Revive your bathroom quickly, easily and affordably

Remodeling projects have increased in popularity over the past few years as homeowners have decided to improve on what they have, rather than take a risk in the real estate market. Whether you're hoping to sell your home or create a more enjoyable living space, tackle home improvement projects that make a big impact and add value.

 

One of the top return-on-investment remodeling projects is updating a bathroom. Bathroom updates even outweigh kitchen projects in terms of getting back what you spend, according to CNN Money. And, if you take a cost-conscious approach and do the project yourself, your investment return will be even better. Renting tools is a key way you can cut costs and bring new life into your bathroom.

There are plenty of remodeling tasks that are easily accomplished by renting tools, versus the cost of buying expensive tools or hiring someone else to do the work. Visit www.rentalhq.com to find an American Rental Association member rental store in your area.

Bring new life to your bath with these tips: 

 

* Replace old tile. Outdated tile is a common problem that makes bathrooms look old. Replacing it with fresh new tile that is in style will instantly give the room a modern look. Tiling is a DIY project that anyone can tackle, with the right tools. Rent the necessary items like a tile stripper, a tile saw and a mortar mixer to keep your project costs down.

 

* Refresh the ceiling. Ceilings can become dingy over time, and you might not suspect them as the culprit that's making your room feel dull. You'll notice a dramatic change if you liven it up with fresh new texture and paint. Texture sprayers are an unusual tool for most DIY warriors to own, but you can easily rent one to make the job quick and inexpensive.

 

* Add personality with paint. Another simple fix that can be done is adding a new paint color. It's an easy, quick and cheap project and can totally change the look and feel of the room. Opt for one of your favorite colors or scour interior design websites and magazines to find a trendy color that gets your attention.

 

* Change hardware. Some faucets and cabinet hardware clearly show their decade of origin. Switching out old hardware is relatively simple and a great way to make a dramatic change in the look of your room.

 

These projects set the stage for creating a new feel for your bathroom. Make the revived space a reality by choosing a decorating theme and accessories that complement it. Items like window treatments, throw rugs and wall art make the room feel more complete and stylish. To get your project started, visit www.rentalhq.com.

Five basic steps to making a house your home

Owning a home remains a key element of the American Dream. In fact, a recent survey by TD Bank revealed that 84 percent of young renters (ages 18 to 34) intend to buy a home in the future. While it is exciting, home buying can be overwhelming and complicated if you don't have a general knowledge of the process. 

 

Equipping yourself with the right tools will allow you to navigate the complexities of the home-buying process. Here are five helpful steps to follow on your way to homeownership.

 

Step 1: Learn the home-buying ABCs: Build your homeownership knowledge by participating in a first-time homebuyer class at a local non-profit agency in your community to answer any questions you may have. Staying well-informed will help you feel confident and in control of this major financial decision and nip any initial questions in the bud.

 

Step 2: Get out your calculator: Owning a home requires a large investment of time, energy and money, so make sure you are careful when making the decision to buy. If you're like 43 percent of survey respondents, staying within budget is the top consideration. It is important to determine how much you can afford - you don't want to fall in love with a house out of your reach. When applying for a mortgage, the bank will assess your debt to income ratio. By looking at your income and current monthly debts, you can determine your ideal monthly payment. From there, you'll be able to narrow the focus of your house search to homes in your price range. Be sure to include down payments and other upfront costs in your calculations.

 

A few free, helpful online tools can help you determine just how much you could potentially afford. For example, visit TDBank.com and check out its mortgage calculator.

 

Step 3: Shop wisely: Condo? Single-family home? A fixer-upper or new construction? Once you know how much you can afford, determining your housing needs - and selecting a qualified real estate professional - before you start looking, will help make finding your perfect home much less time-consuming. In addition to being able to answer any questions that come up during the process, a real estate professional will work on your behalf to pre-screen houses and guide you through negotiations.

