Archive for April, 2009

Interior Decorating Tips for your Living Room

Thursday, April 30th, 2009

Peggy's Zen living room makeover, Seattle, Washington, USA
There is no denying that your living room is one of the focal points of your home. While many homeowners enjoy this space, others avoid it at all costs for one important reason: the decorating is god awful. If you feel this way, the following interior decorating tips for your living room are sure to change things around soon enough:

1. Keep with the theme of the rest of your home. For instance, if your dining room and kitchen have a traditional look and feel you should carry this into your living room. Not only will it make your house flow better, but you will have an easier time decorating because you already know what you are trying to accomplish.

2. De-clutter. Many people fall into the habit of using their living room as storage space. This is particularly true among homeowners who have other space for entertaining. Believe it or not, if you simply de-clutter your living room you will begin to see a better space right away. Until you get rid of the non-essentials your living room will always be dragging your home down.

3. Spend money to update the paint on the walls, flooring, and furniture. If you want to update your living room you need to spend money here and there. Of course, you should base your spending on how much money you have available. If possible, add new paint, flooring, and furniture that match. This will go a long way in increasing the appeal of your living room.

These three interior decorating tips are sure to turn your living room into an enjoyable, friendly, comfortable living space.

Creative Commons License photo credit: Wonderlane

Get Help with Property Management

Wednesday, April 29th, 2009

Lately many people have found themselves in a situation where they’re renting one home because it couldn’t sell and they’ve already moved into their new home. People in these situations are referred to as accidental landlords and they face a number of challenges that traditional landlords don’t have. One of the biggest problems for accidental landlords is that they’re not landlords, they didn’t want to be landlords in the first place and they’re not hip to al the rules and regulations that come with the job. Another huge problem is they sometimes have relocated to another area so they’re not in touch with their tenants and they’re actually relying on them to maintain their property.

If you find yourself in an accidental landlord situation you may be best served by hiring a property manager to handle the business end of things so you can go about your life without much care. A property manager knows all of the ins and outs of the business and will prevent you from being involved in a potential lawsuit or falling prey to a bad tenant. A property manager will also be able to handle any issues that may arise on the property instantly and they typically have a good collection of reputable service people on hand.

If you’re an accidental landlord you can save yourself a lot of headache by passing the buck to a property manager.

Interior Decorating Tips for your Basement

Tuesday, April 28th, 2009

Basement Lounge
Are you looking to better decorate your basement? If so, you are not alone. This is a great living space, and the right look and feel can add big time value to your home. Unfortunately, many people don?t know how to decorate their basement. Instead, they leave it as a drab space that does not have much to offer. Instead of letting this happen to your basement, consider the following tips:

1. Decide what you are using your basement for. Is this a gameroom for entertaining? Is it going to be a formal space? You have to know what you are trying to accomplish before you begin to decorate.

2. Most people agree that their basement should be a fun room that is geared towards entertaining. If you have a formal room in your home, such as an ?upstairs? living room, you can devote your basement to being a fun and entertaining space. You can do this by selecting the right color scheme, furniture, and accessories. For instance, add comfortable couches, a pool table, and other related items that are sure to bring a smile to the face of every visitor.

3. If you are going to use your basement for entertaining you should not use it as a large storage area as well. There is nothing wrong with storing items in your basement as long as they are kept out of sight.

Decorating your basement does not have to be hard. In fact, it can be a lot of fun. The above tips will make it much easier for you to realize how to best decorate your basement space.

Creative Commons License photo credit: JAGwired

Why Are Rentals Down

Monday, April 27th, 2009

Landlords are seeing a trend that is surprising if not troubling for many people, the problem is people are just not renting as much and many are feeling that the rental market is down. There are several reasons for this.

Unemployment Rate and Economy

With the unemployment rate soaring and the economy diving, people are just not as interested in moving and they’re happy to stay put and try to eek out a living in a comfortable environment.

Where the Jobs Are

The once boom cities are becoming too expensive for many people and some of these places have been hit pretty hard by company closings so people are moving to find work or better economic markets so some landlords are feeling this pain.

Bad Housing Market

The U.S. is really seeing a dip in the value of homes on the market, but for renters this is an excellent time to buy. So if they’re secure in their jobs and income, why not take advantage of what basically amounts to a sale on houses across the nation.

More Bad Housing

Another effect of the bad housing market is that people are stuck with homes they can’t sell while they’ve already moved into another home, rather than letting these homes sit empty they are turning into accidental landlords and renters can get great deals on these homes.

Debunking the Myth Renting is Throwing Money Away

Friday, April 24th, 2009

Too often you hear that renting an apartment is just throwing money away, whereas owning a home is an investment in your future. Harvard University has done a study that has shown that there are times, places and situations where renting makes more economical sense than buying.

Some of the most prominent myths are listed below with additional information which may change your mind about renting versus owning.

Is renting throwing away money while home ownership is building equity? Actually, for the first five years of your mortgage most of the money you are paying for your mortgage goes to pay interest only. You’re not actually creating equity until after five years and a third of all people move within those five years, meaning they never actually begin accumulating equity.

Are mortgage payments less than rent? It depends on what you decide to spend on rent or a mortgage, but keep in mind that there are a lot of hidden costs involved with homeownership and when there is a big expense or repair it is entirely your responsibility.

