2020 Spaces Magazine Spring by Utah Media Group

Eager to Improve This Spring?

Planting Fresh Ideas Indoors

Page 18

Consider carefully how you will fund those upgrades Page 4

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Contents CTW PHOTOS

Eager to Improve This Spring? Consider carefully how you’ll fund those upgrades.................................................... 4

Made in the Shade Upgrade your home’s outdoor living features in 2020.............................................. 7

Spring Outdoor Improvement Checklist Tackle these tasks to ensure a better-looking yard..................................................10

Before You Pull That Home Improvement Trigger Choose the right projects for better ROI................................................................... 14

Planting Fresh Ideas Indoors

Beautify your interiors — and freshen the air — with houseplants......................... 18

What’s Hot in the Forecast? How to predict upcoming design trends................................................................... 22

Are You a Good Buyer Candidate? Here’s what you’ll need to land your first home....................................................... 26

Leaving an Owner’s Manual Smooths Home Sale Transactions

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Avoid post-sale questions by anticipating them.......................................................30

Consider Becoming a House Detective Buyers can learn a lot during the home inspection.................................................. 32

Jumpstart Spring Now Get a leg up on spring buyers by shopping soon for a home................................. 34

How Low Can You Go? Take advantage of low- and no-money-down mortgage loan programs............... 38

Don’t Let Student Debt Lead to Regret How to improve your chances of buying a home despite higher education debt ...... 42

Refresh the Scenery What’s hot in design trends for 2020?.............................................................................. 45

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4770 South 5600 West West Valley City, UT 84118 editor@utahmediagroup.com www.utahmediagroup.com 801-204-6300 President & CEO Brent Low Project Team Sally Steed, Sr. VP of Advertising Megan Donio, Publication Manager Kristy Kuhn, Editor Karen Bechtel, Design & Layout Unless otherwise noted, photos are provided by Getty Images Spaces Magazine is a publication of Utah Media Group. Copyright © March 2020. All rights reserved. No part of this publication may be reproduced in any format without consent of Utah Media Group. Every effort has been made to ensure the accuracy of the information in this publication and assume no liability for errors, inaccuracies or omissions.

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Eager to Improve This Spring? CONSIDER CAREFULLY HOW YOUâ&#x20AC;&#x2122;LL FUND THOSE UPGRADES ERIK J. MARTIN, CTW FEATURES

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You’ve got big plans to upgrade your home this year. But those goals will likely come with big price tags. How can you swing these projects without breaking the bank? Don’t be so quick to deplete your savings — instead, the experts recommend borrowing what you need after shopping around carefully for the best financing options.

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First, realize that you’re far from alone in having eager home improvement ambitions. A recent report by LightStream reveals that three in four homeowners (73%) planned to spend money on home improvement projects — a 26% rise from a year earlier. “Our survey also found that the average homeowner will spend about $9,000 on renovations, with 11% planning to spend $25,000 or more. That’s an 83% increase compared to our 2018 findings,” says Todd Nelson, senior vice president for LightStream. While these trends are likely to continue in 2020, Nelson notes that homeowners must carefully plan their payment strategies. “While using a portion of savings can be a smart solution, it’s also important to consider other funding options before dipping into money set aside for emergency funds or 401(k)s,” he says.

David Bakke, a home improvement expert at Money Crashers in Atlanta, says there are benefits to financing remodeling projects. “One is that you can get the project done without waiting to save up the cash. That can be particularly beneficial if the project is more of a priority need than a want. Another is that there could be a tax benefit involved, depending on the financing option you choose,” says Bakke. “The downsides are you have to qualify and apply for the financing and pay interest and possibly fees for the privilege of borrowing.” Projects that add value to a home are particularly worth financing, per Eric Jeanette, president of Dream Home Financing and FHA Lenders. “Examples are kitchens, bathrooms and home additions,” Jeanette says. “Ideally, you’d like to see your costs-paid returned eventually when you sell the home.” Spaces Magazine

Jeanette adds that the best candidates for financing are folks “with good credit, stable income and enough equity remaining in their home to support the additional debt.” If you fit these criteria, consider one of the following financing choices:

Home Equity Loan With this strategy, you tap into the equity built up in your home and get a lump sum single payment to fund your projects. “This can be a good option if you have enough equity in your home to qualify. The interest rate is fixed. Also, the monthly payments will not change and are in place for a set period of time,” explains Daniel Cohen, managing editor for San Mateo, California-based Bills.com. “But you have to use your home as collateral, so if you can’t keep up with payments, you could face foreclosure. “Additionally, if property values decline and you’ve tapped into too much equity in your home, you may put your home at risk if you need to sell or move,” Cohen says.

Home Equity Line of Credit (HELOC) A HELOC also enables you to borrow against your home’s equity, using your home as collateral. You can draw the money when you need it, up to a pre-approved spending ceiling, over a set draw period.

Holden Lewis, a housing and mortgage expert at San Francisco-headquartered NerdWallet, says a HELOC “tends to give you the lowest rate among all the options.”

Cash-out Refinance Refinancing your primary mortgage and tapping into your equity by taking cash out at closing could be another smart strategy. “This could provide the lowest interest rate option, and you might end up with a lower monthly payment, depending on your interest rate. The interest may be tax-deductible, as well, and you won’t have an extra payment to make with another product since it’s rolled into your new mortgage,” says Bakke. “However, your closing costs could be high, and the process may take longer than other options.” Additionally, “you might end up paying more total interest than if you had used a HELOC and paid off the balance in just a few years,” says Lewis.

Personal Loan

“Rates on personal loans can vary a great deal; for someone with excellent credit, the annual rate could be 4% to 5%. Most have terms of 36 to 60 months with strict payment schedules to ensure that you pay off your debt in a timely manner,” notes Joe Toms, president of FreedomPlus in San Mateo. “The disadvantage is that you may be able to get a better interest rate with another option. And personal loans generally come with origination fees of 1% to 5% of the loan amount.”

