The Kitchen

There are both expensive and inexpensive modifications you can make to your kitchen to elevate it. A full kitchen remodel can be costly and take up considerable time before it’s finished. In most cases, updating the countertops, cabinets, and backsplash will increase the value of your home. Remodeling can be pricey, though. If you’re on a budget but still want impressive results, think about painting your cabinets and adding updated hardware. If you have the time and some rudimentary skills, adding a new backsplash can be a fairly straightforward DIY project. If your countertops need updating, consider less expensive options like concrete or butcher block instead of granite or marble. Your appliances should all be in good working order, they should match in color, and be perfectly clean.

 Moldings

Wainscoting, crown molding, baseboards and chair rails can really dress up a home. If you know your way around a miter saw, this can be a simple and inexpensive DIY project. You can add moldings around the areas where the walls meet the ceiling and floor, around fireplaces, and to frame any built-ins. Chair rails can be baroque or simple, depending on your preference. Adding some bead board on the bottom half of your chair rail with paint of a different color on the upper half will help you achieve a more shabby-chic feel. If traditional is more your speed, you can paint the bottom half of the chair rail, create blocks with painted 1x4s, then add some ornamental pieces at the center of each block.

The Entrance

The front door and porch are how people are introduced to your home. Consider painting your front door it and replacing the hardware. If the door is in bad shape, think about replacing it entirely. Dress up the front porch with some potted plants and maybe a porch swing or seating area. Replacing (or refurbishing) the house numbers and the mailbox is always a good idea. The more inviting the entryway is, the greater your chances of getting an offer.

Increase Your Storage

Buyers look very closely at available storage. Adding extra shelving will help assuage any concerns. Floating shelves are a quick (and relatively inexpensive) upgrade for spaces like kitchens, bathrooms, and bedrooms. In the living room and/or family room, consider a built in bookshelf. Existing closets and pantries should be organized before prospective buyers view the house, so also think about incorporating some organizational elements to make them look larger.

Updating your home before you put it on the market will always improve your chances of selling, and in many cases, will help you get what you’re asking. Major improvements can be done — even with a minor budget.

If you’d like to talk more about any of these upgrade ideas, or if you need a mortgage pre-approval or a recommendation for an experienced, local Realtor, please get in touch. I’m always happy to help.

The post Should You Make Any Improvements Before Selling Your Home? appeared first on Jeffrey Halbert - First Home Mortgage.

Property Tax Relief Programs

Homestead credits are often available for senior citizens and disabled persons who occupy their primary residence. The credit is based on income level, age, and disability status and could result in an average savings of $150-$200 per year. Additionally, there is often  also a property tax credit available to low-income homeowners who meet certain criteria. This credit can provide up to $1,500 in property tax relief for qualified individuals and families each year.

Mortgage Interest Deduction

Another key benefit of owning a home is the ability to deduct mortgage interest payments from your federal income taxes each year. As long as you itemize deductions on your annual return, you can deduct up to $750,000 of mortgage interest payments made during the course of the fiscal year. That could lead to significant savings when filing your taxes. Additionally, if you purchased points when obtaining your mortgage loan — or paid any other qualifying fees related to the loan — those costs may also be deductible. Be sure to consult with a professional financial advisor or accountant if you need more information about these deductions.

Tax Deductions on Home Improvements

Finally, another great way for homeowners in Southern Maryland to maximize their tax savings is through deductions for home improvements made during the fiscal year. Whether you make major renovations like upgrading your kitchen or bathroom, or simply do small repairs around the house such as replacing windows or doors, all associated costs may be eligible for deduction when filing taxes at the end of the year (up to certain limits). This is another reason why it pays off big-time to own property in Maryland.

Owning a home in Southern Maryland doesn’t just give you access to excellent schools, parks, and recreation areas; it also puts more money back into your pocket every April! With property tax relief programs that are specifically designed for seniors and low-income families, mortgage interest deductions, and home improvement deductions – there are plenty of ways that homeowners here can save lots of dollars on taxes every single year. Don’t miss out on these great benefits – start exploring homes for sale today.

