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January 9, 2018

9 Ways Home Flipping Shows Mislead Viewers

We all know the premise of home-flipping shows: An investor buys a veritable dump and then, with the help of a team of ready-and-willing contractors and landscapers, transforms it into the best-looking home on the block. Next, that intrepid buyer turns around and sells it for a hefty profit. Sounds like a straightforward formula for financial success, right? Well, not quite.

What makes for entertaining television doesn’t always translate into a win beyond the high definition flat screen. The following are nine ways home-flipping shows mislead viewers. So, if you’re considering turning this into your next career or even a side gig, you may want to separate fact from fiction first.

1. Tight turnarounds aren’t always realistic

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In order to realize as large a profit as possible, it’s important to flip the property as quickly as you can, otherwise paying the mortgage, taxes, and insurance quickly chips away at your bottom line. While sales tend to happen quickly on TV, the reality is that even if you have a willing buyer, getting pre-approved and securing the financing doesn’t happen overnight. For anxious sellers, that ticking clock is a constant reminder that every passing day means a little less money in their pockets.

2. Finding a dedicated team isn’t easy

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As far too many homeowners know, not all contractors are created equal. For the most part, the artisans who make their way onto home-flipping shows are trustworthy, knowledgeable and willing to work nearly round-the-clock to get the job done. In reality, contractors may be working on multiple projects simultaneously and may disappear for days at a time. And as we all know, time is money.

3. DIY doesn’t work for everyone

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Part of the appeal of these home-flipping programs is the ease with which the whole property comes together. But it’s more than just the time-lapse photography that makes it seem like anyone with a tool belt can renovate like a pro. While you might be tempted to take a DIY approach to keep expenses low, remember, these people know what they’re doing, whereas most homeowners are experts at other things. Sometimes tackling a task yourself will end up costing you more than if you’d hired the right person for the job.

4. When trouble strikes, it’s not so easy to resolve

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Even with a careful home inspection, surprises (not the good kind!) pop up when you least expect them. Yet, if a sink hole opens and threatens to swallow a sunporch, home-flipping show teams are ready to fix that issue like it’s no big deal. When it happens to non-TV-star homeowners, it’s not always easy to find the right subcontractor — especially when you’re under time constraints. And, once you do, can you even afford to deal with whatever unpleasant shocker has come your way? If you have to go back to the bank for more money, that will impact your timeframe and ultimately your profit. (See number 1.) Home-flippers on TV seem to have bottomless bank accounts. Must be nice, right?

5. Materials don’t arrive simultaneously

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When home-flippers begin a project, all the requisite materials are on-site and ready to go. If only this were the norm! Anyone who’s ever fallen in love with a special order item knows that it’s almost impossible to find everything you like in stock and ready for delivery. Some contractors are reluctant to start a renovation until all the supplies are in, which, again, can hurt your timeline and your profit.

6. The back-and-forth is all done behind-the-scenes

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Never mind the fact that homes showcased on these programs never seem to lack for buyers, in many instances there doesn’t seem to be any haggling to speak of when it comes to the asking price. Leaving out the art of negotiation does viewers a disservice as it makes it appear that buyers can’t wait to pay full price — or above it.

7. The math is fuzzy

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In order to reap the biggest profit, you need to buy below market value, sell above it, and not put more money into the renovation than you’ll get back. As if that equation weren’t complicated enough, on television, you don’t always hear about the costs of buying or selling, inspection and appraisals fees, and other expenses that go into both sides of the transactions. Leaving out some numbers conveniently inflates the profit.

8. Costs vary by area

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Renovating a bathroom in rural Tennessee is going to cost much less than it would in, say, Manhattan. Not only will the labor be less expensive, but the materials and delivery charges will also skew lower in non-metropolitan areas. Of course, none of that is addressed in the show and most often estimates on TV are far lower than those you’d gather in real life.

9. You can over-renovate

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Once you’re in the home improvement groove, you may be tempted to splurge and really go all out, but you have to resist the temptation to overdo it and put in more money than you’ll ever get back. In the quest to make your flip as fabulous as possible, you never want to lose sight of the the reason you started this project: to make money. Consider the return on investment for each improvement you make.

Do you have plans to take on a renovation or investment property this year? If so, let’s talk!

By The Property Geeks
Contract
December 12, 2017

Geek Speak: Home Warranties

What’s the scoop with home warranties? Are they important? Do I need one?

Unlike a manufacturer’s warranty that covers an appliance for a certain amount of time, or a homeowner’s insurance policy that protects a home against catastrophic damages, a home warranty provides coverage for day-to-day breakage due to normal use.

A home warranty doesn’t expire–the plan can be renewed year after year.  Coverage can extend from appliances like dishwashers and water heaters to whole-house systems such as plumbing and electrical. Terms and limits vary by company and some offer additional coverage for specialty items like pools or wells. One of the companies we work with even covers the cost of re-keying an entire home–a huge benefit for a buyer right after a move.