 

Step 4: Pick your perfect match: According to the survey, acquiring a mortgage and making a down payment is the most preferred method of payment for those who intend to own a home. With the variety of mortgage products that exists today, it's essential you choose the right one for your needs. How long do you plan on living in this house? Do you plan on making improvements to the home? Answering these types of questions will help you hone in on your financial strategy. Finding the right mortgage is about more than a rate and terms - it's about finding the right financial partner. Don't get led down the wrong path by choosing a bank that doesn't provide flexible options. Look for a bank that offers a hassle-free mortgage guarantee to ensure your first home purchase is as smooth and worry-free as possible.

 

"As a portfolio lender, we are able to set our own lending guidelines and interest rates," says Michael Copley, executive vice president for retail lending at TD Bank. "This allows us to provide our customers with the most adjustable and affordable financing options to suit their borrowing needs."

 

Step 5: Sign on the dotted line: Once your home has been inspected, your contingencies have been met and your mortgage has been approved, it's time to close the deal. In most cases, a closing officer and your attorney will be present during closing. As the buyer, you should make sure to bring a binder for homeowner's insurance (document proving you have adequate homeowner's insurance), a paid receipt for the first year's premium and a certified or cashier's check for your down payment and closing costs. Before the closing begins, review your mortgage, mortgage note and settlement statement documents to ensure there are no errors or red flags. Remember to ask questions during the closing, as the closing officer is there to help.

 

After you've signed all documents and paid your closing costs and down payment, the closing is finished. Congratulations and enjoy your new home.

 

  To get more information and to download your free TD Bank First-Time Homebuyers' Kit, visit esecure.tdbank.com/net/firsttimehomebuyers/default.aspx.

How to flip a house using project managers

With framing subcontractors coming in as scheduled, I all of a sudden realized that the floor that they would be framing over had some very serious issues.


Pounding on my cell phone to find someone... Anyone to help me on literally zero notice, I realized the only person I had that could do it... Was me.


So I dusted off the flooring toolbox, started pulling out the old flooring tools and began ripping up floorboards with my trusty Wonderbar.


Not having done this kind of work in a few years, one of the boards I ripped up broke loose and smashed me square in the jaw.


Dazed and bloodied... And luckily not having to call the emergency crew... I realized something...


When you're first learning how to flip a house, there's lots of different ways to do it.


Especially when it comes to the rehab, there are a number of different paths to take:


Some like to do all the rehab work themselves.

Some don't want to do any of the rehab work themselves.

And some pick the middle path, doing some work and then having others do the rest.


Which way is best?

How to Flip A House - Do It Yourself?


Personally, I don't mind doing some of the rehab work...just as long as I don't have to do all of it.


Unless I feel the overwhelming need to pound a sledgehammer through a few walls in the demo... I'd much rather pay someone else to do it.


Personally, I'd rather spend my time looking for the next deal.


I used to be a flooring guy for years, so if I have to do some of the work on a rehab, I will. And if my experience this past week tells me anything, I think its best to stick to overseeing the rehab work instead of doing the rehab work.


However, when you're learning the basics of how to flip a house, there's no doubt that getting your hands dirty on your first house flip is a great way of really getting to know the business.


Doing at least some of the rehab work yourself to start off isn't a bad idea... But then getting others to do it for you afterward is a great way to scale things... As well as limit potential trips to the Emergency Room.


The Pros and Cons of Hiring a GC to Do Your Flips


In an ideal world, hiring a general contractor (or "GC") to do all your rehab work is the best possible way to go when you're house flipping.


But that's only if you can make the numbers work.


It's certainly nice to have one single point of contact to do all the dirty work for your house flips and rehabs while you're out looking for the next deal or rounding up potential buyers.


This way is far easier on you (and your chin), especially if you're doing it part time or have other real estate deals to tend to.


