Nestled in the heart of Uptown Dallas, the newly unveiled Maple Terrace Residences stand as a testament to the seamless blend of historical preservation and modern luxury. This remarkable development by Hines, in partnership with Mitsui Fudosan America and McNair Interests, has breathed new life into a Dallas landmark, offering a premier living experience that redefines urban sophistication.
The Maple Terrace building, originally constructed in the 1920s, was once the tallest residential building in Dallas and served as the home to many notable figures, including Judy Garland, Dean Martin, and Elvis Presley. Today, this iconic structure has been carefully preserved and transformed into a boutique office space, retaining its historical charm while integrating state-of-the-art facilities.
Luxury Living Redefined
The Maple Terrace Residences feature a newly constructed 22-story tower that boasts 345 luxury apartment homes. These residences range from 601 to 2,879 square feet, offering a variety of floor plans to suit diverse lifestyles. Each apartment is meticulously designed, featuring spacious, light-filled interiors with luxurious finishes. Residents can enjoy sleek European cabinetry, quartz countertops, waterfall-edge islands, and premium stainless-steel appliances in their kitchens, all of which exude a sense of modern elegance.
World-Class Amenities
Maple Terrace Residences go beyond the traditional concept of apartment living by offering an array of thoughtfully curated indoor and outdoor amenities. The expansive pool terrace, complete with skyline views and stylish in-pool loungers, provides a perfect retreat from the hustle and bustle of city life. For those focused on wellness, the state-of-the-art fitness center includes a sunset terrace, two infrared saunas, and a variety of workout spaces.
Residents also have access to a relaxation lounge, a creative studio, a golf simulator, and a clubroom with a kitchen, ideal for entertaining guests. Additional luxuries include a library, a secret garden, a dog park, private storage, and in-building café. For pet owners, the dog-washing station ensures that even four-legged friends enjoy the high-end experience.
A Vibrant Community Hub
Maple Terrace’s location on Maple Avenue offers easy access to the Katy Trail, Park Cities, Downtown Dallas, and the best shopping, dining, and entertainment that Uptown has to offer. Two new restaurants are set to open in the development, further enhancing the vibrant community atmosphere. Doce Mesas, a favorite local Mexican restaurant, will soon welcome diners, offering both classic Tex-Mex dishes and lighter coastal Mexican cuisine. In November, CATCH Dallas will make its Texas debut, bringing its modern renditions of seafood, sushi, and steak to the area.
Preserving History, Embracing the Future
Maple Terrace Residences not only preserve the historical significance of one of Dallas’s most cherished buildings but also push the boundaries of luxury living. With its perfect balance of timeless elegance and contemporary design, Maple Terrace is set to become one of the most sought-after addresses in Uptown Dallas.
For more information, visit Maple Terrace Residences and explore the photos and luxury that await you in this remarkable development.
This past week, Oak Lawn in Dallas has seen notable developments in its real estate landscape. A significant highlight is the proposal by Trademark Property Co. to build a 415-unit luxury apartment complex at 3900 Lemmon Ave. This development, which recently received strong support from the Oak Lawn Committee, is expected to bring a seven-story building between Throckmorton and Reagan streets, adding a new level of luxury to the area.
While we have been busy with life no one has noticed that lot by lot, the entire block where Taco Bueno and the now vacant building where LaMadeleine used to be is now almost cleared. The rendering is from the Trademark Property Co. website where they made this announcement recently.
My immediate thought when I hear of this is always “where are all of these people going to park?” I know the residents will have garages but this brings in 1000’s of additional cars into an already over crowded neighborhood.
Additionally, Crescent Communities is moving forward with NOVEL Turtle Creek, a 20-story high-rise located at the intersection of Irving and Oak Lawn avenues in the Design District. This project is targeting a more mature demographic, offering 206 luxury residences with premium amenities like private balconies, real wood floors, and expansive terraces in penthouse units. This project is set to break ground soon, contributing to the ongoing transformation of the Oak Lawn neighborhood.
These developments signal continued growth and investment in Oak Lawn, further cementing its status as a prime location for upscale living in Dallas.
1/2 pound shrimp, peeled and deveined 1/2 pound crab meat, preferably lump 2 tablespoons butter 1 onion, finely chopped 1 carrot, finely diced 2 stalks celery, finely diced 3 cloves garlic, minced 1/4 cup tomato paste 3 cups seafood or fish broth 1 cup heavy cream 1 teaspoon paprika 1 teaspoon dried thyme Salt and pepper to taste Fresh parsley, chopped, for garnish 2 tablespoons all-purpose flour
Directions:
Prepare the Seafood: Cook the shrimp in a pot of boiling water for 2 or 3 minutes until they are pink and opaque. Remove, cool, and chop roughly. Set aside.
Sauté Vegetables: In a large pot, melt butter over medium heat. Add onion, carrot, celery, and garlic. Cook until the vegetables are softened, about 5-7 minutes.
Add Flavor Base: Stir in tomato paste, paprika, and thyme. Cook for another 2 minutes.
Make the Bisque: Sprinkle flour over the vegetables and stir to combine. Gradually add seafood broth, stirring continuously to prevent lumps. Bring the mixture to a simmer, then reduce heat and let simmer gently for 20 minutes.
Add Seafood and Cream: Add the chopped shrimp and crab meat to the pot. Pour in the heavy cream and stir to combine. Cook for an additional 5 minutes, or until everything is heated through. Adjust seasoning with salt and pepper.
Serve: Ladle the bisque into bowls and garnish with chopped parsley, maybe some good bread and enjoy!
Listed for $989,900, it’s just money honey, you can’t take it with you.
Ready to rock your world? Let us introduce you to 6619 Apache Place, affectionately known as “The Rock House.” This isn’t your run-of-the-mill mountain retreat—it’s a home with a personality as big as the 45-foot high red rock it’s wrapped around! Yes, you read that right. Nestled around one of Colorado’s cherished ancient red rocks (we’re talking a cool 200 million years old), this home is your personal slice of geological history, complete with views that will have you pinching yourself.
A Grand Entrance That’s Anything but Ordinary
Step through the pergola-covered, double custom iron front doors, and you’ll quickly realize this place is far from average. The Rock House doesn’t just blend into nature—it’s practically a part of it. Surrounded on three sides by community open space, this home feels like a private resort, offering you the best of modern mountain living with a side of ancient rock formations.