The post Will Buying a Home Improve Your Tax Situation? appeared first on Jeffrey Halbert - First Home Mortgage.

Define Your Requirements

Start by familiarizing yourself with the legal and tax requirements of renting out a space (or an entire home). If you only plan to rent out a portion of your home, you should verify that it’s a legal apartment for you to rent. Make sure you’ve done your due diligence early on in the process, so that you can address any challenges before getting too far into the process.

Know Your Budget for Updates

If you’re planning to rent out a space for the first time, you’ll probably want to give it an update. This could be anything from a fresh coat of paint and an extensive cleaning — to a complete overhaul. Whatever your situation, set a budget and stick to it. If your budget is minimal, just map out what you can afford and prioritize whatever is most important. If you’re planning a larger renovation, think about your timeline as well as your budget, so that you can start renting when you want to.

Have a Written Lease

It’s wise to always use a written lease. Some landlords write their own leases while others use templates. You might find that you start with a template and modify it to meet your needs. Even if you’ll only be renting month-to-month, it’s still wise to have all your paperwork in order to protect yourself.

Screen Potential Renters

When it’s time to find your tenant, it’s important to take the time to screen your applicants thoroughly. Many landlords check credit scores, run a background check, and contact references. It can seem like a lot of leg work, but it’s worth it in the long run to have a renter that you feel confident with.

If you’d like to talk more about renting out your home, or if there’s another matter I can be of assistance with, please get in touch — I’m always happy to help.

The post Thinking About Renting Out Your Home? appeared first on Jeffrey Halbert - First Home Mortgage.

Shop Around for the Best Mortgage Rates and Fees

When shopping around for the best mortgage rates and fees, it’s important to compare quotes from multiple lenders. A mortgage professional can help you shop around and find the option that will work best for your particular needs and situation in life. They will also help you understand all of the fees associated with each loan so that you can make sure you’re getting the best deal possible. This alone can save you hundreds (if not thousands) of dollars over the life of your loan.

Don’t Forget About Closing Costs

Closing costs include things like title insurance, attorney fees, recording fees, taxes, and more. These costs vary from state to state and lender to lender, so it’s important to research what these costs may be in advance so that you are not caught off guard by any surprise expenses when it comes time to close on your new home. Your mortgage professional will be able to provide guidance on what these closing costs should look like in advance. That way, you will have time to plan accordingly.

Be Open to Negotiating with the Seller

In addition to negotiating with mortgage lenders for the best terms on your loan, you should also consider negotiating with the seller of your new home as well. Depending on the market conditions or other factors involved in the sale of their property, they may be willing to negotiate on things such as closing costs. They may even lower the price of their property altogether. It never hurts to ask. Your real estate agent or mortgage professional should be able to help when it comes time for negotiations with sellers as well as lenders.

Buying a home is one of the most exciting milestones in life, but it doesn’t have to come with a hefty price tag attached to the cost of the house itself. Shop around for the best mortgage rates and fees, and be open-minded about negotiating with sellers and lenders alike about closing costs and other related expenses. By doing these things, homebuyers in southern Maryland can generally save a substantial amount of money when making this big purchase. Working with an experienced mortgage professional is key in ensuring that everything goes smoothly throughout this process, so that homeowners don’t end up paying more than they need to — something every homeowner can appreciate.

If you’d like to get pre-approved for a mortgage, you can do that here. I’d also be happy to recommend some experienced, local Realtors to help you in the homebuying process. Just reach out to me — you can find all of my contact information at https://www.teamhalbert.com/

The post Working with a Mortgage Professional Can Save You Money appeared first on Jeffrey Halbert - First Home Mortgage.

Cleanliness

Buyers will be looking at absolutely everything in your home as they walk through. They’ll open kitchen cabinets, look under the beds, inspect the garage, and peek into areas that you might not expect them to. Prospective buyers are likely making their biggest investment to date, so no area will be off limits. Making sure you clean everything spotlessly is a must.  Remove fingerprint smudges from windows, mirrors, light switches, and doors, give the furniture and shelving a thorough dusting, clean the interiors of the refrigerator and oven, and clear the gutters. Remove any clutter and consider doing the ‘white glove test’ to be perfectly sure you’ve addressed everything.

