At Home 07/24/16 by Missoulian

AT HOME HOMEWISE

H SUNDAY,July JULY24, 12, 2015 Sunday, 2016

Tips and tools to guide you through the home buying, selling and remodeling process AT HOME: Tips for sellers

Maximize Your Housing Dollars Before the yard sign goes up Maximize Your Housing Dollars Real Estate Tips and Advice

dues and homeowner’s insurance. More house: It can mean different Cutting some of these monthly costs things to different people. Maybe can leave more room in your monthly you’ve had your eye out for a deal By Lee Enterprises newspapers and The Associated Press payment a higher purchase on aMore chic house: condo downtown or are It can mean different to save for by choosing a home inprice. a differFor example, if you don’t have hunting for an original craftsman in any may believe the start of selling a house begins when the “For Sale” goes up in the yard. But really, the process begins several things to different people. Maybe ent school district than your target children orParents your on children have left the the historic Maybe your you’ve haddistrict. your eye out for a deal a a picture in the newspaper. Here are six moves to make before putting market. often willing to pay steps before a yard signon and your house theare market. nest, considerfor how muchinyou might be family is growing and youorsimply chic condo downtown are hunting a premium homes a great school able to save by choosing a home a need more space. for an original craftsman in the historic district, which can inflate pricesininside different school district than boundaries. your target If No matter whatyour typefamily of house district. Maybe is growing a highly coveted district’s market. Parents are about willing schools, to pay you’re after, there need are strategies that and you simply more space. you don’t haveoften to think a premium for homes in adollars great school can No help you stretch yourof housing matter what type house you’re your monthly housing can Set up interviews with several real estate The National Association of Home district, which inflate prices dollars afford or upgrades after, to there aresize strategies that can probably buycan “more house” ininside neighagents before choosing one.help Here are some Inspectors recommends checking with youra highly coveted district’s boundaries. If you have thought were out youmay stretch your housing dollars to boring lower listing prices. of the questions that theofNational Associastate to see ifareas homewith inspectors are licensed. you don’t have to think about schools, reach. tion Realtors you recommends: NAHI recommends checking the credentials afford size or of upgrades may have Similarly, consider the cost of homeyour monthly housing dues. dollars can What of marketing proposals does and professional affiliations withDepending anyone thought were outkind of reach. owner’s association this Realtorenvision? before them check your home. probably buy “more in The Get your hands dirty onletting the services thehouse” association pro What’s the average time on market? standard inspection usually includes: neighboring areas with lower listing A home that needs remodeling is GET YOUR HANDS DIRTY vides to homeowners, monthly dues How does the brokerage its Home exterior prices. likelyA to come with a lower asking support home that needs remodeling is for condos and townhouses can get Realtors? Building foundation Similarly, consider of thedollars. cost ofIf you’re price, may be aable to asking afford likelysotoyou come with lower into the hundreds Is the Realtor a Exterior home walls homeowner’s association dues. a price, biggerso home or one in a better you may be able to afford a or part-time willing to do flashing your own yard work or full-time Roof coverings, and gutters Depending on the services the location if you’re thrifty with the © THINkSTOCk bigger home or one in a better location snow removal, look for a community professional? Roof support structure association to homeowners, repairs. Shave offwith dollars and Iflong youhave dream big, consider strategies that can help you afford more house. if you’re thrifty thehere repairs. Shave with lowerprovides association fees, which may How they Attic © FOTOLIA monthly duesinsurance for condos and there by doing some the by work been Basement off dollars here and of there doingin the realIfestate only cover for common you dream big, consider strategies that can help you afford more house. townhouses can getroofs. into the hundreds yourself. skills, such asSome industry? Insulation quality some ofSome the work yourself. skills, areas and shared How often Garage hand than wait a month or more for a of dollars. If you’re to do area your it altogether by making a down painting tiling a floor, make for easy such asorpainting or tiling a floor, make Property taxes willing are another would they expect Electrical mortgage to be approved yardyour workmonthly or snowpayment removal,can looktake of at least percent. If your weekend will save for easy projects weekendthat projects thatyou will save buyer’s work buying more20 house — an addi- own where some long-term planning, but if may you’re payment to hold an open Visible interior andwith exterior plumbing bepatient willing and to negotiate a lower price for budget fora ahit. community lower association for a newinhome is $200,000, loads in labor. For example, the cost you loads in labor. For example, theof house? tional $35,000 purchase price — for In some areas of the country, you disciplined about socking Central air and heating system Word-of-mouth. It still works, especially the privilege. This strategy will take fees, which may only cover insurance PMI would cost aboutpayment. $142 perThat’s month. tiling bathroom could be in the be in costaof tiling a bathroom could the same monthly not can pay as much as 4 percent of the away money, you probably will score a How when it comes to selling homes. You never some butfor ifwho you’re forhome’s common areas and shared roofs. Eliminating by putting 20 thousands if youifhire pro,abut the thousands youahire pro,you but you long an amount of money value in property taxes each deal on a homeplanning, with space theis looking is long-term an know — insignificant friends,it friends of down patient and disciplined about socking Property taxes are another area percent will allow you to put that $142 can learn these skills yourself