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5 Reasons now may be a perfect time to put your house on the market.

Posted by Greg on June 18, 2013

1.) Demand Is High

Homes are selling at the fastest pace since November 2009 when the market spiked in response to the home buyer tax credit. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that monthly sales increased 9.7% over the same month last year. Total sales have been above year-ago levels for 22 consecutive months. There are buyers out there right now (buyer traffic is 31 percent stronger than a year ago) and they are serious about purchasing.

2.) Supply Is Beginning to Increase

Total housing inventory last month rose 11.9% to 2.16 million homes for sale. This represents a 5.2-month supply at the current sales pace, compared with 4.3 months in January. Many expect inventory to continue to rise as more sellers escape the shackles of negative equity. Selling now while demand is high and before supply increases may garner you your best price.

3.) New Construction Is Coming Back

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.

4.) Interest Rates Are Rising

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year mortgage have shot up to 3.98% with and average .700 in discount points which represents a jump of more than ½ point since the beginning of the year. Even those trying to be the voice of reason on this issue are projecting higher rates. For example, Polyana da Costa, senior mortgage analyst at Bankrate.com said:

“Rates are unlikely to keep going up so quickly and should remain below 5%.”

Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5.) It’s Time to Move On with Your Life

Look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions just asked. You have the power to take back control of your situation by putting the house on the market today. The time may have come for you and your family to move on and start living the life you desire. That is what is truly important

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WHO CONTROLS FACTORS TO A SUCCESS REAL ESTATE SALE

Posted by Greg on March 29, 2013

You control 3 of the 6

  • The Market controls 2 of the 6
    • Your REALTOR® controls 1 of the 6

    YOU Control
    1. Price - You determine list price for your home. However, a list price above the market for homes similar to yours will impact negatively on buyer interest in making an offer. Your REALTOR® will review price history with you to assist you in making a list price determination.

    2. Terms - Buyers have requirements just as sellers do. Your willingness to respect them and be willing to negotiate which terms will be acceptable to both parties can have a very positive impact. Price and Terms will usually be negotiated at the same time.

    3. Condition - How well you have maintained the home will influence both your price and length of time to sell. The pool of buyers who are willing to make major repairs is much smaller than the pool of buyers who want a home that has been well maintained.

    THE MARKET Controls
    4. Timing - Economic conditions operate independently of price, terms and property condition. Similarly, seasons and weather factors can affect the time it takes to sell a home.

    5. Competition - The number of homes on the market most certainly bears heavily on your ability to sell your home on a timely basis.

    YOUR REALTOR® Controls
    6. Promotion - From entry into the Multiple Listing System, to internet marketing and any other programs your agent will have an impact on your home sale.

    CONCLUSION
    No one of the six factors alone controls the timely sale of your home. Your agent should provide you with

    • Feedback from prospects who have visited your home
      • Changes in market conditions

      Your willingness or ability to make adjustments in price, terms or condition based on the information provided will be the final determinant as to how quickly your home will sell.

Posted in Baltimore Home Sales, Baltimore Property Management, Baltimore Real Estate, Baltimore Rental Homes, General, Home Buyers, Home Sellers, Maintaining your Home (Investment), property management, Real Estate, Real Estate Investor, Rental Homes Baltimore, Rental Marketing, www.baltimore-realtor-gregmoses.com, www.rentals-baltiomore.com | Leave a Comment »

20 Questions That Could Change Your Life

Posted by Greg on February 27, 2013

1. What questions should I be asking myself?
At first I thought asking yourself what you should be asking yourself was redundant. It isn’t. Without this question, you wouldn’t ask any others, so it gets top billing. It creates an alert, thoughtful mind state, ideal for ferreting out the information you most need in every situation. Ask it frequently.

2. Is this what I want to be doing? 
This very moment is, always, the only moment in which you can make changes. Knowing which changes are best for you comes, always, from assessing what you feel. Ask yourself many times every day if you like what you’re doing. If the answer is no, start noticing what you’d prefer. Thus begins the revolution.

