10 Quick Fixes To Sell a Home Faster

Here are 10 quick fixes that make a house more likely to be snagged up by buyers:

1. Paint the trim, columns, front door, and the light fixture.
2. Replace the storm door with a full-view one.
3. Clean all the window screens.
4. Add new mulch and a potted plant by the front door.
5. Remove mirrors from over the fireplace so buyers focus on the fireplace.
6. Move furniture 1 1/2 to 2 feet away from the walls to create the illusion of more space.
7. Get rid of any movable storage pieces in the kitchen and take all the clutter off the refrigerator.
8. Clean and regrout the bathroom floor tile.
9. Replace dated bathroom vanities with trendy (and economical) pedestal sinks.
10. Put colorful bedding and matching window treatments in all the bedrooms.

Source: Star-Tribune, Aimee Blanchette (01/27/07)

London Strides Above the World in Pricey Property

London may be the world’s most over-priced real estate market.

In trendy Knightsbridge, a 77-square-foot former storage room is being marketed as a studio apartment. The asking price – $335,000 or $4,340 a square foot.The basement room has a tiny shower and a shallow closet, two hot plates and a sink. Adding electricity and heat to make the place habitable will cost an additional $59,000.

“It’s an investment,” says Andrew Scott, the real estate practitioner handling the saleUltra high-end properties in London are the priciest in the world, averaging $5,900 per square foot, making that basement studio look like a bargain.— The Associated Press (01/23/07)

Proper Home Maintenance Is the Best Defense Against Mold, Says the Insurance Information Institute

Mold Is Not Covered under Standard Homeowners Insurance Policies

When it comes to keeping your home mold-free, a strong offense is definitely your best defense, says the Insurance Information Institute (I.I.I.).

To prevent mold, eliminate moisture from your home and be on the lookout for signs of possible growth, such as musty smells or watermarks on walls and ceilings, suggests the I.I.I.

Caught early, mold can usually be removed by a thorough cleaning with bleach and water. To prevent mold from growing back, however, it is essential that the source of the moisture be eliminated and the affected area properly dried, cleaned and, if necessary, replaced. Also, remember to bag and dispose of any material with moldy residue such as rags, paper or debris.

To help prevent the growth of mold in your home, the I.I.I. suggests the following:

Reduce humidity in your home

• Keep the humidity level in your home between 30 percent and 60 percent by using air
• conditioners or dehumidifiers.
• Put exhaust fans in kitchens and bathrooms.
• Don’t install carpets in damp areas such as basements or bathrooms.
• Don’t let water accumulate under house plants.

Use mold-reducing products

• Clean bathrooms with bleach or other mold-eliminating products.
• Add mold inhibitors to paints before application.

Keep your home and belongings dry

• Fix leaky pipes, faucets and hoses.
• Keep gutters clean of leaves and other debris.
• Maintain your roof to prevent water from seeping into your home.

Be careful after a flood or other water damage

• Properly dry or remove soaked carpets, padding and upholstery within 24 to 48 hours after a flood to prevent mold growth. Anything that can’t be properly dried should be discarded.
• Remove standing water as quickly as possible. Standing water is a breeding ground for microorganisms, which can become airborne and inhaled.
• Wash and disinfect, with bleach or other mold-eliminating products, all areas that have been flooded. This includes walls, floors, closets and shelves, as well as heating and air-conditioning systems.
• In areas with high concentrations of mold, such as many homes flooded by Hurricane Katrina, health officials recommend homeowners wear protective gear such as a mask and gloves, during mold cleanup.

If you have any questions regarding mold and homeowners insurance, contact your agent or company representative. They can provide information on how to maintain your home and may also be able to provide the name of an expert in mold remediation.

You can get more information on mold on the CDC Web site ( http://www.cdc.gov/ ). For additional information on insurance, access the I.I.I.’s Web site ( http://www.iii.org/ ) or call the helpline at 800-942-4242.

The I.I.I. is a nonprofit communications organization sponsored by the property/casualty insurance industry.

Proper Home Maintenance Is the Best Defense Against Mold, Says the Insurance Information Institute

Mold Is Not Covered under Standard Homeowners Insurance Policies

When it comes to keeping your home mold-free, a strong offense is definitely your best defense, says the Insurance Information Institute (I.I.I.).

To prevent mold, eliminate moisture from your home and be on the lookout for signs of possible growth, such as musty smells or watermarks on walls and ceilings, suggests the I.I.I.

Caught early, mold can usually be removed by a thorough cleaning with bleach and water. To prevent mold from growing back, however, it is essential that the source of the moisture be eliminated and the affected area properly dried, cleaned and, if necessary, replaced. Also, remember to bag and dispose of any material with moldy residue such as rags, paper or debris.

To help prevent the growth of mold in your home, the I.I.I. suggests the following:

Reduce humidity in your home

• Keep the humidity level in your home between 30 percent and 60 percent by using air
• conditioners or dehumidifiers.
• Put exhaust fans in kitchens and bathrooms.
• Don’t install carpets in damp areas such as basements or bathrooms.
• Don’t let water accumulate under house plants.

