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What to Expect During Your Home’s Roof Replacement Project

Replacing your roof is an essential part of maintaining your home. A damaged or improperly maintained roof can cause thousands and dollars in damage to other parts of the home. Repairs only go so far, and eventually it will be time to replace your roof entirely. Replacing your roof can seem like a daunting task for the first time homeowner. Choosing between hundreds of professional roofing contractors can be confusing. Thankfully, the project of getting a new roof is not too complicated, and it helps to know what to expect.

The first step in any roof replacement project is obtaining estimates and choosing a contractor. It’s a good idea to research several companies. Make sure they have good reputations and are licensed in your state. Be sure to obtain estimates from several contractors before signing a contract, as roofing estimates can have a wide range. There are many factors that can influence the cost of a roof replacement. It’s good to know a little about them before you get too involved.

The size and slope of the roof, the materials being used, and the region of the country can all affect the final cost of the project. A roof that is particularly steep and slippery will cost more to replace than a roof that is more easily accessible. The height of the roof matters as well. Roofs on two-story homes are more expensive to replace than roofs on ramblers or ranchers. This is simply because it’s easier for the workers to access a roof that is closer to the ground. Also, like almost anything, prices vary depending on where you live. Roof replacements cost more in places where the general cost of living is higher. The frequency of roof replacements differs depending on the region of the county as well. Roofs in the Midwest generally need to be replaced more often than roofs in other parts of the country due to extreme weather. Likewise, homeowners in Southern California replace their roofs less often since the weather is usually mild year-round.

There are several different types of roofs you can have installed. The materials can range in price anywhere from $1 to $40 or more per square foot. The most common roofing material is asphalt shingles. These are relatively inexpensive and are usually guaranteed to last anywhere between 20 and 30 years. They come in may different colors to compliment the exterior of your home. Another form of roofing is wood shake, which usually costs $6 to $9 a square foot. These roofs are usually made of cedar and can last 12 to 25 years, but they require almost constant maintenance. Metal roofing such as copper or aluminum can cost $15-$20 a square foot. Tile roofs, such as terra cotta, are generally used in southwestern architecture and cost $6 to $9 a square foot. (Tiles are not recommended in areas with frequent rainfall, as they have a tendency to leak.) A slate roof is the most durable, though it is also the most expensive, and can cost up to $40 a square foot ($120,000 to replace a 3,000 square foot roof). Slate is generally used on upscale homes and can last up to 200 years or more depending on the quality.

Along with being inexpensive, asphalt shingles require little maintenance, making them the most popular roofing choice for American homeowners. While asphalt shingle roofs are often designed to last 25 or 30 years, the actual life span of your roof can vary depending on where you live. High speed winds, hurricanes, heavy storms, blizzards, and dramatic temperature fluctuations decrease the longevity of your roof. Estimates for replacing an asphalt shingled roof can range from $1,500 to $9,000 depending on the size of the roof as well as location.

The cost of a roof replacement project varies depending on where you live. A roof replacement costs less in the Midwest than it does in the Northeast. In places where the general cost of living is higher, roof replacements will cost more as well. If you live in the Midwest, you will need to replace your roof more often. High speed winds, tornadoes, blizzards, and ice storms will all wreck havoc on your roof. Temperature fluctuations can also damage roofs. In the desert the temperature can be over 100 degrees during the day and drop to 50 or 40 degrees at night. 20-year asphalt shingles in Arizona and New Mexico last on average only 15 years, due to sustained damage from temperature fluctuations. Homeowners in regions with mild weather can get away with more moderate roof repairs, putting off full replacements for longer periods of time.

Roof replacement estimates may vary depending on all of these factors (location, materials, etc.). The final cost once the work is completed may be higher than the initial estimate, as your roof may have some unforeseen damage that will add to the final cost . Underneath the shingles, your roof could be rotted or have water damage. Replacing the roof support system can add thousands of dollars to the bill, depending on the extent of the damage. This is a good incentive to keep your roof properly maintained and have it replaced on time.

When you’re choosing your roofing contractor, ask for references. You’ll definitely want to see examples of their work on local homes. When giving an estimate, a contractor will come to your house to inspect your roof. He’ll come up with a number that factors in the cost of materials and labor, including the cost of stripping and throwing away the old shingles. The estimate should include the cost of removal and disposal of the old roofing material. If not, ask about this to avoid surprises. There is a chance that there will be some unforeseen costs in the project, so it is good to avoid as many of these as possible. After the visit, they will send you a written contract. A contract from a roofing company should include a description of what is to be done, as well as when it is to be done and a schedule for payment. Having it all in writing can protect the homeowner later on. Be sure to shop around before settling on a specific contractor, as prices can vary considerably.

Once you’ve chosen your roofing materials and your contractor, it’s time to set a date for the project. The actual work of replacing the roof can take anywhere from a few days to a few weeks, depending on the size of the roof. You should plan to have someone at home while the work is being done. If they have any questions or discover any additional problems with your roof, it helps that you are home to discuss things with them.