3. Why worry? 
These two words, considered sincerely, can radically reconfigure the landscape of your mind. Worry rarely leads to positive action; it’s just painful, useless fear about hypothetical events, which scuttles happiness rather than ensuring it. Some psychologists say that by focusing on gratitude, we can shut down the part of the brain that worries. It actually works!

4. Why do I like {cupcakes} more than I like {people}? 
Feel free to switch out the words in brackets: You may like TV more than exercise, or bad boys more than nice guys, or burglary more than reading. Whatever the particulars, every woman has something she likes more than the somethings she’s supposed to like. But forcing “virtues”—trying to like people more than cupcakes—drives us to vices that offer false freedom from oppression. Stop trying to like the things you don’t like, and many vices will disappear on their own.

5. How do I want the world to be different because I lived in it?
Your existence is already a factor in world history—now, what sort of factor do you want it to be? Maybe you know you’re here to create worldwide prosperity, a beautiful family, or one really excellent bagel. If your impressions are more vague, keep asking this question. Eventually you’ll glimpse clearer outlines of your destiny. Live by design, not by accident.

6. How do I want to be different because I lived in this world?
In small ways or large, your life will change the world—and in small ways or large, the world will change you. What experiences do you want to have during your brief sojourn here? Make a list. Make a vision board. Make a promise. This won’t control your future, but it will shape it.

7. Are {vegans} better people? 
Again, it doesn’t have to be vegans; the brackets are for you to fill in. Substitute the virtue squad that makes you feel worst about yourself, the one you’ll never have the discipline to join, whether it’s ultra-marathoners or mothers who never raise their voices. Whatever group you’re asking about, the answer to this question is no.

8. What is my body telling me? 
As I often say, my mind is a two-bit whore—by which I mean that my self-justifying brain, like any self-justifying brain, will happily absorb beliefs based on biases, ego gratification, magical thinking, or just plain error. The body knows better. It’s a wise, capable creature. It recoils from what’s bad for us, and leans into what’s good. Let it.

9. How much junk could a chic chick chuck if a chic chick could chuck junk?
I believe this question was originally posed by Lao Tzu, who also wrote, “To become learned, each day add something. To become enlightened, each day drop something.” Face it: You’d be better off without some of your relationships, many of your possessions, and most of your thoughts. Chuck your chic-chick junk, chic chick. Enlightenment awaits.

10. What’s so funny? 
Adults tend to put this question to children in a homicidal-sounding snarl, which is probably why as you grew up, your laughter rate dropped from 400 times a day (for toddlers) to the grown-up daily average of 15. Regain your youth by laughing at every possible situation. Then, please, tell us what’s funny—about everyday life, about human nature, even about pain and fear. We’ll pay you anything.

12. What potential memories am I bartering, and is the profit worth the price?
I once read a story about a world where people sold memories the way we can sell plasma. The protagonist was an addict who’d pawned many memories for drugs but had sworn never to sell his memory of falling in love. His addiction won. Afterward he was unaware of his loss, lacking the memory he’d sold. But for the reader, the trade-off was ghastly to contemplate. Every time you choose social acceptance over your heart’s desires, or financial gain over ethics, or your comfort zone over the adventure you were born to experience, you’re making a similar deal. Don’t.

13. Am I the only one struggling not to {fart} during {yoga}? 
I felt profoundly liberated when this issue was raised on Saturday Night Live’s “Weekend Update.” Not everyone does yoga, but SNL reminded me that everyone dreads committing some sort of gaffe. Substitute your greatest shame-fear: crying at work, belching in church, throwing up on the prime minister of Japan. Then know you aren’t alone. Everyone worries about such faux pas, and many have committed them (well, maybe not the throwing up on PMs). Accepting this is a bold step toward mental health and a just society.