The third myth is that purchasing a home is a safe investment and the current U.S. housing market proves that this is simply a myth and nothing more.

So, if you’re not planning on staying in one place for a long time and you don’t have a good cushion for emergencies then renting may be a smarter move, especially until the housing market picks up.

How is the Rental Market in your Area?

Thursday, April 23rd, 2009

Our House is A Very, Very Fine House
If you are a landlord it is always good to know how the rental market in your area is performing. Are there a lot of people looking to rent? Is the market saturated? Do you think you will have problems finding tenants in the future? Believe it or not, it is easier than you may think to collect information on the local rental market.

To start, if all of your units are currently rented you are in good shape. This does not mean that things will always be this way, but for now you have nothing to worry about. Even if the rental market is poor, as long as you are renting your properties you should feel good for the most part.

On the other side of things, if you have some units that are vacant you need to consider what is going on within the market. Are you having a hard time finding tenants because of the competition in the area? Are more people buying homes now because of lower prices? These are questions that you need to answer. You can find a lot of this information by reading the local newspaper. Go through the real estate section to see how many other units are for rent, while also collecting statistics on the number of people buying homes.

The rental market in your area is sure to fluctuate. No matter what, make sure you do your part in keeping your units rented out at all times. This is not always easy, but a goal that you should set for yourself.

Creative Commons License photo credit: cambodia4kidsorg

National Housing Locator System

Wednesday, April 22nd, 2009

The U.S. Department of Housing and Urban Development has established a National Housing Locator System which can be found at their new website, NHLS. This website was established in response to the horrible emergency housing situation that arose after Hurricane Katrina Devastated portions of Louisiana. The HUD already had emergency disaster voucher and housing programs which are quite successful but in times of great disaster a new system was deemed necessary.

The NHLS is an internet website which is easily searchable and lists available rental housing in across the nation. HUD, State Housing Authorities, Public Housing Authorities and First Responders can quickly find emergency housing by searching the database of available rental housing and government owned single family homes.

The NHLS uses a rental housing industry standard to collect information on private and public housing providers across the nation to make sure that the property is up to a certain standard. Someone searching for information on available housing in a devastated region will be able to find properties and search the provided data until they come up with a great fit.

If you would like to add your properties to the National Housing Locator System so you can fill vacant property while helping out during a disaster, please check out their website for further information and to begin the sign up project.

Landscaping adds Value to your Home

Tuesday, April 21st, 2009

Balboa Park - San Diego, CaliforniaAdding value to your home is easy enough if you have the money to put in, and the ideas to get started. Many homeowners think solely about the inside of their home when trying to increase its value; this is a big mistake. Believe it or not, landscaping adds value to your home. Not to mention the fact that a well manicured lawn will also draw in drive-by traffic if you are thinking about putting your home on the market.

The nice thing about landscaping is that you can hire a professional, or if you are up to it you can do things on your own. There are not too many aspects of landscaping that you should not be able to handle if you have the necessary time.

When it comes to landscaping you should remember that more is not always better. Instead, stick to the basics and see where it gets you. This can be anything from adding beds of mulch with flowers to planting a few trees to show your property line. Sometimes it is the small changes that add the most value. Not to mention the fact that the less you spend the more you will get back in the long run.

If you are looking to add value to your home forget about the inside for now. Instead, take some time and money to update the look and feel of your yard. You may be surprised at how little changes can make your home much more inviting, while also adding value.

Creative Commons License photo credit: Michael in Flagstaff, Arizona

Buying Energy Efficiency in Bulk

Monday, April 20th, 2009

If you’re a landlord or a property manager and you’re interested in doing your part to help the environment then you may be very interested in the U.S. Department of Energy’s online marketplace so you can purchase Energy Star certified products in bulk at competitive prices.

There are great benefits to purchasing through the U.S. Department of Energy’s website as you can save time by not having to go out and search for products but find them quickly and feel rest assured that you’re getting a good price. And you know that you’re getting one of the best prices around because the suppliers compete with each other.

The customized forms on the website guide you through your purchase so you are buying the right product.

One of the most interesting benefits for some clients is you can remain anonymous with suppliers as you request information and search for bids and quotes. You can choose when and to whom you wish to identify yourself.

Energy Star products that you can select from the website include light bulbs, light fixtures, clothes washers, dehumidifiers, dishwashers, refrigerators, room air conditioners and many more products. All of which, when purchased in bulk, can save you greatly and help the environment by saving energy as well.

Avoid Foreclosure

Friday, April 17th, 2009

If you think you’re facing foreclosure on your home you may be able to avoid foreclosure by taking advantage of a homeowner program established by the federal government.

If you’re falling behind in your mortgage payments you first step is to contact your mortgage lender without haste. Many lenders will renegotiate your terms so you don’t even have to take additional steps, it saves them money to keep you on track, even if it’s an altered track.

If you need additional help the federal government has established a program called HOPE for Homeowners. Under the HOPE program the Federal Housing Authority will back adjustable rate mortgages that appear to be headed toward failure. In this situation a HOPE representative will speak to your lender for you to arrange a loan write down and then a new mortgage will be established. But its not free money, by being a part of the HOPE program you’re agreeing to share future home equity with the federal government.

To qualify for HOPE for Homeowners you have to fully document your income, fully occupy your property (this means investment property doesn’t count), and your housing costs after refinancing have to be less than 31% of your income.