Category Archives: Home Improvements

The Real Cost of a Fixer Upper

Home Mortgage

Throughout your real estate search, you’ve probably asked yourself the infamous question, “What would Chip and Joanna do?” With HGTV’s Fixer Upper series gaining popularity, more and more families are looking to buy inexpensive fixer uppers to fulfill their home buying dreams. Filled with projects, setbacks, and endless design potentials, these diamonds in the rough come with their own unique set of pros and cons. Luckily, Alpine Bank is here to help you discover the true cost to working through your own fixer upper.

Every home has different needs, but these are some key expenses you’ll need to plan for when purchasing a fixer upper:

  • Realtor Fee: If you’re selling your current property, be prepared to fork over the 6 percent fee to have your home sold. Ideally you’re looking to sell your home for a higher dollar than you purchased it for, but this is not always the case. Be sure to have some funds in reserve just in case you have to cover the realtor fee out of your own pocket.
  • Construction Costs: Typically divided into two billing arenas, you can expect to either pay one lump sum, or a calculated cost of labor, materials, and an added profit margin. Expect to pay $100-$200 per square foot of intensive renovation work.
  • Materials: The more upgrades you want, the faster your price will climb. While simply getting the property up to speed is a task all its own, creating your own customized space inside will continue to add dollars and cents to your overall bill.
  • Furnishings: Depending on the format of your last home, you may be upgrading your furniture in this new abode. After various searches and bargain finds, you’ll still need to tuck away some extra funds to ensure you can furnish the home once it is finished.
  • Landscaping: Now that the house is complete, it’s time get to work on the curb appeal – and it isn’t cheap! With an average price tag of $5,000, finishing your home with a completed landscape design can also add to the overall budget.

Altogether, purchasing a fixer upper may cost about the same as a newer home purchase after the cost of renovations. The advantage to these love-needing homes however, is their potential for customization, and creating the ideal home for you and your family. If you’re looking to repair or update your next home, consider financing through one of our structured Home Equity Lines of Credit. Our experienced mortgage lenders are here to help you every step of the way!

 

 

The Route to Home Ownership

Mortgages

The journey to becoming a first time owner is an exciting and personal process. With questions ranging from price, commodities, to neighborhoods and more, the task of finding your ideal property can seem daunting. At Alpine Bank we want to help you make the most of your home buying experience with our guided route to home ownership. Sit back, relax, and enjoy the view as we take you step by step through the first time home buying process.

  1. Assess your personal finances. Take a good hard look at your current sources of income, in addition to the underlying expenses you have each month. Determine if your funds can support the cost of a monthly mortgage, property taxes, home insurance, and all the other associated costs of home ownership.
  2. Mortgage Pre-Approval. Once you’ve decided to make the jump into home ownership it’s time to determine what your ideal purchase price will look like. Work with one of our mortgage lenders to decide on the best price range for you and your family. After determining your financing needs together, we will evaluate your credit history award you with a pre-approval letter for the amount we will agree to finance.
  3. Find “The House.” Here comes the fun part – house hunting! Pair up with a reputable realtor to look at houses that do not exceed the approved purchase price. You may look at six homes, or even thirteen, but once you find the right property you’ll know it’s the one!
  4. Get an approved offer. After touring the property and checking for any major repairs, speak with your realtor about putting in an offer on the house at a price within your budget. The seller may counter with a different price point, and negotiations for the offer can be discussed with your realtor. When you and the seller have agreed to a purchase price and a finalized offer is signed you officially have an accepted offer to purchase your future home!
  5. Speak with your mortgage lender. Now that you’ve found your new place, your mortgage lender can gather accurate tax information and further specifics for your mortgage financing. Reach out to confirm the terms of the loan prior to closing to help ensure a smooth transition.
  6. Home Inspection. Since you and the buyer now have an accepted agreement it’s time to fully inspect the property you intend on buying. Speak with your realtor for recommended home inspectors in the area, and set up a time when both you and the realtor can be present. The home inspector will detail notes about the property concerning safety hazards and other important repairs that should be taken care of at the seller’s expense.
  7. Close the offer. After all the paperwork is finalized, and you complete the final walk through of the home, it’s finally time to receive your mortgage financing and close the home offer.
  8. The House is yours. All your hard work has paid off and you are now a home owner! Celebrate this monumental achievement by inviting family and friends over for a moving or house warming party!

