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Kitchen face-lifts for the frugal
October 26, 2007 – 3:38 pm
Forget the upscale remodel. You can get a whole new look for a few thousand dollars.
You’re longing to replace those dark oak cabinets, avocado appliances and worn countertops in your kitchen. But the $50,000 to $100,000 price of a high-end renovation and the thought of living on kung pao for three months during construction make you queasy.
Plus, in today’s buyer’s market, a full-scale renovation doesn’t return what it used to: in 2006, home sellers got only 80 percent of their kitchen remodeling costs back, according to the National Association of Realtors, down from 91 percent in 2005.
But that doesn’t mean you have to live with a tired look forever. As long as the layout is good and the cabinets are sturdy, you can transform a kitchen for just $1,000 to $10,000 by dressing up what’s already there.
“And you’ll probably see a dollar for dollar or better return on the investment when you sell,” says Baltimore home appraiser Terry Dunkin, who is president of the Appraisal Institute, a professional standards organization.
Keep to neutral colors such as white, cream or beige and natural materials (like wood and stone) so the results won’t soon go out of style. You may also want to hire a professional kitchen designer ($250 to $500) to help you choose colors, products and materials that look good together (check nkba.org and asid.org for certified designers who offer hourly rates). Then pick your projects according to your budget and your priorities.
If you have a few hundred dollars to spend
Replace the ceiling fixture There’s no reason to live with an ugly ceiling light that causes eye-strain. For $25 to $250 you can buy a simple fixture that matches your cabinet hardware. If you aren’t confident in your knowledge of electrical wiring, it’s worth it to spend $200 to $300 to hire an electrician to do the work.
Put in laminate flooring If your kitchen floor is level with the floors in the adjacent rooms, you can make old linoleum, sheet vinyl and chipped tiles disappear by installing laminate flooring right over them. Laminate costs $1 to $5 a square foot and looks like wood, stone or tile, but it’s actually photographs of those materials under a clear plastic wear surface. The pieces snap together without nails or glue and are a cinch for handy homeowners to install.
Give the cabinets a new life Spending $3 to $10 or so a cabinet to replace shiny brass knobs and pulls with brushed nickel will instantly modernize their look, says Martha Kerr, a 30-year-veteran kitchen designer in Portland, Ore.: “Or have some fun with colored glass, retro 1950s plastic or little metallic vegetables.” Just make sure that any hardware you select matches the existing holes.
As long as your cabinets are solid, a new coat of paint will make them appear fresher. While you’re at it, you can install doors with wood, leaded glass or punched tin panels ($50 to $150 or so a door) and paint the frames to match them. Or eliminate some doors entirely for an open display look (free). You can fill unwanted hardware holes (use Bondo, the autobody filler) before painting.
Refinish the appliances If your appliances sport a dated color, send them to an appliance refinisher (look in the phone book for a local shop). For a few hundred dollars (about $150 for a stove door; $250 for a whole refrigerator), they will re-enamel the surfaces in the hue of your choice, such as black, stainless steel or barn red.
If You Can Spend a Few Thousand Dollars
Reface the cabinets You can get a gorgeous new maple or cherry finish for your old cabinets by hiring a refacing company to replace the doors and drawer fronts and cover the cabinet boxes with a matching veneer ($4,000 to $6,000).
“That’s less than half the cost of new cabinets,” says Dave Haglund, president of Kitchen-Tune-Up, an Aberdeen, S.D. refacing and remodeling company. Another benefit: While replacing the cabinets will take two to three months, a complete refacing job can be done in three days. Refacers can also install additional cabinets, resize appliance openings and replace the countertops as part of the job (add one day and $3,000 to $6,000).
Take your home outside
Update the backsplash A four inch- high band of laminate or tile above the sink makes your kitchen appear outdated, says Richard Gaylord, a Long Beach, Calif. realtor and president-elect of the National Association of Realtors. Replace it with a full backsplash that fills the 18-inch space between the counter and the upper cabinets (don’t worry, it need not match the countertops).
