Wednesday, April 29, 2009

22 Ways To Fight Rising Food Prices

By Lisa Smith
Source: Investopedia - A Forbes Digital Company/www.investopedia.com
Food, clothing and shelter generally top the list of basic human needs. While shopping at a discount store instead of the mall generally takes care of the clothing issue, and living in a small apartment instead of a McMansion can address your housing situation, rising world food prices can lead to some significant challenges in the food department. Everything from rising transportation costs to the development of biofuels, such as biodiesel, push up the cost of food and put a pinch on consumers' wallets.

While the need to eat isn't something you can avoid, there are some steps you can take to keep the costs in check.
  1. Eat at Home
    Dining out is an expensive proposition. Just about any nutritious meal that you buy in a formal restaurant can be made at home for a fraction of the price. Even good coffee is cheaper to make if you do it yourself. Fast food is excluded from the category, as high-calorie, low-quality food can be had a bargain price, but the impact on your long-term health overrides the benefit of short-term savings. (If you love restaurants, try investing in them instead of eating at them.
  2. Shop With a Plan
    If you stumble around the grocery store and fill your cart with everything that catches your eye, chances are you will spend a lot more money that you needed to spend. To minimize your cash outlay, prepare a shopping list before you leave home. Plan your meals for the week ahead, and make careful note of what you need to buy in order to prepare those meals. Once the list is made, purchase only the items on the list, and avoid impulse buys.
  3. Put on Blinders
    Grocery stores are designed to make you go through a maze to get to the most basic items you need in the hope that you will make a few impulse buys along the way. If you keep to your planned list of needed foods, you won't be tempted when you get forced down the junk food aisle to get at the milk. Because most necessities and basic cooking items are found along the outside perimeter of the store, start there and work your way around the edge of the store, only stepping into the maze to grab any leftover items on your list.
  4. Eat Before You Shop
    When you are hungry and you walk into a building full of food, there's a high likelihood that you are going to fill you cart with unnecessary and expensive purchases that appeal to your taste buds. To keep your costs down, eat first and shop on a full stomach.
  5. Avoid Prepared Foods
    Our fast-paced society encourages convenience, and the grocery store has capitalized on this trend. Ready-made meals are easy to buy, but come with a premium price tag. Instead of putting that rotisserie chicken and macaroni salad in you cart, buy the ingredients and prepare the meal yourself. The same concept applies to frozen entrées, baked goods and any other food that has been prepared in some way for added convenience.
  6. Skip the Bottled Water
    If you don't like the water that comes out of the tap, buy a water filter. The per-gallon cost is significantly less than the cost of bottled water - and without all the plastic bottles to discard, it's a lot easier on the environment.
  7. Shop Without the Kids
    Hungry, tired, cranky kids increase the amount of time it takes to get your shopping done. Every extra minute that you spend in the grocery store increases the likelihood of extra items finding their way into your cart, including toys and snacks designed to keep the kids quiet while you try to focus on finding a few bargains.
  8. Buy in Bulk
    Bulk buying can save you a significant amount of money. Pay attention to the prices and pick up the family size package if the per-unit cost is lower and you have a place to store it. Shopping at big-box bulk retailers like Sam's Club and Costco can also save on your bill if you shop there frequently enough to cover the cost of membership, but pay careful attention to your spending habits. The big boxes are often no bargain at all when compared to sales prices and coupon savings at other stores. In addition, they may encourage you to buy more than you need, driving up your grocery bill.
  9. Use Store Reward Cards
    If the store that you visit most frequently has a reward card, be sure to sign up. In some cases, stores raise their prices when they offer reward cards, and without the card your bill will certainly be higher. If the reward card offers other benefits, such as a ham for the holidays or a discount on gasoline, be sure to maximize your benefits by paying attention to the cutoff dates and cashing in your points before they expire.
  10. Use Coupons
    Coupons provide an easy way to save money. Clip them and cash them in, paying particular attention to stores that double the value of manufacturers' coupons. A number of websites also offer coupons exclusively, and they are a great place to search for discounts on the items you have on your list. If you frequent a website of your favorite brands, they will often offer discounts to their faithful public. A few minutes of surfing online can make a difference at the till.
  11. Buy Locally
    Locally grown or produced food is often available at a cheaper price because you don't pay for long transportation costs. Farmer's markets, fairs, and the local aisle at your grocery store are all game for deals on tasty and fresh food.
  12. Look Down
    Stores often place the most expensive items at eye-level. To find less expensive items, look down. Also, looking around your brand-name food can find you a cheaper generic alternative. Generic label products are often nearly identical to name-brand goods (in fact, they're often produced in the same factory), so don't pay for packaging when what you really want is the food inside.
  13. Avoid the End Caps and Checkout Temptations
    Those displays placed at the end of each aisle often feature premium brands. Rather than grabbing those high-priced batteries or that extra box of cereal, walk down the aisle. Chances are good that walking a few extra feet will reward you with a less expensive option.
    Many grocery stores now offer checkout lines that don't feature candy. Using these lanes not only helps you avoid the temptation to spend your money on sweets, but it also encourages a healthier lifestyle.
  14. Compare Prices and Stores
    Some consumers have trouble calculating the cost per unit in their heads, but it's something that gets a lot easier with practice. You can even carry a calculator. Looking at the brands and comparing prices is an easy way to shave a few cents off most purchases.
    The store that features the lowest average prices in your area is often the best place for routine shopping, but the higher-priced competitor may run sales on specific items that undercut the cost at your most frequented venue. Watch for these sales and take advantage of them when possible.
  15. Shop for Sales
    As mentioned above, sales can be a great incentive to switch stores - but only if you need the items on sale. Pay attention to sales on necessity items and stock up on non-perishables and freezer goods. Keep an eye on the prices so that you know when a sale price is merely a small savings or when it is a significant discount to the normal price.
  16. Watch "Best Before" or "Sell By" Dates
    As the "sell by" or "best before" date approaches, you are virtually guaranteed a discount. For example, grocery stores lower prices as meat ages. Ask the butcher when the meats get marked down. Most stores have a fairly regular schedule that you can learn and follow. When you get a good deal, stock your freezer so you can avoid buying when the price is high. And if you plan on freezing the food, "best before" dates shouldn't worry you; the product will stay fresh until you thaw and cook it.
  17. Substitute Recipe Items
    If you have a higher-priced item that reoccurs in your favorite recipes, it may be time to shake up your taste buds. Often a lower-priced alternative can be found. For instance, if you consistently bake with olive oil and you see that the price has skyrocketed, a simple switch to applesauce (something that you might even be able to make if you have an apple tree) is a great cheap and low-fat substitution for many recipes.
  18. Keep Your Kitchen Stocked
    A well-stocked kitchen means that you won't run out of staple items and need to buy them on the spur or the moment. Knowing what you have in the cabinet means that you can wait to make your purchases until items are on sale.
  19. Shop Infrequently
    Reducing the number of trips that you make to the store each week or month reduces the odds of unnecessary purchases, and minimizes the amount of gasoline spent getting there.
  20. Pay Attention To Time
    Weekly sales often run from mid-week to mid-week. Hold off on your shopping until after you've had a chance to clip coupons from the Sunday paper and you'll not only enjoy the sales prices but you might also get a coupon. Shopping during the evening or early morning also helps you avoid the crowds and spend less time in the store.
  21. Pay In Cash
    When you put groceries on your credit card and don't pay off the card in full each month, you pay interest on the purchase. To avoid this extra cost, pay in cash when you shop and keep necessities off your credit cards.
  22. Check Your Bill
    Electronic scanners make the shopping experience faster and more convenient, but scanners aren't perfect. Be sure to take a look at the receipt to make sure your coupons and discounts were taken into account.
    Shop Smart
    Food is one of those purchases that you just can't avoid, but careful shoppers can minimize the amount spent on this necessary purchase. All it takes is a little time, patience and effort.

