DesignDIYEventsHome owner tipsHome Sweet HomeLifestyleSeasonalWindermere Living December 28, 2023

Keep Up With Your Resolutions at Home!

New Years Resolutions are notoriously hard to keep, but not impossible! While we can’t help you get to the gym every day or cut back your screen time, we can help you find ways to tackle that to-do list you’ve been avoiding around your home.

 

Resolution #1 – Create a Clean Routine

Kick off 2024 with a clean start! Creating a routine that fits your schedule will go a long way in helping you stick to your resolutions, even for cleaning your house! For some, this looks like choosing a day each week to get all the cleaning done at once. For others, breaking up the tasks over the course of a few days helps them stay on top of the clutter.

Starting off with a deep clean right after the holidays is also a great way to give yourself a mental reset as we settle into a new year. Tackle those spots that you have been avoiding for so long and give them the attention they deserve, like stove hoods and baseboards. While you’re at it, help improve the air quality in your home by dusting hard to reach places and replacing furnace filters to keep you breathing easy all winter long.

 

 

Resolution #2 – Save Energy

Trying to keep the house warm and cozy all winter can get expensive, but there are a few simple hacks that can help save you money on your energy bill in 2024.

  • Cover small gaps in windows and doors with weather stripping or caulk.
  • Convert to LED lightbulbs (they use approx. 85% less energy than traditional bulbs!)
  • Beware of phantom power – unplug chargers, small appliances like toasters and power strips when not in use.
  • Do less laundry loads and wash in cold water when you can.
  • Close the damper on the fireplace to keep the heat in, just don’t forget to open it next time you cozy up by the fire!

Resolution #3 – Try DIY

If you’ve got “Try something new” on your list of New Year’s resolutions, you can start right now in the comfort of your own home. DIY projects are a great way to breathe new life into pieces you already own, take care of pesky repairs, and invigorate rooms with a fresh look. When the weather outside gets frightful, working on a new project is a great way to pass the weekend and update your space without breaking the bank.

Here are a few ideas that you can accomplish easily over the course of a weekend.

  • Recaulk your bathtub
  • Organize your closet
  • Paint or wallpaper a room
  • Update kitchen hardware

 

 

There is no universal hack for keeping to your New Year’s resolutions, but by starting small and sticking to a plan, you can set yourself up for success in 2024 at home and in life. What are your goals for the new year? We would love to hear them! Share your resolutions by tagging us on social media.

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Written by Makena Schoene

Bellevue Real EstateFinancesHome BuyingHome owner tipsHome Sweet HomeKirkland Real EstateMarket StatsWindermere Agents October 25, 2023

A First-Time Buyer’s Guide to Mortgages

Mortgages can seem daunting for many first-time home buyers. While becoming a homeowner is exciting, it can be intimidating to embark on an investment of this magnitude. We sat down with WBC’s resident loan officer, Jim Murphy of Movement Mortgage to get the best tips for first-time buyers  who are navigating the mortgage loan process.

What is a mortgage?

Mortgages are secured loans, where the “borrower promises collateral to the lender in the event that they stop making payments”, with the home itself being the collateral. There are different programs available depending on the financial situation, occupation, and credit score of the borrower. To better understand your options, you will need to meet with a lender to ascertain what you can afford.

 

mortgages

 

The Pre-Qualification Process

Before meeting with a lender, you will need to make sure all the relevant documents are in order. This is known as pre-qualification and helps determine what type of loan you might qualify for. Financial documents that most lenders want to see include:

  • Recent pay stubs
  • Copies of your tax returns
  • W2 forms
  • Bank statements for checking, saving, and retirement/investment accounts
  • Credit card bills
  • Lease agreement, if applicable
  • Student loan deferment letters/agreements, if applicable

Once you have all the necessary paperwork, it’s time to set up an appointment with a mortgage company to discuss your options. Some loan programs will offer lower interest rates based on your credit score, while others will offer a lower down payment in exchange for paying insurance premiums.

 

WBC: What are some of the most important questions a first-time buyer should ask when they meet with a lender?

Jim Murphy: I think one of the biggest questions a client should ask is “How do I make myself as strong of a buyer as possible”. Completing an application and providing all the documents that [a lender] requires to get a To-Be-Determined (TBD) underwritten loan will basically clear any pitfalls outside of an appraisal. This will show that you have been approved up to a certain loan ceiling and from there, we just need to find a property!

