Provided by Realty Times
It gets so busy during the summertime. Sometimes it feels as though time has literally sped up. Softball games, family reunions, and camps mean running from point A to point B in a hurry. It's easy to lose sight of the small things.
Little changes are how we make a big difference with the environment. From taking shorter showers to upgrading our appliances, there are ways each day we can help Mother Earth enjoy the Summer as much as we do!
How can you have a low-impact Summer? Our experts give us the following tips.
First, support your local growers. Get produce at your area's Farmers' Market. Buy fruits and veggies in the "grown local" section of your favorite grocery. This may not seem like a big deal, but it supports local commerce and reduces the amount of fuels needed to transport your produce.
The next step also pertains to our food. Grow it yourself! Growing a simple vegetable garden is easier than you think. Most of the work goes into good prepping. Periodic weeding and harvesting are simple manual tasks that deliver real fruits of your "labor." Save money on your electric bill and contribute to a "new" way of living that is spreading across the country.
If you grow your own garden, consider being as natural or organic as possible. There are a plethora of wonderful products on the market that help keep bugs at bay.
Natural bug repellants are available for humans, too! Geraniums secrete a scent that drives mosquitos away. Mix a few drops of essential oils (citronella, orange, and rose geranium) into a spray bottle of water. Use this to spray down your legs and arms before any trip outside or to the garden. Not only will you smell good, you'll be a "no bug zone."
Are you looking for ways to save on energy and fuel costs? Start with your travel habits. Cars, even the most energy efficient models, consume mass amounts of gasoline, which has been refined from oil. The amount of energy and pollution that is involved in refining these products would astound you! Be organized and plan trips to the store. Also consider carpooling or using public transit! Your city may have HOV lanes, or high occupancy vehicle lanes. This means if there is more than one person in your car, you get a free pass around the rush hour traffic! If you have a walkable city, use your legs to walk or bike.
On the inside of your home you can save energy by upgrading your appliances. Newer Energy Star appliances use a fraction of the energy that their older counterparts did. You'll be surprised how much your electric bill drops in the first month!
Keep your home and yard cool for years to come by planting shade trees. Trees give our environment so much. They deliver loads of oxygen, all while consuming our nasty carbon dioxide. They help to reduce global warming with this effect! And of course, the give us shade to enjoy those evening glasses of iced tea.
Little habits add up to big change. Don't be too hard on yourself. Every day is a new day. Pick one thing to change today. Pick another next week and start a new habit.
Showing posts with label realty times. Show all posts
Showing posts with label realty times. Show all posts
Friday, August 12, 2011
Monday, August 8, 2011
Heat Safety Tips
Provided BY Realty Times
This has been a record setting year for temperatures across much of the country. Weeks on end of 100+ degree temperatures have left landscapes scorched and have resulted in numerous fatalities, namely among the elderly. Just last year there were 138 total heat related deaths and this year's number could be much higher.
Active families don't let the heat stop them from enjoying Summer, but precautions must be taken to safeguard your family from the heat.
According to the University of Texas at Dallas' Tom Monagan, an associate athletic director there, you must acclimate yourself to the heat. "If not, you’re asking for problems. Most heat-related illnesses occur within the first few days of working out outside because the body isn’t used to the heat."
The heat makes us exponentially more susceptible to dehydration. Our body quickly uses up our internal supply of water in order to attempt to regulate our temperature.
Here are some life-saving tips from the CDC for those who have decided to brave the heat.
•Keep hydrated. This means cool, non-alcoholic beverages, since alcohol dehydrates you further. Don't wait to drink until you're thirsty. At that point you're already dehydrated.
•Wear light-weight and light-colored clothing. Dark colors attract and absorb light, so opt instead for white cotton or linen fabrics. Natural fabrics "breathe" more than synthetic.
•Avoid strenuous activities. Each year we hear of the tragic deaths of athletes who have died from exercising in extreme heats..
•Remain indoors, preferably in air-conditioning, during the heat of the day. If you don't have AC at home, then visit a public place that is cooled, such as the mall or library.
•Have elderly adults and those on prescription meds talk to their doctors about recommended daily water intake. The elderly are unable to adjust as quickly to the heat as their younger counterparts and may also be on a list of prescription meds that keep the body from regulating temperature.
•Take cold showers or baths
You also need to know the signs of heat stroke and heat exhaustion. You may just save the life of someone you love.
Heat exhaustion is typically characterized by heavy sweating, paleness, muscle cramps, tiredness, weakness, dizziness, headache, nausea, fainting, cool and moist skin, fast and weak pulse, and fast and shallow breathing.
Even more severe is a heat stroke. The CDC reports that signs and symptoms of a heat stroke include:
•An extremely high body temperature (above 103°F)
•Red, hot, and dry skin (no sweating)
•Rapid, strong pulse
•Throbbing headache
•Dizziness
•Nausea
If you have identified any of these symptoms, then you need to take action. Begin by accessing if medical attention is needed. Call 911 or go to the Emergency Room. In the meantime you need to cool the person down as fast as possible. Have them shower or bathe in cold water or, as the CDC recommends, spray them with a garden hose if you don't access to a bathroom. Be sure you remove them from direct sunlight and have them sit in a shaded area. Monitor their temperature until help arrives.
Arming yourself with knowledge about the signs and symptoms of heat-related illness is a must when the temperatures continue to soar.
This has been a record setting year for temperatures across much of the country. Weeks on end of 100+ degree temperatures have left landscapes scorched and have resulted in numerous fatalities, namely among the elderly. Just last year there were 138 total heat related deaths and this year's number could be much higher.
Active families don't let the heat stop them from enjoying Summer, but precautions must be taken to safeguard your family from the heat.
According to the University of Texas at Dallas' Tom Monagan, an associate athletic director there, you must acclimate yourself to the heat. "If not, you’re asking for problems. Most heat-related illnesses occur within the first few days of working out outside because the body isn’t used to the heat."
The heat makes us exponentially more susceptible to dehydration. Our body quickly uses up our internal supply of water in order to attempt to regulate our temperature.
Here are some life-saving tips from the CDC for those who have decided to brave the heat.
•Keep hydrated. This means cool, non-alcoholic beverages, since alcohol dehydrates you further. Don't wait to drink until you're thirsty. At that point you're already dehydrated.
•Wear light-weight and light-colored clothing. Dark colors attract and absorb light, so opt instead for white cotton or linen fabrics. Natural fabrics "breathe" more than synthetic.
•Avoid strenuous activities. Each year we hear of the tragic deaths of athletes who have died from exercising in extreme heats..
•Remain indoors, preferably in air-conditioning, during the heat of the day. If you don't have AC at home, then visit a public place that is cooled, such as the mall or library.
•Have elderly adults and those on prescription meds talk to their doctors about recommended daily water intake. The elderly are unable to adjust as quickly to the heat as their younger counterparts and may also be on a list of prescription meds that keep the body from regulating temperature.
•Take cold showers or baths
You also need to know the signs of heat stroke and heat exhaustion. You may just save the life of someone you love.
Heat exhaustion is typically characterized by heavy sweating, paleness, muscle cramps, tiredness, weakness, dizziness, headache, nausea, fainting, cool and moist skin, fast and weak pulse, and fast and shallow breathing.
Even more severe is a heat stroke. The CDC reports that signs and symptoms of a heat stroke include:
•An extremely high body temperature (above 103°F)
•Red, hot, and dry skin (no sweating)
•Rapid, strong pulse
•Throbbing headache
•Dizziness
•Nausea
If you have identified any of these symptoms, then you need to take action. Begin by accessing if medical attention is needed. Call 911 or go to the Emergency Room. In the meantime you need to cool the person down as fast as possible. Have them shower or bathe in cold water or, as the CDC recommends, spray them with a garden hose if you don't access to a bathroom. Be sure you remove them from direct sunlight and have them sit in a shaded area. Monitor their temperature until help arrives.
Arming yourself with knowledge about the signs and symptoms of heat-related illness is a must when the temperatures continue to soar.
Friday, August 5, 2011
Foreclosure Market Yields Mixed Figures
Provided By Realty Times
There was a significant decline in foreclosure filings for the firhttp://www.blogger.com/img/blank.gifst half of 2011, down 25 percent from the previous six months. Foreclosure activity has also slowed 29 percent from the first half of quarters 2010. June, however, posted a 4 percent gain. The latest RealtyTrac data now indicated that "0.90 percent of all U.S. housing units (one in 111) had at least one foreclosure filing in the first half of the year."
According to RealtyTrac®, "Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”
The translation? The figures we currently see may not reflect the true state of distressed properties. On average, a property takes 318 days from the initial notice to complete the process, up almost a month from previous averages. Some states take considerably longer, with New York leading the way at 966 days, or a staggering two and a half years. This means homes that entered the process in the last year won't complete filing until 2013. New Jersey followed a close second at 944 days, while Florida takes 676 days.
The National Association of Realtors®' most recent existing-home sales data indicated that distressed homes, defined as foreclosures and short sales, made up 30 percent of all June sales, down only marginally from 31 percent seen in May and 32 percent in June 2010.
If the foreclosure rate declines seen in the first half of this year have only been temporary, there will be a marked effect on the housing market. If this rate heats back up, as some experts predict, property values could once again plummet. Neighborhood home values are strongly affected by foreclosure sales, generally sending sale prices downward all across the board. If home values continue to fall, we could see even more homeowners upside-down in their loans, putting the brakes on market activity once again.
California still leads the way with the bulk of foreclosures. According to RealtyTrac, the state has seen filings decline by 13 percent in the last six months, but they still posted 263,500 new foreclosure filings for the first half of 2011.
Nevada, however, leads the way in the highest rate of foreclosure. Almost 5 percent of its housing is in foreclosure. RealtyTrac reports, "Overall Nevada foreclosure activity decreased on a year-over-year basis for the fifth straight month in June despite a 19 percent year-over-year spike in REO activity."
We'll see if July follows suite after June and posts another rise in foreclosure filings. "It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. "Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn't appear to be the case."
Are you interested in learning more about foreclosures in your area? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
There was a significant decline in foreclosure filings for the firhttp://www.blogger.com/img/blank.gifst half of 2011, down 25 percent from the previous six months. Foreclosure activity has also slowed 29 percent from the first half of quarters 2010. June, however, posted a 4 percent gain. The latest RealtyTrac data now indicated that "0.90 percent of all U.S. housing units (one in 111) had at least one foreclosure filing in the first half of the year."
According to RealtyTrac®, "Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”
The translation? The figures we currently see may not reflect the true state of distressed properties. On average, a property takes 318 days from the initial notice to complete the process, up almost a month from previous averages. Some states take considerably longer, with New York leading the way at 966 days, or a staggering two and a half years. This means homes that entered the process in the last year won't complete filing until 2013. New Jersey followed a close second at 944 days, while Florida takes 676 days.
The National Association of Realtors®' most recent existing-home sales data indicated that distressed homes, defined as foreclosures and short sales, made up 30 percent of all June sales, down only marginally from 31 percent seen in May and 32 percent in June 2010.
If the foreclosure rate declines seen in the first half of this year have only been temporary, there will be a marked effect on the housing market. If this rate heats back up, as some experts predict, property values could once again plummet. Neighborhood home values are strongly affected by foreclosure sales, generally sending sale prices downward all across the board. If home values continue to fall, we could see even more homeowners upside-down in their loans, putting the brakes on market activity once again.
California still leads the way with the bulk of foreclosures. According to RealtyTrac, the state has seen filings decline by 13 percent in the last six months, but they still posted 263,500 new foreclosure filings for the first half of 2011.
Nevada, however, leads the way in the highest rate of foreclosure. Almost 5 percent of its housing is in foreclosure. RealtyTrac reports, "Overall Nevada foreclosure activity decreased on a year-over-year basis for the fifth straight month in June despite a 19 percent year-over-year spike in REO activity."
We'll see if July follows suite after June and posts another rise in foreclosure filings. "It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. "Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn't appear to be the case."
Are you interested in learning more about foreclosures in your area? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Monday, August 1, 2011
Foresight vs Hindsight: Sell Now or Later?
Provided By Realty Times
Most property owners intend to enjoy their real estate as long as they want to, and then sell it for the greatest possible profit—ideally tax free—with the minimum amount of hassle, in the shortest possible time. Sometimes this works out. Sometimes it doesn't. How can owners stack the deck in their favor?
Just before a real estate market shifts, make an informed decision to sell or not sell, instead of passively watching what's going on, and possibly lamenting in hindsight. Current forecasts of price declines are warning signs for owners who want to sell and move in the next few years. The question to answer before dramatic changes happen is, "Will delaying the sale of the home for a few years cost money?"
