By Maria Patterson
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RISMEDIA, June 9, 2009-While the real estate market continues to correct, buyers are confronted with an increasing number of opportunities. And for those Realtors who see it, there is opportunity for them as well-as long as they are prepared to do a little bit of work getting the property ready for resale.
While a bleak picture for many, foreclosure properties represent a once-in-a-lifetime chance for many first-time home buyers, a way for move-up buyers to get the bigger house they need, and a way for second-home buyers to secure the vacation home they’ve always dreamed of.
Getting a foreclosure property ready, however, means that the Realtor must be prepared-both mentally and financially-to take on home improvements and repairs.
For this, Lowe’s has committed, trained product specialists who are available to walk home buyers-and even their Realtors-through the home improvement process. From flooring to paint-and everything in between, no matter what the size of the project-Lowe’s can help. Following are 10 ways to make a foreclosure as resalable as possible…as soon as possible.
1. Exterior Paint. Peeling paint is one of the most common problems associated with foreclosure properties. Refreshing the exterior paint is a priority to begin attracting the interest of renters and buyers while you continue to work on repairs internally. Dark colors fade faster than light colors and absorb heat-something to consider in warmer climates. Light, neutral colors are your best bet for resale purposes or, if you are renting or selling in a vacation area, consider colors that complement the area, such as light or bright colors near the shore and earth tones in the mountains.
2. Electrical Work. Electrical safety is critical in the resale or rental of a property. Consult a licensed electrician to perform repairs or improvements. Consider installing safety products such as GFCI outlets and AFCIs. GFCI outlets automatically cut power if a ground fault occurs, meaning they will save your life if you somehow end up on the receiving end of an electric current. AFCIs are another safety measure that you install into the wiring itself. They detect arc faults that are a common cause of electrical fires, and break the circuit before fire breaks out.
3. HVAC Repairs. Consult an HVAC contractor to make sure air-conditioning systems are in good working order, a must for any prospective buyer or renter. Make sure the air-conditioning unit is working at optimal efficiency, as this will translate into savings on monthly utility bills.
4. Plumbing. Make sure all leaky faucets are repaired and parts, such as worn washers, springs and “o” rings, replaced. Then check to see if water flow is at all hindered in the property. A stopped drain in a bathroom or kitchen sink plumbing system is often the result of a clogged pipe. First, try chemical drain cleaners, then remove the elbow piping if necessary, to further investigate the clog.
5. Landscaping. Foreclosure properties often fall victim to overgrown lawns, shrubs and weeds. Start by mowing and pruning, and then address more serious issues, such as dead tree branches that could land on the home or power lines. An easy way to provide a clean and updated look to the landscaping-and add curb appeal to the property-is to edge the borders. Consider wood edging, brick or stone edging, metal edging or plastic edging.
6. Pests. Many abandoned properties develop pest problems due to stagnant water and general lack of upkeep. Immediately empty all stagnant water, find the source of any moisture that might be in the home and use over-the-counter repellants to rid the home of small pest problems. Hire a professional for any pest problems that are more serious.
7. Windows and Doors. Unfortunately, many foreclosure homes fall victim to vandalism. This can result in broken doors and smashed windows. Replacing doors and windows must be done
immediately.
8. Floors and Stairways. Rotting wood in floors, doors, staircases and railings, a common issue found in foreclosure properties, must also be addressed immediately. Rot sometimes occurs in areas that are not visible to home inspectors, so this job may require the consultation of an expert in the area.
9. Interior Walls. Ripped wallpaper and chipped paint are not uncommon in foreclosure properties. Take down all wallpaper and repaint the interior in one or a series of neutral colors. This will make the home appeal to a broad spectrum of renters or buyers; using bright, unusual or darker colors narrows the pool of interested parties.
10. Appliances. Any home that goes on the market for sale or rental will fare much better with updated appliances. Many buyers, in fact, have come to expect this in today’s competitive real estate market. Foreclosure properties in affluent and/or resort areas may already have updated, high-end appliances. Properties in other areas will most likely be in need of new appliances.
Source: RealtyTrac
With buyers scarcer, sellers must up the ante to convince them that their property offers what many want most — top value for dollar expended. Here are eight fast fixes:
1. Buff up curb appeal. You’ve heard it before, but it’s critical to get buyers to want to look on the inside. Be objective. View listings from the street. Check the condition of the landscaping, paint, roof, shutters, front door, knocker, windows, house number, and even how window treatments look from the outside. Add something special—such as big flower pots or an antique bench — to help viewers remember house A from B.
2. Enrich with color. Paint’s cheap, but forget the adage that it must be white or neutral. Just don’t let sellers get too avant-garde with jarring pinks, oranges, and purples. Recommend soft colors that say “welcome,” lead the eye from room to room, and flatter skin tones. Think soft yellows and pale greens. Tint ceilings a lighter shade.