Who Buys a Home Warranty?

That depends. In a competitive market, sellers may include a home warranty in the purchase price of their house. If buyers have concerns about dated appliances, they might ask a seller to include the coverage as part of the purchase agreement. Home warranties can also be purchased directly by a homeowner. They don’t have to be part of a home sale.

Kitchen AppliancesTop 3 Reasons to Purchase a Home Warranty:

Peace of Mind for Buyers – As a buyer, there’s comfort knowing that if something goes wrong, you won’t be out the expense of having to replace or repair an item in addition to all of the other moving and closing expenses.

Attractive Advantage – If a buyer is undecided between properties, the addition of a bonus like a home warranty may provide the deciding factor between homes.

Limited Liability – With a home warranty in place, a seller won’t have to worry about an appliance giving out and having to come up with the extra funds for replacement while their home is for sale.

If you’d like more information about home warranties, contact on of the geeks or tune in for this week’s episode of Grill The Geeks on The Property Geeks Facebook page where we’ll be talking to a colleague of ours who works for a home warranty company. We broadcast live every Thursday at 12pm Central time. Hope to see you there!

 

 

 

By The Property Geeks
Home Staging Kitchen
November 14, 2017

15 Before & After Photos that Prove the Power of Home Staging

There’s no denying it: Homes that receive effective home staging definitely stand out. Not only does the right amount of decluttering, organizing and accessorizing make your home more attractive, it can actually increase its value.

According to the National Association of Realtors’ 2015 Profile of Home Staging Report, 32 percent of buyers’ agents believe their clients are willing to offer one percent to five percent more for staged homes. What’s more, 81 percent of agents said home staging made it easier for buyers to visualize the property as their future home.

If that’s not enough to convince you, take a look at these before-and-after photos to really illustrate how powerful home staging can be.

1. Cool kitchen

Attractive barstools and place settings make you want to sit right down for lunch! The hardware upgrade on the cabinets makes a big difference too.

2. Dining room do-over

A fresh coat of paint and right-sized furniture create an appetizing room that’s welcoming without being over-the-top. (Removing that potty chair from the picture was a wise move as well.)

3. Room with a view

This living room went from sad to sophisticated with the help of the right furnishings and accessories. Who could focus on that stunning view with those flimsy outdoor chairs in the way?

4. The personal touch

Homeowners are often advised to keep their rooms neutral and remove many of their personal effects. But by adding a few well-placed items to the countertops, this kitchen just became a lot more enticing.

5. The beauty of decluttered space

Organizing and decluttering go hand-in-hand with home staging. It’s a shame to bury a fireplace behind so much stuff.

6. Updated decor

Many consumers have a hard time envisioning themselves in a space if the decor is too distinctive or distracting. Keeping items current and appealing to all is a way to attract as many buyers as possible.

7. Bedrooms don’t need to be bold

While you may love the idea of an extreme shade, not everyone wants to wake up to dramatic hues. In addition to lightening the wall color, moving the bed away from the window enhances the view.

8. Brighter bathroom

Nothing makes a bathroom sparkle like clean, cream-colored walls. Fresh-flowers, white hand towels, and an elegant soap dispenser take this bathroom from drab to eye-catching without any remodeling required..

9. Gorgeous guest room

This stunning space was packed with potential but failed to live up to it. In addition to new chairs, the right lighting and taking the photo from a better angle transformed this room.

10. Wall art adds a wow factor

The right wall hangings can take a room from comfortable to curated with minimal effort.

11. Less is more

Home stagers will often suggest placing some of your items in a storage unit to make your rooms appear more open and spacious. This photo illustrates why that’s such a smart idea.

12. Accent on color

The walls can stay neutral but adding a pop of color through accent pieces like throw pillows and well-placed chairs pull a room together.

13. Let there be light.

This attic bedroom went to dim and dreary to quaint and cozy with the addition of a nightstand and table lamp. The complementary geometric patterns bring interest to the small space without overwhelming it.

14. Empty just isn’t as appealing

Even if an empty room looks great on its own, showing buyers how to show off the space is inspiring.

15. Every detail counts

In case you needed any additional convincing that home staging makes an enormous difference, this montage of makeovers should do the trick.

We hope you agree that staging can take a home from okay to awesome! And if you have questions about selling or staging your home, feel free to give us a call or tune in to Grill the Geeks every Thursday at 12pm CT on our Facebook page.

By The Property Geeks
Home Staging Musts
June 20, 2017

5 Home Staging “Musts”

The Property Geeks spoke to Melissa Evans of Trend Staging for a recent episode of Grill the Geeks. Here are our top five “Home Staging Musts” we feel sellers need to do in order to maximize the value of their home:

Declutter

1) Declutter. You can’t show off your home’s best features if you have piles of paperwork on every horizontal surface and closets bursting with clothes your kids outgrew two years ago. Not that any of us are guilty of that… 😉 Use this time to purge, purge, purge. Your home will show better and you’ll have less to pack and move. It’s a win-win!

