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10 Ways to Make Sure You Get Your Security Deposit Back

Nothing eases the pains of moving like a fully refunded security deposit. Make sure you get your cash back with these expert tips.

Getting your security deposit back after you move may feel like an impossible feat, but it isn’t. Remember that your security deposit is essentially your money, so not all hope is lost when it’s time to move out. It’s the landlord’s obligation to return the deposit at the end of the lease.

Here’s some expert advice for making sure your security deposit money goes back into your wallet — where it belongs.

Start Planning When You Move In
Take precautions when you move in to save time (and money) when you move out. To avoid getting charged for damage, use removable poster putty or removable hooks to hang things, and use felt pads to protect wood floors from scratches.

Stay Organized
You know all of those rental-related documents you received when you moved in? Make sure they get read thoroughly and keep all of them in one place. Research the proper procedures for ending your rental agreement and comply with them.

Document Everything
Unfortunately, “fair wear and tear” is subjective. Some landlords stretch this phrase to the limit. Photograph everything in the rental property to serve as proof of the property’s condition.

While photo documentation is great, sometimes it’s not enough. Take a video walkthrough of the unit when you first move in and again when you move out.

If the property manager tries to keep your deposit, your video will serve as proof that you kept the rental in quality condition. It makes it very hard for them to argue with you. It can help save a few hundred dollars, and it only takes a few minutes.

Further, keep a record of each time you contacted your property manager to report maintenance issues. And whenever reporting maintenance requests, do so via email or through a reporting system that sends you a confirmation. This serves as proof for your record keeping.

Contact Your Landlord
Confirm how far in advance you need to alert your landlord about your move-out date. While your rental agreement may already note this, a quick conversation serves as both a helpful confirmation and a courtesy to your landlord.

Clean Thoroughly
In addition to the standard vacuuming and dusting, plan to do a serious deep clean if you want all of your deposit money back. This means behind and beneath appliances, plus details like light switches, door frames and more.  And don’t forget to confirm whether your rental property is required to be professionally cleaned. If so, keep your service receipt as proof for your landlord.

Move Out on the Same Day as Your Roommates
If possible, coordinate a move-out day with your roommates. You don’t want to leave it up to your roommate to make sure the apartment is perfectly cleaned and ready for the next tenant. You also don’t want your roommates to move out before you, leaving any junk for you to clean up. Make it a team effort!

Do a Mock Inspection with Friends
Invite some trusted friends over and go through your move-out checklist together. You may be surprised by how many things you would have missed if you went through your checklist solo. It is suggested to mark every damage or deterioration, because some of them are the landlord’s responsibility, while others should be deducted from your deposit.

Once you know who’s responsible for what, you can fix any issue that occurred during your occupancy.

Have Your Landlord Do a Mock Inspection
Ask your landlord to do an unofficial inspection before your move-out date. This not only helps you assess what needs fixing but also allows both of you to get on the same page about what needs additional cleaning or repairs.

Give yourself a few days between this inspection and your move-out day so you have time to correct anything your landlord may be unhappy with.

Do Necessary Repairs
Small repairs like replacing light bulbs, filling nail holes and unclogging drains are small things that make a big difference. They’ll take you no more than an hour to complete, but they’ll raise the general condition of the property. The landlord will definitely appreciate the work done and will be less likely to claim deductions from the deposit. Additionally, painting a coat of the original paint color on any walls with scuffs or holes. Either going a DIY route for around $50 or hiring a service and asking for cheaper “white boxing” rates.

Depending on the condition of your walls, this could be more cost-effective than losing that money out of your deposit, especially if your rental is small. And if you don’t have the funds for either option? The next best thing I’ve seen is the Magic Eraser. It will be your BFF when it comes to getting rid of scuffs and marks.

Research Local Laws
It’s illegal in most states for a landlord to keep your security deposit without explanation, so research renter’s rights related to security deposits at the city, county, and state level. Good starting points for this information are the websites of your state’s attorney general and the U.S. Department of Housing and Urban Development. While your property manager should already be aware of these regulations, you should be too. Landlord-tenant laws exist to help you but be your own advocate.

