How Much Will That Project Cost?

Have you ever loved "that" home, but if only it had hardwood floors instead of carpet throughout. How much would that cost?

Some new online resources may help you gather quotes for you in a hurry. For example, HomeAdvisor’s True Cost Guide: http://www.homeadvisor.com/cost/ can provide you with an idea of what you can expect to pay for projects in your area.

At the site, plug in the project you want to complete, along with your ZIP code. The tool then will list the average cost of the home improvement project or repair in their area based on what others have paid. You can see a breakdown of cost estimates from the low to high end as well as average. The site offers a searchable database to gather estimates for more than 300 types of home projects and repairs, whether you want to find the average cost of remodeling a bathroom, painting the home’s exterior, installing new windows or countertops, or more.

 Another cost estimating site, called Fixr:  http://www.fixr.com/ also offers estimates on various home improvement and remodeling projects — just plug in the project and find estimated costs as well as get access to a list of contractors in your area. The site also features cost guides to give you an overview of the price of tackling projects like kitchen and basement remodels as well as the costs of repairing siding, installing new windows, adding a porch or swimming pool, and more.

These tools allow home buyers to decide if the repair or renovation is within their budget, if they opt to buy the home. The tools may also come in handy for sellers in deciding whether they should invest in fix ups prior to listing their home for sale.

Source: Realtor Magazine by Melissa Tracey

It's Becoming Easier to Get a Mortgage

  

Lenders are showing signs of loosening up when it comes to home buyers seeking a mortgage. The Mortgage Bankers Association's Mortgage Credit Availability Index ticked up slight in April, following an increase the previous month too. Increases in the index are indicative of an overall loosening of credit.MBA's index shows that mortgage credit availability has increased consistently over the last several months, coinciding with recent announcements from the federal government of programs that have been designed to open the credit box.

 

Fannie Mae and Freddie Mac's move to back 3percent loans as well as the Federal Housing Administration’s action to reduce it's mortgage insurance premiums have helped ease credit, MBA Chief Mike Fratantoni says.

Other government offerings also helped to ease credit even more in the latest report, reflecting April data, MBA notes.
"Mortgage credit availability increased on net in April," Fratantoni says. "The increase was driven by new offerings of FHA's 203K home improvement program, new VA offerings, and new jumbo products. The increase was partially offset by some investors tightening underwriting criteria on conventional cash out offerings."

REALTORS® surveyed have pinpointed tight credit conditions, significant lender overlays, and loan processing delay as a major hurdle facing their buyers the past few years, but REALTORS® are also reporting gradual improvements, according to the latest Realtors® Confidence Index, a survey of real estate professionals.

REALTORS® point to the trend of lenders showing more willingness to accept slightly lower FICO scores – moving from the high range of 740-plus to now the mid-range of 620-740.

Also, REALTORS® note an increase in the number of their clients securing a loan while making zero to 6 percent down payments. FHA's reduction in the mortgage insurance premium and the GSE-backed 3 percent down payment loans are helping buyers to come with less money to the table.
But while mortgage credit availability is showing definite signs of easing, credit continues to still be far less available than it was during the housing boom days, according to MBA.

Source: "MBA: It Keeps Getting Easier to Get a Mortgage," HousingWire (May 12, 2015) and "REALTORS® Confidence Index," National Association of REALTORS® (April 2015)

Yard Maintenance Season by Season

Early Spring

Like so many maintenance jobs, everything goes smoother -- and you’ll get better results -- with proper preparation. Early spring is the time to get ready for lawn-growing and mowing season.

Related: How to Bring Back Your Lawn After Winter Damage

Sharpen mower blades to ensure clean cuts. A dull blade tears the grass, leaving jagged edges that discolor the lawn and invite pathogens.

Sharpen mower blades once each month during grass-cutting season. Have a backup blade (about $20) so that a sharp one is always on hand.

Tune up your mower with a new sparkplug ($3 to $5) and air filter ($5 to $10). Your mower might not need a new sparkplug every season, but changing it is a simple job, and doing it every year ensures you won’t forget the last time you replaced your sparkplug.

