DOES HAVING A GYM IN YOUR HOME ADD VALUE TO YOUR HOME?

It's that time of year of again. Seemingly everyone is dedicating the next few days, weeks, and months to getting in better shape. That being said, traditional gyms are absurdly crowded right now and will most likely be for the next few months.

So how about just building one in your home? Sounds expensive and it probably will be as exercise equipment is both pricey and difficult to move. That being said, as a society we are very unhealthy and many of us are overweight. To combat this there has been a plethora of movements to help prevent obesity. One such movement has been the increase in home gym ownership.

So we have to ask ourselves, "Does having a home gym truly increase the value of my home?"  The short answer is absolutely not! In spite of this, it most certainly will increase the desirability of your home to a certain set of buyers. Think of it like a pool.  Study after study has revealed that even if you live in Arizona, it still will not increase the real value of your home, only the perceived value. That being said,  geography does matter and much like having a pool when it can be over 110 degrees is equivalent to not having to worry about driving to the gym when its -5 degrees outside. For starters I have slipped on ice and knocked myself out walking to the gym. No such worries if you have your own gym!

The fact is that by having a home gym the appeal of your home will increase to a certain subset of buyers. In essence, it's simply a differentiator. The only positive investment would be that of your health. It's one of the few things in life that you can actually control.

Ideas for an ideal exercise room:

First off, it is probably a good idea to get a cardiovascular machine such as a Treadmill, Stairmaster, or an Elliptical machine to get off to a good start as they are by far the most popular machines. Stationary bikes are good as well but they involve sitting which most of us do enough in a day. A yoga mat is an excellent choice as well. A kettle bell, a couple sets of dumbbells, a medicine ball and maybe even a Bowflex (It Really Does Work!) would be more than enough to start your own setup!

If you choose to buy all of the equipment brand new, expect to spend at least $1,500 for lower end equipment. For top of the line gear expect to spend at least double that. Should you buy used equipment, the cost will be much lower.  However, shiny equipment would be more enticing to the potential buyer psychologically. As mentioned, it is a great differentiator and that can be the difference between a quick sell and a prolonged and expensive one.

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HOME RENOVATION PROJECTS THAT PROVIDE THE BEST RETURN ON INVESTMENT

It's not hard to daydream about shiny new countertops and fancy new appliances and one of those spa baths with a dozen sprayers and a chic soaker tub, but when it comes to home renovations, the sleek and sexy often take a back seat to the basic and boring. "Basic maintenance, such as the roof and exterior painting, are frequently more important than an awesome kitchen," said HGTV.

That's the takeaway (again) from the latest Cost vs. Value Report from Remodeling Magazine, which tracks average costs and return on investment (ROI) for popular remodeling projects. The top 2016 renovation in terms of money recouped: fiberglass attic insulation, which came in at well over 100% ROI.

"For the first time, a fiberglass insulation attic upgrade was included among the list of 30 home renovation projects evaluated and proved to add the greatest value to the home at 117% of the cost of the project, according to Hanley Wood, publisher of Remodeling Magazine," said KCEN TV.

Sound like a snoozer? Only if saving money - and energy - puts you to sleep.

"This is great news for homeowners, who know that insulation improves the comfort and energy efficiency of their home, but may not know that it adds value as well," said Curt Rich, President and CEO of the North American Insulation Manufacturers Association on KCEN. They estimated that this project would cost "an average of $1,268 nationwide. Real estate pros, meanwhile, estimated the project would increase a home's retail value by an average of $1,482. That's a $116.90 return for every $100 invested."

Key Trends in the 2016 Cost vs. Value Report

Manufactured stone veneer was new to the project list last year and came in at No. 2. It finished in the same position on the 2016 report, with an ROI of 92.9%. Next were:

Midscale garage door replacement (91.5% ROI)

Steel entry door replacement (91.1% ROI and falling from last year's top spot)

Upscale garage door replacement (90.1% ROI)

Notice what they have in common? These four projects are all exterior, which highlights the importance of curb appeal. In fact, "12 of the 15 highest-scoring projects" in this year's report were for "work done on the exterior of the home."