Before the workers arrive, it’s good to remove any items that may get in the way of their ladders. Climbing on roofs can be dangerous, even for professionals, so it’s best to stay out of their way. First, the roofers rip out all the old roofing shingles and replace any rotted or damaged wood in the roof. Next they lay a base, and then they lay the shingles. Roof work is noisy. Expect to hear a lot of hammering as well as people running around all over your roof. It’s not really an invasive home repair. You won’t have workmen coming inside your house. As long as you don’t mind the noise, it’s not much of a hassle.

When the old shingles have been stripped, any un-shingled portions of the roof should be covered with a tarp overnight to protect your home in case of rain or overnight storms.

Once your new roof is completed, make sure the workers have cleaned up all the debris that has fallen. When a roof is replaced, the workers usually toss the pieces of the old roof onto the ground or into a dump truck as they’re working. Once the bulk of the old material is disposed of, responsible companies will clean up after themselves to ensure customer satisfaction. They usually have a magnetic broom that picks up all the nails and other materials that can be hazardous as well as unsightly. You may find a shingle or two in your yard afterwards, which is perfectly normal.

When you have roof work done, you should never pay anything up front. You always pay after the job is completed. This is standard procedure. All reputable roofing companies operate this way.

How to Do a Sales Pitch in Commercial Real Estate

In commercial real estate, you will undertake a variety of presentations, in a variety of circumstances. Most of them are business-like in nature, focusing on the needs of the tenant, the property buyer, or the property seller.

Get to the core issues

Each of these groups has unique property requirements and points of focus. It is their needs which must be identified and clearly addressed in the sales pitch or presentation. Many successful commercial real estate agents will have a preliminary meeting with the client or customer so that they can identify key issues and concerns. This allows the commercial agent to return to the client or customer in a few days with a well structured proposal that addresses the needs of the customer or client.

It’s all about THEM, not YOU!

When you design an investment or commercial property proposal for presentation, the document should be 90% regards the property and the client. Frequently you see this rule disregarded or broken with the proposal document being largely regards the agency and the personnel.

Rarely is the property transaction a simple matter of the property rental, the property price, or the physical elements of the property. In most situations, it is the combination of these things which must satisfy a fundamental equation of need that the customer or client has. In getting them to this fundamental need, you will identify an element of pain that the customer or client is experiencing. This is what you focus on.

They are Experienced

It is interesting to note that many clients and customers in commercial real estate are reasonably comfortable in circumstances of business negotiation. This means they may not tell you the total big picture or all the elements of a transaction until they are ready. Conversation and connection in the presentation process should be biased towards the client or customer using well selected questions which allow the agent to interpret the body language coming from the client’s response.

When you believe you have identified the element of clients pain related to the property transaction, you start to magnify the problem in terms of today’s market, then offering stable and logical solutions that your real estate agency business can provide to the client or customer. Invariably, the commercial real estate transaction in today’s market centres on financial matters such as:

High vacancy factors
Other property choices and chances are available
Underperforming leases
Unstable cash flow
Unstable tenancy mix
Tenanted conflict
Escalating building operating costs
A shift in demographics which exposes the property to a unstable future
Mortgage payment pressures
Age of the asset
Needs for refurbishment or extension
Competition properties attracting tenants away from the subject property

This type of information and interpretation requires your intimate knowledge of the local region. This is by both property type and by location. This is the higher value that you bring to the customer or client. Being able to distinctly define local market awareness is a major advantage in any commercial real estate presentation or sales pitch. You must be seen as the best knowledgeable solution to the problem.

From Experience

After many years working exclusively in the commercial real estate industry, I found that my unique skill was in market knowledge and the display of that in any formal presentation to the client. Being able to talk about market trends and financial performance in a solid and sound way will help the client understand that they need your services. Coupling that with your extensive and relevant database of enquiry clearly shows the client that they need you.

A fantastic commercial real estate presentation is a function and balance of lots of things. Things like:

A well established pre-planning process is a strategic advantage for every commercial real estate presentation. Strategy is everything in commercial real estate. Every property presentation requires planning.
Making sure you are asking the right questions of the client or prospect. Plan your questions relative to the subject property so that you help the client think about opportunity and changes that are possible.
Using your market knowledge and giving good answers. Have a variety of market facts and trends available to call on. Feed them into your presentation; facts are always useful. They can also be used as a channel to direct the discussion when the client is forcing you to justify your approach or your experience. Confidence and control must be the basic rule of your property presentation. When the client takes control of the presentation you have lost.
Using your experience in the marketplace so that you are telling relevant stories of success in similar properties. Stories of other properties will always interest of the client.
Making sure your personal presentation is optimised for the connection in the presentation. It can be that you are using a combination of the proposal document, the marketing document, and computer slide presentation, samples of your database, photographs of the subject property projected on to slides, and photographs of comparable properties projected on to slides.
Choosing the placement of people at the table or strategically positioning them in the room is always important. Much has been written about where you should sit relative to the client. The basic rule is adjacent to the client rather than across an area of barrier such as a table. Being within arm’s reach allows you to pass documentation to the client at the appropriate time. Documentation should not be provided to the client until you are ready for them to review it; otherwise it is a distraction of their attention.
Make sure that your proposal is simple and yet well directed with a clearly defined outcomes of sale or lease. Many proposal documents in commercial real estate are much too wordy so the main messages are lost and not clearly defined. The best proposals are less wordy and more illustrative. The best balance of a commercial real estate proposal is a mixture of 25% words, 25% pictures, 25% graphs, and 25% white space. This becomes a document which is clearly read and understood.
Combine good illustrations and photographs of the subject property into the proposal or presentation so that any lengthy descriptions or paragraphs are broken up. This will keep interest of the client in your documentation.
Make sure that your marketing package is value for money, and yet reaching the target market that the property serves or needs to attract. All too often, we see examples of generic marketing by the commercial real estate agent to the broader and less specific marketplace. Showing the client that you clearly know and will attract best the target market will always help your conversion to a potential listing. Be very specific about the target market and how you will reach it.
Ensure that your commission costs are fair and reasonable for the location. In most circumstances, discounting your commission should not be an option as it will make you poor and remove or detract from your enthusiasm for the sale or lease. ‘Cheap’ means ‘cheap and without focus’ and the client needs to know this. The property deserves better. You are not cheap because you are the best and you do a great job. A fair commission is always paid for a positive property outcome.
Always provide testimonials that are relevant to the property transaction. When you combine relevant history and details of happy customers into your presentation you will make the client feel more comfortable.
Always display clear and sound market knowledge that impresses the client relative to their property. This will include extensive awareness of comparable properties that compete with the subject property. You should be able to talk solidly about property prices, comparable rents, rental growth, returns on investment, changes to the future demographics of the area, and properties in the immediate precinct of relevance. In many cases, it pays to walk around the local area just prior to any property presentation so that you bring immediate and clear pictures of the precinct to the discussion. Many times this has been of significant advantage in my presentation processes. Talking about neighbouring properties localises the client and their thought processes.
Come up with a variety of ways to serve the client. Innovation and relevance will always impress. In today’s market, this is relatively easy considering the marketing opportunities and tools provided by the internet & technology. Be proactive in your property promotion processes so that the listing for sale or lease stands uniquely different in its marketing campaign from the others in the area. This does not have to be expensive to the client or to your office, given that the internet and electronic technology is historically cost effective. In today’s market, the traditional methods of publicising the property in the property pages of the local paper, is becoming much less important in the marketing campaign. Most commercial property buyers and tenants research the market from the Internet first and foremost.
Almost every property agency will say that they have excellent communication and connection skills to support the property promotion process. From experience, this is largely incorrect and typically the average commercial salesperson or leasing person will exercise ordinary communication channels with the client. Put yourself in the shoes of the client. They expect and deserve frequent updates on the promotion of the property even when nothing is happening or when the adverts are producing little response. When a property campaign is not producing the results, it is important that you act or adjust with alternative recommendations and strategic changes to the promotional campaign for the client to consider. Rarely would you get to the property campaign correct in the first week. It is in this time that you must consider fine tuning the promotion process so that the target market is being reached in a timely and effective way. This means that every property enquiry generated from your promotions must be tabulated so that you understand what channels of marketing work most effectively with the property in question.
When addressing the client or the client group in a formal property presentation, the answers and information you give must be delivered well and provide relevant solid property knowledge, in a practiced and professional delivery. Any sales or presentation tools relative to the property must be relevant and you should know how to use them with exceptional skill. Fumbling and faking information is not tolerated by the client.

So there you have it. These are some of the key skills to use in a commercial real estate presentation. Whilst many real estate agents think that they are the best alternative in the market to promote sell and rent commercial property, the reality is they do not get the message across when it matters most in front of the client.

To be the best commercial real estate agent in your area, you must show that you are just so, and you do this in the first 10 minutes of the time that your presentation takes. The client will have formed an opinion by then.

Be prepared to walk away from any demands for discounting that the client or customer demands. In this market they need a great commercial real estate agent providing a great job; discounting is not an option. Show pride in your services and walk away when the client demands discount in marketing or lower commissions.

Stuck In A Rut – Enjoy These Home Improvement Ideas

Well, you’ve decided to improve your home. Good for you! However, there is so much information that you may not have a clue where to begin. Don’t worry, home improvement tips are here! Listed below are some tips that will help you get started and organized so that you can become a home improvement expert.

New wallpaper can transform a room. Before you add wallpaper, you need to find out what type of wall is under the existing wallpaper. Usually walls are either drywall or plaster smoothed over lath. You can figure out what kind of wall you are dealing with by feeling the wall, plaster is harder, smoother, and colder than drywall. You can also try tapping the wall, drywall sounds hollow while plaster does not.

If you are looking for home improvement, don’t forget the outside areas of your home too. If you love fish, you may want to consider putting in a Koi pond. They look beautiful, and they can be customized to match the look of your backyard or be made the focal point.

If you have a small bathroom and not enough space to store your items, you can easily create some space yourself. Buy some wooden shelves and install them on your bathroom wall. Display your lotions, perfumes and other beauty items on the shelves as well as your smaller towels or toilet paper rolls. This will not only give your bathroom a decorative boost, it will also organize it.

Before beginning a home improvement project, make a list of the actions you think will need to be taken from start to finish. Obtain a second opinion from a trusted source to see if there are any steps you missed or anything you didn’t take into account. Plan to set aside plenty of time for your project, as it might take longer than expected.

