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Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts

Thursday, April 12, 2007

10 quick ways to upgrade your home

Home improvement usually means a ton of money to be spent on upgrading various part of your home. According to Bankrate.com, it doesn’t have to be that way. Here is their list of the top 10 ways you can improve your home on the cheap.

1. Make your kitchen really cook.
The kitchen is still considered the heart of the home. For a few hundred dollars, you can replace the kitchen faucet set, add new cabinet door handles and update old lighting fixtures with brighter, more energy-efficient ones. If you've got a slightly larger budget, you can give the cabinets themselves a makeover. …


2. Give appliances a facelift.
If your kitchen appliances don't match try ordering new doors or face panels from the manufacturer. Many dishwasher panels are white on one side and black on the other. It can be as simple as removing a couple of screws, sliding the panel out and flipping it over. …


3. Buff up the bath.
Next to the kitchen, bathrooms are often the most important rooms to update. They, too, can be improved without a lot of cash. Simple things like a new toilet seat and a pedestal sink are pretty easy for homeowners to install, and they make a big difference. …


4. Paint.
New paint makes everything look clean and bright again. And don't forget the ceiling. Paint the trim a contrasting color. …


5. Step up your storage.
Old houses, particularly, are notorious for their lack of closet space. If you have cramped storage areas, add do-it-yourself wire and laminate closet systems to bedrooms, pantries and entry closets. …


6. Mind the mechanics.
Spending a few bucks on nitty-gritty stuff. "It's often very worthwhile to hire an electrician, plumber or handyman for a couple of hours to look over your electrical services, wrap or fix loose wires, fix any faulty outlets, and check for and fix any water leaks," Perry says. "Those details tell a buyer that someone has really taken care of the home and can really influence its price."


7. Look underfoot.
Carpeting is another detail that can quickly update a home and make it look cleaner. A professional carpet cleaning is an inexpensive investment, especially if your rugs are in good shape and are neutral colors….


8. Let there be light.
If you have boring recessed lights in your dining and living rooms, consider replacing one of the room's lights with an eye-catching chandelier. …


9. Reframe your entry.
It's the first thing you, and your guests, will see. Repaint of refinish that front door and if you have a basic steel front door that has gotten dented, consider replacing it with either another inexpensive steel door or a fiberglass, wood grain door for slightly higher cost. …


10. Consider curb appeal.
Although it sounds obvious, a nicely mowed lawn, a few well-placed shrubs and a swept walkway makes a great first impression. As the saying goes, you never get a second chance to make a first impression. What buyers see when they first drive by your home is tremendously important. …


10 cheap ways to upgrade your home

Thursday, March 29, 2007

Most bills still getting paid on time.

CNN’s Money.com is reporting that even though Americans are missing payments on their home loans, they are still managing to pay their credit card bills on time, which means that the pressures of the housing market are not having as big as an effect as people might think.



NEW YORK (Reuters) -- Americans are missing more payments on home equity loans, but credit card delinquencies are holding steady, suggesting that housing pressures have yet to make it tougher for people in general to pay their bills.


In its quarterly study of U.S. consumer borrowing, the American Bankers Association said late payments on home equity loans rose to 1.92 percent from 1.79 percent in the third quarter, and were the highest since the first quarter of 2006. Late payments on some auto loans have hit a 5-1/2-year high.



The rate of credit card delinquencies edged down to 4.56 percent from the third quarter's 4.57 percent. That rate was the highest since the spring of 2005.


"We're certainly concerned to see the rise in home equity loan (delinquencies)," ABA Chief Economist James Chessen said in an interview. "The increase raises a caution flag, but the rate had been lower in 2006 than in the prior three years."


The ABA surveys more than 300 banks nationwide. It considers payments late if they are 30 or more days past due.



Read the full story after the jump


Most bills still getting paid on time.

Wednesday, March 28, 2007

Which mortgage is right for you?

Everyone has their own lifestyle and different priorities, based on what stage of life you are in. A lot of these factors go into making the decision on your choice of mortgage. Bankrate.com gives you 8 different situations and which mortgage goes with which.


    1. Buying for the long haul: Loan to consider: 30-year fixed rate

    2. Refinancing (15-20 years before retiring): Loan to consider: 15- or 20-year fixed or adjustable rate mortgage (ARM)

    3. Recent graduate with strong potential for increased earnings: Loan to consider: One-year ARM

    4. Self-employed: Loan to consider: No- or low-documentation loan

    5. Planning to live in home 4 or 5 years: Loan to consider: A 5/25 hybrid loan

    6. Job with good income, but not consistent month to month: Loan to consider: Option ARM

    7. Job relocation for a short run (with good income and savings): Loan to consider: Interest-only mortgage

    8. Active duty military or veteran: Loan to consider: VA loan

More on why these are the right choices after the jump.