A Home Updated with Love and a Touch of Magic
The current owners have taken what was already a remarkable home, originally crafted by the previous owner/builder, and sprinkled their own magic over it. The result? A space where comfort meets creativity, and where the great outdoors seamlessly flows into your living room.
But let’s be honest—the real star of the show here is your very own “Garden of the Gods” right in your backyard. Why fight the crowds when you can picnic in your private sanctuary, soak in the hot tub under the Milky Way, and enjoy the kind of peace and serenity that makes you forget what stress even feels like?
A Kitchen That’s Ready to Rock
Now, let’s talk about the kitchen. Whether you’re a gourmet chef or just really good at pretending to be one, this kitchen is ready to meet your culinary aspirations. High-end appliances, granite countertops, and a center island that’s just begging for a spread of charcuterie and wine—it’s all here, waiting for your next dinner party or midnight snack attack.
Bedrooms That Make You Feel Like Royalty
When it’s time to turn in, you’ll find the bedrooms are not just places to sleep—they’re retreats. The master suite? It’s basically a five-star hotel room that you don’t have to check out of. With a spa-like bathroom and views that will have you debating whether to close the blinds or not, this is where you’ll recharge in style.
The Great Outdoors, Right at Your Doorstep
Living at The Rock House means embracing the Colorado lifestyle in all its glory. The large yard is perfect for impromptu games of catch, epic barbecues, or simply lounging around doing absolutely nothing. And when you’re ready to explore, you’ve got hiking trails, parks, and golf courses just a stone’s throw away.
Located in the charming town of Larkspur, you’re far enough from the hustle and bustle but close enough to enjoy a night out in Denver or Colorado Springs whenever the mood strikes. But with surroundings like these, we won’t blame you if you’d rather just stay home.
Ready to Make The Rock House Your Own?
Homes like 6619 Apache Place don’t come around often, and when they do, they don’t stay on the market for long. So, if you’re ready to live the high life (literally, thanks to that 45-foot rock), contact us today to schedule your private tour. Trust us, this is one home you need to see to believe.
Exciting times are ahead for Oak Lawn as real estate developer UDR announces that the FAA has given the go-ahead for a stunning 25-story residential tower at 2743 Turtle Creek Blvd (next door to the Mansion). The FAA’s approval was required because the building, soaring over 200 feet, is located on the glide path to Love Field. Once the city issues the building permit, we can look forward to construction kicking off in June 2025, promising to bring some lively energy to Turtle Creek Boulevard until the end of 2026.
UDR’s investment in this prime location is no small feat—purchased for a cool $90.2 million in 2022, as reported by the Dallas Business Journal, this development is poised to be a real game-changer for the area.
But that’s not all! This project is just one of several exciting developments happening in the neighborhood. Just a block away, a sleek 21-story residential tower is already taking shape, with plans for an additional 20-story tower also on the horizon. And let’s not forget the highly anticipated Four Seasons Hotel, which will feature 233 luxurious hotel rooms and 118 upscale condominiums. Oh, and did we mention the proposed 30-story tower just around the corner at Hood and Brown streets? It’s safe to say Oak Lawn is becoming quite the hot spot!
While public transportation options in this part of Oak Lawn may be limited, who needs a bus when you’re living in the lap of luxury? The influx of new residents will surely add a vibrant pulse to the streets, and the stunning skyline will be something to behold. Sure, traffic might get a little busier, but think of it as an opportunity to enjoy the scenery and admire the architectural marvels rising around you.
If you thought Oak Lawn was lively before, just wait, the neighborhood is on the brink of a dazzling transformation and a lot of additional traffic.
Ah, Oak Lawn, a vibrant neighborhood known for its eclectic mix of shops, restaurants, and nightlife. But there’s one thing every visitor dreads more than a long wait at brunch: finding a parking spot. Yes, in Oak Lawn, parking isn’t just a challenge; it’s a full-blown adventure.
Imagine this: You’ve finally scored a reservation at that trendy new restaurant everyone’s talking about. You’re feeling good, confident even, as you drive into Oak Lawn. But as you approach your destination, reality hits. The streets are lined with cars, and the few spots that are open seem to be guarded by an invisible force field that only allows scooters to enter.
You circle the block once, then twice, and then—just when you think you’ve found the perfect spot—you see it: a tiny sign that says “No Parking 3rd Monday of Every Month Between 2:00 and 3:00 PM Except Holidays.” You do the mental math. It’s the third Monday. It’s 2:30 PM. You move on.
You find another spot, but it’s directly in front of a fire hydrant. Tempting, but you’re not willing to risk the wrath of Oak Lawn’s finest. And so, the quest continues.
By now, you’ve done more laps around the neighborhood than a marathon runner in training. You’ve memorized the names of every boutique and the faces of every pedestrian who’s watched you pass by (repeatedly). Your gas tank is starting to look as empty as the promises of “ample parking” on the event flyer you saw earlier.
Finally, just when you’re about to give up and valet (but who are we kidding, they’re full too), you spot it: a beautiful, gleaming space. It’s big enough for your car, and there’s no sign forbidding you from parking there. You cautiously inch forward, half-expecting a scooter to zip in out of nowhere. But no—it’s yours. You’ve done it. You’ve won the great Oak Lawn parking lottery.
As you triumphantly step out of your car, you glance at your watch. You’re only 30 minutes late—nothing a little charm can’t fix at the restaurant. You head inside, victorious, ready to enjoy your meal. But deep down, you know the truth: the real victory wasn’t getting that table. It was finding that elusive parking spot.
So, here’s to Oak Lawn, where parking isn’t just a necessity—it’s an art form, a test of patience, and occasionally, a full-contact sport. And if you do manage to snag a spot, treasure it, for you have conquered one of the great urban challenges of our time.
Chuy’s is set to move from its longtime Dallas location on Knox Street, but the beloved (by some) Tex-Mex spot isn’t going far, and there won’t be any disruption in service.