In fact, you can use that space for some do-it-yourself creativity; try using tiles of colored glass or stone ($300 to $750 for the entire backsplash in an average-size kitchen), wallpaper ($50 to $100), beadboard paneling ($100 to $150) or tin ceiling tiles ($400 to $800) to fashion the look you prefer.
Add new lighting If your kitchen has a single ceiling light, it probably casts an annoying shadow over the food whenever you cook. An electrician can add a few recessed ceiling lights ($300 to $500) to brighten the entire room and under-cabinet lights ($200 to $400) to illuminate the work surfaces.
Uncover the wood floor Most houses built before World War II have wood floors hiding under the linoleum, and there is no better floor for a kitchen, says Sandy Gordon, an interior designer in Madison, Wis.
“It’s gentler underfoot than tile and more forgiving on dropped dishes, and today’s finishes are superdurable.” If you’re not comfortable ripping out the old layers of flooring, sanding the wood and applying polyurethane, you can hire a hardwood flooring company to do the job for about $5 to $7 a square foot.
Replace the appliances New appliances will make your kitchen appear more up to date and will also improve its ergonomics and energy efficiency. Buy moderately priced equipment ($2,000 to $10,000 and up for a refrigerator, range, microwave and dishwasher) in stainless steel for a modern look. If you can’t resist that $10,000 stove, consider taking it with you when you move.
Whatever you decide to do, keep in mind that just a week of an all-takeout diet will add hundreds more to your renovation costs. So before you get started, set aside some essential foodstuffs, perhaps a microwave, a mini-fridge and - most important - the coffee maker.
Blog Entry dated 10/17/2007 8:43 AM
October 17, 2007 – 12:44 pm
(9/17/07) - Lee Forbes of Premier Team inc. has successfully completed the REALTOR e-PRO course to become one of a select few real estate professionals to earn the prestigious certification offered through the National Association of REALTORS.®
The REALTOR e-PRO certification course is an educational program unlike any other professional certification or designation course available, comprehensive and interactive. It is specifically designed to provide real estate professionals with the technology tools needed to assist consumers in the purchase or sale of a home.
With more than 70% of consumers beginning their real estate research on the Internet, e-PRO certified agents have the experience and expertise to meet the demands of today’s buyer and seller.
"The real estate industry has undergone a fundamental change over the past several years," said Lee Forbes of Premier Team Inc. "A majority of consumers are taking the time to conduct their own research prior to contacting an agent. In turn, real estate professionals must be knowledgeable of how technology can assist them in serving the needs of the buying and selling public."
The exclusive REALTOR e-PRO certification course is presented entirely online and certifies real estate agents and brokers as Internet professionals. Because of its innovative design, students are able to complete the course at their own pace, when and where they want, via any Internet connection. The course is designed to help REALTORS stay at the leading edge of technology and identify, evaluate and implement new Internet business models.
Once completed, the e-PRO certified real estate professional joins the ranks of a special community of highly skilled and continuously trained professionals who provide high quality and innovative online-based real estate services. Consumers can identify the e-PRO through the exclusive e-PRO Internet Professional logo.
Both the content and the delivery platform were created by San Diego-based technology company InternetCrusade®. The course instructs participants in the professional use of e-mail, the development of an interactive Web site, and the use of online research tools. Graduates use the skills they’ve acquired to provide clients information on properties for sale, local communities, and the local real estate market.
For more information, e-mail Lee Forbes at Results@LeeForbes.com or call 941-725-4258.
Thank you kindly,
Lee Forbes GRI, ABR
Premier Team Inc., REALTOR©
3850 SR. 64 East
Bradenton, FL 34208
Direct: 941-725-4258
Toll free 877-646-8326
"We Make Real Estate Easy"
Visit my website LeeForbes.com
for FREE info:
· Mortgage Calculator
· FREE Online Newsletter
· Articles & Advice for Homebuyers & Homesellers
· FREE “What’s My Home Worth?” report
· Search the Manatee County Multiple Listing Service
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Don’t be victimized by the bubble hype.
October 8, 2007 – 12:41 pm
Nearly a full third of households are still renting…but if you are one of them, you could be paying a hefty price.
