DIY Home Improvement: How to Spice Up That Boring Basement by Adding a New Bar

If you live in a home with a basement, you may have already started finishing it, or you may have big plans to convert the space into something more usable and practical. When it comes to basement renovations, few projects add as much value and opportunity for entertainment as adding in a basement bar.

A bar is an easy home improvement project to complete, and you can use it for entertaining family and friends. Here’s a quick guide to installing a bar in your basement and turning that dank, dreary room into a great space for making new memories.

Preparing For The Bar Addition

First, you need to select the space that is best-suited for the bar. The ideal space will be an open area near the corner of the room or even near an entryway. The space should allow for seating for at least two or three bars stools, but you may desire a larger bar area.

Most bar areas will have water and electricity features, and it will be easier and less expensive if you choose an area of the room that has these services running through the walls. If water and electricity are easily accessible, you simply have to build a wall and add a counter top to the area. If you cannot complete this work on your own, you can hire a contractor for assistance.

Hiring Contractors For Special Tasks

A fully functional bar area may have overhead cabinetry for storage as well as a small sink to rinse out glasses and to wash hands. In addition, it may have electricity for lighting mounted under the cabinets or for display lights over the seating areas.

While some individuals may have the skills to complete this work on their own, you may consider outsourcing these special tasks to a contractor. This will ensure that the work is completed to code, and it also means the work might be completed sooner than if you tried to do it yourself.

Once you’ve built the bar and hooked up the water and electricity, you simply have to add a few bar stools, stock up on glasses and liquor, and start enjoying the space. A new bar addition will be a welcome feature in your home's basement, and you can easily get started working on this project today. For more fun and trendy basement renovation ideas, contact a real estate professional in your community today.

Five Tips for Managing Your Monthly Budget to Ensure Your Mortgage is Paid On-Time, Every Time

Homeowners who are struggling to make their monthly mortgage payments can make it easier on themselves by cutting costs in other areas. Learning how to budget effectively will likely enable homeowners to pay their mortgage payments on-time, every time. Here are five of the best budget tips:

Conserve Energy

It is advisable to be mindful of energy use in order to keep utility bills down to a minimum. Lights, televisions and other devices requiring electrical power are best to leave off in unoccupied rooms. It is also a good idea to make sure that windows and doors are properly sealed so that energy is not wasted.

Stay Committed to Couponing

All too often, coupons that arrive in newspapers or through emails are quickly discarded. Collecting coupons from various sources can give homeowners the chance to save big on groceries, entertainment and other everyday purchases. Some of the savviest consumers have been known to spend practically nothing on their purchases by simply staying committed to the art of couponing.

Watch Credit Card Usage

Having a credit card often creates a false sense of financial security. Many card holders are tempted to charge their credit cards up to their limits only to be burdened with high interest rates and inflated minimum payments. Credit cards are best to use only in times of emergencies.

Consider Alternative Transportation Methods

Fuel costs, auto repairs and other expenses associated with driving a vehicle on a frequent basis can make it much harder for homeowners to stay on top of their mortgage payments. People who have access to adequate public transportation may be able to significantly reduce their commute costs. Car sharing services give people the opportunity to use a car on an as-needed basis and often prove to be a smarter alternative to owning a vehicle.

Keep Expense Records

It can also be easier to set money aside for mortgage payments if expenses are carefully monitored with a detailed eye. It is best to closely scrutinize receipts, bank statements and other financial documents for any discrepancies. Keeping track of expenses on a spreadsheet so that all financial information is clearly displayed may be another practical idea.

Smart budgeting practices can help homeowners save the extra money they need to pay their monthly mortgage payments before each due date passes.

Former Smoker? A Quick Guide on Getting Rid of Smoke Smells and Paint Stains Before a Home Sale

As exciting as selling a home should be, there's no denying that it can be a stressful endeavor for those interested in making their home an attractive option for buyers. Nowhere is this more evident than for homeowners who were former smokers.

While it's truly commendable to quit smoking, removing the smell of smoke from a home can feel like an impossible task. With that in mind, here are some of the most effective ways to make smoke smell and paint stain removal as effortless as possible.

Make Preparations Beforehand

Cigarette smoke has a nasty habit of permeating through every facet of a home. As such, it can be difficult to pinpoint the areas that are most problematic. Before starting the cleaning process, open all of the doors and windows throughout the home to help it air out naturally.

It's also worth mentioning that many longtime smokers have difficulty picking up the odor that they've become accustomed to. If you know someone that isn't a smoker, invite them over and ask them to point out any problem areas.