Storage

Quite often, storage requirements top buyers’ wish lists, so it’s important that the space in your home allotted for storage is organized and tidy. If your kitchen cabinets are crammed full of kitchen gear, it may be a good idea to clear some items out, pack them up and put them into storage. If a buyer looks into your pantry or refrigerator and the shelves are completely full, they may assume that there isn’t enough space. Neaten your pantry and refrigerator items. Often, adding organizational baskets or racks can create more space. Make sure your closets are well organized, that everything is folded neatly, and that it’s not too crowded.

Keep It Bright

Many buyers look for good natural light along with bright, open spaces. Let as much light in as possible— open curtains and blinds, remove window treatments that may be heavy and dark, and check that all the lightbulbs in the house are in working order. Rooms painted in darker tones can often appear smaller than they actually are, so repainting in a lighter shade may serve to enhance the space.

Enhance Curb Appeal

The old adage about first impressions is true, so do what you can to improve curb appeal. Keep your lawn trimmed and walkways maintained, clear cobwebs from the eaves, and consider adding potted flowers or a new brightly colored mailbox. Don’t go overboard— you’re going for understated but charming, and you want your buyers to think the house is warm and welcoming.

It may take some work to get your home ready for an open house, but it will be worth it once the offers start coming in. If you need recommendations for a local Realtor to work with or you need a pre-approval for a mortgage, I’d be happy to help.

The post What Will Buyers Be Looking for At Your Open House? appeared first on Jeffrey Halbert - First Home Mortgage.

Ask Your Friends and Family

Mining your network of family and friends for recommendations should be your first step. When people have a very good (or very bad) experience, they generally remember it well. Compile a list of both the good and the bad that you hear. Apart from reaching out to your friends and family directly, sometimes making a Facebook post asking for a reputable contractor can give you a great deal of information in a very short time.

Do Your Research

Once you have some recommendations, you should do some additional research on those names. See if the contractors have a website and any online reviews. A negative review among 50 positive ones should not be concerning, but if you see that the reviews are overwhelmingly negative or just so-so, you should cross that name of your list and continue your search.

Be Clear on What You Want

Before you contact any contractors, you need to be perfectly clear on what you want. You should know your budget and the scope of work in advance. It’s always a good idea to listen to the advice of professionals, but if you’re not clear on what you want, you could end up getting pushed in directions that you never intended. This is why finding a contractor that you trust is so important. Feeling confident in your decision before getting started will keep you from being constantly worried that you’re being taken advantage of.

Explore Every Option

You should always get multiple estimates, even if your first meeting goes very well. Once you have 3 or so bids, then you can review the information and make your decision. Also, when you let a contractor know that you’re getting multiple bids, it generally keeps them competitive in price.

If you’d like to get pre-approved for a mortgage, you can do that here. I’d also be happy to recommend some experienced, local contractors. Just reach out to me — you can find all of my contact information at https://www.teamhalbert.com/

The post Tips for Finding a Dependable Southern Maryland Contractor appeared first on Jeffrey Halbert - First Home Mortgage.

Partner with a Realtor

In what is quite probably the biggest financial decision (and transaction) of your life, you want to be represented by an experienced real estate agent that you trust. A seasoned agent can be a big help, even while perusing virtually, as they have access to information, photos, virtual tours and seller disclosures that may not be viewable on popular sites like Zillow. Make sure your Realtor understands your list of must-haves and any deal-breakers, so they can help you avoid spending time on any listings that don’t meet your criteria.

Pay Attention to Red Flags

This is another area where a sharp Realtor’s discerning eye can be of assistance. While you’re viewing prospective properties, you’ll want to look out any red flags. Every listing you view should have clear photos documenting the rooms and overall property accurately. If you run across a listing with only photos of the exterior it probably means the interior is in some state of disrepair. Fisheye lens photos tend to mean that the seller wants the space to appear larger than it actually is. If there aren’t any views out of windows in the interior pictures, that might mean that there’s an unsightly obstruction. Also, pay close attention to the verbiage in the listing description — words like quaint or cozy can really mean small, fixer-upper could mean money pit or tear-down, and dine-in kitchen could mean that there’s no dining room. A good listing will describe the house accurately with no obfuscating verbiage, and the pictures should back up any claims.

