Shores Theatre Home

Archive for June, 2009

While looking at the renovation projects for your kitchen, you may wonder what all sort of projects could be completed on own. When you DIY, do it yourself, you would not only get a sense of satisfaction but also you would save some money. However, certain projects are difficult and cannot be completed without professional help. Some of the projects could be completed without any professional help or any tools. All you need to do is learn certain basic skills and an extraordinary kitchen would be created within no time. Various DIY Kitchens could be created using various materials on your own.

Kitchen backsplash

There are many neat projects that could be completed on one’s own without any professional help like a backsplash. Backsplash is basically the wall behind the kitchen countertop sink. It is very much important for this wall to be waterproof. Simply adding a layer of sheetrock and paint would ruin it over time. Tiling it would be a great option. It is an easy project which could be performed quickly too. While doing this the whole of the kitchen cabinet could be easily replaced.

Painting and wallpaper for kitchen walls

Painting and wallpaper could be easily done on your own. Painting the wall does not require any special skills. Learn the basic skills and the techniques and you can get started with painting. It goes the same with applying the wallpaper to the wall too. Wallpaper is not very much popular these days like before. You can spice up the kitchen by painting and using some fantastic wallpaper.

Crown moldings

The crown molding might seem a little daunting to you. However, it is not all that difficult and is an important component to your kitchen decorating. All you would require is paint, molding, saw and a miter box. The most difficult part about installing the crown molding is making sure that all exact measurements of the wall are taken. Once, all the measurements are taken accurately, installation of a decorative crown molding in the kitchen would be easy.

Lighting

You can also install the kitchen lights on your own. Learn simple few techniques and installation would be easy. If you haven’t ever installed any lights before, you can purchase a book from the market. These books would teach you about the wiring various types of lighting. Recessed kitchen lighting and the decorative lighting have gained popularity as kitchen lighting these days. You can also add under the counter lighting for adding the charm to the kitchen.

DIY kitchens are not that difficult if you give it some thought and have a plan. These tips and ideas will get you started.

The most difficult homes to sell are those in the luxury home market.

Why is that?

Let’s look at what goes on in the mind of a luxury home owner who wants/needs to sell their property. This may actually apply to a home in any price range but as you recall, we are going to focus on the luxury home market in particular today.

Typically, a savvy luxury home owner will go back to the real estate agent who helped purchase the home.  Another common practice is to do a Google search of nearby realty firms and decide on the best realtor to sell their home using various criteria. Some reasons a person may choose a realtor is because that person has the most sold listings or they received a flyer in the mail or because they liked the realtor’s smile. Another way to choose a realtor is using personal connections, such as a relative, a classmate or a friend.

For whatever reason, when choosing ABC Company and XYZ real estate agent, the process is usually the same.

- Decide on a Real Estate Agent or Realty Company

- Sign a contract with the Real Estate Company to represent you

- The Agent suggests a price based on comparable homes in the area

- A listing price is negotiated and decided upon

- The Agent lists the property on the MLS

So what is “the MLS”?

MLS stands for Multiple Listing Service. Basically, it is the main listing source that pools all member real estate companies’ available inventory or list of luxury homes that are registered with them so that everyone can see what is available on the market at any given time.

What are the advantages of having an MLS listing?

- Ease in finding the majority of luxury homes that are for sale right now

- Comparing luxury homes presently on the market without difficulty

- Listings are contracted for a specified amount of time

- Accessible only through a certified member of the Board of Realtors

who has a fiduciary duty to represent you and protect your interests

Real Estate Companies Specialize in Selling Homes at Market Value.

With the centralized pool of listings on the MLS, real estate companies are able to establish and check on the value of a piece of real estate in any given area. Determining value is crucial to selling a property. Without a tool to measure its value, it becomes difficult to know the true worth of a luxury home.

Another thing to remember when determining the value of a luxury home is of course, the condition of the luxury home. A newly constructed luxury home is more desirable than a remodeled luxury home, which in turn is more saleable than a fixer upper. Keeping your luxury home well-maintained enables you to ask top dollar for the home.

There is only one catch to the retail market of luxury homes and that is you can list your luxury home for whatever price you want to but it is only worth what someone is willing to pay for it, in other words, market value.