Actively engage foresight to investigate options. Then you can make an informed decision to sell or not to sell which makes more sense—and more money—than lamenting in hindsight. The range of factors and personal choices in the decision make it complex enough that you must stop, gather details, and think, but simple enough that your reaction to accumulated information can reflect the best decision for you.
If you just watch as prices rise and dip, you're a passive real estate spectator and may miss opportunities to move yourself ahead financially. When you get in the habit of making informed decisions as markets change, you'll be an engaged real estate owner, always be ready to take advantage of opportunity whether that means selling or staying.
To decide if now is the best time to sell, there are a number of key issues to consider. Take time to explore the value in selling now versus later, instead of later whining "If only we'd...!".
Seriously considering a sale does not commit you to moving until the property is actually on the market and sold. It does commit you to making a detailed comparison of financial and housing gains and losses in selling now versus selling in the lower-priced future markets many pundits are forecasting.
The Now Versus Later Decision
Current Local Real Estate Knowledge Depending on the complexity of your housing and financial situation, you may need time with a real estate professional with extensive local experience. You need expert advice on the true real estate market which is the one happening on your street, or in your condominium building. Understanding what's selling locally, and how quickly, is important. Projections of what may lie ahead will be based on how the neighborhood is evolving. For instance, if this is first-time buyer territory, projected reductions in this market segment may be significant. Selling condominiums must include evaluation of new competing developments which may come on market as heavy competition. According to TD Economics' July 13 report, Moderation in Store for the Canadian Housing Market, which explored market forecasts for 12 major centres, "Given their recent run-up in activity, new condo supply and only-subdued economic growth forecast, Toronto and Vancouver are expected to see a larger than-average correction in both sales and prices." No guarantees here, so be ready to rely on your knowledge of the area. You have strong ideas and experience concerning what is happening now in your neighbourhood, and where things are headed.
Sale-Worthiness The real estate professional can also identify specific repairs and upgrades which would increase value and speed of sale. A home inspection or an unbiased assessment from a contractor who understands your purpose may be worth a few hundred dollars. The key is to be sure you know how much has to be done to make the home sale-worthy, or that a buyer with a home inspection may expect to negotiate off the sale price. Calculations regarding a delayed sale must include additional out-of-pocket expenses like replacing the roof, painting, modernizing bathrooms, or repairing the deck that would be necessary in a few years. For more on buyer patterns: Savvy Buyers Know Value When They See It.
Tax Implications If your home is designated your principal residence, as defined by the Canadian Revenue Agency (CRA), the profit you earn could be tax-free, so maximizing the gain makes sense. According to CRA, if the property was your principal residence for every year you owned it, you don't have to report the sale on your tax return or pay income tax on the profit. As with most tax topics, principal residence designation is not a simple concept nor an easy one to interpret. Changes like renting out your home may mean the capital gain from a sale, or some of it, must be reported as income. When income tax is payable on this profit, the amount left after deducting the cost of increasing the value of the property (not maintaining it) and the cost of selling is added to your income tax and tax paid at your income tax rate. There is no fixed percentage of tax charged.
Location Impact Many areas have already seen real estate sales slow and prices "level off" in spite of continued record growth in Toronto and Vancouver markets. Location will remain a significant factor. When prices were going up, they did not rise the same percent in every neighborhood. Price declines will also be location specific. Forecasts project declines of from 10% to 25%, depending on the economists and markets involved. Economic shifts will also be significant local factors. What's happening with jobs and development in your area? The aforementioned report, which explored market forecasts for 12 major centres, reported: "Over 2011-13, Calgary, Edmonton and Regina housing markets are set to lead the way. Still, the term "leader" is relative as no market is slated to experience a boom over our forecast. We simply have these regions doing better than the rest."
Interest Rate Increases When rates increase, buying power will be reduced and the pool of buyers who can afford your real estate will decline. Forecasts are regularly re-written, so timing can be difficult to pin down. Your real estate professional can project how significant a rate increase would be to potential buyers. Not all will be equally impacted by increases. For more on this topic: Mortgages: Mortgages: 7 Things You Don't Want to Learn the Hard Way.
Hindsight may be more accurate than foresight, but foresight may be all that is necessary to end indecision about the "when" of selling, and gain the benefits of being a fully-engaged real estate owner.
Interested in selling your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Most property owners intend to enjoy their real estate as long as they want to, and then sell it for the greatest possible profit—ideally tax free—with the minimum amount of hassle, in the shortest possible time. Sometimes this works out. Sometimes it doesn't. How can owners stack the deck in their favor?
Just before a real estate market shifts, make an informed decision to sell or not sell, instead of passively watching what's going on, and possibly lamenting in hindsight. Current forecasts of price declines are warning signs for owners who want to sell and move in the next few years. The question to answer before dramatic changes happen is, "Will delaying the sale of the home for a few years cost money?"
Actively engage foresight to investigate options. Then you can make an informed decision to sell or not to sell which makes more sense—and more money—than lamenting in hindsight. The range of factors and personal choices in the decision make it complex enough that you must stop, gather details, and think, but simple enough that your reaction to accumulated information can reflect the best decision for you.
If you just watch as prices rise and dip, you're a passive real estate spectator and may miss opportunities to move yourself ahead financially. When you get in the habit of making informed decisions as markets change, you'll be an engaged real estate owner, always be ready to take advantage of opportunity whether that means selling or staying.
To decide if now is the best time to sell, there are a number of key issues to consider. Take time to explore the value in selling now versus later, instead of later whining "If only we'd...!".
Seriously considering a sale does not commit you to moving until the property is actually on the market and sold. It does commit you to making a detailed comparison of financial and housing gains and losses in selling now versus selling in the lower-priced future markets many pundits are forecasting.
The Now Versus Later Decision
Current Local Real Estate Knowledge Depending on the complexity of your housing and financial situation, you may need time with a real estate professional with extensive local experience. You need expert advice on the true real estate market which is the one happening on your street, or in your condominium building. Understanding what's selling locally, and how quickly, is important. Projections of what may lie ahead will be based on how the neighborhood is evolving. For instance, if this is first-time buyer territory, projected reductions in this market segment may be significant. Selling condominiums must include evaluation of new competing developments which may come on market as heavy competition. According to TD Economics' July 13 report, Moderation in Store for the Canadian Housing Market, which explored market forecasts for 12 major centres, "Given their recent run-up in activity, new condo supply and only-subdued economic growth forecast, Toronto and Vancouver are expected to see a larger than-average correction in both sales and prices." No guarantees here, so be ready to rely on your knowledge of the area. You have strong ideas and experience concerning what is happening now in your neighbourhood, and where things are headed.
Sale-Worthiness The real estate professional can also identify specific repairs and upgrades which would increase value and speed of sale. A home inspection or an unbiased assessment from a contractor who understands your purpose may be worth a few hundred dollars. The key is to be sure you know how much has to be done to make the home sale-worthy, or that a buyer with a home inspection may expect to negotiate off the sale price. Calculations regarding a delayed sale must include additional out-of-pocket expenses like replacing the roof, painting, modernizing bathrooms, or repairing the deck that would be necessary in a few years. For more on buyer patterns: Savvy Buyers Know Value When They See It.
Tax Implications If your home is designated your principal residence, as defined by the Canadian Revenue Agency (CRA), the profit you earn could be tax-free, so maximizing the gain makes sense. According to CRA, if the property was your principal residence for every year you owned it, you don't have to report the sale on your tax return or pay income tax on the profit. As with most tax topics, principal residence designation is not a simple concept nor an easy one to interpret. Changes like renting out your home may mean the capital gain from a sale, or some of it, must be reported as income. When income tax is payable on this profit, the amount left after deducting the cost of increasing the value of the property (not maintaining it) and the cost of selling is added to your income tax and tax paid at your income tax rate. There is no fixed percentage of tax charged.
Location Impact Many areas have already seen real estate sales slow and prices "level off" in spite of continued record growth in Toronto and Vancouver markets. Location will remain a significant factor. When prices were going up, they did not rise the same percent in every neighborhood. Price declines will also be location specific. Forecasts project declines of from 10% to 25%, depending on the economists and markets involved. Economic shifts will also be significant local factors. What's happening with jobs and development in your area? The aforementioned report, which explored market forecasts for 12 major centres, reported: "Over 2011-13, Calgary, Edmonton and Regina housing markets are set to lead the way. Still, the term "leader" is relative as no market is slated to experience a boom over our forecast. We simply have these regions doing better than the rest."
Interest Rate Increases When rates increase, buying power will be reduced and the pool of buyers who can afford your real estate will decline. Forecasts are regularly re-written, so timing can be difficult to pin down. Your real estate professional can project how significant a rate increase would be to potential buyers. Not all will be equally impacted by increases. For more on this topic: Mortgages: Mortgages: 7 Things You Don't Want to Learn the Hard Way.
Hindsight may be more accurate than foresight, but foresight may be all that is necessary to end indecision about the "when" of selling, and gain the benefits of being a fully-engaged real estate owner.
Interested in selling your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Wednesday, July 20, 2011
Design Tips for Homeowners on a Budget
Provided By Realty Times
Having your home look like a million bucks doesn't have to cost you big. Following a few simple design tips and researching the latest styles can help you can transform your dull space into divine living.
The first rule of budget design is to have a clear focus. Work on one room and one design at a time. The reasoning behind this is simple. It's too easy to go over budget if you are shopping for multiple projects at the same time. By focusing on one room, you can be clear on what items you really need.
To know what items you need, come up with a design plan. You might have a great design mind and can plan a room from scratch, but most of us need guidance. Where are good places to get inspiration?
•Friends and family who have enlisted the help of professional decorators in the past may have rooms you'd like to emulate. Take tips from their rooms, but personalize them to your taste. After all, imitation is the sincerest form of flattery.
•Design magazines show you a range of styles. Pick an inspiration room and copy it.
•Furniture showrooms have really stepped up their game in the past few years. They can be full of great new ideas for color schemes, bedding, and more!
•Celebrities can afford to pay top dollar for the industry's leading interior designers. A simple online image search will show you top celebrity homes that have been featured in magazines.
Now that you're inspired, develop a solid design plan. In a notebook or on your computer, draw out your future room. Choose colors and patterns. The clearer the design in your head, the more closely you'll be able to create it. Use this drawing to create a shopping list of items.
Don't do any shopping, though, until you calculate a budget. How much can you afford to spend? Even $100 can make a huge difference in a room. New paint, throw pillows, and curtains can be inexpensive changes, especially if you know the tricks of budget shopping.
Budget design means going outside of retail shopping. Garage and estate sales can be wonderful shopping grounds, especially if you already have an idea of what you need. However, don't compromise style for cost. The last thing you want to do is spend money on something that doesn't' really work.
Clearance is your best friend. Shop sales, use coupons, and always take a look at clearance racks. Don't forget about online clearance as well. Many stores have fabulous deals and minimal shipping costs.
You can do anything you set your mind to. A great way to save money is to do projects yourself. An upholstered headboard, for example, can cost upwards of $500, but building one yourself can cost less than $100. Headboards, shelving, pillows, and artwork are all within the reach of any amateur. YouTube is a wonderful resource for how-to videos. Plus, it's free!
Another money saving tip is to use faux instead of luxury goods. This means faux silk curtains instead of real silk. Choose laminate floors over hardwoods. Use faux fur instead of real fur, which looks just as great and is also cruelty free.
Finally, reuse what you already have. You may have items in others areas of your home that will now work for your newly designed space.
The key to budget designing is to have a clear plan and to stick to you. Do this and you're sure to have a room of which you're proud.
Need more money saving tips for your fabulous home? Give us a call at 972.772.7029 or email us at frontdesk552@kw.com.
Having your home look like a million bucks doesn't have to cost you big. Following a few simple design tips and researching the latest styles can help you can transform your dull space into divine living.
The first rule of budget design is to have a clear focus. Work on one room and one design at a time. The reasoning behind this is simple. It's too easy to go over budget if you are shopping for multiple projects at the same time. By focusing on one room, you can be clear on what items you really need.
To know what items you need, come up with a design plan. You might have a great design mind and can plan a room from scratch, but most of us need guidance. Where are good places to get inspiration?
•Friends and family who have enlisted the help of professional decorators in the past may have rooms you'd like to emulate. Take tips from their rooms, but personalize them to your taste. After all, imitation is the sincerest form of flattery.
•Design magazines show you a range of styles. Pick an inspiration room and copy it.
•Furniture showrooms have really stepped up their game in the past few years. They can be full of great new ideas for color schemes, bedding, and more!
•Celebrities can afford to pay top dollar for the industry's leading interior designers. A simple online image search will show you top celebrity homes that have been featured in magazines.
Now that you're inspired, develop a solid design plan. In a notebook or on your computer, draw out your future room. Choose colors and patterns. The clearer the design in your head, the more closely you'll be able to create it. Use this drawing to create a shopping list of items.