Monday, April 27, 2009

Are You Really Pre-Approved for a Mortgage?

Pre-Qualification, Pre-Approval, Loan Commitment..It's easy to be confused by the terms. Although related, the three terms each signify a different level of approval from a lender.

Pre-Qualified
You can be pre-qualified by a lender, by an agent, by yourself. The term means that someone has taken a general look at your income and expenses and plugged them in to a debt-to-income ratio formula. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your potential to buy a home.

Bottom Line: Pre-qualifying yourself before you start looking for a home will give you a general idea of the price range you can afford.

It will not nail-down an interest rate for you, and that factor and others will affect the monthly payments a bank will allow you to carry.

Pre-Approval
When you are pre-approved, it means a lender has looked closely at both your credit report and your income. The lender will tell you the maximum amount of loan they will offer, and which loan programs you qualify for. You'll also have a better idea about your interest rate, or you might lock-in a specific rate.

Bottom Line: Now you can go shopping for a home with confidence about your buying power--but it still doesn't mean the bank will approve the loan. Your income and credit report will be checked again before closing, and the home itself must be approved.

Loan Commitment
The bank will not issue a loan commitment until it has approved both the house and you. The home appraisal must meet the lender's guidelines--usually meaning the home must appraise at or higher than the sales price.

The bank may require more information if the appraiser mentions anything the bank feels should be checked.

A comment such as "observed a crack in the foundation and basement appears wet," will raise a red flag to the lender--and likely generate a structural inspection (which you must pay for unless the seller agrees to share or absorb the expense).