Credit Cards Lastly, you could charge your renovations on plastic. “With credit cards, you might not even pay any interest at all if you do your research and find a card you can qualify for with a 0% introductory APR for the first year. Also, you have the potential to earn cash back, assuming you find the right card,” Bakke says. “On the other hand, if you carry a balance, the interest rate could be markedly higher than for other financing options.” © CTW FEATURES

Pursuing a personal loan could be the right choice. This is an unsecured loan that doesn’t require using your home as collateral; you only need to qualify and apply your signature.

“The advantage here is flexibility. You can borrow money multiple times from an available maximum amount, and you pay interest compounded only on the amount you draw,” Cohen says. “Yet the interest rate is variable, so when rates rise, so does the payment. And restrictions may require you borrow a minimum amount each time.” 6

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Made in the Shade UPGRADE YOUR HOMEâ&#x20AC;&#x2122;S OUTDOOR LIVING FEATURES IN 2020 ERIK J. MARTIN, CTW FEATURES

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You’ve had your fill of holiday regaling and hosting guests indoors over these cold winter months, and you’re eager to take your entertaining ambitions outdoors once the weather breaks. Problem is, your backyard isn’t adequately equipped to accommodate alfresco gettogethers. Fortunately, you’ve got time to remedy the matter by planning ahead and prepping a proper outdoor living area that can be ready by springtime. “Research shows that Americans entertain guests in their homes at least once a month, which means a great outdoor entertainment space in the warmer months is a must-have,” says Doug Mucher, product manager for CertainTeed in Malvern, Pennsylvania. “Today’s homeowners see an outdoor living space as an extension of their indoor living spaces. It’s also a less expensive way to increase the square footage of your home.” Taryn Bone, architect, owner and creative director of Bone Collective Studio in Boston says technology backlash has a lot to do with this trend, too. “Because technology has become so rampant, people are ready to connect more with nature. The easiest way to do that for most people on a regular basis is to create a backyard oasis,” notes Bone. “Many homeowners are eager to gather around the fire pit in their backyard with their friends and ignore their iPhones for a while and just talk.” What’s more, enhanced outdoor living on your property fits within the “stay-cation” movement. “More people are choosing to keep their dollars within their own dwellings instead of spending money on vacations,” Robert Bergeron with Frisco, Texasheadquartered furniture manufacturer Sunnyland Outdoor Living says. 8

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Bergeron adds that the goal of creating an outdoor living area should be to “create a comfortable and harmonious environment that blends in with your current home style while also being functional and easy to maintain.” Components that comprise such spaces typically include comfortable, cushion-topped, outdoor-rated furniture like a sofa or bench, chairs, and/or seat walls; table or fire pit; pergola, awning or large umbrella; and a grill or outdoor kitchen cook station. “Seat walls are huge right now because they help define the boundary of the outdoor space while also providing extra seating,” says Jay Worth with Tomlinson Bomberger, a landscape firm in Lancaster, Pennsylvania. “And fire pits, fire bowls or chimeneas remain popular because fire is fascinating to watch, is fun to cook food over, and seems to allow for long conversations.” Weather-resistant full dining tables are in demand, too. “Many people actually forgo an interior dining room and opt for a more expensive and expansive exterior dining situation nowadays,” says Bone. Try to choose pieces that harmonize with your indoor furniture, if possible. “Don’t buy furniture that doesn’t fit the look of your home or is totally opposite to what your interior looks like. This should be an extension of the inside to outside,” Bergeron says. Shopping for these items is the fun part. First, however, it’s essential to plan the space carefully. “Consider how you actually use the space. How often do you entertain? How many people do you have over when you’re

entertaining? Are you cooking a full meal outside or simply grilling? These are all factors that determine the size and layout of the outdoor area you’re planning,” suggests Worth. Next, ponder the layout of your property. “Create something that makes sense for your family and your outdoor available space. For example, if you have a big backyard with ample room, a large deck with lots of furniture would be a great addition,” Mucher recommends. “However, a smaller yard may warrant a nice patio area and garden instead — perhaps one surrounded by a privacy fence with sound-blocking ability.” Bergeron advises avoiding areas directly under trees, since tree sap, tree pollens, and bird droppings can make your items look bad quickly. “That’s why a covered area is often best for outdoor entertaining,” says Bergeron. Worth agrees. “Low-lying areas and areas within about five feet of a tree or brush line should be avoided to prevent water problems and to keep away from insects,” adds Worth. “You also want to make sure that your chosen deck or patio area has a firm foundation that can support the weight of your outdoor living equipment.” Keep off the grass if you can, as well. “Most people want a yard with some kind of grass or other plantings for the beauty and softness that nature provides, so place your furniture away from it,” Bone suggests. ©CTW FEATURES

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Spaces Magazine

Spring Outdoor Improvement Checklist TACKLE THESE TASKS TO ENSURE A BETTER-LOOKING YARD BY ERIK J. MARTIN, CTW FEATURES 10

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March 2020

We may be in the thick of winter, but here’s a warm and welcoming thought: It won’t be long before the flowers begin budding, trees start blooming, and the grass goes into a green-up mode. While that can be a comforting notion, it should also be cause for consideration: Will your yard be ready for the forthcoming growing season? The experts agree that it’s best to ramp up plans for needed gardening and landscaping maintenance soon to ensure a healthy and attractive exterior property. “Fall and winter come with a lot of problems that have to be cleaned up so that you can properly prepare your outdoor spaces for springtime,” says Rhianna Miller, lawn and garden designer and improvement expert with Rubber Mulch in Lakewood, New Jersey. “It’s important to plan this spring maintenance well in advance, while the weather is still cool and dry. That way, you can finish up well before the spring rains come through, as wet weather makes cleanup and outdoor maintenance difficult.” Angie Hicks, the co-founder of Indianapolis-based Angie’s List, echoes these recommendations. “Early spring is a very unpredictable time of year where weather swings make conditions look ideal one day and ruinous the next. But preparing early for these conditions will set your lawn and grounds up for success throughout the growing season,” Hicks says. To give your yard the best chance for springtime triumph, follow these tips once the ground thaws and temperatures start consistently rising:

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Take a walk around your property “Identify trees and shrubs impacted by winter, and prune as needed to prevent further damage,” suggests Bob Mann, lawn and landscape expert with the National Association of Landscape Professionals in Fairfax, Virginia. Also, “pick up any branches, leaves, and debris that may have fallen during the winter,

and clean up the area you are preparing to work with,” advises Hicks. Also, “remove items from your lawn, like furniture or toys, to reveal or prevent bald spots,” says Bryan Ostlund, executive director of Grass Seed USA.