The shingles on your roof will at some point need to be replaced. As asphalt shingles get older, they start to lose the bound granules and curl up on the corners of the sheets. If you are experiencing leaks that have gone through the ceiling, then it is definitely time to lay down a new roof. Otherwise, if your roof has lost several shingles, this is a less drastic but firm indication that it’s time to replace the roof.

When you are getting ready to deep clean your deck, make sure you have all of your materials ready before hand. Some of the things you will need to get together are a pressure washer, a nice sturdy scrub brush, commercial deck cleaner, a hose, and a hefty broom you can use outdoors.

Before beginning home improvements apply for the appropriate building permits. Any home improvement that involves plumbing, electricity, or structural changes can require a permit. Check your local laws. If you proceed without a permit then you can be fined or it could make the house harder to sell in the future.

When it comes to home improvement, be sure that you are not causing your home to awkwardly stand out from the rest of the neighborhood. This will ensure you will be able to resell it and also, that you will not receive scorn from your neighbors. Be creative, but try to lean toward conservative with colors. With additions, keep your the total size of your home somewhat near that of your neighbors.

If you live in an older home with a wooden floor that is beyond sanding and staining, add a few coats of oil-based paint over the planks. Choose a paint that is intended for outdoor use on decks or porches; this ensures that it will be able to withstand the occasional wet spill and light traffic. It can also hold you over until you have the resources to replace the floor altogether.

If you want to make your house shine then look to the curb appeal. First impressions are important with people, and they are just as important to your home. Consider repainting if your color is fading or is dated, and choose colors and other details that fit into the era of your house.

You should feel better after reading those tips when it comes to home improvement. That was a lot to think and read through, but at least you should have an idea of what to do and where to begin with improving your home safer and smarter. In addition, you can always come back to this list.

Choosing The Right Home Improvement Company

Everybody desires to make his/her home attractive and unique. They want their home to be perfect in all aspects. For that, they are paying more attention on the interior as well as exterior of their houses.

However, if you wish to enhance the beauty of your house, make sure that, you choose a reputed and genuine home improvement service. Selecting an experienced home decor service can surely renovate your house in all aspects. In fact, now you can also find many home decor services on the Internet.

By spending some time on the Internet, you can easily select the best service that suits your budget. With the help of a price list next to design, you can choose any design that matches your house and budget. However, for renovating your house, Toledo home improvement service is perfect, because you will be provided with a wide variety of both exterior as well as interior designs.

Moreover, you will be provided with different painting options, so that you can choose your favorite colors. This will help renovate your home with total modern accessories. You can really make your investment successful by choosing this service for your home. However, if you desire to renovate your home by yourself, then you may suffer from loss. Therefore, opting experienced services such as Toledo home improvement can really help you save a lot.

The home decor experts of this service can easily solve all your problems regarding home improvement. With the help of these experts, you can easily renovate your home without spending much. Thus, taking the help of professionals can really enhance the beauty of your home. Toledo home improvement service will renovate your home through systematic. Firstly, your new room has to be perfectly designed, so that it looks unique. You can also replace modern accessories with older ones for giving a unique look to your bedroom.

In fact, you can also improve your bathroom, bedroom and kitchen with the help of these services. There are many things that you can replace and improve in your home. Thus, proper planning can surely help you in terms of home improvement. With the help of this service, you can also improve your garage, building, chimney and garage. Your home interior and exterior has to be stylish and unique, so make sure that you improve all those things with the help of a reputed expert. Hence, with Toledo home improvement service, you can easily improve your home.

Home Buyers and Sellers Real Estate Glossary

Every business has it’s jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used terms with home buyers and sellers.

1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.

1099: The statement of income reported to the IRS for an independent contractor.

A/I: A contract that is pending with attorney and inspection contingencies.

Accompanied showings: Those showings where the listing agent must accompany an agent and his or her clients when viewing a listing.

Addendum: An addition to; a document.

Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.

Agent: The licensed real estate salesperson or broker who represents buyers or sellers.

Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a percentage rate of interest. The total costs are amortized over the term of the loan.

Application fees: Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers, property appraisal fees, and lender-specific fees.

Appointments: Those times or time periods an agent shows properties to clients.

Appraisal: A document of opinion of property value at a specific point in time.

Appraised price (AP): The price the third-party relocation company offers (under most contracts) the seller for his or her property. Generally, the average of two or more independent appraisals.

“As-is”: A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.

Assumable mortgage: One in which the buyer agrees to fulfill the obligations of the existing loan agreement that the seller made with the lender. When assuming a mortgage, a buyer becomes personally liable for the payment of principal and interest. The original mortgagor should receive a written release from the liability when the buyer assumes the original mortgage.

Back on market (BOM): When a property or listing is placed back on the market after being removed from the market recently.

Back-up agent: A licensed agent who works with clients when their agent is unavailable.

Balloon mortgage: A type of mortgage that is generally paid over a short period of time, but is amortized over a longer period of time. The borrower typically pays a combination of principal and interest. At the end of the loan term, the entire unpaid balance must be repaid.

Back-up offer: When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.

Bill of sale: Transfers title to personal property in a transaction.