Which mortgage is right for you? via Bankrate.com

Wednesday, March 21, 2007

20 steps to get the best deal on a home in 2007

Are you looking to buy a new home this year? It is an exciting time, but also stressful because of the enormity of the purchase. You are pretty much agreeing to be in debt for a long time. If done right, it can be a great experience and you end up in a house which will be your home for a long time to enjoy.


Bankrate.com has a great step-by-step guide to make sure your personal finances are in order and that it is a smooth process for you and your family.




    1. Know your score. Pull your credit report and purchase your credit scores….

    2. Get preapproved for a mortgage. Preapproved, not pre-qualified. Pre-qualified simply means you're good for the loan -- if your income, debts, credit and other factors are exactly as you stated and can be documented. …

    3. Determine your dollar limit. Decide how much you want to pay, not just how much you can pay…

    4. Make a list, check it twice. Another way to narrow your search in a market with many choices is to really zero in on the individual features of your future home. Which items do you really need? Which do you merely want? Which don't matter? And what would be a deal-breaker?…

    5. Do your homework. If there are communities you like, do the in-depth research now….

    6. Hire a buyer's agent. A good real estate agent can help you focus your search and avoid the pricing pitfalls. …

    7. Don't trash the house. It's become almost routine to point out all the things you don't like about a house to shake the seller's confidence and try and bring down the price. This can be a crucial mistake.

    8. Study comparables. Do this before making a first offer. When you look at the comps (which should be within six months and ideally within three months), what's the relationship between the list price and the sales price? …

    9. Stay current. Keep up with the market while you're shopping.

    10. Determine the real value of the property. Buyers sometimes focus on how large an offer it will take to "get" the home, and lose site of what it's actually worth….

    11. Research the sellers. Are they motivated? Do they have to move by a certain date? …

    12. Look at the real numbers. Was it for sale by owner? Have the sellers used other agents? And how long has it really been on the market?

    13. Leave room for a second offer. Many sellers will assume that if you knock $20,000 off the price the first time around, you're looking for a counter-offer that will reduce the asking price by $10,000,…

    14. Have a backup plan. Don't set your mind on one house and say it's that or nothing. …

    15. Put all extras in your first offer. Negotiations are more elastic in the beginning, when the buyer and seller are most likely to want to reach an agreement…

    16. Don't let them play mind games. "If you make a good offer, within the realm of reasonable, and the seller rejects it outright, move on…

    17. Surrender where you can. You're going to be dealing with the seller throughout the process, so on points where it really doesn't matter, giving ground can be smart…

    18. Call your insurance agent. How will the neighborhoods you're shopping affect your home and auto premiums? …

    19. Call the power company. Look at your current power bill to see just how much juice you're using each month. …

    20. Educate yourself.

20 steps to get the best deal on a home in 2007

Thursday, March 15, 2007

Why Your Home Is Not the Investment You Think It Is

A lot of people, including me, put most, if not all of their eggs in the house basket. Usually it is our biggest asset, and each month, we are investing more and more money in that asset. David Crook from the Wall Street Journal online has written a great article about why you should not bet your life's savings in your house. Here are some scary numbers from the article:


Food for thought:

• If you bought a house in Los Angeles in 1990, just as the real-estate market turned downward, you would have had to wait a decade for your home's value to return to what you paid.

• If you bought in Rochester, N.Y., in 1980, you would have seen only a mediocre 4% annual growth for the next 25 years.

• If you bought in Dallas in 1986, as the oil boom went bust, your home wouldn't have appreciated at all before 1998.


Not scared yet? Read on here.

Wednesday, March 14, 2007

10 steps to selling your home

Are you planning to sell your home in 2007. We all know that the real estate market is not what it was 2 or 3 years ago, so you will need to be prepared to wait a while before your house sells. It is a buyer's market and supply far exceeds demand for homes. Bankrate.com has some helpful tips on how to get your house sold in 2007.


10 steps to selling
1. Recognize every market is different.
2. Get your home inspected.
3. Shape up before marketing.
4. Devise a marketing plan.
5. Check into company relocation assistance.
6. Interview real estate agents.
7. Set a price.
8. Understand your price.
9. Get rid of the junk.
10. Stay on top of the market.
More here.

Sunday, March 11, 2007

Spring Guide to Real Estate

Are you a homeowner? Are you looking to become one? The benefits of owning your own home (tax savings, wealth building etc.) are well documented.
Kiplinger.com has a nice little guide with tons of information for people about to enter the home market, whether you're a seller or a buyer.

The Buyer's Advantage
In most markets, buyers are calling the shots. Sellers have to be smarter.

Hire Your Own Agent
When buying a home, make sure your interests are represented -- and not those of the sellers -- buy hiring an exclusive buyer agent.

No Time to Go It Alone
A good relationship with a good agent is essential to selling your home in this market. Here's how to find the right agent for you.



More after the jump.

Read these!