The Austin-based restaurant announced plans to close its Knox-Henderson location at 4544 McKinney Ave. in April 2025. However, Chuy’s will open the doors to a new location on Lower Greenville the very same day, ensuring a seamless transition. “We’re excited to welcome both longtime fans and new guests to our stunning new atmosphere,” Chuy’s officials shared in a statement.
According to The Dallas Morning News, the new location will be at 1520 Greenville Ave., previously home to Desert Racer.
Chuy’s has been a fixture at the corner of McKinney and Knox since 1993, as reported by the Dallas Business Journal. With multiple locations across the Metroplex and throughout Texas, the restaurant has become a go-to spot for Tex-Mex lovers.
As of July, Chuy’s operates 101 locations in 15 states, including Arkansas, Oklahoma, Florida, Georgia, and Alabama.
The restaurant is also undergoing significant changes: Last month, Darden Restaurants, the parent company of Olive Garden and several other popular chains, announced a $605 million deal to acquire Chuy’s Holdings Inc.
“We’re thrilled about joining the Darden family and its portfolio of respected brands,” said Steven Hislop, Chuy’s CEO, president, and chairman. “Darden shares many of our core values, especially in our approach to operations and fostering strong team cultures.”
Based in Orlando, Florida, Darden Restaurants owns several well-known eateries, including Olive Garden, LongHorn Steakhouse, Eddie V’s, Cheddar’s Scratch Kitchen, Bahama Breeze, and more.
Depending on your situation, the tax rules associated with homeownership can help reduce the amount of income tax you owe when filing, thanks to a combination of deductions and credits. Deductions lower your taxable income, while tax credits can directly reduce the amount you owe after your taxable income has been determined.
Whether you’re filing as a homeowner for the first time, after a recent refinance, or following the sale of a home, it’s essential to be aware of the tax deductions available to homeowners as the filing deadline approaches.
Important Note:
Tax outcomes can vary depending on your unique circumstances. This article is intended for informational purposes only and does not serve as tax advice. It’s recommended that you consult a tax professional or certified public accountant to understand how these and other tax implications apply to your situation.
Standard vs. Itemized Deductions
When you file your taxes, you have two options that determine whether you owe money or are entitled to a refund: taking the standard deduction or itemizing your deductions by adding up the expenses you’re allowed to deduct.
The standard deduction reduces your taxable income by:
$13,850 if you’re filing as an individual
$20,800 if you’re filing as a head of household
$27,700 if you’re married and filing jointly
If your allowable expenses exceed the standard deduction, it may be beneficial to itemize.
Typically, your mortgage will only impact your taxes if you choose to itemize, and the total deductions, including mortgage interest, exceed the standard deduction.
Note: If you previously took the standard deduction but refinanced to a higher mortgage rate in 2023, you might find that itemizing is now more advantageous due to increased interest payments. Conversely, if you refinanced to a lower rate, you might benefit more from the standard deduction.
Tax Deductions for Homeowners
Here are some tax deductions available to homeowners who choose to itemize:
1. Mortgage Interest Deduction
If you financed a home purchase in 2023 or increased your mortgage through a cash-out refinance, itemizing could allow you to deduct mortgage interest. Those who itemize can deduct interest on mortgage debt up to $750,000 by filing IRS Form 1040 with a Schedule A. For married couples filing separately, the deduction is capped at $375,000. For mortgages obtained before December 16, 2017, the limit is higher: $1 million for individuals or $500,000 for married couples filing separately.
2. Second Home or Vacation Home Interest Deduction
Mortgage interest on a second or vacation home can also be deducted, provided the total mortgage interest deduction across all properties doesn’t exceed the $750,000 limit. The IRS defines a qualified home as a main or second home, which could include a house, condo, mobile home, or even a boat, as long as it has sleeping, cooking, and toilet facilities.
3. Property Tax Deduction
Property taxes, which are based on your home’s value, are also tax-deductible up to $10,000 in combined state and local taxes. If you’re married and filing separately, the deduction is capped at $5,000 per person.
4. Home Equity Loan Interest
If you took out a home equity loan and used the funds for home improvements, or if the combined mortgage and home equity loan total doesn’t exceed $750,000, the interest on this loan may also be deductible.
5. Mortgage Points and Origination Fees
If you paid origination fees or discount points when securing a mortgage in 2023, these may be considered prepaid interest and could be deductible if you itemize.
6. Capital Gains Exclusion
When selling your primary residence, you may exclude up to $250,000 in profit from your taxable income ($500,000 for married couples filing jointly), provided you’ve lived in the home for at least two of the last five years.
Home Improvements and Tax Implications
While home improvements aren’t deductible in the year they’re made, they can help reduce taxes when you sell your home. Capital improvements, which add value, new uses, or extend the life of your home, can reduce the tax burden on any profit made from the sale.
Tax Credits for Homeowners
Unlike deductions, tax credits reduce the amount you owe on your taxes, regardless of whether you itemize. Some available credits include:
1. Mortgage Interest Tax Credit
Available to first-time homebuyers through the Mortgage Credit Certificate Program, this credit allows homeowners to claim a portion of their annual mortgage interest, up to $2,000.
2. Energy Efficient Home Improvement Credit
This credit covers 30% of the cost of energy-efficient upgrades, such as heat pumps, insulation, and energy-efficient doors and windows, up to specific limits.
3. Residential Clean Energy Property Credit
Homeowners who install clean energy equipment, like solar panels or wind turbines, can claim a 30% tax credit on the cost and installation.
Nondeductible Expenses
Certain expenses, such as private mortgage insurance, title insurance, and homeowners insurance premiums, are generally not tax-deductible. Additionally, down payments, utilities, and principal mortgage payments do not qualify for deductions.
For more detailed information and guidance on tax breaks for homeowners, consult your tax advisor or visit the IRS website.
Seasoned homeowners weigh in on what caught them off guard, what delighted them and what lessons you can learn from them.
Ask any homeowner, and they’ll likely share the excitement they felt when they first purchased their home. However, after some time, they might also tell you about the surprises—both good and bad—that came with homeownership. From the joy of having the freedom to make the space their own and creating lasting memories, to the unexpected expenses and the seemingly endless maintenance tasks, owning a home can be full of surprises.
We reached out to first-time homeowners on Facebook, asking them to share “the unexpected aspects of homeownership everyone should know.” Over 4,600 people responded, offering valuable insights for those stepping into homeownership for the first time.