Inspect hardscapes Look for misalignment, cracks, and landscape lighting that needs to be adjusted, and determine what repairs are required.

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Assess the health of your lawn

Reseed or sod as needed

“Excessive winter weather and snow piles can kill grass. So, check for bare spots, brown grass, and compacted areas that need repair,” adds Mann.

“Choose a grass that suits your climate, and allow it to sprout before you begin mowing,” Miller continues. Additionally, “avoid applying any pre-emergent with your early spring lawn treatment if you plan on planting new grass seed or installing sod. Instead, simply apply a balanced organic-based fertilizer in these areas,” Hicks notes. “But if you plan on waiting until the autumn

Prep your lawn “Rake, aerate, dethatch and level your lawn as needed using a specialized rake, aerator machine, and shovel,” Miller says.

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to do your annual grass planting or sod installation, it’s best to apply a crabgrass barrier preemergent plus fertilizer to your lawn at this time.”

Prep the soil before planting For all garden vegetables and plants, be sure the soil is in proper condition for planting. “Test the soil to make sure it has all the proper nutrients and add organic matter or

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compost to the soil at the time of planting to improve soil structure and promote deeper roots,” says Hicks. “This will mean less stress from insects, disease and heat.”

edge of the bed and kicking the shovel forward,” says Mann. Next, apply a two- to four-inch layer of fresh mulch over all your beds to reduce weeds throughout the season and retain moisture.

Improve flower and garden beds

Ready your mower

“Start by raking garden beds and create a permanent edging to define the space, which you can do by pushing a flat-bladed shovel straight down at the

Sharpen or replace your mower blades, making sure to remove the spark plug before doing so. “Dull blades can tear your grass and put your lawn at risk for fungus, causing it to turn a tan or brown color,”

cautions Hicks. Remember to set a correct mower height, too. “For warmseason grasses, such as Bermuda or St. Augustine, the height should be threequarters of an inch to one inch after being cut. For cool-season grasses, such as bluegrass or fescues, the height should be two-and-a-half inches to four inches high after being cut,” Hicks adds. © CTW FEATURES

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Before You Pull That Home Improvement Trigger CHOOSE THE RIGHT PROJECTS FOR BETTER ROI BY ERIK J. MARTIN, CTW FEATURES

That costly custom crystal chandelier you’ve been eyeing would look perfect in the foyer. You’re convinced that dark quartz counter tops would really make your kitchen pop. And your kids keep asking you to install that in-ground swimming pool you’ve hinted about. All these wish-list upgrade items make perfect sense to you. But

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they may not be so well-received by your home’s next owner, according to the experts. You may never recoup the costs you pay for many remodeling projects when it’s time to sell your home. That’s why it’s smart to think long and hard about the returnon-investment (ROI) potential of any home improvement you plan to make before you commit.

According to Realtors polled for the National Association of Realtors’ (NAR) 2019 Remodeling Impact report, the top five projects that are most likely to add resale value to your home are, in order, a complete kitchen renovation, kitchen upgrade, HVAC replacement, new master suite/owners’ suite, and bathroom renovation.

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But the enhancements that will likely yield a lower ROI than you hope and are less recommended by Realtors include: A closet renovation (40% of value expected to be recovered from the project; only 4% of Realtors have suggested sellers complete before attempting to sell; 0% of Realtors said the project helped close a sale), Adding a new bathroom (50% expected value recovered; 5% of Realtors suggested; 1% said the project helped close a deal), Converting an attic to a living area (56%; 2%; 0%). 16

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The lesson to be learned here?

On the other hand, “ROI becomes less important if you’re planning on staying put,” she says.

“With the high cost of home improvements today, homeowners should consider the return on investment carefully — especially if they plan to stay for only a few years after completing the improvement,” notes Givens. “But if you plan to live in your house for a long time, the financial value of these improvements becomes irrelevant. The improvement will likely become old and dated at a faster rate than in the past, and today’s buyers want new renovations that reflect modern styles.”

Jamell Givens, partner at Amityville, New York-based Leave the Key Homebuyers, shares this mindset.

Case in point: Even if your kitchen was installed within the last seven years and is in excellent

“If an owner is looking to sell, they should focus on ROI before investing in a project renovation. But they also need to consider what is going to bring a potential buyer into their home,” says Dr. Jessica Lautz, vice-president of demographics and behavioral insights for the NAR in Washington, D.C.

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condition, “I would renovate it in order to achieve a good ROI,” suggests Givens. Fiona Dogan, a global real estate advisor for Julia B. Fee Sotheby’s International Realty in Rye, New York, says ROI can vary significantly, depending on the local market and local buyer preferences. “Generally speaking, remodeling on a lower-priced home has a bigger percentage increase on the home’s value than remodeling a higher-priced home,” Dogan explains. But regardless of your home’s value or area, some renovations are almost always going to pay off better than others and be a safe bet.

