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http://wwwthecharlottepost.com tE^e CIbarlotte $odt R(xj\no Hawkins Start year off with mortgage options Welcome 2006 and farewell 2005. 'Hiis time of the year, many of us start reflecting on our past year accomplishments and growth. Tliis past year the number of homes pur chased have exceeded past years’ records. Obviously, interest rates had a lot to do with last year’s record home pur chasing. 'Hie interest rate party isn’t over yet, but it is starting to wind down. Many lenders have recently raised their minimum credit score requirements on some of their home loan products, thus allowing fewer loan approvals. Some economist and mortgage experts had recently expressed concerns that consiuuer credit has beccaue too easy to obtain and are applauding these ch^lnge8 There is a very good chance that a renewed real estate market will greet potential homebuyers in 2006. Just like the world we live in today, tomorrow has a strong possi bility of changing without much warning. In retrospect, individuals who have pm*- chased homes in the last 365 days will look back and be thankhil. The results of rising interest rates and tighter underwriting guidelines will decrease the ability to accom- pliah the dream of homeown- erahip for many Individuals and couples with marginal credit will have a more diffi cult time qualifying for mort gages. A tighter lending market will mean tourer home pur chasing requirements. These changes will also dramatically affect some interest rate friendly mortgage programs that were designed to help marginal credit applicants. The changes so far are rela tively modest and are unlike ly to affect most consumers who have better than average credit and down payment funds If you have less than a satis factory credit history and want to be in position to pur chase a home in the hiture, jnu must prepare. As part of your preparation, the first and foremoet thing to do is to understand your credit. Your credit rating and score plays a vital role in your financial purchasing capabili ties. A credit-scoring system estimates individual’s credit worthiness based cm the infor mation in their credit reports If you have never seen your credit report, you may be enti tled to a free copy Information on credit reports is not always accurate. That is why you should periodically check your credit statement for discrep ancies. Don’t wait until you need to test your purchasing power to find out that you have a problem or the credit reporting issue to address Some pec^e have car pay ments that are hi^er than a potential mortgage payment. BefcMe pvirchasing a new car consider purchasing a ht^ne. It's a good idea to purchase a hom^garage first, befcae you buy that new car. It may also be easier to qualify for a mort gage without a huge new car paym^t Do not out on today’s home ownership ofi^nrtunity brfore favorable home loan interest rates dis appears. Purchasing a home may be Please see BE/5D Organize garage and make room for your car Create more space for your car by clearing the garage clutter. ARTICLE RESOURCE ASSOCIAVON Despite the proliferation of two- and even three-car garages, fami lies seem to be in perpetual need of more storage space. Often it’s the family car that gets left out in the elements to make room for toys, sporting goods, lawn mowers eind other items that take up valuable space. In fact, according to a study done in 2003 by Peachtree Consulting Group of Atlanta, 40 percent of people who own a garage park in their driveway “People are parking their $30,000 cars in the driveway, while the space in their garage is being occupied by a sofa that’s los ing its stuffing, unused toys and plain old junk,” points out Kevin Shaha, president of Racor, a com pany that specializes in garage storage solutions. PHOTO/ARA COIVTErn’ Here are some tips for tackling the final finntier of home organi zation - the garage —and gettii^ your car back where it belongs. First, get rid of anything you know you don’t need Host a garage sale to get rid of the “good” stuff, and take a trip to the dump to dispose of broken, unusable it^ns. Then take a look around to see what’s left and fig- Please see ORGANIZE/4D Warm up any room with roaring fireplace ARTICLE RESOURCE .ASSOCIAJIOS What’s hot for your home? A second fireplace installed any where in the house. Traditionally, homes have been built with one wood-burning fire place in the living or family rocon. Now, there is such a wide variety of st>des and sizes availaHe, that the idea of adding a second fire place in another room of the house is s^xeading like wildfire - whether youVe choosing a fire place for ambiance or su|:^emen- tary heat. The most popular loca