Finally, while following these 10 suggestions will certainly go a long way, so does being nice. Patience and politeness are memorable qualities, especially if you live in a large apartment complex where plenty of other residents are moving out around the same time as you.

If thinking about the process of getting your security deposit back is daunting, rest assured that it doesn’t have to be. With some planning and clear, considerate communication, you’re well on your way to getting your hard-earned deposit money back into your hands.

5 Expenses Homeowners Pay That Renters Don’t

Thinking about buying? Be sure to include these five items in your calculations. Homeownership may be a goal for some, but it’s not the right fit for many.

Renters account for 37 percent of all households in America — or just over 43.7 million homes, up more than 6.9 million since 2005. Even still, more than half of millennial and Gen Z renters consider buying, with 18 percent seriously considering it.

Both lifestyles afford their fair share of pros and cons. So, before you meet with a real estate agent, consider these five costs homeowners pay that renters don’t — they could make you reconsider buying altogether.

1. Property taxes
As long as you own a home, you’ll pay property taxes. The typical U.S. homeowner pays $2,110 per year in property taxes, meaning they’re a significant — and ongoing — chunk of your budget. Factor this expense into the equation from the get-go to avoid surprises down the road. The property tax rates vary among states, so try a mortgage calculator to estimate costs in your area.

2. Homeowners insurance
Homeowners insurance protects you against losses and damage to your home caused by perils such as fires, storms, or burglary. It also covers legal costs if someone is injured in your home or on your property. Homeowners insurance is almost always required in order to get a home loan. It costs an average of $35 per month for every $100,000 of your home’s value. If you intend to purchase a condo, you’ll need a condo insurance policy — separate from traditional homeowner’s insurance — which costs an average of $100 to $400 a year.

3. Maintenance and repairs
Don’t forget about those small repairs that you won’t be calling your landlord about anymore. Notice a tear in your window screen? Can’t get your toilet to stop running? What about those burned-out light bulbs in your hallway? You get the idea. Maintenance costs can add an additional $3,021 to the typical U.S. homeowner’s annual bill. Of course, this amount increases as your home ages. And don’t forget about repairs. Conventional water heaters last about a decade, with a new one costing you between $500 to $1,500 on average. Air conditioning units don’t typically last much longer than 15 years, and an asphalt shingle roof won’t serve you too well after 20 years.

4. HOA fees
Sure, that monthly mortgage payment seems affordable, but don’t forget to take homeowners association (HOA) fees into account. On average, HOA fees cost anywhere from $200 to $400 per month. They usually fund perks like your fitness center, neighborhood landscaping, community pool and other common areas. Such amenities are usually covered as a renter, but when you own your home, you’re paying for these luxuries on top of your mortgage payment.

5. Utilities
When you’re renting, it’s common for your apartment or landlord to cover some costs. When you own your home, you’re in charge of covering it all — water, electric, gas, internet, and cable. While many factors determine how much you’ll pay for utilities — like the size of your home and the climate you live in — the typical U.S. homeowner pays $2,953 in utility costs every year.

Ultimately, renting might be more cost-effective in the end, depending on your lifestyle, location, and financial situation. As long as you crunch the numbers and factor in these costs, you’ll make the right choice for your needs.

Upgrade Your Dining Room Decor with Simple Elegance

For many of us, the hustle and bustle of day-to-day life means our houses see more chaos and traffic than a rush-hour train station. The idea of an oft-used space like the dining room looking buttoned-up with sophisticated decor is almost laughable.

But lately we’ve noticed a return to formality: More homebuyers are seeking out properties with a formal dining room, and current homeowners are warming to the idea of bringing more refined furnishings into their dining area. Some experts chalk it up to a stark reaction to the years we spent being casual and cozy indoors during the COVID-19 pandemic.