Board of REALTORS® (local): An association of REALTORS® in a specific geographic area.

Broker: A state licensed individual who acts as the agent for the seller or buyer.

Broker of record: The person registered with his or her state licensing authority as the managing broker of a specific real estate sales office.

Broker’s market analysis (BMA): The real estate broker’s opinion of the expected final net sale price, determined after acquisition of the property by the third-party company.

Broker’s tour: A preset time and day when real estate sales agents can view listings by multiple brokerages in the market.

Buyer: The purchaser of a property.

Buyer agency: A real estate broker retained by the buyer who has a fiduciary duty to the buyer.

Buyer agent: The agent who shows the buyer’s property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction.

Carrying costs: Cost incurred to maintain a property (taxes, interest, insurance, utilities, and so on).

Closing: The end of a transaction process where the deed is delivered, documents are signed, and funds are dispersed.

CLUE (Comprehensive Loss Underwriting Exchange): The insurance industry’s national database that assigns individuals a risk score. CLUE also has an electronic file of a properties insurance history. These files are accessible by insurance companies nationally. These files could impact the ability to sell property as they might contain information that a prospective buyer might find objectionable, and in some cases not even insurable.

Commission: The compensation paid to the listing brokerage by the seller for selling the property. A buyer may also be required to pay a commission to his or her agent.

Commission split: The percentage split of commission compen-sation between the real estate sales brokerage and the real estate sales agent or broker.

Competitive Market Analysis (CMA): The analysis used to provide market information to the seller and assist the real estate broker in securing the listing.

Condominium association: An association of all owners in a condominium.

Condominium budget: A financial forecast and report of a condominium association’s expenses and savings.

Condominium by-laws: Rules passed by the condominium association used in administration of the condominium property.

Condominium declarations: A document that legally establishes a condominium.

Condominium right of first refusal: A person or an association that has the first opportunity to purchase condominium real estate when it becomes available or the right to meet any other offer.

Condominium rules and regulation: Rules of a condominium association by which owners agree to abide.

Contingency: A provision in a contract requiring certain acts to be completed before the contract is binding.

Continue to show: When a property is under contract with contingencies, but the seller requests that the property continue to be shown to prospective buyers until contingencies are released.

Contract for deed: A sales contract in which the buyer takes possession of the property but the seller holds title until the loan is paid. Also known as an installment sale contract.

Conventional mortgage: A type of mortgage that has certain limitations placed on it to meet secondary market guidelines. Mortgage companies, banks, and savings and loans underwrite conventional mortgages.

Cooperating commission: A commission offered to the buyer’s agent brokerage for bringing a buyer to the selling brokerage’s listing.

Cooperative (Co-op): Where the shareholders of the corporation are the inhabitants of the building. Each shareholder has the right to lease a specific unit. The difference between a co-op and a condo is in a co-op, one owns shares in a corporation; in a condo one owns the unit fee simple.

Counteroffer: The response to an offer or a bid by the seller or buyer after the original offer or bid.

Credit report: Includes all of the history for a borrower’s credit accounts, outstanding debts, and payment timelines on past or current debts.

Credit score: A score assigned to a borrower’s credit report based on information contained therein.

Curb appeal: The visual impact a property projects from the street.

Days on market: The number of days a property has been on the market.

Decree: A judgment of the court that sets out the agreements and rights of the parties.

Disclosures: Federal, state, county, and local requirements of disclosure that the seller provides and the buyer acknowledges.

Divorce: The legal separation of a husband and wife effected by a court decree that totally dissolves the marriage relationship.

DOM: Days on market.

Down payment: The amount of cash put toward a purchase by the borrower.

Drive-by: When a buyer or seller agent or broker drives by a property listing or potential listing.

Dual agent: A state-licensed individual who represents the seller and the buyer in a single transaction.

Earnest money deposit: The money given to the seller at the time the offer is made as a sign of the buyer’s good faith.

Escrow account for real estate taxes and insurance: An account into which borrowers pay monthly prorations for real estate taxes and property insurance.

Exclusions: Fixtures or personal property that are excluded from the contract or offer to purchase.

Expired (listing): A property listing that has expired per the terms of the listing agreement.

Fax rider: A document that treats facsimile transmission as the same legal effect as the original document.

Feedback: The real estate sales agent and/or his or her client’s reaction to a listing or property. Requested by the listing agent.

Fee simple: A form of property ownership where the owner has the right to use and dispose of property at will.

FHA (Federal Housing Administration) Loan Guarantee: A guarantee by the FHA that a percentage of a loan will be underwritten by a mortgage company or banker.

Fixture: Personal property that has become part of the property through permanent attachment.

Flat fee: A predetermined amount of compensation received or paid for a specific service in a real estate transaction.

For sale by owner (FSBO): A property that is for sale by the owner of the property.

Gift letter: A letter to a lender stating that a gift of cash has been made to the buyer(s) and that the person gifting the cash to the buyer is not expecting the gift to be repaid. The exact wording of the gift letter should be requested of the lender.

Good faith estimate: Under the Real Estate Settlement Procedures Act, within three days of an application submission, lenders are required to provide in writing to potential borrowers a good faith estimate of closing costs.