 

mortgages

 

The Pre-Approval Process

Mortgage pre-approval is an offer by the lender to loan you a certain amount under specific terms, but it is not a guarantee that you will receive a final approval. It is simply verification that you qualify for the amount that you have applied for based on your credit history, income and assets, etc. This step involves a deeper dive into the documents you submitted during the prequalification process.

 

WBC: Do you have any tips for first-time buyers to ensure a smooth pre-approval process?

JM: The best thing a client and lender can do is have a clear and open communication about their financing goals and the outcomes a lender can deliver. Clients have a budget in mind, both in the monthly payment and down payment they can comfortably afford, but sometimes [they] can qualify for much more. [Keeping an] open dialogue between the lender and client are imperative for success.

 

mortgages

 

The Final Loan Approval

After obtaining a pre-approval document from your lender, you are ready to start looking for your new home! Lenders will offer you a loan estimate based on the estimated interest rate, monthly payment and total closing costs for the loan. Your mortgage application will then be assessed by underwriters who will determine “if the funds from the sale of the property are enough to cover the amount you will be lent in your mortgage.”

If your application is approved, you now have the green light to close on the property!

 

WBC: What is one final piece of advice you have for first-time home buyers?

JM: Don’t be afraid to buy something that needs a little work to be a really nice home. There are loan products available, like a renovation loan, that does not require a large down payment but can make the home that needs some renovation feel like your own!

 

Understanding the role of mortgages in your homeowner journey may seem overwhelming, but with the support of knowledgeable Windermere agents and our amazing partners at Movement Mortgage, finding the home of your dreams can become a reality! Get in touch with the WBC team today to start your home search and don’t forget to check out the WBC Tik Tok account for the full-length interview, Mortgages 101 with Jim Murphy, here.

 

Written by Makena Schoene

Windermere Bellevue Commons News August 23, 2023

How to Turn Your Home Into a Vacation Rental

So, you want to become an AirBnB host. How do go about converting your property into a vacation destination?

The hospitality industry has been hard at work to regain its foothold with stir-crazy consumers who have a whole new set of values post-Covid. The growing popularity of the short-term vacation rental is poised to redefine the nature of vacationing for years to come, thanks to increased space, flexibility, and lower average rates.

The demographic for Airbnb guests is changing as well, as Gen Z and millennials are more inclined to travel with groups of friends rather than just their immediate family. Future Airbnb owners can capitalize on this trends for unique, photogenic accommodations that hotels can’t always provide.

If you are willing to put in the hard work, your vacation rental can turn a good profit, and we’ve got a quick guide to get you started!

Image Courtesy of NWMLS Listing – Duke Young

Laws & Logistics

Converting your home into a vacation rental isn’t as easy as listing it on a site like AirBnB. There are a lot of hoops to jump through regarding local regulations, insurance policies, market trends and HOA rules. Start your research by looking into the ordinances of the city where you are located, as municipal law can vary even within the same state.

Seattle law, for example, states that property owners are restricted to operating a maximum of 2 dwelling units as short-term rentals, whereas Bellingham only requires that short-term rental operators obtain the appropriate vacation rental permit and pay the associated fee. Paying attention to regional codes is an important first step towards turning your property into a vacation rental.

Looking into the local market is a great way to get a feel for whether or not your vacation rental has a chance to really succeed in that area. “Look for your direct competitors,” advises Alex Haler, a strategic account executive with AirDNA, “What are they doing well? Do any of them have a particular amenity or feature that is helping them outperform the others? Keep track of this group of competitors as they will aid you in setting the right price, benchmarking your performance and staying ahead of the curve.”

Image Courtesy of NWMLS Listing – Duke Young

 

Reduce, Repair & Redecorate

The next step is to take care of any necessary repairs, update the furniture and install new tech if need be. Start by depersonalizing the space – as much as you love those family mementos, you are selling a space as a blank canvas for others to create their own memories.

Install smart technology to enhance connectivity for your guests and to keep an eye on your property when you can’t be there in person. Electronic locks that can be managed via the internet are a great addition, as they generate unique codes for each guest stay and make the check-in process quicker and easier.