Don't do any shopping, though, until you calculate a budget. How much can you afford to spend? Even $100 can make a huge difference in a room. New paint, throw pillows, and curtains can be inexpensive changes, especially if you know the tricks of budget shopping.
Budget design means going outside of retail shopping. Garage and estate sales can be wonderful shopping grounds, especially if you already have an idea of what you need. However, don't compromise style for cost. The last thing you want to do is spend money on something that doesn't' really work.
Clearance is your best friend. Shop sales, use coupons, and always take a look at clearance racks. Don't forget about online clearance as well. Many stores have fabulous deals and minimal shipping costs.
You can do anything you set your mind to. A great way to save money is to do projects yourself. An upholstered headboard, for example, can cost upwards of $500, but building one yourself can cost less than $100. Headboards, shelving, pillows, and artwork are all within the reach of any amateur. YouTube is a wonderful resource for how-to videos. Plus, it's free!
Another money saving tip is to use faux instead of luxury goods. This means faux silk curtains instead of real silk. Choose laminate floors over hardwoods. Use faux fur instead of real fur, which looks just as great and is also cruelty free.
Finally, reuse what you already have. You may have items in others areas of your home that will now work for your newly designed space.
The key to budget designing is to have a clear plan and to stick to you. Do this and you're sure to have a room of which you're proud.
Need more money saving tips for your fabulous home? Give us a call at 972.772.7029 or email us at frontdesk552@kw.com.
Friday, July 8, 2011
Houses Tell All With BuildFax Report
Provided By Realty Times
If a home could talk, what would it tell you? An Asheville, NC, company is acting as the tell-all for homes across the country. The firm created a database that contains building and permitting information from U.S. cities and counties.
The information is sold to appraisers, inspectors, and banks. Fees range from a single report ($39.99) to report services costing between ($100 to $300 per month). But there's something even better for consumers.
"BuildFax is proud to be able to offer consumers free access to comprehensive permitting reports on their property and on potential purchases," said Holly Tachovsky, president of BuildFax. Tachovsky believes these reports are essential for understanding a home's history. "These reports are an important and highly cost-effective way of learning about a property and we are confident that acquiring this data will become a standard practice for anyone looking into properties details.” Consumer wouldn't think of buying a used car without finding out its history but until now they have purchased homes without knowing the complete history of the home.
The reports from BuildFax are free until July 31, 2011. They provide detailed information about permitted work done on the property, giving potential home buyers and current home owners, in-depth information about the "life story" of the structure.
After July 31, these reports will be available for $39.99 each. Consumers can request free reports at buildfax.com. The BuildFax Reports include comprehensive information that's helpful to buyers and sellers. The company touts that its reports allow consumers to “see within the walls” like never before.
The newly offered free reports (until July 31, 2011) to consumers were previously only available to industry professionals. But exactly how much information will you get? BuildFax says it tracks 60 percent of the country's permit volume which enables it the ability to provide reports on millions of properties all over the country.
The decision to order a report like this is likely influenced by understanding that a home is one of the biggest investments most consumers will ever make. Having a report that helps identify any past or potential issues can help buyers save lots of money that might otherwise go toward unknown repairs. BuildFax is the nation's leading provider of historical building permit data. Now that it's making reports available to consumers, it hopes to help buyers and sellers avoid costly mistakes while also highlighting key upgrades and repairs made to properties.
The report details information on permitted home improvements, renovations made to the structure, additions, roof replacement, plumbing work, electrical modifications, demolitions, and pool work. It gives an account of major construction, major systems such as providing information on the likely age of the roof, plumbing, electrical systems, heating, and air conditioning systems.
It also gives information about past events and documents the building's remodel and repair history. And it provides information about which contractors have worked on the property.
"Consumers don't buy a refrigerator without reading reviews, purchase a car without knowing the full history of a vehicle, or book a vacation without getting more details on their destination," said Tachovsky. "With a home being the most expensive purchase that most consumers will ever make, buyers and sellers should research the history of the property with a BuildFax Report, and our free offer is an easy way to get the details, and peace of mind, risk free." A report like what BuildFax is offering may just offer buyers the peace of mind needed to confidently sign on the dotted line.
If you are interested in purchasing a home, give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
If a home could talk, what would it tell you? An Asheville, NC, company is acting as the tell-all for homes across the country. The firm created a database that contains building and permitting information from U.S. cities and counties.
The information is sold to appraisers, inspectors, and banks. Fees range from a single report ($39.99) to report services costing between ($100 to $300 per month). But there's something even better for consumers.
"BuildFax is proud to be able to offer consumers free access to comprehensive permitting reports on their property and on potential purchases," said Holly Tachovsky, president of BuildFax. Tachovsky believes these reports are essential for understanding a home's history. "These reports are an important and highly cost-effective way of learning about a property and we are confident that acquiring this data will become a standard practice for anyone looking into properties details.” Consumer wouldn't think of buying a used car without finding out its history but until now they have purchased homes without knowing the complete history of the home.
The reports from BuildFax are free until July 31, 2011. They provide detailed information about permitted work done on the property, giving potential home buyers and current home owners, in-depth information about the "life story" of the structure.
After July 31, these reports will be available for $39.99 each. Consumers can request free reports at buildfax.com. The BuildFax Reports include comprehensive information that's helpful to buyers and sellers. The company touts that its reports allow consumers to “see within the walls” like never before.
The newly offered free reports (until July 31, 2011) to consumers were previously only available to industry professionals. But exactly how much information will you get? BuildFax says it tracks 60 percent of the country's permit volume which enables it the ability to provide reports on millions of properties all over the country.
The decision to order a report like this is likely influenced by understanding that a home is one of the biggest investments most consumers will ever make. Having a report that helps identify any past or potential issues can help buyers save lots of money that might otherwise go toward unknown repairs. BuildFax is the nation's leading provider of historical building permit data. Now that it's making reports available to consumers, it hopes to help buyers and sellers avoid costly mistakes while also highlighting key upgrades and repairs made to properties.
The report details information on permitted home improvements, renovations made to the structure, additions, roof replacement, plumbing work, electrical modifications, demolitions, and pool work. It gives an account of major construction, major systems such as providing information on the likely age of the roof, plumbing, electrical systems, heating, and air conditioning systems.
It also gives information about past events and documents the building's remodel and repair history. And it provides information about which contractors have worked on the property.
"Consumers don't buy a refrigerator without reading reviews, purchase a car without knowing the full history of a vehicle, or book a vacation without getting more details on their destination," said Tachovsky. "With a home being the most expensive purchase that most consumers will ever make, buyers and sellers should research the history of the property with a BuildFax Report, and our free offer is an easy way to get the details, and peace of mind, risk free." A report like what BuildFax is offering may just offer buyers the peace of mind needed to confidently sign on the dotted line.
If you are interested in purchasing a home, give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Friday, July 1, 2011
Top Five Mistakes Sellers Make
Provided By Realty Times
It can be a tough market for selling a home, but those conditions can get even worse if sellers aren't careful. While a seller doesn't control the real estate market, their actions can significantly contribute to how long and how much their home is sold for.
Underestimating Cleaning Up: It may seem obvious, but I can tell you real estate agents everywhere are nodding their heads in agreement as they read this. Inviting potential buyers in to see an unkempt home is like going on a job interview without freshening up after you cleaned your garage. How can the employer notice your fantastic talents and skills if they're hidden underneath a sloppy exterior? How you show your home tells the buyer what type of care you, the seller, has put into it.
If you can't take the time to wipe the grime off the refrigerator doors, tidy up the kids' rooms, take out the messy diapers, put away the food, and take the dogs out of the house for a while, then you'll likely find buyers will quickly move on to the next home on their list.
Lingering During Showings: Yes, we all want to know how the open house or showing went, but hanging around during either of those events is not a good idea. Sellers who tend to linger during showings often make the buyers uncomfortable. Buyers like to have time to explore the home at their own pace and without feeling any pressure. Sometimes buyers want to sit on the porch or out in the backyard as they discuss the home's possibilities. And if buyers are willing to sit for a bit and talk about the home, that's a great sign. However, the chances of them doing that with the seller present is unlikely. Many times buyers will say, "Let's skip the home if the sellers are there." Believe it or not, there are even stories of sellers coming out of the shower–inappropriately dressed–as buyers are coming into the home.
If you're selling your home, do yourself a favor and hit the road for a bit. Take a walk or head to the coffee shop. As soon as the showing is over, you can get all the details from your agent. That's what you're paying your agent for! Let them do their job. Just make sure that your agent has all the home's selling points and any additional features that make this home standout.
For Sale By Owner (FSBO) Trap: Some people are convinced that they can do it on their own. Maybe they can sell their own home, but it likely won't happen without some headaches. Trained specialists are called "experts" for a reason. An expert real estate agent knows the market, has connections, guides you through the process, negotiates on your behalf, and will make the process of selling your home simpler.
One potential land mine that FSBOs face is the flood of people popping in to see their home. It sounds great that there's so much traffic, but the problem is many times the people who pop into FSBO properties aren't actually qualified for a mortgage or may not be serious buyers. Instead they're just looking and satisfying their curiosity at your expense. Agents know to ask the right questions to make certain the lookers are truly potential home buyers.
Not interviewing agents: If you have kids, chances are you interviewed the nanny or babysitter. Taking time to seek out top real estate agents in your area and then setting up interviews with them is equally important. Choosing the wrong agent for the job will be a headache and slow the process down. There must be a connection, understanding, and good communication between the seller and the agent. There are lots of things that go on during the sale of a home, communicating with the agent should be one of the easier tasks.
Pricing a home incorrectly: This could be the worst mistake sellers make. Yet, this is where so much help can be found. Real estate agents see homes every single day. They know the neighborhoods and the comps. They are there to help you understand what homes have sold for in the recent past and what they'll likely sell for during the current market conditions. Get a market evaluation from your agent and understand that what is a fair price for your home in today's market.
If you are ready to sell your home and need a trusted realtor, give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
It can be a tough market for selling a home, but those conditions can get even worse if sellers aren't careful. While a seller doesn't control the real estate market, their actions can significantly contribute to how long and how much their home is sold for.
Underestimating Cleaning Up: It may seem obvious, but I can tell you real estate agents everywhere are nodding their heads in agreement as they read this. Inviting potential buyers in to see an unkempt home is like going on a job interview without freshening up after you cleaned your garage. How can the employer notice your fantastic talents and skills if they're hidden underneath a sloppy exterior? How you show your home tells the buyer what type of care you, the seller, has put into it.
If you can't take the time to wipe the grime off the refrigerator doors, tidy up the kids' rooms, take out the messy diapers, put away the food, and take the dogs out of the house for a while, then you'll likely find buyers will quickly move on to the next home on their list.
Lingering During Showings: Yes, we all want to know how the open house or showing went, but hanging around during either of those events is not a good idea. Sellers who tend to linger during showings often make the buyers uncomfortable. Buyers like to have time to explore the home at their own pace and without feeling any pressure. Sometimes buyers want to sit on the porch or out in the backyard as they discuss the home's possibilities. And if buyers are willing to sit for a bit and talk about the home, that's a great sign. However, the chances of them doing that with the seller present is unlikely. Many times buyers will say, "Let's skip the home if the sellers are there." Believe it or not, there are even stories of sellers coming out of the shower–inappropriately dressed–as buyers are coming into the home.
If you're selling your home, do yourself a favor and hit the road for a bit. Take a walk or head to the coffee shop. As soon as the showing is over, you can get all the details from your agent. That's what you're paying your agent for! Let them do their job. Just make sure that your agent has all the home's selling points and any additional features that make this home standout.
For Sale By Owner (FSBO) Trap: Some people are convinced that they can do it on their own. Maybe they can sell their own home, but it likely won't happen without some headaches. Trained specialists are called "experts" for a reason. An expert real estate agent knows the market, has connections, guides you through the process, negotiates on your behalf, and will make the process of selling your home simpler.
One potential land mine that FSBOs face is the flood of people popping in to see their home. It sounds great that there's so much traffic, but the problem is many times the people who pop into FSBO properties aren't actually qualified for a mortgage or may not be serious buyers. Instead they're just looking and satisfying their curiosity at your expense. Agents know to ask the right questions to make certain the lookers are truly potential home buyers.
Not interviewing agents: If you have kids, chances are you interviewed the nanny or babysitter. Taking time to seek out top real estate agents in your area and then setting up interviews with them is equally important. Choosing the wrong agent for the job will be a headache and slow the process down. There must be a connection, understanding, and good communication between the seller and the agent. There are lots of things that go on during the sale of a home, communicating with the agent should be one of the easier tasks.