The real estate professional uses many tools to sell your luxury home. Some are:

- informs his clients and fellow realtors of your listing to see if there may be a potential buyer

- puts a For Sale sign out in front of the property

- lists it on the MLS

- advertises it in newspapers or in magazines

- holds open house events

- more sophisticated companies have marketing campaigns in place to give more exposure to their listings that the seller more often than not will have to pay upfront.

Real estate professionals more often than not, cater to owner-occupant buyers.

Once a realtor is decided on, an agreement is reached on length of listing and the luxury home is appraised, the luxury house is put on the market and the roller coaster ride of when-will-my-house-sell begins.

The 3 types of Buyers

From a business perspective, the luxury home is considered a commodity for which there are buyers. Identifying your end buyer will dramatically increase your chances of selling and/or selling quickly.

- Owner occupant’s 1st,2nd, 3rd + home

- Buy-and-hold investor’s rental unit

o entry level investor

o modest investor

o sophisticated investor

- Niche investors

o Short sales

o Foreclosures

o Rehabbing

o Wholesaling

Determining which end buyer you want to target will determine the price and how quickly you may be able to sell the home. As with anything else, there are those who are better than others in getting the job done.

The median home market has many more investors to turn to than the luxury home residential market. These investors may have ads or signs stating, “We buy homes.” “We take over payments.”

Real estate investors are, as a whole, people trying to help others out of a difficult situation and trying to make a profit in the process. These types of businesses are NOT non-profit companies so they expect to make some monetary gain from the transaction. After all, investors are not a charity operation and are not going to make your problem luxury home their problem luxury home. They make investments of their money and time to do transactions that they specialize in and expect to make a profit for their talents.

Investors are specialists in their field just as real estate agents, doctors or lawyers are specialists in their respective fields. They help people out of circumstances that could potentially become worse.

What about the Luxury Homes owners?

Waiting for an owner occupant is a great choice if you can afford to wait for the right buyer to come along for your luxury home. Listing it with a Real Estate professional is the most effective way in selling a luxury home “retail”.  In the luxury home market, the average time it takes for the “right” buyer to come along is from 1 to 5 years. The more the luxury home costs, typically, the longer the wait. The 1-3 Million price point of luxury homes has heavy competition and there are better options when comparing what is available entirely and not just in a particular neighborhood.

Since investors who typically do business at the 2M-200M price points or at retail prices are few and far between, what problems would a typical luxury home owner-seller face?

- $12k or $50k monthly house payment are typical for a luxury home. Who can you turn to? How do you solve your financial situation? A part time job at Wal-Mart will not cover this kind of expense.

- Sometimes, when upgrading to a new home, you may have found the perfect house to move into but you may still be stuck with the home that you grew out of.  You still have to keep up payments on that luxury house because 1031 exchanges aren’t always as smooth as they could be. In addition, remember you have a limited amount of time to do that exchange in.

- What if your key to financial stability is through the sale of your multi-million dollar home? Who do you turn to for guidance and confidentiality?

- Do you need to relocate because of business or personal reasons and must sell your property quickly?

-           Divorce or health problems place an urgency to liquidate assests

So what is a luxury home owner to do in the event that holding costs are too high and keeping the property means essentially losing money with each day that goes by?

Luxury home investors

There are companies that specializes in the acquisition of luxury homes and commercial properties all over the world? A company that closes the transaction quickly and uses CASH in all transactions? No waiting for approvals from the bank, which may not even come through especially in today’s lending environment.

How can you meet investors who specialize in luxury homes and who purchase luxury homes at a fair price? Investors who have an established list of prequalified clients wanting to buy luxury homes a
t a fair price can re-sell those acquired luxury homes. That is a scenario which would work for all parties involved.

These investors are not in the business of stealing luxury homes. They solve problems and make their money on the sheer volume of luxury homes that are bought and sold.  It is the investor that has his or her own buyers’ list that will get business done quickly and efficiently.

Business much easier and quicker

Investors typically have a database of buyers that do business with them exclusively due to the relationships that have been built and the value that is gained by buying through them exclusively. The clients entrust investors in this industry who do business honestly, ethically, with integrity and also guarantee good value. They have access to an unlimited amount of cash to complete transactions. Usually what ends up happening is the need to buy more houses to keep up with the demand.

