Have you been wondering which home upgrades are worthwhile? Everyone wants to avoid pouring money into projects that don’t boost property value or add significantly to the comfort or visual appeal of a home. So, how can owners decide what kinds of projects to take on and which ones to ignore? In nearly every case, a wise first step is to pay for one or more inspections.
A licensed professional can tell you what needs to be done and what your priorities should be. After that, it’s up to you to pick and choose among projects like bathroom renovations, interior and exterior painting, decks, pools, and other enhancements. When it comes to paying for any project, small or large, owners can do themselves a favor by getting an accurate price estimate and arranging for financing first.
It’s good to go into a project knowing that it has already been paid for. Not only do you get the peace of mind in knowing that you have expenses covered, but you are more able to focus on the job itself. This is true whether you’re putting on a new roof, fixing up the kitchen, adding an in-home office, or adding a new coat of paint. Here are the details, along with a few suggestions for getting underway.
Pay for Professional Inspections
Contractors usually offer low fee inspections for things like plumbing, electrical systems, HVAC, foundations, insulation, roofs, and more. Don’t skimp on paying for needed inspections. In many cases, hiring a pro is the only way you can know for sure if you need a new roof, air duct cleaning, or wiring repairs.
Pay First, Improve Later
Every homeowner knows that it’s critical to get a project financed ahead of time. No one wants to risk the nightmare of running out of money in the middle of a renovation job. Not only is the mess hard to deal with, but you’re left to wait until you can come up with the rest of the money before finishing the job. Fortunately, just about any homeowner can cover all the expenses associated with upgrades by working with a private lender and taking out a personal loan. Not only are rates competitive, but you’ll gain access to lenient terms and realistic repayment periods. Borrowing for home-related projects makes good financial sense all around.
Bathrooms and Paint Jobs
Bathrooms are a favorite renovation project for many homeowners because they can do most of the work themselves, costs are reasonable, and a complete re-do usually takes less than a month. Painting is another category where DIY skills come in handy, and you likely won’t need to hire a professional contractor. Browsing the various bathroom trends can help you pick a direction in terms of your style and décor. Some owners discover that it’s wise to hire a pro to do the outside work and tackle the indoor painting as a DIY job.
Decks, Pools, and Other Outdoor Luxuries
Swimming pools, backyard decks, hot tubs, barbecue pits, and other outdoor amenities can add beauty, function, fun, and value to any property. Get several estimates from local contractors before deciding which projects to tackle first. For example, barbecue pits, decks, and above-ground hot tubs make excellent DIY tasks.
Cincinnati Chamber’s WE Lead program assists women in getting to the next level of their careers.
Clarissa Doggett, Senior Operational Leader under Medical Operations at Cincinnati Children’s Hospital Medical Center, felt like her career was at a standstill before she participated in WE Lead.
“I felt like I was experiencing a plateau in both my professional and personal life, therefore I was seeking something that would challenge me, but most importantly help me identify why I’m currently in a plateau,” says Doggett.
WE Lead is a 10-month executive leadership development experience from the Cincinnati USA Regional Chamber for high-potential, goal-oriented women actively preparing for the next level of their career.
WE Lead brings together high-achieving, professional women from a variety of backgrounds to learn from one another and creating a strong, supportive network. Through a combination of professional development and executive coaching, participants learn leadership skills and strategies unique to their personal and professional development.
The Leadership Center’s WE Lead program is different from other leadership development programs offered by chambers throughout the region because it offers several opportunities for participants to improve and gain new ideas throughout its 10-month course, where other programs only offer small nuggets of opportunity and guidance at one-time events.
“I was so focused on trying to improve professionally I did not realize that this program would allow me to dig deeper personally as well. It definitely assisted me with trying to find a healthy balance between professional and personal,” says Doggett.
During the month of March, the Chamber kicked off the opening of WE Lead applications for Class 16 and celebrated International Women’s History Month by honoring WE Lead alumni and women in the region who have become incredible leaders and role models. WE Lead alumni shared their experiences and highlighted the women in their lives who have inspired, encouraged, or empowered them along their leadership journeys. Check out #WELeadCincy to hear how WE Lead has impacted our alumni and the meaningful relationships they built.
When asked about what she enjoyed most about the program, Doggett says it was the chance to look inward and focus on herself for a change.