Gross sale price: The sale price before any concessions.

Hazard insurance: Insurance that covers losses to real estate from damages that might affect its value.

Homeowner’s insurance: Coverage that includes personal liability and theft insurance in addition to hazard insurance.

HUD/RESPA (Housing and Urban Development/Real Estate Settlement Procedures Act): A document and statement that details all of the monies paid out and received at a real estate property closing.

Hybrid adjustable rate: Offers a fixed rate the first 5 years and then adjusts annually for the next 25 years.

IDX (Internet Data Exchange): Allows real estate brokers to advertise each other’s listings posted to listing databases such as the multiple listing service.

Inclusions: Fixtures or personal property that are included in a contract or offer to purchase.

Independent contractor: A real estate sales agent who conducts real estate business through a broker. This agent does not receive salary or benefits from the broker.

Inspection rider: Rider to purchase agreement between third party relocation company and buyer of transferee’s property stating that property is being sold “as is.” All inspection reports conducted by the third party company are disclosed to the buyer and it is the buyer’s duty to do his/her own inspections and tests.

Installment land contract: A contract in which the buyer takes possession of the property while the seller retains the title to the property until the loan is paid.

Interest rate float: The borrower decides to delay locking their interest rate on their loan. They can float their rate in expectation of the rate moving down. At the end of the float period they must lock a rate.

Interest rate lock: When the borrower and lender agree to lock a rate on loan. Can have terms and conditions attached to the lock.

List date: Actual date the property was listed with the current broker.

List price: The price of a property through a listing agreement.

Listing: Brokers written agreement to represent a seller and their property. Agents refer to their inventory of agreements with sellers as listings.

Listing agent: The real estate sales agent that is representing the sellers and their property, through a listing agreement.

Listing agreement: A document that establishes the real estate agent’s agreement with the sellers to represent their property in the market.

Listing appointment: The time when a real estate sales agent meets with potential clients selling a property to secure a listing agreement.

Listing exclusion: A clause included in the listing agreement when the seller (transferee) lists his or her property with a broker.

Loan: An amount of money that is lent to a borrower who agrees to repay the amount plus interest.

Loan application: A document that buyers who are requesting a loan fill out and submit to their lender.

Loan closing costs: The costs a lender charges to close a borrower’s loan. These costs vary from lender to lender and from market to market.

Loan commitment: A written document telling the borrowers that the mortgage company has agreed to lend them a specific amount of money at a specific interest rate for a specific period of time. The loan commitment may also contain conditions upon which the loan commitment is based.

Loan package: The group of mortgage documents that the borrower’s lender sends to the closing or escrow.

Loan processor: An administrative individual who is assigned to check, verify, and assemble all of the documents and the buyer’s funds and the borrower’s loan for closing.

Loan underwriter: One who underwrites a loan for another. Some lenders have investors underwrite a buyer’s loan.

Lockbox: A tool that allows secure storage of property keys on the premises for agent use. A combo uses a rotating dial to gain access with a combination; a Supra® (electronic lockbox or ELB) features a keypad.

Managing broker: A person licensed by the state as a broker who is also the broker of record for a real estate sales office. This person manages the daily operations of a real estate sales office.

Marketing period: The period of time in which the transferee may market his or her property (typically 45, 60, or 90 days), as directed by the third-party company’s contract with the employer.

Mortgage banker: One who lends the bank’s funds to borrowers and brings lenders and borrowers together.

Mortgage broker: A business that or an individual who unites lenders and borrowers and processes mortgage applications.

Mortgage loan servicing company: A company that collects monthly mortgage payments from borrowers.

Multiple listing service (MLS): A service that compiles available properties for sale by member brokers.

Multiple offers: More than one buyers broker present an offer on one property where the offers are negotiated at the same time.

National Association of REALTORS® (NAR): A national association comprised of real estate sales agents.

Net sales price: Gross sales price less concessions to the buyers.

Off market: A property listing that has been removed from the sale inventory in a market. A property can be temporarily or permanently off market.

Offer to purchase: When a buyer proposes certain terms and presents these terms to the seller.

Office tour/caravan: A walking or driving tour by a real estate sales office of listings represented by agents in the office. Usually held on a set day and time.

Parcel identification number (PIN): A taxing authority’s tracking number for a property.

Pending: A real estate contract that has been accepted on a property but the transaction has not closed.

Personal assistant: A real estate sales agent administrative assistant.

Planned unit development (PUD): Mixed-use development that sets aside areas for residential use, commercial use, and public areas such as schools, parks, and so on.

Preapproval: A higher level of buyer/borrower prequalification required by a mortgage lender. Some preapprovals have conditions the borrower must meet.

Prepaid interest: Funds paid by the borrower at closing based on the number of days left in the month of closing.

Prepayment penalty: A fine imposed on the borrower by the lender when the loan is paid off before it comes due.

Prequalification: The mortgage company tells a buyer in advance of the formal mortgage application, how much money the borrower can afford to borrow. Some prequalifications have conditions that the borrower must meet.

Preview appointment: When a buyer’s agent views a property alone to see if it meets his or her buyer’s needs.

Pricing: When the potential seller’s agent goes to the potential listing property to view it for marketing and pricing purposes.