from can learn these skills yourself from when it comes to affording the size, year. If you’re happy with what you get home office you’ve always wanted or a members. agent’s friends and family away youfor probably willsure score a your your — monthly can schools take tolocation work buying more house — anOnce where online how-to videos or or tutorials on on bigbig listing Be to help Realtor and help online how-to videos tutorials or upgrades you want. in return maybepayment great roads, largemoney, backyard the vegetable garden deal on a home with space for the a hit. In some areas of the country, you additional $35,000 in purchase price — box home improvement store websites contract? yourself when you’re selling. box home improvement store websites of your dreams. again, having cash in hand can help that don’t disappoint and a wealth of Make sure you let your acquaintances home office you’ve always wanted or a can pay as much as 4 percent of the for the same monthly payment. That’s and easily do it yourself for a few and easily do it yourself for a few hunyou do more with your housing budpublic parks and open space — you know your house is going on the market. for the vegetable home’s in property eachBut if not an insignificant amount of money hundred dollars materialsand andsupplies. large backyard AVOID dred dollars in in materials get. PMI might value be willing to pay taxes the price. Make sure you include the thingstoyou love the size, garden of your dreams. year. If you’re happy with what you get when it comes affording supplies. The same goes for laying The same goes for laying wood floors Private mortgage insurance — you’d rather trade in those perks for about the house orlocation the location. in return — maybe great roads, schools or upgrades you want. Once wood floors or a paver patio. Just or a paver patio. Just remember to required on all loans for Be which the ALLorYOUR EXPENSES space, search nearby areas for a propsure to include aCONSIDER link to the listing don’t disappoint and a wealth of again, having cashhousing in hand expenses can help are that remember to complex leave more complex leave more such asjobs, elecbuyer makesavoid a downPMi payment of less about Your erty tax deal. any information openmonthly houses. In additionjobs, to requesting a competitive public parks and open spacetax — you Private mortgage insurance — you do more with your housing budget. such asand electrical and plumbing, to the trical plumbing, to the pros to than 20 percent — can zap your home made up not only of your mortgage For example, a property bill in market analysis, a report prepared by your be willingarea to pay But all loansrates for which thewere pros to avoid making potentially avoid making potentially expensive — required budget. Although for PMI payments including principal, interest might the Chicago canthe runprice. $8,000 onif a Realtor of comparable area properties, here on ratherhome. trade in those perks drive for buyer makes a down payment of.85 less exPenses expensive — or dangerous — are some other important questions to conor dangerous — mistakes. reduced in early 2015 to about per- consider and PMI, butall alsoyour of property tax pay- you’d $200,000 Just an hour’s Your monthly housingassociation expenses are nearby areas for a$200,000 than 20ofpercent — can zap your on home mistakes. sider with your agent: cent the remaining balance the ments, homeowner’s dues space, away search in southern Wisconsin, What is the average number of days on Show off the space in your made up not only of your mortgage property tax deal. budget. Although rates for PMI were mortgage each year, you can avoid it and homeowner’s insurance. Cutting can buy a larger homehouse. or one with DEAL IN CASH the market? This will indicate how quickly If walls rooms many personIf you’re looking to sell a house, you’re payments including principal, interest deal in cash reduced in early 2015 to about .85 altogether by making a down payment some of these monthly costs can leave moreand land, andhave the too property tax bill Everyone knows cash is king, and a the average property sells. alized things, like pictures or knickknacks, probably looking forPMI, a newbut one.also In addition Everyone knows cash is king, and a and of property tax percent of the remaining balance on of at least 20 percent. If your budget for more room in your monthly payment could be only about $3,000. That’s seller who’d rather have cash in his What is the median This tells getting current loan payoff amounts, it’s association it makes it difficult for prospective buyers to seller rather cash inhome hisforprice? payments, homeowner’s mortgage each year, youto can avoid a new a your higher purchase $416 a month in savings for more handwho’d than wait a have month or more a the you where the “middle of the market” is. home is $200,000, PMI see themselves in a house. alsowould a good idea tofor pick banker’s brain.price. cost about $142 per month. Mortgage lendersFor if you house a win-win that leaves buyer’s mortgage to be approved may What does the competitive market sure— closets and storage rooms more feel haveexample, an excellent feel don’t have chil- Make it by putting down 20 perdren or They your underchildren have left the nest, your hard-earned dollars in your be willinganalysis to negotiate lower priceRemember, for Eliminating suggesta for pricing? you open,ofnot stuffed full of junk. for local housing markets. can ask any price you want, a storage unit or downsize before stand successful price points, as well as you might be able Rent cent will allow you to put that $142 to consider how much pocket. the privilege. This strategy will takebut the longer a property sits on the market, the tougher it listing a home. loan programs that may help potential can be to sell. Consider a staging expert. These home buyers. What is the average days-on-market for And, if you’re looking to move out of designers can help prepare a home for selling my price range? the area, downsizing or upsizing, a lender by arranging furniture, decluttering a house, Are there any incentives that could be can help you find a new loan program and or even renting furniture and other items offered? For example, a home warranty or a determine what options are available to that help modernize a home or increase its flooring allowance that may entice buyers? make that next step. appeal.

