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The Home Investor - eTips
A BizBrick publication |
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Welcome to
"eTips" from USHomeInvestor.com. If you no longer wish to
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To access
this update online, click here www.ushomeinvestor.com/tips |
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In This Issue
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Kitchen Makeovers
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| Kitchens have the biggest
impact on the sale price of any room in the house. Kitchens that sparkle
provide an immediate draw for buyers; kitchens that are old and tired do
more to dissuade would-be buyers than anything else.
This is why, when looking for investment
properties, it makes sense to look for properties with tired and unappealing
kitchens [the first two investment properties I purchased had no kitchens
at all! {ed}]. As always, be sure your offer price takes into account
the cost of replacing the kitchen. (Remember, your offer price is not based
on the asking price, but upon the projected value of the property when your
improvements have been completed minus the costs, including profits, to
improve the property – details online at www.USHomeInvestor.com see
Remodeling>Financing The Work).
Kitchen
remodeling can be a costly project, especially in larger homes in the upper
end of the price market, where only the very best appliances, work surfaces
and cabinets are acceptable to most buyers. As an investor, it is important
to understand how much money you will need to put into the kitchen remodel
project. Keep in mind that upgrading a kitchen for resale is very different
from upgrading a kitchen in your own home. Where you might select appliances
and fittings for comfort and personal taste in your own home, in a remodel
the goal is to have it look as expensive as possible without it actually
costing that much.
When remodeling, consider following these
tried and tested tips:
Lighting
Add as much lighting as possible,
especially over counter space; lighting is relatively inexpensive and a
well-lit kitchen is more inviting, warmer and sells better. Use warm
lighting (not fluorescent). If
the kitchen is big enough, create pools of warm light using a mixture of
flood and spot lighting. (Tip: Always have all lights on when selling;
brightly lit rooms appear bigger even in daylight).
Flooring
The floor is often the first thing a buyer
will see when entering the room. The more luxurious the floor, the more
appeal the room will have. New vinyl/linoleum is the minimum you can
typically get away with; a more modern tiled flooring or polished hardwood
flooring will have more appeal and leave a stronger impression of value in
the mind of the buyer.
Appliances
If the appliances are old they should
definitely be replaced with new. Buy the basic model of the appliances but
upgrade the finish to match the kitchen and fashion trends (e.g. stainless
steel has been very popular in recent years). The key here is leaving a
visual impression of luxury; you are less concerned with functionality than
you are with creating the impression in the buyer’s mind that this kitchen
must have been expensive to install, therefore if they can buy the house
they are getting great value. If you are remodeling an up-market home,
consider a counter-top professional range and a wall-mounted eye-level oven.
These have been popular in Europe for many years and are becoming
increasingly sought-after in America. (If you want to add that extra sales
touch, and have the space, plumb in two dishwashers; these are relatively
inexpensive and the extra capacity is great for entertaining and for a
family there is never a reason to have dishes stacked in the sink – all
great selling points).
Cabinets, Counter Tops, Backsplash, The Kitchen Sink can all be found online
at www.ushomeinvestor.com see Remodeling>Kitchens. |
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Existing Home Sales
Remain Strong 2004 Prices up 8.3%
Nationally December's existing-home sales
activity was 5.0 percent higher than the level in December 2003 and was the
sixth-highest monthly pace on record.
David Lereah, NAR's chief economist, said
"There is no sign of a downturn. Home sales will continue at
historically high levels, and 2005 is expected to be the second-best year on
record for the housing market."
The average rate for a 30-year fixed
mortgage was 5.75% in December, (November 5.73% & December 2003 was
5.88%).
For all of 2004, the median house price was
up 8.3 percent compared to 2003. This is the strongest annual increase since
1980 when the median price rose 11.7 percent.
Source: National Association
of Realtors |
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For Expert Advice On
Local Real Estate Deals
go to www.USHomeInvestor.com and click on "Local Help" |
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Book
Suggestions
Here are a few good books that
we hope you will enjoy as much as we did. (You can read more on any of these
books and buy from Amazon at the book club section online www.ushomeinvestor.com/books/)
The Home Investor:
Creating Wealth From Real Estate
by Nigel Fenwick
The
companion book to The Home Investor website |
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The Power of Now: A Guide to Spiritual
Enlightenment
by Eckhart Tolle
Have a pain-free existence by living fully in
the present
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The Traveler's Gift : Seven Decisions
that Determine Personal Success
by Andy Andrews
A fictional tale that leads the
reader through time collecting nuggets of wisdom through the ages.
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Profit by Investing
in Real Estate Tax Liens : Earn Safe, Secured, and Fixed Returns
Every Time
by Larry B. Loftis
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Plus a full range of books on Real Estate Investing and books
for the Real Estate Professional. |
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Mortgage Rates Boost Regional Sales!
According to Freddie Mac, the national average commitment
rate on a 30-year conventional fixed-rate mortgage was 5.73 percent in the
fourth quarter, down from 5.89 percent in the third quarter; it was 5.92
percent in the fourth quarter of 2003. Early February 2005 it was reported
at 5.63 percent.
Regionally, the South reported the strongest annual
increase in sales for 2004 sales – up 8.7 percent to a resale pace of 3.22
million units in the fourth quarter in comparison with the same quarter in
2003. After North Carolina and Georgia, the strongest increase in the South
was in Arkansas, up 16.5 percent from a year earlier; Alabama existing-home
sales jumped 15.9 percent in the same time frame, while South Carolina rose
15.4 percent. Seven other Southern states also posted double-digit sales
increases.
In the West, the fourth quarter existing-home sales rate
of 2.11 million units, rose 8.0 percent from the fourth quarter of 2003.
After Arizona, the next highest increase in the region was in New Mexico,
where total existing-home sales rose 21.0 percent compared with a year
earlier; Washington sales activity rose 19.0 percent in the same time frame,
while Wyoming increased 16.3 percent. Oregon and Alaska also posted
double-digit sales gains.
In the Midwest, total existing-home sales increased 5.0
percent to a 1.51 million-unit annual sales rate compared with the same
period in 2003. Iowa led the region, up 18.5 percent from the fourth quarter
a year earlier. Missouri ranked second, posting a 14.1 percent increase,
followed by North Dakota, with a gain of 12.5 percent.
The Northeast recorded an existing-home sales pace of
915,000 units in the fourth quarter of 2003, up 4.3 percent from a year
earlier. Massachusetts experienced the strongest increase in the region with
sales activity 14.8 percent above a year ago; Maine was up 9.2 percent while
Rhode Island existing-home sales increased 7.7 percent.
For the latest information on loan rates,
contact your local independent Home Investor Loan Specialist.
Source: National Association of
Realtors |
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For information on
Buying, Renovating
and Selling Real Estate go to
www.UShomeinvestor.com
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