How to Declutter Your Closet

With spring comes spring cleaning and what better place to start than your closet! Decluttering your closet will not only make yourself feel good by accomplishing a task but you can also help those in need by donating your clothes.

Tackling your closet doesn’t have to be done all in one but can be spread out over a course of a few days or even weeks.  Start by focusing on one area of your closet and have a box to fill with the items you no longer need or want.  If you still can’t decide what you want to donate, establish a new rule “one in and one out.”  For every new item you purchase, you must donate one.

Establish another rule- if you haven’t worn the item in over 6 months or a year chances are you aren’t going to wear it ever again.  It’s time to get rid of that piece.  If you have holiday outfits you knew you were only going to wear once but still have them- toss those in the box as well.

The more items you can get rid of the better you will feel, and you may even reward yourself with a few new items!

What are 10 Things You Need to Know When Buying a Home?

Purchasing a home can be your biggest financial purchase in your lifetime.  In fact, recent reports have shown that Americans have about 40% of their wealth tied up into their home.  But some people may not understand everything that goes into buying a home.

Buy a home for long term- On average, you should stay in your home for at least five years to build equity.

Improve your life by buying a home, not to speculate with your money- Your home is a place where you sleep, eat, host friends, get married and ever raise your kids.  It where your life happens.  It’s not intended to be a place to live for a short amount of time and move to make some extra cash.

 Focus on what’s important to you and your family- With inventory being so low, try to focus on finding a home you can afford that meets your needs and not get distracted by things that might break the budget.

Stick to a budget- It’s very important to establish a budget and stick to it before you even start looking. 

 A 20% down payment may be ideal but it’s not required- Buyers are not required to put down 20% when purchasing a home.  Some loans may even allow you to put as little as 3% down with a premium. Putting less than 20% down may require you to pay private mortgage insurance or PMI.

Set aside money for improvements- It’s no secret, owning a home comes with more responsible and issues.  Set aside money in case some major breaks at your home.

Get pre-approved- Get pre-approved before you start looking at homes.

Shop around to get the best rate- Compare rates from different lenders to see which lender can offer you the best rate.

Spend no more than one third of your after-tax income on housing- It’s always better to spend too little than too much on your home in the long run.

Always be willing to walk away- If the deal doesn’t go the way you want or it’s too much- walk away.  There will be other homes.