Here are some quick, affordable ways to give your kitchen an update:

Replace the flooring. Install laminate floor over old linoleum, vinyl, or chipped tile. It costs just $1 to $5 a square foot and looks like wood, stone, or tile.
Replace the lighting. A new ceiling fixture costs less than $100 and will brighten up the place. Adding some under-the-cabinet lights will illuminate work surfaces.
Give the cabinets a new life. A coat of paint and new knobs is the cheapest way to go. If you’re able to spend $4,000 to $6,000 on the project, hire a refacing company to replace the doors and drawer-fronts.
Refinish the appliances. For a few hundred dollars, an appliance refinisher will re-enamel your stove, refrigerator, and dishwasher door in the color of your choice, including a stainless steel look-alike.
Update the backsplash. Replace the space between your cabinets and the countertop with fashionable stone or inexpensive wallpaper.

Source: Money, Josh Garskof (07/01/07)
Daily Real Estate News

Back to Top

NeighborWorks America, a national nonprofit group, is launching a new ad campaign in conjunction with the Ad Council to warn home owners that inaction is the worst possible response to mortgage troubles.

The campaign seeks to prevent foreclosures by urging home owners in financial trouble to call the Homeownership Preservation Foundation HOPE hotline, at 888/995-HOPE.

“Homeowners are facing foreclosure at record rates. This issue reaches into every social and economic demographic out there," says Colleen Hernandez, president and executive director of the Homeownership Preservation Foundation.

The National Ad Council produced the public service announcements, which are set to air on TV and radio in 16 markets across the country.

One TV spot shows how ominous phone calls from collection agencies dampen the spirits of a family having a lively conversation at dinner, while another shows a girl playing with a toy house as her family leaves their home, before a voice urges viewers to call a national hotline if they fear they could lose their home.

NeighborWorks says that foreclosures are devastating not only for families, but for the entire community. "For hard-hit neighborhoods around the country where dozens of homes within blocks of each other have been foreclosed upon, neighboring home owners can expect their home values to drop by 10 percent or more," the organization says.

Source: NeighborWorks America; News-Leader, Didi Tang (06/28/07)

Back to Top

In addition to depersonalizing and de-cluttering, experts say home sellers need to be concerned about odors.

Sales associates polled informally by REALTOR® Magazine Online a few years ago said the lingering presence of pets, tobacco, mildew, and decay in the air are major deal-breakers.

Given that not everyone smells the same odors and that people can become accustomed to a particular smell over time, it is important for property sellers to have their sales associates or another objective party inform them about unpleasant scents in their homes.

According to Chevy Chase, Md.-based Long & Foster practitioner Joan Cromwell, if buyers "can't imagine clearing the smell, they can't imagine occupying that space." The smell of cat urine is especially difficult to remove, with Chris Coffin of the Alexandria, Va.-based branch of the cleaning company ServiceMaster estimating that spot-cleaning carpets and replacing the carpet pad would cost home buyers upwards of $400; removing and replacing saturated floors would cost much more. Coffin adds that it often takes three cleanings to remove nicotine odors from walls, and some cases involve the replacement of insulation.

Experts urge home buyers to be wary of air fresheners, candles, and other scents when touring homes, as they could be used to conceal offensive odors. A better solution for sellers, they say, is to clean drapes, sheets, and pet bedding as well as to air out the house.

Source: Washington Post, Dina ElBoghdady (06/23/07)


Back to Top

More than that 41 percent of the 300 U.S. real estate investment trusts (REITs) are actively pursuing energy efficiency and green building upgrades. What's more, another 27 percent plan to do so, according to an analysis by Progressive Investor, a monthly newsletter that guides investors and advisers toward sustainable investments.

Progressive Investor says the following is driving the trend:

Rising energy and water costs. Developers and building owners are feeling the crunch of high energy and water costs, which, according to the Building Owners and Managers Association, constitutes 28 percent of operating costs for downtown office properties and 30.4 percent for suburban properties. They see the quick payback and cost savings in energy efficiency and other green building upgrades.
Building green no longer costs more. Turner Construction's 2005 Green Building Market Barometer shows it costs a mere 0.8 percent more for basic Leadership in Energy and Environmental Design (LEED) certification, easily recouped through lower operating costs.
Client preference. More clients and tenants are showing a preference for green buildings, which have been proven to increase productivity, retain employees, and lower absenteeism. The combination of reduced operating costs and more satisfied occupants translates into 3.5 percent higher occupancy rates, 3 percent higher rents, and a 7.5 percent increase in building value, says the McGraw-Hill 2006 SmartMarket Report.
Attention-getting. Corporations with sustainable business policies are building highly visible green headquarters including Bank of America, Toyota, Goldman Sachs, Hearst, IBM, JPMorgan Chase, and Herman Miller. The Freedom Tower, which replaces the World Trade Center, will be LEED-certified.
Increasing mandates. Nine states and 40-plus municipalities have passed legislation mandating LEED-certified buildings.

— REALTOR® Magazine Online

Back to Top