What Millennials are Looking for in an Apartment or Condo
LinkedIn recently told us that 4,279 new apartments were added to Seattle’s local inventory last year, and based on the number of cranes you constantly see around the city, we believe them. With so many choices, Millennials are getting really specific about what they want in a living space and the lifestyle it provides them. Here are some of the amenities we’re told that Millennials have come to want, and in some cases, expect:
1. Parking & Electric Car Charging Stations
2. High Speed Internet and WIFI (around the entire building). Preferably free WIFI on the first floor
3. State of the Art Fitness Center – Fitness centers not only act as a place for exercise, but now a place to casually socialize and build friendships. For instance, when a developer integrates fitness classes into the gym, they are creating a space where tenants can connect with their building community.
4. Dog Grooming/Washing Facility & Outdoor Pet Run: As many millennials are postponing starting a family to focus more on their career, their pets are like their children. With that said, an apartment building that doesn’t allow their fury friends will ultimately be losing out on a big portion of the millennial pie.
5. High- Tech Control Automation: Using smart technology to control your thermostat, lights, switches, sensors, and locks while you are away.
6. Business Center/ Work From Home Space: With remote work becoming an increasing popular trend, the potential ways of catering to work-at-home tenants are limitless.
7. Laundry Facility/Service and Dry-Cleaning Drop Off/Pick Up- Laundry is a hassle, and most renters want the burden of doing laundry to be, well, less burdensome. Programs like “Laundry View” are used in some apartment buildings to view how many washers and dryers are in use. It will also send you text alerts when your laundry is done.
Read the full article on LinkedIn.
For more information on Windermere Evergreen please contact us here.
Refinancing: What you need to know
Thanks to all-time-low interest rates, the number of homeowners refinancing their mortgages is at an all-time high. Of course, no one should refinance just because everyone else is doing it. But, for many homeowners, the benefits are simply too hard to ignore any longer.
Save money each month. According to Freddie Mac (The country’s largest purchaser of home mortgages), the average homeowner who refinances is able to cut their monthly payment by $108 (almost $1,300 per year) for a $200,000 loan.
Save even more in the long run. If you currently have a 30-year mortgage, refinancing with a 15-year version can save you thousands of dollars in interests over the life of the loan, plus allow you to build equity in your home faster than ever.
Switch to a fixed-rate mortgage. Refinancing with a fixed-rate mortgage gives you the security of knowing that your monthly payment will remain steady, regardless of whether lending rates rise or fall in the years ahead.
Access emergency funds. Something the mortgage industry calls “cash-out refinancing” allows you to take out a new mortgage for more than your current principal balance and use the additional money for other expenses (remodeling, college, a major medical procedure, etc.). Of course, this option should only be considered if you have a real need for the money and a solid plan for paying it back.
Consolidate debt. While consolidating credit card debt under a home loan may not be wise (unless you have a plan for controlling any additional spending), refinancing to consolidate two mortgages at these record-low rates can provide significant savings in both cases.
Things to consider beforehand:
Before moving ahead with a refinance of your own, a number of factors need to be considered (and numbers crunched) before you can determine how much you’ll actually benefit and if you can qualify for the best rates:
Closing costs. The fees associated with refinancing your mortgage are called “closing costs” and generally add up to somewhere between three and six percent of your loan amount (between $7,500 and $15,000 for a $250,000 mortgage refinancing). While there are ways to lower some of those costs, you’ll still want to weigh those expenses against how much you stand to gain.
For example, let’s say you figure you’ll be able to save $100 per month by refinancing, and you’ve calculated the closing costs at about $10,000. That means you’ll need to continue living in the house for at least eight more years before the savings surpass the closing costs. In the mortgage industry, this is referred to as the break-even point; and the longer you continue living in the house beyond the break-even point, the more money you’ll save.
Your credit score. It depends on the circumstances, but most borrowers will need a credit score of 700 or higher to get access to the best rates and closing costs. To determine your score, get a copy of your credit report from Experian, Equifax and TransUnion. (Why all three? Because, if there’s any difference, most banks will use the lowest score.)
Your current level of home equity. To qualify for refinancing, your current level of “equity” (the difference between the market value of your home and the balance of your current mortgage) typically must be 20 percent or more. That means, if the market value of your home is $250,000, the remaining balance on your loan would have to be $200,000 or less.
Pre-payment penalty. Check to see if your current mortgage includes a pre-payment penalty for refinancing. That would likely make refinancing too expensive even at these record-low rates.
The importance of timing
Mortgage rates have sustained record lows over the last few years, and they will likely stay relatively low for the next few years. However, even a small increase can make a drastic change in the amount of money you will pay over the duration of your loan. Getting the lowest rate you can, will benefit your finances over the long-term.
Getting the process started is easy. Begin by checking your equity and credit score, then crunch the numbers using one of the many online mortgage calculators.
If the initial results look promising, ask your Windermere Real Estate agent for a recommendation on a reputable lender (or mortgage broker) who can provide you with an actual quote.