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“These include finishing rooms that add square footage, upgrading the kitchen and its appliances, updating the master bath and secondary bathrooms, substituting carpeting with hardwood floors or refinishing existing hardwood floors, and adding a fresh coat of paint,” says Michael Valente, managing partner with Renovation Sells, a Chicago-headquartered remodeling firm. “If you’re planning to stay in your home long-term, you can approach these renovations with your own design aesthetic and budget as the guiding factors. But if you’re expecting to sell in the next few years, you should design to appeal to a wide swath of prospective buyers and focus

on items that buyers often notice first and care about the most,” Valente adds. Likewise, avoid lavish, indulgent, and ornamental updates that may be too personalized for your area market. “Remember that the cost of highly personalized additions such as a children’s theater, elaborate home gym with a rock-climbing wall, or indoor hot tub may never be recovered,” says Dogan. “Think classic, timeless, smart and sustainable.” ©CTW FEATURES

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Planting Fresh Ideas Indoors BEAUTIFY YOUR INTERIORS — AND FRESHEN THE AIR — WITH HOUSEPLANTS BY ERIK J. MARTIN, CTW FEATURES

Spaces Magazine

March 2020

Nothing announces the coming of spring quite like budding vegetation, flourishing flora, and grandly growing greenery. Only you don’t have to wait for your outdoor flower beds to bloom or your garden to blossom before you can benefit from an overdue dose of Mother Nature’s majesty. You can get a jump start on the growing season right now by adding carefully selected houseplants to your abode. A wide assortment of plants domesticated for domicile enjoyment are available —many with low-maintenance features and aesthetically pleasing attributes designed to enhance your living spaces. And those are just a few of the perks of indoor plant ownership. “Houseplants contribute yearround low-maintenance color and texture, purify the air of toxic household compounds, produce trace amounts of oxygen, and promote mental wellness,” says Katie Dickson, horticulture manager for Moore Farms Botanical Garden in Lake City, South Carolina. “Robust research has shown that simply being in the presence of a chlorophyllic friend speeds up the recovery time from illness, reduces depression, fatigue and irritability, lowers blood pressure, and has contributed a marked decrease in domestic and neighborhood violence — regardless of socio-economic circumstance.”

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Ellysia Applewhite, an interior designer with Spacejoy.com, a Santa Monica-based online interior design platform, says indoor plants release moisture vapor while undergoing photosynthesis, which increases air humidity.

“This helps keep respiratory issues at bay and improves overall health,” says Applewhite. “And houseplants also assist with concentration and creativity.” Indoor plants can be used effectively as decorative elements in your interior design, as well. “Houseplants actually add a creative layer in your living spaces. Plants enhance your home’s unique look and can be artistically displayed like any other home accessory,” insists Larry Greene, president of Case Design/Remodeling in Indianapolis. That’s a lot of power packed into a compact home companion that doesn’t need to be walked, cleaned, groomed, talked to or heard.

But not all plant species are ideal for your interiors. That’s why it’s smart to scout the intended placement areas and choose the right houseplants. “I recommend deciding on the spot in your house first and then selecting a plant that will work in that location,” recommends Amy Enfield, horticulturist for Scotts Miracle-Gro in Marysville, Ohio. “There are several houseplants that will thrive in low-light or artificial light environments, requiring little care and serving as excellent choices for bringing a little green indoors.” These include:

ZZ plants (Zamioculcas zamiifolia) “With their thick, glossy leaves, these plants add a fresh, modern accent to any space,” says

Enfield. “They will grow in any light level, including low light, and they thrive regardless of whether you give them constant care or miss a watering or two.”

Snake plants (Sansevieria trifasciata) Applewhite says these plants love being pot-bound and flourish even if ignored, handling both full sun or low light. They also don’t need a lot of watering.”

Chinese evergreens (Aglaonema) “Available in a range of color variations and patterns, these plants are very easy to grow in just about any light condition, including low light,” Enfield explains.

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Ponytail palms (Beaucarnea recurvata) This unique species stores water in its trunk and can survive weeks without watering, growing best in bright light, says Enfield.

Pothos (Epipremnum aureum) “Even though they like bright, indirect light, they also do well in areas that don’t receive a lot of sunlight,” Applewhite says. “Pathos will purify your indoor air of chemicals, too.”

Monstera (Monstera deliciosa) With their large, wide leaves that look like they have holes cut in

them, “they’re great plants to create a bold statement in any home and can thrive in low light conditions,” adds Enfield. But if you have pets or young children, “do your research and find plants that are safe, such as blue Echeveria or Boston fern,” Applewhite cautions. When it comes to containers, Dickson prefers white, gray, earth-toned, or onyx-hued pots made of ceramic or other highquality materials. “The best pots have holes in their bottom so excess water can drain away from the soil, preventing rot and plant death,” advises Enfield. “Containers with drainage holes will need some

sort of dish or saucer placed underneath to protect furniture and floors.” Place plants that require more light (like succulents) near a sunny south or west-facing window. “Plants that need moderate light can be placed in rooms that receive morning sun from an east-facing window or be placed on a table several feet away from a west- or south-facing window. Low-light plants will do well in rooms with north-facing windows, on a table several feet away from an east-facing window, or in a room that only sees artificial light for at least four to six hours per day,” Enfield says. © CTW FEATURES

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Whatâ&#x20AC;&#x2122;s Hot in the Forecast? HOW TO PREDICT UPCOMING DESIGN TRENDS KRISTY KUHN, UTAH MEDIA GROUP

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Like clockwork, at the start of each year, word starts rolling out about what’s hot and what’s not for the current year in home décor. The trends are always evolving and, sometimes, it happens so fast, it’s hard to keep up.

Kelly Dunlop, interior designer and owner of Limestone Design Studios, says everything in design is cyclical. Each “new” trend is one of three things: a rebellion against, an homage to, or an adaptation of a previous design style.

Where are these decisions coming from anyway? Is there a committee of top designers who gather each year over coffee, while they discuss the trends, and cast aside those with which they have grown weary? Or, is there some rhyme and reason to why your semi-new kitchen look has, woefully, rolled over to the nothot list?

“When people talk about wanting something modern, the modernist period started in 1919,” Dunlop points out. “It started with the Bauhaus movement, and Bauhaus is coming back in.”

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She also says design trends don’t happen in a vacuum. “There are five key indicators of design trends,” says Dunlop. “If you’re observant of what’s going on in

the world around you, you will know what the design trends are going to be.” Here’s a look at the five indicators of upcoming design trends:

The fashion industry Want to get a sneak peek at some of next year’s popular interior design trends? Hit the catwalk. “Whatever you see on the catwalk, a year later you’ll see in homes,” Dunlop points out. “I’m not talking about the actual physical clothes, but the fabrics, the patterns, the colors — all those things will be used in the interior design industry a year later.”

