Daily Archives: February 4, 2015

How to Borrow Light | Bedford Real Estate

In 1915 the 38-story Equitable Building in New York City was the largest office building in the world. Containing 1.2 million square feet of office space, it consumed nearly every available square foot of its diminutive lot and cast an equally large shadow on its neighborhood in lower Manhattan. Its construction inspired the enactment of the city’s 1916 Zoning Resolution, which was designed to preserve access to light and air at the street level. The resolution prescribed specific limitations for a building’s envelope — its outer walls — and would go on to shape the stepped forms that you see today on many of the iconic towers in the city.This underscores the importance that access to daylight had in shaping even the largest of cities, the individual buildings that make up those cities and, more broadly, sensible building design. With an increasing focus on sustainable design practices, the smart use of natural daylight in our homes is no longer a luxury — it has become a necessity. At the heart of any good daylighting strategy is a concept of “borrowed” light: the capture of light falling on the exterior of a home and transporting it to the spaces where it’s needed.

Earthy Decor Adds Warmth to a Modern Home | Pound Ridge Real Estate

In 2008 these Santa Monica, California, homeowners worked with their architects to build a minimalist, modern home. Several years later they still loved their custom home, but they thought it could be cozier and more touchable. They hired an interior design team to take their rooms to a new, warmer level.

How to Save for a Down Payment | Bedford Corners Real Estate

Rents are projected to outpace home values by the end of the year, according to Zillow, so it’s a good time to consider buying a home. Fixed mortgage payments and a more stable market are other reasons to make the jump.

Zillow projects that by the end of 2015, millennials will become the largest home-buying age group. Whether you fall into that category or not, coming up with a down payment can be challenging. Here are some strategies to help you get there.

Reduce large expenses

Sure, skipping your morning latte may help save money over time, but why not attack your biggest expenses head on for quicker results? We’re talking about your rent, which is likely eating up over 30 percent of your take-home pay. You can try to negotiate a better rate with your landlord, move to a cheaper location, or downsize — going from a two-bedroom to a one-bedroom can drop your rent by 25 to 30 percent, depending on where you live.

You could also bring in a roommate (or two). Sharing a home isn’t just for kids straight out of college anymore. In fact, the percentage of adults living with someone other than a spouse or partner continues to rise (32 percent nationwide in 2012; up from 26 percent in 2000, according to Zillow’s analysis of the latest Census Bureau data). Jump on the bandwagon and pocket the savings.

Automate savings contributions

This is a no-brainer: Tell your payroll department that you want a fixed amount automatically deducted from your paycheck and deposited into a designated savings account.

Start small. Most people can cut their income by 2 percent without even noticing, and the payoff over time can be significant.

Stash windfalls

The average tax refund in 2014 was $3,116; this year, it’s expected to rise to $3,295. And while it may be tempting to splurge, why not exercise some restraint and put your windfall into a designated down payment account? You’ll be happy you did.

Save less for retirement

This suggestion is certainly not the norm. And just to clarify, you should not raid your retirement account. But if you have a 401(k) employer match, and are already contributing the max (6 percent), consider stopping there and allocating additional cash toward your down payment — in a separate after-tax account.

 

read more…

 

http://www.zillow.com/blog/strategies-saving-for-down-payment-168290/