So with the spring season right around the corner, now is a great time to focus on adding a bit of elegance to your dining room decor. To inspire your aesthetic overhaul, here are five trending looks:

1. Mauve velvet chairs
Jewel-tone velvet dining chairs have had a hold on the design world for a while now. The trend toward using velvet dining chairs in shades like mauve is driven by a desire for warmth, coziness, and a touch of glamor. These chairs pair well with a variety of dining tables, from traditional to modern, and work particularly well with brass or gold accents. They also bring sophistication, elegance, and depth to the overall design of the room.
Get the look: Smarten up your dining room with a few mauve side chairs.

2. Chinoiserie wall art
Create an elegant focal point in your dining room by adding some Chinoiserie-style wall art. The trend toward using Chinoiserie wall art is driven by a desire to bring a touch of Eastern-inspired beauty and elegance to the home. These pieces pair well with a variety of decor styles, from classic to contemporary, and work particularly well with light-colored walls. The intricate and colorful designs are inspired by traditional Chinese motifs and provide a timeless and classic style.
Get the look: Create a classic vibe in your space with framed prints.

3. Grass-cloth wallpaper
The dining room is a popular place for homeowners to experiment with wallpaper. And the grass-cloth wallpaper adds visual interest and sophistication to an otherwise dull space. Made from plants dried in the sun, grass-cloth wallpaper surrounds your room in warmth and texture. Its popularity is easy to trace since the biophilic design trend has been going strong for a few years with homeowners seeking out additional ways to bring the outside in. You can achieve the same look for less with a printed wallpaper in a grass-cloth pattern.
Get the look: Embrace the great outdoors this spring with faux grass-cloth wallpaper.

4. Large stone vase
If your dining room is lacking a central statement piece, seek out a stone vase. An oversized textured stone vase works well to create balance with another textured object in the room like a light fixture, furniture, or big spring flowers. It’s a natural look that feels right in a room with other earthy materials like linen, rattan, or even a beige area rug.
Get the look: Balance out your springtime bouquet with a handcrafted terra-cotta vase.

5. Blown-glass pendants
An elegant dining room doesn’t have to be stuffy! Get creative and add an artistic oomph above your dining table with blown-glass pendants. Blown-glass pendant lights are a functional way to bring an artistic element into your home. A homeowner with an eclectic style will be drawn to the opportunity to hang vivid colors and shapes over their dining room table.

Get the look: Find the perfect expression of your artistic vision by shopping collections of blown-glass pendants on Etsy.

Get Ready: The Best Time To List Your House Is Almost Here

If you’re thinking about selling this spring, it’s time to get moving – the best week to list your house is fast approaching.

Real estate experts have looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year:

Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is approaching quickly. The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.

If you’ve been waiting for the best time to sell, this is your chance. But remember, before you put your house on the market, you’ve got to get it ready. And if you haven’t started that process yet, you’ll need to move quickly. Here’s what you should keep in mind.

Work with an Agent To Determine Which Updates To Make
Start by prioritizing which updates you’ll make. In February, experts asked more than 1,200 recent or potential home sellers what updates they ended up making to their house before listing it (see graph below):

 As you can see, the most common answers included landscaping and painting. Work with a trusted real estate agent to determine what projects make the most sense for your goals and local market.

If Possible, Plan To Have Your House Staged
Once you’ve made any necessary repairs and updates to your house, consider having it staged. According to the National Association of Realtors (NAR), 82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home. Additionally, almost half of buyers’ agents said home staging had an effect on most buyers’ view of the home in general. Homes that are staged typically sell faster and for a higher price because they help potential buyers more easily picture their new life in the house.

Bottom Line
Are you ready to sell this spring? Let’s connect to plan your next steps. You can start by making a checklist of what you think your house needs to get ready. Then, we can work together to prioritize your list and move forward together.

How Changing Mortgage Rates Can Affect You

The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:

Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.

What This Means for You
You may be tempted to put your home buying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. A good explanation is: It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.

That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your home buying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.

Bottom Line
Your ability to buy a home could be impacted by changing mortgage rates. If you’re thinking about making a move, let’s connect so you have a strong plan in place.

What to Know as a Home Seller

The first thing you should know as a prospective home seller is, it’s still a great market! That’s right, for over 2 years now, sellers have been uniquely positioned to get the best possible value for the sale of their homes. We even saw sellers receive offers well above asking price on occasion. It’s Economics 101: when you have more buyers than product, the price will often rise.