Pricing a home incorrectly: This could be the worst mistake sellers make. Yet, this is where so much help can be found. Real estate agents see homes every single day. They know the neighborhoods and the comps. They are there to help you understand what homes have sold for in the recent past and what they'll likely sell for during the current market conditions. Get a market evaluation from your agent and understand that what is a fair price for your home in today's market.
If you are ready to sell your home and need a trusted realtor, give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Monday, June 27, 2011
Renting your Property without Discriminating
Provided By Realty Times
Renting out a secondary suite in your home is a great way to help pay your housing expenses if you have more room in the house than you need. But many small landlords don't realize they are running discriminatory housing advertisements for their units.
The Ontario Human Rights Commission recently studied 28 websites that offer rental housing ads and found that up to 20 per cent of the ads were discriminatory.
"Housing is a human right and by spreading the message that discriminatory housing ads are illegal, we can advance human rights for tenants everywhere," says Barbara Hall, chief commissioner of the Ontario Human Rights Commission.
The commission is reaching out to advertising websites and print media to try and educate the public about discriminatory ads. Some of these sites direct landlords to other sites that outline do's and don'ts of advertising, but the commission says many of these links are U.S.-based. "Most of these statements refer to U.S. Fair Housing legislation, while protections in Ontario and elsewhere in Canada are broader," says the commission. "Sending Canadian site users to these U.S.-based links will give them a false impression of their actual rights and responsibilities."
In Ontario, you can't refuse a tenant because of their age, race, colour, ethnic background, disability, sexual orientation, marital status (including common-law or same-sex couples), religion, citizenship or where they are from. You can't refuse them because you know they are receiving public assistance such as welfare or employment insurance. In some provinces, there are also protections for political beliefs and for those with a criminal record. The only time these rules may not apply is if the tenant is sharing a kitchen or bathroom with the landlord or the landlordÃs family.
Some examples of ads that may seem okay but that openly discriminate says things like, "Adult building" or "Not suitable for children" or "Seeking mature couple".
More obvious discriminatory ads may say, "Must have working income" or "Must provide proof of employment." You canÃt say your unit would be ìideal for a quiet coupleî because it implies you donÃt want singles. You canÃt say it would be "perfect for a female student" or "suitable for a single professional" or "great for working folks or students." All of these ads may discourage people from applying and are not allowed.
Rather than trying to name the "ideal" person for the unit, have the ads focus on the unit itself, describing the location, size, rent, local amenities and other information about the unit.
You canÃt say "no pets" because people with disabilities who use service animals like guide dogs cannot be denied access to housing based on a "no pet" policy.
"Not soundproof" would be considered a statement that discriminates against families with children, says the commission.
Unless you are providing subsidized housing, it is also illegal to apply a rent-to-income ratio (such as a 30 per cent cut-off rule) to your tenants.
The commission says that "residents don't have to be working to have money to pay the rent. Research shows that people living on social assistance, pensions or retirement income are just as likely to pay their rent as people who are working."
So how can you protect yourself as a landlord?
You are allowed to ask for information about the tenantÃs rental history, ask for credit references and perform credit checks. You can ask for income information, but the commission says you can only use this to confirm that the person has enough money to cover the rent.
You can also ask that a guarantor signs the lease, but only if you have the same requirement for all of your tenants. If you ask some prospective tenants for this, but not all of them, you are discriminating.
The commission says that some of the best prospective tenants may not have a rental or credit history because they are young people, women returning to the workforce after long periods of care-giving or the end of a marriage, or newcomers to the country.
Some advertising sites offer suggestions for non-discriminatory language in ads and the commission is hoping that all sites will follow. It also is asking sites to review ads before posting them or to have some systems in place where a monitor can look at an ad and remove it if someone complains that itÃs discriminatory. It is also asking print media to keep an eye for these ads. More information is available at ohrc.on.ca.
Are you interested in leasing your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Renting out a secondary suite in your home is a great way to help pay your housing expenses if you have more room in the house than you need. But many small landlords don't realize they are running discriminatory housing advertisements for their units.
The Ontario Human Rights Commission recently studied 28 websites that offer rental housing ads and found that up to 20 per cent of the ads were discriminatory.
"Housing is a human right and by spreading the message that discriminatory housing ads are illegal, we can advance human rights for tenants everywhere," says Barbara Hall, chief commissioner of the Ontario Human Rights Commission.
The commission is reaching out to advertising websites and print media to try and educate the public about discriminatory ads. Some of these sites direct landlords to other sites that outline do's and don'ts of advertising, but the commission says many of these links are U.S.-based. "Most of these statements refer to U.S. Fair Housing legislation, while protections in Ontario and elsewhere in Canada are broader," says the commission. "Sending Canadian site users to these U.S.-based links will give them a false impression of their actual rights and responsibilities."
In Ontario, you can't refuse a tenant because of their age, race, colour, ethnic background, disability, sexual orientation, marital status (including common-law or same-sex couples), religion, citizenship or where they are from. You can't refuse them because you know they are receiving public assistance such as welfare or employment insurance. In some provinces, there are also protections for political beliefs and for those with a criminal record. The only time these rules may not apply is if the tenant is sharing a kitchen or bathroom with the landlord or the landlordÃs family.
Some examples of ads that may seem okay but that openly discriminate says things like, "Adult building" or "Not suitable for children" or "Seeking mature couple".
More obvious discriminatory ads may say, "Must have working income" or "Must provide proof of employment." You canÃt say your unit would be ìideal for a quiet coupleî because it implies you donÃt want singles. You canÃt say it would be "perfect for a female student" or "suitable for a single professional" or "great for working folks or students." All of these ads may discourage people from applying and are not allowed.
Rather than trying to name the "ideal" person for the unit, have the ads focus on the unit itself, describing the location, size, rent, local amenities and other information about the unit.
You canÃt say "no pets" because people with disabilities who use service animals like guide dogs cannot be denied access to housing based on a "no pet" policy.
"Not soundproof" would be considered a statement that discriminates against families with children, says the commission.
Unless you are providing subsidized housing, it is also illegal to apply a rent-to-income ratio (such as a 30 per cent cut-off rule) to your tenants.
The commission says that "residents don't have to be working to have money to pay the rent. Research shows that people living on social assistance, pensions or retirement income are just as likely to pay their rent as people who are working."
So how can you protect yourself as a landlord?
You are allowed to ask for information about the tenantÃs rental history, ask for credit references and perform credit checks. You can ask for income information, but the commission says you can only use this to confirm that the person has enough money to cover the rent.
You can also ask that a guarantor signs the lease, but only if you have the same requirement for all of your tenants. If you ask some prospective tenants for this, but not all of them, you are discriminating.
The commission says that some of the best prospective tenants may not have a rental or credit history because they are young people, women returning to the workforce after long periods of care-giving or the end of a marriage, or newcomers to the country.
Some advertising sites offer suggestions for non-discriminatory language in ads and the commission is hoping that all sites will follow. It also is asking sites to review ads before posting them or to have some systems in place where a monitor can look at an ad and remove it if someone complains that itÃs discriminatory. It is also asking print media to keep an eye for these ads. More information is available at ohrc.on.ca.
Are you interested in leasing your home? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Wednesday, June 22, 2011
Summertime Selling Tips
Provided By Realty Times
Summertime can be a great season to sell your house. Why? During these hot months, your landscaping and outdoor spaces come alive. Today's buyers are looking for extended living areas and love usable outdoor space.
According to HGTV, outdoor spaces can bring in big bucks. Jon Seppala, president of Action Builders, notes, "Backyards and outdoor patios have to be much more substantial than in the past. Built-in grills, outdoor fireplaces, gazebos — people are looking for these features. We've had people who have fallen in love with the house and have decided to buy before they walked in the front door."
The National Association of Home Builders (NAHB) has also identified a trend, noting during a recent panel that young homebuyers (Gen Xers) are looking for homes with a connection between indoor and outdoor spaces, even in colder climates, to create the perception of greater home size, even if the space is only usable for part of the year."
Here are some tips to take advantage of Summer selling.
First, keep your home cool. Have your AC turned up to a comfortable level during showings and open houses. If you live in a region where you don't have or need AC, be sure that you use fans or open windows for breezes to create a nice atmosphere. The last thing you need is a prospective buyer distracted by sweat or humidity. You want them focused on your wonderful home!
Heat also has a way of bringing out the worst of smells in our home. To hold these deal breakers at bay, have your carpets cleaned when you list your home for sale. Next, roll up your sleeves and be sure you clean your home before any showing. Bathrooms, laundry rooms, and kitchen are notoriously stinky. Focus your attention on these!
When your home is listed for sale, it's your responsibility as the seller to keep your yard, landscaping, and pool maintained. Overgrown trees, shrubs, and lawns not only seriously depreciate curb appeal, they can also turn a buyer off.
If you are unable to stay on top of this task each week, hire local workers to keep your yard looking in top shape. This expense will come back to you when you make the sale.
Landscaping is expensive and buyers know this. Why not showcase one of your most valuable assets? Trim existing trees to their best advantage. Have gardens, paths, benches, and pool ready for enjoying. Buyers know that a fully landscaped yard will save them time and money. Plus, it's already ready to enjoy.
As a courtesy to prospective buyers, you may also consider compiling a list of locally recommend handy men, gardeners, and pool maintenance companies.
Finally, staging patios and porches is important. From family gatherings to al fresco meals, these hot spots get lots of use.
Start your staging with a thorough cleaning. Powerwashing decks, patios, and furniture can make dirty items look new again. For furniture that needs a bit more TLC, apply a fresh coat of paint. Next, stage for an "event." Replace wornout cushions and invest in simple outdoor accessories. A selective arrangement of candles, glasses, and even a nice table setting can be the icing on the staging cake.
The bottom line is that caring for the outdoor living spaces of your home can make or break a sale during the Summer. Take full advantage of all your home has to offer.
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Summertime can be a great season to sell your house. Why? During these hot months, your landscaping and outdoor spaces come alive. Today's buyers are looking for extended living areas and love usable outdoor space.
According to HGTV, outdoor spaces can bring in big bucks. Jon Seppala, president of Action Builders, notes, "Backyards and outdoor patios have to be much more substantial than in the past. Built-in grills, outdoor fireplaces, gazebos — people are looking for these features. We've had people who have fallen in love with the house and have decided to buy before they walked in the front door."
The National Association of Home Builders (NAHB) has also identified a trend, noting during a recent panel that young homebuyers (Gen Xers) are looking for homes with a connection between indoor and outdoor spaces, even in colder climates, to create the perception of greater home size, even if the space is only usable for part of the year."
Here are some tips to take advantage of Summer selling.
First, keep your home cool. Have your AC turned up to a comfortable level during showings and open houses. If you live in a region where you don't have or need AC, be sure that you use fans or open windows for breezes to create a nice atmosphere. The last thing you need is a prospective buyer distracted by sweat or humidity. You want them focused on your wonderful home!
Heat also has a way of bringing out the worst of smells in our home. To hold these deal breakers at bay, have your carpets cleaned when you list your home for sale. Next, roll up your sleeves and be sure you clean your home before any showing. Bathrooms, laundry rooms, and kitchen are notoriously stinky. Focus your attention on these!
When your home is listed for sale, it's your responsibility as the seller to keep your yard, landscaping, and pool maintained. Overgrown trees, shrubs, and lawns not only seriously depreciate curb appeal, they can also turn a buyer off.
If you are unable to stay on top of this task each week, hire local workers to keep your yard looking in top shape. This expense will come back to you when you make the sale.
Landscaping is expensive and buyers know this. Why not showcase one of your most valuable assets? Trim existing trees to their best advantage. Have gardens, paths, benches, and pool ready for enjoying. Buyers know that a fully landscaped yard will save them time and money. Plus, it's already ready to enjoy.
As a courtesy to prospective buyers, you may also consider compiling a list of locally recommend handy men, gardeners, and pool maintenance companies.
Finally, staging patios and porches is important. From family gatherings to al fresco meals, these hot spots get lots of use.
Start your staging with a thorough cleaning. Powerwashing decks, patios, and furniture can make dirty items look new again. For furniture that needs a bit more TLC, apply a fresh coat of paint. Next, stage for an "event." Replace wornout cushions and invest in simple outdoor accessories. A selective arrangement of candles, glasses, and even a nice table setting can be the icing on the staging cake.
The bottom line is that caring for the outdoor living spaces of your home can make or break a sale during the Summer. Take full advantage of all your home has to offer.
Are you ready to sell your home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Monday, May 9, 2011
Are you Ready to Buy?
Provided By Realty Times
Making the move from renter to homeowner can be a big step. While homeownership comes with a lot of perks, it's also a huge financial responsibility. How do you know if you're ready to buy?
