Saturday, May 10, 2014
GETTING THE HOME YOU WANT: THE TOP FIVE HOMEBUYER REGRETS Written by Phoebe Chongchua for Realty Times
You’re in the market to buy a home; getting the home you want is clearly the goal but sometimes not the end result. This can lead to real estate regrets. According to Trulia Inc., a leading online marketplace for home buyers, sellers, renters and real estate professionals, 75% of Americans say it’s better to buy a home now rather than wait a year from now. However, those who were in the process or have already purchased a home at the time of the Trulia survey say, armed with the knowledge they have now, they would have done things differently. The top five homebuyer regrets are: 1. I wish I had chosen a larger home: 34% 2. I wish I had done more remodeling when I bought the home than I did: 27% 3. I wish I had more information about the home before I decided: 22% 4. I wish I had put more money down for the down payment: 18% 5. I wish I had been more financially secure before I decided: 16% The survey of 2000+ consumers found that more than half (52%) had some sort of regret about their home purchase or process of choosing their home. The common theme among those surveyed is that they wished they had
invested more in their home, either by increasing the size, paying more for renovations, or coming up with a larger down payment. While the majority of homebuyers said now is the time to buy, only 32% of Americans believe it’s better to sell now than one year from now. With high home searches and low inventory in many markets, the search for a home can be a bit chaotic. Inventory is down 20-25% year-over-year. In some markets houses are moving very quickly and buyers are frequently making fast decisions, sometimes without enough consideration. The survey found that “Among homebuyers who purchased their current home between 2010 and 2003, fewer had regrets compared to those who purchased from 2003 to 2009,” the company stated on its site. Perhaps that’s because the bubble peaked between 2003-2006 and falling housing prices may have spurred regrets regarding financial matters such as shopping for a better mortgage, borrowing less against their home, or wishing they understood the cost of homeownership better. Now, though, as the housing market is in recovery mode, those same regrets are dissipating. “Homeowners who moved into their current home between 2001 and 2013 also have fewer financial regrets
than people who moved into their current home during 2003-2006 or just after 2007-2009 (the bubble)…,” the company reported. Even in fast-paced, low-inventory markets, getting the home you want is possible if you get organized before you start your house hunting. The best ways to be prepared are to start your homeownership plan now. Even if you plan to rent for a year or more, begin to strategize for your future homeownership today. This means that you put an active savings plan into effect. You pay down outstanding debt. You start to analyze your current lifestyle to determine which amenities are most vital for your lifestyle. I’ve often recommended in my columns to keep a three-ring binder with information on the housing market. Today, you can also do that online using a social media platform or cloud-based storage. Keep relevant articles, photos of homes you like, decor, landscaping, special services, and reports. Having a folder or online resource that you can reference regularly will help you stay on track to eventually reach your goal of buying a home and getting the house you really want with few or no regrets.
Saturday, May 10, 2014
Happy Mother’s Day! From all of us at The Norman Transcript
OPEN houses NORTHWEST 3000 LOCHINVER
OPEN SAT 10-6; SUN-WED 1-6
WESTPOINT HOMES’ SHOWCASE HOME IS A MUST SEE! WESTPOINT HOMES
309 TURNBERRY DRIVE.
OPEN SAT & SUN 2-5
MUST SEE! 3 bedrooms/2 1/2 baths. Open concept! Study with built-in desk and bookshelves. 2 dining areas. Sprinkler system. Oversized 3 car garage. Corner lot! Side entry garage. Granite. Italian marble. Walk-in shower. Wood floors. Stainless steel appliances. Large backyard for a pool! WESTPOINT HOMES
4512 FOUNTAIN VIEW
OPEN SAT 2-4
(Tecumseh and NW 48th, south to Fountain View Drive, east to property.)
EXTRAORDINARY NEW BUILD by Custom Builders of Oklahoma! 4 Beds, 2 down and 2 up. Great Room, Formal Dining, Study, Bonus Room, Media Room. Outdoor living with Wood Burning Fireplace & Kitchen, 4 Car Insulated Garage, Storm Shelter. Features include: Architectural Designed Ceilings, Wrought Iron Staircase & Front Door, Plank Wood Floor, Custom Built Wood Cabinetry, SS Gas Range/Convection Oven, Electric Oven, Refrigerate, Whole House Audio, Butler’s Pantry, Granite Counters, Central Vacuum System, & Sprinklers. $668,900. Call Carol Lindley @ 401-0246. #267464 DON CIES REAL ESTATE, INC.