There are a number of reasons why sellers are still enjoying a great market. First, let’s talk a little more about that concept of inventory. During the pandemic, people everywhere began reassessing their priorities. Many decided to downsize, move out of town or even across the country for a variety of reasons. In essence, everyone was in the market for a home at the same time. Mid-priced homes, particularly, entered and left the market in record time. Current inventory is actually up from last year but it’s still less inventory than the industry was accustomed to pre-2020.

Next, there’s this business with interest rates. Interest rates are certainly up by contemporary standards. However, let’s put things in perspective. At the turn of the century, the average interest rate was over 8%. Twenty years before that, it was closer to 18%. So, while rates are higher than say 5 years ago, they’re still pretty low from a historical standpoint.

Right now, as a seller you’re holding the key to the most important tangible asset out there. No, not your vintage Beanie Baby collection, your home! For the time being, multiple offer situations look to be the norm. Lots of buyers want what you have and they’re willing to offer a fair price to get it. If only that were the case with Beanie Babies. What am I supposed to do with all these things?

Don’t think it’s all a done deal though. As a seller, focus on maximizing the curb appeal of your home to increase interest and value, especially considering a more “normal” looking housing market could be on the way sooner than later. Or, if there’s one thing we’ve learned over the last few years, a new version of normal. So, make those repairs, add that new coat of paint, and keep standing out from the competition!

Save Money (and the Planet): Energy Efficient Mortgages

Are you a buyer with your eyes on a charming older house or a bargain fixer-upper?

As you’re researching what it will take to buy the property, you’ll likely come across some hefty costs for updates to replace the outdated furnace and drafty single-pane windows. And that might leave you thinking you can’t afford the home after all—especially if those costs come on top of making your mortgage payments.

We’ve got some good news on a type of mortgage you probably never heard of. An Energy Efficient Mortgage, or EEM, allows you to make energy upgrades to your home and roll those costs into your mortgage loan. Here’s what you need to know to determine if an EEM is right for you.

What is an Energy Efficient Mortgage?
An EEM, also known as a green mortgage, allows homebuyers to purchase (or homeowners to refinance) homes that meet specific efficiency standards. The cost of the energy upgrades then gets included in the financing of the mortgages.

And even though EEM has been around for a long time, few homebuyers know it exists. They’re not talked about much in the industry, but these loans are great for energy-efficient upgrades.

EEMs are offered through the Federal Housing Administration, the U.S. Department of Veterans Affairs, and conventional loans via approved lenders. The maximum amount of money that can be wrapped into your mortgage depends on your loan type and how much you’ll save on utilities with the upgrades.

How do you qualify for an EEM?
An EEM requires a bit more legwork than a traditional mortgage. Borrowers first need to qualify for a loan and then get a professional home energy audit to determine whether the improvements are cost-effective.

Energy auditors use the Home Energy Rating System, a nationally recognized system for inspecting and measuring a home’s energy performance. The HERS scoring scale runs from 0 to 150. The lower the number, the more energy-efficient the home is. So for example, a score of 100 represents a standard home; a home rated at 70 is 30% more energy-efficient than a typical home.

Auditors assess which improvements would reduce energy consumption and estimate how much the upgrades save monthly.

Once the energy auditor makes recommendations, it’s up to the lender—not the homebuyer—to decide which upgrades will make the cut.

The financed portion of the cost of the energy-efficient improvements must be less than the value of the energy saved over the estimated useful life of the improvements. Note that an audit typically ranges from $300 to $800. That cost can be added to the loan, or the borrower can pay out of pocket.

 

What types of energy-efficient improvements are allowed?

In a nutshell, the upgrades must be cost-effective and greatly improve energy efficiency.

Think of improvements such as high-efficiency doors and windows, new furnaces or water heaters, insulation, solar panels, or energy-efficient appliances.

The FHA, VA, and other approved lenders each have their specific guidelines. But some other standard energy-efficient upgrades include replacing a cooling system and integrating solar, geothermal, and wind technologies. You can also generally add in fixing or replacing a chimney and installing smart thermostats.

