One of the most important aspects of life is owning a comfortable home. It’s a place where family members spend a great deal of their time, and owning a traditionally stylish home is a pleasure that can last a lifetime. Home ownership is a source of pride that virtually everyone wants to achieve. Whether it’s a forever home or an investment that you may someday put a for sale by owner sign in front of, an attractive home is always an asset to its owner. Styles range from Contemporary to Art-Deco to Colonial, and everything in between. With so many home choices, it can be difficult finding the design that’s right for you. Let’s consider the unique styles of Victorian, Tuscan, and Cape Code, as all are timeless in their own right.
Victorian homes were built for their beauty rather than their utility. Emerging between 1830 and 1910, this style of home was inspired during Queen Victoria’s reign in England. These large homes are popular for big families as well as being suitable for rental units. Victorians often have complicated designs. Their trim is ornate, and Victorian homes generally sport large porches on the exteriors. These homes are asymmetrical, and the roof lines are multi-faceted. Victorian homes are common on the East Coast, and usually have three stories. If you’re looking for old-fashioned nostalgia, a Victorian home is an excellent choice for that turn of the century, vintage feel.
Inspired by the Italian hills, the Tuscan style is both elegant and rustic at the same time. These homes showcase tiles made of terracotta, which have been used for thousands of years. Early civilizations used sun-dried terracotta for both flooring and wall coverings, and this adds to the rustic feel of the home. Traditional Tuscan walls are covered in plaster or are otherwise textured. Detailed patterns, iron scrollwork, and aged finishes often grace Tuscan homes as well. High, beamed ceilings are a defining feature of the home. Tuscan-inspired homes are generally found in southern states of the U.S. because of their warmer climates. Home owners looking for a taste of the Mediterranean often veer towards Tuscan homes, where Old World charm awaits them.
First built in the 1600’s, Cape Cod homes have steep roofs and large chimneys. Their inspiration comes from the quaint, thatched cottages of England. These homes, with their larger than average chimneys, are well-suited to the Northeastern U.S. because of the cold winters. Shingles on the Cape Cod are typically made of cedar. Windows are set on each side of the front door in these houses. A main feature of the Cape Cod are the dormer windows above. Many of the Cape Cod homes today were built after World War II. Cape Cod gives a nod back to America’s history as a British colony. They are traditional, yet uniquely distinct. Even those with little knowledge of home architecture can pick out a Cape Cod style home.
Each of these elegant home styles has its own unique character and special elements, but all are timeless classics as well. The Victorian and Cape Cod draw their architectural inspiration from periods in history while the Tuscan reflects an old heritage born in the hillsides of Italy. While some styles are prevalent in specific locales, any of these timeless homes can be made your own. Simply add your beloved keepsakes, a home theater and any other special amenities you desire to turn any house into a personalized home. After all, it is the unique possessions you own and the custom decorating style that only you possess that will truly make your home timeless.
Buying a home is a dream for many people living in America today. Renting a home is like throwing away money every month. It helps the owner of that home build up equity without helping the renter. The problem is that many people do not have the funds in their bank accounts or budgets to gather up enough cash for a down payment. As lenders often ask for a down payment equal to 10% of the home’s total purchase price, it’s easy to see why so many middle class people keep renting. Some are smart enough to know how to put money back to buy a house though.
Compare Mortgage Rates
According to Freddie Mac, mortgage interest rates dropped for the first time in months at the beginning of 2017. Freddie Mac found that these rates dropped to 3.44% on 15-year fixed rate mortgages and to 4.20% on 30-year fixed rate mortgages. These figures represent the interest charged on home loans taken out this year alone. Comparing mortgage rates is a smart way for prospective home buyers to see the rates charged by different lenders and to see which lenders will give them the best rates to help them better afford their dream homes.
Look at Mortgage Types
Smart home buyers will compare and contrast different loan types to determine which one will help them spend less money on a loan. A fixed rate mortgage is a home loan that comes with one interest rate that never changes over the course of the loan. An adjustable rate mortgage is fairly different because the interest rate on that loan changes as the market changes. Bank Rate also describes an interest only jumbo loan, which allows a buyer to pay only on the interest on the loan for up to 10 years before making payments on the loan’s principal.
Think Outside the Box
Thinking outside the box can help almost anyone find a solid home without spending a lot of money and without saving for years. The U.S. Department of Housing and Urban Development, also known as HUD, offers residential properties for sale, including single family homes and buildings that can accommodate up to four families. Though anyone can purchase one of these homes with proper financing in place, HUD explains that homes will typically go to those willing to live in the home first before the department will offer those homes to investors. The Federal Housing Administration can also assist American citizens with housing purchases. It even has a program designed to help community workers purchase homes.
