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Posts Tagged ‘Real Estate’

Guest Blog by Christophe Choo / Beverly Hills Real Estate Agent – Kitchen Remodel Ideas

I have personally known Chritophe Choo for many years, he’s the master of Beverly Hills Real Estate and am pleased to have him guest post on my personal growth blog.

Guest Blog by Christophe Choo / Beverly Hills Real Estate Agent – Kitchen Remodel Ideas

RISMEDIA, (MCT)—The explosion of remodeling shows on TV and makeover spreads in magazines has whetted America’s appetite for glamorous rooms brimming with the latest furnishings, appliances and color schemes. Kitchen remodels are among the most popular, according to a report in the August issue of Consumer Reports and online at consumerreports.org. And the economic slowdown means there are outstanding deals on everything from cooktops to countertops. It also means kitchen designers and building contractors are eager for work and willing to negotiate.

But bargain prices and good looks aren’t everything, said Celia Kupersmzid Lehrman, Consumer Reports’ deputy home editor.

“When remodeling a kitchen, functionality is every bit as important as style. Fortunately there are many products that look good and work well,” she said.

The design of your kitchen is every bit as important as what goes into it, said Jim Spence of Spence & Vaughn Fine Kitchen and Bath in Maitland, Fla.

The most functional design is based on the ‘work triangle’—the relationship between the prep area, the cooking area and the sink, said Spence. Ideally, the distance between them should never be less than four feet or more than nine feet. Of the three areas, the most-used is the sink.

When planning a remodel, determining your budget is one of the first steps. The National Kitchen & Bath Association (NKBA) calculates the average kitchen remodel costs between 10-20% of the home’s value. But obviously, the extent of the makeover determines its cost.

Determining your priorities is another key step, said Phil Johnson, a partner at Spence & Vaughn and a certified kitchen designer. “Do you love to cook? If so, now might be the time to consider professional-style appliances,” he said. “Do you have a large family? Consider how best to accommodate them in your new space. Think about the things you love in your old kitchen—and the things you dislike.”

Johnson recommends the following steps for a successful kitchen remodel:

-Do your homework. Watch TV remodeling programs, clip appealing pictures and articles from magazines, attend remodeling seminars, visit home shows and parades of homes. Consult with a kitchen designer who is a member of the NKBA, who has the training and experience to avoid many of the things that can go wrong with a remodeling project.

-Visit a showroom. Examine the options in cabinets, countertops, appliances, flooring, plumbing and lighting. Decide what you want—and can afford.

-Schedule a home visit. The designer/installer needs to measure the kitchen and adjacent rooms, and make a note of existing walls, doors and windows, electrical supplies, ceiling height, attic access, type of wall construction, plumbing details, etc.

-Finalize the project. The design is refined, construction plans are completed, appliances and supplies are ordered—and the initial deposit is paid.

-Survive the dust, noise and workers. With proper supervision, the disruption can be kept to a minimum. Make sure materials are ordered and on the way before beginning the tear-out. Clear a space in the garage for workers’ tools and supplies and items removed from the old kitchen. And communicate regularly with the designer/installer.

4 rules to keep in mind as you begin to remodel your kitchen:

1. Don’t rush. There are many kitchen products that combine value, performance and good looks. Take time to meet with professionals, browse the Internet and visit showrooms and home centers. Haste can be costly. Changing your mind after the project is started typically adds about $1,500 to the cost of a kitchen project.

2. Size matters. In addition to being expensive, oversized kitchens can be exhausting to work in and keep tidy. A more compact kitchen often functions better. The National Kitchen & Bath Association website, nkba.org, provides guidelines for optimal space between appliances, cabinets and islands.

3. Beware of budget busters. Leave a 10-15% cushion for surprises, such as unexpected structural repairs. Avoid settling for a cheap option, thinking someday you will replace it with something you really want. Chances are that will never happen.

4. Get it in writing. When using a professional for a remodel, the written contract should list each phase of the project; every product, including the model number; and copies of each contractor’s license, and workers compensation and liability insurance to confirm they are current. Call references and, if possible, visit them.