Additionally, the children of the baby boomer generation are close to or at the home buying age, but these “echo boomers” could mistakenly decide to put off the purchase of a home because of all the noise about a “bubble” in home prices.
Is there a “bubble”? The simple answer is “no”. Even if interest rates move a bit higher, it won’t be enough to cause a nationwide slide in home prices. The key to a healthy housing market is the job market. If the payment on a new home might be slightly higher due to increased interest rates, it generally won’t stop someone from purchasing the home of their dreams…but if they feel their job is in jeopardy, it might be enough to stop them from making a move. So with the currently low levels of unemployment and the beefy gains in job creations, it looks like the housing market will remain vibrant. Although it will be difficult to sustain the double-digit gains that much of the country has seen, price declines are highly unlikely. Expect a more moderate rate of appreciation, perhaps closer to the historical 6-7% range, which is still very good.
It is important to note that housing tends to be localized. So if the job market in your area is weak, housing prices could under perform the rest of the country.
But this talk of a housing bubble has been going on for a few years now, and those who were unfortunately victimized by continuing to rent instead of purchasing a home are painfully mulling over their missed opportunity. But is it too late? Even with the more moderate levels of appreciation expected…procrastinating on that home purchase could cost you a bundle.
Let’s look at an example. If you are paying rent at $1,500 per month and your landlord increases your payment by a modest 5% each year, you would wind up paying just about $100,000 over a 5-year period! Worse yet, after forking over $100,000, you still would have nothing to show for it.
And speaking of having nothing to show for it - how about any improvements you might make to a rental property? It’s not uncommon for renters to freshen up the paint, install new light fixtures or plant some nice flowers outside. But guess what…all your efforts, labor and the benefit of that improvement belong to the landlord, not to you.
With the extensive variety of programs to help buyers obtain a mortgage with little to even zero down payment, the very same money could have been used towards home ownership. Even using a standard 30-year fixed program, a mortgage of $300,000 could be obtained with a total monthly mortgage payment - including property taxes and insurance - of around $2,200. I know taxes and insurance in Florida are higher. This is just an example: Assuming a 25% tax bracket, this would be equivalent to the average amount spent on rent during the same period after your tax benefit.
And the benefits of home ownership are quite considerable. Because the mortgage is being paid down each month, equity is being built. After 5-years, the $300,000 mortgage would be reduced to $279,000, adding $21,000 to your net worth. Home appreciation can add an even bigger chunk. If your home appreciates at a modest 5% per year, the value of a $300,000 home would increase to $383,000 after 5-years. Subtract the remaining mortgage of $279,000 and you have a whopping $104,000 of additional net worth! Even if the appreciation level were at 3.5% or half the historical norm, the result would be $77,000 of additional net worth.
But if laying out the initial increase in monthly payment and having to wait for your tax benefit to show up next April is a tough nut to crack, the IRS wants to help. Instead of waiting to file for the tax benefits derived from your new home purchase, you can simply adjust the amount of your withholding. This allows you to have less tax withheld from each paycheck so you can handle the new mortgage payment more comfortably throughout the year. In essence, you are taking your tax refund as you go instead of letting Uncle Sam hold it all year, interest free.
Visit http://www.irs.gov/ and use the IRS withholding calculator. This very handy tool can quickly show you the effect a change in withholding will do to your net paycheck. Remember to balance this with the expected refund and it is always a good idea to check with your tax advisor.
Don’t be victimized by the bubble hype. Buying a home is a big step, but it is almost always one in the right direction.
Fed cut. Good for the Economy ~ Bad for Inflation
September 19, 2007 – 12:55 am
Fed cut. Good for the Economy ~ Bad for Inflation
The long awaited Fed decision arrived with a bang! The Fed surprised many economists and traders with a half percent cut in both the Fed Funds and Discount Rates. Stocks soared higher and enjoyed their largest gain since 2003.
What does the Fed cut mean? Rates on consumer debt, car loans, and Home Equity lines will all benefit. But because Home Loan rates are tied more closely to inflation, it is not uncommon to see less of a reaction…or even an opposite reaction in mortgage rates.