Create a Savings Account
One of the best ways to save for a new home is with a dedicated savings account. Many financial institutions now offer a round up plan. When an individual uses his or her debit card to make a purchase, the bank will round up to the next dollar and put that extra cash in the individual’s savings account. If a purchase cost $8.19, the bank will put $.81 cents in the account. Some will find it helpful to save any dollars they get back from making cash purchases and deposit those bills in their savings accounts later.
Save On Other Purchases
Comparison shopping helps customers find the best prices on the products and services that they need. Whether they save money on car insurance after retirement, landscaping or even new glasses, they have more money they can put back towards a down payment. Comparison sites allow shoppers to enter the product they want and view how much that item costs on multiple websites, including any shipping or handling fees charged by the site. Even saving a few dollars on groceries is a few dollars more towards a dream house. Smart home buyers know that saving and putting back cash and looking at mortgages and rates can help them buy the perfect home.
The fact that interest rates have dropped to near historic lows as the rents continue to sky rocket in most urban set ups, buying a home seems to tilt the balance to its favor. The reports by Trulia also suggest that for renting to become cheaper than buying, the 30-year fixed mortgage must hit at least 5% in Los Angeles and 5.1% in New York City. However, the mortgage rate has hit a low of 3.17%, making the projection unattainable, at least in the near future.
As much as the statistics favor home buying over renting, for many Americans, the financial tradeoff may not be easy. Numerous advantages come with home ownership, not to mention the tax deductibles on your mortgage interests. But if you don’t carefully analyze your financial situation and make informed choices, home ownership can turn into a financial nightmare.
The most critical component of your decision-making process should be your financial stability. You need to ask yourself key questions like: How stable is your job? How likely are can you get a pay raise or promotion over the coming years? Is your job likely to shift locations or cities? How stable is your marriage or relationship? Is there a possibility of splitting up or divorcing that may occasion untimely disposal of the home? And so on. If the answer to one or more of your questions indicates doubts on whether you will maintain the house within the next five years or more, then it would be pointless to commit yourself, regardless of the mathematics.
Change of Cities
If the nature of your job or appointment involves frequent relocation or change of cities, you may need to evaluate between buying and renting. Many home owners have suffered the cost of servicing mortgages for homes they do not live in. They even spend more resources in renting homes in their new location. Their efforts to sell may be thwarted when the timing coincides with the market lows when the mortgage interest rates rise, wiping out their equity and savings.
Financial Situation
Many Americans are living under strenuous financial situation and may not be in a position to save enough for the down payment. You need to analyze your individual financial status. The ultra-tight real estate markets like San Francisco even make it harder for aspiring home owners.
Home Insurance Costs
It is important to know that homeownership doesn’t stop with the acquisition of the mortgage. You’ll need money to settle your property taxes, and the mortgage company will require a proof of home insurance policy. When you rent a house, your landlord will cater for property insurance in addition to some utility bills like water, heating, or power. However, you may need to provide for your rental insurance, which is much more affordable. The policy still provides good benefits of homeowners’ insurance, except that it doesn’t cover the building structure.
Home Maintenance Costs
As a homeowner, you take responsibility for all your maintenance costs like fixing a leaking roof, the parading ants over your kitchen cabinets, broken toilet bowls, electrical breakdowns, and much more. And then there’s the dirty task of mowing your lawn, cleaning the compound, painting the walls, etc. When you decide to rent, most of these tasks will be done by the landlord or an appointed agent.
Bottom line
While it’s true that reduced rates are quite tempting to potential home buyers, you shouldn’t use the statistics to make costly purchases that could turn problematic. You can consider renting affordable housing alternatives like studio apartments as you put aside substantial savings for future investments. That way you’ll be able to make much larger down payment when the markets can’t offer better mortgage rates.
If you borrow less and give a huge down payment, the banks and the property sellers will prefer you over your competitors in a bidding situation. Additionally, your house will appreciate much faster in value as interest rates reduce, cutting down your financing costs.
The real estate market is constantly changing, and home prices are skyrocketing in many cities. Every year, there are new trends. Some people choose to purchase used homes, but most people prefer new homes. Depending on the location and the materials used, a new home can be very expensive. Fortunately, improvements in technology are paving the way for more affordable housing. In the real estate industry, 3D printers are changing the way homes are built in cities and suburbs.
More Affordable Real Estate
When it comes to real estate prices, the land is usually more expensive than the actual house. Population density, proximity to restaurants and retail stores, the local economy and the education system are all factors that affect property values. Homes in rural areas are usually more affordable than homes in urban areas. In recent years, 3D construction has been introduced to the real estate industry. The automation process is making homes more affordable in suburban and urban communities.