Reflection of the Real Estate Market

Remodeling projects follow the logic of the real estate market overall. Remodeling notes that, "Gains in the new-home market are helping lift the value of remodeling projects even as costs rise." With more money and equity can come more complex undertakings, so some "bigger and more expensive projects" also saw gains this year," they said.

A minor kitchen remodel that costs $20,122 comes in at 83.1% ROI, up from 79.3% last year. A family room addition at a cost, on average, of $86,615 will bring a return of 67.9%, up from last year's return of 64.1%.

But, overall, returns on these more expensive and more extensive projects were limited. By and large, upscale projects are still not providing the kind of return that would compel many homeowners to renovate if they have their eye solely on the bottom line. Among the five projects with the worst returns were:

Midrange bathroom addition (56.2% ROI)

Upscale bathroom addition (56.7% ROI)

Upscale master suite (57.2% ROI)

Upscale bathroom remodel (57.5% ROI)

Not surprisingly, the projects that are easier to accomplish and make the lowest impact on a bank balance continue to dominate the list. "As a general rule, the simpler and lower-cost the project, the bigger its cost-value ratio. Four of the five projects that cost less than $5,000 for a pro to do were ranked in the top five for cost recouped, and the remaining one was the cheapest project in the $5,000-to-$25,000 price range," they said.

"No project costing more than $25,000 ranked better than 15th. This is in part because the simpler projects tend to require less time and skill by a professional remodeler. It stands to reason that it's far easier to replace a steel entry door than it is to design, source, and build a two-story addition."

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WHAT ARE THE BEST KITCHEN COOKING LAYOUTS?

What are The Best Kitchen Cooking Layouts?

The single-guy-who-nukes-his-dinner-every-night crowd probably does not care about a great kitchen. To the rest of all of us, the kitchen can make or break a real estate offer. To a lot of people a kitchen is not just a space in which to prepare dishes. It is a homework area, a place to sit with a neighbor over a cup of coffee, and, in the case of the country kitchen, an area where the family gathers to share the day's experiences. If you're not that single guy with a microwave oven, evaluating kitchens will be an important aspect of your house hunt.

Classic Kitchen Design: The Work Triangle

One aspect of classic kitchen style continues to be constant throughout the years: the work triangle. The triangle's three points are the fridge, the oven and the sink, and its purpose is to ensure effectiveness and great traffic flow. To visualize the triangle, think about how you work in the kitchen. When preparing a meal you move between the fridge, the stove and the sink. Good kitchen style places these elements in a triangle. Which element is at the apex of the triangle depends on the kitchen's layout. Generally there are four distinct kitchen styles, and within each of them the work triangle remains a constant: the galley, the "L" shape, the "U" shape and the "G" shape or peninsula. Within the kitchen triangle there must be a area for food preparation, such as a chopping block, counter top or isle. While the work triangle is a popular component of kitchen layout, many kitchen layouts either ignore it or have a significantly flawed triangle. When you're looking at a kitchen area, keep the work triangle in mind. Even small kitchen layouts can be functional and useful if the work triangle is perfectly integrated.                                                                                              

Kitchen Cabinets

Kitchen cabinets play a dual role in the kitchen area. They are both functional and, ideally, decorative. Deep cabinets are perfect for storage of seldom-used and oversize items, while shallow cabinets work best for small, frequently used items, such as spices. When looking at a house you're interested in purchasing, take a look inside each kitchen cabinet with an eye toward whether it will accommodate your kitchen equipment. The site of kitchen shelves is also important. You must be able to reach the pantry and cooking materials without having to deviate from the kitchen work triangle.

Kitchen Design Accessories

A number of features are wonderful surprises when house hunting, even if they are not essential to kitchen area layouts: Morning meal nooks Fridges and dishwashers concealed by cabinetry Garbage disposal units Kitchen isles Deep-set lighting Large pantries

Lighting can Enhance Kitchen Layouts

Avid cooks understand the importance of great lighting in the kitchen. Home buyers, on the other hand, appear to give it a casual glance. If you cook, even if it is just family meals, good lighting is important. Turn on the lights – all of them. Try to picture the space as it will be at night, while you're cooking dinner. If the light is insufficient, is there a means to add more light? Some of the big-box department and import stores carry low-cost under-counter lighting that you can easily install with just a screwdriver.