What surprised new homeowners after buying their first home?
1. The significant amount of maintenance required, especially for single-family homes.
One of the biggest surprises for first-time homebuyers is often the amount of maintenance required to keep a home running smoothly. From the continuous upkeep, the associated costs, and the feeling that the tasks never seem to end, maintenance can be an unexpected challenge.
According to a survey, about 32% of buyers experienced buyer’s remorse, particularly those who found their new home needed more work or maintenance than anticipated.
“Everything breaks down,” recalls homeowner Wilma about her first few months in her new home. “The washing machine was broken, water leaked through our sliding door when the snow melted, and the worst part was when the driveway collapsed into a 3-foot hole.”
Amy, a local real estate agent (and friend of mine), pointed out that “things happen, even with well-maintained homes.” She emphasized that these costs can quickly add up, especially if you need to hire professionals for repairs rather than tackling them yourself.
The level of maintenance required varies depending on the type of home. For example, condos generally require less upkeep because homeowners associations handle exterior maintenance, landscaping, and shared spaces. Condo owners typically only need to maintain and repair appliances and the interior of their unit.
As a homeowner, you’ll quickly learn how fast grass can grow, why cleaning your gutters regularly is essential, and how to unclog a drain.
“Taxes will go up, as will insurance,’’ wrote Donna in Carrollton, Texas. ”It’s a given. Make sure you can afford MORE THAN you are approved for, as even with a fixed rate mortgage, costs will increase steadily — and often quicker than you may be prepared for.”
Home buyer tip: Pay attention to your escrow statement both at closing and as you make payments over time. The escrow accounting that comes with your statement shows you the share of your mortgage payment that is going to things other than paying for your home.
2. The fluctuating costs of property taxes and homeowners insurance.
When you purchase a home with a fixed-rate mortgage, you might assume that your initial mortgage payment will stay the same throughout the life of the loan. However, this monthly payment typically includes property taxes and insurance, which your mortgage servicer collects into an escrow account and pays on your behalf. These costs can and often do change over time.
3. The potential benefits of tax write-offs.
Clark recognized the costs and time involved in maintaining a home, but he also highlighted the significant advantages, such as the freedom of not having a landlord and the tax benefits of homeownership.
“One of the biggest perks is being able to write off mortgage interest on your taxes,” he shared. “Plus, there’s the freedom! No landlords dictating how you should live, and you have the liberty to make changes to your home (within reason).”
For more details on the potential tax benefits of homeownership, check out our guide on Tax Breaks for Homeowners.
4. The impact neighbors can have on your quality of life.
No matter how much you love your home, the quality of life there can be greatly enhanced or severely affected by the people living around you.
“Get to know the neighbors!” advises my friend Karen. “Don’t just do a quick drive-by—take the time to walk through the neighborhood, talk to people, and visit with them. There’s nothing worse than buying your dream home only to find it’s surrounded by a nightmare!”
Marcus shares a similar sentiment: “Before you buy, meet the neighbors! They can make or break your experience and even influence the value of your home.”
Karen adds, “For me, it’s all about the neighbors. It’s not just the neighborhood itself, but who you’ll see and hear every time you step outside.”
Consuelo was fortunate to end up with “great neighbors who are always willing to say hello or help when needed,” which has significantly improved her living experience.
Homebuyer Tip:
Make sure to visit the home and neighborhood at different times of the day when neighbors are likely to be active. Whether you’re a night owl or an early riser, take note of the noise levels during evenings and mornings.
5. The amount of knowledge required to maintain a home.
Remember when something broke, and you could just call the landlord or property manager to handle the repair? Now, that responsibility falls on you. Consider all the things that make your home comfortable and functional: heating and air conditioning systems, appliances, clear sewer lines, and leak-free plumbing. When something goes wrong, it’s up to you to either fix it yourself or hire someone to do the job.
“Get to know your house,” advises Gabby. “Understand how the sprinkler system works, where the water and gas shut-off valves are, and how to maintain the hot water heater and water softener. Learn to handle basic repairs.”
Abigail adds more to the list: “Be aware of the costs of utilities, tax bills, and potential tax increases, as well as the expenses involved in maintaining a yard or pool. Also, consider the costs of addressing hazards like lead paint, asbestos, and radon, or repairing a sea wall if your property has one.”
Homebuyer Tip:
Before purchasing a home, ensure it undergoes a thorough inspection to minimize unexpected issues. Create a budget for potential repairs and renovations, and plan for the unexpected by pricing out any upgrades you might want to make.
6. The relatively stable monthly living costs, even in a fluctuating real estate market.
Rose shared that purchasing her home has been the best investment she’s ever made.
“When the stock market drops, your money can vanish, and you have to wait for the market to recover to regain what you lost, often while paying fees to someone managing your investments,” she explained. “In contrast, if the housing market dips, you still have a place to live. Unless you’re in a hurry to sell, you haven’t really lost anything because it’s still your home. While there is maintenance involved with any property, unlike cars, a home’s value will appreciate over time rather than depreciate.”
7. How external factors can influence your property.
Various factors can influence what you’re able to do with your home. If you live in a subdivision governed by a homeowners association (HOA), you’ll need to be aware of the rules regarding what you can and can’t do with your property. Additionally, county zoning laws or local projects could impact the character of your neighborhood.
Maya from Lewisville, shared her experience: “Be sure to thoroughly review the entire property and what it involves. We didn’t realize we had pipelines on our land, or that we couldn’t build a shed, or that they could remove our trees at any time. It’s important to be very, very careful.”
Cassandra in Wylie, Texas, emphasized the importance of considering adjacent properties: “If the property borders anything other than a road or other residential areas, examine it closely! Abandoned railroad tracks, a cornfield, an empty lot—anything with the potential to change could impact your home life.”
Homebuyer Tip:
Conduct thorough research on the property and surrounding areas and ask questions.
8. Maintenance isn’t a one-time task, some things require regular upkeep.
Certain systems in your home require regular inspections and maintenance. Homeowners often highlight these essential tasks:
“You should have your furnace and air conditioning serviced every year,” advises Madison.
