Most home owners opt to add some upgrades to a new home, which can be rolled into the mortgage opposed to paying for them later on their own. But the choices of what flooring, lighting, or other upgrades to choose can be overwhelming.
Designer Candice Olson, author and host of HGTV's "Candice Tells All," says lighting and extra wiring are key upgrades new home buyers should consider.
"Adding lighting -- or at least the wiring for it -- means you'll be able to have bathroom sconces instead of that one overhead light the builder gives you,” Olson says. “Your flat-screen TV can be where you want it. You'll have a floor outlet for the lamp in middle of the open room. And you won't be ripping out walls later to do all this."
Also, she says home owners shouldn’t forget about the exterior lighting either. "Outside lighting, plus landscaping, will set apart your house from the others in the neighborhood where buyers chose from plans A, B and C," Olson says.
As for flooring, Olson recommends hardwood floors for the main living areas, and cork floors for the basement, since there’s potential for water leakage in basements.
She also says the addition of taller baseboards, chair rails, crown molding, coffered ceilings, built-ins or a banquette also are smart investments for upgrades.
Source: “Decisions, Decisions: Add Character to Your Home With a Few Choice Upgrades,” Chicago Tribune (Feb. 4, 2011)Townhouses
HGTV’s real estate site Front Door says the weeks between now and the end-of-the year holidays are the best ones to find a bargain. Here are some of their tips for fall buyers and sellers:
Fall Sellers:
Replace faded summer plants with fall-blooming flowers and add autumn decorations to the home.
Expect low-ball offers and be prepared with higher counter offers.
Freshen up listing photos by shooting pictures that make it less obvious that the seasons have changed.
Price the home to sell. A price that is a little lower than the competition may be a winning move.
Be willing to show the property and hold open houses whenever potential buyers are ready.
Fall Buyers:
Look for motivated sellers who have a reason to move on by the end of the year.
Fall colors
Explore new constructions. Builders are often particularly interested in selling before the new tax year.
Beware of fall maintenance issues. Consider overflowing gutters and leaf-covered lawns warning signs.
Shape offers carefully. Even in this market it is possible to turn sellers off with a too-low bid.
Source: FrontDoor dot com (09/16/2010)photo credit: paul (dex)
It was the best of times; it was the worst of times ...
In many parts of the country the economy is stalled. One indication of this condition is the many short-sales and foreclosures on the market. But that means opportunity for savvy buyers. This is a tale of two buyers, Amy and Edwin. Both are buyers. Both have short-sales under contract. Both have been waiting months to go forward.
It was the age of wisdom; it was the age of foolishness ...
Short-sales often advertise ridiculously low prices. In Northern Virginia, it's not difficult to find short-sales selling for $10,000, $20,000 even $50,000 or more less than than comparable homes available for sale. This is the time of bargains, and lenders in up-side down loans are hurting. But that doesn't mean they're giving away free money in America.
It was the epoch of incredulity; it was the season of light ...
Here's a tip from one who knows: when you find a home for sale for much less than all of the comparables, you probably have not found a bargain; you've probably found a waste of time. Oh sure, you should check it out, but don't get your hopes too high. Ask your realtor for the inside story. If he or she tells you to walk away ... walk away.
It was the season of darkness, it was the spring of hope ...
Short sales are not. (Short.) Homes that sell for far less than any comparable homes don't. (Sell.) Now is a great time to buy. But now more than ever, buyers need experienced realtors who will get a home ... not a contract and a hope.
it was the winter of despair, we had everything before us, we had
nothing before us, we were all going direct to heaven, we were all going direct the other way--in short, the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only.
Amy and Edwin both put in contracts for short sales. Amy is closing today on the home of her dreams. She paid more than the asking price and less than the market value. Months later, Edwin is still waiting for a decision. He has contracted at a price much lower than the assessed value. But that does not a bit of good if the bank will not sell the home. Maybe Edwin will one day buy the home of his dreams.
He lowered the window, and looked out at the rising sun. There was a ridge of ploughed land, with a plough upon it where it had been left last night when the horses were unyoked; beyond, a quiet coppice-wood, in which many leaves of burning red and golden yellow still remained upon the trees. Though the earth was cold and wet, the sky was clear, and the sun rose bright, placid, and beautiful.
