Moving Up in Life: 5 Things to Know When You Upgrade from Apartment to Home

Moving from an apartment to a new home can feel like a dream come true.

With increased privacy, space and the ability to create a home that truly fits your style and preferences, it's no wonder more and more city dwellers are making the shift. But while there's more than enough to be excited about, there are also a few important considerations to keep in mind during the transition. In this post, we'll explore what you should know when you upgrade from an apartment to a home, including a few key differences you'll want to prepare for.

Different Utility Costs
Depending on the size of your new home, you may find yourself paying significantly higher utility bills than you did in your apartment. Be sure to factor these costs into your budget, so you're not caught off guard when bills start rolling in. Additionally, if your home is located in a part of town that's prone to natural disasters, such as earthquakes or floods, you'll want to purchase insurance that will cover any damage that may occur.

When budgeting for utilities in your new home, it's important to consider the size of your living space and the climate you live in. On average, homeowners can expect to pay around $2,060 per year for electricity, $1,350 per year for natural gas, $800 per year for water and sewer services, and $800 per year for trash removal. Keep in mind that these costs can vary greatly depending on where you live and the size of your home, so it's always a good idea to do some research and ask for estimates from utility companies before finalizing your budget.

Plenty of DIY Projects
One of the biggest perks of owning a home is the ability to make it your own. However, with that freedom comes responsibility. Before embarking on any DIY projects, be sure you have the necessary skills and tools to complete the job safely and effectively. If you're unsure of what needs to be done, it's always best to consult with a professional before tackling any home improvement projects.

One of the most enjoyable aspects of upgrading from an apartment to a home is the chance to decorate and personalize your living space. Whether you're into crafting, gardening or woodworking, there are countless fun ways to DIY your new home. From creating unique wall art using recycled materials to building your own outdoor furniture, the possibilities are endless. Not only is DIY a great way to save money on home décor, but it also allows you to add a personal touch and make your new house truly feel like home.

Maintenance Is Your Responsibility
Unlike apartments, which typically have a maintenance team on hand to handle repairs and upkeep, you're now responsible for keeping your home in good condition. Be prepared to set aside a budget for ongoing maintenance, including essential services like landscaping, HVAC maintenance and plumbing work. It's also a good idea to research local service providers ahead of time, such as one at Indy Water Heater and Softener LLC, so you have someone to call if unexpected repairs pop up.

Many neighborhoods or residential developments have a homeowners association (HOA) that oversees the maintenance and rules for the community. If your new home is part of an HOA, you'll be required to pay monthly or annual fees to cover things like landscaping, community amenities and shared utilities. Before moving in, make sure to thoroughly research the utility costs and HOA fees for your potential new home, so you can budget accordingly.

Plan Out Your Space
Moving from an apartment to a home means you're likely going to have more space to work with. While this can be exciting, it can also be overwhelming if you're not prepared. Before you move in, take some time to think about how you're going to use each room in the house, and plan accordingly. Additionally, be sure to invest in furniture and décor that fits the space well, rather than trying to make do with pieces that are too small or too large.

When it comes to furnishing your new home, it's important to strike a balance between style and functionality. Take the time to research different furniture options and find pieces that not only fit your personal taste but also serve a purpose in each room. Whether you prefer classic, timeless designs or modern, minimalist styles, be sure to choose pieces that will stand the test of time and complement the overall aesthetic of your home.

Additionally, don't be afraid to mix and match different styles and incorporate personal touches such as family heirlooms or unique finds from thrift stores or flea markets. With a little planning and creativity, you can turn your new house into a comfortable and inviting home that reflects your personality.

Take Security Seriously
Finally, it's important to consider security when you move into a house. Unlike apartments, which often have a locked front door and onsite security staff, homes can be more vulnerable to break-ins. Take steps to secure your home, such as installing a security system and making sure all windows and doors are equipped with sturdy locks. It's also a good idea to get to know your neighbors and keep an eye out for any unusual activity in the area.

In addition to installing a security system and making sure all doors and windows have sturdy locks, there are other measures you can take to enhance the safety of your new home. Owning a dog can be an excellent deterrent for potential intruders, as they tend to bark at unfamiliar noises or people approaching the house. Joining a neighborhood watch group is also a great way to stay informed about any suspicious activity in your area and work together with your neighbors to keep the community safe. Remember, taking security seriously can give you peace of mind and help protect your investment in your new home.

Transitioning from an apartment to a home is an exciting time, full of new possibilities and opportunities to create the perfect space for your lifestyle. However, it's also important to recognize that there are a few key differences to keep in mind. By planning for maintenance, utility costs, space planning, DIY projects and security, you'll be well-equipped to enjoy all that your new home has to offer, without any unanticipated surprises. Happy moving!

Read more at Rismedia.com

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Are home sellers finally coming back to the market?

 
 

The defining characteristic of the 2023 housing market has been dramatically fewer home sellers than any recent year.

That’s one reason total sales volume has been so low, but it looks now like that’s starting to change.

The inventory picture

There are now 539,000 single-family homes on the market unsold, which is up 3.2% than last year at this time. Housing inventory climbed late in the year as mortgage rates rose. Rates are falling now and if that continues, buyers will jump and inventory will fall well into the first quarter of 2024.

Could we see new inventory from distressed sellers if we see a deep recession? Yes, demand will slow if unemployment climbs, but it’s probably 2025 before we see the bulk of that.

More home sellers enter the market

There were 11% more new sellers this week than last year at this time. All year there have been 10-20-30% fewer sellers, so the tide is starting to turn. These sellers have been matched by an increase in buyers, too, so there were 10% more immediate sales than last year. 

As of now, there are no signs of increased sellers growing out of balance with the number of buyers. There are still far fewer sellers each week than in the pre-pandemic era.

