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Archive for the ‘Kitchen & Bath Remodel’ Category

Many of today’s homeowners find themselves unable or unwilling to enter the housing market. Some may have unsteady jobs or are upside down in their home loans.

These conditions, however, don’t mean that these homeowners don’t have needs that need met. Some have outgrown their current home, have repairs that need made, or simply would love to have an updated kitchen or bath.

This explains the recent report from BuildFax that shows remodeling activity reached a record level high for the month of September.

Partly to thank for this rise in projects are the historically low interest rates, now under 4.0 percent for 30-year fixed rate mortgages. Many homeowners have sought out refinancing, meaning they now have lower monthly payments. This extra money can then be funneled into remodeling projects.

So, while it may not make sense for a homeowner to move, they can still make modifications to their current home which will make it more livable and comfortable. These projects even raise the home’s value. “Mortgage rates continue to be near record lows, and as homeowners from coast to coast refinance, they are continuing to update their current home and invest in their properties,” said Joe Emison, Vice President of Research and Development at BuildFax. “The data from BuildFax show that homeowners are not only doing important ‘maintenance’ projects, such as fixing their roof, but also taking on projects that add to the ‘livability’ of their homes by adding decks, remodeling their bathrooms and updating their kitchens. These are immediate fixes they will enjoy and that potential buyers look for.”

The most popular projects come as no surprise. They are as follows.

Roof (21.4%)

Deck (7.9%)

Bathroom (6.9%)

Garage (6.1%)

Kitchen (4.8%)

Basement (2.9%)

Office (1.7%)

Sunroom (0.7%)

How much did the remodeling market improve in September? The latest Residential BuildFax Remodeling Index shows rates rose 34 percent year-over-year. September was up 2 percent over August of this year.

Regionally, the West rose 4.6 percent. The Midwest rose 4.9 percent month over month, the Northeast 2.9 percent, and the South rose 9 percent.

Interest rates are expected to remain low until 2013, according to the Federal Reserve, meaning this trend for fixing up and staying put could continue for the foreseeable future.

If you are looking to join the Columbia Real Estate market, please feel free to call us.  Prudential Vision Properties can be reached at 573.449.6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

November 17, 2011 — Realty Times Feature Article by Carla Hill

Real estate consumers today can find ample value in distressed homes – properties that are under a foreclosure order or up for short sale. In many cases, however, “distressed” speaks more for the condition of the homes than their recent financial histories, as they’ve sat empty for extended periods and have been subject to vandalism and theft.

Those considering homes in need of repair and renovation should consider a 203k mortgage, which enables homebuyers to finance both the acquisition and rehabilitation of the property with just one loan.

“FHA 203k purchase loans are the perfect financing vehicle for homeowners seeking the value proposition offered by REO homes,” said David Wind, president and board chairman of White Plains, N.Y.-based Guaranteed Home Mortgage Company, in a company statement this June. “Home buyers’ ‘perfect’ home can be purchased in less than perfect condition with a single-close loan product that allows repairs and remodeling.”

There are two types of 203k loans: the 203k streamline and the full 203k. The 203k streamline is the most popular among homebuyers and lenders.

“The maximum allowable in repairs is $35,000 under the 203k streamline and it does not allow any structural repairs to be done to the home, unless [the repairs are] a result of an unforeseen circumstance,” explained David Krushinsky, a certified mortgage planning specialist for Mesa, Ariz.-based AmeriFirst Financial Inc. “The full 203k allows structural repairs and will allow the buyer to exceed the $35,000 in home repairs. Both loans allow up to $1,500 in swimming pool repairs.”

Contractors chosen to perform repairs must be licensed, bonded and insured, and they usually must provide the lender with a resume and two client-reference letters.

“After the close of escrow is when all the rehabilitation work begins,” said Krushinsky. “Funds usually aren’t released immediately so it’s important for your contractor to start work in a timely manner. Typically, if they’ve been in business, they have existing relationships with vendors so they can order materials and begin work. If not, the project may take longer than anticipated.”

