How to Sell a House With Tenants

As the real estate market continues to recover in many parts of the country, millions of homeowners will consider getting back in the market, after unsuccessful attempts just a few years ago.

When they couldn't sell their home, many owners became what we call "accidental landlords." They were forced to rent the home because they had to move. As home values increase, the option to sell becomes a reality. But this time, they're trying to sell a tenant-occupied home.

A tenant can make or break your sale. You have to plan well in advance, and communicate openly with your tenant for the sale to be a success. In some cases, you may even have to postpone it.

If you're the owner of a tenant-occupied property that you want to sell, you've essentially got two options. Here's what you need to know about each.

Option 1: Wait for the lease to expire

Most real estate agents would argue that a seller should wait for the rental agreement to expire. Tenants can sometimes be a bit of a wild card in the high-stakes real estate game, so some agents feel it's best to proceed after the tenant leaves. After that, make some cosmetic fixes to clean up the home, and sell it vacant.

Waiting may be especially important if you have a difficult tenant or one who is unhappy that their home is “being sold out from under them.” The last thing you want is to make showing the home more difficult - and a disgruntled tenant could easily do that by mucking up paint or leaving his place a mess. The result is that your property looks less appealing to potential buyers, which can have a dramatic effect on your bottom line.

On the other hand, selling a vacant rental unit isn't always ideal for the seller's finances. It can take months from the time the home goes on the market until it's sold - months during which the landlord receives no rent. This can be especially trying for sellers whose homes have been a long-term financial burden.

Option 2: Sell while the tenant is still there

It can be beneficial to keep your tenants in your home during the marketing and sales process, provided you have a good relationship with them. Homes show better with furniture, giving buyers a better feeling for what it would be like to live there.

Ready to sell but have a tenant in place? Do your best to work with them. Most tenants, upon hearing that the landlord would like to sell, immediately start looking for a new place to live. They'd rather just move on and not have to deal with keeping their home clean all the time, plus showings and phone calls from agents.

If your home is in a desirable neighborhood, you plan to price it right, and you believe it could sell quickly, use your tenant to your advantage. Lower their rent for a month or two leading up to the showing, and provide them with an incentive to stay a little longer.

If they agree to cooperate, guarantee them enough time to find another place and move. And if they're helping you to get the home sold quickly, offer to help pay their moving costs.

Give thought to the message and delivery

Most tenants really don't want to hold up your sale. Others will protest, and those are the ones who make the headlines or get talked about in real estate war stories.

If you have difficult tenants and suspect they won't be cooperative, simply let the lease run out. Or find a way to legally take the home back, and sell it vacant. But if you have a good relationship with your tenant, try to work with them. No tenant wants to be surprised with little (or no) notice that they must vacate.

Ultimately, the success of dealing with a tenant during a sale is less about the message itself, but in how the message is delivered.

Related:

• 3 Signs You Shouldn’t Put Your Home on the Market Yet
• Factors to Consider When Pricing Your Home to Sell
• 5 Tips for First-Time Home Sellers

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/sell-a-house-with-tenants-145436/
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4 Questions That Define Your Roommate Relationship

Sharing your home with a roommate can be a great way to lighten the load on your finances. It can also help ease the task of finding a great place to live that works for your budget, while offering additional housing options. Deciding to opt for a roommate requires a lot of careful planning, but the right partnership can been incredibly beneficial.

Here are some questions to ask yourself before you begin your roommate search.

What kind of relationship do you want to have with your housemate?

Having a roommate can be an adventure, a new chapter within the story of an old friendship, or something in between, but knowing what you want ahead of time can be helpful.

This may seem like a philosophical question, but it’s an important one to consider. You should go into your roommate situation knowing what type of home life you prefer, and what you hope to gain from the experience.

Roommates may start out as friends, or grow close after getting to know each other through the luck of their mutual love for a shared apartment. For others, it’s enough to simply share pleasantries over morning coffee, while steering clear of the personal questions.

"Consider how you can be a roommate of substance - not just one for financial gain," says Tiffany B., a 29-year-old outreach coordinator at a nonprofit who lives in Seattle. "Roommates can go through big life changes, and knowing how to communicate effectively is really important."

Living with someone may begin as a causal relationship, but sharing your home is an intimate partnership. If you prefer to keep certain boundaries, knowing what you hope to gain from your roommate relationship is the first step in finding the best fit.

How much time do you like to spend at home?

Are you a homebody, or are you always on the go? This simple question may help you avoid a roommate kerfuffle down the line.