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Technology

Technology makes our lives better in myriad ways, from improved health care to smart phones and smart cars. It turns out that technology influences design trends as well. Several years ago, you couldn’t have a white sofa without covering it in plastic — that, or risk becoming a neurotic mess while trying to keep stains at bay. Today, Dunlop says the fabric protection has come a long way and become so advanced, anyone can have both a white sofa and their sanity. “You can actually spill red wine or coffee on your white sofa, and it won’t ruin it,” says Dunlop. “You can even have Cheeto-fingers all over it and it just wipes off.” Technological improvements also brought us vinyl flooring that looks like concrete. Why not just get concrete? Concrete tends to get really cold. Vinyl, on the other hand, acts as an insulator, holding in the heat (and the sound). It’s one thing to enjoy the industrial look; it’s quite another thing to have a home that feels more like an uninsulated garage.

The economy During a bull market, when people are feeling secure and affluent, they are more willing to spend on highend items for the home, such as granite counter tops or top-quality appliances. When the bear comes out of hibernation and the economy turns, people are more likely to save their money and either go without or select more budget-friendly items for the home.

Global events “Technology has made it so people are now able to buy from villages in Africa or from people in the Amazon, where they were never able to buy from before,” says Dunlop. She says this is contributing to the current tribal trend in home decor, such as earthy colors, camelcolored leather and designs featuring color combinations such as black and white with bits of red.

The art world Whatever trends are happening in the art world will translate into the home. Dunlop says that a couple of years ago, when the Dutch Masters (of Golden Age painting) had a revival and their works were touring the country, it influenced everything from wallpaper and fabric textiles to color palettes. If you’re looking to be a home design trendsetter, or you simply want to redecorate and get ahead of the curve, pay attention to the world around you, especially these five indicators, and you’ll have an automatic head start.

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Are You a Good Buyer Candidate? HERE’S WHAT YOU’LL NEED TO LAND YOUR FIRST HOME ERIK J. MARTIN, CTW FEATURES You’ve paid your dues as a renter. Now, your heart is set on purchasing a property you can call your own. But before you discard that lease renewal and start shopping for home furnishings, ask yourself an important question: Do you have what it takes to buy a home, qualify for a mortgage and afford the monthly payments? Despite your confidence, saving strategies and sacrifices made,

you may be surprised to learn that the answer is no. The fact is, being eligible for a mortgage loan isn’t easy. And increasingly higher home prices have thwarted many a wannabe buyer. Consequently, it’s crucial to know what to expect before you begin the process, including the minimum qualifications for buyer eligibility. “Often, potential buyers are

excited about the dream of owning their first home. However, they are often unaware and misunderstand the requirements needed when it comes to homeownership and obtaining a home loan,” says Stephen Ho, senior loan officer and mortgage lending expert at Quontic in New York City. Greg McBride, a chief financial analyst with New York City-based Bankrate.com, agrees.

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“First-time buyers commonly underestimate what’s involved in buying and owning a home. Property taxes, property insurance, closing costs, moving expenses, furniture, painting, landscaping, and other upgrades, as well as ongoing maintenance and repairs, are all costs not reflected in the home price,” says McBride. “You don’t want to bite off more than you can chew.”

Character

To make sure you don’t, Ho explains that mortgage lenders will carefully examine four criteria to determine if you’re worth lending money to; he calls these the “4 Cs”:

“Before a lender decides to preapprove you for a mortgage, they will look at several factors. These include your credit history, debtto-income ratio (DTI), proven employment history, and proof of income, assets, and liabilities,” says Marvin Smith, a credit coach with Atlanta-headquartered DKR Group LLC and co-author of “The Psychology of Credit.” “Think of

Collateral The type of property that the borrower secures the loan against.

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The creditworthiness of the borrower, often determined by their credit score/credit report.

Capacity The borrower’s ability to repay the loan.

Capital Funds that can be put toward the down payment.

this pre-approval process as a physical exam of your finances.” Smith adds that you’ll also be required to furnish sufficient documentation. This includes: • 60 days of bank statements • 30 days of pay stubs • W-2 tax returns from the previous two years • Income tax returns from the past three years • Asset account statements (retirement savings, stocks, bonds, mutual funds, etc.) • A driver’s license or U.S. passport

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• Divorce papers (if you need to use alimony or child support as qualifying income) • A gift letter (if you are funding your down payment with a financial gift from a relative) “If you are self-employed, the process gets more complicated. You’ll need at least two years of filed tax returns and income statements, a schedule K-1 (form 1065), and possibly a letter from a CPA to prove your income history,” notes George Birrell, CPA, founder of Taxhub.com in New York City. Of course, a sufficient down payment is another must. To avoid having to pay private mortgage insurance and for better rates and terms, it’s

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recommended that you have at least 20% of the purchase price saved up. However, many conventional loans can be had for much less than 20% down (and special loan programs offer lowto no-down-payment options, including a 3.5% down FHA loan). Having enough saved up requires cutting out unnecessary expenses and sticking to a carefully plotted budget and savings plan. Before looking for a loan, and ensuring that you’re a good buyer candidate who can secure a mortgage, it’s smart to check your credit reports, available annually for free (at annualcreditreport.com), from the three major credit bureaus. Work to correct any errors and collection notices

reported there. Additionally, strive to up your credit score, which you can likely access for free from your bank or credit card. The Federal Trade Commission offers tips to improve your score at tinyurl.com/ftcscore. “The minimum credit score for most conventional loans is 620; the higher your credit score, the lower your interest rate and the better your loan terms,” says Birrell. Also, aim for a low DTI (calculated by dividing your total monthly debts by your total income and multiplying by 100; scores of 45 or lower are recommended) by paying off your debts and increasing your income. © CTW FEATURES