If the bank reads "home accessible only with a 4-wheel drive vehicle," you can be sure they'll want to know more about ongoing road maintenance. Where I work, we have thousands of mountain roads that are maintained by groups of home owners. Many lenders verify that there's a written road maintenance agreement before they will lend. Other banks don't seem to care as long as no derogatory comments are made about the road.

Other things that affect a loan commitment:
The home's title must be cloud-free, meaning there are no problems associated with it (no outstanding liens that can't be paid at closing; no right-of-way problems; no litigation in progress, etc.).

Your credit profile will be checked again to make sure it hasn't changed in a negative way.

Bottom Line: The loan commitment letter is issued only when the bank is sure it will lend, so the commitment date on your contract to purchase should normally be closer to closing than to the date you make the offer. The home seller can demand to see that letter as soon as the date has passed, so question anyone who tries to insert an early commitment date in your contract.

Since terminology sometimes differs in different regions, ask your mortgage officer to explain all of the terms associated with their approval process

Friday, April 24, 2009

10 Tips for Adding Value To Your Remodeling Project

By Louis Joyner Courtesy of the HBAA, part of the NHBASource: My Home Ideas/www.MyHomeIdeas.com
Get the most out of your home's next remodeling project by following these key ideas from the pros.
  1. Good plans equal great result: Successful remodeling projects require careful planning and a realistic budget. "Many people want to build it cheap and fast," says builder David Lisenby, Certified Graduate Remodelor, of Lisenby Construction. "They want an estimate before they even have a plan." A solid strategy will ensure that the homeowner and the builder are on the same page, saving both parties time and money.
  2. Quality counts: Potential home buyers have more sophisticated tastes than ever. That's why spending a little extra on good design, quality materials, and careful craftsmanship can garner big rewards when it comes time to sell.
  3. Insist on coherent design: A good remodel or addition should complement the original structure. Pay particular attention to roof lines, window sizes and styles and trim details.
  4. Meet expectations: What buyers want varies from area to area and from one price range to the next. Do some comparison shopping to see what your competition will be like should you decide to sell. And talk to a realtor who knows your neighborhood.
  5. Consider the neighbors: The value of nearby houses affects the value of your home. Remodeling or adding on to a house that's smaller than surrounding homes will yield a greater value than adding on to a house that's already one of the largest on the street. A general rule of thumb: Don't overbuild for the neighborhood.
  6. Get permission: Before starting any type of remodel, make sure the design conforms to all local building restrictions. Some neighborhoods also have their own stipulations and design review processes. Double-check that necessary building permits have been acquired before construction begins.
  7. Build up to code: Plumbing, electrical, and building codes help ensure safety. Licensed contractors should perform work that meets all codes.
  8. Exercise patience: If you can, wait for the right time to sell. "In a strong market, the value will catch up with the cost," Lisenby says.
  9. Know the market: Some types of remodeling projects can return more than the average and also speed up resale.
  10. Experience matters: Substandard work on your remodel is a buyer turnoff. "You don't want someone learning on your project," Lisenby says. "This is our business, year in and year out."

Wednesday, April 22, 2009

6 Steps To Credit Card Serenity

By Walecia Konrad
We've become a nation dependent on plastic. Rent a car, buy a gift online, make airline reservations.

We think nothing of pulling out our credit card for these and hundreds of other transactions every year. That's not necessarily a bad thing. Credit cards can be a convenient and safe alternative to cash. But too often, before you know it, credit card purchases spiral out of control (to the tune of more than $8 trillion a year) with a simple swipe of the card.
Then, with high rates, fees, penalties, continued spending and the other pitfalls that can happen with credit cards, debt accumulates much faster than your ability to pay it down.
But that all too common and sad scenario doesn't have to happen to you. Whether you're carrying a balance of a couple hundred dollars or several thousand, take the following steps to get out of debt -- fast.

Know where you stand
When you're feeling overwhelmed by debt it's easy to let the bills pile up, unopened like so much junk mail. But, you can't control your credit cards if you don't have a handle on how much you owe, says Bill Driscoll, a financial planner in Plymouth, Mass. Sit down at the computer screen (or with pencil and paper) and make a list of exactly how much you owe and what rate of interest you're paying on each card. Then list your cards in order of highest rate to lowest.

Pay your highest rate cards first
These cards are the ones that are costing you the most over the long run so you need to make every effort to pay more than the minimum payment each month on these bills first. Find out the fastest and cheapest strategy to use to pay down your card balances.

Get a better deal
Call the toll-free number for your highest rate cards and ask the customer service representative if she can give you a better deal. Let her know that you've been getting offers in the mail for much lower rates and you've been tempted. At most credit card companies, reps are authorized to lower your rate rather than lose you as a customer, says Robert Manning, director of the Center for Consumer Financial Services at Rochester Institute of Technology. You'll be surprised how easily this works.