Buy fresh gas. Gas that’s been left to sit over the winter can accumulate moisture that harms small engines. This is especially true for fuel containing ethanol, so use regular grades of gasoline.

If you need to dump old gasoline, ask your city or county for local disposal sites that take old fuel.

Clean up your lawn. Time to get out the leaf rakes and remove any twigs and leaves that have accumulated over the winter. A thick layer of wet leaves can smother a lawn if not immediately removed in early spring. Cleaning up old debris clears the way for applying fertilizer and herbicides.

Spring

Depending on your weather, your grass will now start growing in earnest, so be ready for the first cutting. Don’t mow when the grass is wet — you could spread diseases, and wet clippings clog up lawn mowers.

Fertilizing: Both spring and fall are good times to fertilize your lawn. In the northern third of the country, where winters are cold, fertilize in fall — cool weather grasses go dormant over winter and store energy in their roots for use in the spring.

For the rest of the country, apply fertilizer just as your grass begins its most active growth. For best results, closely follow the application directions on the product. You’ll spend about $50 to $75 per application for an average 1/4-acre lot.

Aeration: Aerating punches small holes in your lawn so water, fertilizers, and oxygen reach grass roots. Pick a day when the soil is damp but not soaked so the aeration machine can work efficiently.

Pre-emergent herbicides: Now is the time to apply a pre-emergent herbicide to prevent crabgrass and other weeds from taking root in your lawn. A soil thermometer is a handy helper; you can pick one up for $10 to $20. When you soil temperature reaches 58 degrees — the temperature at which crabgrass begins to germinate — it’s time to apply the herbicide.

Early Summer

Watch out for grubs: Warm weather means that grub worms, the larvae stage of June, Japanese, and other beetles, start feeding on the tender root systems of lawns. Affected lawns show browning and wilting patches.

To be certain that the culprits are grubs, pull back the sod and look for white, C-shaped grubs. If you see more than 10 per square foot, your lawn should be treated with a chemical pesticide.

Milky spore is an environmentally friendly way to control some species of grubs. When using insecticides, read and follow all label directions, and water the product into the soil immediately. Cost is around $50 to $75 per application.

Grass-cutting tip: Your grass is starting to grow fast, and you might even be cutting more than once a week to keep up. To keep grass healthy, mow often enough so you’re removing no more than 1/3 of the grass blade.

Pesky weeds: Weeds that have escaped an herbicide application should be removed with a garden fork. Use a post-emergent herbicide only if you think the situation is getting out of hand.

Summer

Here’s a good mantra to guide you through the heart of grass-mowing season: The taller the grass, the deeper the roots, the fewer the weeds, and the more moisture the soil holds between watering.

With that in mind, here’s how to ensure a healthy, green lawn:

• Set your mower blade height to 3 inches.

• Deep and infrequent watering is better for lawns than frequent sprinkles, which promote shallow root growth. In general, lawns need about 1 inch of water per week to maintain green color and active growth.

Lawns that receive less than that will likely go dormant. That’s okay, the grass is still alive, but dormant lawns should still receive at least 1 inch of water per month. Your grass will green up again when the weather brings regular rains.

• To check the output of a sprinkler, scatter some pie tins around the yard to see how much water collects in a specific length of time. Having a rain gauge ($5 to $20) will help you keep track of how much water the lawn receives naturally.

• At least once each month, clean underneath your mower to prevent spreading lawn diseases.

• Although it’s OK to leave grass clippings on the lawn where they can decompose and nourish the soil, large clumps of clippings should be removed. Regularly rake up any leaves, twigs, and debris.

Early Fall

The best time to patch bare or thin spots is when the hot, dry days of summer have given way to cooler temps. Follow these simple steps:

1. Remove any dead grass.

2. Break up the soil with a garden trowel.

3. Add an inch of compost and work it into the soil.

4. Add grass seed that’s designed for shade or full sun, depending on the area you’re working on. Spread the seed evenly across the bare patch.

5. Use a hard-tooth rake to work the seed into the soil to a depth of about half an inch.

6. Sprinkle grass clippings over the patch to help prevent the soil from drying out.

7. Water the area; you’ll want to keep the patch moist, so lightly water once a day until the seed germinates and the new grass gets about one inch tall.

