Put the Ho, Ho, Ho in the Holidays with These Holiday Decor Trends

Decorating for the holidays can be a lot of fun. What’s less fun is getting stuck in a rut with the same old holiday decorations year after year. Sometimes you just want to break away from the same old thing and do something new and exciting. What do you do if you don’t have any decorating ideas, though?

You’re in luck, because there are a number of different holiday décor trends that are popular at the moment. Regardless of your personal style, you should be able to find some way to spruce up your decorations and leave your guests in awe. Best of all, some of these are so versatile that you should be able to work them in regardless of your budget!

Farmhouse Chic

They say that everything old is new again, and this trend really digs back into the olden times. Using a lot of weathered wood effects and touches of nature, this look celebrates the holidays with a simple and rustic accent. Use small cut pine branches, natural cuts of logs, earthen tones and handmade decorations that wouldn’t look out of place in Little House on the Prairie to give your holidays a touch of farmhouse wonder. This is especially effective if your home already uses a lot of wood accents in its design.

Go Big and Go Bold

If rustic décor is a bit boring to you, feel free to take it in the opposite direction. Trees decorated with bold, colorful ornaments, the use of neon colors in decorations and a variety of metallic foil accents can really add some warmth to the holiday season. Combine this with outdoor decorations such as oversized ornaments for the lawn and light show projectors and you’ll have a one-of-a-kind holiday theme.

Upcycled Décor

If you like the homemade look and want some truly unique decorations, consider upcycling things around the house to give them a new purpose. Adding paint, accessories and lighting are great ways to take items that you don’t use anymore and give them a new life as holiday decorations. Since the end result depends on both your tastes and the materials you’re working with, no two upcycled decorations will be the same.

Add Some Shine

Sometimes glitter is in style, and sometimes it’s tacky. At the moment, though, glitter is coming in in a big way. Using glitter as an accent on your other decorations or going all-in and giving decorations a full coat can give your holidays a touch of much-needed shine. Just be careful when you’re working with glitter. Once it’s in the house, it might be there to stay.

Twinkling Accents

Lights are a cornerstone of holiday decorating, but a lot of people are using them as much for accent pieces as they are for big displays. Instead of putting all of the lights outside, try adding LED-lit garland and lighted wreathes as a way to add just a little bit of twinkle to your decorations. Often these decorations will use very small lights in short strings, giving you just the right amount of lighting to serve as a great accent without dominating your décor.

A Touch of Folklore

There are holiday traditions from around the world, including a number that might be important to your own culture. Embrace this, adding little hits of folklore and traditions from your culture into your decorating plans. These don’t have to be large overt displays, either; even just little touches as part of your accents can really help you to bring your decorations to life.

Home Equity Loan or Line of Credit: Which is Better for You?

As you make payments against your mortgage, you build equity in your home. This equity can be used to secure future loans, making it easier to refinance your home or cover certain other expenses. Depending on your needs, you might consider taking out a home equity loan or a home equity line of credit (HELOC). The question is, which one is the better option for your current situation?

This is actually kind of a tricky question. Let’s look at what the differences are between these two ways of using equity and the situations that each is best for. That should give you a good idea of exactly how well each option fits your needs so you can choose the home equity solution that’s best for you.

What Is a Home Equity Loan?

As the name implies, a home equity loan is a loan that uses the equity you’ve built in your home as collateral. As with other standard loans, when you’re approved for the loan you receive the entire amount of the loan as a lump sum payment. Typically, the amount of a home equity loan is capped by the amount of equity you have in your home, with the new loan serving as a lien against the home. Home equity loans typically feature fixed interest rates and fixed repayment terms, with the most common terms being 10 or 15 years. As with other loans, you’re required to make monthly payments against the home equity loan until it is repaid in full.

What Is a HELOC?

A home equity line of credit is similar to a home equity loan in some ways, with the biggest similarity being that they are both borrowed against the equity in your home. Unlike a home equity loan, however, a HELOC does not give you a lump sum of money once the loan is approved. Instead, you receive a debit card or checkbook that you can use to access the line of credit. You’re only charged interest on the amount you’ve borrowed against the HELOC, and feature fluctuating interest rates and balloon payments after a certain period of time. There is also an advance period on the loan which is the time period in which you can access money from the line of credit; after this period ends, you can no longer borrow against it.