6 Clever Ways to Disguise Trash Bins
You probably don’t give much thought to your garbage cans, other than remembering to put them out on the right day. But we all have to store our trash and recycling bins somewhere, and doing so can be a challenge on a smaller property, especially if you don’t want them to be an eyesore. If you’re struggling to find a stylish way to store your bins, check out these smart and inspiring ideas. Now, is it black or green bin day this week?
Garbage Bins 1: Outhouse Design, original photo on Houzz
Choose a screen. The curved screen in the corner of this courtyard is an attractive feature in its own right, thanks to the decorative cutwork pattern, and offers an elegant way to hide ugly plastic bins from view.
By using a screen like this, you can section off as much of the garden as you need — to store bikes or garden equipment as well as bins. To blend in the structure even further, you could grow climbers up and over the screen or along the wall behind.
Related: Outdoor Chairs to Entertain in the Garden
Create a brick shelter. Built in red brick to match the house, and tiled with slate, this practical storage area blends with the property’s exterior and actually enhances the space with its character and interest. The look is mirrored in the raised bed at the front of the drive for a coordinated finish.
A custom compartment on the left neatly houses the bin, while two smaller storage compartments on the right make room for stacking recycling boxes.
Make it part of the garden. The aim of this front garden design was to create a wildlife haven, and rather than see the bins as an unsightly obstacle to be hidden away, the owners decided to make them integral to the design.
They created a sturdy wooden structure with a living roof that works as an extension of the garden and is planted with wildlife-friendly flowers and foliage.
Related: Create a Wildlife Haven With a New Bird Bath
Design it into an outbuilding. In a larger space, an open-sided outbuilding like this one is ideal for storing and hiding bins. It’s painted a heritage shade and is partly screened in front with evergreen topiary to create a visually appealing feature — a great way to smarten up a drab drive.
This idea would complement a traditional or cottage exterior, but if your style is more contemporary than country, you could choose a sleeker style, or paint it a darker shade to tie in with the exterior of your home.
Tuck it into a border. Can you spot the trash bins on this drive? They’re neatly tucked away in the wooden box to the left of this image, and the impact of the structure has been much reduced by positioning it in a decorative floral border and planting low standard trees right alongside it.
The structure also has a green roof planted with succulents to further disguise the box and make it as visually appealing as possible.
Build a clever storage wall. If space is limited, why not make your recycling containers work extra hard by turning their storage area into a boundary wall, as these smart homeowners have. This neat wooden shelter screens the bins from the road while creating a clean, contemporary-style wall.
Related: More Designer Tips to Boost Curb Appeal
By Victoria Harrison, Houzz
For more information on Windermere Evergreen please contact us here.
6 Ways to Personalize a White Kitchen
White-on-white kitchens have been a classic look for many years. Why does this trend endure? For starters, white connotes cleanliness, makes small spaces appear larger, and brightens rooms that are naturally dark.
Although many all-white kitchens are just lovely, some can appear a bit stark or cold. To help clients warm up their white, I recommend a variety of strategies, such as mixing metals and adding contrasting paint, fabric or wood. Read on for inspiration for personalizing your white kitchen so that it stands out from the crowd.
White Kitchen 1: Allard Ward Architects, original photo on Houzz
1. Warm metal accents. Copper, bronze, brass and polished nickel are just a few of the metals that can warm up an all-white kitchen. The gold sconces above the window and the white pendant lights, with their subtle hint of gold, add warmth and a touch of luxury to this all-white kitchen.
2. Color and metal. Moving beyond metallics alone, a single contrasting color when combined with metals can create drama in a white kitchen. In this photo, a modern white kitchen intermingles black pendants and countertops with gold seating. This combination contributes to the room’s sleek contemporary look.
3. Wallpaper. I love wallpaper, especially in kitchens. Wallpaper can introduce color, movement and dimension to a white kitchen. When applied to a lone wall, wallpaper can create a dynamic focal point, as shown in this photo. The bright white cabinets and crisp white walls are softened by the shades of blue in the fish swimming on the side wall. This kitchen’s under-the-sea motif is enhanced by the blue tile on the back wall and the sea urchin-shaped pendant lights.
4. Colorful island. Wood-stained islands often appear in white kitchens because of the richness and contrast they bring. This kitchen shows a creative alternative, pairing a chartreuse island with a chartreuse Roman shade. Together they lend a whimsical, personalized feel. To give your white kitchen a personal touch, consider painting your island your favorite color.
5. Tile rug. Layering in a rug is a great way to introduce color and texture to an all-white kitchen, but some clients worry that a rug could be an added source of dirt as well as a possible tripping hazard.
This clever kitchen resolves both issues with a tile rug instead of a fabric one.
6. Backsplash. A tile backsplash also can bring color and texture to your white kitchen. But who says a backsplash must be tile? This kitchen has a counter-level window in lieu of a tile splash. The window faces a luscious succulent garden, thus creating a green vista for an otherwise monochromatic kitchen.
By Barbra Bright, Houzz
For more information on Windermere Evergreen, please contact us here.