14. What do I love to practice? 
Some psychologists believe that no one is born with any particular talent and that all skill is gained through practice. Studies have shown that masters are simply people who’ve practiced a skill intensely for 10,000 hours or more. That requires loving—not liking, loving—what you do. If you really want to excel, go where you’re passionate enough to practice.

15. Where could I work less and achieve more? 
To maximize time spent practicing your passions, minimize everything else. These days you can find machines or human helpers to assist with almost anything. Author Timothy Ferriss “batches” job tasks into his famous “four-hour workweek.” My client Cindy has an e-mail ghostwriter. Another client, Angela, hired an assistant in the Philippines who flawlessly tracks her schedule and her investments. Get creative with available resources to find more time in your life and life in your time.

16. How can I keep myself absolutely safe? 
Ask this question just to remind yourself of the answer: You can’t. Life is inherently uncertain. The way to cope with that reality is not to control and avoid your way into a rigid little demi-life, but to develop courage. Doing what you long to do, despite fear, will accomplish this.

17. Where should I break the rules?
If everyone kept all the rules, we’d still be practicing cherished traditions like child marriage, slavery, and public hangings. The way humans become humane is by assessing from the heart, rather than the rule book, where the justice of a situation lies. Sometimes you have to break the rules around you to keep the rules within you.

18. So say I lived in that fabulous house in Tuscany, with untold wealth, a gorgeous, adoring mate, and a full staff of servants…then what? 
We can get so obsessed with acquiring fabulous lives that we forget to live. When my clients ask themselves this question, they almost always discover that their “perfect life” pastimes are already available. Sharing joy with loved ones, spending time in nature, finding inner peace, writing your novel, plotting revenge—you can do all these things right now. Begin!

19. Are my thoughts hurting or healing? 
Your situation may endanger your life and limbs, but only your thoughts can endanger your happiness. Telling yourself a miserable mental story about your circumstances creates suffering. Telling yourself a more positive and grateful story, studies show, increases happiness. Wherever you are, whatever you’re doing, choose thoughts that knit your heart together, rather than tear it apart.

20. Really truly: Is this what I want to be doing? 
It’s been several seconds since you asked this. Ask it again. Not to make yourself petulant or frustrated—just to see if it’s possible to choose anything, and I mean any little thing, that would make your present experience more delightful. Thus continues the revolution.

 

By Marth Beck

 

Posted in Baltimore Property Management, Baltimore Real Estate, Baltimore Rental Homes, Home Buyers, Home Sellers, Personal Development, Real Estate, Real Estate Investor, www.baltimore-realtor-gregmoses.com, www.rentals-baltiomore.com | Tagged: , , | Leave a Comment »

10 Life Lessons You Should Unlearn

Posted by Greg on February 25, 2013

In the past 10 years, I’ve realized that our culture is rife with ideas that actually inhibit joy. Here are some of the things I’m most grateful to haveunlearned:

1. Problems are bad. You spent your school years solving arbitrary problems imposed by boring authority figures. You learned that problems—comment se dit?—suck. But people without real problems go mad and invent things like base jumping and wedding planning. Real problems are wonderful, each carrying the seeds of its own solution. Job burnout? It’s steering you toward your perfect career. An awful relationship? It’s teaching you what love means. Confusing tax forms? They’re suggesting you hire an accountant, so you can focus on more interesting tasks, such as flossing. Finding the solution to each problem is what gives life its gusto.

2. It’s important to stay happy. Solving a knotty problem can help us be happy, but we don’t have to be happy to feel good. If that sounds crazy, try this: Focus on something that makes you miserable. Then think, “I must stay happy!” Stressful, isn’t it? Now say, “It’s okay to be as sad as I need to be.” This kind of permission to feel as we feel—not continuous happiness—is the foundation of well-being.