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HOMEWISE AT HOME: Get Educated Buying a Second Home H2 — Missoulian, Sunday, July 24, 2016

Real Estate Tips and Advice

By ANNA CHANG-YEN | Green Shoot Media

REAL ESTATE 101

If vacation has been so much fun that you don’t want it to end, a second home might be for you. Think carefully about all the issues surrounding owning a second home, however, because there can be major financial implications.

Dreaming Big? If your second home is used only for personal use, the mortgage interest may be fully deductible. According to the Internal Revenue Service, “The total amount you can treat as home acquisition debt at any time on your main home and second home cannot be more than $1 million ($500,000 if married filing separately).” IRS Publication 936 discusses the issue in detail. Read the 2015 publication at irs.gov/pub/ irs-pdf/p936.pdf.

INVESTMENT PROPERTY VS. VACATION HOME The most important decision is whether your home will primarily be an investment or a true second home. How you use the home throughout the year will determine how it is classified by the IRS. A true second home is one that only you and your immediate family use. It’s tempting to help cover your expenses by renting out the home to other vacationers while you’re not using it, but in the eyes of the IRS, you may have just become a real estate investor.

to keep both homes afloat. © FOTOLIA

The decision to purchase a second home comes with major financial considerations. Be sure you’re financially fit and educated about the financial ramifications of your purchase.

very interested in the number of days you use the home for personal use each year. If you use the home frequently, you TAX IMPLICATIONS You can’t write off the mortcan deduct only the expenses gage interest on an investment that are proportional with the amount of time you rented out property in the same way you do your primary residence, and the home. Also, if you rent the you must report the rent you unit below market value to receive as income. In certain friends or family members, the situations, you may be able to IRS might consider that to be offset the rental income with personal use. As you can see, your tax situdeductions for interest, taxes, depreciation and home maination can get complicated in a tenance. hurry. Consult a tax adviser The catch is that the IRS is before you buy, so you can be

sure you understand how the new home will affect your bottom line at tax time.

FINANCING Financing a second home also can get complicated. If you have an FHA loan on your primary residence and took advantage of the low down payment option, prepare to cough up more cash for a second home than you may be expecting. Because private mortgage insurance won’t cover a second home or invest-

ment property, you’ll need to put down at least 20 percent. FHA only insures loans on primary residences, so your second home loan will have to be a conventional loan. This means tighter lending standards, particularly when it comes to whether you can afford the payments. Lenders will look closely at your income vs. housing expenses on both homes and may require strict adherence to debt-to-income ratios. Be prepared to show that your income is sufficient

OTHER CONSIDERATIONS Add up all of the costs before putting in an offer. Don’t forget utilities, home maintenance costs and overhead that can add up, such as furnishings and decor. Also think about how much it will cost to travel back and forth to the home. If you will rent out the home while you’re away, don’t forget about property management fees, and be sure to research average local occupancy rates so you’re prepared for periods with no revenue. If you get in over your head, your “dream” vacation home could become the stuff of nightmares.