Are you ready for a more stable home? Rental rates vary year to year, and as a renter you are at the mercy of your apartment's management. Are they good at addressing problems, or are you left with a dwelling full of needed repairs.
Owning a home with a fixed-rate mortgage, the form of mortgage our experts recommend, means you know exactly what your monthly payment will be for the life of the loan. When a problem arises, you have the ability to fix it without having to jump through red management tape.
Stability goes further than just a fixed monthly payment. Studies have shown that owning a home brings stability to both your family (higher graduation rates, lower crime rates) and your community (more civic involvement). And you can't put a price on the privacy and space a home affords you. Single-family detached homes generally comes with yards and bigger square footage than apartments.
Now that you've thought about the dynamics of homeownership, it's time to consider the financial logistics. Does buying a home make financial sense right now? This answer depends on a few important factors.
First, do you have steady employment? There is no backup for making your payments. When you sign a mortgage loan, you are agreeing to make a payment every month. Do you expect your job to continue well into the future. If not, do you have marketable skills that are needed in today's economy?
Second, do you have an 8-month emergency fund? Savings and downpayment aren't enough to ensure security for your family. You must have at least 8-months worth of bill money saved away. If your monthly expenses add up to $3,000 a month, then you need $24,000 in an emergency fund that you don't touch.
Third, do you have good credit? Interest rates are at historic lows, but lending is tight. You must have an excellent credit score to get the best rates. And a sub-par credit score may have you sitting on the sidelines altogether.
Fourth, do you have savings for a downpayment? Financial experts recommend having at least 20 percent to put down. That means on a $200,000 house you'll need $40,000 for a downpayment. If you don't have the money, will family be contributing?
Consider these issues when you deciding whether or not now is the time to buy. If you have all your "ducks in a row," then now is a great time to buy.
If you are interested in buying and need answers to your questions. Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Making the move from renter to homeowner can be a big step. While homeownership comes with a lot of perks, it's also a huge financial responsibility. How do you know if you're ready to buy?
Are you ready for a more stable home? Rental rates vary year to year, and as a renter you are at the mercy of your apartment's management. Are they good at addressing problems, or are you left with a dwelling full of needed repairs.
Owning a home with a fixed-rate mortgage, the form of mortgage our experts recommend, means you know exactly what your monthly payment will be for the life of the loan. When a problem arises, you have the ability to fix it without having to jump through red management tape.
Stability goes further than just a fixed monthly payment. Studies have shown that owning a home brings stability to both your family (higher graduation rates, lower crime rates) and your community (more civic involvement). And you can't put a price on the privacy and space a home affords you. Single-family detached homes generally comes with yards and bigger square footage than apartments.
Now that you've thought about the dynamics of homeownership, it's time to consider the financial logistics. Does buying a home make financial sense right now? This answer depends on a few important factors.
First, do you have steady employment? There is no backup for making your payments. When you sign a mortgage loan, you are agreeing to make a payment every month. Do you expect your job to continue well into the future. If not, do you have marketable skills that are needed in today's economy?
Second, do you have an 8-month emergency fund? Savings and downpayment aren't enough to ensure security for your family. You must have at least 8-months worth of bill money saved away. If your monthly expenses add up to $3,000 a month, then you need $24,000 in an emergency fund that you don't touch.
Third, do you have good credit? Interest rates are at historic lows, but lending is tight. You must have an excellent credit score to get the best rates. And a sub-par credit score may have you sitting on the sidelines altogether.
Fourth, do you have savings for a downpayment? Financial experts recommend having at least 20 percent to put down. That means on a $200,000 house you'll need $40,000 for a downpayment. If you don't have the money, will family be contributing?
Consider these issues when you deciding whether or not now is the time to buy. If you have all your "ducks in a row," then now is a great time to buy.
If you are interested in buying and need answers to your questions. Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Monday, May 2, 2011
Green Living: Buying Local
Provided By Realty Times
Now is prime time to turn your focus to your local community. The reason is simple. When you keep your attention and dollars in your local economy, it helps stabilize both the job market and home values. There's no reason to send your hard-earned money out of your community. You can help to build commerce in your town by buying local.
First, start by buying local produce. As the price of oil surges, the cost of transporting foods and goods will follow suite. This cost increase in turn is translated down to you, the consumer. Seek out local farmers' markets, farms, and buy "local" produce from your grocery store. The money you spend in your community has a way of being spent again in your community. And when you buy local, you take an active roll in reducing the environmental impact of your spending. Fewer fossil fuels are used to transport goods.
The next step in eating local can be to research local "Community Supported Agriculture" (CSA) groups. How does a CSA work? You pay a certain amount per growing season to be a part of the group, and then during each week's harvest, you stop by to pick up your "share" of the goodies! It's a great way to support a local farm, as well as get fresh vegetables all season long.
If you have a green thumb, consider adding a vegetable garden to your yard or a potted garden to your patio. Even the White House has its own garden, where the first lady grows some of her favorite treats.
The next step is to begin reading "made in" labels. Check the labels on all your products. Support your local region first, then American brands over foreign. Our economy must be reinvigorated from within. Choosing to buy American helps create jobs all across our nation, and with an unemployment rate near 10 percent, this is a great time to start label checking.
When you buy local and American, you're more likely to get better customer service. It's far easier to contact a company a state over, than to contact a country on the other side of the world. There's also more accountability when it comes to regulations and production laws.
And finally, consider keeping your vacations local. Staycations can save you big on travel costs, and those savings can in turn be spent in hotels and attraction in your own local area. Live in your city like a visitor!
Buying local and hiring local craftsman is an investment in your community. That's an investment worth making.
If you are interested in learning more about the Rockwall community, give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Now is prime time to turn your focus to your local community. The reason is simple. When you keep your attention and dollars in your local economy, it helps stabilize both the job market and home values. There's no reason to send your hard-earned money out of your community. You can help to build commerce in your town by buying local.
First, start by buying local produce. As the price of oil surges, the cost of transporting foods and goods will follow suite. This cost increase in turn is translated down to you, the consumer. Seek out local farmers' markets, farms, and buy "local" produce from your grocery store. The money you spend in your community has a way of being spent again in your community. And when you buy local, you take an active roll in reducing the environmental impact of your spending. Fewer fossil fuels are used to transport goods.
The next step in eating local can be to research local "Community Supported Agriculture" (CSA) groups. How does a CSA work? You pay a certain amount per growing season to be a part of the group, and then during each week's harvest, you stop by to pick up your "share" of the goodies! It's a great way to support a local farm, as well as get fresh vegetables all season long.
If you have a green thumb, consider adding a vegetable garden to your yard or a potted garden to your patio. Even the White House has its own garden, where the first lady grows some of her favorite treats.
The next step is to begin reading "made in" labels. Check the labels on all your products. Support your local region first, then American brands over foreign. Our economy must be reinvigorated from within. Choosing to buy American helps create jobs all across our nation, and with an unemployment rate near 10 percent, this is a great time to start label checking.
When you buy local and American, you're more likely to get better customer service. It's far easier to contact a company a state over, than to contact a country on the other side of the world. There's also more accountability when it comes to regulations and production laws.
And finally, consider keeping your vacations local. Staycations can save you big on travel costs, and those savings can in turn be spent in hotels and attraction in your own local area. Live in your city like a visitor!
Buying local and hiring local craftsman is an investment in your community. That's an investment worth making.
If you are interested in learning more about the Rockwall community, give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Wednesday, March 16, 2011
Keeping Your Cool During a Build
Provided By Realty Times
Moving can be stressful, but add the process of building a new home on top of it, and you're in for quite the ride.
There are some ambitious homeowners-to-be that take on the task of being general contractor themselves.
However, what they save in money, they reap in stress.
Don't fool yourself, though. Those who opt to employ a contractor or builder for this project aren't immune to homebuilding stresses. From the search for the right lot, contractor, and houseplan, to choices in construction grade and interior design details, there's a lot to think about.
Here are some useful tips to keep stress at bay.
1. Plan ahead. There is perhaps nothing more important than starting early and keeping ahead of schedule in your planning. If you wait to the last minute (hello, procrastinators), you will have added stress as you scramble around only to find out your cabinets will now take 5 weeks to ship or that your financing is falling through.
2. Be Organized: Keep a list with contact numbers, notes, estimates and budgets, and projected due dates.
3. Have Re-grouping Sessions. Set aside one day a week to reorganize your list and to look over things that must be completed. Use this time to organize a "to do" list for the week and to figure out what tasks can be delegated to your spouse, family, or builder. A good leader delegates!
4. Open Communication: Have open communication with your builder. Be sure you know where your money is actually going. You need to be comfortable asking even the simplest questions.
And to deal with unavoidable stresses, try out these tried and true methods.
1. Breathing: Have you ever noticed how much calmer you feel after you take in a slow, deep breath and then release it? Conscious breathing can bring a deep sense of peace to even the most hectic of moments.
2. Yoga and Stretching: Yoga doesn't have to mean long and pricey classes. You can learn a few simple stretches and postures that allow you to release stress and keep your body open and ready to handle the next day.
3. Laughter: Take breaks to laugh and have fun! All work and no play, well, it's no way to live. Have family game nights or watch funny movies!
4. Healthy Food: You can't expect a car to make on a cross-country trip running on fumes or contaminated gas. Your body is your vehicle. Be sure to eat healthy, so that your brain is geared to make wise and sound decisions.
5. Exercise: Did you know that taking that evening jog or working up a sweat on the elliptical is about more than just fitting into your skinny jeans? It's about training your body to withstand stress.
6. Simplify. Your friends and family will understand! Don't feel obligated to accept every invitation or make it to every event. This is a time to find balance in your life.
Building a home is a long process. Depending on the size of your home it can take anywhere from three months to a year or more, not counting the preliminary planning stage full of house plans, permits, and budgetary issues. It will all be worth it, though, when you lay your head down to sleep that first night in your very own dream home.
Are you wanting to build your perfect home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Moving can be stressful, but add the process of building a new home on top of it, and you're in for quite the ride.
There are some ambitious homeowners-to-be that take on the task of being general contractor themselves.
However, what they save in money, they reap in stress.
Don't fool yourself, though. Those who opt to employ a contractor or builder for this project aren't immune to homebuilding stresses. From the search for the right lot, contractor, and houseplan, to choices in construction grade and interior design details, there's a lot to think about.
Here are some useful tips to keep stress at bay.
1. Plan ahead. There is perhaps nothing more important than starting early and keeping ahead of schedule in your planning. If you wait to the last minute (hello, procrastinators), you will have added stress as you scramble around only to find out your cabinets will now take 5 weeks to ship or that your financing is falling through.
2. Be Organized: Keep a list with contact numbers, notes, estimates and budgets, and projected due dates.
3. Have Re-grouping Sessions. Set aside one day a week to reorganize your list and to look over things that must be completed. Use this time to organize a "to do" list for the week and to figure out what tasks can be delegated to your spouse, family, or builder. A good leader delegates!
4. Open Communication: Have open communication with your builder. Be sure you know where your money is actually going. You need to be comfortable asking even the simplest questions.
And to deal with unavoidable stresses, try out these tried and true methods.
1. Breathing: Have you ever noticed how much calmer you feel after you take in a slow, deep breath and then release it? Conscious breathing can bring a deep sense of peace to even the most hectic of moments.
2. Yoga and Stretching: Yoga doesn't have to mean long and pricey classes. You can learn a few simple stretches and postures that allow you to release stress and keep your body open and ready to handle the next day.
3. Laughter: Take breaks to laugh and have fun! All work and no play, well, it's no way to live. Have family game nights or watch funny movies!
4. Healthy Food: You can't expect a car to make on a cross-country trip running on fumes or contaminated gas. Your body is your vehicle. Be sure to eat healthy, so that your brain is geared to make wise and sound decisions.
5. Exercise: Did you know that taking that evening jog or working up a sweat on the elliptical is about more than just fitting into your skinny jeans? It's about training your body to withstand stress.
6. Simplify. Your friends and family will understand! Don't feel obligated to accept every invitation or make it to every event. This is a time to find balance in your life.
Building a home is a long process. Depending on the size of your home it can take anywhere from three months to a year or more, not counting the preliminary planning stage full of house plans, permits, and budgetary issues. It will all be worth it, though, when you lay your head down to sleep that first night in your very own dream home.
Are you wanting to build your perfect home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, March 9, 2011
Pricing a Home to Sell
Provided By Realty Times
The most popular real estate slogan has always been "location, location, location." Well, folks, there's a new slogan in town, and his name is "price, price, price." You can have the most fabulous Malibu beach house, but if you are overpriced, you won't sell in today's market.
How do you know where to price your house? How do you know that your real estate agent has priced accurately to sell?
Here are a few tips to steer you in the right direction.