3. I’m irreparably damaged by my past. Painful events leave scars, true, but it turns out they’re largely erasable. Jill Bolte Taylor, the neuroanatomist who had a stroke that obliterated her memory, described the event as losing “37 years of emotional baggage.” Taylor rebuilt her own brain, minus the drama. Now it appears we can all effect a similar shift, without having to endure a brain hemorrhage. The very thing you’re doing at this moment—questioning habitual thoughts—is enough to begin off-loading old patterns. For example, take an issue that’s been worrying you (“I’ve got to work harder!”) and think of three reasons that belief may be wrong. Your brain will begin to let it go. Taylor found this thought-loss euphoric. You will, too.

4. Working hard leads to success. Baby mammals, including humans, learn by playing, which is why “the battle of Waterloo was won on the playing fields of Eton.” Boys who’d spent years strategizing for fun gained instinctive skills to handle real-world situations. So play as you did in childhood, with all-out absorption. Watch for ways your childhood playing skills can solve a problem (see #1). Play, not work, is the key to success. While we’re on the subject…

5. Success is the opposite of failure. Fact: From quitting smoking to skiing, we succeed to the degree we try, fail, and learn. Studies show that people who worry about mistakes shut down, but those who are relaxed about doing badly soon learn to do well. Success is built on failure.
6. It matters what people think of me. ”But if I fail,” you may protest, “people will think badly of me!” This dreaded fate causes despair, suicide, homicide. I realized this when I read blatant lies about myself on the Internet. When I bewailed this to a friend, she said, “Wow, you have some painful fantasies about other people’s fantasies about you.” Yup, my anguish came from my hypothesis that other people’s hypothetical hypotheses about me mattered. Ridiculous! Right now, imagine what you’d do if it absolutely didn’t matter what people thought of you. Got it? Good. Never go back.

7. We should think rationally about our decisions. Your rational capacities are far newer and more error-prone than your deeper, “animal” brain. Often complex problems are best solved by thinking like an animal. Consider a choice you have to make—anything from which movie to see to which house to buy. Instead of weighing pros and cons intellectually, notice your physical response to each option. Pay attention to when your body tenses or relaxes. And speaking of bodies…

8. The pretty girls get all the good stuff. Oh, God. So not true. I unlearned this after years of coaching beautiful clients. Yes, these lovelies get preferential treatment in most life scenarios, but there’s a catch: While everyone’s looking at them, virtually no one sees them. Almost every gorgeous client had a husband who’d married her breasts and jawline without ever noticing her soul.

9. If all my wishes came true right now, life would be perfect. Check it out: People who have what you want are all over rehab clinics, divorce courts, and jails. That’s because good fortune has side effects, just like medications advertised on TV. Basically, any external thing we depend on to make us feel good has the power to make us feel bad. Weirdly, when you’ve stopped depending on tangible rewards, they often materialize. To attract something you want, become as joyful as you think that thing would make you. The joy, not the thing, is the point.

10. Loss is terrible. Ten years ago I still feared loss enough to abandon myself in order to keep things stable. I’d smile when I was sad, pretend to like people who appalled me. What I now know is that losses aren’t cataclysmic if they teach the heart and soul their natural cycle of breaking and healing. A real tragedy? That’s the loss of the heart and soul themselves. If you’ve abandoned yourself in the effort to keep anyone or anything else, unlearn that pattern. Live your truth, losses be damned. Just like that, your heart and soul will return home.

By Martha Beck

Posted in Baltimore Home Sales, Baltimore Property Management, Baltimore Real Estate, Baltimore Rental Homes, Home Buyers, Home Sellers, Real Estate, Real Estate Investor, www.baltimore-realtor-gregmoses.com, www.rentals-baltiomore.com | Leave a Comment »

FHA is increasing its MI as of April 1st! What’s the impact on Home Buyers

Posted by Greg on February 21, 2013

We all know that FHA is increasing its MI as of April 1st and then increasing how long a buyer has to keep paying MI come June 3rd.   BUY NOW to avoid these extra charges.