If your idea of a fun Friday night is staying home with takeout and queuing up the Netflix, having a roommate that is always out on the town might be a great idea. On the other hand, if your roommate loves to party at home, this can cause friction if you are not keen on guests taking over your living room.

Making sure you and your roommate have compatible preferences is vital, but it goes a step beyond that - you have to look out for one another, too. "I look for someone who is considerate above almost anything," says Kamil L., a 27-year-old legal assistant living in Los Angeles. "It’s important to have a mutual level of respect and some common interests, but still maintain your own space."

Do you like to share?

Some roommates prefer communal living, where grocery bills, chores and other household tasks are shared. Other housemates may prefer to keep everything split down the middle.

Before you commit to living with someone, make sure you know where you stand on sharing your favorite leftovers, and who is responsible for buying the toilet paper. It’s best to have these small details ironed out before you move in together so you can avoid surprises, like a missing sweater your roommate thought she could borrow.

What is your guest policy?

If you love meeting new people and take a “the more, the merrier” attitude, it’s great to let your roommate know that up front. You should also be very explicit about what’s not acceptable, guest-wise.

“Before I moved into the house, every roommate in the house was single,” says Lisset C., a 29-year-old consultant in Seattle. “Two years later, several members of the household got boyfriends. This dramatically shifted the dynamics of the house. I wish I’d known this would happen.

“Lifestyle compatibility is super important to consider when choosing a roommate,” she continues. “I’m single, and I want to live with other single roommates. But if they choose to have mates, I want to draw parameters and boundaries to ensure that when I come home, I have the space I want and need."

If you have a significant other that may be over often, make sure you are courteous, and know the ins and outs of your shared guest policy to avoid awkward conversations while you have company.

And it’s important to nail down the specifics of what you each believe is a shared space, because having your sister crash on your couch might offend your roomie more than having a date sleep over.

Although sharing your home may come with some challenges, developing a good relationship with your roommate can be a great experience. Not only does having a roommate help you bolster your finances, it can be a wonderful way to make a new friend or expand your horizons.

Related:

• Roommate Relations: Making Smart Use of Shared Spaces
• How to Deal With a Roommate Who Hogs the Wi-Fi
• The Inside Scoop on Renters Insurance and Roommates

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/define-roommate-relationship-193143/
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House of the Week: A Brand New Mid-Century Modern in Palm Springs

For all the glass walls and outdoor spaces in the designs of famed mid-century modern builder Joseph Eichler, the homes he created were not creatures of the desert.

They were — and remain — mostly in the Bay Area, a foggy climate that leans more toward 60 degrees and rain than 80 degrees and sun.

Modern-day builder Troy Kudlac of KUD Properties has set out to change that, beginning with a “new” Eichler in Palm Springs last year — and moving on to a larger home style first designed for Eichler decades ago by the firm Anshen+Allen. He’s asking $1.39 million.

“This architecture lends itself so well to Palm Springs. We were inspired to build these atrium-centric homes here,” Kudlac said. “They’re perfect for desert living; you can live in the atrium almost year-round.”

Kudlac’s latest “new” Eichler is more spacious than his last, with a flat roof rather than an A-frame and a large, open kitchen with an island that looks into the atrium. It also features a side patio perfect for sipping your morning coffee while gazing at palm trees and taking in the mountains in the distance.

The usual windows and angles apply, as do open-beamed ceilings, porcelain tile floors made to look like concrete and a backyard worthy of the coolest, most retro 1950s motels.

“This one has a round pool, and everyone digs the round pool,” he said.

Kudlac’s co-listing agent is Ross Stout, also of KUD Properties.

Photos by Agostino Creative

Related:

• Leonardo DiCaprio Rents Out Mid-Century Modern in Palm Springs
• Maura’s Mid-Century Gem in ‘Transparent’
• Mid-Century Modern Style for Any Home

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/new-mid-century-modern-palm-springs-192724/
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Rustic Tiny Homes for a Wintertime Retreat

Not everyone chooses to flock to tropical destinations on their vacation days. When a break from civilization is just what the doctor ordered, the serenity of a cabin in the woods is unparalleled.

A wintertime getaway consisting of quietly falling snow and the sports that accompany it, drinks by the fireplace, good conversation, and page-turning novels can be just the ticket. For those who would rather retreat to peaceful woods than bustling beaches, the following microhomes are ready for you.