Principal: The amount of money a buyer borrows.

Principal, interest, taxes, and insurance (PITI): The four parts that make up a borrower’s monthly mortgage payment. Private mortgage insurance (PMI): A special insurance paid by a borrower in monthly installments, typically of loans of more than 80 percent of the value of the property.

Professional designation: Additional nonlicensed real estate education completed by a real estate professional.

Professional regulation: A state licensing authority that oversees and disciplines licensees.

Promissory note: A promise-to-pay document used with a contract or an offer to purchase.

R & I: Estimated and actual repair and improvement costs.

Real estate agent: An individual who is licensed by the state and who acts on behalf of his or her client, the buyer or seller. The real estate agent who does not have a broker’s license must work for a licensed broker.

Real estate contract: A binding agreement between buyer and seller. It consists of an offer and an acceptance as well as consideration (i.e., money).

REALTOR®: A registered trademark of the National Association of REALTORS® that can be used only by its members.

Release deed: A written document stating that a seller or buyer has satisfied his or her obligation on a debt. This document is usually recorded.

Relist: Property that was listed with another broker but relisted with a current broker.

Rider: A separate document that is attached to a document in some way. This is done so that an entire document does not need to be rewritten.

Salaried agent: A real estate sales agent or broker who receives all or part of his or her compensation in real estate sales in the form of a salary.

Sale price: The price paid for a listing or property.

Seller (owner): The owner of a property who has signed a listing agreement or a potential listing agreement.

Showing: When a listing is shown to prospective buyers or the buyer’s agent (preview).

Special assessment: A special and additional charge to a unit in a condominium or cooperative. Also a special real estate tax for improvements that benefit a property.

State Association of REALTORS®: An association of REALTORS® in a specific state.

Supra®: An electronic lockbox (ELB) that holds keys to a property. The user must have a Supra keypad to use the lockbox.

Temporarily off market (TOM): A listed property that is taken off the market due to illness, travel, needed repairs, and so on.

Temporary housing: Housing a transferee occupies until permanent housing is selected or becomes available.

Transaction: The real estate process from offer to closing or escrow.

Transaction management fee (TMF): A fee charged by listing brokers to the seller as part of the listing agreement.

Transaction sides: The two sides of a transaction, sellers and buyers. The term used to record the number of transactions in which a real estate sales agent or broker was involved during a specific period.

24-hour notice: Allowed by law, tenants must be informed of showing 24 hours before you arrive.

Under contract: A property that has an accepted real estate contract between seller and buyer.

VA (Veterans Administration) Loan Guarantee: A guarantee on a mortgage amount backed by the Department of Veterans Affairs.

Virtual tour: An Internet web/cd-rom-based video presentation of a property.

VOW’s (Virtual Office web sites): An Internet based real estate brokerage business model that works with real estate consumers in same way as a brick and mortar real estate brokerage.

W-2: The Internal Revenue form issued by employer to employee to reflect compensation and deductions to compensation.

W-9: The Internal Revenue form requesting taxpayer identification number and certification.

Walk-through: A showing before closing or escrow that permits the buyers one final tour of the property they are purchasing.

Will: A document by which a person disposes of his or her property after death.

House Tips and Ideas for an Ideal Remodeling

Cities are famous for its beautiful scenery and well designed homes. Some houses are new, but some of them are remodeled. People contact the home remodeling contractors to remodel their homes for selling purposes or only to upgrade their property. When remodeling homes, it includes upgrading the interior, paint and furnishing of the wood work as well.

People need to plan and hire the most experienced home remodeling contractor to make their houses well designed and attractive.

Here are a few home remodeling tips and ideas

The first important suggestion for home remodeling is the idea of how a person will want to perceive their house. A person should go look at different designs and modern trends of houses and see what they like. They should keep in mind that certain materials cost more than others, but that is what the budget is for.

Checking the budget is one of the most important considerations when remodeling a house. If a person wants to remodel the whole structure of the house, first consider the new home remodeling structures and their key issues according to their plan. Also, estimate the total cost of remodeling the entire house. It will definitely take more money than just doing a single portion of the house, so someone should consider the cheapest plan for this.

Another important in home remodeling aspect is the scope of the project in terms of time. This means how long the project will be. If someone is going to change and renew the overall structure of the house, then it will consume a lot of time. If someone is on vacation, then this is not a big issue. Otherwise it may be a costly thing. It is better to estimate the time roughly on paper.

Now a person should consider the Kitchen. Nice wood work is the best idea for the home remodeling of a kitchen. There are so many designs and themes available, so someone can select the best suited theme for their kitchen. Choosing a theme that will produce a clean look and feel is great for a kitchen. On the other hand, for professional cooks, it is very significant to keep important points in mind like where they would store food and other ingredients, how many cabinets will be required, how much space would be enough for all the other kitchen accessories, and how easy it will be to access these, where to cook, and where to put the cooking range, etc.

Some people like to eat in the kitchen, so make sure that there is enough space for sitting as well as for when they will go through the remodeling.