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Leaving an Owner’s Manual Smooths Home Sale Transactions AVOID POST-SALE QUESTIONS BY ANTICIPATING THEM BY MARILYN KENNEDY MELIA, CTW FEATURES To sell, homeowners know they must impress potential buyers. What they may not realize, though, is the importance of leaving a lasting good impression with the buyer who actually purchases their home. In about 10% of transactions, buyers have post-closing questions for sellers, estimates Leslie McDonnell of RE/MAX Suburban, Libertyville, Illinois. Usually, new owners send their questions through their real estate agent, who passes it to the seller’s agent, who in turn queries the former owner and relays answers. About onefifth of the time, McDonnell estimates, a buyer will contact the seller directly. Questions can center on anything from whether the washing machine is still under warranty to when to change the furnace filters. Sellers may avoid the annoyance of questions — which can veer into complaints — by anticipating what the new owner should know. “Thoughtful sellers,” says Mike McElroy of Center Coast Realty, Chicago, “will put together a packet that has warranties, where to find this or that in the neighborhood and any other important information.” The condo buyers McElroy works with usually ask, “where the keys to the 30

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mailbox are, so I always tell sellers to leave them out, clearly marked.” Kathryn Bishop, an agent with Keller Williams Realty, Studio City, California, finds that it’s especially important to leave behind instructions and any relevant information on “smart home” features. Other information to leave behind, suggest the agents include: • Names of contractors who have completed remodeling projects or have installed new equipment. • Paint brands and color names used in rooms throughout the house. • Names of flooring and tile, and it’s also considerate to leave any extra tile. • Contact information for any professional services used, like landscaping, gutter cleaning and snow removal. Such seller etiquette not only avoids post-closing hassles, but it can also spur good neighborly relations when the seller stays in the area. “We had a seller who just moved across the street, who left behind an information packet and a bottle of champagne,” concludes McElroy. © CTW FEATURES

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Consider Becoming a House Detective BUYERS CAN LEARN A LOT DURING THE HOME INSPECTION MARILYN KENNEDY MELIA, CTW FEATURES Buyers don’t see a home as it is, but envision what it could be. And, that vision is usually rosy, with excited imaginings of how furniture will fit or how much room there will be to entertain. That’s why it’s highly recommended that buyers — especially first-timers — attend the home inspection, to glean a more mundane, but utterly practical view. 32

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Besides, after making an offer, it’s the buyer who hires a professional to uncover any serious flaws that must be addressed before closing. Many purchasers don’t accompany the inspector through his basement to roof inspection — which can last two hours or more — but instead arrive at the end for a review, says Michael Casey, a certified Pauma Valley, California inspector.

Nearly all buyers do arrive at the end of the inspection, says Kathryn Bishop, agent with Keller Williams, Studio City, California. Ironically, it’s buyers who are already homeowners and who feel ill-equipped in the art of home maintenance who ask to trek along the entire inspection, says Bishop. “This is a major learning experience for any home buyer, March 2020

but especially for first-time buyers,” says Kathy Dames, owner of RE/MAX Ultimate Professionals, Plainfield, Illinois. “They will learn about all the components of a home — electrical system, foundation, roof, plumbing and its fixtures and heating.”

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By listening to the narrative by the inspector as he goes through the home, “there may be some tips mentioned specific to the house,” adds Casey. Don’t expect an inspector to make predictions on when home systems and appliances need to be replaced, however, just

descriptions of current conditions. For example, shares Casey, “We would say the furnace’s expected service life is about 30 years, but may be reduced due to lack of maintenance, and recommend that it be serviced.” © CTW FEATURES

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Jumpstart Spring Now 34

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GET A LEG UP ON SPRING BUYERS BY SHOPPING SOON FOR A HOME BY ERIK J. MARTIN CTW FEATURES

Poet Alfred Lord Tennyson famously wrote that in the spring, a young man's fancy lightly turns to thoughts of love. But if he had written the book on real estate, Tennyson would have waxed poetically about how, in springtime, a home shopper’s fancy strongly turns to thoughts of purchasing. That’s because, with the holidays long over and warmer weather on the way, demand among purchaser prospects increases and more listings hit the market. All the more reason to beat this bunch to the punch and search for a domicile right now — while Jack Frost is busy keeping most homeowner hopefuls hibernating, the experts agree. “If a buyer is flexible and creative, they can save money by buying in the slower season,” says Karen Parnes, broker/owner of Next Home Your Way in Rockville, Maryland. “A higher percentage of homes that are listed in the winter season tend to have been on the market for a longer period of time. Or the sellers may not be able to wait for the spring to unload their homes. This, along with lower buyer demand, makes for a great opportunity to try and negotiate a lower price.” Brad Pauly, broker/owner of Austin, Texas-based Pauly Presley Realty, seconds those sentiments. CTW PHOTOS

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“Typically, sellers who need to move list in the winter and, therefore, offer the best chance for a deal,” he says. If you are looking for your dream home, you may have to wait until the spring, as there is less inventory on the market this time of year. But if you are looking for a bargain, buy when it’s cold outside.”

bird buyer several thousands of dollars in savings, she says.

“The busiest times for us now are in May through July,” says Parnes.

“In winter, there are far fewer buyers actively purchasing homes, so there’s less pressure to submit a high offer. And owners may be more willing to sell their properties for significantly below market value,” Hartmann notes.

But in the slower season, “I’ve been able to negotiate a 5% to 9% reduction in price for my clients,” Parnes says.

In Baltimore, the market served by Melanie Hartmann’s housebuying company, Creo Home Solutions, the spring buying season doesn’t begin to pick up steam until April. Purchasing before this time can net an early

Parnes says lack of housing supply coupled with rough winter weather the last few years has delayed the start of the spring buying season in her neck of the woods.

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One significant drawback to hunting for homes in winter is the unpredictability of the elements. Braving chilly temperatures, brisk winds, snow, ice, or cold rain can be downright unpleasant. “Plus, snow and ice can hide problems with roofs, sidewalks, driveways, foundations, and yards March 2020

of homes for sale. And if there’s a leak, a home inspector is less likely to find it when the temperature is below freezing,” notes Gary Lucido, president of Lucid Realty, Inc. in Chicago. To up your chances of scoring a better deal from January through March, work with a seasoned Realtor/agent who knows how to find bargains in your market. “Submit lower offers on homes that have been on the market for four months or more — particularly those that have dropped their asking price March 2020

repeatedly. This may indicate that the owners need to sell and may accept an offer well below asking,” suggests Hartmann. “The key here is to spot these bargains before another buyer beats you to it.” But never forget one of the major rules of real estate: If a deal seems too good to be true, it probably is. “Evaluate why a property has been on the market for a long time without selling. If it was simply a matter of being overpriced, that’s one thing.