If you succeed, you'll soon notice your minimum payment is lower. Don't breathe easy yet, says Jean Chatzky, author of "Pay It Down, From Debt to Wealth on $10 a Day." Instead, continue paying the old amount and you'll see your balance shrink faster without any additional squeeze on your budget.

Consider using a different card
Hang on to all those zero percent and other low-interest credit card offers you've been getting in the mail. Done well, transferring your high interest balance to one of these cards can save you an enormous amount in interest and put you on a solid track to paying down debt. But these cards are filled with caveats that can end up costing you more in interest than you expected and sometimes more than if you had stayed put. Check the time limit for the low rate; where the low rate applies (balance or new purchases?) and the fee for transferring balances.

Beef up your credit score
If you're having trouble getting a no- or low-interest card, it's mostly likely because your credit score is too low. This number represents how responsible you are when it comes to handling debt. So if you have a history of late payments or are already maxed out on several cards, your credit score will suffer. To find out what your score is, use a FICO calculator to get a rough idea. It's free. Or, you can purchase your credit score from any of the credit reporting agencies or FICO. If it's below 660, you'll need to spend the next six months or so trying to improve that so you can qualify for a cheaper card. If you make all your payments on time over the next six months and aggressively pay down your biggest balances first, you could improve your score as much as 50 points, says Chatzky.

Avoid penalties and fees.
Interest rate hikes and hefty monthly fees can ruin even the best-laid pay-back plans.
  • Late payment penalties. It's not unusual for your interest rate to jump to 25 percent or even 30 percent if you make a late payment. If you have trouble keeping track of your due dates, consider setting up an automatic payment from your checking account each month.
  • Penalties for late payments on any card. Even if you pay on time, some credit card companies will hike your rate if they see you've made a late payment on another card. This practice, called universal default, is waning somewhat, thanks to pressure from consumer advocates, but it can still happen.
  • Credit limit fees. If you go over your credit limit it's not unusual to get hit with a $40 fee. Do it a few months in a row, add the interest payment and you're talking real money.

Monday, April 20, 2009

2009 American Recovery and Reinvestment Act

A refundable first-time homebuyer tax credit of up to $8,000 is the centerpiece of housing incentives found in the 2009 American Recovery and Reinvestment Act.

The new credit is designed to boost sales in the nation's sagging housing market by offering a strong incentive to first-time homebuyers. Lawrence Yun, chief economist for the National Association of Realtors, predicts 300,000 home purchases will be made in 2009 as a result of the tax credit.

The new credit improves on a first-time homebuyer credit passed in 2008. That credit had to be paid back over a period of 15 years, making it more of a loan than a true credit.

The greatest part of this tax credit is that homebuyers can take the credit on their 2008 tax return even when they have purchased the home in 2009. Homebuyers can take advantage of this filing exception in one of three ways:

1. Closing on the home prior to April 15, 2009

2. Getting an extension to file taxes later in the year or

3. Filing an amended return.

Specifics are below:

  • The Tax Credit is for up to 10 percent of the purchase price, up to a maximum of $8,000.
  • For example, a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000, while a first-time buyer of a $70,000 home would be eligible for a tax credit of $7,000.
  • The Tax Credit does not have to be repaid unless the home is sold within three years.
  • Applies only to first-time homebuyers, defined as those who have not owned a home within the previous three tax years.
  • The Tax Credit is available only for homes purchased between Jan. 1, 2009, and Dec. 1, 2009.
  • Restricted by income; The Tax Credit phases out for individuals with an adjusted gross income of $75,000 or above and for married couples with a combined adjusted gross income of $150,000 or above.
  • The credit can be taken on 2008 taxes even when the purchase is made in 2009.

Friday, April 17, 2009

Caring For Your Deck

Wood decks can be a center of relaxation and comfort for their owners. A place where they can while away the afternoon or weekend in peace. A place where they can set up deck chairs or a table and sip drinks as the day lazily passes, or munch on barbecue fresh from the grill. In order to provide years of necessary comfort, wood decks require you do a little care and maintenance each year.

Check for damaged boards (once a year)The boards that make up the surface of your deck and steps are subject to all kinds of stress and usage. Over time, they will wear out or rot. If you don't check for and replace damaged boards each year, you could be setting yourself or your family up for an injury.

1. Examine the surface boards of your deck. Look for signs of stress, like excessive curling, cracking, rotting, or severed boards. Any you find will need to be replaced.

2. Measure the damaged board.

3. Purchase a replacement board. Your local lumberyard or hardware store (if they carry wood) should be able to help you. Pressure treated wood is preferable, otherwise you'll need to seal the wood yourself (which can be done before or after installation.