Contracts growing

We continue to see the new contracts grow each week: There were 7.7% more new contracts started this week than the same week a year ago. The market was contracting all the way until October, but is now reliably expanding. This is growth of very low numbers: This isn’t a boom market, of course, but it’s a turn.

Home prices will finish the year up 2-3%

Home prices will finish 2023 with 2%-3% gains over last year. The median price of single-family homes in the U.S. is now $420,000. The leading indicators here show another year of flat home-price change in 2024.

The price reductions data tells us that while demand is still weak, it’s better than last year at this time. We had 37.6% of the homes on the market get a price cut this week, which is still above normal, but should drop into the normal range in January. 

What will the housing market look like in 2024? If mortgage rates were to plummet early in the year, buyers would jump in quickly, inventory would drop and competition would push prices higher. That’s a big if. On the other hand, price reductions show enough weakness that if supply were to surge, prices would correct down very quickly. Supply isn’t surging, but it’s worth watching.

Read more at HousingWire.com

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As Featured in West + Main Home Magazine: Southern Charm Meets Southwest Style

 
 

West + Main Agent Ashley Busch

 
 
 
When my husband Drake and I purchased our home we knew that the kitchen would need to be remodeled.
— Ashley Busch

"It was dark and dated and desperately needed a refresh. We started the process by hiring a designer. I think we have great taste but I wanted to ensure that if we're spending this much money, it should be perfect. We met with Christine at HouseHome and explained to her what we were looking for. I'm originally from Alabama and moved to New Mexico for over a decade so I wanted to incorporate many aspects from the South as well as the Southwest. Christine created a design board (South Meets West) and after seeing her renderings we knew  we had made the right decision. Next we hired our friends Casey and Libby Grimes at Grimes Home Concepts to be the general contractors for the project. They met with us as well as Christine multiple times prior to beginning the project.  They were detailed and organized from the beginning and unlike many other contractors, their timeline was spot on. The entire project took 2.5 months and they were at our home every day ensuring that everything went as planned. We moved the laundry room to the basement and removed the formal dining room altogether to extend the kitchen the entire length of the house."

 
 
 
 

Designer: Christine Rapert HouseHome

General Contractor: Casey Grimes Grimes Home Concepts

Flooring: Elevated Flooring Patrick Mullaney

Countertops: White Lux Quartzite, Arizona Tile

Countertop Fabricator: Brian Beavers, The Stone Broker

Cabinets: Quarter Sawn White Oak - Sander & Sons

Hardware: Rio Grande Co.

Wallpaper: Anthropologie

Light Fixtures: Crate & Barrel, Etsy and Pottery Barn

Jenn-Air Appliances

 
 

“It turned out exactly how we imagined and we couldn't be happier with the results. The kitchen is an absolute dream and I wouldn't change a single thing. My favorite thing(s) are the arched bar, the appliance garage, the drop zone where our kids can hide all their things (it even includes outlets inside for charging their electronics) and the built-in icemaker has been key for hosting! Oh and Drake’s favorite thing is the toe kick lighting!”

 
 
 

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Just Listed:Spacious townhome in the ultra quiet Tyrion neighborhood within coveted Broken Top Community!

 
 
 

Spacious townhome in the ultra quiet Tyrion neighborhood within coveted Broken Top Community!

This spacious townhome in the ultra quiet Tyrion neighborhood within coveted Broken Top Community blends the tranquility of Bend's natural landscape w/ the comfort & ease of this open & bright floor plan. Vaulted ceilings w/skylights in the great room & dining areas coalesce beautifully w/ the soft glow of the fireplace creating a warm and cozy setting.The dining space overlooks the trees & pavered private patio area w/ a pergola & gas fire pit for entertaining & pure relaxation.Newer dark stained wide plank white oak flooring throughout. On the main level are two generous (primary + Jr.) en suites on either end of the home, a relaxing den, & laundry.Retreat to the upstairs for a movie, crafts or yoga. A brilliant built-in office/ study space & perfect guest accommodations w/ large bedroom, full bath w/ double sinks & tile shower. Enjoy the Club, Restaurants, miles of trails, parks & lakes within Broken Top. Optional Membership includes golf, pool, pickle ball,tennis & gym!

Listed by Teresa Catania PC for West + Main Homes. Please contact Teresa for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Teresa Catania PC
503-740-3293
teresa@westandmainoregon.com


 

Mortgage refinance demand jumps 19% after rates hit lowest level since July

 
 

Homeowners looking to refinance are finding savings after mortgage rates dropped again last week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.07% from 7.17%, with points falling to 0.59 from 0.60 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Bankers Association. That was the lowest level since July.

“Mortgage rates dropped last week, as incoming data point to a slowing economy and support a pivot by
the Federal Reserve to begin cutting rates next year,” said Mike Fratantoni, MBA senior vice president and chief economist.

As a result, applications to refinance a home loan increased 19% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Refinance demand was 27% higher than the same week one year ago.

“Borrowers who had seen rates near 8% earlier this fall are now seeing some lenders quote rates below 7%. Refinance volume picked up in response to this drop in rates, with a particularly notable increase for FHA and VA refinance applications,” Fratantoni added.

Applications for a mortgage to purchase a home rose 4% for the week but were still 18% lower than the same week one year ago. Homebuyers today may be getting a break from lower mortgage rates, but there is still tough competition in a market with high prices and few homes for sale.

Mortgage rates have not moved much this week, as economic data so far has come in aligned with expectations. That could change Wednesday, depending on the outcome of the latest Federal Reserve meeting and comments from Chair Jerome Powell. Markets expect the Fed to hold steady on its benchmark rate while anticipating cuts next year.

Read more at CNBC.com

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