The Fed cut also hurts rates of return on investments, which gives foreign investors less incentive to invest in US securities. This has sent the Dollar much lower against the currency of most major foreign countries. This makes foreign goods more expensive for us to buy, which adds to inflation pressures.
Overall, the Fed cut is good news for the economy, but may nudge inflation a bit higher.
Water front 2 story home For Sale
September 18, 2007 – 2:41 pm
2 story Lake frontListed by Lee Forbes |
Images Front |
Tools Neighborhood Links Listed by: Lee Forbes |
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Do You Have Job Burnout?
September 13, 2007 – 5:42 pm
— Do you think you never have or never will experience work burnout?
Consider these statistics:
• The American worker has the least vacation time of any modern, developed society.
• In 2005, 33 percent of workers said they would be checking in with the office while on vacation.
• One-half of workers reported they feel a great deal of stress on the job.
• Forty-four percent of working moms admit to being preoccupied about work while at home and one-fourth say they bring home projects at least one day a week.
• Nineteen percent of working moms reported they often or always work weekends.
• Thirty-seven percent of all working dads said they would consider the option of taking a new job with less pay if it offered a better work/life balance.
• Thirty-six percent of working dads reported they bring work home at least one day a week and 30 percent say they often or always work weekends.
These statistics, taken from CareerBuilder.com surveys of American workers, demonstrate the pressures employees in the U.S. are under to be available to the office, despite responsibilities — or plans — away from work.
All this, coupled with longer work hours and many individuals handling the workloads of two, can easily lead to worker burnout.
If you think burnout on the job is just an excuse used by the weak to get out of responsibilities, think again.
Stress and burnout can affect your immune system and has been linked to migraines, digestive disorders, skin diseases, high blood pressure and heart disease. It causes emotional distress as well.
“Job burnout is a response to work stress that leaves you feeling powerless, hopeless, fatigued, drained and frustrated,” writes Dr. Audrey L. Canaff, a UC Foundation Assistant Professor in the Counseling Program at the University of Tennessee at Chattanooga in her article on WorkplaceBlues.com. “But since job burnout is not an overnight occurrence, it’s important to recognize its early signs and to act before the problem becomes truly serious.”
Consider these five warning signs of burnout:
Sign No. 1: Your co-workers are walking on eggshells around you.
If you find yourself becoming cranky and irritable with co-workers you used to get along with, it may be more than just typical interpersonal dynamics.
Sign No. 2: You come in late and want to leave earlier.
You used to wake up in the morning excited for another day, but now every day you dread heading into the office. Once lunch passes you start watching the clock, counting the minutes to the end of the day.
Sign No. 3: Apathy has replaced enthusiasm.
You feel no motivation, no sense of accomplishment and have no desire to be challenged. Those who have burnout lose their motivation to perform, as well as their feelings of pride for a job well done.
Sign No. 4: You’ve lost camaraderie with co-workers.
You’re no longer interested in the company network. You used to go to lunch, go out for drinks and participate in other company functions but now have no desire in socializing in or out of the office.
Sign No. 5: You’re feeling physically sick.
You always feel exhausted, have headaches, feel tension in all of your muscles and are having trouble sleeping. These physical signs are common indicators of job stress, and demonstrate that this can turn into a physical problem.
If you are experiencing these symptoms, it’s time to make some changes.
You can start by talking to your boss or someone in your human resources department about how you can confront the problem together by redefining deadlines, delegating or outsourcing a project or two. In her book “Stress Management for Busy People,” Carol A. Turkington recommends taking these proactive steps:
Learn to say no.
Reevaluate your goals.
Reduce your commitments at work and at home.
Learn stress management skills.
Get plenty of rest and eat a healthy diet.
Finally, give yourself a break.
This means taking your vacation days, no matter how important your job is, and taking little breaks every day to re-group, re-energize and unwind.
Remember, if you don’t take care of yourself in the office, your work will suffer and your health may pay the price, too.