Act Now - Red ButtonThe 3.5% down payment on FHA loans could be more expensive for buyers than expected. Beginning April 1, 2013, the mortgage insurance premium will go up by .1% to 1.35% which may not even be noticeable to most would-be homeowners.

The staggering increase will occur on 6/3/2013 when FHA’s policy on the duration of the required mortgage insurance will be increased for the life of the mortgage. It basically doubles the amount of total MIP if the loan is paid to term.

Below is an example with a purchase price of $175,000 with 3.5% down payment at 4% mortgage rate on 30 year term, rates lower show even a bigger difference.

FHA Changes

(Regarding the current MIP duration: When the unpaid balance reaches 78% LTV of original purchase, the MIP can be released. In any event though, the minimum time must be five years.) 

Currently, the MIP is required for approximately 9 years 9 months with normal amortization. The new program would require the MIP for the life of the loan. In this example, the initial monthly MIP is $196.88 which decreases based on amortization.

There are buyers that qualify on income and credit who may not have the necessary additional down payment required for 80% and 90% conventional loans. The 3.5% FHA program has provided a great vehicle to get into a home with a minimum amount of cash.

For homeowners that expect to stay in their home for ten years or less, the new changes might not have much financial impact. Homeowners who expect to be in their home long term can refinance with a conventional loan without mortgage insurance once the equity has increased due to amortization and appreciation.

For buyers to avoid these increases, they will need to act now to get the FHA commitment issued prior to these change dates.  They need to have a ratified contract by the last week of May in order to get an FHA Case Number assigned before the June 3rd cutoff date.

Posted in Baltimore Home Sales, Baltimore Property Management, Baltimore Real Estate, Baltimore Rental Homes, Foreclosure Consultant, Home Buyers, Home Sellers, Real Estate, Real Estate Investor, www.baltimore-realtor-gregmoses.com, www.rentals-baltiomore.com | Tagged: , , , , , | Leave a Comment »

Warren Buffett Just Made A Huge Bet On The US Housing Market

Posted by Greg on November 14, 2012

Warren Buffet

Getty Images/Gabe Palacio

Perhaps the most bullish indicator for U.S. housing is Warren Buffett.

 

The legendary investor has been buying up real-estate brokerages around the country as he bets on a housing turnaround. Now, he is partnering with Brookfield Asset Management, a Canadian real-estate investor, to more than double the size of his brokerage business.

Bloomberg Businessweek’s Noah Buhayar has the details:

Berkshire’s HomeServices of America Inc. unit will be the majority owner of the venture to manage a U.S. residential real-estate affiliate network, according to a statement on the new company’s website. The firms plan to offer a new franchise brand, Berkshire Hathaway Home Services, starting next year. Brookfield’s network has operated under the Prudential Real Estate and Real Living Real Estate brands.

Berkshire’s managers have been positioning the firm to benefit as the U.S. home market recovers from its worst slump in seven decades. The Omaha, Nebraska-based company has bought a brickmaker, won the loan portfolio of bankrupt mortgage lender Residential Capital LLC at auction and built its HomeServices unit by agreeing to acquire real-estate brokerages in states including Oregon and Connecticut.

The press release says the brokerages that will make up the new company did a combined $72 billion in sales in 2011. That’s more than twice the $32 billion in sales that Berkshire did in 2011 without the new brokerages.

More from the release:

The combined networks of more than 53,000 Prudential Real Estate and Real Living Real Estate agents generated in excess of $72 billion in residential real estate sales volume in 2011, and operate across more than 1,700 U.S. locations.

“Berkshire Hathaway HomeServices is a new franchise brand built upon the financial strength and leadership of Brookfield and HomeServices,” said Warren Buffett, chairman and CEO of Berkshire Hathaway Inc. “I am confident that these partners will deliver value to the residential real estate industry, and I am pleased to have Berkshire Hathaway be a part of the new brand.”