But if the home was priced appropriately and went under and back out of contract multiple times, or never went under contract, that’s much more concerning. Always include an inspection contingency so you have time to find out what, if anything, is wrong with the home before you buy,” Hartmann adds.

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How Low Can You Go? TAKE ADVANTAGE OF LOW- AND NO-MONEY-DOWN MORTGAGE LOAN PROGRAMS BY ERIK J. MARTIN, CTW FEATURES

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Many would-be home buyers today feel down on their luck, down and out, and directionally downhill. And the reason is downright simple: They lack the needed down payment to purchase a property. After all, it’s a steep climb to reach the homeowner mountaintop when you’re expected to have 20% of the sales price salted away — as required by many mortgage lenders. If you’re just starting your career, saddled with student or consumer debt, or lack the necessary saving skills, this hefty down payment prerequisite can seem like an impossible barrier. But the truth is that you don’t always need to fork over 20%. Buyer-friendly loan programs actually exist that require little to no money down. If you qualify, that means not having to wait years until you can meet the 20% threshold. You can start building equity right away, plant roots in a desired community, and even begin raising a family in a home of your own sooner than you think. The key is learning the facts and knowing where to look for the right loans. “Sadly, many home shoppers today have difficulty qualifying and affording a mortgage because they don’t have enough money saved for a down payment as well as the closing costs, which can run about 3% of the purchase price. What’s more, they have bad credit or their income is inconsistent,” says Dorothy Di Pisa, CPA and managing partner at Quincy, Massachusetts-located Di Pesa & Company, CPAs. Unfortunately, even well-qualified buyer prospects don’t shop around thoroughly for lenders. “They need to speak with more than one mortgage lender and focus on finding the best overall loan package — not just the lowest interest rate,” suggests Anna DeSimone, author of “Housing Finance 2020.” CTW PHOTOS

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Contributing to the problem is the fact that “many real estate agents don’t understand the variety of loan programs available or are confused about how they work,” says Phil Georgiades, chief real estate agent for San Diegoheadquartered FedHome Loan Centers. That’s why homeowner hopefuls must do their homework and carefully research loan options, including the following low- and no-money-down programs:

FHA loan The Federal Housing Administration provides a home loan that requires only a 3.5% down payment to eligible 40

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borrowers and also allows down payment assistance loans from approved housing partnership agencies. “Borrowers must have a minimum credit score of 580. Credit scores as low as 500 require a down payment of 10% or more,” DeSimone notes. “Also, your debt-to-income (DTI) ratio cannot exceed 43% to 50%.” (Your DTI is the percentage of your pre-tax monthly earnings designated to repay debt. Divide your total monthly debts by your total income and multiply by 100 to calculate your DTI). Note that you may be forced to pay for mortgage insurance if your FHA loan exceeds a certain

loan-to-value ratio. (LTV is a number that signifies the size of your loan versus the value of the home. Divide your loan amount into the home’s total value to calculate your LTV.))

Freddie Mac and Fannie Mae mortgages Freddie Mac’s Home Possible loan and Fannie Mae’s HomeReady loan can each be had for 3% down. “The down payment does not have to be from your own funds. These programs allow subordinate financing from approved housing partnership agencies to help cover your down payment and closing costs. March 2020

They also allow 105% total loanto-value financing, meaning you can purchase a home with no cash and also obtain an extra 5% to cover your upfront costs,” explains DeSimone. “They are also available to applicants with no credit score or limited credit history, although a minimum credit score of 620 is better.” Both loans allow DTI ratios of 43% to 50%, with some restrictions. You may be required to pay mortgage insurance if your LTV exceeds 90%.

VA and USDA loans Eligible veterans, service members, and qualified surviving spouses can pursue a Veterans Administration loan that boasts a 0% down payment. Most lenders

require a minimum credit score of 620 and a 41% DTI. “This loan can only be used for a primary residence that you will live in or your spouse will occupy if you are actively deployed,” says Marvin Smith, a credit coach with DKR Group in Atlanta. If you’re looking for a primary residence within a specific rural or suburban area, you may qualify for a USDA loan with no money down. “Your household income cannot exceed 115% of the median household income in your area, and your DTI can’t be higher than 50%,” Smith says. “If your USDA loan finances 100% of the purchase, you’ll have to pay a

guarantee fee upfront and annually that amounts to 1% of the home’s purchase price, which can be rolled into your loan amount.”

Other Options Additionally, you may be able to obtain help from down payment assistance programs in your area (check out downpaymentresource.com for details). “Many state and local housing partnership agencies offer additional financing to help cover your costs,” DeSimone says. © CTW FEATURES

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Donâ&#x20AC;&#x2122;t Let Student Debt Lead to Regret BY ERIK J. MARTIN,CTW FEATURES

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March 2020

HOW TO IMPROVE YOUR CHANCES OF BUYING A HOME DESPITE HIGHER EDUCATION DEBT You’ve graduated from college, landed a good job and are eager to own a place of your own. Not so fast, prospective starter home buyer: Chances are, that significant student loan debt you’ve amassed could prevent you from getting a foot in the door of your first home. That’s because even if you can swing the monthly payments for a mortgage and your student loans, it’s going to be tricky to qualify for a home loan. “When evaluating whether you qualify for a mortgage, lenders must determine your ability to repay the loan,” explains Lucy Randall, sales director at New York City-based online lender

Better.com. “Lenders won’t look so much at your total student loan debt, but they will focus on how much you pay each month toward those loans and how your monthly debt compares to your monthly income, as measured by your debt-to-income (DTI) ratio. The lower your DTI, the more financing options will be available to you.” Your DTI is the percentage of your pre-tax monthly income that goes toward repaying debt, including student loans, credit cards, personal loans, and auto loans. To calculate your DTI, divide your total monthly obligations by your total income and multiply by 100 (for example, $2,000 in monthly debt ÷ $6,000 monthly income x 100 = a DTI of 33%). A DTI of 36% or less is ideal, although many lenders offer loans to creditworthy borrowers with a DTI as high as 47%.