“Don’t forget to drain your water heater annually and check the anode rod. If you have a private septic system, it’s important to learn how to maintain that as well. Remember, your house needs to breathe, your plumbing pipes have vents. Make sure to clean out your dryer vents and keep a fire extinguisher handy, just in case,” adds Sophia.
Rebecca emphasizes the importance of staying proactive: “It’s crucial to maintain your home on a regular schedule, though it’s not always easy. Clean your gutters, keep an eye on your roof, and know when it’s time to paint the exterior or replace rotting wood.”
Homebuyer Tip:
Keep a calendar to track scheduled maintenance tasks and stick to it. Check out our monthly maintenance checklist to help you get started.
9. Understanding the quirks of your home.
There’s a unique comfort in getting to know your home over time. Much like a car you’ve driven for years, your house will start to “communicate” with you when something needs attention.
Homeowner Hayden suggests that you “Listen to your home. Learn what the ‘normal’ sounds are and what might indicate a problem. It can take a few years to understand these patterns.”
Hayden also pointed out that each season brings its own challenges. For example, he discovered that two pipes in his home are prone to freezing when temperatures drop below 20 degrees. During winter, he keeps an eye on the forecast and prevents freezing by opening cabinet doors and letting a small stream of water run through the pipes overnight.
10. Remember, even if a problem existed before you moved into your condo, you’re still responsible for the repairs.
David thought he was leaving behind all the maintenance headaches when he sold his single-family home of 42 years and moved into a condo. However, he quickly discovered that the building’s upkeep had been neglected, and he was hit with a special assessment to cover maintenance that should have been done long before he purchased the condo.
Homebuyer Tip:
Work with a real estate agent who has experience with condos to guide you through the process. Make sure to thoroughly review all the details before signing a contract. Request to see the HOA’s meeting minutes and carefully examine their financial statements.
11. The unexpected attachment you develop for your home and the joy of making improvements.
Live in a place long enough, and it becomes more than just a house, it’s filled with memories and emotions. Parting with those memories can be tough, especially when you’ve put your own efforts into improving the space, leaving you with a deep sense of accomplishment.
“It’s surprising how much you can obsess over something you’ve changed,” wrote Ula. “You replace a faucet with one you like better, and suddenly it’s, ‘I did that! Wow, it’s so much better.’ You might think it’s just a faucet, but then you realize the new one makes it easier to wash your hands without bumping the sink, and you can fill a glass of water without awkwardly tilting it. As small as it seems, it’s worth getting excited about.”
Ula also adds, “You may fall in love with your home and find it incredibly hard to leave when the time comes to sell—that’s both the good news and the bad news.”
The thought of someone else creating their own memories in the space you once cherished can be difficult for some. “When you sell,” wrote Penny, “all those wonderful memories that are priceless to you don’t really add to the value of the house. Someone is just going to paint over them and start making their own memories.”
12. The deep satisfaction of knowing that it’s truly yours.
Wendy summed up her feelings after adding shade trees, an orchard, archways over entryways, hunting down deals at estate sales and end of season bargains to improve her yard and ability to entertain at home: “Every improvement you make,’’ she wrote, “you can stand back and proudly know ‘It’s yours!!!”
When it comes to buying a home, your credit score is a key factor. Generally, a credit score in the high 600s to 700s is considered strong and will likely help you secure a favorable mortgage rate. Scores above this range are often seen as “exceptional,” offering you the best possible interest rates.
While it’s possible to buy a home with a range of credit scores, having a higher score can improve your chances of securing better loan terms. If you’re purchasing a home outright with cash, your credit score won’t be a concern since you won’t need financing.
Why Does Your Credit Score Matter in Home Buying?
Your credit score is crucial when it comes to qualifying for a mortgage. Not only does it affect your eligibility, but a higher score can also lower your interest rate. Even a small difference in your rate, such as 0.25% or 0.5%, can save you thousands of dollars over the life of your loan.
Lenders place significant weight on your credit report because it reflects how you’ve managed your finances over time. A strong credit score indicates you’re a responsible borrower, while a lower score may suggest past financial challenges, making lenders view you as a higher risk for mortgage payments.
Understanding the Role of Credit in Home Buying
When applying for a mortgage, lenders don’t just look at your credit score—they also analyze your entire credit report to get a full picture of your financial history and current situation. Your credit score is derived from this report, which includes details like your payment history, the types and number of open accounts you have, whether any of your debts have gone to collections, and if you’ve ever filed for bankruptcy.
The Importance of Mortgage FICO Scores
In the mortgage approval process, lenders primarily rely on your FICO score, a credit scoring model specifically designed for home loans. This score is calculated using a unique formula that draws on data from the three major credit bureaus: Experian, Equifax, and TransUnion.
FICO scores range from 300 to 850, with most consumers falling between 600 and 750, according to Experian.
Key Factors That Influence Your Mortgage FICO Score
Your FICO score is influenced by several factors, each contributing differently to the overall score:
Payment history (35%): Timely payments on all your credit accounts.
Credit utilization (30%): The percentage of your available credit that you’re currently using.
Length of credit history (15%): How long you’ve maintained an active credit profile.
Credit mix (10%): The variety of credit types you have (e.g., credit cards, loans).
Recent credit activity (10%): New credit accounts or recent inquiries.
Buying a Home with a Co-Borrower
If you’re purchasing a home with a partner, lenders will evaluate both of your credit scores to determine what’s called a “decision score.” This is the lower middle score between the two borrowers.
For example, if your three credit bureau scores are 720, 740, and 760, and your co-borrower’s scores are 640, 660, and 680, the decision score will be 660, the lower of the two middle scores. Lenders use this score to decide whether to approve the loan and on what terms.
One advantage of buying a home together is that a higher combined income can qualify you for a larger loan. However, if one partner has a lower credit score, you might consider applying for the mortgage under the name of the person with the stronger credit score. Keep in mind that omitting one person’s credit score from the application also means omitting their income.
What’s a Good Credit Score for Home Buying?
A credit score of 720 or higher is generally considered good for buying a home. Scores of 800 or above are ideal, as they unlock the best loan rates and terms. However, even with a score around 670, you can still qualify for competitive rates.
