JL Boney, III Columbia, SC Real Estate

Well, I guess it's not quite wordless altogether. I'll at the very least explain what these are and where they were taken for anyone who is curious. These are Orchids as you may have guessed from the catchy title. They are in the green house on the grounds of the Biltmore Mansion in Asheville, N.C. The pictures were taken on a recent trip. The weather wasn't the best ever, as there was a light rain and it was cloudy most of the day. But it was my very first trip to the Biltmore and we had a great time anyway.

One of the very first things that I do with a potential home buyer is make an appointment to sit down and see where they are in the process and to figure out their wants and needs. I usually take a very low tech approach to the wants and needs list, I just give them a sheet of paper and have them write down what they need in a home and then next to it write what they want in the home.

One of the largest issues that I have noticed over and over again is that many buyers want a lot of square footage. This is simply a mindset sort of thing, but for one reason or another, I have seen many buyers that felt they really needed a lot fo space in their first home. Well, most of them are living just fine in a one bedroom apartment, so why on Earth do you need four bedrooms and a bonus room for two people, just because you are buying a home?

The fact of the matter is that almost everyone would love to have that huge castle on the hill, but that's the fairy tale that we've been fed and it's not practical. If you are living alone, or if there are just a couple of people, then the 3,000 square feet and six bedrooms is a little overkill don't you think?

The other major issue with this mentality when buying a home is that it normally puts the buyer at or at least very close to the top of their price range. It's never good to do this, because it can create a huge burden and make you what we like to call "house broke." That basically means that you can afford your home, but not much else and you're better off just getting what you need in a home and living comfortable. Plus if anything happens, you will be able to carry a lesser mortgage easier than the large one at the top of your range.

So while it would be fun, you don't really need that book store, Bistro, or gift shop in your home. Sure they're neat, but you're much better off keeping it realistic.

www.JLBoney.com

Selling a homes is actually serious business, and it takes a lot of hard work and dedication on the part of you Realtor as well as yourself. So, if you're not really ready to commit to what it takes to sell a house in today's market, then you really shouldn't put your house on the market.

If you're just planning on testing the market, then you've likely already made up your mind that you not going to listen to what your professional has to say. Chances are, you are simply planning on tossing your house on the market at some random price that has nothing to do with comparable, sold properties, and see what happens.

Let me be the first to tell you that this type attitude can and usually does blow up in our face. The majority of activity on a home for sale will happen in the early days of it's existence on the market. That's why it's so important to price it right, advertise it right, and have it in good order and ready to show right from the start.

Doing it right from the beginning will usually yield good results, that's why it's so important to do. So when you just test that market, by not having your house ready to show and priced right from the start, you usually blow your best opportunity to sell.

The problem becomes that fact that your house develops a reputation amongst Realtors who are showing buyers on the market. They have shown the home and they have seen that it doesn't show well and that it's over priced. They will relay this information to any potential buyer that asks about this house, and chances are it will not be shown to that buyer.

By the time you get serious about selling the house, unfortunately that damage is done. Every Realtor that has shown it will remember it's state in the beginning and buyers will know something is wrong by the number of days it has spent on the market. Usually when you test the market, the market wins and it's not very nice about it either. So get it right from he start and take that market seriously.

www.JLBoney.com

Is That Foreclosure the Deal of the Century, or the Trap of the Decade

I'm guessing that by now the secret is out when it comes to many markets being over run by foreclosures and short sales. Here in Columbia, SC, we've been pretty lucky compared to the national average, but we do none the less have our fair share of bank owned properties.

Due to the popularity of foreclosures in conversation, commercials, and get rich quick infomercials, most would be home buyers start their search in this direction. They only thing they know is that a guy in a nice suit on T.V. or the news said that the best deal they can get is in the foreclosure market and that's where their headed. After that great deal.

But there's a few things that guy in suit is a little reluctant to explain. For the most part, at least here in Columbia, foreclosed properties are not usually in the best shape. Actually it's rare to find one that you don't feel like you need to take a bath after viewing. I may be exaggerating a little, but you get the picture, they are by no means perfect, move in ready homes.

Usually there is a lot of cosmetic work that needs to be done, and at least in the homes I've shown, the appliances are gone. So, you really need to think about the amount of money you will need to spend in order to make the home livable.