Appraisals: Your real estate agent or brokerage will have a list of local appraisers. You can also visit The Appraisal Institute online at appraisalinstitute.org. Simply click on "find an appraiser". An appraisal costs just a few hundred dollars, but it affords you a clear idea of the amount for which a buyer can be approved.
Comparables: What are homes like yours selling for? Comparables can be found by analyzing homes in your neighborhood, or in nearby neighborhoods, that have similar square footage, upgrades, and amenities. If a comparable home sold for $150,00, there's little chance you'll find a buyer willing to pay $180,000 for your overpriced home. You always want to be the least expensive home in the neighborhood, when it comes to selling, not the most! Everybody loves a deal.
Be Competitive: Underpricing a home is a strategy that some agents employ to garner interest and to create a bidding war through multiple offers. A well-priced home is sure to get more showings than a home that costs more than the competition. More showings mean more exposure, which ups the chances of you receiving an offer.
Lender Communication: Lenders will only allow a buyer to borrow up to the amount a home appraises for. That means if you are overpriced, even an eager buyer may hit a lending road block.
Consider Leasing: If you've been caught in a depreciating market, you may have more money in your home than you can sell it for at this time. A reasonable option is to lease your home. Your real estate agent should be able to work out the specifics of any contract for you.
How Bad You Need to Sell: This is the real kicker. Some homeowners want to sell, but they don't need to. That means they can wait out a down market, or even wait for the "perfect" buyer. If, however, you find yourself needing to move across town, or across the state, then you will have to be more willing in today's market to compromise. And compromise is all about price when it comes to real estate.
Buyers are savvy. Technology allows them to search the local MLS, research the latest trends, and even see how your neighborhood's prices have changed over the last 30 days. They will know if your home is overpriced. It is best to error on the side of too little than too much in this numbers game. If you price your home right, however, you're sure to find a ready and willing buyer.
If you are ready to sell your home, give the experts a call at 972-772-7000 or email us at rockwall@kw.com.
The most popular real estate slogan has always been "location, location, location." Well, folks, there's a new slogan in town, and his name is "price, price, price." You can have the most fabulous Malibu beach house, but if you are overpriced, you won't sell in today's market.
How do you know where to price your house? How do you know that your real estate agent has priced accurately to sell?
Here are a few tips to steer you in the right direction.
Appraisals: Your real estate agent or brokerage will have a list of local appraisers. You can also visit The Appraisal Institute online at appraisalinstitute.org. Simply click on "find an appraiser". An appraisal costs just a few hundred dollars, but it affords you a clear idea of the amount for which a buyer can be approved.
Comparables: What are homes like yours selling for? Comparables can be found by analyzing homes in your neighborhood, or in nearby neighborhoods, that have similar square footage, upgrades, and amenities. If a comparable home sold for $150,00, there's little chance you'll find a buyer willing to pay $180,000 for your overpriced home. You always want to be the least expensive home in the neighborhood, when it comes to selling, not the most! Everybody loves a deal.
Be Competitive: Underpricing a home is a strategy that some agents employ to garner interest and to create a bidding war through multiple offers. A well-priced home is sure to get more showings than a home that costs more than the competition. More showings mean more exposure, which ups the chances of you receiving an offer.
Lender Communication: Lenders will only allow a buyer to borrow up to the amount a home appraises for. That means if you are overpriced, even an eager buyer may hit a lending road block.
Consider Leasing: If you've been caught in a depreciating market, you may have more money in your home than you can sell it for at this time. A reasonable option is to lease your home. Your real estate agent should be able to work out the specifics of any contract for you.
How Bad You Need to Sell: This is the real kicker. Some homeowners want to sell, but they don't need to. That means they can wait out a down market, or even wait for the "perfect" buyer. If, however, you find yourself needing to move across town, or across the state, then you will have to be more willing in today's market to compromise. And compromise is all about price when it comes to real estate.
Buyers are savvy. Technology allows them to search the local MLS, research the latest trends, and even see how your neighborhood's prices have changed over the last 30 days. They will know if your home is overpriced. It is best to error on the side of too little than too much in this numbers game. If you price your home right, however, you're sure to find a ready and willing buyer.
If you are ready to sell your home, give the experts a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, February 11, 2011
Should I Buy A Home Now?
Provided By Realty Times
The Zillow Home Value Index fell 26% since its peak in June 2006. That’s a greater decline than seen in the Depression-era years of 1928 to 1933.
According to Zillow.com, "November marked the 53rd consecutive month of home value declines, with the Zillow Home Value Index (ZHVI) falling 0.8% from October to November, and falling 5.1% year-over-year.”
But the news isn’t all bad. If you’ve gathered around the office water cooler to catch up with colleagues, maybe you’ve noticed a bit of optimism blossoming. it’s not just a feeling, it’s real. According to Zillow Research, the economy is improving. The improvement is expected to gradually increase "household formation and consumer confidence”. But the housing market may still face greater declines due to "excess inventory of homes, high negative equity and foreclosure rates, and weakened demand due to elevated unemployment,” reported Zillow.com.
However, if you’ve been watching, waiting, and wondering, when to buy ... . Now’s the time to take note. While no one has a crystal ball to predict what will happen with the housing market, some experts are reporting that an uptrend will occur later this year. They’re basing their beliefs on the job market (some predictions indicate it will improve half-way through this year), and "Homebuilder exchange traded funds are above their 200-day moving averages,” according to ETFTrends.com
If all these things have you confused, a simple way to look at real estate is to understand your specific needs, wants, and long-term goals. Do you need a place to live? Are you planning to stay in your home for at least a couple of years? (Most buyers live in their home on average seven years). Does owning your home matter?
Have you saved money for a downpayment?
Answering these questions will help point you in the right direction. Assuming that buying a home is the best scenario for you, how can you rest easy that you’re getting the best price? Ah, the $64-million question. You can’t.
Timing the market is like trying to win the lottery. There is no absolute way to know when it’s the bottom of the real estate market. That’s why you must know your specific needs, wants, and long-term goals.
If your needs include a home to live in for a lengthy period of time, then homeownership will likely rank higher on your priority list. If building credit, potential of appreciation–yes, there is still appreciation–especially when you buy a sensibly priced home in a good location. However, the appreciation may be slower and not shoot up into the double digits that we saw in some areas.
Consider this, with high inventory, sellers are motivated. You can scoop up a home at a perfect price and you can minimize your potential for low appreciation. If you choose a home that is in the lower-tier of prices (and still within your target price), your home will be less vulnerable in down markets and better situated in up markets because the higher-priced homes help elevate your home’s value.
Homeownership has many benefits including tax deductions, the opportunity to make your own creative changes to your home, and the potential for income if you later rent it out.
If you have more questions about buying a home, give us a call at 972-772-7000 or email us at rockwall@kw.com.
The Zillow Home Value Index fell 26% since its peak in June 2006. That’s a greater decline than seen in the Depression-era years of 1928 to 1933.
According to Zillow.com, "November marked the 53rd consecutive month of home value declines, with the Zillow Home Value Index (ZHVI) falling 0.8% from October to November, and falling 5.1% year-over-year.”
But the news isn’t all bad. If you’ve gathered around the office water cooler to catch up with colleagues, maybe you’ve noticed a bit of optimism blossoming. it’s not just a feeling, it’s real. According to Zillow Research, the economy is improving. The improvement is expected to gradually increase "household formation and consumer confidence”. But the housing market may still face greater declines due to "excess inventory of homes, high negative equity and foreclosure rates, and weakened demand due to elevated unemployment,” reported Zillow.com.
However, if you’ve been watching, waiting, and wondering, when to buy ... . Now’s the time to take note. While no one has a crystal ball to predict what will happen with the housing market, some experts are reporting that an uptrend will occur later this year. They’re basing their beliefs on the job market (some predictions indicate it will improve half-way through this year), and "Homebuilder exchange traded funds are above their 200-day moving averages,” according to ETFTrends.com
If all these things have you confused, a simple way to look at real estate is to understand your specific needs, wants, and long-term goals. Do you need a place to live? Are you planning to stay in your home for at least a couple of years? (Most buyers live in their home on average seven years). Does owning your home matter?
Have you saved money for a downpayment?
Answering these questions will help point you in the right direction. Assuming that buying a home is the best scenario for you, how can you rest easy that you’re getting the best price? Ah, the $64-million question. You can’t.
Timing the market is like trying to win the lottery. There is no absolute way to know when it’s the bottom of the real estate market. That’s why you must know your specific needs, wants, and long-term goals.
If your needs include a home to live in for a lengthy period of time, then homeownership will likely rank higher on your priority list. If building credit, potential of appreciation–yes, there is still appreciation–especially when you buy a sensibly priced home in a good location. However, the appreciation may be slower and not shoot up into the double digits that we saw in some areas.
Consider this, with high inventory, sellers are motivated. You can scoop up a home at a perfect price and you can minimize your potential for low appreciation. If you choose a home that is in the lower-tier of prices (and still within your target price), your home will be less vulnerable in down markets and better situated in up markets because the higher-priced homes help elevate your home’s value.
Homeownership has many benefits including tax deductions, the opportunity to make your own creative changes to your home, and the potential for income if you later rent it out.
If you have more questions about buying a home, give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, February 7, 2011
Winter Storm Safety
Provided By Realty Times
Winter weather can be relentless. Ice, snow, and sleet in their many forms mean homeowners can find themselves homebound.
Outlined below are ten easy steps that can help your family make it through a winter snow-in.
1. Keep warm: Temperatures can drop well below zero during major winter storms. If your electricity fails, do you have a backup plan to keep warm? Blankets, warm clothing, and firewood are all great things to have on hand.
2. Water: We can survive on limited food, but we and our pets must have water. Have bottled or jugged water on hand in the case of emergency.
3. Non-perishable food: If you go without electricity, you may find yourself being unable to store food. Stock up on non-perishables before a big storm. And then buy plenty of fruits and vegetables that can keep without refrigeration.
4. Crank radio: You may need to listen to emergency announcements. Crank and battery-powered radios are an essential.
5. First-aid kit: Alcohol, bandages, anti-bacterial ointment, burn salve, and basic pain killers (aspirin and acetaminophen) are staples of a well-stocked first-aid kit. Also be sure that prescriptions have been filled prior to any big storm system.
6. Sidewalks: Be sure to have a snow shovel and a bag of sand on hand before any big storm. You'll need to clear your driveway as well as sand your walkways. There is nothing worse than taking a spill on ice.
7. Candles and lighter/matches: If lights are out, you'll still need candles or a flashlight to find your way around. Plus, candles offer a great ambiance, even when you're stuck inside!
8. Entertainment: Movies, cards, board games, and books can all make the time pass quickly.
9. Sleds: Okay, this isn't a necessity. But nothing brings out the wish for a sled more than a perfectly snow covered hill. Plan ahead and you'll be ready for some great family bonding.
10. Travel: If you must venture out, be sure you have a full tank of gas, a blanket/sleeping bag, water, and kitty litter. Why kitty litter? If you get stuck, kitty litter may offer enough grit for tires to gain traction.
Use these simple tips to make your next snow day successful. And above all else, be sure to stay off icy roads and inside your home when weather is bad.
If you need more tips on staying safe this winter give us a call at 972-772-7000 or email us at rockwall@kw.com.
Winter weather can be relentless. Ice, snow, and sleet in their many forms mean homeowners can find themselves homebound.
Outlined below are ten easy steps that can help your family make it through a winter snow-in.
1. Keep warm: Temperatures can drop well below zero during major winter storms. If your electricity fails, do you have a backup plan to keep warm? Blankets, warm clothing, and firewood are all great things to have on hand.
2. Water: We can survive on limited food, but we and our pets must have water. Have bottled or jugged water on hand in the case of emergency.
3. Non-perishable food: If you go without electricity, you may find yourself being unable to store food. Stock up on non-perishables before a big storm. And then buy plenty of fruits and vegetables that can keep without refrigeration.
4. Crank radio: You may need to listen to emergency announcements. Crank and battery-powered radios are an essential.
5. First-aid kit: Alcohol, bandages, anti-bacterial ointment, burn salve, and basic pain killers (aspirin and acetaminophen) are staples of a well-stocked first-aid kit. Also be sure that prescriptions have been filled prior to any big storm system.
6. Sidewalks: Be sure to have a snow shovel and a bag of sand on hand before any big storm. You'll need to clear your driveway as well as sand your walkways. There is nothing worse than taking a spill on ice.
7. Candles and lighter/matches: If lights are out, you'll still need candles or a flashlight to find your way around. Plus, candles offer a great ambiance, even when you're stuck inside!
8. Entertainment: Movies, cards, board games, and books can all make the time pass quickly.
9. Sleds: Okay, this isn't a necessity. But nothing brings out the wish for a sled more than a perfectly snow covered hill. Plan ahead and you'll be ready for some great family bonding.