Fall

Your main job in fall is to keep your lawn free of leaves and other debris. You can use a mulching mower to break up leaves and add the organic matter to your soil, but be sure to clean up any clumps so they don’t kill the grass.

In the northern one-third of the country, now is the time to fertilize your lawn. Your grass will store the nutrients in its roots as it goes dormant over the winter, and your lawn will be ready for a jump start when spring warms the ground.

This is also the time to clean up your garden.

Source: HouseLogic by: Douglas Trattner

 

Raise the Value of Your Listing

A seller may be able to boost the value of their home by an additional 12 percent, with just a few smart pre-listing repairs, according to a new survey of 300 residential real estate professionals by the Consumer Reports National Research Center. On a median, single-family home priced at $205,000, that could be a potential gain of $24,600.

1. Declutter
Cost range: $0 (do-it-yourself) to $2,500 (pro)
Potential return: 3% to 5%
Clear away any clutter and depersonalize the space as much as possible.

2. Makeover the kitchen
Cost range: $300 to $5,000
Potential return: 3% to 7%
The kitchen was rated as the most important room to have in top shape before selling, according to the survey. Real estate professionals recommend focusing on minor repairs that center on the function of the kitchen first, such as repairing leaky faucets, loose light fixtures, or blemishes on the countertop. Then, they recommend small enhancements, such as painting the walls, updating the cabinet hardware, adding new curtains, or light fixtures.

3. Freshen up the bathroom
Cost range: $300 to $1,000
Potential return: 2% to 3%
Make simple improvements, such as caulking the tub or re-grouting the floor or adding new bathroom fixtures to brighten up the space. Updating the mirror and lighting also can have a big impact, the real estate professionals surveyed said.

4. Paint
Cost range: $100 (do-it-yourself) to $1,000 (pro)
Potential return: 1% to 3%
Sixteen percent of the real estate professionals surveyed said that interior painting is an important part in bringing about a sale of a home. But the seller likely doesn’t need the entire house repainted, but maybe just a redo of one or two rooms to curb costs. The two prime candidates for being repainted: Kitchens and bathrooms. Paint in whites and off-whites and a neutral palette – such as grays and beiges -- help buyers focus on the home’s features more than be distracted by bright colors, agents note.

5. Exterior touch ups
Cost range: $150 to $7,500
Potential return: 2% to 5%
Agents recommend that their clients concentrate on basic maintenance first, such as to mowing the lawn, trimming overgrown shrubs, and applying a fresh layer of mulch to the garden beds. They also recommend making any minor repairs, such as replacing cracked siding boards or repointing brick walls. The real estate professionals also recommended taking careful note of any repairs needed with the roof: 31 percent of agents surveyed said the roof is one of the most important parts of the home to have in good shape.

The latest Cost vs. Value Report, produced by Remodeling Magazine in conjunction with REALTOR® Magazine, uncovered some of the top home remodeling projects that offer some of the largest returns at resale. Many of the biggest payback projects had to do with enhancing the exterior of the home.
 
The following are the top five projects nationally in terms of cost recouped, according to the Cost vs. Value report:
1. Entry door replacement (101.8%)
2. Manufactured stone veneer (92.2%)
3. Garage door replacement (88.5%)
4. Siding replacement, fiber cement (84.3%)
5. Garage door replacement (82.5%)

Check out the latest Cost vs. Value Report to learn more about the top home remodeling projects for resale. Also, read more about easy enhancements sellers can do to help increase the value of their home in Consumer Report’s full report, “How to Make Your Home More Valuable,” which can be accessed online or found in the March 2015 issue of Consumer Reports magazine.

Source: “Top 5 Ways to Boost the Value of Your Home,” Consumer Reports (Jan. 29, 2015)

7 Tips for Staging Your Home

Make your home warm and inviting to boost your home’s value and speed up the sale process.

The first step to getting buyers to make an offer on your home is to impress them with its appearance so they begin to envision themselves living there. Here are seven tips for making your home look bigger, brighter, and more desirable.