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HOMEWISE

AT HOME: Renovations

Missoulian, Sunday, July 24, 2016 — H3

Real Estate Tips and Advice

Bath and Kitchen Trends

By ANNA CHANG-YEN | Green Shoot Media

REAL ESTATE 101

Many real estate agents will tell you that kitchens and bathrooms sell houses. If you’re making renovations, these rooms will give you more bang for your buck when it comes to resale value. Here are some bathroom and kitchen trends that are hot right now.

Got Efficiency? Energy-saving updates are sure to draw buyers’ interest and make your home attractive for the cost savings. To get energy-saving recommendations for your home, visit the Energy Star website at www. energystar.gov/ campaign/home.

GRAYS Gray is showing up in every room of the house, and kitchens and bathroom are a great place to employ this color palette. Instead of brightening up your dark cabinets with a coat of white paint, consider choosing a shade of light gray. Pair it with wood grains for a more traditional look, or go with grays, blues and metals for a more modern aesthetic.

STATEMENT LIGHTING Lighting in the kitchen can be far more than functional. Gone are the days of the fluorescent bar light in the middle of the room. A large metal pendant or a statement chandelier above the island can take a kitchen from boring to bold. Go oversized with extra-large fabric shades. Contrast can add interest to lighting pieces, as well. A fancy crystal chandelier inside a weathered metal cage is a daring choice that will draw the eye. Swap a simple flush-mount fixture for a semiflush light with metal scroll

TECHNOLOGY Like all areas of our homes, © FOTOLIA bathrooms and kitchens are A new trend in kitchen decor is statement lighting. If you’re remodeling your kitchen, consider bold light- getting smarter. Smart homes ing pieces that draw the eye. are no longer the things of science fiction, and buyers will be looking for features that keep nient. If you’re replacing cabito combine style and storage. detail for an inexpensive their homes connected. Give nets, look for special features update. yourself the edge by making Fancy lighting also can find a your cabinetmaker can build SHOWER IDEAS “smart” choices when you home in the bathroom. Hang a in. Even some do-it-yourself A shower without a door upgrade appliances and fixchandelier above a free-stand- cabinet systems have been opens up a bathroom. Glass tures. updated with storage compoing bathtub or a pair of panels uninterrupted by metal Some great options include nents, such as pull-out shelves, components allows for flowing faucets that come on with the eye-catching pendants over pot-and-pan organizers and separate vanities. open space. Another trend that wave of a hand, wireless speakappliance garages. These feawill draw a buyer’s interest is a ers built in to the shower head, tures add value to your home shower large enough for two, ovens that pre-heat themselves that buyers will appreciate. STORAGE or even making room for a wet- with the touch of a smartphone Pull-out drawers with builtAs in the kitchen, adding room by tearing out the buildbutton, and refrigerators that in organizers, utensil crocks storage is a trend in bather-installed garden tub and tell you when the water filter nestled inside cabinetry, builtrooms. If you have room, add a shower. needs to be replaced. in onion and potato bins — linen cabinet that matches These shower layouts also A smart thermostat can help today’s homeowners are lookyour vanities. Or consider add- may make it easier for buyers save energy, which will mean ing for touches that make life ing a large, eye-catching to age in place by eliminating savings for you and future in the kitchen more conveantique armoire or sideboard barriers to showering. owners.

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HOMEWISE

H4 — Missoulian, Sunday, July 24, 2016

AT HOME: Get Serious

Real Estate Tips and Advice

More Women Buying Homes By ANNA CHANG-YEN | Green Shoot Media

The path to homeownership may be rough for single women, but it is more tenable for women today. Single women are buying homes at an increasing rate, according to new research. When the National Association of Realtors released its Profile of Homebuyers and Sellers in 2012, it found that single women accounted for 23 percent of first-time buyers and 16 percent of repeat buyers. Fifteen percent of first-timers and 8 percent of repeat homebuyers were men. With home prices unusually low right for the past few years, women who may have found home ownership out of reach in the past are taking another look. No one knows why women are buying more homes than men, but Walter Molony, a spokesman for Realtors, speculated that “it may be as simple as most guys don’t get serious about housing until they meet the right woman.”