3. Upgrade the kitchen and bathroom. These make-or-break rooms can spur a sale. But besides making each squeaky clean and clutter-free, update the pulls, sinks, and faucets. In a kitchen, add one cool appliance, such as an espresso maker. In the bathroom, hang a flat-screen TV to mimic a hotel. Room service, anyone?
4. Add old-world patina. Make Andrea Palladio proud. Install crown molding at least six to nine inches in depth, proportional to the room’s size, and architecturally compatible. For ceilings nine feet high or higher, add dentil detailing, small tooth-shaped blocks used as a repeating ornament. It’s all in the details, after all.
5. Screen hardwood floors. Buyers favor wood over carpet, but refinishing is costly and time-consuming. Screening cuts dust, time, and expense. What it entails: a light sanding, not a full stripping of color or polyurethane, then a coat of finish.
6. Clean out, organize closets. Get sorting—organize your piles into “don’t need,” “haven’t worn,” and “keep.” Closets must be only half-full so buyers can visualize fitting their stuff in.
7. Update window treatments. Buyers want light and views, not dated, fancy-schmancy drapes that darken. To diffuse light and add privacy, consider energy-efficient shades and blinds.
8. Hire a home inspector. Do a preemptive strike, since busy home owners seek maintenance-free living. Fix problems before you list the home and then display receipts and wait for buyers to offer kudos to sellers for being so responsible.
Sources: Ernie Roth, Roth Interiors, Los Angeles; Angel Petragallo, abr, Group One, Boise, Idaho; Melissa Galt, Galt Interiors, Atlanta; Steve Kleiman, CEO, Oakington Realty, Houston; Sid Davis, Sid Davis & Associates, Farmington, Utah, and author of First-Time Homeowners’ Survival Guide (Amacom, 2007); Steve Hochman, Friendly Note Buyers, Roxbury, N.Y.; Margi Kyle, designer and spokesperson for Hunter Douglas.
Increases in internet use and online sales is nothing new. The rising trend has been elevated and more recently emphasised due to the economic downturn. What does this mean for the individual? What does this mean for the small business, and how does this affect the large organisation? I've put together a brief overview of my thoughts for the year ahead which I'll be exploring in depth in future articles.
The economic dowturn and cultural changes towards entrepreneurship, will mean opportunities for employees who have been made redundant. Those with sufficient funds will be considering setting up in business and are likely to focus on online initiatives. The internet is the ideal vehicle because of its relatively low cost and easy access to global markets. Furthermore, the best innovations happen in a downturn when businesses are seeking ways to cut costs. While many businesses in restricted industries may fail, there will be small businesses who are better placed to offer lower costs to their clients, and for this reason, we predict 2009 to be the year of the small business entrepreneur.
Organisations and individuals are already feeling overwhelmed by the number networking sites, tools and strategies for marketing using social media. What will they think of next? Those individuals who have not tired of social networking sites, will be more discerning about where to invest their energy. Businesses will continue to look at innovative and productive strategies for social media. We predict that there will be new innovations around consolidating social media tools, through one port of entry, one single sign-on and one action does all.
Widgets, which are little online tools that allow chunks of code from a web site to be distributed onto third-party web sites. These have far reaching opportunities for online sales, as well as online PR. Lets have a look a trusted travel brand for example, who might benefit from a widget that extracts special offer travel information. Instead of advertisers placing the travel company's banner ads on their web site, they place the travel widget in its place. When the travel company changes an offer, or adds more offers, the widget is updated automatically, across multiple advertiser web sites. Check our own E-Business Advice Column Widget.
Forward thinking organisations such as the BBC and PriceWaterhouseCoopers have already implemented ways to allow web site visitors to choose the content they see. This is nothing new. But how will personalisation capabilities affect e-commerce sites and advertising? E-Commerce sites will be looking one step ahead of targeting products and services based on customer behaviour. Forward thinking businesses will allow their loyal customers to choose which products they want to see when they go to their web site. This not only involves the customer in the marketing process, thus reinforcing trust, but will ensure better targeting of products and services and increase sales.
Prediction 5: Product Pricing Wars and E-Commerce
Manufacturers who traditionally sold to a mix of large and small retailers globally, may consider more carefully who they distribute to. Lets examine an electronics manufacturer, for example, who distributes to large and small retail outlets, as well as e-commerce stores. Search engines and price comparison tools have made it much easier for consumers to compare products, and in an economic downturn, they will be even more price sensitive. When less reputable retailers lower their prices to just above the distribution price, this not only diminishes the value of the electronics brand, but also places stress on the manufacturer and other retailers. We predict that manufacturers may choose to work with only more established retail brands who have both a web channel and a store channel. If the manufacturer is not already online, they may wish to cash in on the internet market, by setting up their own e-commerce channel.