Since the 203k mortgage is based on the home’s potential value after repairs — not its existing value — you can be approved for a higher loan amount. The mortgages also carry long-term-fixed rates, are insured as soon as they fund, and include escrow accounts for the scheduled repairs.

Loan amounts are capped according to local FHA limits. Only owner-occupied properties of one to four units qualify for 203k mortage financing; homes also must be at least one year old.

Dan “Bingo” Bingenheimer can be reached at 573.449.6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

Kitchen Trends

Free Style: There is a move away from the all-or-nothing “fitted” look of continuous counters. Look for more free-standing pieces of furniture or features with furniture like qualities, such as a cabriolet leg holding up a kitchen counter.

Artistic Upgrades: In the ongoing effort to customize kitchens, ALMOST ANYTHING GOES. Now range hoods are works of art, literally. Already beautiful as well as functional, hoods can now be customized with panels you choose. Cupboard doors can be replaced with accent doors.  If you can think it do it!

Going Green: Eco-friendly products aren’t going to go out of style anytime soon. And now there are more ways that you can go green in the kitchen, too, from energy-efficient dishwashers to environmentally sound flooring options made of reclaimed wood and tiles.

Oh-So-Organic: Forget straight lines and right angles; organic shapes are in. Not only are rounded shapes visually pleasing, they also encourage a more natural circular traffic flow. Imagine never bumping into a sharp corner again and having the bruise for weeks to prove it.

Asian Fusion: There is nothing like Zen comforts to help us unwind. Look for drawer pulls reminiscent of bamboo, built-in teriyaki grills and Japanese-style sliding pantry doors in the kitchen.

Drawer Designs: Move over refrigerator drawers and dishwasher drawers, and say hello to the microwave drawer. Yes, that handy appliance, popcorn button and all, now comes in a drawer.  This is all in an effort to de-clutter your kitchen.

High-Tech: Advances in technology continue to offer us out-of-this-world options, including an oven that can be programmed to keep food cold until it’s cooking time. You can even change the cooking directions from your office computer. Don’t have enough freezer space? High-tech can help you turn a fridge drawer into a freezer in no time. It can also raise the toilet seat when it sees you coming and clean the shower when you’re not around.

Built-Ins: Built-ins are convenient and sleek, two must-haves in today’s kitchens. Think steamers and strainers, high-end coffee makers, professional ice machines and wine coolers, knife racks, spice holders, ring holders, fondue pots and ice beds for shrimp.

Glass Acts: Glass is everywhere in today’s kitchens — on cook tops, refrigerators and cabinet doors.

To talk with a Prudential Vision Properties agent today, call 573.449.6200 or email info@PrudentialVision.com.

Do-It-Yourself: Tiling

Do-it-yourself projects are a great way to update your home and save money.  Making updates can add value to your home, but the keep is to keep your costs low.  Make sure you choose the right projects.  Some projects will present a return on your money and some projects will be solely for your pleasure.  Here is one project that is sure to ad value to your home, if done correctly.
Tiling.  This is a very popular do-it-yourself project.  Head out to your local home improvement store and it is likely you can sign up for a class to learn the basics of tiling.  There is also an abundance of how-to videos online to assist you in this project.  Here are some bullet points to aid you in this new venture.

Before

• Step 1- Measure the room.  How many square feet of tile will you be needing? Length times width.  Remember this from geometry?  If you are like me, you may need a calculator for this part. So for an example if you have a room that is 10 foot by 10 foot, you will have 100 square feet. This information will help you determine how many tiles you need to buy.
• Step 2- Select the tile you would like to use.  Be prepared to spend an entire day on this step.  There is a huge variety of tile.  Size, texture, color, function, price, type of tile, etc all effect the price of the tile.  So be sure to go in with your budget in mind. Porcelain and ceramic tile are less expensive than marble and travertine.  But, both options are durable and are made to last.  Always get a little extra because tiles can break during installation.  Plus you may want a few extra to keep for replacements down the road.
  