Use mold-reducing products

• Clean bathrooms with bleach or other mold-eliminating products.
• Add mold inhibitors to paints before application.

Keep your home and belongings dry

• Fix leaky pipes, faucets and hoses.
• Keep gutters clean of leaves and other debris.
• Maintain your roof to prevent water from seeping into your home.

Be careful after a flood or other water damage

• Properly dry or remove soaked carpets, padding and upholstery within 24 to 48 hours after a flood to prevent mold growth. Anything that can’t be properly dried should be discarded.
• Remove standing water as quickly as possible. Standing water is a breeding ground for microorganisms, which can become airborne and inhaled.
• Wash and disinfect, with bleach or other mold-eliminating products, all areas that have been flooded. This includes walls, floors, closets and shelves, as well as heating and air-conditioning systems.
• In areas with high concentrations of mold, such as many homes flooded by Hurricane Katrina, health officials recommend homeowners wear protective gear such as a mask and gloves, during mold cleanup.

If you have any questions regarding mold and homeowners insurance, contact your agent or company representative. They can provide information on how to maintain your home and may also be able to provide the name of an expert in mold remediation.

You can get more information on mold on the CDC Web site ( http://www.cdc.gov ). For additional information on insurance, access the I.I.I.’s Web site ( http://www.iii.org ) or call the helpline at 800-942-4242.

The I.I.I. is a nonprofit communications organization sponsored by the property/casualty insurance industry.

Buying a home is one of the most complex financial decisions you'll ever make.

• Consider hiring a buyer-broker who works for you not the seller. Real estate agents represent the seller not the buyer.
• Get prices on other homes. Knowing the price of other homes in a neighborhood will help you avoid paying too much.
• Have the property inspected. Use a licensed home inspector to carefully inspect the property before agreeing to buy it.

When shopping for a home mortgage

• Research current interest rates. Check the real estate section of your local newspaper, use the Internet, or call at least six lenders for information.
• Check the rates for 30-year, 20-year and 15-year mortgages. You may be able to save thousands of dollars in interest charges by getting the shortest-term mortgage you can afford.
• Ask for details on the same loan amount, loan term, and type of loan from multiple lenders so that you can compare the information. Be sure to get the Annual Percentage Rate (APR) which takes into account not only the interest rate but also points, broker fees, and other credit charges expressed as a yearly rate.
• Ask whether the rate is fixed or adjustable. The interest rate on adjustable rate mortgage loans (ARMs) can vary a great deal over the lifetime of the mortgage. An increase of several percentage points might raise payments by hundreds of dollars per month.
• If a loan has an adjustable rate, ask when and how the rate and loan payment could change.
• Find out how much down payment is required. Some lenders require 20 percent of the home's purchase price as a down payment. But many lenders now offer loans that require less. In these cases, you may be required to purchase private mortgage insurance (PMI) to protect the lender if you fall behind on payments.
• If PMI is required, ask what the total cost of the insurance will be. How much will the monthly mortgage payment be when the PMI premium is added and how long you will be required to carry PMI?
• Ask if you can pay off the loan early and if there is a penalty for doing so.

The Real Estate Settlement Procedures Act (RESPA) requires lenders to give you information on all closing costs and escrow account practices. Any business relationships between the lender and closing service providers or other parties to the transaction must also be disclosed. Many of the fees are negotiable. More information is available from the Federal Trade Commission, the Federal Reserve Board, and the Department of Housing and Urban Development.

For more information on home buying and mortgages, visit Fannie Mae's web site at www.fanniemae.com or call 202-752-7000.

The Mortgage Bankers Association also offers www.stopmortgagefraud.com.

The Most Expensive Home of 2006

The most expensive house sold in 2006 was an English-style, 10,000-square-foot Alpine, N.J., mansion with guest cottages, pool, and tennis courts, according to the Institute for Luxury Home Marketing.

The price tag for the 63-acre estate five miles from Manhattan: $58 million. Advanced Photonix CEO Richard Kurtz bought this year’s top seller from Henry Clay Frick II.

In 2005, the priciest house was an oceanfront estate that sold for $70 million to Ron Perelman of Palm Beach, Fla.

The Institute for Luxury Home Marketing estimates — from not-yet-complete data — that 2006 sales of homes priced at $5 million and above were up about 11 percent over 2005. And at least 10 buyers throughout the country were willing to shell out $28 million or more for high-end residences last year.

Source: Dow Jones Business News, Amy Hoak

What to Know Before Buying a Fixer-Upper

A home in need of repair can be a good deal, especially if buyers are able to do some of the repairs themselves.Here are three major things to think about when considering a home in need of lots of improvements:

• Location, location location. Is the lot well located with good topography? Will the improvements you propose make it worth as much as — not a lot more — than other homes in the neighborhood?
• How much? Calculate what the home would sell for if it were in great shape. Subtract the cost of repairs, then take off another 10 to 15 percent for unexpected problems. If you can’t get the property for that, then it's probably a bad deal.
• Prepare for the mess. Get ready for renovations to take longer than expected. Know that your life will be disrupted if you can’t afford to live somewhere else while the work is being completed.

Source: Charlotte Observer, Kathy Haight