Understanding Mortgage Credit Score Ranges
If you’re just starting to explore mortgage options, you might not have accessed your official mortgage credit report yet, which includes your FICO score. Lenders are required to use FICO scores to meet loan qualifications for programs like Fannie Mae, Freddie Mac, VA, FHA, and USDA.
You can also check your credit score through various online sources. While these typically provide your Vantage score rather than your FICO score, both score types range from 350 to 850. Keep in mind, however, that Vantage scores might differ slightly because they evaluate your credit information differently. For example, a Vantage score of 660 is generally considered good.
Getting a Handle on Your Credit Score: A Key Step in Home Buying
Your Vantage score can serve as a useful initial indicator of your overall credit health and provides a reasonable approximation of your FICO score. If you’re receiving a lot of promotional offers for credit cards or credit lines, it could be another sign that your credit is in good shape.
What’s the Minimum Credit Score Needed to Buy a Home?
The lowest credit score generally accepted for securing a mortgage is a FICO score of 500, but this usually comes with the requirement of a larger down payment and higher interest rates. For an FHA loan, which is a popular choice for first-time buyers, a score of at least 580 is typically required.
The specific credit score you need can vary depending on the type of loan you’re applying for and other factors like your down payment, income, and debt levels. Here’s a breakdown of the minimum credit scores required for various types of loans:
• Conventional Loans: Minimum credit score of 620 to 660. These loans are common, especially among repeat buyers with larger down payments. They often come with lower interest rates and the option to avoid private mortgage insurance with a 20% down payment. However, qualifying can be more stringent since private lenders back these loans.
• FHA Loans: Minimum credit score of 500 to 580. FHA loans are government-backed, making them more accessible to first-time buyers. A score of 580 or higher qualifies you for a down payment as low as 3.5%. With scores between 500 and 580, a 10% down payment is required. Keep in mind that FHA loans come with a lifetime mortgage insurance premium.
• VA Loans: Minimum credit score of 580 to 620. Available to military service members and veterans, VA loans offer competitive rates and the potential to buy with no down payment. Unlike FHA loans, VA loans don’t require mortgage insurance, but an upfront funding fee is applicable.
• USDA Loans: Minimum credit score of 580 to 620. USDA loans are designed for low-income buyers in rural areas and offer flexible qualification terms. No down payment or mortgage insurance is required, but an upfront funding fee applies.
• Jumbo Loans: Minimum credit score of 680 to 700. Jumbo loans are used in high-cost housing markets where the loan amount exceeds conventional limits. These loans often require a 20% down payment and come with interest rates similar to conventional loans, but the qualification standards are stricter due to the higher loan amounts.
Other Key Factors in Mortgage Qualification
While your credit score is crucial, lenders also consider several other factors when deciding whether to approve your mortgage:
• Income and Assets: Your lender will review your income and assets to ensure you can comfortably manage your mortgage payments. This typically involves submitting documents like W-2s, pay stubs, tax returns, bank statements, and, if applicable, a signed purchase and sale agreement.
• Employment History: Proof of steady employment is important, especially as you get closer to buying a home. Lenders will typically verify your employment during the pre-approval process and again before closing.
• Debts: Lenders assess your current debts to determine whether you can afford additional mortgage payments. They’ll examine your credit report for any outstanding debts, such as credit card balances, car loans, student loans, and any other financial obligations.
• Debt-to-Income Ratio (DTI): Your DTI ratio is a key metric that compares your monthly debt payments to your gross monthly income. A DTI of 40% means that 40% of your income goes toward repaying debts. A healthy DTI is generally under 50%, including your prospective mortgage payment, although some loan programs may allow for higher percentages.
The maximum DTI allowed depends on the loan type and individual lender criteria, which consider your overall financial picture, including income, debts, down payment size, and credit score.
Understanding Loan-to-Value Ratio in Home Buying
As you move forward with your home purchase, your lender will calculate your loan-to-value (LTV) ratio once you’re under contract. This ratio compares the amount you’re borrowing against the appraised value of the property. LTV is a key factor in determining whether you’ll need to pay for mortgage insurance. It’s expressed as a percentage, with a lower percentage being more favorable. A larger down payment can reduce your LTV, as it means you’re borrowing less.
To calculate your LTV, divide the loan amount by the home’s appraised value, then multiply by 100 to get a percentage.
For example, a first-time buyer might have an LTV of 96.5% with an FHA loan, or even 100% LTV with a VA loan. Conventional loans often have an LTV around 97%, but reducing your LTV to 80% or lower can help you avoid mortgage insurance.
Preparing Your Credit Score for Home Buying
Before you start the home buying process, it’s important to review your credit report and check your Vantage score. You can request free annual credit reports from Equifax, Experian, and TransUnion through AnnualCreditReport.com. Errors on credit reports are common, and even small mistakes can negatively impact your score. It’s wise to check your reports early and frequently, and to request corrections if you find any inaccuracies.
If you’re new to building credit, you might not have a credit score yet. It usually takes three to six months of credit activity to generate a score. A good starting point is to open a single credit account and make consistent, on-time payments for several months. Additionally, some services can report your rent and utility payments to the credit bureaus, helping to establish your credit history.
Tips to Improve Your Credit Score
If your credit score isn’t where you want it to be, there are several strategies you can use to boost it before buying a home:
• Pay off any delinquencies: If you have late payments, try to pay them off as soon as possible. If full payment isn’t an option, consider consolidating your debt into a new account with a lower promotional rate.
• Set up automatic payments: To avoid missing payments, use automatic payment tools to ensure your bills are paid on time.
• Reduce your credit utilization: Lower your credit usage by spending less on your credit cards or requesting a credit line increase.
• Keep old accounts open: Even if you don’t use them often, keeping credit accounts open can benefit your score, as the length of your credit history is a contributing factor.
• Minimize hard credit inquiries: While you can shop around for mortgage rates within a 45-day window without multiple inquiries affecting your score, it’s best to avoid other hard credit inquiries, such as applying for new credit cards, in the months leading up to your mortgage application.
Buying a Home with Poor Credit
If your credit score is low, homeownership might still be within reach. Start by getting pre-qualified to estimate how much you might be able to afford with your current credit profile. Be open with your lender about any past financial challenges so they can work with you to find a suitable financing option. An FHA loan, for example, could be a good choice as it allows for credit scores as low as 580, or 500 with a larger down payment.
