and dream home design. Homework pays. You can save yourself a lot of money and time if you do your homework up front.

Estimating Future Home Values

A couple of years ago people all over the U.S. were betting that their homes would continue to rise in value year after year and it seemed like a safe bet at the time. Although some worry-wart analysts were predicting that home values would drop like a tranquilized elephant, most people pooh-poohed the naysayers and continued to buy properties and flip them or get cash out refinances, not overly worried that prices would drop. Home owners got into very risky types of mortgages like negative amortization Pay Option ARMs (adjustable rate mortgages) or 5 year, interest only loans that eventually became ARMS.

Although many of these same borrowers found themselves in dire straits once the economy went sour, home values will still rise in the long run. Looking at today’s market however, we see lots of REOs, foreclosures, and short sales that have driven home values down considerably. How long this will last is not predictable until the economy shows stronger signs of recovery, which so far it has not.

Job losses continue to drive the poor market and tight lending by banks and other lending institutions have all but made it impossible to borrow money unless you have a lot of equity, a huge down payment, and a great FICO score. If your credit score is below 720, the lenders consider you to be a sub-prime risk and right now there is little to no subprime lending.

The reason that there is no subprime lending is basically because there is no secondary market for lenders to sell their loans to except for Fannie Mae. Since Fannie Mae’s guidelines are so strict, very few borrowers these days can qualify for a new home purchase loan or a refinance. Refinances can occur and many homeowners may want them because interest rates are so low and attractive, but because home values have dropped so precipitously in the last couple of years, very few have the equity necessary to refinance.

Many people who were in bad loans have since been foreclosed upon or have simply walked away from their properties, unable to make the payments any longer. The wholesale loss of jobs nationwide has created hundreds of thousands of unemployed or underemployed people who just do not have the money to make ends meet anymore. Credit scores have gone down in a big way but we may never know how much exactly since these figures are not published, as they should be.

Preparing to Buy a Home in Ottawa

Preparing to buy a house does not start from the time that you apply for a mortgage. It actually starts before that, when you were just saving for the down payment. The down payment is probably the biggest out of pocket expense you’ll spend on your house. There are mortgages that will allow you to get a house with a very small amount of down payment, as low as 3%. However, it’s not easy to qualify for those types of mortgages, and of course the monthly payment will be larger because you’re working the down payment into it. Let’s say that you’re interested in buying Hinsdale real estate. As you look through Hinsdale homes for sale and see the homes available for you to buy, you’re probably getting an idea of how much money you need to save for the down payment. how exactly can you come up with that kind of money?

Some people prefer a more daring and creative approach which means that they invest their money. It has a bigger risk involved but of course, bigger risk could mean bigger returns. More people prefer traditional savings. How do you successfully save enough money for the down payment?

Here are a few ideas that could start you off:

Minimize the balances of your debts.
You can increase your ability to save by decreasing the things you pay for each month. It would also put less stress on you because you’ll have more room to breathe, compared with when you save money for the down payment while at the same time paying off high credit card balances. It may take a bit more time to pay down your debts first, but this will help you a lot. It will also help you have a better chance of qualifying for a mortgage because it will help you meet lender ratios.

Create a workable budget.
Sitting down to create a plan has the effect of downsizing your expenditures. This is because you look at your expenditures more closely and are able to determine which ones are necessary and which ones aren’t. Creating a budget for yourself will also help you realize how much you can really afford, how long it will take before you arrive at the amount that you are aiming to save, and whether you can speed this up further by making adjustments to your budget. As you structure your budget and examine your spending patterns, you may find out that you can actually save a lot of money monthly by forgoing your usual morning latte. Some people feel hesitant to give up such small comforts. However, it’s just a temporary thing. If you feel that it’s depressing to deprive yourself of small comforts you can just minimize it to once a week or once every other week.

Save, save, save.
Many people realize that saving for something as big as a down payment for a house is no easy task. It’s always best to start as early as possible. Many people spend years saving up that amount because of poor planning and because they always find something else to spend their money on. It’s important to be focused when it comes to saving. It won’t be long when you will reap the rewards of your hard work.

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