Warren, VT

215 Eurich Pond Rd, Warren, VT
For sale: $299,000

Located within minutes of a nearby ski area, this imported 676-square-foot cabin is uniquely designed with impeccable attention to detail. Whether it’s on the slopes or on the property’s 10 acres overlooking Sugarbush, this off-the-grid 1-bedroom, 1-bathroom home allows you to escape it all.

See more homes for sale in Warren.

Sevierville, TN

1452 Cupid Way, Sevierville, TN
For sale: $119,500

Nestled in the Appalachian Mountain range, just north of Great Smoky Mountains National Park, this 672-square-foot cabin is the perfect place for a romantic getaway. The all-wood interior of this 1-bedroom, 1-bathroom home elevates the cozy vibe, while a private balcony and hot tub offer a place to keep warm while enjoying the great outdoors.

See more listings in Sevierville.

Bellaire, MI

705 Cedar River Dr, Bellaire, MI
For sale: $149,000

An abundance of outdoor activities await you at this 560-square-foot home located on 40 acres of riverfront woods. Snowmobiling is at your fingertips, while Shanty Creek Resort’s ski trails are just minutes away.

See more homes for sale in Bellaire.

Lake Lure, NC

184 Ridge Rd, Lake Lure, NC
For sale: $435,000

Here’s the spot to sip your hot chocolate. This adorable, 672-square-foot lakefront cottage has a charming interior that emanates coziness. Enjoy waterfront views year-round in this cabin, whose 2 bedrooms and 2 bathrooms allow for privacy.

See more Lake Lure homes for sale.

Lutsen, MN

254 Carlson Trail, Lutsen, MN
For sale: $165,000

Nestled in 2.7 acres of woods on Christine Lake, this 216-square-foot cabin is a petite rustic retreat, equipped with an entirely wood-paneled interior and two lofted bedrooms. Explore Carlson Trail and the abundant wildlife during the day, and warm up by the wood stove in the living room on chilly nights.

See more listings in Lutsen.

Crawford, CO

38618 Fruitland Mesa Rd, Crawford, CO
For sale: $329,000

Adjacent to a scenic canyon, this 468-square-foot home comes with 40 magnificent acres, which envelops pastures, trees, and the canyon, while offering mountain and valley views. The interior Aspen tongue-and-groove ceiling and built-in-bookcase set the scene for curling up with a good book.

See more homes for sale in Crawford.

Skykomish, WA

11920 876th Pl NE, Skykomish, WA
For sale: $169,000

Ski buffs will swoon over this 580-square-foot cabin’s envious proximity to Stevens Pass Ski Resort. Closer to the slopes than any other home in the area, this completely off-the-grid 2-bedroom, 1-bathroom home can also be enjoyed in the summertime, with activities like rafting and hiking just around the corner.

See more Leavenworth homes for sale.

Santa Fe, NM

1002 1/2 Canyon Rd, Santa Fe, NM
For sale: $329,000

If you love chilly nights but warmer days are more your style, this solar-powered, 510-square-foot adobe home is a beautiful place to seek solitude and inspiration. Featured in the Santa Fe New Mexican and Norma Skurka’s book, “Design for a Limited Planet,” this 1-bedroom, 1-bathroom home beckons an owner with an appreciation for aesthetics.

See more Santa Fe homes for sale.

Related:

• On the Market: 10 Tiny Vacation Homes
• Tiny Home in The Hamptons Lists for $550,000
• Could You Live ‘Tiny’? See How a Seattle Couple Found Room for Their Dreams

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/rustic-tiny-home-retreat-193013/
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Your Guide to Buying Brand-New Kitchen Appliances

If the kitchen is the heart of the home, its major appliances are what keep it pumping. So it's no surprise that 46 percent of American homeowners cite the cook space as the area where they'd most likely splurge on a remodel - and 56 percent of those planning work have set their sights on new appliances, according to a recent national survey by LG Electronics.

If your last kitchen remodel was years ago, a lot has probably changed since the last time you bought a fridge, dishwasher, range, or cooktop-oven combo. You'll need to factor in the latest high-tech features, as well as your kitchen's size and layout, your family's cooking and eating habits, your aesthetic taste, and, of course, your budget.

To save money, it's smart to comparison shop online, hunt for coupons, and negotiate with retailers for a better deal or perks like free delivery and installation. And think ahead: Buying a model that has earned an Energy Star label can mean lower electric bills over the lifetime of your new appliance.

Above all, before you make any big purchase, measure not just your space but also your doorways to make sure your sparkly new appliance will actually fit in your home.