4. Remove the damaged board. If nails were used to secure the board, you will need a small nail puller or a hammer to pry the nails out. Use a small block of wood for leverage. The block of wood will protect the boards that don't need to be replaced. If screws were used to secure the damaged board, a screwdriver or drill (with screwdriver bit) should do the trick. Also, wear work gloves when lifting the board out to prevent splinters.

5. Cut the new board to fit. Make any adjustments necessary to the new board so it will fit in the space left by the damaged board. A handsaw or electric saw can help you cut the new board down to size.

6. Test fit the new board. Lay the board in its spot. Make sure it fits properly and that you like the way it looks.

7. Attach the board. First, drill guide holes for the nails or screws to make sure they will properly adhere to the support beams. Next, add the nails or screws. For decks, screws are recommended since they won't pop out when the wood expands and contracts with the changing weather conditions.

8. Apply water sealant to your deck to help protect it (if they wood wasn't pre-treated). Follow the directions that come with the sealant.

Check structural supports for signs of insect or animal damage (twice a year)The structural supports keep your deck up and in place. Underneath the surface of the deck, where the structural supports are located, is a perfect place for insects to flourish and animals to take up residence. Problem is, they can damage or destroy the supports, which can make your deck unusable.

1. Inspect your deck's structural supports. Visually inspect the area underneath your deck with the aid of a high-power flashlight. Look for any signs of animal or insect damage, like chewed supports, cobwebs, brittle wood, etc.

2. If you find any signs of insects or insect damage, schedule a visit from a pest-control expert. In fact, you may want to set up a regular schedule with him or her to prevent insects from ever becoming a problem.

3. If the damage appears to be animal related, consider adding lattice or some other barrier around the edges of your deck to keep critters out from under it.

Check for popped nails, loose screws, and bolts on decks (once a year)Nails, screws, and bolts hold your deck together. If they come loose or pop out (a consistent problem with nails), then the deck boards could come loose or the deck itself could partially collapse.

1. Inspect all the nails, screws, and bolts that hold your deck together. You will need to tighten any that are loose or that have popped out. Wearing work gloves is recommended.

2. Nails that have popped out need to be driven back in. Use a hammer and pound them back into place.

3. Screws that have worked their way out need to be twisted back in place. Use a screwdriver or drill (with screwdriver attachment) and tighten them. Be careful not to strip the screws. If you do, you will need to make a trip to your local hardware store and purchase a slightly larger screw as a replacement.

4. Bolts are the only one of the three that doesn't rely on the wood to hold it in place. Use a wrench or two (depending on how loose the bolt has become) to tighten the bolt.

Clean your deck (once a year)Dirt, grime, mildew, or mold can build up your deck over the course of the year. Not only can they diminish the look of your deck, they can also make it slippery and, in the case of mold and mildew, damage your deck.

1. Visually inspect your deck. Look for dirt, grime, mildew, and mold. Even if none are readily visible, you should still wash your deck.

2. Wash the deck. A power-sprayer is an easy way to remove the dirt and grime. However, for mold and mildew, or if you don't have a power-sprayer, use warm, soapy water and a scrub brush. Thoroughly scrub the surface of the deck. Make sure you remove all mold and mildew you find.

3. Rinse the deck. Use a water hose to wash away the soap and water along with any loosened dirt, grime, mold, or mildew.

Re-seal or re-stain your deck (once a year)Once of the biggest ravages your deck can face is moisture. In order to keep your deck in good shape for years to come, you need to re-seal or re-stain it each year.

1. If you haven't already, clean the surface of the deck. A power-washer is an easy way to do this. If not, you can also use a large scrub brush and soapy water.

2. Let the deck dry.

3. If the deck already has a finished or sealed surface, remove the finish or seal with a remover/stripper that you can purchase at your local hardware store. Follow the directions on the package.

4. Purchase new sealant or stain. Make sure any stain you choose is meant for the outdoors and can protect the wood from the elements.

For following steps, you should wear a dust mask or respirator to prevent the inhalation of particles and/or fumes.

5. Sand the deck. It must be smooth before you can refinish it. A medium grit sandpaper will probably work for most decks. Remove any sanding dust that may be left behind.

6. Apply the finish or sealant. If you're using a colored finish, make a test spot first to see if the color you chose is indeed the color you want. Using a foam brush, staining pad, or nylon/polyester brush, apply the stain or sealant with the grain of the wood. For colored finishes, work quickly and don't stop in the middle of the job for break. Doing so can cause the finish to dry uneven, leaving you with streaks.

7. Let the stain or sealant dry. This should take approximately two hours (depending on humidity and temperature).

8. Add a second and possibly third coat to enhance the protection of your deck.

Copyright © by Move, Inc.

Wednesday, April 15, 2009

New-Look Appliances

By Better Homes and Gardens

If an appliance is in good working shape but its color has been passe since 1975, why not treat it to a makeover? Here are two basic options.