“I appreciate simply being comfortable to bring my authentic self in every discussion without feeling judged. As women, I think it’s hard for us to be vulnerable because we want to always strive to be strong, and in general we tend to struggle with finding a sense of belonging, particularly when it comes to leading. I didn’t imagine that this program would also help me identify personal things in my life that were inadvertently feeding into this ‘plateau’ state I was experiencing. It has allowed me to think deeper, reflect on things I value the most and identify what actually motivates me to be great,” she says.
“If you are looking to be comfortable with being uncomfortable and growing professionally and personally while connecting with other amazing women leaders throughout our region, I would highly encourage you to apply for this amazing program,” adds Doggett.
“We hear time and time again that women are so appreciative of WE Lead as it pushes them to enhance their leadership and provides an opportunity to develop life-long relationships with an incredible network of women who will help them advance locally,” says Vice President of the Leadership Center Amy Thompson.
There have been more than 600 graduates of the WE Lead program through the Leadership Center at the Cincinnati Chamber. You can see a list of previous graduates by clicking here.
There is a competitive process to participate in WE Lead, including an application and references. Applications for the upcoming WE Lead program are open now and will close on May 21, 2021. Click here to apply.
You might love the idea of remodeling your house, but you might not know where to get started. The good news is that you are not alone. Many people start the process without knowing what to expect but doing so can lead to mishaps. That’s why understanding a bit more about the process can help you avoid unforeseen issues or expenses to simplify the process as much as possible.
Planning the Process
If you plan on doing a major home renovation, you’ll want to think about how you’ll cover the cost. You’ll want to try to lower your monthly expenses while you save up for the remodeling project. One way of doing so is to refinance your student loan into a new one with the help of a private lender to get personal finances in order going forward.
One way of saving money is to talk to several contractors and then compare their prices. Different contractors have varying ways of getting things done, so you will want to understand each process before deciding. Otherwise, you might end up paying too much or not getting things done the way you want to. Make sure you do your research and get several opinions, especially for a big project.
Using a Key Lockbox
If you do not live in the house you are remodeling, it might be a good idea to consider using a key lockbox. That is especially true if you do not live in the area. If you have several projects that are impossible to do by yourself, using a contractor is the best way to go. They often like to begin the project early in the morning, so they should be able to let themselves into your home.
Otherwise, you might have to fight the morning rush hour to get there on time. Plus, allowing the contracts to let themselves in can save you quite a bit of fuel and time. If you don’t like the idea of a lockbox, you can also use smart hardware on the door and give the contractor a code.
Spending Time in the Area
It is best to avoid deciding on things like paint or lighting at first. Instead, spend a bit of time in that area and think about what you like. For instance, if you know you don’t like the flooring, consider what would work in that space and look nice. There are many types of flooring available, and you also have a range of colors to pick from.
The same is true of picking paint colors. You need to place samples of the paint on your walls to understand how the colors work together. And you might find that after updating the floor and paint, the light fixtures do not work as well as you had thought. Spend a bit of time thinking about everything will work together in the end. That way, you will not have to start over in your design later on. Of course, you may still find your ideas change along the way, but you can always make small tweaks to your design.
WE Lead prepares professional women for the next step in their careers—and lives.
WE Lead is a 10-month executive leadership development experience from the Cincinnati USA Regional Chamber for high-potential, goal-oriented women actively preparing for the next level of their career.
WE Lead brings together high-achieving, professional women from a variety of backgrounds to learn from one another and creating a strong, supportive network. Through a combination of professional development and executive coaching, participants learn leadership skills and strategies unique to their personal and professional development.
Clarissa Doggett, Senior Operational Leader under Medical Operations at Cincinnati Children’s Hospital Medical Center, is a participant of WE Lead who says she joined the program to help her determine her next steps professionally but found that the program was also personally beneficial.
“I felt like I was experiencing a plateau in both my professional and personal life, therefore I was seeking something that would challenge me, but most importantly help me identify why I’m currently in a plateau,” says Doggett. “I was so focused on trying to improve professionally I did not realize that this program would allow me to dig deeper personally as well. It definitely assisted me with trying to find a healthy balance between professional and personal.”
During the month of March, the Chamber kicked off the opening of WE Lead applications for Class 16 and celebrated International Women’s History Month by honoring WE Lead alumni and women in the region who have become incredible leaders and role models. WE Lead alumni shared their experiences and highlighted the women in their lives who have inspired, encouraged, or empowered them along their leadership journeys. Check out #WELeadCincy to hear how WE Lead has impacted our alumni and the meaningful relationships they built.