When to Get a Home Equity Loan

Home equity loans are great if you have a single expense or purchase to make and will need all of the money around the same time. Because they feature fixed interest rates, you know how much your monthly payment will be for the entire life of the loan. When you take out a home equity loan you get your money, pay for your purchase or other expense and then start repaying what you’ve borrowed. It doesn’t get much simpler than that.

When to Get a HELOC

A home equity line of credit is a better option if you have multiple purchases or expenses that you have to pay out over a period of time. Many feature low introductory interest rates, allowing you to save money during the first several months because you’re being charged less on the initial purchases you have to make. Some homeowners also take out HELOC loans if they don’t have specific needs but want to have a safety net to cover possible purchases or emergencies; since they’re only charged interest on the amount that they actually borrow against the loan, that safety net can wait for the entire advance period without raising interest charges if the funds aren’t actually needed.

Millennials Buying Homes: What’s Trending?

Though there are a number of stereotypes surrounding Millennials, they actually make up a fairly significant part of the economy. More importantly, their economic strength as a group seems to be growing by the day. As of 2019, Millennials make up approximately 37 percent of home buyers… that’s a bigger share than any other generation, including Baby Boomers! So what exactly are these Millennials buying, and what trends are growing along with their increasing representation in the market? Let’s take a closer look and find out.

First-Time Buyers

Approximately 52 percent of Millennials who are buying homes are first-time home buyers. This makes sense for younger Millennials, but even older Millennials who were born in the 80s still see a significant number of first-time buyers. Before buying, a large number of these Millennials were renting homes. By buying homes, they can enjoy the benefits of ownership and build equity for similar amounts (or in some cases, less) than they were paying each month in rent previously.

Family Homes

The majority of home-buying Millennials are buying single-family homes. This is in part because over 50 percent of them are either married or in long-term relationships; in fact, in 2018 there were more married couples among home-buying Millennials than there were in any other generational group that was in the market for a house. A significant number of Millennials also have children under the age of 18 living at home, further increasing the need for a family-friendly home.

Motivation to Buy

The majority of Millennials who have bought homes within the last year did so simply because they wanted to own a home of their own. Some wanted to own a larger home, be closer to friends and family or were moving due to job relocation, but the general desire to own a home was listed as a reason for buying by as many Millennials as ones that gave all other reasons combined. A lot of this came down to the opportunities that were present as well; over 50 percent of Millennials report that it was “just the right time” to buy a home, while the second most common reason (that they didn’t have much choice and had to buy when they did) was only reported by around 10 to 15 percent of Millennials.

Back to the Suburbs

One big trend among Millennial home buyers is that they were buying homes in the suburbs. This wasn’t restricted only to Millennials, either; 51 percent of all homes purchased in 2018 were located in suburban areas or subdivisions. The Millennials fell pretty close to this statistic, with small towns being the second most common location. A vast majority of these homes were previously owned; though there have been a number of new subdivisions built around the country in recent years, only a small percentage of Millennials are buying into them.

Biggest Factors

There are a number of factors that affected the purchasing decisions of Millennials. The presence of public transit or proximity to work was one major factor, with many Millennials trying to minimize commuting costs. Heating and cooling efficiency also played an important role. In general, Millennials were more willing to compromise on price than on a home’s condition, but only around 20 percent were willing to compromise on the distance of their new home from work.

Home Shopping Trends

By far, the majority of Millennials started their home search by looking online to try and find properties for sale. Around 15 percent spent even more time online than that, starting their search by researching the ins and outs of the home buying process before even starting to look at properties. Beyond online sources, Millennials trusted real estate agents and Realtors the most for information about homes for sale. The entire process took about 10 weeks on average before finding the home they wanted to buy, though a real estate agent was involved for the last 7 or so weeks of the search.