MONEY MATTERS Women still earn 79 cents for every dollar a man earns, making the obstacles to homeownership higher for women. To make matters worse, the American Association of University Women said in early 2016 that the pay gap has barely budged in a decade, and at the current rate, the gap won’t

REAL ESTATE 101

Market Makeup

Despite the challenges they face, many women — particularly single women — are buying homes today. close for more than 100 years. Women should be cautious about their budget when shopping, urges Bankrate, and it’s probably a good idea to shop below the amount of mortgage for which you qualify. Added to other housing expenses and household debt, a mortgage can be stifling for a single earner. Some ways to cut costs include shopping around before deciding on a mortgage and asking the seller to make any necessary repairs before closing. In 2011, the Social Science

Research Network released a study showing women, on average, pay more than men for mortgages because they tend to find their lenders by recommendation, while men shop around. Women who are veterans should get information about Veterans Administration loans, which require low down payments and closing costs, and Federal Housing Administration loans can keep costs down for women who are first-time buyers. The Department of Housing

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and Urban Development helps low-income women to homeownership through its HOME Investment Partnerships program. This program provides grant funds to state and local governments to provide affordable housing.

A WORTHY INVESTMENT Bankrate quotes Mariko Chang, a consultant studying the wealth gap for women for the Insight Center for Community Economic Development in Oakland, Calif., who said single women

Here are some 2015 Profile of Home Buyers and Sellers: • The typical buyer was 44 years old, and had a median household income of $86,100. • 83 percent bought a detached single-family home. • 32 percent of buyers are first-time buyers • The typical home seller was 54 years old, with a median household income of $104,100. • Home sellers cited selling their homes for a median of $40,000 more than they paid. are more likely to work at jobs with lower retirement and other benefits. Housing is expected to be a good investment over the long run, she said, making it attractive. Housing prices have nearly recovered from the highs of the mid- to late 2000s, when the Great Recession began, according to the Economist, so a home is still a good financial choice for many people.

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12190 PaSSion VieW DriVe, MiSSoula, MT 59808 $419,900 • MlS #: 21603462

Fantastic Views of the Missoula Valley, The home has 4 bedrooms, three baths, large office, Home theater Room, large master bath, Granite everywhere, a 36 x 36 Detached Garage Plus two large double car garages attached to over 3,000 square foot one level with no steps all handicapped access, two wells, six acres set up for horses, with barbless fencing, plum, apple, pear trees and raspberry patch. Large open granite kitchen. Gas stove in the living room ,pellet stove in one of the garages, propane heater in the large shop. This home has everything both a husband and wife would want and then some.

2 knerr lane, PlainS, MT $389,900 • MLS #: 2160651

Beautiful Getaway Next to the Flathead River. Fish and float to the property. Only 50 Minutes to Missoula and 20 Minutes to Plains or Hot Springs Mt. In Perma. Ideal Bed and Breakfast. Set up as a triplex with three kitchens,three washer and dryer hookups can be separate or for large family gatherings or retreats. Totally remodeled and a must see inside. Two additional lots available. In the middle of nowhere get lost in Montana.

27595 nineMile roaD, HuSon $439,900 • MLS #: 21600670

One of a kind property with both sides of 9 mile creek frontage. 43.9 Acres Great for Horses, cattle, etc. Privacy Brand new Septic system in just waiting for you to build your dream home. Good fishing! 12 Miles up nine mile road. Borders the county maintained road. Power runs through the property. You will fall in love with the views and setting.

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1506 PeTTy creek roaD,alberTon

1001 norTH ruSSell STreeT,MiSSoula 12822 roSco roaD, alberTon, MT

$89,900 • MLS #: 21602293

$379,900 • MlS #: 21604015

Great get away spot only ten minutes off I-90 Thirty minutes to Missoula Property has a like new camper, extra full bath area with composting toilet. Extra kitchen/work area with stainless steel appliances all under covered roof, pole barn style. Big Horn Sheep in your yard. Underground power and phone. Just off a new paved road. Nice Views.

A large Commercial, Retail Building with a rental home next door. 8 Off street parking spaces. Multi levels with large storage rooms you will be surprised inside with the amount of square footage and rooms.