On the flip side, in many areas of the country it's extremely difficult to get a contractor to do the work for you and still stick to your 70% Rule in hopes of getting the ARV and profit margin to make the deal work.


The issue is that the really good general contractors out there tend to use the same subcontractors and don't bid out each job they do. They have "their guys" who do the subcontracting and they're oftentimes reluctant to try to negotiate with them.


On top of that, remember that a GC adds on 10-20% over what his subcontractors charge him. There's nothing wrong with that because everyone needs to make a profit here.


And believe me, on many jobs, your GC really earns that wage!


A good tip here is if you are dead set on using a specific contractor, you might be able to negotiate a lower management percent or even none at all for a percentage of the profits on the deal. General contractors also can be good sources of potential funding as well.


If you are just learning how to flip a house...everything is negotiable in house flipping!


Should I Do The Rehab Myself?


To answer this question, it's going to depend on a lot of different factors, but the biggest factor of all is you.


For me, it was a logical step to do the rehab on my first few house flips. As I said before, I was in the building trades full time and was used to being on job sites. I love construction and to me, turning a run-down shack into a beautiful place to live is one of the coolest things around.


So I went out and got my state contractor's license, ready to GC my first house flip all on my own.


As I look back on it, despite the challenges, it was great experience. Primarily because I could see firsthand how the whole operation runs. This on the job experience has really helped me in my house flipping career - so much so that when I hired the job out in the future, I knew exactly how to set the rules and how to follow the whole house flipping process.


There's nothing like firsthand experience to teach you that.


In House Flipping...Know Thyself


Do you absolutely need to do it this way?


I don't think so. But think of general contracting your first house flip as a bit of "on the job training". It's not necessary - but it's surely an experience you'll refer back to many times in your house flipping and real estate investing career.


If you have a full time job and are rehabbing one house at a time, then you may very well have the time, but this largely depends on the kind of job you have as well.


If you have a fair amount of flexibility with your job hours, then perhaps it may work.


If you're tied to a desk all day and an hour commute away from the geographic area you do your flip in, then perhaps not.


However, only you can answer that.


Do understand this though; in order to effectively manage any real estate investing rehab, you will have to be available to manage the sub-contractors by phone, early in the mornings or in the evenings. And if you have other things on your plate, like a job, a wife, kids... This gets tiresome.


There will be times when you'll need to go on site and if you are on a business trip a thousand miles away at the time, it might be tough to pull this off.


For me, my flooring business allowed me the flexibility to stop in on the job site and check on things whenever I needed so I was fortunate enough to have the flexibility.


You on the other hand, may not.


Ideally, if you have enough money saved up to quit your day job and become a full time Real Estate Investor then this will be much easier for you to manage. Plus at that point, it IS your job!


So if you're not sure if being the general contractor is right for you, then you may want to try it to see if you like it.


But if you'd rather play it a bit safer, then there is another choice that may be right for you.


Behind Door Number 3: The Project Manager


Short of hiring a full blown general contractor, you could use a project manager instead. We've found this to be a very effective way to rehab house flips, especially where hiring a GC is cost prohibitive.


For example, you could approach a smaller, hands-on type of licensed carpenter who has experience working with other subcontractors. You could then negotiate a fee based on his involvement in the project.


I've found carpenters and other subs very receptive to this arrangement. On top of the money they make doing the other work on the property, he's getting paid an override on how well he manages others.


Like I said before, everything is negotiable in real estate investing and house flipping, so be creative here. And remember it's about "win-win".


For example, you could do any number of these financial arrangements:


    Flat Fee: Simple enough. Pay a flat fee to oversee the job. No real creativity here.


    Partnership: Work out a partnership or an equity stake in the property. This is a very creative way to handle things. I wouldn't suggest this strategy on your first flip, but its one to consider.


    Percentage: Pay a percentage of the overall job that may be smaller than a typical general contractors cut. If he's good, this could really save you.


