SPOOKY HOUSES | MOOD LIGHTING | GIFTS FOR DOWN PAYMENTS

SPOOKY HOUSES CAN BE GOOD BUYS

What makes a house look haunted? It could be the tumbleweed landscaping, paintless trim, broken steps or crooked roof. A house can also carry a stigma that makes buyers reluctant such as an untimely death within the home or a history of renters that could include hoarders, drug dealers, or other unsavory characters. But, it could also simply be ugly or poorly designed with a floorplan or features that don’t quite make sense.

These are the homes that don’t sell well because buyers don’t appreciate subpar maintenance, bad design, and icky vibes – none of which has anything to do with the home’s structure. Any material problems can be torn out, repaired or replaced. Any stigma fades with time, which means the house for sale that gives you the creeps could turn out

to be a good investment.

Would you be able to look past a home’s shortcomings to get a good deal? According to Realtor.com, nearly half of homebuyers wouldn’t touch a stigmatized or haunted house, but one in three buyers would purchase one if they could get a lower price. Fortunately, spooky houses are usually discounted and priced to sell with sellers that are willing to allow you to bring inspectors and contractors to address all your questions and what-ifs. Your financial commitment should be no more than the cost of the home plus the cost of renovations as long as they’re equal to or below the other home values in the area.

SET THE MOOD WITH LIGHTING

Every space in your home has multiple functions requiring different lighting. Even within the same room, you’ll need multiple light sources to set the right mood for the time of day and the activities you have planned.

Lighting comes in five major categories:

• General purpose - any lighting fixture that is plugged into an ordinary socket, such as lamps or overhead fixtures.

• Decorative - any lighting where the bulb can be seen, such as a chandelier, bathroom strip lighting, pendant lighting or sconces.

• Track or Recessed - lighting that is usually a floodlight or spotlight in tracks or recessed fixtures. Specialty - unusual lights found in appliances or furniture such as cabinet lighting and appliance lighting.

• Outdoor - lighting that is specially designed for use outdoors such as security lights, lamp post lights, porch or entry lights.

The key to mood lighting is temperature. Lighting is either cool or warm, so the bulb you choose can put out yellow, soft white, bright white or natural daylight. Smart bulbs connect to mobile devices to be turned on and off, dimmed or brightened, or color changed with an app. Read more.

USING CO-SIGNERS AND GIFTS FOR YOUR DOWNPAYMENT

Young homebuyers are having a rough time compared to their Boomer parents when they were first-time homebuyers. Today’s buyers have more student debt, slower wage growth and are building wealth later in life than their parents did at the same age.

With so many hurdles to cross, your parents may be thinking of co-signing your mortgage loan to help you get into a home of your own. It’s a true act of love, but it doesn’t come without risk.

According to The Lenders Network, a co-signer can only help if your income-to-debt ratio is too low, or if you have a shallow credit history. In a co-signing situation, the lender will use the lowest of the your parents and your credit scores, which will likely be yours. Adding your parents’ income will improve the ratio, but they’ll be taking on considerable risk on your behalf. Read more.