1. Start with a clean slate.

Before you can worry about where to place furniture and which wall hanging should go where, each room in your home must be spotless. Do a thorough cleaning right down to the nitpicky details like wiping down light switch covers. Deep clean and deodorize carpets and window coverings.

2. Stow away your clutter.

It’s harder for buyers to picture themselves in your home when they’re looking at your family photos, collectibles, and knickknacks. Pack up all your personal decorations. However, don’t make spaces like mantles and coffee and end tables barren. Leave three items of varying heights on each surface. For example, place a lamp, a small plant, and a book on an end table.

3. Scale back on your furniture.

When a room is packed with furniture, it looks smaller, which will make buyers think your home is less valuable than it is. Make sure buyers appreciate the size of each room by removing one or two pieces of furniture. If you have an eat-in dining area, using a small table and chair set makes the area seem bigger.

4. Rethink your furniture placement.

Highlight the flow of your rooms by arranging the furniture to guide buyers from one room to another. In each room, create a focal point on the farthest wall from the doorway and arrange the other pieces of furniture in a triangle around the focal point. In the bedroom, the bed should be the focal point. In the living room, it may be the fireplace, and your couch and sofa can form the triangle in front of it.

5. Add color to brighten your rooms.

Brush on a fresh coat of warm, neutral-color paint in each room. Ask your real estate agent for help choosing the right shade. Then accessorize. Adding a vibrant afghan, throw, or accent pillows for the couch will jazz up a muted living room, as will a healthy plant or a bright vase on your mantle. High-wattage bulbs in your light fixtures will also brighten up rooms and basements.

6. Set the scene.

Lay logs in the fireplace, and set your dining room table with dishes and a centerpiece of fresh fruit or flowers. Create other vignettes throughout the home — such as a chess game in progress — to help buyers envision living there. Replace heavy curtains with sheer ones that let in more light.

Make your bathrooms feel luxurious by adding a new shower curtain, towels, and fancy guest soaps (after you put all your personal toiletry items are out of sight). Judiciously add subtle potpourri, scented candles, or boil water with a bit of vanilla mixed in. If you have pets, clean bedding frequently and spray an odor remover before each showing.

7. Make the entrance grand.

Mow your lawn and trim your hedges, and turn on the sprinklers for 30 minutes before showings to make your lawn sparkle. If flowers or plants don’t surround your home’s entrance, add a pot of bright flowers. Top it all off by buying a new doormat and adding a seasonal wreath to your front door.

Source: HouseLogic

by, G.M. Filisko 

How to Assess the Real Cost of a Fixer-Upper House

When you buy a fixer-upper house, you can save a ton of money, or get yourself in a financial fix.

1. Decide what you can do yourself

TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don’t know how to do will take longer than you think and can lead to less-than-professional results that won’t increase the value of your fixer-upper house. 

• Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.

• Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?
• 
  

2. Price the cost of repairs and remodeling before you make an offer

• Get your contractor into the house to do a walk-through, so he can give you a written cost estimate on the tasks he’s going to do.

• If you’re doing the work yourself, price the supplies.

• Either way, tack on 10% to 20% to cover unforeseen problems that often arise with a fixer-upper house.
• 
  

3. Check permit costs

• Ask local officials if the work you’re going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it'll cause problems when you resell your home.

• Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit.

• Factor the time and aggravation of permits into your plans.
• 
  

4. Doublecheck pricing on structural work

If your fixer-upper home needs major structural work, hire a structural engineer for $500 to $700 to inspect the home before you put in an offer so you can be confident you’ve uncovered and conservatively budgeted for the full extent of the problems.

Get written estimates for repairs before you commit to buying a home with structural issues.

Don't purchase a home that needs major structural work unless:

• You’re getting it at a steep discount

• You’re sure you’ve uncovered the extent of the problem

• You know the problem can be fixed

• You have a binding written estimate for the repairs
• 
  

5. Check the cost of financing

Be sure you have enough money for a downpayment, closing costs, and repairs without draining your savings.

If you’re planning to fund the repairs with a home equity or home improvement loan:

• Get yourself pre-approved for both loans before you make an offer.