Depersonalize

2) Depersonalize. Buyers need to be able to visualize themselves living in your home. Take down personal items like the wall of family photos, the shelves of Little League trophies and the Hummel collection you inherited from grandma. The fewer distractions that remind them that they’re walking through someone else’s home, the easier it will be for them to picture themselves in the space.

Deep Clean

3) Deep clean and freshen up. Yes, buyers will actually look in your bathroom cabinets, under your sink and sometimes even behind your refrigerator. Show some love to the things you haven’t thought about in years… the air vents, the dust-caked blades on the ceiling fans, each slat on the mini blinds. Move the furniture, wash the walls. It matters. When you’re done cleaning, neutralize your space with a fresh coat of paint in a neutral color. That gorgeous shade of tangerine you painted the kitchen might go great with your teal Fiestaware, but bold colors will most likely be a turn off for a buyer.

Clarify Your Space

4) Clarify your space. If you have rooms doing double duty like a spare room that doubles as an office and a workout area, you have to make a choice. Buyers have a hard time making sense of rooms without a clear purpose. Make the function of your rooms obvious, especially if you have odd nooks or spaces that might give a prospective buyer trouble trying to figure out how to use that unusual space.

Staged Home

5) Don’t try to sell an empty home. Already moved out? You can rent furniture or pay a professional stager to come in and set your space. Houses show better when they have furniture in them. If you can’t afford to stage the entire home, focus on the most important areas like the main living space, dining area and master bedroom. You can still stage certain rooms even if you’re still living in the house. Put your waterbed in storage and bring in an updated bedroom set. In our experience, buyers that stage their homes well will recoup more than the cost of the staging.

If you need help getting your home ready to sell, give us a call. We’re always happy to do a walk-through for our clients and highlight the areas that need special attention. And if you’d like to watch the original interview, check out this episode of Grill The Geeks on The Property Geeks’ You Tube channel. You can also catch upcoming episodes every Thursday at 12pm central on our Facebook page. We talk about buying, selling, and everything else real estate related we’ve been geeking out about!

By The Property Geeks
Outdoor Furniture
June 2, 2017

5 Types of Outdoor Furniture That Lasts

As spring turns into summer, one of the first things you’ll do is get the patio furniture out of storage, grab the cushions, and get ready for some R&R. But what if you grab that furniture and hmmm…it doesn’t look nearly as nice as it once did. Well, you’re in luck because today there are dozens of choices for new outdoor patio furniture that will have your outdoor living spaces looking and feeling cozy and welcoming for both you and your guests.

Your choice in outdoor furniture is important, as you probably spend a lot of time on it during the summer months. It makes sense, then, to choose comfortable styles and fabrics, while still keeping in mind the care and maintenance needs of furniture. The first thing you should do is think about how you use your outdoor areas. Do you hold big parties for many people, or do you have more small, intimate cookouts? Do you do most of your cooking outdoors during the summer? These are important questions to ask when you’re considering new furniture purchases.

Below we have categorized a few of the most attractive choices for patio furniture, both by aesthetics and by their ease-of-maintenance. Use this as your guide when you go shopping.

1. Wrought Iron Furniture

Wrought iron is classic, sturdy, and timeless-looking. If you live in an area of high winds, you won’t have to worry about your patio furniture blowing away. There are so many styles, colors, and designs with wrought iron that it is sure to fit your style, no matter what that might be. But don’t plan to use this type of outdoor furniture if you’ll be moving pieces around a lot. They are hefty and will leave marks if dragged across the deck.

Because the paint on wrought iron can chip, see if there is a touch-up paint in the same color available to purchase when you buy your set of furniture. You’ll be able to use the touch up anytime you find scratches or chips, and it’ll keep your furniture looking like brand new. To clean, just wipe down with a damp cloth. If deeper cleaning is necessary, wipe down with a solution of dishwashing detergent and warm water, and then rinse with your garden hose.

2. Aluminum Furniture

Aluminum patio furniture is great if you want an easy-care solution that you can effortlessly move around. Aluminum won’t rust, and it’s super lightweight. Choose cushions that you can easily replace, as the aluminum frame will probably significantly outlast your cushions. When you’re shopping, make sure that the hardware on your furniture is rust-proof, and choose a powder-coated, UV-resistant finish. Check the welds to make sure they are seamless, and look sturdy.

To clean aluminum furniture, just wipe it down with a damp cloth. If you see scuff marks, you can very gently use a bit of Soft Scrub on a soft, damp cloth, but be careful – you don’t want to scratch the finish, especially if it’s shiny. And never use abrasive cleaners on aluminum. Rinse off with your garden hose.