Frequently Asked Questions About Home-Buying Credit Scores
• Can you buy a house without a credit score?
If you’re paying in cash, you can purchase a home without a credit score. However, if you’re seeking financing, having a credit score is essential.
• Do you need good credit to buy a house?
While it’s possible to buy a house without excellent credit, it will likely cost you more over time in the form of higher interest rates, larger monthly payments, and potentially additional upfront costs to reduce your interest rate.
• What should your credit score be to buy a house?
Ideally, aim for a credit score between 720 and 760 to secure the best terms on a conventional loan. For FHA, USDA, or VA loans, a score around 670 can still result in favorable loan terms.
Buying a home can be challenging, especially in a competitive market. While some details may vary, the core steps of the buying process remain consistent, and understanding these steps can help you achieve your goal and turn your dream into reality.
Regardless of when you decide to buy, it’s essential to be prepared. On average, the home-buying process takes about six months. In recent years, buyers typically spend 2 to 3 months searching for a home, followed by an additional 30-45 days to close.
However, buying a home involves more than just touring properties. You’ll need to assess your credit and financing options, find a trustworthy real estate agent, make offers, negotiate terms, arrange for inspections, and prepare for the move before finally closing on your new home.
Portrait Of Couple Holding Keys Standing Outside New Home On Moving Day
Where to Begin When Buying a Home
Start by considering how much you want to spend, where you’d like to live, and what factors are most important to you as a buyer. Here are some key questions to ask yourself:
How much can I afford to spend on a home?
Will I need a mortgage, and what are my financing options?
How much have I saved for a down payment?
Can I afford a home in my desired neighborhood?
Are property values in the area increasing or decreasing?
How long will my commute be?
Is the school district suitable for my family?
Is the home close to amenities and activities that matter to me?
Once you have clear answers to these questions, you can begin your home search with confidence.
Step 1: Review Your Credit Score
Before allowing a lender to check your credit score, it’s wise to thoroughly review your own credit report first.
What is a Credit Report?
A credit report compiles data from the three major credit reporting agencies: TransUnion, Equifax, and Experian. This report is used to calculate your FICO score and Vantage score.
You’re entitled to free reports from all three agencies at least once per year. If you spot any errors on your report, dispute them immediately to ensure they’re corrected before you apply for financing.
What is a FICO Score?
A FICO score is what lenders use to assess your creditworthiness. This score, calculated by Fair Isaac & Co., ranges from 350 to 850.
What is a Vantage Score?
A Vantage Score is the credit score you typically see when checking your score on consumer credit websites. It can differ from your FICO score, but lenders rely on your FICO score, not your Vantage Score, to evaluate your creditworthiness.
Step 2: Determine How Much Home You Can Afford
When you get pre-approved, your lender will inform you of the maximum amount you can borrow (we’ll cover the pre-approval process in more detail later). However, you don’t have to wait for pre-approval to get a general idea of what you can afford. The Zillow Home Affordability Calculator can help guide you to the appropriate price range by considering factors such as your annual income, monthly debts, and projected down payment amount.
Align Your Wish List with Your Budget
Once you have a budget in mind, create a list of must-have features for your future home. Your budget will likely influence the size, location, and amenities of the property. Here are some wish list items to consider:
Number of bedrooms and bathrooms
Square footage
Outdoor space
Preferred location
Type of home
Layout, features, and finishes
School district
Pet-friendliness
Work commute
Prioritizing these features will help you find a home that fits both your needs and your budget.
Step 3: Find a Real Estate Agent
Having a professional real estate agent on your side can be invaluable during the home-buying process. Here’s how a buyer’s agent can assist you:
Market Insights: Provides information on home value trends, new developments, buyer demand, and the overall state of the market.
Offer Price: Helps determine what a home is worth and recommends a competitive initial offer amount.
Negotiating: Knows when to push for a lower price and how to negotiate contingencies and repairs.
Local Familiarity: Offers insider tips about the neighborhood and area schools.
Professional Recommendations: Can refer you to trusted lenders, attorneys, contractors, and other vendors.
Experience: Simplifies the process by managing potential issues, keeping track of important dates, and handling paperwork.
It’s essential to find the right agent for your needs. A 2022 Zillow survey revealed that 24% of recent home buyers wished they had chosen a different agent. Of course, I encourage you to read these 7 points of an excellent real estate professional.
Step 4: Get Pre-Approved
Unless you’re purchasing a home with cash, getting pre-approved by a lender is a crucial step that gives you a clear understanding of your home-buying budget. Pre-approval is required before going to look at property.
To get pre-approved, a lender will assess your financial health by calculating your debt-to-income ratio and reviewing various financial documents, including:
Income statements, such as W2s, 1099s, rental income, and tax returns
Assets, including bank statements and retirement accounts
Debts, like student loans, credit cards, and other mortgages
Records of bankruptcies and foreclosures
Current rent, child support payments, alimony payments, and any down payment gifts
Once pre-approved, you’ll receive a pre-approval letter, which not only confirms how much you can borrow but also strengthens your offer when you find a home. In competitive markets, this letter shows sellers that you’re a serious buyer, which can give you an edge over other offers.
Also, keep in mind that your debt-to-income ratio will be re-evaluated before closing. Taking on new debt during the financing process can reduce the total loan amount available to you, so it’s best to avoid any significant financial changes until your mortgage is finalized and you have closed on your new home.
Step 5: Start the home search
Searching available homes online is a great way to start your house-hunting process. According to the Zillow Group Report, 95% of buyers use online resources in their home search. Start on kevinday.co (you’re here already) and search for homes in your target area, then filter by price and your must-haves.
Try to stay flexible, you’ll probably need to adjust your criteria as your home search continues. For example, you might decide it’s worth sacrificing an extra bedroom to be in your desired neighborhood. Play around with search parameters and see what your money would buy if you changed your wish list a bit.