• Make the deal contingent on getting both the purchase money loan and the renovation money loan, so you’re not forced to close the sale when you have no loan to fix the house.

• Consider the Federal Housing Administration’s Section 203(k) program, which is designed to help home owners who are purchasing or refinancing a home that needs rehabilitation. The program wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the property must fall within the FHA mortgage limit for your area, as with other FHA loans. A streamlined 203(k) program provides an additional amount for rehabilitation, up to $35,000, on top of an existing mortgage. It’s a simpler process than obtaining the standard 203(k).
• 
  

6. Calculate your fair purchase offer

Take the fair market value of the property (what it would be worth if it were in good condition and remodeled to current tastes) and subtract the upgrade and repair costs.

For example: Your target fixer-upper house has a 1960s kitchen, metallic wallpaper, shag carpet, and high levels of radon in the basement.

Your comparison house, in the same subdivision, sold last month for $200,000. That house had a newer kitchen, no wallpaper, was recently recarpeted, and has a radon mitigation system in its basement.

The cost to remodel the kitchen, remove the wallpaper, carpet the house, and put in a radon mitigation system is $40,000. Your bid for the house should be $160,000.

Ask your real estate agent if it’s a good idea to share your cost estimates with the sellers, to prove your offer is fair.

7. Include inspection contingencies in your offer

Don’t rely on your friends or your contractor to eyeball your fixer-upper house. Hire pros to do common inspections like:

• Home inspection. This is key in a fixer-upper assessment. The home inspector will uncover hidden issues in need of replacement or repair. You may know you want to replace those 1970s kitchen cabinets, but the home inspector has a meter that will detect the water leak behind them.

• Radon, mold, lead-based paint

• Septic and well

• Pest

Most home inspection contingencies let you go back to the sellers and ask them to do the repairs, or give you cash at closing to pay for the repairs. The seller can also opt to simply back out of the deal, as can you, if the inspection turns up something you don’t want to deal with.

If that happens, this isn’t the right fixer-upper house for you. Go back to the top of this list and start again.

Source: Houselogic
@houselogic on Twitter | houselogic on Facebook

Protect Your Home From Winter

Protect Your Home
Before winter, there are some precautions you can take to protect your home from the ravages of cold weather storms:

Winterize your home. Check shutters, siding, and other exterior materials to ensure they're secure, says retired contractor and home improvement expert and writer John Wilder of Jacksonville, Fla. High winds, ice, and moisture from winter storms can easily strip off such outside elements if they're loose.
Be sure that gutters are clear of debris and that walkways are even and don't represent tripping hazards that can be exacerbated with snow or ice. Caulk drafty windows and apply weather stripping to doors—both inexpensive strategies that can keep heat in your home. Air sealing can help you save about $350 in energy costs or one-third of your average annual heating and cooling costs. The average annual home energy bill is about $2,200, according to Energy Star, of which about $1,000 represents heating and cooling. An assortment of air sealing materials and tools, including silicone foam, caulk, aluminum flashing for flues, and additional insulation, will run roughly $100-$350.

Winterize pipes. Be sure your pipes, especially those exposed or in unheated areas like crawl spaces, are wrapped in insulation to prevent freezing and bursting. Also, learn where your water shut-off valves are so you can turn off the water supply in case of a leak. Six feet of insulation can cost anywhere from $7-$17; it's available at most home improvement stores.

Trim tree branches. Branches that overhang roofs or areas where you park your car -- or which are simply overgrown -- represent a risk to structures, vehicles, and people. Keep trees trimmed and remove those that are weak or sickly to prevent them from falling on or near your home. Tree trimming and removal pricing varies greatly, and you may have additional restrictions if you live in an historic community or if the trees are close to power lines.
Check with your municipality about any regulations and contact your local Chamber of Commerce, municipal offices, or contractor rating sites like MerchantCircle.com or AngiesList.com to get the names of reputable pros. Tree trimming and removal can be dangerous, so don't attempt it on your own unless you're experienced.

By keeping your home in good repair and stocking up on the supplies you'll need before the rush for rock salt and shovels begins, you'll be as ready as possible to tough out the storm.