3. Polymer and Plastic Furniture

If easy care and maintenance are what you’re looking for, synthetics are where it’s at. Plastic patio furniture created from recycled plastics are fantastic if you live in a saltwater environment. This furniture can’t ever rust and is designed to last in difficult environments. Marine-grade polymers can also be used. They’re heavy, sturdy, and have been designed to look just like painted wood. You can leave this furniture out all year round without any ill effects, and cleaning is easy with a simple dish soap and water solution and a damp cloth. Rinse with your garden hose.

4. Real Wood Furniture

The type of wood your furniture is made of is crucial if you want to avoid things like splitting, rotting, and bugs. You want dense wood such as teak or eucalyptus, or a hardy wood such as cedar. Teak and Eucalyptus are easier to maintain because they don’t need to be sealed on a yearly basis, but cedar is naturally moisture- and bug-resistant.

Clean your wood furniture with a soft brush and a solution of water and Murphy’s Oil Soap. Hose down well and dry with shop towels.

Use a soft scrub brush dampened with water and a mild oil-based soap, such as Murphy Oil Soap. Rinse by hosing down.

5. Cushion Fabrics

Choosing new cushions is a great way to make older furniture look new again. They can also be the most pricey part of your patio set, so make sure you choose wisely!

If price is no object, look for fabric designed for outdoor use that is UV-resistant, as well as resistant to moisture, mold, and stains. And bring your cushions indoors when you’re not using them – you’ll get much more life out of your investment.

By The Property Geeks
May 27, 2017

5 Decorating Tips to Get Your Home Summer Ready

Summer is one of the best times of the year. The days are longer, the weather is warmer, and the mood is more fun and cheerful. And if you want to make that fun summer mood part of your everyday experience, you need to bring that summer feeling inside the home.

The changing of seasons is a perfect opportunity to switch up your decor and give your home a new, fresh feel – and summer is no different. Before summer is in full swing, you’ll want to take full stock of your decor and look for opportunities to change your style to reflect the mood of the summer.

Here are five decorating tips to get your home ready for the summer:

1. Ditch the dark

Dark, deep colors like burgundy are a great fit for the colder months, but when the temperatures start to rise, they can feel out of place in the sunny weather. When the weather starts to get warmer, ditch your darks and replace them with light, summery tones that are a better match for the season.

There’s no need to completely overhaul everything you own; they key is to bring that summer lightness into each room. If you have dark furniture, lighten them up with lighter toned pillows or a throw. Repaint darker rooms to create a lighter feel or, if you want to keep your walls the same color, use art to lighten up the space.

2. Bring life to your rooms

There’s no better time to incorporate fresh flowers and greenery into your home than in the summer. Nurseries and farmers markets are full of fresh, seasonal flowers and plants, and they’re an easy and affordable way to liven up your kitchen, backyard or any room in your home.

Put a bouquet of fresh flowers on the nightstand to add an elegant touch of summer to the bedroom. Line the path leading to your front door with seasonal potted plants to add summer-centric curb appeal. Hang a few plants in your kitchen for a refreshing ambiance while you cook your summer dishes.

3. Create a bar station

Summer is a great time for BBQs, which means you’ll likely be whipping up summer cocktails to go along with your dishes. A bar station is a great way to keep all of your summer cocktail ingredients organized and adds visual interest to a patio or dining room.

You can either buy a bar cart or re-purpose an unused table. Stock the station with alcohol bottles, mixers and garnishes (don’t forget to include options for friends or family who don’t drink!). Arrange the items in a visually appealing way and string lights across the top to add ambiance for late night cocktails.

4. Create an outdoor space

During the colder months, you were likely happy to spend the majority of your time indoors. But as the temperatures rise, you and your family will likely be tempted to get outside and spend as much time enjoying the sunshine and lovely weather as possible. But if you don’t have an outdoor space to enjoy, it can be difficult to spend as much time outside as you’d like.

Redecorate your patio and make sure there’s plenty of seating options for your family and friends. Add a few comfy chairs to your front porch so you can sit and enjoy the sunset. Landscape your property to ensure it’s primed and ready for your summer guests. The more effort and thought you put into your outside space, the better you’ll be able to enjoy your outdoor time this summer.

5. Fill up your fireplace

Chances are, your fireplace isn’t going to see much action this summer. So why not use the warmer months as an opportunity to step outside of the box and use the interior of your fireplace for decor?

You can fill your fireplace with anything that adds visual interest, like flowers, pieces of decor, a sculpture or even a painting.Using your fireplace in this way adds an unexpected and sophisticated design touch that will quickly become the conversation piece of your living room.

With these five tips, your home will feel ready to take on all the summer months have in store. So get decorating and get outside to enjoy that sunshine!

By The Property Geeks