10. Travel: If you must venture out, be sure you have a full tank of gas, a blanket/sleeping bag, water, and kitty litter. Why kitty litter? If you get stuck, kitty litter may offer enough grit for tires to gain traction.
Use these simple tips to make your next snow day successful. And above all else, be sure to stay off icy roads and inside your home when weather is bad.
If you need more tips on staying safe this winter give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, January 28, 2011
What's Driving Buyers To Buy Homes?
Provided By Realty Times
The Wall Street Journal is reporting that “affordability” is the top reason for home buying in 2010.
That makes sense, especially in unstable market conditions. Buyers, as always, are looking for a bargain but, more than ever, they’ve been enticed by low home prices and low interest rates, according to a survey by Weicher Realtors, Inc.
The survey gathered information from 1,261 of the company’s customers who bought homes between July 1 through December 31, 2010.
What about pride in homeownership? it appears that buying a home because they didn’t want to rent, was not the driving force. Instead, it came down to price. This differs from survey results five years ago when respondents (26%) said, “the desire to own their home and stop paying rent” motivated them to buy, according to the Wall Street Journal.
Another influencer was the desire for more living space. According to the Wall Street Journal the survey reported that 28% of the respondents said, “they bought a house because they wanted more living space or a larger property”. However, 11% of those surveyed said that “potential financial growth” motivated them to purchase a home. This response is similar to the answers received in the survey’s first year (2005) when respondents answered the question, “What motivated you to purchase your home at this time?”
A sharp drop (12%) was reported by respondents who said they bought a house in 2010 due to relocation. The figure was the same as 2009. However, it’s a decrease from 20% in 2008.
Real estate experts believe that buyers are still motivated by the potential financial growth, but indeed a good value in the form of low interest rate and discounted home prices is the driving force these days. So, if you are listing your home for sale, focus on value. Detailed marketing materials that showcase your home’s amenities, walking-distance retail outlets, and neighborhood parks and schools will also help create value.
Don’t underestimate the importance of valuable upgrades such as new appliances, water heater, solar panels, green technology, smart wiring for commonly used technology, and, of course, any energy-saving lighting and/or heating/air conditioning systems that you might have installed.
Light up your house as much as possible when showing or holding an open house. Even if you typically keep the shades drawn, open them up, turn on light fixtures and, if you have skylights, make sure they’re clean.
Value increases for buyers the more they can see themselves living in your home. So, make it cozy, comfortable, and attractive. In the bathrooms, hang color-coordinated towels; some fresh flowers in a vase. And if the walls are scuffed, try using a Magic Eraser. If that doesn't work, touch up the paint or paint the entire bathroom.
In the dining room or the kitchen, set the table. But don’t overdress the table. Too much stuff on a table makes it look crowded, small, and can be a turn-off.
Remember, selling your home is about creating value for buyers. That means how you live in your home may not be the way you show your home. You may have to put away a lot of the clutter such as trinkets, family photos, pet toys, electrical cords, kids’ toys, and anything else that is personal to you. By doing this you’ll create a greater chance of buyers viewing your home as theirs. And that's value.
Are you ready to buy a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
The Wall Street Journal is reporting that “affordability” is the top reason for home buying in 2010.
That makes sense, especially in unstable market conditions. Buyers, as always, are looking for a bargain but, more than ever, they’ve been enticed by low home prices and low interest rates, according to a survey by Weicher Realtors, Inc.
The survey gathered information from 1,261 of the company’s customers who bought homes between July 1 through December 31, 2010.
What about pride in homeownership? it appears that buying a home because they didn’t want to rent, was not the driving force. Instead, it came down to price. This differs from survey results five years ago when respondents (26%) said, “the desire to own their home and stop paying rent” motivated them to buy, according to the Wall Street Journal.
Another influencer was the desire for more living space. According to the Wall Street Journal the survey reported that 28% of the respondents said, “they bought a house because they wanted more living space or a larger property”. However, 11% of those surveyed said that “potential financial growth” motivated them to purchase a home. This response is similar to the answers received in the survey’s first year (2005) when respondents answered the question, “What motivated you to purchase your home at this time?”
A sharp drop (12%) was reported by respondents who said they bought a house in 2010 due to relocation. The figure was the same as 2009. However, it’s a decrease from 20% in 2008.
Real estate experts believe that buyers are still motivated by the potential financial growth, but indeed a good value in the form of low interest rate and discounted home prices is the driving force these days. So, if you are listing your home for sale, focus on value. Detailed marketing materials that showcase your home’s amenities, walking-distance retail outlets, and neighborhood parks and schools will also help create value.
Don’t underestimate the importance of valuable upgrades such as new appliances, water heater, solar panels, green technology, smart wiring for commonly used technology, and, of course, any energy-saving lighting and/or heating/air conditioning systems that you might have installed.
Light up your house as much as possible when showing or holding an open house. Even if you typically keep the shades drawn, open them up, turn on light fixtures and, if you have skylights, make sure they’re clean.
Value increases for buyers the more they can see themselves living in your home. So, make it cozy, comfortable, and attractive. In the bathrooms, hang color-coordinated towels; some fresh flowers in a vase. And if the walls are scuffed, try using a Magic Eraser. If that doesn't work, touch up the paint or paint the entire bathroom.
In the dining room or the kitchen, set the table. But don’t overdress the table. Too much stuff on a table makes it look crowded, small, and can be a turn-off.
Remember, selling your home is about creating value for buyers. That means how you live in your home may not be the way you show your home. You may have to put away a lot of the clutter such as trinkets, family photos, pet toys, electrical cords, kids’ toys, and anything else that is personal to you. By doing this you’ll create a greater chance of buyers viewing your home as theirs. And that's value.
Are you ready to buy a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, January 24, 2011
Buying a Home for Your Child
Provided By Realty Times
It used to be big deal if Dad bought you a car when you were old enough to drive – but now some parents are buying homes for their kids. It's a great investment and saves them from paying rent, whether they are attending college or university or are striking out into the working world.
A recent poll by TD Canada Trust says that 10 per cent of Canadians would consider buying a condo for their adult children. For the parents it offers some peace of mind, since the investment may help their children into better housing than they could afford if paying rent. For the kids, it's a way to learn about the pros and cons of looking after their own homes, and perhaps even get some experience at becoming a landlord.
The trend is growing in cities across the country. In Montreal, developers have offered incentives specifically geared to families who are buying a condo for a young adult. In Toronto and Vancouver, where Asian investors are buying up many of the new condos, it's not uncommon for a family to buy a unit for their child to live in while attending school. Sometimes they have long-range plans to move to Canada themselves, so they buy now and have their child live in the unit, or rent it out.
For students heading to a new city to attend college or university, buying a house or condo eliminates the need to search for sometimes pricey student accommodation. Some of these students live in the homes and rent out a basement apartment or have roommates to help offset costs.
As with any real estate investment, there are a number of financial, tax planning and social aspects to consider before buying a home for your child. The usual rules of real estate apply: location, location, location. Buyers must ensure that the property will be in demand for renters, because the child may not want to live there for long. If the unit is sold in a couple of years, will the buyer be able to recoup his investment?
Buyers must ensure that a property being purchased with a rental suite complies with local zoning bylaws, fire codes and electrical safety standards, and that the proper insurance is in place. Some municipalities have tried to clamp down on student housing in new developments because of complaints from the neighbours.
If the adult child is going to rent out part of the house or have roommates, even if they are moving in with friends, it's important that the living arrangements are spelled out in advance in a businesslike manner. Each renter should sign a written tenancy agreement that covers how much rent will be paid, what additional costs (such as utilities) will be paid by the renter, what facilities will be shared, and house rules such as whether pets are allowed, smoking policies and provisions for parking and laundry facilities if applicable.
In some provinces, if the kitchen and bathrooms are being shared, the provincial tenancies act may not apply. That gives the landlord the ability to evict a renter without going through a formal eviction process if they find out they can't get along with the roommate.
Kathy Monro and Caryn Watt of PricewatershouseCoopers recently wrote a paper (Wealth and Tax Matters, Winter 2011) about the tax implications of buying a home for your adult child, setting out four options.
The first is purchasing a condo in your own name. The downside to this is that when the condo is sold, it will be subject to capital gains tax because it isn't your principal residence. Under Canada's tax law, you and your spouse (including common-law partners) and any unmarried children under the age of 18 are entitled to designate just one property as your principal residence for each year.
The advantage is that it may protect your investment if your adult child is married or gets married and then gets a divorce. In provinces like Ontario, the matrimonial home is included in calculating "equalization payments" even if the home was a gift or inheritance and even if it was owned by one of the spouses before the marriage. So, the other spouse is entitled to an equal share of the value of the condo. If the condo is in your name, it would not be subject to this rule.
Munro and Watt say the second option is giving a cash gift to your child to cover the cost of the condo. The child holds the condo in their own name, and as a principal residence it does not incur capital gains taxes when sold. It does not protect the condo from equalization in the event of a divorce.
Option three is lending the money to the child by way of a mortgage. The mortgage should be interest-free to avoid taxable income. "Because the child owns the condo subject to a mortgage, we understand that this plan could provide better protection to you and your child under family law legislation should the child divorce while owning the condo," say Munro and Watt.
The fourth option is setting up a family trust, which would then own the condo. "Family trusts are popular vehicles for sharing wealth with family members because they offer the trustees the flexibility to accommodate the changing and competing needs of the beneficiaries," say the authors.
If you have more questions or want to know more about buying a home for your child, call us at 972-772-7000 or email us at rockwall@kw.com.
It used to be big deal if Dad bought you a car when you were old enough to drive – but now some parents are buying homes for their kids. It's a great investment and saves them from paying rent, whether they are attending college or university or are striking out into the working world.
A recent poll by TD Canada Trust says that 10 per cent of Canadians would consider buying a condo for their adult children. For the parents it offers some peace of mind, since the investment may help their children into better housing than they could afford if paying rent. For the kids, it's a way to learn about the pros and cons of looking after their own homes, and perhaps even get some experience at becoming a landlord.
The trend is growing in cities across the country. In Montreal, developers have offered incentives specifically geared to families who are buying a condo for a young adult. In Toronto and Vancouver, where Asian investors are buying up many of the new condos, it's not uncommon for a family to buy a unit for their child to live in while attending school. Sometimes they have long-range plans to move to Canada themselves, so they buy now and have their child live in the unit, or rent it out.
For students heading to a new city to attend college or university, buying a house or condo eliminates the need to search for sometimes pricey student accommodation. Some of these students live in the homes and rent out a basement apartment or have roommates to help offset costs.
As with any real estate investment, there are a number of financial, tax planning and social aspects to consider before buying a home for your child. The usual rules of real estate apply: location, location, location. Buyers must ensure that the property will be in demand for renters, because the child may not want to live there for long. If the unit is sold in a couple of years, will the buyer be able to recoup his investment?
Buyers must ensure that a property being purchased with a rental suite complies with local zoning bylaws, fire codes and electrical safety standards, and that the proper insurance is in place. Some municipalities have tried to clamp down on student housing in new developments because of complaints from the neighbours.
If the adult child is going to rent out part of the house or have roommates, even if they are moving in with friends, it's important that the living arrangements are spelled out in advance in a businesslike manner. Each renter should sign a written tenancy agreement that covers how much rent will be paid, what additional costs (such as utilities) will be paid by the renter, what facilities will be shared, and house rules such as whether pets are allowed, smoking policies and provisions for parking and laundry facilities if applicable.
In some provinces, if the kitchen and bathrooms are being shared, the provincial tenancies act may not apply. That gives the landlord the ability to evict a renter without going through a formal eviction process if they find out they can't get along with the roommate.
Kathy Monro and Caryn Watt of PricewatershouseCoopers recently wrote a paper (Wealth and Tax Matters, Winter 2011) about the tax implications of buying a home for your adult child, setting out four options.
The first is purchasing a condo in your own name. The downside to this is that when the condo is sold, it will be subject to capital gains tax because it isn't your principal residence. Under Canada's tax law, you and your spouse (including common-law partners) and any unmarried children under the age of 18 are entitled to designate just one property as your principal residence for each year.
The advantage is that it may protect your investment if your adult child is married or gets married and then gets a divorce. In provinces like Ontario, the matrimonial home is included in calculating "equalization payments" even if the home was a gift or inheritance and even if it was owned by one of the spouses before the marriage. So, the other spouse is entitled to an equal share of the value of the condo. If the condo is in your name, it would not be subject to this rule.
Munro and Watt say the second option is giving a cash gift to your child to cover the cost of the condo. The child holds the condo in their own name, and as a principal residence it does not incur capital gains taxes when sold. It does not protect the condo from equalization in the event of a divorce.