$599,900 • MLS #: 21605197

Montana Dream Log Home on 20 acres 40X60 Shop and a 1,200 Sq.Ft. Triple Car garage with tack room/office. Home is on three levels Massive floor to ceiling rock fireplace plus a rock fireplace in the basement, Granite counter tops, Black walnut cabinets, stainless steel appliances, Blue pine ceilings and walls, large wood steps going upstairs to a wet bar TV room overlooking the living room. A must see inside. Elk in the yard. Private location with few neighbors.

wamsleyrealtymt.com Mike Wamsley | 406-360-6362

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Diane Beck

AT HOME: Home Improvements

Small Home Improvements For A Big Difference

Dominic Farrenkopf for the Missoulian Getting your home market-ready doesn’t have to be a harrowing experience. With a little research, monetary investment and some time on the weekend, you can easily improve the value and salability of your home. Annelise Hedahl, of Missoula ERA Lambros Real Estate, offered some sensible solutions to spruce up the exterior of your home. “Creating curb appeal offers buyers a first impression that can get them through the door. It’s a good idea to start with simple, fresh mulch. It looks crisp and smells nice too. Decorative pots with hearty flowers and leafy foliage add the right pop. Strategic placement on the deck and sidewalks help create a warm first impression. Consult your local nursery for ideas too,” Hedahl said. “Outdoor living is important to Montanans. Make sure your deck is updated. Scrape and repaint or seal the deck boards. If it’s too small, consider putting in time and money for a deck expansion. Think of your deck as a second living room in the spring and summer,” Hedahl continued. The interior of your home can also be improved with some minor adjustments. “Recently updated kitchens and bathrooms add value. Your current spaces can be dressed up with hardware, paint, lighting, cabinets and creative shelving. Some smaller price tagged ideas include: updating all of your door hardware, changing light fixtures, replacing cabinet hardware and updating towel racks and toilet paper holders. These are inexpensive improvements that can really change the feel of your house,” Hedahl said. “Current kitchen trends tend to feature an open concept. More storage is key and always comes up with buyers. Key items for kitchens are space, storage and functionality. Key items for bathrooms are space, storage and having at least one bathtub in the house,” Hedahl said. If simple updates aren’t sufficient, kitchen and bathroom remodels are a value-building option. The remodel process is delicate, so hiring a professional contractor is recommended. Rod Turner is President of Turner Remodeling Inc. He has over 20 years’ experience, primarily as a full-service remodeling contractor serving Montana’s Bitterroot Valley. “Deciding if updating or remodeling a kitchen or bath is a good idea depends on many things. Do you love everything about your house except the kitchen or bath? Are the finishes outdated or so worn out that no amount of cleaning makes them look better? Do buyers lead a different lifestyle than when the space was designed? Answering, “yes” may mean that a remodel is a good idea,” Turner said.

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The amount of money you invest is something to consider. Turner continues, “Remodeling Magazine publishes an annual “Cost vs. Value Report” that is available online. It’s a great resource to use for establishing a remodel budget.” Finding design ideas is the next step. “For small projects, magazines and the internet offer good design ideas. For more complicated projects, like a major kitchen remodel, hire a designer. It’s money well-spent to have everything planned out before your project starts,” Turner said. Selecting a contractor is an important decision. “Ask a friend who recently had work done on their house or ask the salesman at the lumberyards who they would recommend. You can also ask any contractor in the trades; an electrician, plumber or painter will know the quality of work performed by your potential remodel contractor,” Turner said. “Once you have a few names, invite the contractors over one at a time to view your project. Get to know them and then pick the contractor you are most comfortable with. Communication is extremely important as you will be working out issues throughout the project. Poor communication is one of the top complaints of homeowners,” Turner said. The remodel process can be challenging. “I once read an analogy in a trade magazine: ‘Having your house remodeled is like having your suit tailored while wearing it.’ You’re going to spend a significant amount of time with many different workmen in your space. The contractor you choose will have subcontractors and suppliers that he works with on a regular basis. Those subs and suppliers will have their favorite brands that they have established over the years that provide trouble-free service. Buy your products locally. If there is a warranty issue, you want to be able to enter the store it came from and get help,” Turner said. “Homeowners want to know how long the remodel will take and the true answer is; as long as it takes. It is the contractors job to set a reasonable expectation for the length of time required to complete the job. Never ask a contractor when he can start your project, always ask when he can finish your project,” Turner continued. “Be thoughtful and reasonable when spending money on a kitchen or bathroom remodel. Keep these thoughts in mind and you will be successful!” Hedahl said.

H6 — Missoulian, Sunday, July 24, 2016

AT HOME: Financial Planning

REAL ESTATE | FINANCIAL MATTERS

Clean Up Your Credit

efore you start socking away savings for a down payment and even before you check out price listings for local properties, there is one step you should be focused on: cleaning up your credit.