Home Shopping Red Flags to Watch

Shopping for a home can be exciting. Unfortunately, sometimes we can get too caught up in the excitement and end up ignoring signs that the house we’re looking at might not be the best option. There are a number of red flags that can pop up when looking at homes, and even more when shopping for a mortgage to pay for the home you choose. To help you avoid having a bad home-buying experience, here are a few of the biggest red flags that you should keep an eye out for.

Signs of Foundation Trouble

When looking at a home, be sure to get a look around the outside so you can catch a peek near the foundation. If the home has a basement, ask to see it as well. While a little settling is normal if you see large cracks, signs of leaks or other indications that there is foundation damage then buying this home is just asking for trouble.

Insect Issues

Having insects or other pests in your home is more than just unsanitary: These uninvited intruders can actually damage your home and lead to costly repairs. If you see insects, mice or other pests (or indications that they’ve been in the house recently), it could indicate a pest control problem that the seller has been unable to get under control. Depending on how bad the problem is, this could be a deal-breaker.

Inconsistently Fresh Paint

Seeing freshly painted walls in a house is pretty common and usually isn’t anything to worry about. When the paint only covers certain patches of the wall, though, that’s a different story. Be sure to ask about any small sections of paint that you see as they may indicate damage that was hastily covered up with a little bit of paint. It’s possible that there’s a good reason for it, but that little patch of paint may also be hiding an unpleasant surprise in the wall.

Smells and Stains

Most sellers go out of their way to make a house appear at its very best before letting potential buyers come in. This is why you should definitely take note of any odd smells or stains that you encounter in the house. Smells could indicate leaks, mildew, mold or other problems hiding somewhere in the house. Stains can also indicate leaks and other problems, especially if they appear on the ceiling or near the tops of the walls. Large stains on the ceiling can even signify a leaky roof!

Outlet Issues

When looking through a house, be sure to spare electrical outlets a glance. If they have visible cracks, discolorations or black smudges on them then you may have electrical problems in your future! While you’re thinking about the electricity, you should also ask to see the breaker box to make sure that it’s well organized and that all of the breakers appear to be in working order.

Standing Water

If it’s been raining, you may see a little bit of water standing in the yard when you go to visit a house. This isn’t necessarily an issue, but stop to think about how long it’s been since it rained and just how much rain you’ve gotten. If there seems to be a lot of water for the amount of rain or if it’s been a while since the last rainfall, that standing water could indicate drainage issues or even problems with a water line or septic tank.

Loan Issues

Even if there’s nothing wrong with the house you want to buy, you may encounter red flags during the loan process. Higher than usual interest rates, requirements for additional insurance or flood insurance, added costs and other quirks could mean that you need to find a new lender… or they could mean that there are issues with the property that you missed. Shop around for a better loan if you think you can find a better deal, though keep an eye out for issues that keep popping up at multiple lenders.

Tips for Lowering Your Mortgage Insurance Payment

Mortgage insurance can be a pain, though in many cases it’s a necessary evil. Without mortgage insurance you may not be able to qualify for certain loan programs, including loans serviced through the FHA. Depending on the circumstances of your loan and the insurance you buy, this can be a considerable expense. Fortunately, there are ways to reduce this expense; in some cases, you may even be able to get rid of mortgage insurance altogether!

Be sure to keep in mind that like many things loan-related, there are a lot of factors that go into determining your mortgage insurance costs. While these tips may help you to lower that payment, their effectiveness will vary from person to person.

Build Your Credit

As with loan interest rates, mortgage insurance costs can be affected by your credit score. Mortgage insurance is designed to provide additional safety for the lender that extends the loan. As such, the better your credit score is, the less risk there is that you’ll default on the loan. If you can improve your credit, you’ll have a much stronger case for negotiating a lower mortgage insurance payment.

Pay Down Your Loan

Mortgage insurance is typically required when your down payment is under 20 percent of the value of your home. As such, you can usually renegotiate it or have it removed entirely as you build equity. If you can afford it, make additional payments against your loan to pay it down and build equity faster; this will get you in a position to renegotiate your mortgage insurance sooner than you would otherwise be able to.

