Advice from a Home Staging Specialist
Mon, 12th July 2010
Real estate experts know the importance of making your home look as attractive and inviting as possible to prospective buyers. That is why you should consider getting some “staging” advice. Being objective about the way your home looks involves looking at it from the point of view of a prospective buyer.
Usually the best person to give advice on home staging is someone who understands what motivates and impresses buyers.
In this video a staging expert rearranges a single room in a condo to make it much more open, less cluttered, and more inviting. The principles she uses to make her room reorganization decisions are simple to understand and can be applied by just about anyone in this type of situation.
Copyright AgentMapIt Tips for Homeowners
Home Improvements, Real Estate Advice
This is one in a series of videos in which a home staging expert is given $250 and 2 hours to make a typical room look more attractive to prospective buyers.
In this video, staging expert Mark Jak is asked to do a Master Bedroom Makeover. The original bedroom is crowded and has no “flow”. Mark moves some pieces of furniture right out of the room, and rearranges the main items to divide the space and make it look much larger.
One of the main problems with the room is that the color selection features very bright colors - in particular a bright yellow on the walls, and contrasting reds in many of the other items in the room. The lamp shades, the bedding, the rug and the window treatments all have bright colors which serve to emphasize the overly-bright yellow in the walls.
Mark tones down the brightness of the colors by removing a number of the colorful accessories and replacing them with much more subdued, neutral colors.
The result is a room that looks much larger, more organized, and more open. The colors are also less jarring and less likely to give a negative impression to potential buyers.
Copyright AgentMapIt Home Improvements
Green Tips, Micro Tips
Green Tips - Just about every home these days has several electronic devices that stay on all the time. We’re talking about cell phones, laptops, computer monitors, modems, flat screen TV’s, wireless phones, iPods, game consoles, clocks, etc., etc. In 1980 an average home in the US had a whopping total of three such gadgets. Today it’s more like twenty-five.
And guess what? They all use electricity. These days, this type of household electronic gadget or appliance accounts for about 15% of household electrical demand.
In the 1950s and 60s larger appliances like washing machines, self-cleaning ovens, dish washers and vacuum cleaners were thought of as “labor saving devices”. People used them to make it much easier to do basic household tasks. Today a lot of our electronic devices are for entertainment or communication. Usually they are left on all the time, while they each use small amounts of electricity 24/7.
Many concerned researchers estimate that over the next twenty years the amount of electricity required around the world to keep our gadgets running is going to triple. If that happens we will need about 560 coal or gas fired power plants or up to 230 nuclear plants. Something has to give.
One way to save energy on these devices in your home is to shut them off when they are not being used. Many devices are designed to remain on because they store the time or date in memory. However this is changing.
Some devices - like telephones for instance - have to remain in an instant-on or semi-dormant state to be ready to receive incoming calls. But others like computer monitors and game consoles can be shut off with no loss of functionality. Many of us tend to just leave them on. We do that either because we don’t want to wait for them to boot up, or because someone told us it is less stressful on the system to be left on.
That may have been a useful strategy at one time, but almost never is the case any more. Every computer has a power saving program built right in to the operating system. Set it up properly, or simply shut the computer down between uses.
Another idea is to purchase smart power strips that turn themselves off when the devices plugged into them are not in use. That cuts their power consumption to zero when not being used.
Most of us could benefit from having a “device audit” done on our homes. All that means is taking a close look at all the devices you have running all the time, and eliminating some of that waste. You can do that either by replacing the items or devising strategies for turning them off when not in use.
Green Tips, Home Design, Kitchen
One of the areas in your home that uses the most energy is your kitchen. So a lot of research and development has gone into finding new materials and building more energy-efficient appliances to cut energy consumption. If you’re considering remodeling your kitchen (and who isn’t), you will be interested in these eco-friendly ideas for new kitchens. This video includes:
- Reducing water consumption with reduced-flow faucets and dishwashers that use only 50% of the water used by normal dishwashers.
- Cooking appliances that use much less energy.
- Low energy lighting that can cut electricity consumption by more than 50%.
- Materials for flooring, counter tops and cupboards made from more eco-friendly processes.
Not only do these ideas make a lot of “green” sense, but they can cut your energy bills too.
Copyright AgentMapIt Green Tips for Homeowners
Finance, Real Estate, Real Estate Advice
(ARA) - With the downturn in the economy over the past two years, hundreds of thousands of homes have gone into foreclosure, offering a unique, once-in-a-lifetime opportunity for many Americans to buy a home at an unheard of price, sometimes 30 percent or more off the most recent sale price.