Finding a fridge

A family of four is usually fine with fridge capacity of 19 to 22 cubic feet, though there are now models on the market boasting 30 cubic feet and more. Beyond size, your primary consideration is door style.

• Traditional top-freezer models offer ample storage for small kitchens.
• Bottom-drawer freezers store popular fare at eye-level, as folks tend to reach for fresh foods more often than frozen ones.
• Side-by-sides (fridge on the right, freezer on the left) are well suited to narrow spaces.
• French door models, with a freezer on the bottom, tend to be taller and wider. Some high-capacity four-door units even include one versatile compartment that can function as a fridge or freezer.
• Finally, a pricey built-in fridge with your choice of door configuration can lie flush with, and possibly even match, your cabinets for a sleek look.

In terms of key features, look for temperature-controlled meat and produce bins, humidity monitoring for freshness, and easy-to-arrange shelves. If you can splurge, other cool conveniences include door-in-door storage and through-the-door ice/water dispensers - a handy option that, alas, tends to be the first thing to break in a fridge.

Deciding on a dishwasher

Today's dishwashers work harder (no prerinsing required) and more quietly than their predecessors. A conventional dishwasher is often all the average family needs, though premium versions have bells and whistles like flexible loading, extra flatware slots, and a stain-resistant stainless steel tub.

First, settle on style. Your available space will dictate whether you choose a fold-down door unit or spring for a more compact drawer model. Of those, single-drawer units are ideal for small kitchens (and small families), while dual-drawer machines let you run each compartment independently - for instance, a short delicate cycle for stemware and a simultaneous power wash for pots.

Next, factor in features. If you entertain a lot, you'll want flexible loading. Look for adjustable racks, three racks instead of the usual two, and foldable tines that accommodate odd-shaped or oversized cookware.

Controls may be traditional buttons or sleek touch screens, or they may be hidden altogether. It's best, however, to select a model that has a visible cycle-time display so you'll know if the machine is still running.

Selecting a range/oven

What's cooking? Good question, as it may dictate your choice in range, oven, or cooktop.

If you've got a small kitchen and are generally an "everyday" cook, a range - an all-in-one oven and stovetop unit available in standard cabinet size - typically makes the most sense. But if you've got more room, often whip up elaborate meals, or share the kitchen with another home cook, the flexibility of an in-counter cooktop and wall oven (single or double) might be the better choice.

Still wishy-washy on what you want? Consider also:

• Budget. Though you can certainly drop a bundle on a professional style, ranges are usually the more affordable option, not to mention easier to install.
• Aesthetics. A hefty-looking range can function as a focal point for the room (especially if your kitchen lacks an island), yet some people prefer the streamlined look of built-ins.
• Ergonomics. A wall oven at eye and arm level suits folks with back or knee issues, eliminating the need to bend down to lift heavy pans.

The next big question is fuel source. Gas burners are known for even heating, while electric burners heat faster. An induction cooktop - an electric cooktop that relies on magnetic coils - is a pricier option that promises both quick and precise heating. Also worth considering is a convection oven, in which fans circulate hot air, resulting in more even heat distribution (a bonus for bakers).

Finally, assess what additional features suit you. Do you need a variable broil setting? Touchpad or screen controls? Some designs even include the flexibility of a baking or warming drawer that lets you prepare items at different temperatures simultaneously.

Get kitchen design inspiration and renovation tips.

Related:

• A Budget Guide to Kitchen Remodels
• Your 4-Step Kitchen Deep-Clean
• Before & After: Turning on the Lights in a Dated Kitchen

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/buying-new-kitchen-appliances-193049/
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The Beauty of Organized Cosmetics and Toiletries

Are there multiple hairspray bottles on your bathroom counter? Do you have old half-used bottles of lotions stacking up under the bathroom sink? Are hoards of brushes, combs, and hair clips floating around your house? If the answer is yes, it may be time to call a "toiletries truce."

Most of us find that we have an over-abundance of cosmetics, cleansers, curling irons, and creams because we are simply living in a world of abundant products, constant choices, and beauty promises. If you feel your cosmetic cache is in need of an overhaul, consider using my four-step method.

1. Get it out in the open

Pull everything out of your bathroom cabinets and off the shelves and counter, and place it all on a large, flat surface like the dining room table.

2. Sort it

Sort like with like, creating groups or categories, such as nail polishes and tools, toothcare products, medications, and hair potions and accessories.

3. Eliminate the obvious

If you have multiple jars, tubes and bottles of the same item, get rid of those items that have a quarter or less of the product left in the container.