Time for a Tour

Almost every listing now offers the option to take a virtual tour. The virtual videos are usually short, so you won’t be able to see absolutely everything. If you’re not satisfied with what you can see through the virtual tour, you can always contact the seller and request additional footage. Be specific about what you wanted to see that you didn’t — for instance, if the virtual tour didn’t include the yard, request footage that includes both the front and back yards. You can also ask the sellers to schedule a Facetime meeting with you to tour the home together. Then you can have a real-time discussion about what you’re seeing and get immediate answers to any questions.

What’s the Neighborhood Like?

It’s important that you’re familiar with the area in which the house is located, too. You can make any modification you want to the house itself, but you have no control over the surrounding area. Good news — this can be done virtually, as well. Seeing the neighborhood, looking at schools, restaurants, grocery stores, along with park and freeway access can all be done through Google Earth. Whatever the amount of information you can find online, you’re probably going to still want to visit in person and see it for yourself.

Seller Disclosures

When your list is sufficiently narrowed to the homes you believe have the most potential, ask to see the disclosures from the sellers. Seller disclosures show the home’s maintenance history and any problems or potential hazards associated with the listing. This is incredibly important information and can have an impact on your decision to move forward. For example, if you believe you’ve found the perfect home but it’s going to need an entirely new roof in the next eighteen months, that may not fit within your budget and could be a deal breaker. If you’re torn between two houses and find out that one has a history of mold issues, you won’t have any problem choosing which one to go with.

Virtual house hunting can be a big help in many ways. With these tips, it should be considerably easier, more efficient, and more fruitful.

If you’d like to get pre-approved for a mortgage, you can do that here. I’d also be happy to recommend some experienced, local Realtors to help you in the homebuying process. Just reach out to me — you can find all of my contact information at https://www.teamhalbert.com/

The post Virtual House Hunting in Southern Maryland appeared first on Jeffrey Halbert - First Home Mortgage.

Shop Around for the Best Mortgage Rates and Fees

When shopping around for the best mortgage rates and fees, it’s important to compare quotes from multiple lenders. A mortgage professional can help you shop around and find the option that will work best for your particular needs and situation in life. They will also help you understand all of the fees associated with each loan so that you can make sure you’re getting the best deal possible. This alone can save you hundreds (if not thousands) of dollars over the life of your loan.

Don’t Forget About Closing Costs

Closing costs include things like title insurance, attorney fees, recording fees, taxes, and more. These costs vary from state to state and lender to lender, so it’s important to research what these costs may be in advance so that you are not caught off guard by any surprise expenses when it comes time to close on your new home. Your mortgage professional will be able to provide guidance on what these closing costs should look like in advance. That way, you will have time to plan accordingly.

Be Open to Negotiating with the Seller

In addition to negotiating with mortgage lenders for the best terms on your loan, you should also consider negotiating with the seller of your new home as well. Depending on the market conditions or other factors involved in the sale of their property, they may be willing to negotiate on things such as closing costs. They may even lower the price of their property altogether. It never hurts to ask. Your real estate agent or mortgage professional should be able to help when it comes time for negotiations with sellers as well as lenders.

Buying a home is one of the most exciting milestones in life, but it doesn’t have to come with a hefty price tag attached to the cost of the house itself. Shop around for the best mortgage rates and fees, and be open-minded about negotiating with sellers and lenders alike about closing costs and other related expenses. By doing these things, homebuyers in Southern Maryland can generally save a substantial amount of money when making this big purchase. Working with an experienced mortgage professional is key in ensuring that everything goes smoothly throughout this process, so that homeowners don’t end up paying more than they need to — something every homeowner can appreciate.

If you’d like to get pre-approved for a mortgage, you can do that here. I’d also be happy to recommend some experienced, local Realtors to help you in the homebuying process. Just reach out to me — you can find all of my contact information at https://www.teamhalbert.com/

The post Tips to Save Money for Southern Maryland Homebuyers appeared first on Jeffrey Halbert - First Home Mortgage.