    Flat Fee and Performance Bonus: Pay the project manager a project management fee of around $2,000 and then assign bonuses for meeting timelines and budgets. The bonuses really keep the project manager motivated because he has a skin in the game. You pay some money upfront, but even more when they hit performance metrics.


Whatever you do though, do your best to establish a fee that works for the both of you. The fee you pay is largely dependent on your location and the going rates that project managers are typically paid.


You can get this kind of information from your real estate investment mentors, from other real estate investors in the area, or at your local REIA meetings.


Where to Find Project Managers


We've found that finding someone young, hungry and motivated is the best profile for success. It may differ for you, but these are the kind of guys (it's usually guys here ladies) who will put in the extra hours and get things moving in the right direction. Young, ambitious and smart is always a good profile to look for.


There may be some ideal project manager candidates in our backyard at technical colleges. These newly graduated students are typically hungry and have a good background that could be ideal for your project. In some cases, if you find a good one and your budget allows it, put them on your payroll and keep them working for you full time.


More often than not, freshly minted students for what they may lack in "real world experience" may more than make up for it with all the background knowledge from school in addition to the computer and technical knowledge for running budgets and keeping things humming smoothly.


Of course, before you go and hire a full time person to manage your flips, make sure you're in the position to afford it as well as have enough projects going on to keep him or her busy on a regular basis.


So whether you do the rehab on your own, hire a general contractor or get a project manager, you can do well and make money any of these three ways.


Author: Mike LaCava


Mike's Website: http://www.houseflippingschool.com

How to make your home stand out in a hot real estate market

(BPT) - The residential housing market is heating up, but before you post that for-sale sign, consider making upgrades that add style and value to your home. With many buyers seeking wood floors, kitchen upgrades and other add-ons, it's important for homeowners to highlight these features so their property stands out from the competition in today's market.

"It all comes down to dollars and 'sense,' " says Linda Jovanovich of the American Hardwood Information Center. "In addition to warmth, beauty and durability, hardwood features increase your home's resale value. Even with a modest budget, if you take the time and price your options, updating worn floors, dated cabinetry, and lackluster walls will make a significant difference. And it's easier and less expensive than you think."

Survey says hardwood floors sell

When it's time to sell, hardwood floors not only add good looks, they increase the value of your home. According to a nationwide survey of real estate agents commissioned by the National Wood Flooring Association, 99 percent of respondents agreed that homes with hardwood floors are easier to sell. In addition, 90 percent said these homes sell for more money.

"Absolutely true," says Bob Strader, a real estate agent with The NORTH Group of Keller Williams Realty in Atlanta. "Between two similar properties, buyers will gravitate toward the home with hardwood floors, and that home will sell in half the time."

Debbie Gartner, known as "The Flooring Girl" by customers at her New York-based flooring store, agrees and says quality increases value. "Hardwood sells," notes Gartner, adding that you're in luck if you already have a hardwood floor under a carpet. "Clients are shocked when I tell them it's almost always less expensive to refinish a hardwood floor than it is to re-carpet a room."

What about the kitchen?

Real estate agent Strader advises sellers to "upgrade their kitchens prior to going on the market because buyers see kitchen upgrades as being rather expensive." He adds that, "Homes without updated kitchens will take longer to sell, and will sell for less."

Gerry Henley, president of Kitchen Solvers, a national kitchen and bath remodeling franchise, suggests simple cabinetry updates that won't break the bank but will result in a higher return on your investment. And hardwood products offer plenty of options.

"Many homeowners overlook the low cost and high impact of re-facing their existing kitchen cabinets," he says. "By swapping out dated doors and drawer pulls, a homeowner can get the look of a newly updated kitchen and save up to 50 percent of the cost of a complete overhaul. Cabinet re-facing is a quick-moving project and the kitchen remains functional throughout installation."