NORTHEAST 722 SEDONA
OPEN SAT 2-4
(From SE 12th and Tecumseh, West to Red Canyon Ranch, North to Sedona, West to home. Located just across from city park)
GREAT OPEN PLAN IN RED CANYON RANCH. Conveniently located on a hill directly across the street from the neighborhood park you can sit on your front porch with a view! With 4 bedrooms, 2 living rooms a separate study this beautifully equipped home is a crowd pleaser. The kitchen features more than ample quartz counter tops, stainless appliances and oil rubbed bronze fixtures. Study or 2nd living could easily serve as formal dining. Built by Ideal Homes with Energystar Certification. Listed at $245,000. Hosted by Steve Morren, Broker ABR, CRB, CRS, GRI, SRES STERLING REAL ESTATE
Saturday, May 10, 2014
HOW TO RENOVATE YOUR KITCHEN FOR UNDER $500 Written by Jaymi Naciri for Realty Times Looking to redo your space but lacking the funds? You can actually get a whole new look without a big hassle - or a big expense. With some tips and tricks and some effort on your part (and maybe that of a few of your friends), you can fix up almost any space for under $500. Today we're going to concentrate on the area that most frustrates those who don't have designer digs: the kitchen. "The average cost of a mid-level kitchen renovation is $35,000," said HGTV. "But all is not lost for the budget-minded homeowner. For $500, the clever do-it-yourselfer can give any tired-looking kitchen a makeover without having to replace a single cabinet or appliance." Paint Nothing is easier for the DIYer and nothing makes as big of an impact at a reasonable cost as a new coat of paint. "Painting is the most cost-effective way of giving your kitchen a facelift," sad HGTV. "For less than $100 in paint and supplies, a thrifty homeowner can
transform the look and feel of his or her kitchen in a weekend." If your cabinets are grimy, old, ugly, or all of the above, you can paint them too. Of course, the effort involved here is not small. Sanding, priming, more sanding, painting, more sanding, and all the cleaning you have to do in between to get up all the dust is no easy feat. But the payoff can be great - if you do it right. "Before you paint, it's important to prep," said Bankrate. "Remove the doors from the cabinets, cover the hardware or remove it, and be sure to sand away old paint." If you want to cut down on the prep time, try a product like Cabinet Transformations, which allows you to eliminate the tedious sanding step. Another way to update/upgrade your cabinets is by adding some jewelry. Adding hardware can give the cabinets a fresh look. So can adding molding. If you can use a table saw (and properly calculate angles for mitered corners, you can add molding to the top of your cabinets that can transform the look and give
Saturday, May 10, 2014
your kitchen a custom touch. Appliances New appliances can give you a big bang, but also cost big bucks. If you need a new stove, microwave, or dishwasher, you may be able to score big at an outlet store or by buying something that isn't perfect. "Changing an appliance will push the outer limit of any budget," said Bankrate. "But if you're willing to accept minor imperfections, it is possible to pick up a new appliance for less than $500. You can update appliances by going to a 'scratch-and-dent' store where they sell new appliances at a steep discount due to minor cosmetic flaws. The term refers to cosmetic blemishes that preclude retailers from selling the appliances as new, but when it comes to functionality, the buyer is getting a new product." Backsplash If you're not ready to take the plunge with new appliances, add a flashy new look by redoing your backsplash.
"A relatively easy and inexpensive update is to install or replace a tile backsplash," said Consumer Reports. "The average cost is about $3 to $5 per square foot, though decorative inlays and trims can cost more. Experts say this is a relatively easy DIY project depending on the material and the intricacy of the pattern. Whether you do the job yourself or hire an installer depends on the state of your existing backsplash and how much time you can commit to the job." Sink That scratched-up, too-small sink is also a good candidate for an inexpensive makeover if you have some good skills - or are owed a favor by someone who does. "You don't have to be a plumber to give your kitchen sink a makeover, but you do have to be somewhat handy," said Bankrate. "You can replace the faucet on your sink rather easily in about an hour. "Depending on the quality and features of the faucet, you could spend anywhere between $150 and $500.
A more dramatic option, and one that requires a little more muscle, is to replace the whole sink. The project will take a few hours, and it should run you between $250 and $500 for a new sink."
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