Author: Deborah Collier, 4th February 2009
9 financial tips for Generation Y
By Karen M. Kroll • Bankrate.com
Highlights
Debt can be devastating if you don't get it under control.
It's not unusual to earn more than $1 million over a lifetime.
If you find number-crunching tedious, check out online tools.
If you're like many 20- and early 30-somethings -- aka Generation Y -- money concerns are probably hitting you in a way they haven't before. Your paycheck, assuming you have one, probably doesn't go as far as you'd like. Even if you're in tip-top shape, health insurance can be pricey. And fewer companies offer pension plans, even as prospects for Social Security remain unclear.
Perhaps not surprisingly, more than half of employees between 21 and 32 say that they're living paycheck to paycheck, according to a recent survey by insurer Metlife. Nearly three-fourths of respondents are concerned about making ends meet.
Fortunately, you can get off to a sound financial start with these nine tips.
1. Respect debt
Debt can be devastating if you don't get it under control, says Wes Moss, a Certified Financial Planner, or CFP, and director and chief investment adviser with Capital Investment Advisors in Atlanta. It limits your career choices, your chances of buying a house and often leads to tension in personal relationships.
Moss acknowledges the dilemma, as your 20s and 30s can be expensive decades. You're outfitting a place to live and may need to buy a car and work wardrobe. At the same time, you're at the low end of your earning potential. You need to closely track spending and cut waste to avoid running up credit card balances.
2. Save
To start, you need a cash cushion to cover any periods of unemployment, as well as unpredictable expenses. Then, begin saving for retirement as soon as possible, says Sarah Young Fisher, a CFP and owner of Fisher Advisers in Lancaster, Pa.
You'll need to learn to be a savvy investor, says Robert Manning, author of "Credit Card Nation: The Consequences of America's Addiction to Credit." That means understanding the tax implications and costs of different investments.
advertisement3. Assess your career
"You are your biggest asset," Moss says. Today, it's not unusual to earn more than $1 million over a lifetime. "Think long and hard about where and how you'll earn an income," he says. While you want a career you enjoy, you also want to consider how different paths will impact your financial security.
When you change jobs, roll over to a new retirement account any money you have in retirement savings with your old employer. Here's why: Spend the money and you'll pay penalty and taxes, which can top 25 percent.
4. Rethink education
In this economy, you need to take a hard-nosed assessment of your education plans. If you started college but didn't finish, go back, Moss says. "The rewards are huge to finishing school."
What about getting an additional degree? While learning more is always great, take a pragmatic approach. That may mean heading to a vocational school for a certification, even if you've earned a four-year degree. "It's more practical and cheaper than graduate school," says Anya Kamenetz, author of "Generation Debt" and a writer with Fast Company magazine.
5. Get insured
You're not invincible. Moreover, given that one illness or injury can bankrupt you, health insurance is a must. If you can get it through your employer, consider it. It's usually a better deal than options available to individuals.
You'll also want disability insurance in case an illness or injury keeps you out of work for some period of time. "The probability is low, but the impact is severe," says Todd Katz, senior vice president with MetLife.
Homeowners or renters insurance is smart. Even if your furnishings are castoffs, replacing everything would add up.
Finally, if others depend on your income or if family members would need to hire someone to cover the work you do at home, life insurance is a must.
6. Consider housing options
Your living arrangements need to be safe, inexpensive enough that you can build your savings and flexible enough that you can move if your career demands it.
One option is to head back to your parents' home for a year or two. "If you can grin and bear it, it's a great way to get a financial buffer quickly," Moss says. Of course, you need to be disciplined about stashing away the money you're not spending on rent.
Renting an apartment with roommates helps you stretch your housing budget and learn to live with someone else. That's good preparation for marriage, says Fisher.
7. Budget
While major outlays are hard to overlook, you also need to track smaller, ongoing expenses, like lunch money and gas for the car. These add up, and the totals can shock you.
Consider that a modest dinner out each week at $30 will leave you $1,560 poorer by next year. If you find number crunching tedious, check out online tools that can automate the process.
8. Have the money talk
Sure, discussing money with your significant other isn't the most romantic of conversations. But it's better to find out now if your future better half is hiding thousands in debt. "Ask the questions that might be uncomfortable," says William Bailey, associate professor in the School of Human Environmental Sciences at the University of Arkansas at Fayetteville.
9. Prepare before starting a family
It sounds crass to consider finances when you're thinking of starting a family, but you need to be realistic. Cut corners all you can, but kids are expensive. In addition to the gear you'll need, a baby typically means some time away from work. Start putting some money away before you're knee-deep in diapers and Onesies.