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Buying a home is always a challenge. Buying a foreclosed home presents unique challenges, however. You need to be willing to hunt, put up with lenders who offer surprisingly little information about the properties they’ve taken back, real estate agents who have little experience or incentive in selling foreclosed homes, and loan officers who demand nearly perfect credit ratings to obtain a loan in today’s tight-fisted market.
Foreclosed properties are typically referred to as REOs (real estate owned by the lender), according to FindLaw.com, a leading online resource for legal information, and are owned by the lending institution or government agency that backed the mortgage. For one reason or another, the owner failed to make payments on the loan and the lender foreclosed on the property (repossessed it).
Banks and other home-lending institutions are not in the business of owning property. They’re in the business of making money on the money they lend. So it’s in their best interest to sell a foreclosed property, and they are often anxious to do so. Properties of all types, including single-family homes and condominiums, can be foreclosed. Depending upon local regulations and traditions, some lending institutions will sell their properties through real estate agents who specialize in REO properties, while other institutions will sell foreclosed properties through auctions conducted by a county sheriff.
Because of the volume of foreclosed homes currently on the market, a growing number of lenders have turned to selling properties through heavily advertised public auctions in which dozens or sometimes hundreds of properties are sold in one or two days. The Federal Housing Administration (FHA) has sold foreclosed properties through local auctions for many years, typically announced in the classified sections of local newspapers. Potential buyers submit bids on the day of the auction, accompanied by a certified check for a percentage of the bid price. The highest bidder usually gets the home.
Buying a foreclosed property can be risky if you are not familiar with the procedures involved. Such a sale may not include the safeguards that are present in a traditional sale, such as a lender and a title insurance company. Therefore, if you plan to buy foreclosed properties, says FindLaw.com, it is important to familiarize yourself with the process and consult with a lawyer who specializes in this area.
Here are some other tips from FindLaw.com about buying a foreclosed home:
* Not all foreclosed properties are good deals. It seems like foreclosed properties are everywhere these days; however, not every property is a smart purchase. Search for a foreclosed property as if you were buying a home in a hot market. Start by researching neighborhoods that you really want to live in, then get in your car and drive through the neighborhood looking for properties that aren’t kept up as well as neighboring properties.
* Find an experienced real estate agent. Some sellers of foreclosed properties, including lenders that have repossessed a property, may refuse to work directly with the buyer. Find a real estate agency that has experience in dealing with foreclosures and is willing to represent you.
* Hire a real estate attorney. All states have different laws and regulations involving foreclosed properties. You may need to consult with a real estate attorney specializing in foreclosed properties to assist you. Buying a foreclosed home can be a very complex and time-consuming process in some states; the right attorney may be able to help you cut through the red tape.
* Check the assessor’s office. Many counties now include vital ownership and tax information on their Web sites about residential property, including the identity of the owner, the previous price paid for the home, and how much the property is being taxed. Knowing what the previous owner paid for the property will help you gauge its potential worth now.
* Tour and inspect the property. It’s vital to inspect any property before buying it, but it’s absolutely critical when buying a foreclosed property. Many foreclosed homes are not kept up or have been abused by their former owner and may require thousands of dollars in repairs and maintenance. If the property is located in a neighborhood with a lot of potential, investing to rehab a property may be worth the money.
* Have your financing lined up. Over the past two years, many lenders have tightened their lending standards and are only offering loans to those who have solid credit ratings and the long-term means to pay for a home. Sellers of foreclosed properties are leery of buyers who don’t have their financing together. Like buying a home at the top of the market, it’s in your best interest to offer the most solid financial package in order to win the home you want.
To learn more about the legal aspects of buying and selling real estate, visit www.FindLaw.com.
Courtesy of ARAcontent
Green Tips
Hot Tips for a Cooler Kitchen
The warm kitchen that felt so snug when there was snow on the ground can quickly become a blast furnace in summer. The saving grace is that quite a few of the strategies for keeping a kitchen cooler in summer are also energy savers that help the environment too. Sometimes you really can kill two birds with one stone.
Energy efficient kitchen appliances such as electric skillets, slow-cookers, and toaster ovens can be used to make meals instead of heating up your large stove or oven.
Microwave ovens and pressure cookers can cook a meal quickly, using a reduced amount of energy and conserving a significant amount of time as well. Use them whenever possible.
Vegetables get done sooner when they are cut into bite-sized pieces. Reduced cooking time results in less energy use and a more comfortable kitchen.