Similarly, the renewal of a bathroom is as important as the kitchen. Utilization of resources is very important when someone is deciding to remodel the bathroom in their house. A person should keep a design in mind for an affordable home remodeling of their bathroom. This would be beneficial in terms of time and money. Because this is not a big room like the other rooms, someone should find the cheapest way to redesign it with some marble and other tile material.

Another important tip is that if someone has a small bathroom, it is a good idea to paint the walls with a lighter color for a vast and open look and feel. Placing the large mirrors on the side of the bathroom is also a good idea. Also, lighting is another factor when remodeling a bathroom: placing the lights where they can glow more and provide an elegant look.

Considering the emulation design is another good option for home remodeling. Emulation can give a boost for this purpose.

Kitchen Flooring and the Making of a Home

“Home is where the heart is”. This idiom continues to reverberate, with almost certainty, the importance of home and family in anyone’s life. Throughout centuries, and in whatever nation, society has regarded family as its basic unit. In more civilized societies where family life is more defined and given more expression, the home ceases to be just a dwelling; it is the place where every boy or girl learns life’s first few lessons that have far more lasting impact than the schoolroom education he or she later acquires.

The kind of family life each member of the family experiences, dictates in part, how each would manage to take on his role in the larger stage of life, where he ultimately becomes a part of – the world. What becomes of him – success or failure – redounds to the kind of home he gets. Often, it is said, “you can take the person out of his home, but you can never take away the memory of home from the person”.

Inside homes today, kitchens are no longer confined to the definition of a place where food is prepared and served. It has metamorphosed from a place of pots and pans into becoming the “heart and soul” of every home. Life has become complicated and time seems to have become too short that in the hustle and bustle of daily life, the kitchen is the only place where the family gets to meet. No wonder, among the various parts of the house, putting up the kitchen takes the most effort.
Kitchen flooring should withstand its “battles” everyday. It should be made of flooring material durable enough to endure high traffic, spills and the common wear and tear.
Today, laminate flooring becomes an easy favorite because of its elegant looks in the kitchen resembling wood or stone, but priced reasonably low. It is durable and cleans easily, too. Most laminate dealers would even offer free tips on how to install laminate flooring.

Ceramics are chosen in most homes because of their durability to withstand traffic and spills, and their decorative potential when laid out in different sizes and colors;

Linoleum and vinyl are both inexpensive kitchen flooring, and easy to clean. Linoleum is favored by most housewives who have small children that often scribble anywhere, and would drop almost anything on the floor. Even if it’s scratched by blunt objects or cut, your linoleum flooring can still hold it up beautifully since its pattern is not just on the surface but runs throughout the flooring material; minor scratches, cuts and spill marks are less noticeable.

Today, hardwood is becoming a new favorite again. It now comes with a topcoat or sealer, which protects it from water damage. For elegant home styles, however, stone flooring is irreplaceable. It gives the look reminiscent of castles and for those who truly want their homes to exude class and distinction, stone flooring gets the upper hand.

Whatever is your choice, your kitchen flooring gets only thumbs up when it meets your lifestyle, it blends well with the other parts of the house, easy to clean, resistant to heavy traffic and has aesthetic value – only then you can be on your way to the making of an abode worthy to be called “home”.

Implement Decorate Design Plans to Beautify Your House

Interior design is one of the most important ways used by many homeowners to adorn their homes. It is a complicated process and involves many steps. The first is planning of all the interior space angles by a professional. It is always better that one takes help from the best designers in the business. Homeowners have a great penchant to do some decorate design for the house.

Interior redesign is also a process, which is quite similar to interior decoration. However, it increases the value of the home so that homeowners can benefit from it. Unlike interior decoration it’s not focused on making the home more attractive for prospective buyers. Home staging on the other hand includes increasing the value of the house by adding showcases so that buyers genuinely become interested in it. This process also involves use of extra furniture and change of the wall colors along with lighting fixtures.

Nowadays, the process of interior decorate design also involves use of technical solutions so that the designers are able to get an ample idea about what looks best in the house. The buyers can use models like CADD so that they are able to see the house in a 3D model. The interior design of any house should adhere to all the building codes and the legal requirements. The designer should see that the design is able to sustain itself environmentally.

Such process also includes taking the needs of the client into consideration so that he is completely satisfied with the look of the house. It involves exploring his various ideas, which are mixed with the creativity of the designer to produce a visually appealing decor of the house. Interior design involves changing every aspect of the house including its bedroom color scheme, curtains and the furniture of the house. Even the location of power outlets will be changed in such a plan.

Interior decorate design process involves making heavy changes to the house. It is done so that homeowners are able to refresh their own surroundings. They want to make their house a better to live, so opt for this procedure. Such changes are mandatory as per the lifestyle needs of the homeowners. They are done so that the house is able to adopt better to the lifestyle of a person. Changes in flooring, windows and lighting fixtures are also made as a part of such interior decoration plans.

The interior decoration is a vast topic and homeowners have to choose all the necessary ingredients with caution. Anything goes wrong and the entire house looks like a mess. Therefore, it has to take care of aspects the freedom of movement in the house after the decoration plan has been implemented. In addition, the room’s view should be beautiful after the introduction of plan. The entire decoration of the room should be balanced so that too many decoration pieces are not placed in one corner. A homeowner also has to focus on all the aspects if he wants to rent the house.