Start With Your Gross Income

Your total earnings are the first consideration when determining how much mortgage you can afford. The rule of thumb is that monthly mortgage payments should not exceed 28% of your total gross monthly income. Therefore, if your gross income is $8000 per month, the maximum amount that should be spent on mortgage payments should not exceed $2240.

Calculate Your Monthly Expenditures

After calculating your gross income, you need to calculate your monthly expenditures before deciding how much mortgage you can afford. When calculating expenses, include all other existing debts that you may have. These could be car payments, student loans, credit card debts, and any other personal loans. A mortgage lender may also want to know your financial commitments such as child support, alimony, or spousal support before finalizing your loan request.

Determine Your Affordable Mortgage Range

With your gross monthly income and expenses in hand, you can now determine how much mortgage you can afford. This calculation is not as hard as it seems, and you can easily accomplish it using various online calculators. Financial institutions and real estate platforms have calculators that can help you determine the price range of homes that you can realistically afford based on your total income and monthly expenditures.

Consider a 20% Down Payment

A 20% down payment should also be considered when purchasing your first home in Southern Maryland. Although having a lower down payment may seem like a good option, it results in higher mortgage rates and can increase your monthly expenses. Financial advisors recommend a 20% down payment because it helps keep your mortgage repayment costs down, which will help lower your total debt over time.
Buying a home is a significant decision, and choosing the right one based on what you can afford is crucial to your financial stability. In Southern Maryland, several factors influence the cost of a home, making it important to determine what you can afford before even beginning to go house hunting. Remember to keep your mortgage payment within 28% of your monthly gross income, and consider a 20% down payment when buying your first home. With these tips, you can make your homebuying journey more manageable and ensure financial stability in the long run!

If you’d like to get pre-approved for a mortgage, you can do that here. I’d also be happy to recommend some experienced, local Realtors to help you in the homebuying process. Just reach out to me — you can find all of my contact information at https://www.teamhalbert.com/

The post What Should Your Budget Be When Buying a Southern Maryland Home? appeared first on Jeffrey Halbert - First Home Mortgage.

More Flexible Loan Options

One of the main benefits of working with a local lender is that they offer more flexible loan options than traditional banks or online lenders. This means that you can find loans tailored to your unique situation and needs, which might make all the difference in getting approved for a loan. Additionally, since local lenders tend to be smaller businesses, they often have fewer restrictions and qualifications than big banks or online lenders, which can make it easier to get approved for the loan you need.

Faster Approval Times

Another benefit of working with a local lender is that they typically have shorter approval times than larger banks or online lenders. This means that once you submit your application, you’ll usually hear back from the lender sooner rather than later as to whether or not your loan has been approved —sometimes within just 24 hours. This will make it easier and faster to get access to your needed funds, without having to wait weeks or maybe even months for an answer, like you might have to do with other types of lenders.

Personalized Service

Finally, one very important advantage of doing business with a local mortgage lender is that they typically provide personalized service and attention throughout the entire process. Since local lenders are often smaller businesses, they’re able to give each customer individual attention from start to finish — something that larger banks or online lenders simply cannot provide. From helping you complete your application and choose the best type of loan for your needs, all the way through closing on your loan and beyond, working with a local lender gives you access to personalized service every step of the way.

When it comes time to choose where you should go for financing, there are many factors that come into play in making this decision. However, one thing is certain: if you want more flexible loan options, faster approval times, and personalized service throughout the process from start-to-finish, then working with a local lender in Southern Maryland is definitely worth exploring.

With their extensive experience and expertise in dealing with all types of loans, doing business with a trusted local lender can be beneficial in more ways than one. So if you’re searching for financing in Southern Maryland, don’t forget about looking into what a local lender has to offer.

If you’d like to get pre-approved for a mortgage, so you know what you’re working with, you can do that here. Otherwise, you can reach out to me at (301) 327-5803, if you want to talk more.

The post Should You Work with a Local Lender in Southern Maryland? appeared first on Jeffrey Halbert - First Home Mortgage.