Refinance Your Mortgage

Provided that you can get a good deal on your new loan, refinancing is a great way to reduce the cost of mortgage insurance. Because you’re taking out a new loan to pay off the previous one, any mortgage insurance that’s required will be based on the new loan amount in comparison to your home’s value. If you refinance with a loan that’s for 80 percent or less than the total value of your home, then you likely won’t have to take out mortgage insurance for the new loan at all. Likewise, if you can refinance with some government-backed loans such as those offered through the Department of Veteran Affairs or the Department of Agriculture, then you should be able to skip the mortgage insurance as well.

Increase Your Home’s Value

Another option for reducing or eliminating your mortgage insurance payment is increasing the value of your home. In some cases, this is simply a matter of having the property appraised again; there are a number of external factors that can affect property value, and if your property sees a value increase then you can use this to renegotiate your mortgage insurance rate. If that isn’t an option, consider home improvements or similar actions that will increase the value of your property so that you can get out from under that insurance umbrella.

Talk to Your Lender

If you aren’t sure what to do, talk to your lender and see which options are best in your situation. They may look at your mortgage payment history and other factors to help you find a way to reduce that insurance cost. They can also help you calculate your equity and see exactly how much more you’ll need to significantly reduce (or completely eliminate) your mortgage insurance obligations. If you’ve already built over 20 percent equity then you may be able to simply ask for the insurance to be cancelled in your first contact with the lender.

What Color Should I Paint My Walls for the Best Return?

Painting your home is a great way to express yourself and let your personality shine through in your living space. The colors you choose for your rooms can really bring them to life in ways that few other changes can. However, a fresh coat of paint can do more than just give your rooms some personality. With the right colors, the paint you choose can even increase the likelihood that your house will sell at a good price when you put it on the market. To maximize this effect, there are a few colors you should consider (and a few you should avoid.)

Picking the Right Color

If you’re looking for a good color to apply throughout the house, consider a light shade of gray or beige. Both of these colors help to liven up rooms by adding just a bit of color but are neutral enough to let each room’s other accents take command. If you want something a bit different, taupe or so-called “greige” colors (mixes of gray and beige) can also work well. Some off-white colors, especially those with hints of brown or other warm shades, can also brighten up your rooms. Many of these colors pair well with white or beige baseboards and trim.

Good Kitchen Colors

If you’re going room by room, the kitchen is a good place to add a bit of darker color. Darker grays and grays mixed with darker blue shades do well in the kitchen; in fact, some reports have shown that homes with a gray-blue shade in the kitchen sell for an average of $1800 more than similar homes with other kitchen shades. Depending on the size of your kitchen and the amount of wall that’s actually visible behind the cabinets and appliances, you may be able to get away with hotter colors such as deep red or dark orange. Just avoid going too bright with whatever color you choose.

Living Room and Bath Colors

The living area and bathroom both benefit from more neutral shades such as beige and gray, but that doesn’t mean you can’t change things up in some cases. Consider the flooring and other fixtures as well as the amount of natural light that comes into the room and look at colors that take advantage of what’s already there. Light green, blue or brown can sometimes work wonderfully, especially if they include hints of gray to keep them from being too bright. You can even choose a bit stronger blues in the bathroom as homebuyers tend to respond well to blue there, just so long as you don’t go for too bright of a shade.

Bedroom Colors

Blue is a popular bedroom color, especially in shades such as cerulean. There are several bold color choices that you can get away with in the bedroom, though. Don’t go crazy with the bedroom colors and avoid anything that’s too bright – but giving the bedroom a splash of color in blue, green or even red or brown can work well so long as it’s not too much of a departure from the rest of the house.

Colors to Avoid

There are, of course, a few colors that you should avoid when painting your walls. Anything too bright or garish should obviously be avoided since it could turn off potential buyers. Black is another color to avoid; not only do many people find it depressing, but it will also be difficult for future homeowners to cover up. Also on the list of colors to avoid? Bright white. You might think that this would give your home a clean look or make it ready for a new homeowner to customize, but bright whites (especially when paired with white trim) often create a clinical look that actually makes buyers less interested in the space.