Value in the details

Architectural details - hardwood crown moulding, baseboards and other millwork - add depth and character, provide a finished look, and change lackluster to extraordinary, so much so that according to the National Association of Home Builders' "What Home Buyers Really Want" study, crown moulding ranks higher than other luxury features such as fireplaces, kitchen seating and window seats.

Strader agrees. "From my experience, millwork adds the 'wow' factor that stays in a buyer's mind. And most sellers are unaware that a custom look can be obtained relatively inexpensively with off-the-shelf moulding patterns available at home improvement stores."

The American Hardwood Information Center offers some additional tips to keep costs low. For crown and other decorative ceiling mouldings, consider using a less expensive species such as poplar. Where durability is a must, such as baseboards, door casings and chair rails, consider a harder species, like white oak.

 

The design element that can add drama and save cash

While drama may be unattractive in other aspects of your life, a dash of it can be just what your home's decor needs to spice things up. Fortunately, you don't have to choose between drama and cents. At least one popular design element can deliver positive impact on your decor and your wallet: skylights.

 

Interior designers, architects, decorators and homeowners have been relying on skylights to add beauty, warmth, natural light and passive ventilation to interior designs for decades. Fortunately, advances in skylight design make them a cost-effective, green design element as well.

 

"Skylights ... enliven a house dramatically while cutting down the need for artificial light," notes the website ConsumerEnergyCenter.org. "They brighten up dark corners and let in lots of warmth. They can also provide much-needed ventilation."

Less dependence on artificial light sources or powered ventilation can mean lower electric bills in summer. Plus, warm sun entering the home through a skylight in winter can reduce your heating bills, as well. In fact, EnergyStar.gov says that installing Energy Star-qualified skylights, windows and doors can shrink your home's energy bill - and carbon footprint - by 7 to 15 percent over non-qualified products.

 

"Skylights convey drama, yet they're a surprisingly cost-effective home improvement," says Ross Vandermark, national product manager of Velux, manufacturers of the "No-Leak Skylight." "Installing skylights can be less costly than buying new designer furniture or putting in new carpet. Plus, if your interior design cries out for natural light, it's more practical and cost-effective to place skylights overhead than to add windows to a wall."

 

Aesthetic benefits

 

By opening a room to the sky, skylights add a touch of drama to the interior design. They're also an appealing solution for rooms where a traditional window might be problematic. 

For example, in a bath, a venting skylight makes it possible to enjoy natural light and fresh air without sacrificing privacy or living with frosted glass. Venting models are also popular in kitchens and laundry rooms to remove cooking odors and excess heat while brightening much-used work spaces. 

In other areas of the home,  affordable tubular skylights like Velux's Sun Tunnel products make it possible to introduce natural light to hallways, closets, and other smaller or confined spaces. With the addition of a light kit, 24-hour illumination is available.

Overall, skylights are less limiting to a room's design than a traditional window - all while admitting much more natural light. Many people completely overlook or under utilize the design potential of a ceiling. Skylights can turn that blank slate into a design statement that is both functional and beautiful. 

 

Practical value

 

Venting skylights can also offer a low-cost way to address indoor air quality by removing humidity, fumes and volatile organic compounds (VOCs) from your home through their natural chimney effect. In addition to helping improve indoor air quality, skylights allow you to turn off electric lights and save money on power bills.

Accessorizing with manual or solar-powered, remote-operated blinds that qualify for tax breaks, allows you to further incorporate skylights into a design theme. Plus, the blinds - which are available in a range of colors and patterns - enhance the efficiency of skylights by allowing you to control the amount of light or heat that enters or leaves a room.

 

"Few home improvements marry the dramatic design impact and energy saving boost that you get from adding skylights," says Vandermark. "When it comes to redesigning a room, they're truly the touch that elevates the look and feel of your decor."

You can learn more about window and skylight energy efficiency at www.energystar.gov, and for independent agency information visit www.nfrc.org or www.efficientwindows.org.