RefinishingAppliance refinishing provides a crisp, painted look and can be done at a shop or right in your kitchen. An on-site refinisher sands the finish, removes or masks off hardware, and covers the floors and cabinets before painting. Look for a professional who uses an electrostatic refinishing system. This allows the paint to be charged and the metal appliance surface discharged -- attracting the paint spray directly to the metal.

An off-site refinisher, on the other hand, takes your appliance to a paint booth equipped with an exhaust system. This lets the refinisher use a standard polyurethane or epoxy paint.
A new painted finish will not be as durable as the original one, which was baked onto the appliance at the manufacturing plant. But it does provide a coating that looks almost as good as new. With stoves and ovens, the new finish (especially white) may eventually discolor, as its pigments aren't heat resistant.

Look in the yellow pages under "Appliance Refinishers" for a local source. Refinishing a standard-size refrigerator (including front, top, and sides) costs $250 and up.

New trimNew panel/trim kits completely mask the old finish. Panels come in dozens of colors and finishes, including real wood, stainless steel, and colored steel. The largest appliance-panel company, Frigo Design, makes custom panels and trim for all brands and models of refrigerators, freezers, dishwashers, and trash compactors built since 1942. You install the panels and trim yourself; new handles are provided should you decide to replace the old ones.

Panel kits are sold through major appliance dealers; or contact Frigo Design at 800-836-8746. Refrigerator kits, which include front panels and trim, cost about $350 for most colors, $450 for stainless steel, and $700 for real wood.

Monday, April 13, 2009

Ten Easy Projects to Renew Your Kitchen

By David Starr



Need a creative, quick save to rescue your faded kitchen but have limited time and not a lot of money? These are projects any do-it-yourselfer can accomplish on a barebones budget and still end up with a dynamite result. Some of these projects can even pull together a rented apartment kitchen without sending your landlord through the roof.


Get started in the morning and be finished in time for dinner guests!
1. Think Paint. The first and primary hint: Paint works miracles on everything. If it holds still, paint itneatly, inside and out. Don't think colors; think shine and texture. Old wood tone cabinets spray-painted very glossy white or hand painted with oil-base in creamy white provides yards of look for very little cash.


Then repaint the walls with latex satin enamel in soft sheen or no sheen. Use a color to contrast with your "new cabinets." Feeling adventurous? Paint pulls and hinges, too. If you have poor cabinetry, this technique can really pull it together.


2. New Pulls. When renovating cabinetry, new pulls add punch. In a small kitchen, put money into pulls and hardware. Expensive pulls can make the worst cabinets sing. Consider vintage pulls.



3. Remove. Less is more! Look at the cabinets and consider which doors could be removed to expose the shelving. Open shelving helps a kitchen look bigger. Display your favorite dishes, baskets and what-have-you for a new, updated look. Paint the inside of the cabinets the same as the outside or an opposite, bright color for snap and speed.


Fanciful new hardware is worth splurging on. New paint and pulls alone will revitalize a kitchen.4. Replace. Replace solid cupboard doors with glass fronts. The glass can be clear or frosted or you can get vintage doors and master them to fit. Showcase dishes, glassware, silver, anything displayable. You can also line the inside glass with sheer fabric. And if youve removed some doors to create open shelves, the glass fronts add to the look beautifully.


5. Lighting. Track lights brighten up any kitchen. Wire suspension lights can make the space look contemporary and new. Paper lanterns add life and freshness. All three types of lighting put light where you need it, create space or raise the ceiling. If you have a very small kitchen, make a box or rectangle of lights with extra small halogen bulbs.


6. Easy Tile. Have new countertops in a day. (Heres when it pays to have a small kitchen.) If the counter space is not expansive, go ahead and splurge on expensive tile. It will make the entire kitchen look luxurious. Or, with small counters, you may be able to buy vintage tile. Tiling a small countertop is simple. Dont be afraid of irregularities.


7. Quick Floors. Today there are countless self-stick tiles that can be added for a quick revamp. (Hint: Think contrasting black and white.) Floating wood floors and wood tiles can be done in an afternoon. Paint the floor a dark color such as black. To tie in the wall or cabinet color, use that paint to rag or faux finish over the darker color.


8. Flashy Faucets. Heres another feature to invest in. A flashy new faucet can make an old sink fade back. New faucets in white or chrome with pull-out sprays look great and, for the money, say "new kitchen."


9. Reflections. One of the best ways to add space without permanent alterations is to attach a glossy white-framed mirror to the wall at the end of a galley kitchen. It will add dimension and space. Place one above the refrigerator, hang one on a cabinet for drama or even set one on the floor.