tion for adding a second fireplace is the master bedroom, but the bathroom and the kitchen are also benefiting fi^m the ambiance and architectural addi tion ot a firei^ace. And while most existing primary fireplaces in the hcaue are wood burning, many homeowners are opting for gas or electric fcr the seccxidary loca- ticxi. Wood burning fireplaces, as well as some gas mod^, will require venting to the outdoors. Other gas fireplaces are vent fiee, and electric ones get plugged in lik> any other appliance. The master bedroom tends to offer the most flexibility, because of its size - there’s usually «iou^ space to run a venting syst^n, or enou^ wall space against which to place an electric hearth But it seems to be the smaller areas in which homeowners are getting most creative. One new trend is to install a flickering electric fire place in the bathroom. Some are b^ng mounted in the wall above a bathtub to create a luxurious and relaxing spa feeling. Others are being installed at flocx* level, which is very pwpular among those who want to take the chill fitxu tile floors. These beautifully designed, room-warming fire- pilaces turn a “ho-hum” bathroom into a “wow” bathrocxn. Another c^on is adding a fireplace to the kitchen - it’s an easy way to cre ate a cozy feding in the room ' where most family and fiiends tend to gatho*. Consider having a small fireplace mounted in place of a kitih^ cabinet, or in a comer cabinet. Or, if you have a large kitchen, add an oversized fire place and set an ov^stuffed sofa or a few chairs in fix)nt of it so there is a warm, soft place to take a break. If you already have nat ural gas running into your kitch^ it’s a cinch to run it to a fireplace. Consider a two-for-one fireplace, A see-throu^ fireplace can be installed to be p)art of two different rocms, thm^y spiread- ing heat and beauty for the price of (Mie. They can be installed in the wall likft a traditional fire- p}lace, ca* can be used to create an architectural divider between two rocxns. Regardless of where you put CHie, thoe is a fireplace for almost every budget. Electric fireplaces start at aroimd $300, Rease see WARM/5D THURSDAY, JANUARY 12. 2006 4D REAL ESTATE A&E1D PHOTO/ARA CONTENT Old wood gets new life as reclaimed flooring ARTICLE RESOURCE ASSOCIATION Where some might see, a crumbling old bam or a dilapidated factory Don Carlisle sees an oppx)rtunity to pre serve history and beautify a home at the same time. Carlisle’s Stoddard, N.H. based com pany has been reclaiming antique wood and turning it into new floors for nearly 40 years. Homeowners and builders, increasin^y aware of the need to preserve the environment and America’s architectural history have spurred the growth of the antique wood salvage business. Recycling antique wood fixim old buildings creates a tangible link to the past in new structures. Whenever pos sible, communities attempt to pre serve historic structures. But if the building is beyond repair, salvaging the wood fix)m it can be a way to pre serve at least a portion of the struc ture’s history “Giving beautiful old boards a new life and a new place in history gives us a spocial sense of preserving a piece of Americana,” says Carlisle, whose com pany Carlisle Wide Plank Floors was named North America’s “most requested supplier of reclaimed wood Please see OLD/4D Paint colors can offer insight into who you are ARTICLE RESOURCE ASSOCIAVON Do you daydream about a fuchsia family room? Or, maybe you jxist can’t decide what color to paint your bath room - green or^ay? One of the most important things to remember about decorating with paint is that it really isn’t about decorating at all. It’s about creating a comfortable home environ ment that accurately reflects who you truly are, a place where you feel relaxed, nurtured and protected “Color offers an avenue into a p)er- son’s mind. It can caprture a mood or exp>erience, or help project an image,” says Peggy Van Allen, Pratt & Lam bert Paints color spjedalist. “It’s not just about a certain color conveying feding or emotion, it’s about how our lifestyle preferences can be reflected in the colors we choose to surround ourselves with.” Since choosing color is sudi a pjer- sonal decision, not everycxie appiroach- es it in the same way While some peo ple know exactly what colors they like before making a p>aint purchase, just as many don’t know how to determine what cc4ors suit them. Furthermcre, there are literally thousands of interi or and exterior paint colors fix)m which to choose. AH these factors can Rease see PAINTING/5D
The Charlotte Post (Charlotte, N.C.)
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Jan. 12, 2006, edition 1
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