While the economy has been hard on almost everyone, you have a few things in your favor. First, you have time for the market to recover. Moreover, you should be able to halt any bad financial habits before they become ingrained.
Of course, the economy will change at some point. Even so, the key to financial security remains the same, according to Kamenetz: "Live within your means and put something away."
1. Body Part Maker
Due to the huge advances being made in bio-tissues, robotics and plastics, the creation of body parts - from organs to limbs - will soon be possible, requiring body part makers, body part stores and body part repair shops.
2. Nano-Medic
Advances in nanotechnology offer the potential for a range of sub-atomic 'nanoscale' devices, inserts and procedures that could transform personal healthcare. A new range of nano-medicine specialists will be required to administer these treatments.
3. Pharmer of Genetically Engineered Crops and Livestock
New-age farmers will raise crops and livestock that have been genetically engineered to improve yields and produce therapeutic proteins. Works in progress include a vaccine-carrying tomato and therapeutic milk from cows, sheep and goats.
4. Old Age Wellness Manager / Consultant Specialists
Drawing on a range of medical, pharmaceutical, prosthetic, psychiatric, natural and fitness solutions to help manage the various health and personal needs of the aging population.
5. Memory Augmentation Surgeon
Surgeons that add extra memory to people who want to increase their memory capacity and to help those who have been over exposed to information in the course of their life and simply can no longer take on any more information - thus leading to sensory shutdown.
6. 'New Science' Ethicist
As scientific advances accelerate in new and emerging fields such as cloning, proteomics and nanotechnology, a new breed of ethicist may be required. These science ethicists will need to understand a range of underlying scientific fields and help society make consistent choices about what developments to allow. Much of science will not be a question of can we, but should we.
7. Space Pilots, Architects and Tour Guides
With Virgin Galactic and others pioneering space tourism, space trained pilots and tour guides will be needed, as well as designers to enable the habitation of space and the planets. Current projects at SICSA (University of Houston) include a greenhouse on Mars, lunar outposts and space exploration vehicles.
8. Vertical Farmers
There is growing interest in the concept of city based vertical farms, with hydroponically-fed food being grown in multi-storey buildings. These offer the potential to dramatically increase farm yield and reduce environmental degradation. The managers of such entities will require expertise in a range of scientific disciplines, engineering and commerce.
9. Climate Change Reversal Specialist
As the threats and impacts of climate change increase, a new breed of engineer-scientists will be required to help reduce or reverse the effects of climate change on particular locations. They will need to apply multi-disciplinary solutions ranging from filling the oceans with iron filings to erecting giant umbrellas that deflect the sun's rays.
10. Quarantine Enforcer
If a deadly virus starts spreading rapidly, few countries, and few people, will be prepared. Nurses will be in short supply. Moreover, as mortality rates rise, and neighborhoods are shut down, someone will have to guard the gates.
11. Weather Modification Police
The act of stealing clouds to create rain is already happening in some parts of the world, and is altering weather patterns thousands of miles away. Weather modification police will need to control and monitor who is allowed to shoot rockets containing silver iodine into the air - a way to provoke rainfall from passing clouds.
12. Virtual Lawyer
As more and more of our daily life goes online, specialists will be required to resolve legal disputes which could involve citizens resident in different legal jurisdictions.
13. Avatar Manager / Devotees - Virtual Teachers
Avatars could be used to support or even replace teachers in the elementary classroom, i.e., computer personas that serve as personal interactive guides. The Devotee is the human that makes sure that the Avatar and the student are properly matched and engaged.
14. Alternative Vehicle Developers
Designers and builders of the next generations of vehicle transport using alternative materials and fuels. Could the dream of underwater and flying cars become a reality within the next two decades?
15. Narrowcasters
As the broadcasting media become increasingly personalized, roles will emerge for specialists working with content providers and advertisers to create content tailored to individual needs. While mass market customisation solutions may be automated, premium rate narrow casting could be performed by humans.
16. Waste Data Handler
Specialists providing a secure data disposal service for those who do not want to be tracked, electronically or otherwise.
17. Virtual Clutter Organizer
Specialists will help us organise our electronic lives. Clutter management would include effective handling of email, ensuring orderly storage of data, management of electronic ID's and rationalizing the applications we use.
18. Time Broker / Time Bank Trader
Alternative currencies will evolve their own markets - for example time banking already exists.
19. Social 'Networking' Worker
Social workers for those in some way traumatized or marginalized by social networking.
20. Personal Branders
An extension of the role played by stylists, publicists and executive coaches -advising on how to create a personal 'brand' using social and other media. What personality are you projecting via your Blog, Twitter, etc? What personal values do you want to build into your image - and is your image consistent with your real life persona and your goals?
I am here to help Residential and Commercial Buyers and Sellers win in any situation.
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