A poor or unproven credit background will give lenders pause, especially considering the fallout that came with the real estate crash in 2008. For those with bad credit, buying a home can feel like an uphill battle. Sure, you may be able to get a loan from a local bank or credit union, but your interest rates are likely to be sky-high, leaving you with a mortgage payment that is difficult to keep up on. That’s why improving your credit is a necessary first step to successful homeownership. If you have poor credit, you’re not alone. A 2015 report from the Corporation for Enterprise Development showed that 56 percent of American consumers have subprime credit scores. This means they are unable to take advantage of the best interest rates if they want to borrow money for purchases such as homes. If buying a home is in the plans for you, it’s never too early to start making progress toward cleaning up your credit. Here are three tips on how to achieve your credit goals so you can be in a great position for purchasing a home:

UNDERSTAND YOUR SCORE The first step in dealing with bad credit is understanding your score. Under federal law,

you are entitled to a free yearly credit report from each of the country’s top three credit bureaus. You can access these agencies at www. Annual CreditReport.com. Since these main organizations use different data to build your score, evaluating all three can paint a comprehensive picture of what your score looks like to lenders. Do this once a year to keep up with any

changes to your score.

LOOK FOR ERRORS Credit reports are not perfect. In fact, errors can be a common occurrence due to identity theft or simple technical mistakes by reporting systems. Take a hard look at your report and be on the lookout for lines of credit you haven’t taken out or false reports of late payments.

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Contact the credit bureau where the mistake is listed to dispute and clear up any issues. Credit bureaus are legally obligated to clear up any mistakes within 30 days.

PAY OFF DEBT When it comes to fixing your credit, paying off debt is a great strategy for getting some of the clutter off the books. Highinterest debt like that found on

credit cards is particularly important to either eliminate or keep a low balance. Debt such as long-term, low-interest student loans is less damaging to your report. Talk with a debt counselor about ways to approach paying off debt to make sure you’re following the right strategy.

You dream. Sherry listens.

BASED ON THE 2016 HARRIS POLL EQUITREND STUDY* ®

*Real Living Real Estate received the highest numerical Equity Score and the highest numerical score related to Love among ® Real Estate Agencies included in the 2016 Harris Poll EquiTrend Study. Please go to theharrispoll.com for further details.

REAL LIVING. REAL RECOGNITION. Most real estate companies aren’t all that different from each other but Real Living Real Estate is an exception. In fact, Real Living was named "2016 Real Estate Agency Brand of the Year” and "Most Loved” brand in the 2016 Harris Poll EquiTrend® Study—based on opinions of more than 97,000 U.S. consumers surveyed online earlier this year. Are you a buyer or seller looking for a superior real estate experience? Give us a call! http://www.RealLivingGreaterMontana.com 406-549-3353 (Main Office) 2010 S Reserve Street Missoula, MT 59801

Real Living Real Estate is a network brand of HSF Affiliates LLC, which is majority owned by HomeServices of America, Inc.™, a Berkshire Hathaway affiliate. ©2016 Real Living Real Estate, LLC. An independently owned and operated firm. Real Living is a registered service mark. Equal Opportunity Housing Provider.

Housing and Financial Education Free childcare available

ou’ve been dreaming about a new home for a long time. Now you’re ready to find it. So you call a real estate professional. If you’re lucky you call one who knows the Missoula market inside and out. If you’re very lucky you call one who knows that only you know what you’re dreaming about. Meet Sherry Kolenda. Yes, she’s an experienced real estate expert, but more importantly, she’s an expert listener who takes the time to really hear what you’re saying. Finding your dream home becomes a warm, stress-free experience. Because Sherry is the best kind of real estate professional. The kind that listens.

Sherry Kolenda REALTOR® 406/544-5677 skolenda@gmail.com missoulapropertyforsale.com

Windermere Real Estate/Missoula 2800 S. Reserve St., Missoula, MT 59801

Ready to buy a home? We are here to help.

Get Ready for HomeOwnership Class

• Learn how to select a lender and Realtor • Determine what you can afford • Evaluate pros and cons of homeownership

Free Financial Fitness Class

• Create a budget that works • Save for future goals • Manage and rebuild credit

Free Rent Wise Workshop, August 3

• Keys to successful renting • Renter’s rights and responsibilities • How to find and retain rental housing

*Register online or by phone

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