Now is the time to take care of those pesky quirks that you have grown accustomed to, like squeaky doors or testy faucets. While some guests may not even register these issues, you are investing in your property’s longevity. By being proactive with repairs from the get-go, you save yourself stress and potentially more costly problems down the line.

When decorating, consider the aesthetic of your vacation rental and how it will complement the local vibe. What draws people to the area? Would a coastal motif fit best or would a cozy cabin vibe be more appropriate? “Think about how your guests are going to use the space, rather than simply throwing things together,” advises Nikki Kaestner, a Senior Design Associate with Vacasa.

Good design isn’t about finding matchy-matchy pieces, but creating a space that feels like a home. This can be achieved by layering pieces for a lived-in look that don’t necessarily match but blend cohesively. Make sure you invest in sturdy, quality materials (especially in high touch areas like dining rooms) that can withstand the wear and tear of multiple guests over several seasons – this includes solid wood tables and fabrics that have passed the Martindale test for performance, like Sunbrella.

Stock Up On Supplies

You’re almost ready to welcome your first guests! All that’s left is making sure all the little essentials are well-stocked. Guests are always on the lookout for amenities such as extra towels, sheets and basic toiletries. These are items that are used the most and are almost always left behind in a packing frenzy.

Invest in quality bedding, kitchen supplies and travel-size toiletries to make your vacation rental stand out from the crowd. Being an over-prepared vacation rental host by anticipating these needs can make the difference between a glowing review and an unsatisfied comment that affects future bookings.

Image Courtesy of NWMLS Listing – Duke Young

Advice From An Agent

Don’t just take our word for it! We sat down with WBC broker, Mylo Adams, one our amazing real estate professionals for her tips on property management. “Vacation rental listing setup is the most important,” Mylo advises, “Be sure to verify your property may legally be used as a vacation rental.” This means understanding tax liability on the city, state and federal level, including excise, Business & Occupation (B&O) and capital gains tax.

Mylo’s Top Tips
– Prepare a Rules & Regulations handbook for your guests, as many condominiums allowing vacation rentals have specific rules.
– Invest in excellent professional photos. Did you know that professional photos can lead up to 20% more bookings?
– Respond to inquiries quickly (within 1 hour).
– Clean, Clean, CLEAN! Hire a professional cleaning service to make sure everything looks its best.

 

Its no secret that the nature of travel has changed over the last few years, creating new opportunities for homeowners to get involved in the field of hospitality and generate another revenue stream. If you think that converting your property into a short-term or vacation rental sounds like the right move, make sure you are doing as much research as possible. It’s a competitive market but creating an insta-worthy escape can pay significant dividends if done right.

Happy hosting!

 

Written by Makena Schoene


Featured Image Source: NWMLS Listing Courtesy of Duke Young

DesignDIYHome ImrovementHome owner tipsHome Sweet HomeSeasonalWindermere Bellevue Commons News July 21, 2023

5 Tips For Small Yards

Some of the best memories are the ones created right at home. From deep conversations over yummy meals to evenings spent with loved ones under the stars, the place we choose to call home plays an important role in creating opportunities for deeper connection. With summer now in full swing, you may want to enjoy the warm weather from the comfort of your own backyard, but not every outdoor space is created equal. For some homeowners, it can be quite a challenge to capitalize on a small yard, but luckily, there are plenty of tricks to help you create an enchanting oasis to enjoy all summer long!

 

Image Courtesy of NWMLS Listing – Janine Bolivar

Define Separate Zones

Designating areas for lounge or play can go a long way in making a small yard feel larger than it is. According to the Bob Vila blog, the key to a more spacious feeling is all in the organization; by utilizing outdoor rugs, pavers or strategically placed plantings, you can create zones for dining, relaxation, and activities. These little “destinations” give the allusion of endless possibilities, even when the square footage seems constraining.

Pro Tip: Introduce a water feature to help divide zones. If space allows, a fountain or small pond not only provides a lovely visual and auditory element, but the reflection of the sky in the water produces a mirroring effect which can help make a space feel larger.

 

 

Photo by Tile Merchant Ireland on Unsplash

Elevate Your Space

Depending on the size and layout of your yard, incorporating levels is a great way to add some depth. Elevated decks, sunken firepits, terraced garden beds – these methods can help take advantage of topographical elements that aren’t being utilized to their full advantage, such as hillsides. Elevation changes also work to help define spaces in your small yard. Bonus!