Whether you’re looking for a peaceful cottage in the country or new construction in the city , Alpine Bank can help you with all your financing needs. Stop by the bank or give us a call at (815) 398-6500 and get started on your home buying journey today!

Seal the Deal: 7 Ways to Sell Your Home

Use these ideas to attract potential buyers and make your home appear as best possible.

Stress less about selling your home with tips found here.

After making the initial decision to sell a home, there are several considerations to make and steps to take.  Every situation is unique and should be approached as so. Whether the decision is made for financial reasons or for a new job, moving can be simplified with the right organization skills and professionals.

Making your home appealing to potential buyers is an important aspect in making the sale. Alpine Bank is here to offer you suggestions to do just that.

Tips for Home Sellers:

  • Find out what your home is worth and then shave 15 to 20 percent off that value. You will attract many buyers who will bid higher than what you priced the home at originally and the risk will be worth it.
  • Hire a broker that knows the area, is well educated of the housing market, and is tech savvy. A well informed broker will keep a watchful eye out on the market and ensure you are getting the best deal possible.
  • Show off the best features of your home and make it appealing to any buyer. Next to location, light is a priority for most home buyers.  Open the drapes, dust off blinds, and replace light bulbs. Do everything you can to make your home appear light, open, and cheery.
  • Storage space is important for many. Clean out your closet and neatly organize the remaining items. Show potential buyers how much room there is for their belongings and help them feel at home.
  • Simple upgrades like a new coat of paint, new door handles, new drapes, and polished floors, will help your home to look fresh without having to spend a lot.
  • Depersonalize your home to allow potential buyers to visualize themselves in it. Put away family photos, personal collections, and keepsakes.
  • Always have your home “show ready.” It needs to be in the right condition for a showing at any time. You need to be available and prepared to have a showing at any time. After all, the first impression matters most.

Alpine Bank wishes you the best of luck when selling your home. We understand this can be a stressful time of packing boxes and preparing for a big move, which is why we encourage you to do the small things right to sell your home as quick as possible. As you go on to find a home, contact Alpine Bank for a mortgage to fit your financial needs.

4 Affordable Home Improvements for Summer

 

Cheap home improvements

Making your home look better doesn’t have to be time-consuming or expensive. Painting your front door is just one fun and quick way to spruce up your curb appeal.

Alpine Bank would like to offer you 4 affordable ideas for sprucing up your home this summer. With flowers in bloom and the sun shining bright, there is no better time to freshen up your house. Home is a place where family and friends gather and memories are made. Make this summer one to remember with several fun home projects to take on. Visit our site today to find services to help you with all your financial needs.

  1. Our first suggestion to creating a fresh look in your home is to paint the front door. While this may seem like a small change, it will make a big difference. A colored door can show your personality and set you aside from neighbors
  2. Our second suggestion is to add plants inside the home. A potted plant can be placed in the entrance to the home, kitchen, living room, or sun room, or anywhere it can receive proper sunlight. Plants have been shown to increase oxygen, improve mood, and increase focus. They are an easy find at any flower shop or farmer’s market.
  3. Our third suggestion is to replace old light fixtures with new. They can be installed easily and greatly change the feel of a room. A statement light shows that you care about the details of your home and value individuality. Go as extravagant or conservative as you feel to brighten up any room.
  4. Our fourth suggestion is to care for floors frequently and thoroughly. When floors are neglected, they collect dust and dirt that can cause scratching and long term expensive damage. By simply dusting and mopping a couple times a week, you will keep high traffic areas safe from scratches.

Alpine Bank encourages you to save money and make affordable home improvements this summer. We hope you keep us in mind when making financial decisions and don’t hesitate to drop in or give us a call today! Member FDIC.