As with any business, the cost of doing business prevents a wholesaler from buying at retail value of the luxury home. If a miscalculated purchase occurs the outcome is not being able to make any profit or worse yet paying money which would put one out of business rather quickly, and be the laughing stock of the industry. Here are some examples of the overhead and costs involved in running a real estate investment business:

- Cost of cash (8-18%)

- Closing costs on the buy and the sell

- Marketing costs

- Insurance

- Prepping a home

- Travel costs

- Inspectors

- Other miscellaneous costs

If an agreement of price is reached………

That is what you will get. Cash in your hands for your luxury home, the exact amount that is agreed upon in order to acquire your home at closing. Closing on the date of your choice is a relief to know and to use the title company of your choice. Wholesalers take the anxiety out of selling your home. This is an all around WIN-WIN-WIN situation and this is the only business we do. It is that simple.

If you want to sell your luxury home, wholesalers want to buy your luxury home…………….. NOW

You love to bring a theme to a room, to make things look just so. Perhaps friends who visit your home make remarks about wishing they could hire you to fix up their place or that they never know what goes with what. If you seem to be a natural at interior decoration, why not become an interior designer?

There are steps you can take that will ease you onto the road to becoming a professional interior designer, bringing your passion to life.

The terms interior designer and interior decorator are often used interchangeably. Both generally mean that you will create a pleasant space in the dimensions given that you won’t make major structural changes in the house. This is important as actually altering the configuration of a house, or a room, may need a permit, license and there may be other red tape which involves building contractors and other professionals.

That said, if you want to do interior decoration for a living, the following considerations may be of help.

Education and training:

While you may be able to hang out a shingle and proclaim yourself an interior designer, you may also not have too many clients. In general, people looking to hire you will want to know where you received your education. There are a lot of schools out there, many of them reputable. However, be sure to do your research before you pay for a series of classes that will never do anything except take your money.

Training will likely be more important than the mere fact that you’ve been educated in interior decoration. While it may take longer, getting a job with an established interior designer may make things easier for you in the long run. Not only will you make a salary (though just starting out may mean the salary is rather small), you will learn on the job and receive real-world training.

Prepare a portfolio:

No matter what you do, a prospective employer or client will want to see what you can do, in a range of interior design options. Can you create a chic country look? How about a warm, modern feel? How can you prove it? This is where your portfolio comes in. When you work on an interior decoration project, you’ll want to take lots of pictures, have them organized and easy to go through. Your portfolio will sell you, so make sure it’s a tool that shows off the best you have to offer.

Practice:

Your home is your personal showcase. Try different looks within it, just to see what looks good. While you may have found the perfect interior decoration for your living room, try switching things up. While it may not be the look for you, someone else may like it. Plus, you’ll have the chance to step back and figure out why something doesn’t look right—or why it looks great.

Tap your friends for help. There’s no reason you can’t offer your interior design services to friends, as long as you get to take pictures of the finished product for your portfolio. Be sure to take before-and-after pictures to showcase your interior designer talent as you create a wonderful living space. If cost is a problem, try using what is currently there or find different, cheaper options, like moving furniture from other rooms in the house.

Network:

Attend home shows as an interior designer. Take your portfolio, dress up a corner of the booth, or raffle off a free interior design consultation. Your name needs to be out there in order to create a business.

Try and visit home shows even if you don’t rent any space. Introduce yourself to the various participants and hand out business cards. Get in touch with established interior designers; ask them how they got started, if they have any tips for someone just starting out. Usually there is plenty of business in an area to go around. Talk to builders and contractors, offering interior decoration for their model homes.

Make sure you have good business cards. They are often your longest-lasting impression on potential clients, and a badly designed card doesn’t fill people with confidence that you’ll do great interior decoration. You don’t want to be a nuisance, but giving your business card when you are introduced to someone is a good way to get your name out there.

Specialize:

What type of interior design do you want to do? If you want to work on office buildings, building a portfolio of cozy bedrooms will not help you much. If you want to create wonderful interior decoration on a shoestring budget, talking to a contractor who works on multimillion dollar homes will likely be a waste.

Continue to learn your craft:

Even if you take every step known to man to become an interior designer, if you forget to continue learning your craft, you will likely not get far. Interior design changes regularly. Trends alter, offices and homes change, and you should be prepared to adjust. Subscribe to interior design magazines, join a group of decorating professionals, make sure you watch trends– basically take steps so that you and your work never become stagnant. Only in this way can you offer fresh ideas to your clients.

There isn’t a quick way to be an interior designer, particularly if you want to be a good one. However, the above steps will hopefully ease your way along that path. Above all, be sure to enjoy your chosen profession, for that’s the best way in which you can always please yourself and your client.