I am not a real estate agent or a mortgage lender. But I work with both, almost on a daily basis. Whether in my line of work as a designer or hosting a real estate professional on my weekday TV show, I get a lot of great information from these professionals, and the crazy market certainly has an impact on my work.
As a designer, I work with many clients who are purchasing or building a home. Some are moving up, some are downsizing and some are moving to the area. And I always love working with young people who will be homeowners for the first time.
When I work with these sorts of clients, they are usually running out of funds. The process of buying a home can sometimes take all of their savings and if the client is building, they more than likely went over their building budget. Upgrades can really eat away at a budget!
I have to keep in mind many of these clients will be reusing some of their existing furniture and if any purchases are being made, they must be made wisely. I do like to build a complete project so the client can envision the end result, but we often have to begin a priority list and build the projects over time.
Painting walls, trim and ceilings are almost always part of any new homeownership, so we need to consider paint colors wisely. Now would be a good time to use the most inexpensive design tool to your advantage. Let’s create some WOW with paint so that if you are on a tight budget, we already have begun with a great design element in a room.
I always recommend NOT choosing built-in furniture such as shelving. It cannot be moved and so you are stuck with it and you can use that money on something else. Consider unique building trends, such as taller windows and doors. Think about creating some impact with items that are necessary and must put into your projects.
You may have to spend a little more, but you will get great bang with your buck. And it is easier to add at the beginning rather than changing it out down the road.
On my TV show, real estate professionals are always talking about the interest rate. It has appeared to be a little high lately, however, we were spoiled for several years with low rates. We are looking at very common rates in fact. But we keep expecting them to lower as they were five years ago! To combat these high rates, some sellers and agents are offering buyer incentives.
Sometimes furnishings can be included as an incentive or maybe some cash back or closing costs paid by the seller.
There are some great builders in our area that are building a great product for less money. This can take the sting off of the interest rate. With a less expensive home you can have a real budget friendly monthly mortgage payment. I have even had some sellers purchase a gift certificate from my home furnishings store to give to their buyer.
I am aware of the interest rate and how this can affect my client who wants to now furnish their new property after being stung by unexpected charges over and over during the process. Again, I help them make a plan and we create a priority list.
One home builder that I work with often is Mark Herbert of Herbert Homes. For over 40 years, Mark has built some great value homes in Washington and Thomson! Even the older homes that Mark has designed look fresh today and not dated at all. If you are looking to build a home, you should tune in! Mark is always giving great advice on my show!
Don’t let the rates get you down. Get some advice from your real estate agent, a contractor and a designer so that you are prepared. I love helping people set themselves up for success. And in these trying days of the real estate market, making every penny count is more important than ever!