10. Window Covering. A new window covering makes the window and the wall look fresh. A matchstick blind cut to size or a metal-tone mini blind add texture and light control. Small shutters loosely fitted into a window frame can be installed in an afternoon and are readily available in white or natural. Paint them, faux-paint them, stain them or leave them alone.


Copyright © by Move, Inc.

Friday, April 10, 2009

Step 10: What's Next?

You've done it! You've looked at properties, made an offer, obtained financing and gone to closing. The home is yours. Is there any more to the home buying process?
Whether you're a first-time buyer or a repeat buyer, there are several more steps you'll want to take.

Those papers you received at settlement are extremely valuable, so hold on to them! In the short-term they can help establish tax deductions for the year in which the property was purchased. In the future, such papers will be important for tax purposes when the property is sold, and in some cases, for calculating estate taxes.

Also at closing, determine the status of the utilities required by the home, items such as water, sewage, gas, electric and oil service. You want utility bills to be paid in full by owners as of closing and you also want services transferred to your name for billing. Usually such transfers can be done without turning off utilities. REALTORS® can provide contact numbers and related information.

About two weeks after closing, contact your local property records office and confirm that your deed has been officially recorded. Such records are public notices that show your interest in the property.

Moving in.
It is generally understood that sellers will leave homes "broom clean" when moving out. This expression does not mean "vacuumed" or "spotless." Broom clean makes sense because it means the house is ready to be painted and cleaned.

Your home, your money
For most owners a home is the largest single asset they hold, so it makes sense to protect that asset. Many owners make a photo or video record of the home and their possessions for insurance purposes and then keep the records in a safety deposit box. Your insurance provider can recommend what to photograph and how to secure it.

You want to maintain fire, theft and liability insurance. As the value of your property increases such coverage should also rise. Again, speak with your insurance professional for details.
Lastly, enjoy your home. Owning real estate involves contracts, loans, and taxes, but ultimately what's most important is that home ownership should be a wonderful experience. Enjoy! How did feel the first time your stepped through those doors and realized that it was yours?

From realtor.com

Wednesday, April 8, 2009

Step 9: Closing

10 Steps to Home Ownership
Go to any local courthouse and you can find property records detailing real estate ownership in your community -- sometimes records that date back hundreds of years.
These records are important because they provide today's owners with proof that they have good, marketable and insurable title to the property they are selling. Equally important, such records enable buyers to provide proof of ownership when they sell.

The closing process, which in different parts of the country is also known as "settlement" or "escrow," is increasingly computerized and automated. In many cases, buyers and sellers don't need to attend a specific event; signed paperwork can be sent to the closing agent via overnight delivery.

In practice, closings bring together a variety of parties who are part of the "transaction" process. For example, while the history of property ownership has been checked, it's possible that the records contain errors, unrecorded claims or flaws in the review itself, thus title insurance is necessary. At closing, transfer taxes must be paid and other claims must also be settled (including closing costs, legal fees and adjustments). In most transactions, the closing agent also completes the paperwork needed to record the loan.

What to expect Settlement is a brief process where all of the necessary paperwork needed to complete the transaction is signed. Closing is typically held in an office setting, sometimes with both buyer and seller at the same table, sometimes with each party completing their papers separately.

Whatever the case, the result is that title to the property is transferred from seller to buyer. The buyer receives the keys and the seller receives payment for the home. From the amount credited to the seller, the closing agent subtracts money to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed and filed with local property record offices.

What you need to do.
One of the best parts of settlement is that buyers and sellers need to do very little.
Before closing, buyers typically have a final opportunity to walk through the property to assure that its condition has not materially changed since the sale agreement was signed. At closing itself, all papers have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public records and state governments collect their transfer taxes.

How did you feel at closing when purchasing your first home? Many new home buyers don't know what to expect. What are somethings you would tell them?

From realtor.com

Monday, April 6, 2009

Step 8: Get Insurance

10 Steps to Home Ownership

No one would drive a car without insurance, so it figures that no homeowner should be without insurance.

The essential idea behind various forms of real estate insurance is to protect owners in the event of catastrophe. If something goes wrong, insurance can be the bargain of a lifetime.

What kind and how much?
There are various forms of insurance associated with home ownership, including these major types:

Title insurance: Purchased with a one-time fee at closing, title insurance protects owners in the event that title to the property is found to be invalid. Coverage includes "lenders" policies, which protect buyers up to the mortgage value of the property, and "owners" coverage, which protects owners up to the purchase price. In other words, "owners" coverage protects both the mortgage amount and the value of the down payment.

Homeowners' insurance: Homeowner's insurance provides fire, theft and liability coverage. Homeowners' policies are required by lenders and often cover a surprising number of items, including in some cases such property as wedding rings, furniture and home office equipment.