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HOW RATES MOVE & UNDERSTANDING RATE LOCK

Typically, when bond rates (also known as the bond yield) go up, interest rates go up as well. And vice versa. Don’t confuse this with bond prices, which have an inverse relationship with interest rates.

Investors turn to bonds as a safe investment when the economic outlook is poor. When purchases of bonds increase, the associated yield falls, and so do mortgage rates. But when the economy is expected to do well, investors jump into stocks, forcing bond prices lower and pushing the yield (and mortgage rates) higher.

So a good way to predict which way mortgage rates are headed is to look at the 10-year bond yield. You can find it on finance websites alongside other stock tickers, or in the newspaper.  If it’s moving higher, mortgage rates probably are too.  If it’s dropping, mortgage rates may be improving as well.

Conventional (Fannie Mae/Freddie Mac and Non-Agency investors) and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market. This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events. When MBS pricing goes up, mortgage rates or pricing generally goes down. When they fall, mortgage pricing goes up. Tracking these securities real-time is critical. For more information about the rate market, contact us directly. We are among few mortgage companies who have access to live trading screens during market hours, in addition to pricing software that compares the top wholesale lenders in the market for pricing competition and comparison.

Q&A REGARDING RATE LOCKS

What is a rate lock?

A rate lock is a guarantee from a mortgage lender that they will give a mortgage loan applicant a certain interest rate, at a certain price, for a specific time period. The price for a mortgage loan is typically expressed as “points” paid to obtain a specific interest rate.  Your VMG Loan Consultant will show you several rates equating to optional buy-down or buy-up (lender credits) to determine what pricing is most favorable for your situation.

When do I lock an interest rate?

You’re in a position to lock in an interest rate when your application is received, loan approved, and purchase contract executed (or if a refinance immediately following application).

How much does a rate lock cost and what if my lock expires?

VMG does not charge any application or initial rate lock fees.  If the rate lock is going to expire, your Loan Consultant will discuss the extension or re-lock options with you which may impact lender credits (if applicable) or net costs vs. original lock terms.  Each investor holds a specific lock policy and calculation for any costs associated with lock extensions or re-locks.

What is a mortgage rate lock float down/renegotiation?

A mortgage rate lock with the option to reduce the locked interest rate if market interest rates fall during the lock period. A rate lock with a float-down option can provide the borrower with security against an increase during the rate lock period, while the float-down option allows the borrower to take advantage of a fall in interest rates during the lock period.  Due to the large number of investors VMG works with, each carry a unique rate lock renegotiation policy.  The option will only be exercised by the mortgagor after an internal adjustment to price and if available as a benefit to the borrower.  VMG always monitors pipeline for any opportunities.

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TIPS FOR GREATER COMFORT IN YOUR HOME

The comfort of your home depends on your personal taste, but also on the entire design. There are many simple ways in which you can combine designer elements with your personality so your home can have a special atmosphere. Start by looking around and finding the things in your home that you don’t like.

Change the furniture in your ambiance, or accent some zones that seem cold or separated from the rest of the home. Then think about how you can improve things, and you can do that easily by following the next few tips.

Make your furniture comfy with a few comfortable cushions

Nothing gives as much warmth as a soft and comfortable set of cushions on your favorite armchair. Simple and soft cushions can turn a relatively naked couch into a comfortable salon sofa. Pay attention to their design, because golden velvet cushions work for a completely different aesthetic than, let’s say, black and white striped cushions. Use cushions that are complementary with the colors and mood of the space, but try not to be too strict, be playful, and give your interior some fun.

Make the patterns of the textures and colors work for you

Make sure you balance the patterns, because too much of them in one spot can create a sensation of disharmony. Think about more gentle, soothing patterns for your curtains, walls, and carpets. Pick textures that create softness, or ones that are much more robust. Use colors sensibly and know that lighters colors give a special warmth, while colder color are calming.

Make the space personal and intimate

Add objects that wake pleasant feelings, inspiration, imagination, character. Whether it’s a beautiful sculpture that you bought at some fair, or old Chinese porcelain, personal objects hold meaning that will bring a smile onto your face when you see it. 

Set the light and temperature

Lighting and temperature are equally important for visual and tactile comfort as any other element. They set the mood and create the relaxing feeling you need in your home. Light that is too powerful or too rough will make you feel anxious, while rooms that are not warm enough will be completely devoid of a sense of welcoming, no matter how comfortable they look.