The Leadership Center’s WE Lead program is different from other leadership development programs offered by chambers throughout the region because it offers several opportunities for participants to improve and gain new ideas throughout its 10-month course, where other programs only offer small nuggets of opportunity and guidance at one-time events.
When asked about what she enjoyed most about the program, Doggett says it was the chance to look inward and focus on herself for a change.
“I appreciate simply being comfortable to bring my authentic self in every discussion without feeling judged. As women, I think it’s hard for us to be vulnerable because we want to always strive to be strong, and in general we tend to struggle with finding a sense of belonging, particularly when it comes to leading. I didn’t imagine that this program would also help me identify personal things in my life that were inadvertently feeding into this ‘plateau’ state I was experiencing. It has allowed me to think deeper, reflect on things I value the most and identify what actually motivates me to be great,” she says.
“If you are looking to be comfortable with being uncomfortable and growing professionally and personally while connecting with other amazing women leaders throughout our region, I would highly encourage you to apply for this amazing program,” adds Doggett.
“We hear time and time again that women are so appreciative of WE Lead as it pushes them to enhance their leadership and provides an opportunity to develop life-long relationships with an incredible network of women who will help them advance locally,” says Vice President of the Leadership Center Amy Thompson.
There have been more than 600 graduates of the WE Lead program through the Leadership Center at the Cincinnati Chamber. You can see a list of previous graduates by clicking here.
There is a competitive process to participate in WE Lead, including an application and references. Applications for the upcoming WE Lead program are open now and will close on May 21, 2021. Click here to apply.
Between COVID and low interest rates, more unwed couples are buying houses than ever. Our mortgage expert shares a few tips to keep in mind if buying before nuptials.
In previous generations, buying a home was a life milestone that often came after a couple married and combined households. But with interest rates at near-record lows, and COVID precautions delaying weddings, more couples are buying homes before marriage than ever. So, we tapped the expertise of Cincinnati-based Ron Erdmann at Guaranteed Rate for some advice when saying “I do” to a home first.
Erdmann says calling a mortgage professional is often the first step, but he suggests contacting a financial planner and real estate attorney too. “It just helps to take a look at your whole financial picture to plan things out,” he says, “and an attorney will help define all the details that are sometimes more inherent for married couples.”
Erdmann says these are the three main questions unmarried couples should consider when buying a house.
1. Who’s Applying for the Mortgage?
Buying a house together is a big commitment. So, even before searching for a home, Erdmann says you should contact an experienced mortgage professional to compare options and get pre-approved. “I always encourage both to apply together so we can determine if it’s best to buy in both of their names or just one of their names,” he says. “The more I know, the more I understand how to best set up the purchase.”
2. What Type of Ownership is Best?
When you buy a house with your partner, you must decide how you will own the property, or “take title.” Erdmann says you should consult with an experienced real estate attorney to decide what’s best for you, but generally speaking, there are three basic choices:
• one person holds title as sole owner
• both of you hold title as “joint tenants,” or
• both of you hold title as “tenants in common.”
“The partner with the stronger financials and credit score may want to purchase the home to get better mortgage terms and interest rates,” Erdmann says. “But both names can be on the deed even if one didn’t sign the mortgage, provided the lender agrees. What’s on the deed doesn’t have to match what’s on the mortgage.”
3. Get a Cohabitation Property Agreement?
When couples live together, married or not, they will most likely accumulate equity. Unlike married couples, though, unmarried couples may not have the same property protections. So, they can create a cohabitation property agreement to outline who owns what, and what will happen in the event the couple chooses to separate or if a partner passes away. “It’s completely optional and not at all common,” Erdmann says, “but an attorney can look at your unique situation and tell you if they’d recommend it to be safe.”
While it’s far from romantic, Erdmann says, talking through these basics of home buying and gathering the appropriate paperwork for a mortgage application is a good starting point for examining whether or not a home purchase is right for your relationship, married or not.
To learn more about Ron Erdmann, NMLS 728342, Branch Manager and SVP of Mortgage Lending at Guaranteed Rate, visit https://www.rate.com/loan-expert/ronerdmann. You can also contact him via email at ron.erdmann@rate.com or call (513) 609-4484.
A year after the pandemic hit, it’s clear COVID-19 forever changed the housing market. A local expert shares insight into the big shift and real estate’s new normal.