Flood insurance: Generally required in high-risk flood-prone areas, this insurance is issued by the federal government and provides as much as $250,000 in coverage for a single-family home plus $100,000 for contents. Local REALTORS® can explain which locations require such coverage.

Home warranties: With new homes, buyers want assurance that if something goes wrong after completion the builder will be there to make repairs. But what if the builder refuses to do the work or goes out of business?

Home warranties bought from third parties by home builders are generally designed to provide several forms of protection: workmanship for the first year, mechanical problems such as plumbing and wiring for the first two years, and structural defects for up to 10 years.

Home warranties for existing homes are typically one-year service agreements purchased by sellers. In the event of a covered defect or breakdown, the warranty firm will step in and make the repair or cover its cost.

Insurance policies and warranties have limitations and individual programs have different levels of coverage, deductibles and costs. For details, speak with REALTORS®, insurance brokers and home builders.

Where to look.
REALTORS® often provide home insurance and such policies are also available from insurance brokers.

How do you get insurance?
The time to obtain insurance and warranty coverage is at closing, so speak with a REALTOR® or insurance broker prior to closing. Be sure to ask about limitations, costs, deductibles and "endorsements" (additional forms of coverage that may be available).

From realtor.com

Friday, April 3, 2009

Step 7: Make an Offer

10 Steps to Home Ownership
REALTOR® groups, working with legal counsel, have developed forms that are appropriate for realty transactions in specific communities. Such documents include numerous sale conditions and their wording should be carefully reviewed to assure that they reflect the terms you want to offer. REALTORS® can explain the general contracting process in your community as well as his or her role.

While much attention is spent on offering prices, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers -- or additional costs. Terms are extremely important and should be carefully reviewed.

How much?
You sometimes hear that the amount of your offer should be x percent below the seller's asking price or y percent less than you're really willing to pay. In practice, the offer depends on the basic laws of supply and demand: If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.

How do you make an offer?
The process of making offers varies around the country. In a typical situation, you will complete an offer that the REALTOR® will present to the owner and the owner's representative. The owner, in turn, may accept the offer, reject it or make a counter-offer.

Because counter-offers are common (any change in an offer can be considered a "counter-offer"), it's important for buyers to remain in close contact with REALTORS® during the negotiation process so that any proposed changes can be quickly reviewed.

How many inspections?
A number of inspections are common in residential realty transactions. They include checks for termites, surveys to determine boundaries, appraisals to determine value for lenders, title reviews and structural inspections.

Structural inspections are particularly important. During these examinations, an inspector comes to the property to determine if there are material physical defects and whether expensive repairs and replacements are likely to be required in the next few years. Such inspections for a single-family home often require two or three hours, and buyers should attend. This is an opportunity to examine the property's mechanics and structure, ask questions and learn far more about the property than is possible with an informal walk-through. Do you have an inspector you would recommend?

From realtor.com

Wednesday, April 1, 2009

Step 6: Get Funding

10 Steps to Home Ownership
Often the cost of real estate financing is routinely greater than the original purchase price of a home (after including interest and closing costs). Because financing is so important, buyers should have as much information as possible regarding mortgage options and costs.
Realtor.com® provides consumers with extensive mortgage information as well as a variety of loan calculators. Local REALTORS® can provide mortgage information, discuss financing options and recommend loan sources. In addition, some REALTORS® also originate loans.

What kind of loan?
There are thousands of loans available out there from a variety of lenders, but in general, the mortgage you choose will likely be determined by at least several key factors:
How much down? Loans with 5 percent down or less are available -- in fact, loans from major lenders with no money down have appeared in recent years.

If you place less than 20 percent down, lenders will want the mortgage guaranteed by an outside third party such as the Veterans Administration (VA), the Federal Housing Administration (FHA) or a private mortgage insurer (PMI, or private mortgage insurance, is required by lender to protect against any mortgage defaults). Millions of VA, FHA and PMI loans are generated each year.

How's your credit?
The best rates and terms are only available to those with solid credit. To get the best loans, make a point of paying credit cards, installment payments, rent and mortgage bills in full and on time.

Are you a first-time buyer?
It might seem that "first-time buyer" means someone who has never owned property before, but under most state programs, the term refers to those who have not owned property within the past three years. State-backed first-timer programs often feature smaller downpayments and below-market interest rates. For details, speak with your local REALTOR®.

How do you get a loan?
To obtain a loan you must complete a written loan application and provide supporting documentation. Specific documents include recent pay stubs, rental checks and tax returns for the past two or three years if you are self-employed. During the prequalification procedure, the loan officer will describe the type of paperwork required.

Where do you get a loan?
Mortgage financing can be obtained from mortgage bankers, mortgage brokers, savings and loan associations, mutual savings banks, commercial banks, credit unions, and insurance companies. A growing number of REALTORS® can also arrange financing.

From realtor.com