“The strength of the Berkshire Hathaway name, coupled with the operational excellence of HomeServices and the franchising experience of Brookfield, positions Berkshire Hathaway HomeServices® as a leading real estate franchise in the U.S., building on our traditions of exceptional client service and innovation. Brookfield is excited to be a partner in creating a home for the best real estate brokers and agents in the country,” said Bruce Flatt, Brookfield Asset Management CEO.

Buffett has been public about his bullish housing call for a while as he’s built his residential real-estate brokerage business, but this is a big addition.

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Don’t let Failure make a Monkey Out of You.

Posted by Greg on September 25, 2012

Business professors Gary Hamel and C.K. Prahalad have written about an experiment that was conducted with a group of monkeys.  It is vivid story of failure.

Four monkeys were placed in room that had a tal pole in the center.  Suspended from the top of that pole was bunch of bananas.  One of the hungry monkeys started climbing the pole to get something to eat, but just as he reached out to grab a banana, he was doused with a torrent of cold water.  Squealing, he scampered down the pole and abandaned his attempt to feed himself.  Each monkey made a similar attempt, they finally gave up.

Then the researchers removed one of the monkeys from the room and replaced him with a new monkey.  As the new monkey began to climb the pole, the other three grabbed him and pulled him down to the ground.  After trying to climb the pole several times and being dragged down by the others, he finally gave up and never attempted to climb the pole again.

The researchers replaced the original monkeys, one by one, and each time a new monkey was brought in, he would be dragged down by the others before he could reach the bananas.  In time, the room was filled with monkeys who had never received a cold shower.  None of them would climb the pole, but none of them knew WHY.

Unfortunately people who have gotten used to failure can be a lot like those monkeys.  They make the same mistakes again and again, yet they are never quite sure why.  And as a result, they never seem to get off what I call the failure freeway.  The old saying is true:  If you always do what you’ve always done, then you will always get what you’ve always gotten.

Posted in Uncategorized, Home Buyers, Home Sellers, Real Estate Investor, Rental Marketing, Property Updates, General, Inspirational, Real Estate, Baltimore Rental Homes, Baltimore Property Management, Rental Homes Baltimore, Maryland Foreclosure Opportunities, Baltimore Home Sales, Baltimore Real Estate, www.baltimore-realtor-gregmoses.com | Tagged: , , , | Leave a Comment »

Character

Posted by Greg on July 8, 2012

Trustworthiness

Be honest • Don’t deceive, cheat, or steal • Be reliable — do what you say you’ll do • Have the courage to do the right thing • Build a good reputation • Be loyal — stand by your family, friends, and country

Respect

Treat others with respect; follow the Golden Rule • Be tolerant and accepting of differences • Use good manners, not bad language • Be considerate of the feelings of others • Don’t threaten, hit or hurt anyone • Deal peacefully with anger, insults, and disagreements

Responsibility

Do what you are supposed to do • Plan ahead • Persevere: keep on trying! • Always do your best • Use self-control • Be self-disciplined • Think before you act — consider the consequences • Be accountable for your words, actions, and attitudes • Set a good example for others

Fairness

Play by the rules • Take turns and share • Be open-minded; listen to others • Don’t take advantage of others • Don’t blame others carelessly • Treat all people fairly

Caring

Be kind • Be compassionate and show you care • Express gratitude • Forgive others • Help people in need

Citizenship

Do your share to make your school and community better • Cooperate • Get involved in community affairs • Stay informed; vote • Be a good neighbor • Obey laws and rules • Respect authority • Protect the environment • Volunteer

 

Posted in Uncategorized, Home Buyers, Home Sellers, Foreclosure Consultant, Real Estate Investor, Financing, Rental Marketing, General, Inspirational, Real Estate, Baltimore Rental Homes, Baltimore Property Management, Rental Homes Baltimore | Tagged: , , , , | Leave a Comment »

Add up your budget for repair costs

Posted by Greg on July 8, 2012

If you are not good at estimating what repairs will cost get
some estimates from contractors. You want to make sure
you include everything from carpet, paint and light fixtures,
to plumbing electrical and landscaping. It is better to go
over on your estimate rather than to underbid what the
overall costs will be.

