Stage your Home to Portray a Lifestyle that Prospective Buyers Can Relate and Aspire To:
Get Rid of Clutter
Depersonalize
Clean, Clean, Clean
Update Old and Deteriorating Spaces
Define Spaces
Fill Empty Rooms
Lighten Up Spaces
Open up Indoor Walkways
Clean out Closets and leave them one-third empty
Curb and hallway appeal really count
Be model-ready
Tips to Downsize Your Lifestyle
Start with your closet. Everyone has too many clothes.
Make a commitment to refuse to get more stuff. It will take a while to reduce your belongings and it’s going to take a few months of refusing to get new things before you change your habits.
Most people around you will not be doing this and may react negatively or defensively. Whatever you do Stick to It!
From “Overstuffed” workshop – Nicole Lynskey:
Assess the impact your clutter has on you. Think of the size of your home, how much you spend on new stuff, the energy put into acquiring, maintaining and storing your stuff and the time you spending searching for things.
Get in touch with what you really long for in life. Do you really want to work part time? Would changing your purchase habits or moving into a smaller space make these things possible for you?
Start with small areas. The more you declutter the more momentum you will get and the more you will notice things you don’t really need.
Tips to Keep in Mind if You’re Thinking about becoming a Real Estate Investor:
What is Real Estate Investing?
A tangible, cash-generating asset and appreciates in value. Real estate investment has proven to be a powerful method of accumulating wealth over time and investors are getting a return on their investment in three ways, cash flow, return on taxes and appreciation.
What are the benefits?
The main benefit is the profit that you can make if you handle your investment correctly. Rental property provides a source of income, but other than that, investment properties qualify for numerous tax deductions which may include cost of building maintenance and repairs and interest paid on loans related to the property.
Are you looking to Rent or Flip?
If you choose to hold and rent it, take into consideration the responsibility it takes to be a landlord. You will need a lease agreement specifying what you will be responsible for maintaining, fixing, etc. and the rent, date of payment and length from the tenant. It can turn into a very profitable venture if you make sure you are well versed in property management. While you can self-manage, it may be wise to outsource this to a local experienced property management company.
If you choose to flip you must take into account any and all property updates and repairs that need to be made. Flipping a home can be considered less of a responsibility than becoming a landlord, but keep in mind that someone will be living in the home you are flipping and you want to make sure they will find it worth their money to purchase. Keep in mind that flipping may not be the wise choice in a down housing market.
How are your Finances?
The better your credit, the more likely you will be able to get a decent loan. It is also important to have a cash reserve left over to put towards unexpected vacancies, maintenance and repairs. Typically lenders require 20% down on an investor loan.
Additional considerations!
Location, Location, Location – make sure it is in an area where you can attract tenants. Selling a home in a great location usually means a shorter hold time and likely a greater return.
Timeline and budget. Having a reasonable, realistic timeline and budget for repairs will prepare you for success and stick to the guidelines you set.
Do not Over Improve! This is not your personal residence. Only make improvements that will either make it more attractive to sell/rent.
As a seasoned Investor myself, please feel free to contact me to help you decide if you want to become a Real Estate Investor.
US Treasury puts performance of 10 larges HAMP servicers on display
The U.S. Treasury has releases its regular monthly report card on the Home Affordable Modification Program (HAMP). This time is an assessment of how the 10 larges HAMP servicers are performing.
Substantial Improvement was given to Bank of America, Ocwen Loan Servicing, Wells Fargo and JP Morgan Chase. Of those four, three – Bank of America, JPMorgan Chase and Wells Fargo – Treasury is withholding all future financial incentives until they make specific improvements. Should they fail to correct identified problems in a “reasonable time”, it may permanently reduce their financial incentives. As problems are remedied, incentive payments will resume.
Moderate Improvement was given to the remaining six servicers – American Home Mortgage Servicing, CitiMortgage, GMAC Mortgage, Litton Loan Servicing, OneWest, and Select Portfolio Servicing. These firms could have incentives withheld in the future if they fail to make certain improvements.
All withholdings apply only to incentives owed to servicers for their participation in the federal program. Incentives slated to go to homeowners or investors will still be paid through the servicer.
No servicer has been identified as needing only Minor Improvement.
Servicers are paid $1,000 for every permanent modification made under HAMP. “Pay for Success” incentives are then awarded to servicers annually for three years as long as the borrower stays current. HAMP participation is voluntary and Treasury doesn’t have the authority to impose fines like a regulator could, they’re using the tools they have to push servicers to take remedial actions when they are not in compliance with program guidelines.
According to the report, there are currently 608,000 permanent HAMP modifications in active status. Servicers converted 29,000 trial modifications to permanent during the month of April and started another 29,000 trial plans during the month. The average length of the trial period has been 3.5 months and 70% of those have been converted to permanent modifications.
The median payment reduction amount permanent modifications is 37%, or more than $500 a month, and they say re-defaults have been “lower than anyone expected.”
Excerpts from this article from DSnews.com by Carrie Bay 6/9/11
Pruning Basics
When to Prune? Knowing the right time is crucial, pruning at the wrong time may not damage plants but it can sacrifice that year’s flowers or fruit.
Late spring/Early Summer
Prune spring-flowering shrubs and trees which flower before July 1 immediately after the flowers fade.
Midsummer
Several deciduous trees produce a heavy sap flow in early spring. Pruning braches in this season won’t kill the tree, but the sap flow can bleed on to outdoor furnishings, patios, cars and walkways. Avoid a sticky situation by pruning these trees in midsummer.
Fall/Early Winter
Spring and Summer blooming hawthorns and viburnums are typically grown for their fruits, which attract wildlife. Don’t prune these plants after flowering. Allow fruits to mature and then prune plants after wildlife consume fruits.
Winter/Early Spring
Prune summer blooming trees and shrubs in winter or early spring, before new growth emerges.
Tips for Pruning
Keep cutting surfaces clean and sharp. Keep metal parts of pruning tools oiled regularly to prevent rust. Use pruning tools for pruning only, other materials can dull or damage the blades.
No matter what kind of plant you’re pruning, you will use three basic techniques.
Pinching is typically done by hand, using thumb and forefinger. It’s a good method to increase bushiness and curtail and control plant size.
Thinning involves removing branches back to the trunk, a main branch or the soil line. With thinning cuts, don’t remove the branch collar (the wrinkled area near the trunk or main branch). This area contains the cells needed to heal the cutting wound. Slicing in the branch collar creates an opening for infection and disease to enter.
Heading back shortens branches to a healthy bud or lateral branch. Place cuts roughly ¼ inch above the bud or branch.
This article is excerpted from Lowe’s Creative Ideas magazine.
