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Let’s Talk Basements: How to Finish Your Basement so It Adds Value to Your Home

November 30, 2016 by Kay Monigold

Let's Talk Basements: How to Finish Your Basement so It Adds Value to Your HomeAre you on the hunt for home renovations that will boost usability and value? Look no further than that unfinished basement. In this article, we’ll show you how to turn that dusty cave into an amazing new living space.

Note: finishing a basement isn’t the easiest job. For most basements, it’s a lot more than a weekend do-it-yourself project. If you’re not comfortable with construction be sure to enlist the help of a professional.

Step 1: Plan Everything Out

The first step is to plan out how you’re going to use the space. Are you going to make an office? A full suite? Is there any plumbing or wiring involved? Will you need to create full walls? Map out how you plan to use the available space so you have an idea of what you’ll need.

Step 2: Measure And Deal With The Floor

Once you figure out how you’ll use the space, you’ll need to measure everything out. Height can be an issue — especially in basements not designed as a living space. You can solve height problems by digging out the concrete slab. Once you get down deep enough, you pour a new slab.

Step 3: Frame Everything In

Is the basement at a good height? Next you’ll need to start framing everything in. Depending on how you have your walls mapped out, this might take a while. You may also need permits or to enlist licensed tradespeople, such as an electrician. If you’re just framing in a single room to add walls, it will be easier.

Step 4: Insulate And Install The Walls

After the framing process, you’ll insulate everything before installing the walls. Adding insulation can drive energy and heating costs down by a lot. So much so that in colder areas of the country, new homes must have insulated basements. After the insulation is in place, you’ll install the drywall and ready the walls for painting.

Step 5: Paint, Carpet And Finish Up

The final step is to get everything painted and finished. If you chose to go with a carpeted floor, you’ll want to save this for last. Once the painting is complete, install the carpets, baseboard and trim. Touch up any final areas and you’re all set.

Finishing your basement into a usable space is an excellent way to add value to your home. To learn more about building your home’s equity, give us a call.

Filed Under: Around The Home, Home Mortgage Tips Tagged With: Around The Home, Homeowner Tips, Upgrades and Renovations

Did You Know?: 4 Factors That Can Delay Your Mortgage Approval (and How to Avoid Them!)

November 28, 2016 by Kay Monigold

Did You Know?: 4 Factors That Can Delay Your Mortgage Approval (and How to Avoid Them!)If you’re currently buying a home and are stressing about the kind of home to choose and which lender to go with, it can help to clear up some of the confusion surrounding the mortgage process. While mortgage applications are assessed on a case-by-case basis, here are some factors you’ll want to avoid so the timeline of your approval isn’t negatively impacted.

Your Employment Status

It goes without saying that the amount you bring in each month is a huge factor towards how much house you can afford, so having a part-time job, being self employed or even being unemployed can adversely impact your application. Instead of leaving this factor up to chance, make sure you have a job that will more than cover your monthly payment or at least the savings in the bank to take the pressure off.

The Debt You Carry

The amount of your debt has an impact on the house you can afford, but debts whether from auto loans or credit cards; can still adversely impact the lender’s perception of your finances. Before buying a home, you may want to pay down some of your debt or hash out a monthly budget so you’ll have more certainty when it comes to application time.

Your Credit Report

There are few things that will have a more marked impact on your mortgage approval than your credit history, so whether or not you have good credit will play into your application approval. While many people shy away from their credit report, ensure you look it over before submitting your application so you know what you’re dealing with and can correct any mistakes.

The Down Payment Amount

You’ve probably heard that 20 is the magic percentage to put down, and while this number isn’t needed to buy a home, it can be the right number if you have high debt or a negative credit history. While you may want to buy right away, waiting and saving up may actually improve your odds of approval and save you money in the long run.

There are many factors involved in the mortgage process and many of these things have the ability to slow down your application. But, by being aware of your credit and having a 20 percent down payment saved up, you may be able to speed up the process. If you’re close to submitting your mortgage application, contact your trusted mortgage professionals for more information.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage, Mortgage Applications

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Our Team

Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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