National trends may be continuing to decline, but in Alexandria, Arlington, and nearby parts of Northern Virginia real estate is showing two signs of a comeback. According to an MRIS Press Release: "Selling prices remain flat metro wide in the Greater Washington DC region, but the central jurisdictions---DC, Alexandria, and Arlington and Montgomery counties---continue to buck the trend."
John McClain, Senior Fellow at George Mason University's School of Public Policy, was quoted by them as saying, "Prices continue to rise in the central jurisdictions. They're in a much better price position due to their premium location."
The most dramatic is an increase in prices of home sales, but equally important is the shortening of time properties are on the market. These two combine to reduce the available inventory available to buyers. Waiting can be a shortcut to loss, so holding off in anticipation of falling prices can leave you kicking yourself for missing good deals.
A settlement company processes and records transactions such as home sales or mortgages and refinances. One such settlement company is MBH Settlement Group L.C.
Ryan Stuart of MBH tells me, "The settlement company's primary role is to insure the conveyance of clear and marketable title from the Seller to the Purchaser. Further, as a settlement service provider, the settlement company prepares documentation incident to the closing, conducts the settlement, records the deed and necessary loan documentation in the land records, and disburses all funds in accordance with the HUD-1 settlement statement."
Who do you recommend for settlement?
MBH in Alexandria VA is located on Washington St. in a historic structure in Old Town. When clients ask me for a recommendation for a title company I often suggest MBH because I've been pleased with the service at MBH.
Why did you choose MBH in the first place?
Inside MBH
I met Ryan Stuart of MBH because a fellow realtor recommended Ryan at MBH to me. Ryan Stuart is counsel to MBH and handles many closings for them. My colleague said that Ryan had "the best closings in Alexandria".
Not knowing Ryan at the time I really doubted this claim. Her endorsement was so enthusiastic, I almost wondered if she was taking a kick-back from him!
Of course, I knew she was not receiving any such payment from MBH or Ryan. It's important for consumers to understand that enticements and payments for endorsements like these are illegal in the Commonwealth of Virginia.
The colleague that recommended MBH and Ryan is a highly ethical agent who works for a reputable brokerage. I knew I had to give MBH a try.
Why do you tell your client's about MBH?
MBH is in Old Town
My brokerage makes nothing off of settlement, and so long as the transaction is smooth and professional, I personally could care less who does your title work. The client has a right to choose any company for settlement and I encourage clients to take advantage of that right.
However, most clients ask me for a suggestion when it comes time to pick a title company. I tell them the truth. The services provided by the title companies are nearly identical anywhere you go. (More on this later.) There is very little difference in pricing on title work.
What I like about MBH is that there is very little hassle dealing with them. I submit the title order to them and then forget it. But, I would expect no less from any title company. What I love about MBH is how Ryan handles a closing.
Ryan Stuart of MBH
Starting a closing with Ryan Stuart
From the time Ryan settles in to the time the last document is signed, it's obvious that that Ryan is a professional. He knows exactly where the money is going and where it's coming from and it's all spelled out on the documents.
One of the duties of a settlement agent is to explain the transaction in a way that the layman can understand the paperwork. I find that many settlement agents use industry terms that make perfect sense to myself or other real estate professionals, but Ryan goes one step further.
He breaks down the transaction using simple English that anyone can understand and this is his real value add. He doesn't get frustrated with questions, and he doesn't rush the signers. He will work with the client until there is a full understanding by all parties at the table.
settlement agent
I asked Ryan, why do property owners need title insurance.
He told me, "A title insurance policy contains a statement of the condition of ownership of real property. A title policy indemnifies you against loss or damage incurred as a result of title defects on your property. In the event of a lawsuit challenging your ownership interest, the title insurance company provides a legal defense for the policyholder and, if the suit is lost, pays all valid claims or losses insured by the policy."
For example in a recent closing, a property was sold with only the signature of one spouse. Years later, heirs or the missing spouse could come back to make a claim against the title. Title insurance protects against this kind of a claim.
When settlement is over, Jane is relieved.
It's a huge relief when all the ducks finally line up and the property is yours.
About the Author --- Will Nesbitt is the principal broker of Nesbitt Realty and maintains Condo Alexandria. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.