How much money can be rolled into an EEM?
Each type of EEM has limits for the value of energy-saving upgrades that can be added to the base loan amount of the mortgage.

Here’s a brief breakdown of each:

  • Conventional: Freddie Mac and Fannie Mae allow you to borrow as much as 15% of the home’s appraised loan-to-value to make energy-efficient improvements. Once you close on this loan, you’ll have 180 days to complete the upgrades.
  • FHA: Borrowers can finance up to 5% of the property value (capped at $8,000), 115% of the median price of single-family dwellings in your area, or 150% of the conforming Freddie Mac limit. The upgrades must be completed within 90 days of mortgage closing.
  • VA: Typically, there is a limit of $6,000 for energy efficiency improvements on top of the VA loan for a home purchase or refinance. The VA criteria focus is on more permanent energy upgrades, so things like appliances or vinyl siding won’t fit the bill. The new energy upgrades must be completed within six months of closing.

Is an EEM worth it?
Whether or not an EEM is worth the extra effort all comes down to how much it will benefit you, your bottom line, and the environment. An EEM requires a professional energy assessment, which comes with an added cost. Plus, you’ll spend some extra time during the underwriting process before loan approval.

But in the pro column, you could qualify for a larger loan amount, which will help you afford upgrades to your property. And if done right, you’ll save money on your utility bills in the long run. Another bonus: If you ever sell, having an energy-efficient home increases your home’s potential resale value.

5 Beautiful Decor Combinations to Add Value to Your Bathroom

Some things are just meant to go together: macaroni and cheese, Pam Beesly and Jim Halpert, a bubble bath and a glass of wine. But when it comes to bathroom decor, some pairings are less obvious.

If you’re looking to liven up your look or add value to a bathroom in your home you plan on selling, the following design ideas are sure to provide some inspiration. Here are five dreamy bathroom design pairs made in heaven:

1. Natural wood cabinetry + black walls
If you have a natural wood vanity in your bathroom, this tip is for you. The painted black walls really make the wood tone pop. The mix of rustic wood and black walls is fast becoming the newest take on modern farmhouse decor. Lighter oak finishes are having a moment, and what better way to highlight them than with the dark contrast of black walls.
Get the look: Complement the light wood cabinetry in your bathroom by painting the walls Midsummer Night by Benjamin Moore.

2. Brick flooring + cream-color walls
Whether you start with the cream-color walls or the timeless brick flooring, there’s no denying the power of this decor combo. The design creates such a wonderfully warm bathroom with creamy walls and rustic flooring. The natural world is being brought into bathroom design lately to great effect: creamy natural colors and organic materials are all trending right now. Cream and beige tones have eclipsed gray as the neutral shades du jour.
Get the look: Get in on this trend by painting your bathroom walls Pink Damask by Benjamin Moore and installing herringbone tile that looks like brick (without the brick price tag).

3. Exposed beams + a Turkish rug
When you have a neutral-tone bathroom, lean on colorful, handwoven textiles to invigorate the space. We love the combination of the wood beams and the vintage Turkish rug. This combination of materials and textures creates an eclectic look that works for a variety of different design styles, from bohemian to modern.
Get the look: Shop for antique Turkish rugs on Etsy, or up the warmth in your bathroom with colorful washable rugs.

4. Marble wainscoting + a bronze mirror
Marble and metallics are a classic combination for the bathroom. Marble wainscoting adds a sense of sophistication and refinement to a powder room, while brass decor adds a touch of glamor. The result is a high-end and cohesive design that’s visually stunning, functional, and easy to maintain.
Get the look: Combine Carrara marble tiles with a bronze mirror for an opulent powder room.

5. Vintage vanity + geometric tiles
There’s nothing quite like pairing something old (like a vintage vanity) with something new (like a geometric tile backsplash). Using a vintage piece of furniture as a vanity is a great way to repurpose materials and bring true design cred to your space, while the geometric tiles climb the wall like a trellis and work to draw the eye upward.
Get the look: Pair your perfectly vintage vanity with these marble mosaic tiles.