One Style Entrepreneur’s Practical Guide To Buying & Upgrading Your Dream Home

When Jenee’ Naylor and her husband fell in love with a half-finished 3,200-square-foot home in Virginia Beach, she didn’t hesitate to dive into the project headfirst. 2020 was a big year for her — she got married and successfully grew her lifestyle brand, HighLowLuxxe, to the point of hiring her first employee, so upgrading her space felt like a natural progression. Not only could she customize the home to her liking aesthetically, but finishing the build meant she could tailor it to fit the needs of her burgeoning business by adding a photo studio and oversized closet.

But fearless as she may have been to tackle this renovation, Naylor admits that the move — on top of everything else 2020 threw her way — left her and her husband feeling overwhelmed.

“We needed someone to get us on the straight and narrow,” she admits to The Zoe Report. Enter Northwestern Mutual financial advisor Whitney Ditlow, the silver lining in the midst of a challenging time. At Northwestern Mutual, their goal is simple: reframe people’s idea of financial planning and help them feel empowered in their decisions, today and down the line.

In partnership with The Zoe Report, the Northwestern Mutual team matched the influencer and the advisor because Ditlow’s experience aligned with Naylor’s goals, leading to an easy conversation that touched on everything from how to tackle a massive mortgage to the most cost-effective way to give your space a face lift.

Keep reading for Naylor’s biggest takeaways and click here to learn more about how Northwestern Mutual can create a financial plan that’s right for you.

Don’t Rush To Pay Off Your Mortgage

The next logical step after buying a home is to pay off as much of the mortgage as you can, right? Not necessarily. Ditlow stresses that it’s crucial to “get all of your ducks in a row financially before you even consider crossing that bridge.”

Ideally, she recommends putting 20 percent down on a home and locking in a 30-year conventional fixed-interest mortgage rate. This will make way for long term savings while still allowing you to continue paying off your new investment. That way, assures Ditlow, “you can do a lot of other things with [your monthly income], whether that’s saving for retirement or investing back in your business.”

Tackle Projects One At A Time

While it can be tempting to finish a home renovation as quickly as possible, it’s not necessarily advisable. Naylor says one of her biggest challenges was creating a timeline and budget — and then actually sticking to it. “There was a point when we had several projects happening at once, which got pretty costly,” she tells TZR.

Ditlow agrees, adding, “The worst thing in life wouldn’t be to extend your renovation from 12 months to 18 months so that you can stay on track for your long-term goals [like retirement savings and paying off loans] while accomplishing your short-term goals at the same time. Find a balance between making sure you’re planning for the future and making it fit within today’s budget.”

Cut Back On Everyday Spending

Once you determine what the biggest renovation priority in your home is, Ditlow suggests finding “short-term spending opportunities” to cut back on. For example, if you want an updated kitchen or an inground pool installation to get done in the next year, start small by limiting spending on weekends away or dinners out.

Find the silver lining in the current public health restrictions and lean into staying home — you might be surprised at how quickly your savings add up and you’re able to move forward with projects that initially seemed out of reach.

When It Comes To Furnishing, Invest In Basics

There’s no way around it: decorating a new home (or even just a room!) is going to add up. Instead of trying to buy everything in one fell swoop, Naylor recommends saving up for one central piece, and using that as a jumping off point for building the rest of the space.

“I usually start with my must-haves, [which are often the things] that have inspired that space in the first place,” she says. “It’s typically the biggest — and most expensive — piece of furniture, like the bed or the sofa, and then I add on from there.” Not only does this inform a room’s style and make it feel cohesive, but it helps you prioritize your spending, and ensures you only splurge on the things that truly make or break the space.

Inexpensive Accessories Can Make A Big Impact

If you’re craving a refresh but don’t have the funds for a full home makeover at the moment, Naylor recommends seeking out affordable pieces that pack a punch.

“For my space, I’m always trying to find balance in each room by creating interesting and unique spaces that still feel cozy,” she tells TZR. When in doubt, Naylor turns to what she calls “impactful accessories,” like colorful throw pillows, statement-making side tables, and textured area rugs. “[They] can change the vibe and dynamic of a room while leaving the more costly furniture pieces in place.”

Don’t Be Afraid To Ask For Help

Buying and renovating a home is a big step, and luckily, it’s not one you have to take alone. Financial advisors like Ditlow — who’s been turning her clients’ economic doubts into determination since 2008 — are great resources for when you need accessible, personalized support.

“We’re a team,” the financial advisor says of her relationships with clients. “My goal is to help you accomplish your financial priorities and make sure you’re doing all the right things.”

And Naylor can expect that partnership to last long after the last piece of hardware is installed. “There’s so much to cover and so much to talk about as life and business changes,” Ditlow assures. With Northwestern Mutual by her side, Naylor is set up to enter this next chapter of her life determined, educated, and empowered.