The City and the Suburbs
Every year, millions of people decide to purchase a new home in the city or the suburbs. In the near future, many people will be able to afford homes in affluent neighborhoods. Mortgage payments will be more affordable. Suburban families will be able to afford larger homes, and urbanites will have more expendable income. Low-income people will have better housing options. Millions of young adults are having a difficult time reaching important milestones. When 3D printing becomes mainstream, young adults will be able to live in safe and affordable neighborhoods.
Desirable Neighborhoods and Luxurious Features
A decade ago, construction workers were having a difficult time building affordable homes in desirable neighborhoods. Currently, a 3D printer can build a luxurious home in a desirable neighborhood. The new technology will not eliminate construction workers. Construction workers have to oversee the project.
Boosting the Local Economy
In addition to making housing more affordable, the affluent population will have access to more luxurious features. High-quality construction materials and intricate designs will be more readily available. This technology will have a positive impact on the residential and commercial real estate industry. Commercial buildings will be more affordable and business owners will spend less money on overhead costs.
Quality Construction Materials
The new technology can build pre-assembled HVAC systems and pre-insulated walls. The materials are environmentally friendly. When 3D printers are standard construction industry tools, construction workers will be able to reduce the number of tedious delivery trips. Since many of the construction materials can be loaded into the printer, the materials can be shipped to the construction site. Construction workers can transport lighter loads. This will help construction workers increase their productivity and reduce fatigue. Shipping and handling systems can transport the 3D printer.
Less Wasteful
Currently, most printers can only print materials individually. In the future, the printers will be able to perform multiple functions. In the next few years, the technology may be able to print reinforced plastics with graphene materials. The printers can already build strong concrete walls. This construction method is also less wasteful. Until recently, excess materials were a necessary expense. When a printer handles the construction work, raw materials are not wasted. This construction method will increase the production speed, and it will reduce the construction costs by more than 30 percent.
The new 3D printing technology will benefit real estate professionals, homeowners and construction workers. For many people, owning a home will become an attainable goal. This technology will help create thousands of new jobs in the real estate industry.
If the history of building has been consistent in one thing, it that features once considered a luxury eventually become standard. Once air conditioning was a privilege of the wealthy; today no one would buy a home without it.
Today’s technology is following the same history. Smart homes with intelligent lighting, thermostats, and alarm systems were once science fiction. Now this kind of technology is being built into many new homes, as more and more buyers expect and even demand it. And with the technology more advanced and more affordable than ever, they should expect this convenience for their money.
Smart Products
Billions of dollars are being spent to upgrade older and even new homes with smart products to retro-fit home automation systems. Homes become Wi-Fi networks with wireless audio, motion-activated lighting, surveillance cameras, and HVAC systems, and even internet-connected dishwashers and refrigerators. All of these devices can be controlled through ubiquitous smartphones, so it makes perfect sense to want them in our homes.
Home security companies and even cable communications providers have gotten onboard to offer automated solutions for security and smart entertainment systems. Google and Amazon have both invested heavily in producing their own home automation products. The smart home lifestyle is now being lauded on the internet and national TV commercials, so the interest is only going to grow. U.S. sales of automation systems are expected to surpass $16 billion by 2019.
Slow to Adapt
But these add-on products are not on the same level with a comprehensive, integrated system that can be built into homes. Providers of these smart home solutions have been developing and perfecting their product for years now. The question is why so few builders have partnered with them to provide automation in new construction.
The reason seems to be that so many builders are still following the traditional mindset; they are resistant to change or dismissive of the profit and market potentials. They may feel they lack the expertise or logistics to get the technology integrated in homes without hampering long-established and well-organized building techniques.
But while the delivery of product and expertise to install it can be fulfilled by the smart home technology providers, a resistance to change is only going to hurt construction in the long run – that’s within the next decade, if not now.
Smart Business
Builders are wrong not to take advantage. As demand for integration of home automation rises, so does the price tag of homes with this feature. The opportunity for profit is growing. While the devices used are high-tech, actual installation is well within the skillset of a good electrician, even if a little training may be required, and easily becomes a part of the phase of running wires and installing fixtures.
Most new homes already incorporate elements of the last generation of technology, such as LED lighting, home security systems, and programmable thermostats. More comprehensive, integrated, networked smart homes will be the norm for the next generation. Builders who still doubt the practicality of including high-tech design in home construction are missing out on a lucrative market. It’s only a matter of finding a supplier with the right order fulfillment system and accepting a mutually beneficial arrangement. More technology means more business, not less.
The history of home construction tells us that while retro is often in, the latest conveniences always become mandatory. Once plumbing, electricity, and open floor plans were new. Home automation is the next step. It’s what people are asking for, and businesses are only hurting themselves by ignoring the demand.
When you realize that ignoring technology – and clients – is never the right move, it’s time to explore the world of home automation, and all that it has to offer. A well-built home that also has the latest technical innovations is going to sell faster and make customers happier. That’s always great for business.
