Did you know you may be able to use your 401K assist in buying a home?

It can be really tempting to dip into this account when you have a healthy amount saved up in your 401(k) and you see your dream home on the horizon.  The average 401K Balance across age groups does open the option for many people to utilize these funds. But remember, dipping into your retirement savings for a home could cost you a penalty and affect your finances later on. It's important to explore all your options when it comes to saving for a down payment and buying a home.  Talking with your financial advisor and fund holder can help you determine what penalties and parameters there are around using these funds to purchase a home. Here are some considerations: The Numbers May Make It Tempting The data shows many Americans have saved a considerable amount for retirement (see chart ) Alternative Ways To Buy a Home Using your 401(k) is one way to finance a home, but it's not the only option. Before you decide, consider a couple of other methods, courtesy of Experian: FHA Loan: FHA loans allow qualified buyers to put down as little as 3.5% of the home's price, depending on their credit scores. Down Payment Assistance Programs: There are many national and local programs that can help first-time and repeat home buyers come up with the necessary down payment.   Above All Else, Have a Plan No matter what route you take to purchase a home, be sure to talk with a financial expert before you do anything. Working with a team of experts to develop a concrete plan prior to starting your journey to homeownership is the key to success. Kelly Palmer, Founder of The Wealthy Parent, says: “I have seen parents pausing contributions to their retirement plans in favor of affording a larger home often with the hope they can refinance in the future… As long as there is a tangible plan in place to get back to saving for their retirement goals, I encourage families to consider all their options.” If you’re exploring the possibilities about using your 401(k)-retirement savings for a home down payment, consider all your options and work with a financial professional before you make any decisions. Additionally, I can help you explore other programs such as Downpayment Assistance options so that you find what works best for your financial situation and goals. cell 719.238.0330 office 719.536.4444 Marquesa@ColoradoHearthstone.com 6760 Corporate Drive, Ste. 300 | Colorado Springs, CO 80919

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Winterizing the interior of your home

As winter approaches, it's important to prepare not only the exterior but also the interior of your home for the colder months. Winterizing the interior of your home is an important step to make your living space more comfortable, energy-efficient, and prepared for the cold winter months. Here are some steps to consider when winterizing the interior of your home: Seal Leaks: Inspect doors and windows for drafts, and use weatherstripping or caulking to seal any gaps. This will help keep cold air out and warm air in. Check Insulation: Ensure that your home's insulation is in good condition. If needed, add more insulation to your attic, walls, and basement to improve energy efficiency. Service Heating System: Have your heating system, whether it's a furnace, heat pump, or radiator, professionally serviced. Change the air filter and consider installing a programmable thermostat to regulate indoor temperatures. Reverse Ceiling Fans: If your ceiling fan has a reverse function, set it to clockwise rotation. This will push warm air down and help distribute it throughout the room. Seal Fireplace: If you have a fireplace, make sure the damper is closed when not in use to prevent heat from escaping. Consider using a fireplace cover or insert to seal it off completely. Insulate Pipes: Protect your plumbing by insulating exposed pipes to prevent freezing. This is especially important in unheated areas like basements and crawl spaces. Check for Safety: Test smoke and carbon monoxide detectors to ensure they are in working order. Change the batteries if needed. Prepare for Power Outages: Have an emergency kit ready, which may include flashlights, candles, matches, blankets, and non-perishable food items in case of power outages. Adjust Window Coverings: Use heavy curtains or thermal blinds to help insulate windows. Keep them open during the day to let sunlight in and closed at night to retain heat. Seal Ducts: If you have a forced-air heating system, inspect and seal any leaks in the ductwork to improve efficiency. Use Draft Stoppers: Place draft stoppers at the bottom of doors to prevent cold air from entering and warm air from escaping. Reprogram Thermostat: Adjust your thermostat settings to lower the temperature when you're not at home or while you're sleeping. This can help reduce heating costs. Install a Humidifier: Winter air can be very dry, which can make your home feel colder. Using a humidifier can add moisture to the air and make your home more comfortable at lower temperatures. Clean and Reverse Ceiling Fans: Dust and clean ceiling fans, and reverse their direction to help circulate warm air downward. Prepare for Winter Storms: Have essential supplies on hand, such as extra blankets, non-perishable food, and a backup heat source (if safe and practical) in case of severe weather and power outages. By taking these steps to winterize the interior of your home, you can make your living space more comfortable, reduce your energy bills, and be better prepared for the challenges of the winter season.   cell 719.238.0330 office 719.536.4444 Marquesa@ColoradoHearthstone.com 6760 Corporate Drive, Ste. 300 | Colorado Springs, CO 80919

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Preparing your exterior home for winter is essential

  Preparing the exterior of your home for winter is essential to protect it from the harsh weather and prevent potential damage. Often times we get busy and forget...until the snow starts to fly, then we scramble to get everything done. In our haste, we can forget some very important steps that need to be taken to protect the exterior of your home, so we put together a useful checklist for you to review. Here are the steps you can take to prepare your home for the winter: Clean Gutters: Clean out your gutters and downspouts to ensure proper drainage. Leaves, debris, and dirt can accumulate in your gutters, causing blockages that can lead to water damage or ice dams. Make sure the gutters are securely attached to your home, and consider installing gutter guards to prevent future debris buildup. Exterior Caulking: Check the caulking around your doors and windows. If you find cracks or gaps, recaulk them to prevent drafts and heat loss. Properly sealed windows and doors will help maintain a comfortable indoor temperature and reduce heating costs. Winterize Your Sprinkler System: If you have an underground sprinkler system, it's crucial to winterize it to prevent freezing and damage. Follow these steps: a. Turn off the water supply to the sprinkler system at the main valve. b. Drain any remaining water from the system by opening the drain valves or using compressed air. Ensure that all water is expelled to prevent pipe damage due to freezing. c. Disconnect and drain hoses and store them indoors. d. Insulate outdoor faucets with hose bib covers or wrap them in insulating materials to prevent freezing. Insulate Pipes: Insulate any exposed water pipes, especially those in unheated areas like basements, garages, and crawl spaces. This helps prevent frozen pipes, which can burst and cause significant damage. Use pipe insulation or wrap pipes with heat tape. Check Roof and Attic: Inspect your roof for any damaged or missing shingles and replace them as needed. Ensure that the attic is properly insulated to prevent heat from escaping and forming ice dams on the roof. Seal Cracks and Gaps: Inspect the exterior of your home for any cracks or gaps in the siding, foundation, or other surfaces. Seal them with appropriate materials to prevent drafts and water intrusion. Trim Trees and Shrubs: Trim overhanging branches and bushes that are close to your home to prevent them from causing damage during winter storms or heavy snowfall. Store Outdoor Furniture: If you have outdoor furniture, store it in a sheltered location or cover it to protect it from winter weather. Test Heating System: Before the cold weather arrives, test your heating system to ensure it's working correctly. Replace air filters if needed and consider scheduling a professional inspection and maintenance service. Stock Up on Winter Supplies: Stock up on winter essentials, such as rock salt, sand, and shovels for de-icing walkways and driveways. Make sure you have an adequate supply of firewood if you have a fireplace or wood-burning stove. By following these steps, you can help protect your home and prepare it for the winter season, keeping it comfortable and safe during the colder months.   cell 719.238.0330 office 719.536.4444 Marquesa@ColoradoHearthstone.com 6760 Corporate Drive, Ste. 300 | Colorado Springs, CO 80919

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