New Home Friday - October 6, 2023

Are you considering buying your first home? If so, it can be helpful to know what led other people to make that decision. According to a recent survey of first-time homebuyers by PulteGroup:

“When asked why they purchased their first home recently, the answer was simple: because they wanted to Either the desire to stop renting or recognition that homeownership is a smart financial investment was the main motivator for 72% of respondents ”

While that survey looked specifically at first-time homebuyers buying newly built homes, the same sentiment is true for just about anyone buying their first home Here’s a bit more information to help you think about those two benefits of homeownership to see if they’re a key factor for you too

When You Buy a Home, You Have More Stability than When YouRent

You might want to stop renting because rents keep going up. If you’re a renter, that means there’s a chance your payment will increase each time you sign a new rental agreement or renew your current one

On the other hand, when you buy your home with a fixed-rate mortgage, your monthly housing payment is predictable over the length of that loan. This stability can give you a peace of mind that renting just can’t provide. Jeff Ostrowski, real estate journalist, breaks it down:

“With a fixed-rate mortgage, your monthly principal and interest payment is set for as long as you keep the loan. Sign a rental lease, however, and you could see your rent rise the following year, the year after that and so on.”

When You Buy a Home, You Grow Your Wealth as HomeValuesClimb

Beyond that, owning a home can also be a great long-term investment While renting may be the more affordable option right now, it doesn’t provide an avenue for you to grow your wealth over time. Mark Fleming, Chief Economist at First American, explains that’s an important distinction to consider:

“Given current dynamics, more young households may choose to rent in the near term as the cost to own, excluding house price appreciation, has unequivocally increased Yet, accounting for house price appreciation in that cost of homeownership, whether to rent or buy will depend on where, and if, a home is likely to cost more or less in the near future.”

Basically, renting doesn’t allow you to build equity. In contrast, homeownership can help you grow your net worth as your home’s value appreciates. That’s a significant perk you can’t get if you keep renting

When you take that into account, it may make better financial sense to buy. Most experts project home prices will continue to appreciate over the next few years at a pace that’s more normal for the market. That means when you buy a home, not only are you investing in a place to live, but you’re also investing in your financial future.

If you're ready, it can be a smart move to buy your first home instead of renting, so you can stabilize your housing payment and start building wealth for your future

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Bathroom Design Trends That Should be on Your Radar.

The newly released 2023 U.S. Houzz Bathroom Trends Study finds bigger is better for primary bathroom size in today’s homes. The survey of nearly 2,000 respondents found with the added space, buyers are also searching for larger showers, premium features, and upgraded systems.

Transitional Style Holds

The most popular design style for the second year in a row is transitional (23%). Contemporary style (16%) has slightly edged out modern (15%) this year, followed by traditional (11%) and farmhouse (5%).

Wood is the New White

Wood is now the color of choice for upgraded vanities (33%), followed by white (29%), gray (13%), and blue (8%). White continues to dominate as the most popular color for countertops and walls, both inside and outside of the shower.

Shower Styling

Low-curb (43%) and alcove (42%) are the top styles chosen by renovating homeowners upgrading their showers. Top door styles include hinged (45%), sliding (15%), fixed (10%), and curtain (6%).

Freestanding Tubs Dip

After a steady increase in popularity over the previous four years, freestanding flat-bottom bathtubs have dropped by 4 percentage points this year. Still, more than half of renovating homeowners (55%) select this style.

Upgrade Systems

Upgrading systems remains the most popular major bathroom improvement, at 62%. A ventilation fan (61%), radiant heating (16%), and a tankless water heater (9%) are the most common systems added.

Recessed Lighting Reigns

When it comes to lighting in the bathroom, half of renovating homeowners (50%) opt for the classic choice of recessed lights. Ceiling lights (36%), sconces (34%), shower lights (33%), and wall lights (32%) are the next most popular types.

Plan for Aging

Two-thirds of homeowners (66%) address special needs during a bath renovation, up from 54% in 2021. They are incorporating features such as grab bars (58%), nonslip flooring (58%) and curbless showers (43%).

Simple Furniture Ideas that Make Your Home Look

More Expensive and Stylish

Without stating the obvious, the furniture you choose for your home has a huge impact on the overall look and feel of your home. The colors prints and decorative accessories you decide on may add to the aesthetics of the space, but it's the furniture that adds the visual bulk It's those pieces that make a room a room From elegant antiques to a stylish new house plant, here is what some designers suggested

Invest

in a Few Statement Pieces

Our advice when it comes to any interior design decision is quality over quantity. Don't fill your rooms with trend-led pieces that will look dated in a few years and need to be switched out. Buy one statement piece that is really going to become the focus of your room; or make small switches such as adding in some shelving for display and bringing in greenery with indoor plants This could be all you need to give your home a sophisticated refresh

Sculptural Pieces

More often than not it's statement furniture designs that are going to make your home look more chic and expensive. So pick out pieces that almost double as artwork Furniture that has a unique silhouette or unexpected frame adds character to a room – and this is especially true when it comes to living room furniture A pair of statement accent chairs, for example, or a curved sofa would do the trick.

Bespoke, Fitted Furniture

Furniture that fits perfectly within a space is guaranteed to make a room look more expensive than a piece that doesn't quite work. So going bespoke or built-in with just a few key pieces in your room will make a huge difference. The obvious choice is storage, as that fulfills a practical function too, and makes the most of a dead space, such as an alcove or under the stairs, such as a home bar set up

Antiques

This is one of the easiest ways to find furniture that's going to make your home look chic and expensive – shop second-hand for antiques. Decorating with antiques will always make your

home feel more characterful and reflective of your personal style rather than a trend-led piece

Pieces in Quality Materials

'Any furniture made from high-quality, natural materials will automatically elevate a home Look for natural wood finishes, marble, and rich fabrics like velvet, boucle, or silk,' is the advice from Bethany Adams of Bethany Adams Interiors. Remember quality not quantity, one stand-out piece is going to make your home look far more expensive than a collection of lesser-made pieces.

Oversized, Sculputural Houseplants

We questioned whether house plants actually count as furniture, but came to the unanimous decision that, since they can have as much impact as a couch or a side table, they do And if you are looking for a way to make your rooms look more elegant and expensive, nothing does it as instantly as a parlor palm

Furniture that Distracts from Tech

Televisions really bring down the look of a room. And we know you can get some very aesthetically pleasing TVs now, but unless you have made the switch, you are tasked with making a huge black screen part of your living room –not the chicest So in order to ensure a TV doesn't add too much visually to your room, pick furniture that's going to make it look less obvious A simple one is to incorporate it into your living room shelving. Pick out a shelving design that can house your TV, and then style up the shelves around to make the screen less of a focus.

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