Treat Your Home Like a Quarantine Zone

Unfortunately, a home that is infested with smoke can create a cyclical effect on anything that is washed. If you want your clothing and linens to stop carrying the smell, you'll need an alternative to your own washer and dryer. Of course, you'll also need to keep them away from your home for the remaining duration of the cleaning process.

In particular, carpets have a habit of retaining smoke smells long after you've quit. With this in mind, taking care of any carpets or curtains in your home should be a top priority.

Account For Deeper Problems

Once you've given your home a steam cleaning treatment and washed all of the stained surfaces down with a mixture of water and bleach, you may still discover that some areas of the house are still affected. At this point, it's time to simply accept your losses and purchase a replacement. A nice smelling home will be far more attractive to buyers than one that inexplicably reeks of smoke.

If you're unsure of any further steps to take in preparing your home for a sale, don't hesitate to contact your real estate agent and request more information. Your home deserves a high price for all of the effort you've put into cleaning it.

What's Ahead For Mortgage Rates This Week - Aug 4, 2014

Last week's economic news included a number of housing related reports. According to the National Association of REALTORS®, pending home sales dropped by 1.10 percent in June. The S&P Case-Shiller Home Price Index reports for May noted that home prices are growing at a slower rate of 9.30 percent year-over-year than April's year-over-year growth rate of 10.80 percent. Construction spending was also lower in June.

The Fed's FOMC statement indicated that asset purchases connected to quantitative easing will cease in October, but that the current target federal funds rate is expected to stay in place "a considerable period" after asset purchases conclude. FOMC noted its concern over housing markets, which was based on slower home price growth and market activity.

Pending Home Sales, Home Price Growth Slower

Pending home sales dropped by 1.10 percent nationwide in June. This was the first decrease in four months. Pending home sales rose by 1.10 percent in the Midwest and 0.20 percent in the West, but dropped by 2.90 percent in the Northeast and 2.40 percent in the South. Pending sales are measured by signed purchase contracts and provide an indicator of future completed sales and mortgage loan activity.

The 20-city Case-Shiller Home Price Index for May fell by 1.50 percent to a year-over-year reading of 9.30 percent from April's 10.80 percent. No cities in the 20-city index reported declining home prices.

Construction spending fell by 1.80 percent in June against projections of an 0.30 percent increase in spending and May's reading of an 0.80 percent increase. Reasons cited for lower construction spending included builder focus on high-demand areas. Builders have also indicated concerns about rising mortgage rates and tight loan requirements that impact numbers of home buyers that can qualify for home loans.

Mortgage Rates Little Changed, Fed Continues Wind-Down of Asset Purchases

According to Freddie Mac's weekly Primary Mortgage Market Survey, rates were little changed last week. The average rate for a 30-year fixed rate mortgage was 4.12 percent as compared to 4.13 percent the prior week. Discount points were unchanged at an average of 0.60 percent. The average rate for a 15-year fixed rate mortgage fell by three basis points to 3.23 percent with discount points higher by 10 basis points at 0.70 percent. The average rate for a 5/1 adjustable rate mortgage fell by one basis point to 2.38 percent with average discount points of 0.40 percent unchanged.

The Federal Open Market Committee (FOMC) of the Federal Reserve issued its customary post-meeting statement on Wednesday. The FOMC plans to continue reducing asset purchase under the current quantitative easing program until the purchases cease in October. Although some analysts were concerned that the Fed may consider raising its target federal funds rate based on lower than expected unemployment figures, the FOMC said it doesn't plan to raise the target federal funds "for a considerable time" after the QE purchases cease, but no specific timeline was given.

Labor Sector News

The Department of Commerce's Bureau of Labor Statistics posted a national unemployment rate of 6.20 percent for July, which was higher than expectations of a 6.00 percent national unemployment rate and June's reading of 6.10 percent. To put these readings in perspective, the Fed had established an unemployment rate of 6.50 percent as a benchmark for winding down its asset purchases and potentially raising the target federal funds rate.

Non-farm payrolls reported 209,000 jobs added in July against projections of 235,000 jobs added and June's reading of 298,000 jobs added. While July's reading was lower, analysts said that job growth suggests ongoing recovery for labor markets. Labor markets have been cited in recent months as reasons for slower demand for homes and home builder skepticism.

Next week's scheduled economic news contains no housing-related reports other than Freddie Mac's mortgage rates report.

The Definitive Guide to Boosting the Number of Offers on Your Home in a Slow Sales Market

The economy and the real estate market are finally on the upswing after the 'Great Recession'. However, in many locations, the housing market is still slow.

Homeowners who want their houses to sell need to do some homework before putting up that For Sale sign. Here are several tips to help your house sell sooner rather than later.

The Price Is Right

A house priced too high will languish on the market. Before listing your home for sale, make sure the price is appropriate.