Option three is lending the money to the child by way of a mortgage. The mortgage should be interest-free to avoid taxable income. "Because the child owns the condo subject to a mortgage, we understand that this plan could provide better protection to you and your child under family law legislation should the child divorce while owning the condo," say Munro and Watt.
The fourth option is setting up a family trust, which would then own the condo. "Family trusts are popular vehicles for sharing wealth with family members because they offer the trustees the flexibility to accommodate the changing and competing needs of the beneficiaries," say the authors.
If you have more questions or want to know more about buying a home for your child, call us at 972-772-7000 or email us at rockwall@kw.com.
Friday, December 31, 2010
Deciding to Sell
Provided By Realty Times
Deciding whether or not to sell your house can be a trying time. Many questions pervade your mind. "Is now the best time to make a move?" "Will I make money from this sale?" Will a move disrupt my family's routine?" There are numerous factors that come into play when making this decision. Let's look at just a few to consider.
First and foremost, can you afford to make a move? In many areas of the country, home values fell dramatically during the recession. Homeowners across the nation now find themselves owing more than their home is worth. If you find yourself in this predicament, it is probably not the best time for you to move. If you are able to afford your payments and have no fear of defaulting, then it will be best to stick it out for a while longer, waiting for your home to regain some of its lost value.
Along those same lines is the topic of job stability. Do you have money saved for downpayments and closing costs, as well as an 8 month emergency fund should you get laid off?
Next, consider the impact the move will have on your family. Do you have children? Moving during the middle of a semester can be difficult for children. Will you be able to move and stay in the same school district? If not, they will be coming into a new school in the middle of activities, after bonds and friendships have been established. Timing is everything when it comes to moving with children.
Additionally, research has shown that having strong social relationships can lengthen your lifespan. Consider this strongly before you move away from family and friends. Or consider it as motivation for moving closer if you live far away!
What if you need to move for your health. Warmer climates, less humidity, and even a change of settings can be a boost to some people's health. Some seniors find cold winters too hard on their older bodies. A move for health is always a good decision, since without our health we have nothing.
The bottom line is this. Moving means changing routines, hobbies, and even friends. Be sure to evaluate your decision carefully, weighing all of your options, before jumping into a life changing decision.
Do you have questions about selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Deciding whether or not to sell your house can be a trying time. Many questions pervade your mind. "Is now the best time to make a move?" "Will I make money from this sale?" Will a move disrupt my family's routine?" There are numerous factors that come into play when making this decision. Let's look at just a few to consider.
First and foremost, can you afford to make a move? In many areas of the country, home values fell dramatically during the recession. Homeowners across the nation now find themselves owing more than their home is worth. If you find yourself in this predicament, it is probably not the best time for you to move. If you are able to afford your payments and have no fear of defaulting, then it will be best to stick it out for a while longer, waiting for your home to regain some of its lost value.
Along those same lines is the topic of job stability. Do you have money saved for downpayments and closing costs, as well as an 8 month emergency fund should you get laid off?
Next, consider the impact the move will have on your family. Do you have children? Moving during the middle of a semester can be difficult for children. Will you be able to move and stay in the same school district? If not, they will be coming into a new school in the middle of activities, after bonds and friendships have been established. Timing is everything when it comes to moving with children.
Additionally, research has shown that having strong social relationships can lengthen your lifespan. Consider this strongly before you move away from family and friends. Or consider it as motivation for moving closer if you live far away!
What if you need to move for your health. Warmer climates, less humidity, and even a change of settings can be a boost to some people's health. Some seniors find cold winters too hard on their older bodies. A move for health is always a good decision, since without our health we have nothing.
The bottom line is this. Moving means changing routines, hobbies, and even friends. Be sure to evaluate your decision carefully, weighing all of your options, before jumping into a life changing decision.
Do you have questions about selling your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, December 17, 2010
10 Reasons to Buy
Provided By Realty Times
Owning a home has been a part of the American Dream for decades. If you are still unsure, however, whether or not homeownership is the move for you, be sure to read these ten reasons to buy.
1. Low Interest Rates. It's true! Interest rates are currently at historical lows. This means over the course of your loan, you'll pay less interest. And it also means monthly payments will be a smaller, more manageable amount.
2. Mortgage Interest Deduction: While this deduction may not be available for much longer, for now you can still use this great tax advantage!
3. Stability: Studies have shown that homeownership not only increases community involvement, it also leads to safer neighborhoods, and higher graduation rates.
4. Affordability: Coupled with the low interest rates, affordability is the highest it's been in years. Prices fell in many areas and median incomes rose -- meaning you can get more bang for your buck.
5. Paying Towards Ownership. Instead of paying a landlord, you are making an investment in your future. Every month your payment goes towards something you'll eventually own and that will have worth and value. Renting only makes the landlord richer!
6. Appreciation: Average appreciation rates vary widely depending on the condition of the local market and demand, but anywhere from 4 to 6 percent annually is considered average. This means the longer you stay in your home, the more your home will be worth.
7. Home equity: This building of worth over time (see number 6) means that if you need to make improvements to your home, you will be able to tap into its equity to finance repairs and additions.
8. Gardening: Many households are embracing the organic movement, and families have begun again to raise their own food. Even the White House has its own victory garden. Owning your own home (in most cases) means you will have your own land to cultivate.
9. Roots: Young and old alike seek out places where they belong. Owning a property, and taking your first steps towards putting down roots, can mean the difference between a house and a home.
10. Monthly Payments: Once your home is paid off -- you won't have monthly payments anymore. Apart from insurance, property taxes, and repairs, monthly expenses are minimal. In today's market, many buyers are finding, as well, that their monthly house payments are less than what they'd pay in rent!
Are you in the market to purchase a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Owning a home has been a part of the American Dream for decades. If you are still unsure, however, whether or not homeownership is the move for you, be sure to read these ten reasons to buy.
1. Low Interest Rates. It's true! Interest rates are currently at historical lows. This means over the course of your loan, you'll pay less interest. And it also means monthly payments will be a smaller, more manageable amount.
2. Mortgage Interest Deduction: While this deduction may not be available for much longer, for now you can still use this great tax advantage!
3. Stability: Studies have shown that homeownership not only increases community involvement, it also leads to safer neighborhoods, and higher graduation rates.
4. Affordability: Coupled with the low interest rates, affordability is the highest it's been in years. Prices fell in many areas and median incomes rose -- meaning you can get more bang for your buck.
5. Paying Towards Ownership. Instead of paying a landlord, you are making an investment in your future. Every month your payment goes towards something you'll eventually own and that will have worth and value. Renting only makes the landlord richer!
6. Appreciation: Average appreciation rates vary widely depending on the condition of the local market and demand, but anywhere from 4 to 6 percent annually is considered average. This means the longer you stay in your home, the more your home will be worth.
7. Home equity: This building of worth over time (see number 6) means that if you need to make improvements to your home, you will be able to tap into its equity to finance repairs and additions.
8. Gardening: Many households are embracing the organic movement, and families have begun again to raise their own food. Even the White House has its own victory garden. Owning your own home (in most cases) means you will have your own land to cultivate.
9. Roots: Young and old alike seek out places where they belong. Owning a property, and taking your first steps towards putting down roots, can mean the difference between a house and a home.
10. Monthly Payments: Once your home is paid off -- you won't have monthly payments anymore. Apart from insurance, property taxes, and repairs, monthly expenses are minimal. In today's market, many buyers are finding, as well, that their monthly house payments are less than what they'd pay in rent!
Are you in the market to purchase a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, December 13, 2010
Going Pro in an HOA
Provided By Realty Times
When it comes to self managing, a few homeowner associations do fairly well, some do okay and many stumble, trip and fall. For a variety of practical reasons, all should have professional management in one form or another. Let's explore those practical reasons.
No Free Lunch. The concept of "carefree living" promises that "someone else" will take care of business. Remember, the Board was elected only to supervise but if they don't hire a manager, that "someone" is "the Board". Why would a few volunteers work for free to benefit the many? Unless your name is Mother Teresa, this calling is not very appealing to most.
Bill Collector Hell. Strong arming delinquent neighbors for money is low on most folks' To Do List. Yet, to keep HOA bills paid, it needs to be done. There are actually people that do this disagreeable task for a living. (Maybe you know a few if you've fallen behind on your bills.) They are pretty good at it and don't charge all that much.
Rule Enforcement Jeopardy. Enforcing the rules can be a physically threatening undertaking. Just try towing a red neck neighbor's junk truck. Do you really need this kind of grief just for trying to keep the area neat and tidy?
24/7 Job. HOA business can be a 24/7 affair. It's a fact of life: Bad news always happens in the middle of the night during a rain/snow storm or a wild party. Have you ever dreamed of a quiet night at home or a vacation? If you self manage, forget it! Who's going to mind the store while you recreate? Believe it or not, management companies offer 24/7 emergency response. Sounding better already, eh?
HOA managers offer a variety of services like bookkeeping, maintenance supervision, rules enforcement, delinquency collection, project bidding, information distribution and emergency response. There are numerous smaller but no less important functions. Full service management contracts include "routine" services for a flat monthly fee. Routine services are those that generally happen monthly as opposed to, for example, handling an extensive insurance claim. Special services often carry an additional charge. Many HOA managers offer "a la carte" services so you can limit the level of service and the cost. This usually applies to small HOAs that want bookkeeping services only. The advantage of a la carte management is that should another issue crop up, you already have an established relationship with a manager that has an understanding of the homeowner association.
Now that a convincing argument for professional management has been laid out, where can such relief be found? HOA management companies are a rare breed so looking in the Yellow Pages under Property Management won't cut it. Be wary of contracting with apartment managers that have no HOA accounts. HOA management requires a very distinct set of skills. Many larger condominium complexes are professionally managed. If you know some in your area, knock on a few doors and ask who they use and if they're satisfied.
Okay, for you bottom line people, how much does this pain relief actually cost? For full service management, it costs around $15-$25 per month per owner. HOA manager refer to it as cost "per door". You probably pay more than that to get your garbage hauled! Why would you not want to radically simplify your life for so little money? Going pro is the way to go. Get in the know!
Are you interested in buying a home, but have questions about HOA's? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
When it comes to self managing, a few homeowner associations do fairly well, some do okay and many stumble, trip and fall. For a variety of practical reasons, all should have professional management in one form or another. Let's explore those practical reasons.
No Free Lunch. The concept of "carefree living" promises that "someone else" will take care of business. Remember, the Board was elected only to supervise but if they don't hire a manager, that "someone" is "the Board". Why would a few volunteers work for free to benefit the many? Unless your name is Mother Teresa, this calling is not very appealing to most.
Bill Collector Hell. Strong arming delinquent neighbors for money is low on most folks' To Do List. Yet, to keep HOA bills paid, it needs to be done. There are actually people that do this disagreeable task for a living. (Maybe you know a few if you've fallen behind on your bills.) They are pretty good at it and don't charge all that much.
Rule Enforcement Jeopardy. Enforcing the rules can be a physically threatening undertaking. Just try towing a red neck neighbor's junk truck. Do you really need this kind of grief just for trying to keep the area neat and tidy?
24/7 Job. HOA business can be a 24/7 affair. It's a fact of life: Bad news always happens in the middle of the night during a rain/snow storm or a wild party. Have you ever dreamed of a quiet night at home or a vacation? If you self manage, forget it! Who's going to mind the store while you recreate? Believe it or not, management companies offer 24/7 emergency response. Sounding better already, eh?
HOA managers offer a variety of services like bookkeeping, maintenance supervision, rules enforcement, delinquency collection, project bidding, information distribution and emergency response. There are numerous smaller but no less important functions. Full service management contracts include "routine" services for a flat monthly fee. Routine services are those that generally happen monthly as opposed to, for example, handling an extensive insurance claim. Special services often carry an additional charge. Many HOA managers offer "a la carte" services so you can limit the level of service and the cost. This usually applies to small HOAs that want bookkeeping services only. The advantage of a la carte management is that should another issue crop up, you already have an established relationship with a manager that has an understanding of the homeowner association.
Now that a convincing argument for professional management has been laid out, where can such relief be found? HOA management companies are a rare breed so looking in the Yellow Pages under Property Management won't cut it. Be wary of contracting with apartment managers that have no HOA accounts. HOA management requires a very distinct set of skills. Many larger condominium complexes are professionally managed. If you know some in your area, knock on a few doors and ask who they use and if they're satisfied.
Okay, for you bottom line people, how much does this pain relief actually cost? For full service management, it costs around $15-$25 per month per owner. HOA manager refer to it as cost "per door". You probably pay more than that to get your garbage hauled! Why would you not want to radically simplify your life for so little money? Going pro is the way to go. Get in the know!
Are you interested in buying a home, but have questions about HOA's? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
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