When you think you have estimated what your repair budget
is add 10-20% to this total. You may not think you need this
extra cushion, but more times than not you will end up going
over budget on a rehab project.

Posted in Baltimore Property Management, Baltimore Rental Homes, Financing, Real Estate, Real Estate Investor, Rental Homes Baltimore, Rental Marketing | Tagged: , , | Leave a Comment »

Renovations That Will Devalue Your Home

Posted by Greg on July 5, 2012

Most homeowners think that all renovations or home improvement project ideas will increase the value of their property. After all, who wouldn’t love a super-deluxe kitchen, or a bathroom fancy enough to be in a five-star spa? Sure, we’d all love that. But the problem is that most people don’t want to pay extra for someone else’s pet project when it comes to buying a home.

Homeowners should of course invest in renovations that are going to make them happy and improve quality of life. It is “home” after all! But if you’re going to be putting your home on the market any time soon or are in the business of flipping houses, certain upgrades could end up doing you more harm than good.

If you think you might be selling your home sooner than later, here are four improvements to avoid:

1. Over-the-Top Kitchen Renovations

You may love gourmet cooking, so a $30,000 kitchen upgrade might be just to your liking. But this could be a turnoff for potential buyers who aren’t crazy about cooking. To them, the restaurant-sized stainless-steel stove, kitchen island and fridge just seem excessive, and they’re not going to want to pay for them. Instead, they’ll pass on your home and end up buying one with a regular kitchen.

Take a look at some kitchen remodeling ideas on a budget. You can still enjoy an upgraded kitchen without going overboard and compromising the value of your home. In fact, remodeling a kitchen for less than $1,000 is definitely a possibility.

2. Over-the-Top Bathroom Renovations

That ultra-deep jacuzzi tub and custom Kohler 360-degree shower you just installed might make your mornings a blast. But to budget or eco-minded buyers, all that water use is going to be a serious drawback. As with your kitchen, keep your bathroom remodeling ideas modest if you think you’ll be putting your home on the market any time soon.

3. A Pool or Hot Tub

Yes, a pool addition can add significant value to your home (11 percent on average in the Southwest, but only 6 percent in the Midwest where the swimming season is much shorter). If it’s above-ground, though, then knock 2 percent of your home’s purchase price, since they’re less appealing than in-ground pools. The problem is that pools are polarizing. There are constant swimming pool costs ($1,500 on average per year) and they require a lot of maintenance.

They’re also a liability, especially for families with young children, and could affect your homeowners insurance coverage. Pools will limit how many people want to buy your home, so keep that in mind before you have one installed (or consider buying a home with an existing pool).

4. Overly Specialized Rooms

So, you just tore down the garage (which you never used) and built a four-season sunroom which resembles an English manor conservatory. You’re thrilled, but your potential buyers are going to be rolling their eyes. Where are they going to park the car and store the lawn mower and all their kids’ sport equipment? Installing nontraditional customized rooms (like indoor basketball courts or a basement music studio) is great if you’re going to be in your home for awhile. But potential buyers are likely to see this as a waste of space, and a project (and expense) they’ll have to deal with if they buy your home.

Final Word

We all want to live in a home that reflects our tastes and interests, and our homes should be exactly how we want them to be. Just keep in mind that if you plan to sell your home in the near future, those upgrades and expensive renovations might end up devaluing the home you’re trying to sell for top dollar.

Posted in Baltimore Property Management, Baltimore Rental Homes, BRAC, Financing, Foreclosure Consultant, General, Home Buyers, Home Sellers, Maintaining your Home (Investment), property management, Property Updates, Real Estate, Real Estate Investor, Relocating, Rental Homes Baltimore, Rental Marketing, Savings, Uncategorized | Tagged: , , , , | Leave a Comment »

 
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