Our home: It protects us from the elements and provides the building blocks of a lifetime of memories.

Here in the Northeast, our homes take a beating. From the heat and humidity of summer to the ice and blizzards of winter, the exteriors of our homes are always being tested in one way or another. Over time, Mother Nature’s wrath leads to visible wear and tear that can be unsightly.

Lest your house becomes the ugly duckling on the block, there is a quick way to take your home’s exterior from drab to fab: Paint.

How to Select Exterior Paint Colors

More than a protective barrier for your home, the exterior paint is an aesthetic element that affords some freedom of expression. A new coat of paint, while not always a cheap investment, can literally transform the look and feel of your home.

If you’re trying to decide between colors, here are a few tips to help you along during the selection process:

Compatibility is Key

Before you jet off on a mission to pain your entire home that beautiful shade of lavender you covet, remember that your home should co-exist well with the others on the block in terms of design. Unless you live in a remote area where your nearest neighbor is a half a mile or more away, you should pay attention to how your proposed color scheme meshes with those of your neighbors’ homes.

Take a quick inventory of the style and color of the homes around you and use this information as a basis for deciding which colors you put on your own home. There’s no need for a Stepford Wives-ish look where every home is a cookie cutter image of each other; just use what you see as a basis to ensure you’re consistent with the houses around the area.

Also, don’t forget to take into account any regional, cultural, or historical references.

Be One with Nature

In addition to your neighbors’ homes, you should also pay attention to the type of landscaping you have or intend to have. If you have a carpet of green ivy that you don’t want to part with, consider how the potential colors will highlight or compete with the existing natural elements.

Similarly, if you envision (or already have) trees that bloom with vibrant colors each year, don’t forget to consider how your home will look at all of the various times of year when paired with the trees and bushes planted near it.

Don’t Forget the Architecture

Finally, if you’re re-painting your home and are seeking a unified, cohesive palette, don’t forget to take into consideration your homes architectural elements. What color is your driveway? If you have a chimney, what color is it? These elements play a key role in the overall appeal of your home’s color palette so ensure they’re part of the color selection equation from the beginning.

What about your roofing material? Keep in mind that stone or tile roofs call for a more subdued, neutral color to help balance their saturated intensity. On the flipside, a roof made of more traditional shingles can help neutralize a bolder trim or accent color.

Choosing Your Colors

Depending on the style of your home, the general rule of thumb is to choose three colors. These include a color for the body of the home, the trim, and an accent color. No matter how many colors you choose, keep in mind that you should never force something. Competing colors or too many colors can wind up leaving you with a little more than a headache.

If you’re looking for a resource to help you choose, consider trying something like the Better Homes and Gardens Color Your Home tool. When I still owned my condo, I used this to determine the new trim colors, and I was quite pleased with the results!

What are your tips for choosing an exterior paint color for your home?

 

Please enjoy this guest post while I’m working on a few things behind the scenes…. 

Last year, 15 percent more seller-financed transactions were processed in the United States than in 2011. More than 100,000 properties were sold this way, the highest number recorded since 2006.

So how does this growing property trend really work for home sellers?

The Seller Becomes the Lender

Home buyers typically receive financial assistance from bank and building societies. In a seller financing arrangement, the seller takes on this lending role. The home owner extends credit to the buyer. This is equivalent to the purchase price of the home minus the buyer’s down payment. The buyer and seller sign a promissory note which outlines the loan’s terms. Depending on the state, a mortgage or deed of trust is then lodged with the local public records authority. Over time, the buyer pays back the sum of the loan along with interest incurred.

Typical Seller Financing Terms

Traditional mortgages typically run for a 30-year period, but seller financing plans are much shorter arrangements. While they are usually amortized over 30 years, they typically feature a balloon payment in around five years. At this time, it’s predicted that the home will have increased in value or that the buyers’ financial situation will have improved enough to make refinancing with a traditional lender a viable option.

This short time period is practical for sellers as they don’t need to wait 30 years to see the loan paid off. With regular repayments coming in, sellers can afford to relocate to more affordable dwellings, like apartments for rent in Houston or other competitively priced markets. The shorter time period also reduces the seller’s risks.

The Best Times to Consider Seller Financing

Seller financing arrangements are best entered into once a seller’s mortgage is paid off. A seller may also consider such a plan if the buyer’s down payment will clear the mortgage.

If the seller has a significant mortgage, the seller’s own financial institution must agree to the seller financing arrangement. In a tight credit market, lenders are often unwilling to approve such deals.

Seller financing is also appealing in a slow real estate market. Once a property has been on the market for a couple of months, home owners are typically forced to lower their asking price. Seller financing can be a good way for sellers to receive their desired asking price over time.

Buyers are willing to pay more in exchange for the agreement’s many benefits, which include reduced loan and origination fees and more negotiable terms. The seller financing arrangement is also a great way for the almost 40 percent of Americans who can’t qualify for traditional bank financing to enter the property market. Seller financing can therefore increase the pool of potential buyers. These prospective buyers may also pay as much as nine percent interest for the privilege of owning a home.

Seller financing is also a good option for sellers seeking a quick closing time. Traditionally it takes six to eight weeks to close a house. The reduced paperwork of a seller-financed transaction can see these deals closing in as little as two weeks.

Reducing the Risks for Home Owners

In seller financing arrangements, sellers are at risk of buyers defaulting on their loans. Several measures can reduce this risk.

Sellers can insist buyers complete a loan application, much as they would if they were borrowing from a financial institution. A seller is within his rights to run a credit check, and assess the buyer’s employment, assets, and references to determine the buyer’s financial security.

Remember that the buyer’s down payment also reduces the risk of the buyer defaulting on the loan. With a significant stake in the property, buyers are unlikely to walk away from the sale. Sellers should request at least 10 percent of the purchase price up front.

It’s a good idea to secure the loan with the property. This ensures the seller can foreclose if the buyer fails to make his payments. It’s smart to appraise the home before its sale to ensure it’s worth at least as much as the purchase price.

The Role of Professionals

Consulting professionals through the seller financing process is one of the best ways to minimize the risks. Attorneys and real estate agents can help draw up the contract of sale, the promissory note, and other important papers.

A loan serving company can relieve the pressure of managing the loan. Such firms will draw up the mortgage, inform buyers of the payment schedule, collect loan repayments, and perform other managerial tasks.

Reporting and paying taxes can also be difficult for sellers. A financial or tax expert can offer advice in this area to ensure sellers do not face fines.

Seller financing can be risky, but with the right terms in place it can offer real rewards for home sellers.