A higher DTI can also hurt your credit score; the lower your credit score, the worse the interest rate offered and terms on the mortgage. But having substantial student loan debt isn’t necessarily a mortgage deal breaker. There are special loan programs you can apply for if you’re eligible. The federal government and other government-sponsored organizations have created a variety of affordable lending options, including Fannie Mae’s HomeReady loan, and Freddie Mac’s Home Possible loan, each of which offers mortgages for as low as 3% down. And an FHA loan can also be had for as little as 3.5% down. If you still can’t qualify for a mortgage, you can always delay your purchasing timeline and take steps now to improve your creditworthiness.

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“Start by paying off all your outstanding credit card debt, which will increase your credit score. Get on an income-driven repayment plan,” suggests Travis Hornsby, founder of St. Louis-headquartered Student Loan Planner. Next, get serious with saving. “Begin putting away every penny you can toward the down payment. Set aside extra for liquid reserves that you’ll need for maintenance, repairs and unexpected home expenses,” notes Chris Griffith, owner/ founder of Debt Does Deals in McKinney, Texas. “Also, delay any big-ticket expenditures, like the purchase of a new or used car, new furniture, technology and other unnecessary items.” Leslie Tayne, founder/head attorney at Tayne Law Group in Melville, New York, advises pursuing extra income opportunities.

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“Seek out a raise or more hours at your current job or find other ways to bring in some extra cash. Because you're increasing your income, you'll be helping to lower your DTI. Additionally, having more cash flow can help make your monthly mortgage payment more affordable for the long-term,” says Tayne. Mat Ishbia, CEO at Pontiac, Michigan-located United Wholesale Mortgage, recommends consulting an expert, too. “A mortgage broker can analyze your unique situation, explain what you qualify for when you have student loan debt, and prequalify you so that you’ll be ready when it’s time to purchase. This professional can show you how much house you can afford and determine a monthly payment you’d be comfortable with,” Ishbia says. When you’ve gotten your debt and savings under control and it’s

time to shop for a home, don’t be afraid to start small. “I had a lot of student loan debt, and I bought the cheapest twobedroom, two-bath condo I could find near my office. I also rented out the second bedroom and applied those rent payments toward my student loans,” Rick Albert, a broker associate with LAMERICA Real Estate in Los Angeles, says. If, despite your best efforts, you’re still not able to obtain or afford a mortgage, don’t beat yourself up. “Be patient and rent if you have to. Spend time focusing on your goals of paying off your large student debt and saving money for a future home,” says Tayne. “While renting can be frustrating, waiting until you feel more comfortable with mortgage payments can help secure a more successful financial future.” @CTW FEATURES

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Refresh the Scenery WHATâ&#x20AC;&#x2122;S HOT IN DESIGN TRENDS FOR 2020? BY KRISTY KUHN, UTAH MEDIA GROUP March 2020

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It’s a new year and a new decade and, for many, it’s the perfect time for a change of scenery. For some, that means buying a new home, but for the majority, it simply means a fresh take on worn out spaces. Whether you’re looking to do a major overhaul on your decor, or just wanting to add a few pieces to refresh the view, here’s a look at what’s hot in home design trends for 2020.

Modern Organic Kelly Dunlop, interior designer and owner of Limestone Design House, says the modern organic design trend is all about taking inspiration from nature and bringing it inside, whether through materials, such as rope, leather or wood, or through patterns, such as birds and floral prints. 46

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Dunlop says one of the quickest and easiest ways to bring nature inside is with real house plants. “Please put real plants in your home; because number one, they improve air quality, so you don’t have toxic houses. It doesn’t take that much to take care of a plant, it really doesn’t.”

Tribal Dunlop says this look is hot right now thanks, in part, to technology making tribal art more accessible. “Technology has made it so people are now able to buy from villages in Africa or from people in the Amazon, where they were never able to buy from before, so that’s influencing the whole tribal trend,” says Dunlop. To achieve this look, start with earthy camel colors, such as camel-colored leather and incorporate black and white

designs with just a bit of red in them. If you’re intrigued by the idea of the tribal trend, but need some inspiration, a quick internet search for tribal art will bring up plenty of designs to get your creative juices flowing. You can even purchase some authentic tribal art and support the artists who make it.

Layered Textures From smooth silk to plush pillows and textured walls, Dunlop says layered textures are big right now. “It’s all about texture at the moment — even more than color palettes and more than patterns.” Mix it up by using a variety of textures in creative ways. If you already have a leather sofa, add some tweed pillows and a luxurious chenille throw. Add dimension to smooth walls by incorporating some textured art. March 2020

The possibilities are endless, so have fun with it.

Luxurious Dunlop points out that the economy is just one predictor of home design trends. When the economy is good, people are willing to spend more. “Because we’re in a boom cycle again in the economy, luxury is back,” notes Dunlop. “We’ve gone from scrimping and saving to spending more and wanting luxury items.” To get this look in your home, incorporate some luxurious fabrics, like velvet and satin. Dunlop says she’s seeing this type of “old Hollywood glam” in everything from furniture to textiles right now.

Bright and Colorful Bold and bright colors are a winning combination, according to

Dunlop. “Navy blues, deep greens, whites and blacks all go really beautifully together,” she says. “So do soft pinks and bright oranges.” If you don’t want to go all in and paint your walls, use accessories to achieve this look. Add some navy blue and green art to white walls, then add a matching rug and a colorful accessory or two. If you’re starting with a neutral space, like a beige and white room, try adding some soft pink and bright orange throw pillows to brighten the space. Dunlop says that while there is something in the current trends for everyone, the best advice she can offer is to make sure your home tells your story. “Don’t just fill your home with stuff,” advises Dunlop. “Only put things in it that you find functional and useful, or that absolutely sing to you.

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