Countrywide loan biz hits big slowdown
September 13, 2007 – 3:42 pm
Countrywide loan biz hits big slowdown
Embattled mortgage lender reports double-digit decline in August, blames falling home values and decaying credit quality.
Countrywide Financial Corp. said Thursday it lent less money during August as a protracted housing slump kept prospective home buyers out of the market.
The nation’s biggest mortgage lender issued $34 billion in home loans last month, a 17 percent decline from the same period in 2006. The company processed $2.3 billion in loan applications a day, marking a decline of 12 percent.
Countrywide said the decline reflects current conditions in the mortgage industry, which include slipping home values and decaying credit quality. Loans in the pipeline at the end of August shrank to $52 billion from $64 billion at the end of August 2006.
In response to the shakeout in the mortgage industry, Countrywide has sold a chunk of itself to Bank of America Corp. who arranged to borrow more cash from banks and announced plans to trim its workforce by as much as a fifth.
The company still expects to be a beneficiary of the turmoil in the mortgage industry as the squeeze forces some of the weaker players out of the game.
Countrywide is looking for another hand to right the ship!
September 11, 2007 – 9:04 pm
Countrywide is looking for another hand to right the ship!
Facing cash crunch, embattled mortgage lender is looking to strike deal similar to Bank of America bailout, paper reports.
– Troubled mortgage lender Countrywide Financial is putting together its second multi-billion dollar bailout plan in less than a month as it continues to face a cash crunch, according to a report published Tuesday.
“Countrywide is in desperate need of cash right now to continue funding mortgages and the credit markets are still largely closed to them,” one source told the New York Post.
Citing sources familiar with the matter, the Post reported that Countrywide was looking at creating a strategic investment similar to the deal it struck in August with Bank of America.
Last month, Bank of America provided $2 billion in financing to Countrywide in exchange for a stake in the company.
So far, JPMorgan Chase, and Citigroup as well as several hedge funds have expressed interest in assisting Countrywide, according to the paper.
Sources told the Post a deal could be reached by the end of the month.
The report is the latest woe for Countrywide. Last week, the company announced it planned to slash as many as 12,000 jobs over the next three months. And Monday, two of its largest shareholders revealed in a regulatory filing they cut their stakes in the mortgage lender.
Pre-Foreclosure Short Sale Investor Workshop
September 6, 2007 – 9:38 pm
Pre-Foreclosure Short Sale Investor Workshop
Thursday, Sept. 20th, 7:00 p.m.
Short Sale Secrets Revealed
This 90 minute workshop is led by a panel of experts who will share their knowledge and help you learn how to explode your income during the next 12 months.
What you will learn:
· Why Investors should be excited about short sales.
· How to find motivated sellers.
· What to say to sellers.
· How to evaluate the deal
· What’s in a short sale package
· What to say to the bank to get them to agree to short the loan
· How to get the appraiser on your side
· How to find buyers and sell your home fast
· How to do a simultaneous closing
· Real deals right here in the Manatee – Sarasota area
When: Thursday, September 20th, 7:00- 8:30 pm (Refreshments & networking at 6:30pm)
Where: Tidewater Preserve Welcome Center 4700 Tidewater Preserve Boulevard (Near SR 64 and I-75)
Directions:From I-75 take Exit #220 West . Go West on SR 64 approximately 2.25 miles to 48th Street Court, make a right turn (heading North). Turn left before the Tidewater Gate House to the Welcome Center.
Hosted by: Dan Forbes & Marie Avery, Premier Team Inc., REALTORS and the Bradenton Real Estate Club
$10.00 if paid in advance; $20.00 at the door. Seating is limited, register today!
ONLINE REGISTRATION: http://www.bradentonrealestateclub.com/seminar.htm
TELEPHONE REGISTRATION: 941-746-0505
Lee Forbes
Premier Team Inc., Realtors
Office 941-746-0505
Toll Free 877-646-8326
3850 State Road 64 E.
Bradenton, Florida 34208
results@leeforbes.com
www.LeeForbes.com
Licensed in the State of Florida
Serving Florida’s Gulf Coast