IMAGE CAPTIONS:

-------------------------------------------

Caption 1: Energy Star-qualified venting skylights, with decor-enhancing blinds, are cost-effective and attractive home upgrades that provide healthful natural light and passive ventilation.

Caption 2: Tubular Sun Tunnel skylights bring natural light to baths and other rooms as well as to smaller, hard-to-access-from-above areas like hallways and closets.

The design element that can add drama and save cash

While drama may be unattractive in other aspects of your life, a dash of it can be just what your home's decor needs to spice things up. Fortunately, you don't have to choose between drama and cents. At least one popular design element can deliver positive impact on your decor and your wallet: skylights.

 

Interior designers, architects, decorators and homeowners have been relying on skylights to add beauty, warmth, natural light and passive ventilation to interior designs for decades. Fortunately, advances in skylight design make them a cost-effective, green design element as well.

 

"Skylights ... enliven a house dramatically while cutting down the need for artificial light," notes the website ConsumerEnergyCenter.org. "They brighten up dark corners and let in lots of warmth. They can also provide much-needed ventilation."

Less dependence on artificial light sources or powered ventilation can mean lower electric bills in summer. Plus, warm sun entering the home through a skylight in winter can reduce your heating bills, as well. In fact, EnergyStar.gov says that installing Energy Star-qualified skylights, windows and doors can shrink your home's energy bill - and carbon footprint - by 7 to 15 percent over non-qualified products.

 

"Skylights convey drama, yet they're a surprisingly cost-effective home improvement," says Ross Vandermark, national product manager of Velux, manufacturers of the "No-Leak Skylight." "Installing skylights can be less costly than buying new designer furniture or putting in new carpet. Plus, if your interior design cries out for natural light, it's more practical and cost-effective to place skylights overhead than to add windows to a wall."

 

Aesthetic benefits

 

By opening a room to the sky, skylights add a touch of drama to the interior design. They're also an appealing solution for rooms where a traditional window might be problematic. 

For example, in a bath, a venting skylight makes it possible to enjoy natural light and fresh air without sacrificing privacy or living with frosted glass. Venting models are also popular in kitchens and laundry rooms to remove cooking odors and excess heat while brightening much-used work spaces. 

In other areas of the home,  affordable tubular skylights like Velux's Sun Tunnel products make it possible to introduce natural light to hallways, closets, and other smaller or confined spaces. With the addition of a light kit, 24-hour illumination is available.

Overall, skylights are less limiting to a room's design than a traditional window - all while admitting much more natural light. Many people completely overlook or under utilize the design potential of a ceiling. Skylights can turn that blank slate into a design statement that is both functional and beautiful. 

 

Practical value

 

Venting skylights can also offer a low-cost way to address indoor air quality by removing humidity, fumes and volatile organic compounds (VOCs) from your home through their natural chimney effect. In addition to helping improve indoor air quality, skylights allow you to turn off electric lights and save money on power bills.

Accessorizing with manual or solar-powered, remote-operated blinds that qualify for tax breaks, allows you to further incorporate skylights into a design theme. Plus, the blinds - which are available in a range of colors and patterns - enhance the efficiency of skylights by allowing you to control the amount of light or heat that enters or leaves a room.

 

"Few home improvements marry the dramatic design impact and energy saving boost that you get from adding skylights," says Vandermark. "When it comes to redesigning a room, they're truly the touch that elevates the look and feel of your decor."

You can learn more about window and skylight energy efficiency at www.energystar.gov, and for independent agency information visit www.nfrc.org or www.efficientwindows.org.

IMAGE CAPTIONS:

-------------------------------------------

Caption 1: Energy Star-qualified venting skylights, with decor-enhancing blinds, are cost-effective and attractive home upgrades that provide healthful natural light and passive ventilation.

Caption 2: Tubular Sun Tunnel skylights bring natural light to baths and other rooms as well as to smaller, hard-to-access-from-above areas like hallways and closets.