Look at the prices of recently sold homes in your neighborhood. Focus on houses of similar size and condition to yours to find the best comparable sales prices.

Also, it may be worth having your home appraised to ensure that the list price is close to the actual market value.

Lean, Mean, Cleaning Machine

Prospective buyers want to see a pristine house. Make your home look perfect, inside and out, before you list it. Stop putting off all those repairs. Replace the cracked window, and fix that leaky faucet!

Curb appeal is a huge selling point. Your yard should be neatly trimmed and completely clean. It's time to put away the garden gnome. Consider hiring a professional landscaper to make your house stand out from the crowd.

The inside of your house should be spotless. Research home staging or hire a professional stager to prepare your home for listing. At the very least, de-clutter your house and remove all personal items. Prospective buyers want to imagine a house as their home, not yours.

Strike A Pose

Photographs accompanying a MLS listing are typically a buyer's first introduction to a house. Buyers often dismiss a house based on photographs alone, so make sure that yours are the best quality possible. Hire a professional photographer. Make sure your house is clean and well-staged. More photos are always better than less.

Agents Sell

A good real estate agent is key to selling your house quickly. Find an agent experienced in selling homes in your community and who has a well-organized marketing plan. A good agent will not only give you the above tips, but will also customize them to the demands of your neighborhood.

Pick up the phone today and chat with a real estate agent for more information while weeding the flower bed or de-cluttering the den. Soon enough, you'll be loading boxes onto a moving van as you journey onto your next adventure.

Should You Take Photos When Viewing A Home For Sale?

When you are looking for a new property, you might find yourself booked into looking at 5-6 properties in one day. In these situations, it can be difficult to remember all of the features that each property had.

You will be left wondering which one had the balcony with the great view, or the extra-large closet space in the bedroom.

If you want to be able to look back on the homes you visited and remember their features more easily, it can be very helpful to bring a camera with you to the showing and to take photos of the property.

It can also be helpful when only one partner is able to attend the viewing, so that way they can show the other partner the details of the house. However, could this be considered an invasion of privacy and offensive to the home owners?

Public Or Private Space?

Some homeowners have absolutely no problem with you taking photos of the house when you view it so that you can reference those photos later. However, other home owners really don't like it when buyers take photos inside the home - because they consider this an invasion of their private space.

If you just bring out your camera and start snapping away, you might make them very uncomfortable.

It Never Hurts To Ask

When you go to a house showing, it is always a good idea to ask whether or not the owner would mind if you take a photo. If they say no, you shouldn't push them too much or you might make a bad impression - which will decrease your chances of your offer being chosen.

Instead, you can simply make notes on the features of the house so that you can remember later.

Remember, when you are viewing a property it helps to take photos - but make sure that you ask first! If you have any other questions about buying a home, or are looking for real estate advice, contact your trusted real estate professional today.

Can One Missed Mortgage Payment Affect Your Credit Rating? Yes! Here's What to Do if You Miss One

Most people don't know whether or not a single missed mortgage payment can have serious consequences for their credit score.

The good news is that there are things that can be done to mitigate the damage and help anyone who has missed a payment repair their credit. What are some options to help homeowners get back in the good graces of their creditors?

Own Up To The Mistake

The best thing to do is to admit that the payment was missed and immediately make amends for it. For the most part, mortgage lenders are sympathetic to the fact that people miss payments for reasons that may be beyond their control.

By calling the lender as soon as it appears that a payment may be late or not forthcoming at all, it is easier to make arrangements to roll that payment back into the mortgage or take other steps to decrease the odds of a negative remark being made on a credit report.

Don't Let A Single Missed Payment Turn Into Multiple Missed Payments

While a single missed payment can hurt a credit score, it is important to not compound the mistake by missing more payments. In some cases, someone may decide to make up for the late payment before making any further payments.

However, that only makes the mistake worse because a borrower will be considered late on all subsequent payments. It is better to make the most current payment on time and make the late payment the secondary priority.

Hire A Third-Party If Necessary To Negotiate A Loan Modification

It is important to not let emotion get in the way of negotiating a modification to a mortgage. When a borrower hires a credit counselor or a bankruptcy attorney to talk his or her creditors, the negotiations can stay professional and on topic.

In most cases, a lender will be willing to make modifications for those who need them because it is better to get the money from the borrower willingly instead of having to go through a foreclosure proceeding.

While a missed mortgage payment can be bad news for a credit score, it is possible to make amends for the missed payment while minimizing long-term damage to a borrower's credit score. By owning the mistake, staying current on all future payments and working with a third-party, it may be possible for a lender to forget that the missed payment ever happened.