Foods will cook faster and more efficiently when lids are used on the pans and make sure that the burner size matches.
The kitchen stays more comfortable if you preheat the oven only when the recipe calls for it.
Cooking an extra item in the oven at the same time doubles your efficiency.
Opening the oven door needlessly can cause an oven’s temperature to drop by 50F (25C) or more. It is better to check progress by using the oven window.
Run the dishwasher only when you have a full load and allow the contents to air-dry without running the final heat cycle.
Green Tips
Click photo to watch video
In moderate weather, there are several ways to conserve energy use and minimize cooling expenses. Perhaps the best is to use fans as greener options or complements for air conditioners. With the right type of fan and cooperative outdoor temperature, your air conditioner use can be cut in half while remaining comfortable.
Whole-house fans often reduce a home’s temperatures by 2C to 5C (4F to 9F). This kind of fan is a practical way of cooling an entire house. They are more economical to use than the cost of air conditioning. Whole-house fans should be properly located so that air circulates from all the rooms in the house.
Ceiling fans generate air motion across your skin that increases the rate of evaporative cooling. A light breeze can boost your comfort range by several degrees. It will save energy by permitting you to reset your air conditioner’s thermostat up a notch. It might even wipe out the need for air-conditioning completely.
Window fans can be extremely useful when seasonal changes bring hotter days and cooler nights. The home can be cooled with outdoor air from window fans once the sun sets. During the day, the window fans are turned off. This technique uses electricity when power demands are lower.
Almost everyone can be a fan of making both the earth and your wallet a little greener.
Micro Tips
A Toronto tax consultant thinks MPAC - Ontario’s Municipal Property Assessment Corporation - may have over-assessed as many as one third of Ontario single family homes.
This could result in paying hundreds of dollars of extra tax over the next few years. The assessment problems are caused by MPAC’s averaging system. They use municipal sources and MLS sales figures that don’t properly reflect the variations in older homes.
The best advice is to contact MPAC and appeal your assessment if you think you are over-assessed. Bear in mind that the same consultant says roughly one third of homes are currently under-assessed.
Sources: Globe and Mail
Home Improvements
Many homeowners have questioned if they might turn an area of their home into a rental unit.
Of course the objective is to cut down your cost of housing by collecting rent from someone else. An arrangement like that can provide you with a bit of extra cash, or sometimes even make it feasible to make ongoing monthly payments which which could be very difficult without that extra income.
The first thing you should do is check municipal bylaws to see if building a rental unit like you have in mind can be approved within the existing bylaws. Each municipality is different.
Local fire regulations are usually the most difficult hurdle. Fire codes specify standards for electrical wiring, and the fire retardant characteristics of building materials. Regulations also define entrance and exit requirements as well as how many smoke alarms are needed and where they are to be placed.
To make sure your renovation meets all the requirements you are advised to get advice from a professional contractor with experience in this type of project. Hiring a professional to do it correctly may make it too costly. Just building a new entrance could cost up to $10,000, and building a unit having its own kitchen and bathroom could likely be as much as $30,000.
If the project is done according to code the upgrade will likely bump up the resale value of your home by at least 50% of the cost to do the work. The rental revenue can be substantial if you don’t sell the house for a number of years. For example, if you spend $20,000 creating a unit which you then rent out for $700 per month. Over a 10 year period your rental income will be more than $80,000.
Of course there are costs too, and there is the inconvenience of having a renter in part of your house. But if you proceed prudently and keep a careful check on your expenses you should earn enough income to justify the project after just two or three years.
More Resources: Bankrate.ca - Adding a rental unit to your home
Fun Stuff
In this tongue-in-cheek video the Blendtech guy demonstrates how to dispose of old toilet parts. His blender eats through a fill valve, flapper and tank lever and turns them into nice fine plastic dust. As he says, “…No more jiggling the handle.”
Micro News
Luxury home sales hit new highs in 9 or 13 regions across Canada, according to a recent ReMax Canada report. The report was based on information from brokers.
A luxury home is usually thought of as one falling within the top 1% to 5% of sales. The luxury price range varies across Canada from $400,000 in St. Johns to $2-million in greater Vancouver.
The most expensive home sold in Q1 in Canada was in Vancouver - an 11,600 sq. ft. home for $10M. The average price for a single, standard detached home in Vancouver is now $800,341 - up more than 20% from a year earlier.
Prices across Canada have also increased significantly in the last 12 months - almost 20%.
Resource: Globe and Mail