What to look for when touring homes
Once you start visiting homes in person, be sure to consider the home’s “health” so you’ll have an idea of any major challenges that might be coming your way if you decide to make an offer. Ultimately, the inspection will give you an official report on the home’s quality and condition, but while you’re touring, keep an eye out for the following:
Structural defects and cracking
Water pressure (turn on faucets and shower heads)
Electrical issues (try the light switches)
Functionality and heat retention of doors and windows
Roof and exterior quality
Noise from neighbors or traffic
Step 6: Make an Offer
Once you’ve found the perfect home, your next step is to make an offer. Your agent will help you determine a fair offer price and decide whether to leave room for negotiation, depending on the state of your local real estate market.
Beyond a pre-offer CMA, here are additional factors to consider when making your offer:
Disclosures: Disclosures reveal known issues related to the property, such as structural problems, un-permitted work, natural hazards, or flood risks. Most states require sellers to provide these documents, so ensure your agent requests them.
Closing Date: When purchasing a home with a mortgage, it typically takes 30-45 days after the contract is signed to close. You can request a specific closing date to match your moving plans, but be prepared for the seller to negotiate on this point.
Contingencies: Contingencies are conditions that must be met for the sale to proceed. For example, your lender will likely require an appraisal contingency to ensure the home’s value matches the loan amount. An inspection contingency is optional but highly recommended, 88% of successful buyers did choose to include an inspection contingency in their offer.
Earnest Money: An earnest money deposit shows the seller that you’re serious about purchasing the home. This deposit typically becomes part of your down payment if the sale goes through, but you may forfeit it if you back out of the deal outside of any contingencies.
It’s important to remember that not every offer will be accepted. While it can be disappointing, don’t get discouraged if your first offer isn’t successful. 59% of buyers who submitted an offer ended up making multiple offers before successfully closing on a home.
Step 7: Schedule the Inspection
88% of buyers conduct a home inspection before finalizing their purchase, I encourage 100% of my buyers to do so. Including an inspection contingency in your offer and completing the inspection are the best ways to ensure the home you’re buying doesn’t have any significant underlying issues.
Typically, the inspection is scheduled within a week of the contract being signed. It’s advisable to attend the inspection, as it provides an opportunity to understand the inner workings of the home. After the inspection, you’ll receive an official report detailing the findings, which you can then review with your agent to decide how to proceed.
If the inspection uncovers major, non-cosmetic issues, you can renegotiate with the seller. You might request that the seller fix the problems before closing or ask for a credit so you can handle the repairs after the sale is finalized.
Step 8: Secure Your Financing
Even if you’ve already been pre-approved for a mortgage, there are still a few more steps to take to officially secure your financing. Once these steps are completed and everything checks out, you’ll receive the “clear to close,” meaning the lender has approved your purchase.
Loan Application
You may need to provide updated financial statements. The key here is to respond promptly to any requests from your lender, delays in providing documents like W2s could slow down your closing process. If you decide to work with a different lender, they will inform you of the documents required to complete your application.
Appraisal
Your lender will arrange for an appraiser to evaluate the property, payment will need to be made to get this scheduled and can be anywhere from $500 to $900 depending on the size of the home and other factors. Your real estate agent will coordinate with the seller’s agent and the appraiser to schedule the appraisal. Once the appraisal is complete, you and your agent will receive copies of the appraisal report, which will detail the appraised fair market value and the comparable properties (comps) used in the calculation.
• If the appraisal matches your offer price: You’re clear to close.
• If the appraisal comes in above your offer price: Even better! You’re purchasing the home for less than its market value, giving you instant equity.
• If the appraisal comes in low: Your lender won’t approve the full loan amount because they believe you’re overpaying. You’ll need to either cover the difference between the appraised value and the offer price in cash or try to renegotiate the price with the seller.
Step 9: Purchase a Homeowners Insurance Policy
Before you can close on your new home, you’ll need to provide proof of a homeowners insurance policy. If you already own a home, your current insurance agent can assist you in setting up a new policy for your new property. If you’re a first-time homebuyer, take the time to shop around for a policy that best suits your needs. Your lender may also help coordinate a policy that can be paid through your monthly escrow account, making the process even smoother.
Step 10: Closing and Moving In
It’s common for buyers to conduct a final walkthrough either the day before or on the morning of the closing. This walkthrough ensures that the property is in the same condition as when the offer was made and that any repairs agreed upon by the seller have been completed.
On the day of closing, you’ll likely spend about an hour at the title company signing the necessary paperwork. Be prepared to bring the funds needed to cover your closing costs, which usually range from 3-5% of the home’s sale price.
After all the documents are signed and the sale is officially recorded, you will receive the keys to your new home once the title company informs all involved the transaction is closed and funded.
Next, you’ll want to set up utilities for your new residence, including electricity, cable, and internet. If you are moving into a condo with a homeowners association (HOA) that includes some utilities, make sure to review the contract details with your real estate agent to understand your responsibilities.
With everything in place, you can now proceed with your move and start settling into your new home!
Mark it on your calendars, fellow REALTORS®, buyers and sellers, because that’s the day we’re all supposed to hit the panic button. Or at least, that’s what everyone seems to be saying. Thanks to the recent NAR lawsuit settlement, we’ve been given our marching orders to amend the way we do business, and naturally, the sky is falling.
But Hold On…
Before you start frantically reorganizing your files and drafting up new contracts in a sweat-induced frenzy, let’s take a step back. Yes, the lawsuit has brought some changes, and sure, they’re asking us to make a few tweaks. But let’s be real, it’s not like we haven’t been here before. In the world of real estate, change is the only constant, right?
Whether it’s new regulations, market shifts, or that time everyone decided open floor plans were the only way to live, we’ve always adapted and thrived.
So, what’s the big deal about August 17th? Sure, the NAR wants us to tweak a few things like being more transparent about commissions and making sure our clients understand how we get paid. But newsflash: we’ve already been doing most of this. It’s called being a good REALTOR®. This new settlement just means putting a little more emphasis on what we do best; communicating clearly with our clients and ensuring they know exactly what they’re getting (and paying for).
It’s No Big Deal
So, come August 17th, I’ll be adjusting a few forms, maybe sending out a couple of extra emails, and then getting right back to doing what I do best: helping people find their dream homes and making the process as smooth and enjoyable as possible. The way I see it, this is just another day at the office except now I have a handy reminder to update my paperwork.
The way I see it from my desk, it’s just business as usual.