Your choice of lighting should work well with the style of your room and complete it. It should work with its size and purpose. For example, a table lamp will give a completely different impression than hanging lighting. A naked window will give a completely different atmosphere than a window that has blinds on it.

Use these tried and tested comfort tips and mix them with your own creativity and vision. Greater comfort in your home is just a few steps away. All you have to do is follow some of these tips we gave you, and as we said, mix them with your personal touch, and you’ll have something lovely. Your home will be a place of true bliss.

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BUYING A HOUSE AS A COUPLE

There are few things more exciting than buying a house with your significant other. It shows that your relationship is strong and that you're ready to take the next step. However, the homebuying process can be stressful, which means it can be quite a strain on a relationship if you're not careful. Here are seven tips that will hopefully make buying a home with your partner a process that's as stress-free as possible:

1. Get on the same page

Deciding that you want to own a home together is not the same as being on the same page. You need to sit down with your partner and figure out, then discuss, exactly what they want in a house. One of you may want to live in an urban area while the other may prefer the suburbs. Your partner may like the idea of buying a fixer-upper while you may want to buy a newly constructed house. If you don't go over these things together beforehand, you're going to have a lot of arguments as you go house hunting. You'll also waste a lot of time looking at homes one of you may have no interest in. Sit down and compare a list of wants and needs, and find a way to compromise so that you'll both be happy.

2. Don't overdo it

You'll want to commit fully to the home search if you and your partner decide to buy a home together, but you don't want to exhaust yourselves either. Looking for a new home can be a tiring and stressful process, so be sure to take a break every once in a while. Go out to dinner or go for a hike together to help get your minds off the homebuying process, if only for a short time.

3. Get your finances sorted out

Both of your credit scores and histories are going to affect your ability to get a mortgage. To avoid any surprises, you should both obtain a free credit report to see what state your credit is in. This will give you a chance to look for any errors in the reports. One thing you'll need to keep in mind is that many lenders will focus on the person whose credit is lower; so if one of you has a low credit rating, you may want to think about working together to improve it before you apply for a mortgage. In addition to getting your credit sorted out, you'll need to compare your income and debt in order to establish a budget. You will have to determine how much you can afford to pay in terms of the down payment, monthly mortgage payments and all the additional costs associated with homeownership.

4. Get pre-approved for a mortgage

Nothing will cause a rift in your relationship quite like having a mortgage application turned down right after you've found the perfect home for both you and your partner. Having spent all that time together looking for a house, only to learn that you can't afford it, is incredibly discouraging and will most certainly give rise to a heated argument or two. This is why you should get pre-approved for a mortgage before you begin looking at homes.

5. Use a trustworthy real estate agent

Trying to get through the homebuying process by yourself is a bad idea to begin with; thinking you can do it with your partner without the help of a real estate agent may be an even worse idea. Not only can a real estate agent help you to find properties that fit both of your needs, an agent will also help guide you through the entirety of the homebuying process, all the way through the closing. An agent can provide expert advice, along with a neutral opinion if any disagreements come up between you and your partner concerning the process.

6. Be ready to act

Both you and your partner need to be assertive. If you find a home that you both seem to love that falls within your budget, don't hesitate. It's easy to hesitate, especially if one of you doesn't go all out. However, if you take a few days to think it over, you may find that someone else has made an offer. When it comes to couples that are searching for a new home together, one tends to be a little more hesitant to act. You need to be able to trust your gut instinct, your agent and your partner in order to act quickly and decisively.

7. Prepare yourself for the home inspection

Don't be scared of your home inspection. The inspector is going to find issues with the house, whether they are big or small. No house is perfect, so neither of you should be shocked when you find out your dream home isn't either. Speak to your agent about the results and then formulate a plan based on the findings. You'll have several options that you can consider: you can ask the home seller to make repairs or reduce the price by the cost of the repairs, make the repairs on your own time in the future if they are too small to be serious, or cancel the contract.

Looking for the perfect house can be a long and arduous process, and doing so with a partner adds even more pressure and stress onto the both of you. Keep these seven tips in mind in order to help make the homebuying process go as smoothly as possible so that you can begin the next stage of your lives together happily in your new home.

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