Typical Work to be Done on a Foreclosed Home

• Appliances - Let's say you go really cheap and get a great deal on a set of appliances. There are display centers and so on out there that do have great sales. So let's say you spend $1,500.00 on a Stove, dishwasher, microwave, and refrigerator. Let's face it, you know you will spend more because no one gets the cheapest thing in stock.

• Carpet and flooring - Let's say it's just an average sized home around 1,300 square feet and has just carpet throughout the bedrooms, living room, and hallway. If you get the rock bottom price from a flooring company around town, you may pull that off for $1,500. Again, you will likely spend more, but let's be conservative on our pricing. If the home has hardwood floors, it will likely cost more than that to strip and refinish the floors. Not to mention that there will likely be damaged portions of the floor that will need to be replaced all together before the refinishing is done, that costs money as well.

• Outside repairs - Let's say that the home has a deck or a porch on the back. Usually these need to be completely redone on foreclosures that I have seen in the Columbia market. Maybe the bottom portion in alright and you only have to resurface the deck, well that still costs money too. For this one we will say that you find a contractor who is willing to come out, rip up the old deck and replace it for $3,500. A lot of this will depend on the size of the deck, the price of lumber at the time, and who does the work for you. There also usually some work to be done to the siding of the homes. Some are simple vinyl repairs and others are Masonite. Masonite is no longer made, so if you buy a home that has this type of siding and the siding is damaged, you can't repair the damaged siding. You have to just replace the siding or deal with a strip of vinyl somewhere on the outside of your Masonite home. At the very least with a Masonite home, you will need the outside painted. So, for siding repairs and/or paint, let's say you toss in another $3,000.

• Roof and Windows - If you're lucky, the only thing you will need to do is replace the shingles with some new asphalt shingles and there will be no water damage to the plywood underneath. So for this one we are going to say that you get new shingles put on the roof for $3,000. Again, this will depend on the size of the home, the type shingles, and who does the work, you will likely spend more than my estimate. Also, there are usually a few windows that have managed to find their self broken in REO properties. We're going to say that you get off light and only have to replace two and you get it done for $600.00.

• Plumbing and Internal Water Damage - Usually the toilets and some of the sub-flooring in bathrooms is not in such great shape. There could have been water leaks from the toilet or from the sink and this causes water damage to the floor and the vanity cabinet in the bathrooms. So let's say you replace two toilets and one vanity cabinet. Materials plus labor, you might get out of this one for around $1,200.00.

Now, believe it or not I can continue on with this list on issues like interior paint, damaged cabinets in the kitchen, and missing light fixtures. But since we are already over $14,000 in repairs I think I have some what gotten my point across. There is a lot of work to be done to the majority of these homes before you can move in and most people buying a new home do not have an extra $15,000 to $20,000 laying around to spend on repairs.

Plus, if you don't pay close attention to where you buy the foreclosure, by the time you buy it and make the repairs, you may have more invested than it's actually worth in this market. That all depends on the purchase price, repair price, and the value of the homes in the community. Just because you spend a ton on a house, doesn't mean it's worth a ton when you're through. It still has to appraise and appreciate in the eyes of the market.

The fact of the matter is that not all foreclosures are great deals. Sometimes you would be better off buying a resale in the same community or these days with all the deals from builders, taking a close look at what you money would buy in a new home. Just something to think about.

www.jlboney.com

Many people who have followed me for some time now have noticed that I have started to add images and pictures to my posts. The pictures that I add are mine and I have found a wonderful piece of FREE software that helps me in the process. It's called MariusSoft Bulk Image Resizer and it allows you to re-size multiple images at one time. It's a wonderful and simple software that I have found very valuable.

It's a very simple program, as you can see from the image of it above. You pick the image or images that you wish to re-size with the buttons beneath the window on the left. Then you pick whether you want to re-size the length, the width, or both on the upper right. On the middle right, you can pick the size of the length and width and whether you want it to be re-sized in inches or pixels. Below that you choose the prefix and suffix of the file you save and then the quality of said file. Finally you can manually add or browse for a directory to save the file within when you are ready to finish the job.

There are no labels on the buttons in the program, so it takes a few minutes of clicking to figure out what each one does. But, it doesn't take very long at all to get used to and you'll be off and running. So, for you guys that want to streamline the size of your pics in posts, this is a fast, easy, and free way to do so.

You may download this software directly from the MariusSoft website here! Feel free to check it out and see what you think for yourself. Have fun and happy blogging! Of course, you don't have to use it just for blogging, there are tons of reasons this would come in handy.

www.JLBoney.com