• Step 3- Head out to the hardware/ home improvement store for supplies.  Here are some supplies that will be helpful for laying tile.  Knee pads, chalk line, tile cutter or saw, tile nippers, mortar and bucket to mix it in, drill attachment for mixing mortar, trowel to spread mortar, tile, plastic tile spacers, grout and bucket to mix it in, trowel to apply grout, sponge to remove excess grout, sealant, and sealant application bottle.
• Step 4- Clean the area thoroughly.  You don’t want any pieces of dirt or old mortar on the floor because it will cause the floor to be uneven.
• Step 5- Develop your game plan.  Decide where you are going to start your tile, will your grout lines be perpendicular or angled, etc.
• Step 6- Lay out a chalk line to ensure an even first row.
• Step 7- Mix the mortar.
• Step 8- Laying the tile: spread only a small amount at a time; it dries quickly. Place your first tile square with the chalk line.  Press it firmly into the mortar and use a plastic spacer to get the next tile spaced perfectly.  Repeat.  You will need to make cuts at certain points.  A tile saw works best, but use what you have!
• Step 9- Remove the spacers and let the tiles set for 24 hours.  Don’t walk or move the tiles during this time.  The mortar needs time to set up.
• Step 10- Once your tiles have set for 24 hours, it’s time to grout!  Mix your grout and then trowel it between the lines.
  
• Step 11- Wait 10 minutes, then use a wet sponge wiping DIAGONALLY to clean off the excess grout.  Allow to dry for 72 hours before sealing in your grout.
• Step 12- Seal the grout.

Have faith in your abilities and you’ll have something you’ve done with a real sense of pride and ownership.

After

Every homebuyer has a vision of their perfect house and the rooms that are most important to them.

Because of their relatively small size in comparison to the rest of a home, bathrooms are often overlooked in the staging process, but for many, it could be the most important room in a buying decision.

A bathroom is more than just a place for grooming; it’s a sanctuary. It’s a place one can relax in a hot bath and escape the stresses of daily life for a few moments at a time.

Updating a tired-looking bathroom is one of the best things you can do to increase a home’s resale value and the fixes are not too costly or labor intensive.

Easy fixes include adding new, luxurious-looking towels, replacing the shower curtain and adding candles around a bathtub. However, with a little more money and effort, your bathroom can become a talking point of the house.

Here is a look at five great ways to upgrade a bathroom.

1. Beautify: By adding decorative glass, stone tile or accents to the bathroom, it will stand out among the other houses in the neighborhood that are for sale. Extra-wide wall tiles are popular these days and wood cabinets can be beautifully embellished with intricately carved wooden inlays.

2. Lighting: Add more lighting options around the room, especially around the vanity to reduce shadows and glaring. This is something that isn’t too expensive and can really highlight the positive features of a bathroom. Mood lighting around the tub area is also increasing in popularity.

3. Bath/Shower: It’s not too often you hear someone complaining about a bathtub being too large, and that’s because there’s nothing better than coming home from a hard day’s work and relaxing in a big soothing tub. By putting in a new tub and creating more of a spa-like atmosphere, you will have buyers imagining themselves washing their cares away. Adding a massage element to the showerhead or one that replicates rain showers is also something that will appeal to buyers.

4. Update Fixtures: Not as costly as some of the other tips, changing out the fixtures in a bathroom can add a great deal. From cabinet handles to faucets, the addition of brushed nickel or other metals that are polished and elegant are always a huge hit. And if space permits, add a second sink.

5. Think Green: The bathroom is a prime place to start putting those environmentally friendly devices to work. Installing fixtures that save water, such as a low-flow showerhead, a low-flow faucet aerator, and a dual-flush toilet, can save thousands of gallons of water each year. Adding energy-efficient windows is another easy option, since the size of bathroom windows are relatively small. Another fix that is both decorative and energy efficient is the addition of natural stone flooring, which helps the bathroom stay cool during the summer, and warmer during the winter.

When buyers walk into a renovated bathroom that exudes quality and offers an intimate, contemporary feel, it’s one of the top things that people will remember about a home.

Kim Coleman can be reached at 573-864-1905. Prudential Vision Properties is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.