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There’s Truly No Place Like Home
With the extreme heat some of us may be experiencing, it’s nice to spend a family day at home with the A/C on full blast! Our homes are an extension of who we are: what we do within the walls of our homes shapes our mood, affects our productivity, and influences our outlook on life. In today’s constantly connected world, it can be easy to become distracted with work and other commitments, and it’s important to find ways to take it easy when the stress of a busy life becomes a burden. Spending time with your family will not only lengthen your life – it creates bonds, nurtures positive behaviors, creates memories, and relieves stress. One of the best methods of relaxing and letting go of stress is spending quality time with family and friends. So enjoy the time inside with your family!
| The fireworks may have dimmed, but you can still celebrate July 4th by gaining independence from your landlord! Owning a home allows you the freedom to decorate, gives you a great investment towards your future, and is (often times) the same amount or LESS than you would be paying in rent! It’s great to know your options. So, light the fuse and download the BOE FastApp to get started! Our quick response time will leave you mind blown!
Download the app here: http://www.boefastapp.com
Giving is the Good Life
Bank of England Mortgage – Alabama will be sponsoring the Olde Towne Daphne Blood Drive being held by LifeSouth Community Blood Center on July 20, 2018! LifeSouth Community Blood Center is a non-profit community blood bank serving more than 100 hospitals in Alabama, Florida and Georgia and are committed to meeting the blood supply needs of hospitals and their patients by providing the highest quality blood components and services. This will be the second time this year that BOEAlabama will have partnered with this non-profit! All donors will receive a recognition item and a free cholesterol screening.
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Find BOE the Dog in Las Vegas
BOE is out in Vegas this week! Can you find him?
Cookouts, pool parties, and festive fireworks aside – July is a really big month to show off our patriotism! If you’re feeling “berry” proud to be an American and are looking for something different for your next outing – this blackberry cobbler recipe will definitely help get the party started. For the complete recipe visit boemortgage.com/recipe
Human Mortgage in a Digital World
In recent years a lot of energy and resources have been poured into online resources and the “digital mortgage” experience. Amazon recently announced their eventual stake in online mortgage lending as well. One can certainly argue that getting a mortgage online can be quicker, offer less hassle, and be combined with lower rates and financial incentives – but those advantages come with a downside. For the full article, visit: boemortgage.com/blog
|Damien Quevedo, NMLS# 1626308
300 Primera Boulevard, Suite 356
Lake Mary, FL 32746
Phone: (407) 333-7395
Unfortunately, our homes don’t always grow with us. What may have initially worked fine for a single person, a young couple’s starter home, or a family with a newborn can quickly become too small as families expand and multiple generations live under one roof.
Remodeling and adding to your home is one option for creating more space, but it can be costly, and the size of your property may be prohibitive. That’s when moving to a bigger home becomes the best solution.
WHERE DO YOU NEED MORE SPACE?
The first thought when upsizing your home is to simply consider square footage, bedrooms, and bathrooms. But it’s important to take a more critical approach to how your space will actually be used. If you have younger children (or possibly more on the way), then focusing on bedrooms and bathrooms makes sense. But if your children are closer to heading off to college or starting their own families, it may be better to prioritize group spaces like the kitchen, dining room, living room, and outdoor space—it’ll pay off during the holidays or summer vacations, when everyone is coming to visit for big gatherings.
If you need more space, but don’t necessarily want a more expensive home, you can probably get a lot more house for your money if you move a little further from a city center. While the walkability and short commutes of a dense neighborhood or condo are hard to leave beyond, your lifestyle—and preferences for hosting Thanksgiving, barbecues, and birthdays—might mean that a spacious home in the suburbs makes the most sense. It’s your best option for upsizing while avoiding a heftier price tag.
When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria to look for in a sales comparison.
- Location: Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better.
- Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It‘s best to use the most recent sales data available.
- Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
- Features and upgrades: Remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system. Be sure to look for similar bells and whistles.
- Sale types: Homes that are sold as short sales or foreclosures are often in distress or sold at a lower price than they’d receive from a more typical sale. These homes are not as useful for comparisons.
Going green is great for the environment, but that’s not the only benefit. When you make green upgrades in your home, it can also lead to some major savings.
- Solar panels: The upfront cost is big, but the long-term savings are huge. Solar panels will cost several thousand dollars to install, but ongoing maintenance costs are very low, and a typical system could save you hundreds of dollars per year. You can even sell your surplus electricity.
- Wood furnace: Wood-burning furnaces are relatively inexpensive, and though the yearly savings aren’t as dramatic (about 10% on heating bills), it adds up over the long run.
- Insulation: There’s a good chance your insulation isn’t very efficient, especially in older homes. Look into installing floor, cavity, wall, and loft insulation to reduce your heating bills.
- Rain barrels: Rain barrels are extremely inexpensive, and provide gallons of free water to use when you wash your car or water your garden.
- Geothermal system: OK, so the price tag is scary at first. A geothermal system uses the earth’s temperature to heat and cool your home, but can cost $30,000 to install. But tax credits allow you to get a lot of that money back, and the energy savings average about $1,900 per year. If you plan to be in your home for a decade or two, it’s a great investment.
You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.
But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available.
The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and the lower your down payment, the more you’ll pay. You’ll also be offered a lesser loan amount than borrowers who have a 20-percent down payment, which will eliminate some homes from your search.
The national average for home appreciation is about five percent. The appreciation is independent from your home payment, so whether you put down 20 percent or three percent, the increase in equity is the same. If you’re looking at your home as an investment, putting down a smaller amount can lead to a higher return on investment, while also leaving more of your savings free for home repairs, upgrades, or other investment opportunities.
THE HAPPY MEDIUM
Of course, your home payment options aren’t binary. Most borrowers can find some common ground between the security of a traditional 20 percent and an investment-focused, small down payment. Your trusted real estate professional can provide some answers as you explore your financing options.
Living with theme parks like Disney, Universal, and Sea World in our backyard can sometimes overshadow events, venues, or places the whole family can visit and still have fun; without dishing out truckloads of money. Here is a list of five cheap things to do in Orlando.
- Wekiwa Springs: Located at the headwaters of the Wekiva River. About one hour from all of Central Florida attractions. The park offers thirteen miles of trails for exploring, hiking, or bike riding. If hiking is not your thing, you can kayak or canoe along the Wekiva River and Rock Springs Rock. Camping is offered with the option of full facility campgrounds or primitive camping areas. Admission fees can run up to $6.00 per vehicle.
- Orlando’s Farmers Market: Every Sunday from 10 am until 4 pm you can find The Orlando Farmer’s Market at Lake Eola. Here you can support local vendors, artists, and farmers bringing you their unique products. Enjoy a fun day at the park with a pet friendly atmosphere. This venue is free
- The Food Truck Bazaar: This traveling food truck bazaar offers a family friendly environment with a unique dinning experience. Just a quick internet search will yield you the location and what trucks will be featured during the day’s event. The event is free to attend, but the dining cost varies per truck.
- Leu Gardens: This amazingly beautiful location offers 50 acres of botanical bliss. Just minutes from Downtown Orlando, each garden is carefully crafted to inspire each visitor. At the heart of the garden is the Leu House, revealing life during the turn of the century. Entry fee is $10.00 for adults $3.00 for kids (K-12).
- Lakeridge Winery: This location offers daily complimentary tours and wine tasting. Each Saturday afternoon during the month of July, Lakeridge Winery holds its famous Music Series, featuring live bands on the outdoor stage, wine and cheese bar, and a great atmosphere for adult fun.