DIY Kitchen; No Designer, No Problem

kitchen

It all started with the dishwasher.

Ours was a giant, energy-sucking sprinkler system that took nearly three hours to cycle through its uselessness. And then there was the floor beneath it. All vintage and no charm, it looked to be the 120-year-old house’s original maple slats which, after a century of supporting heavy foot traffic in the busiest room in the house, had inched apart from one another leaving unsightly gaps, black with a century’s worth of crud.

Will remodeling your kitchen add value to your home?  Contact the appraisers at www.scappraisals.com for you value questions.

Those two aspects of our Logan Square Victorian’s vintage kitchen would have been easy enough to replace. But after consulting with a general contractor about the floor — and then allowing the conversation to wander to the rest of the room — my fiancé and I were convinced: tackling all of the issues, from literally unhinged mid-century cabinetry to the greasy pink wall-to-wall tile, would be most cost-effective if addressed, and replaced, in one major remodel.

Go with custom cabinets if your budget allows. “The word custom historically scares people off; don’t let it do that,” Lewis says. “There are many cabinet companies that work with the public and cater to lower price points. You’ll get far more bang for your buck both aesthetically and functionally.” This route allows you to truly customize the cabinets to fit your space as opposed to working within set box sizes, which can be tricky for older homes with odd measurements. Lewis recommends spending a bit more for slow-close hinges and various inserts for cutlery and flatware — modestly priced finishing details that go a long way toward everyday practicality and enjoyment.

Assess your lighting situation. “If you’re ripping out your kitchen, you should have the appropriate light to showcase your new space,” Lewis says. She suggests LED lighting strips as under-cabinet lighting. “Not only are they environmentally friendly, the light they cast is really warm and you’ll never have to change a light bulb.” In the rest of the space, Lewis recommends peppering in decorative lighting to bring scale and personality. To avoid tearing up our entire ceiling to reposition an ill-placed overhead socket, we followed Lewis’s advice and used it to anchor an extra-long pendant lamp, its slack neatly hooked to the ceiling directly over our kitchen table at an intimate height for dining in.

Read more at: http://www.chicagotribune.com/classified/realestate/home/sc-home-0325-kitchen-reno-20130424,0,3127161.story

Disclaimer: for information and entertainment purposes only

What is a Bridge Loan and Can You Buy a Home With One

bridge

Home price: $1.71 million.

 

Loan: $1.368 million.

 

Rate: 3.875 percent.

 

Loan type: 30-year fixed with no points or lender fees.

 

Backstory: Crosby’s clients had been searching for a home for over a year. The perfect home came on the market at a listing price of $1.325 million. Their Realtor, Karen Starr of the Grubb Co., advised that the home had multiple offers and would sell above the listing price. Crosby and Starr collaborated to help the clients prepare the strongest possible offer.

 

The buyers would eventually use funds from the sale of their current home, but not for the new transaction. Their down payment funds could only allow a 20 percent down payment at the likely price. If the home did not appraise, the buyers would need to make up the difference between the purchase price and the loan amount.

 

Crosby’s employer, RPM Mortgage, offers a bridge loan and Crosby obtained a commitment from RPM for $200,000.

 

This meant that they could write an offer with no appraisal contingency. The clients offered $1.71 million, which was accepted.

 

When a buyer obtains a loan for more than $1 million, two appraisals are routinely needed to provide validation of the value. The appraisals are independent, and the lower reported value is used for underwriting. All parties wondered whether the home would appraise for almost $400,000 over the list price. Luckily, they knew that they had bridge financing in case this happened. RPM uses fully licensed, experienced local appraisers.

 

The appraisals occurred within the 15-day contingency period and both reports validated the purchase price. The loan was underwritten and approved in 15 days.

Have questions about the appraisal process?  Contact the appraisers at www.scappraisals.com

Read more: http://www.sfgate.com/realestate/article/Just-Approved-Bridge-loan-helps-buyers-secure-4507019.php#ixzz2T6BiGacx

Advice for First-Time Home Buyers from a Real Estate Agent

first home

As a real estate agent, there is nothing more gratifying than helping a first-time home buyer. It can be both an exciting and an overwhelming process. In the Bay Area’s highly competitive environment, the greater the preparation early in the process, the better the chances will be of securing that first home.

 

Even before identifying a property, understand how much money you can borrow and more importantly, how much you can afford. Often, these may be two different things. Select a local lender to help you evaluate your options. The lender will check your credit scores, employment history and other financial information to determine the actual loan amount you will qualify for.

Know the appraised value of the property before you make an offer.  Contact the appraisers at www.scappraisals.com for your value questions.

 

Once through the process, your lender can prepare a preapproval letter that will be needed to accompany any offers. Additionally, at the risk of stating the obvious, don’t forget that you will need liquid funds to enter into a contract on a home. Be prepared to write a check for the earnest money deposit (generally 3 percent of the purchase price) and for home inspections.

 

It is surprising how often buyers overlook the need for liquidity and wind up scrambling to sell stocks or wire funds into their bank account at the last minute.

 

Select a real estate agent to help you identify properties that meet your criteria. Although most home buyers begin their search online, a knowledgeable Realtor will be able to suggest the various neighborhoods that meet your needs and help you focus your property visits. An agent will also be able to help you understand the “list” price range you should be considering. This is particularly important in a market where properties are often selling well above the asking price.

 

Getting an offer accepted may take several tries and will undoubtedly be a process of negotiation and compromise.

Read more: http://www.sfgate.com/realestate/article/Sound-Off-What-is-the-best-advice-for-first-time-4507014.php#ixzz2T68x1nnW

Disclaimer: for information and entertainment purposes only