(c) 2010, The Orlando Sentinel (Fla.).

I have personally known Chritophe Choo for many years, he’s a master of Beverly Hills Real Estate and am pleased to have him guest post on my personal growth blog.

Guest Blog by Christophe Choo / Beverly Hills Real Estate Agent – Kitchen Remodel Ideas

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Real Estate Market Forecast – What Nobody is Saying…

Real Estate Market ForecastThe LA Times is reporting that the “rebound in home prices continues,” this is their real estate market forecast.

Allow me to ask a rather dumb question:  How can there be a rebound in prices, when some people haven’t paid on their mortgage for 15 months, and they are living for free in their home?

News Flash:  This recovery is not even close and it won’t be until we solve the basic problem of supply and demand.  When a bank does not take back a home (because taking back a home is worse than them not receiving payment) it is not solving the problem, just delaying it.

Think about it with your own finances.  Assume you have $15,000 in credit card debt, and decide to stop paying one bill.  Does it put you in a better position financially?  Not exactly, it just delays the inevitable.

When the government stops trying to “control” the bad news, then, and only then, will the real recovery start.  What do you think about this Real Estate Market Forecast?

Why am I right or wrong?  Tell me below.

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Living in Your Home Without Paying Your Mortgage – Fair?

Foreclosed HomeThe trouble for homeowners isn’t over yet.

According to a November 19th press release by the Mortgage Banker Association, almost 10 percent of mortgage-holders were at least one payment past due in the third quarter of the year. And the percentage of loans at least 90 days past due is at an all-time record, as is the percentage of loans in foreclosure.

What’s interesting is that some banks are not foreclosing.  You have heard me correct, they are letting people stay in their home, without payment, and not forcing them out.  Why would this be?  They are saying it’s because they are “overloaded” with delinquencies.  The reality is that in some cases, it is more beneficial for the banks to not collect payments, than take back “another” home.

What’s frustrating is how the media is talking about the real estate market “recovering.”  That’s interesting, how can we possibly be at the bottom of this market when banks are letting people live in their homes with no payments.

Do you know anyone who is currently living in their home without paying?  Tell me the story below!

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Rental Slump – Tenants, Time to Haggle

Bad news for landlords: The vacancy rate has reached 7.8 percent, a 23-year high, and is expected to climb even further in the coming months, according to Reis Inc. And RREEF Research says the apartment market faces “one of the most challenging and complex environments in modern history.”

Bad news for landlords, good news for renters, who can negotiate lower rents and better terms. According to a recent article in the Wall Street Journal, landlords are doing just about everything they can think of to retain tenants—slashing rent, providing upgrades, and even offer flat-screen TVs to renewing tenants.

If your lease is about to expire, scout your neighborhood to see the rent on vacant units. You might be surprised to find that you are paying 10 percent higher than comparable vacancies on the same block. Then call your landlord and ask to renegotiate the lease. If you cannot get a lower rate, how about new paint? Will the landlord install a new ceiling fan? Maybe the landlord will provide you with an extra storage or parking space if you play hardball.

And if you know you are going to remain in the neighborhood for several years, think about asking for a two-year lease. Though the rental market is suffering now, experts predict it will be one of the first to rebound.

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WANTED: The Truth!

There is an article in the Wall Street Journal today how home prices have dropped just under 30% in the 10 biggest cites in America. At the same time, we’re getting reports from the National Association of Realtors how “sales are going up and that this is the time to buy.”

Well whether it’s the time to buy or not, I don’t know. What I do know is that lending guidelines are continuing to get tougher and tougher. Part of the reason is because the credit scoring requirements are continuing to go up and up.

Here is the disconnect: the lending guidelines and credit scoring requirements continue to go up and there is no education about the guidelines or credit scoring. People think if you pay your bills on time, you’re going to have perfect credit, which is WRONG. So until more people can qualify by teaching individuals that paying your bills on time is not necessarily going to guarantee you a perfect credit score… there is going to continue to be disconnect, which will impact how significantly the real estate market can recover.

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