Pro Tip: Make sure there is adequate drainage! For terraced gardens, poor drainage can lead to foundation rot and mold, so be sure to contact a professional to make sure you are using the right materials for your retaining walls and that the drainage is properly diverted.

 

 

Photo by islandworks via pixabay

Form & Function

Picking the right outdoor furniture is about more than just aesthetics. When working in a small yard, it is essential for pieces to pull their weight. This means that versatility is your best friend, where benches can double as storage bins and furniture can be easily folded away when not in use.

Pro Tip: Pick furniture that has a see-through pattern. Open backed chairs and glass tabletops allow the eye to travel further through the furniture, giving the allusion of more space. HGTV recommends investing in a simple bistro set of table and chairs; the slim profile and classic design are a perfect addition to any small garden.

 

 

Photo by Cee on Unsplash

Embrace the Curves

While straight lines and block patterns work for some yards, curves are the perfect way to maximize a small yard. Curved flower beds and winding garden paths lend a sense of movement to a seemingly static environment and can make short distances seem longer.

Pro Tip: Let’s meander! Paths that wind out of sight lend a sense of mystery, like an unexplored destination awaits just around the bend. Bonus points if you include a little visual treat at the end of the path – a little reflection pool or statue are always crowd pleasers.

 

 

Photo by Mark Neal from Pexels

Vertical Gardening

If you love plants but are short on space, then vertical gardening is the hack for you! Hanging plants draw the eye upwards without taking up valuable yard space, utilizing fences, pergolas, walls – the sky is the limit to where you can show off your plant babies. “Vertical gardening can also save on water usage”, says Carrie Spoonemore of Park Seed, “because water dripping form the top layer will also water plants below”.

Pro Tip: Many plants will thrive in a vertical garden but try to avoid perennials or vegetables with a deep root system, like tomatoes. Herbs and leafy greens, however, are great contenders for a successful vertical garden!

Bonus Tips

Water features don’t have to be big to make a splash! Invest in a small fountain that can be easily tucked away in a secluded corner or act as a centerpiece of your table.

Nothing says summer nights like gathering around a firepit under the stars. If your yard can’t support a full-sized fire pit, don’t despair! There are plenty of tabletop fireplaces alternatives that can create the cozy ambiance on a more manageable scale.

 

Don’t let square footage keep you from creating a summer destination right in your own backyard! There are so many tips for maximizing space in your small yard, (check out our Home Hacks board on Pinterest for even more inspiration) and we would love to hear some of yours! Just tag us on socials with your favorite #homehack and get started creating the ultimate summer getaway right at home.

Instagram @windermerebellevuecommons
Twitter @WindermereBelle
Facebook @Bellevue Commons (Windermere) 

 

Written by Makena Schoene


Featured Image Source: NWMLS Listing Courtesy of Janine Bolivar

Home BuyingWindermere Bellevue Commons News April 12, 2017

Don’t Get Caught in the Rental Trap!

Careful…Don’t Get Caught in the Rental Trap! | Keeping Current Matters

There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage.

Don’t Become Trapped

Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that,

“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.”

In the Joint Center for Housing Studies at Harvard University’s 2016 State of the Nation’s Housing Report, they revealed that The number of cost-burdened households rose to 21.3 million. Even more troubling, the number with severe burdens (paying more than 50% of income for housing) jumped to a record 11.4 million. These households struggle to save for a rainy day and pay other bills, such as food and healthcare.

It’s Cheaper to Buy Than Rent

In Smoke’s article, he went on to say,

“Housing is central to the health and well-being of our country and our local communities. In addition, this (rental affordability) crisis threatens the future value of owned housing, as the burdensome level of rents will trap more aspiring owners into a vicious financial cycle in which they cannot save and build a solid credit record to eventually buy a home.” “While more than 85% of markets have burdensome rents today, it’s perplexing that in more than 75% of the counties across the country, it is actually cheaper to buy than rent a home. So why aren’t those unhappy renters choosing to buy?”

Know Your Options

Perhaps you have already saved enough to buy your first home. HousingWire reported that analysts at Nomura believe:

“It’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment. It’s that they think they’re not qualified or they think that they don’t have a big enough down payment.” (emphasis added)

Many first-time homebuyers who believe that they need a large down payment may be holding themselves back from their dream home. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!