Where possible, check for expiration dates. Most people who handle cosmetics responsibly will clean them out once a year for sanitary reasons. Cleansers and moisturizers tend to have fatty acids in them, so they can go rancid in about six months, and mascara is just a breeding ground for bacteria, so it usually has a three-month turnaround.

Here’s a cheat sheet on how long to keep cosmetics:

• Lipstick, lip liner and gloss - 2 years
• Blusher, eye shadow and bronzer powders - 2 years
• Liquid eyeliner - 3-6 months
• Pencil eyeliner - 2 years
• Mascara - 3 months
• Nail polish - 1 year
• Concealer and cream eye shadows - 12-18 months
• Foundation or blusher - 18 months

Finally, only hold on to what you know you will use - and what’s right for your hair or skin type.

4. Reload what you're keeping

Once you've eliminated the unused and expired products, look around your home for quick and convenient containers to keep your toiletries and cosmetics organized.

Here are some great cosmetic and toiletry storage tips:

• For the budget-minded and to "upcycle" items from your own home, use decorative boxes in drawers and cabinets, or beautiful dishes from your own collection, such as pottery and Depression glass. Place nail polishes, cotton balls, nail files, and clippers in the boxes, and perhaps eye pencils, cotton swabs, or hair brushes in the fancy containers.
• With any eye toward repurposing items from the kitchen, create your own hairbrush and comb divided storage tray in your bathroom drawer by using the plastic organizer meant for spoons, forks and knives. You may just get better use out of one of these in your bathroom drawer than in your kitchen. Also from the kitchen, consider an inexpensive "Lazy Susan" for those under-the-sink items. Rather than using it for spices and baking supplies in the pantry, load up the Lazy Susan with tall hairsprays and large shampoo containers.
• Storing items in a clear toiletry bag accomplishes several things: Items stay sorted and secure - like products are together, and nothing spills or falls over. Using a clear bag also allows you to immediately see what items are in the bag. Finally, the bags are easy to put out on the counter when in use or to stash when you’re tidying up.
• Try a hanging shoe bag for over-the-bathroom-door storage. It adds color and loads of extra storage space. This idea provides a great home for larger items like hairsprays, curling irons, hairbrushes, kids’ bath toys and washcloths.
• If you like items stored by category, using a plastic drawer caddy is super effective. Each drawer can hold its own group of items: for example, the top drawer can be hair accessories, the second drawer nail-related products and tools, and the bottom drawer can be all about your teeth - toothpaste, dental floss, replacement heads for toothbrushes, whitening strips, and retainers. When you want to retrieve something from a certain category, just pull out the removable drawer and place it on the counter for easy viewing - no bending or squatting necessary.
• For immediate access to your cosmetics, purchase a magnetic strip with miniature magnets, and afix the magnetic strip directly to the mirror where you typically put on your makeup. Just like you might hang knives on a magnet strip in the kitchen near the stove or cutting board, you can store your frequently used cosmetics where they’ll be at your fingertips.

If you want to truly feel beautiful on the inside, take a chance on reducing all that stuff we think makes us look beautiful on the outside. It can feel so refreshing. Good luck!

Related:

• Tricks for Sneaking Storage into Small Spaces
• 4 Ways to Warm Up Your Bathroom
• 5 Bathroom Organization Tips for Renters

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/organize-cosmetics-toiletries-192610/
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Charlize Theron Sells LA Loft at $1M Loss

How furiosa Charlize Theron must be to have taken a $1-million loss on her Los Angeles loft.

The Oscar winner paid $2.76 million for the 1-bedroom, 2-bath Hollywood condo at the height of the housing bubble in 2007 - and sold it in October for $1.7 million, Variety was first to report.

The two-story penthouse has the exposed air ducts, open floor plan, and tall, steel-framed windows of a New York loft.

It boasts three terraces, including one with a fireplace and one with a view of the cylindrical Capitol Records tower. The condo building, which started out as a department store in the 1920s, also offers “discreet” alley access to a full-time valet service.

The listing agent was Nima Tehrany of The Listing Group.

Related:

• Anne Hathaway Snags Upper West Side Penthouse
• Miley Cyrus Picks Up Malibu Bungalow
• Chris Hemsworth Trades Malibu for Oz, Leaving a $6.5M Listing in His Dust

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/charlize-theron-sells-la-loft-192933/
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Kris Jenner, House Collector, Buys Another One ... But for Whom?

Last time momager Kris Jenner bought a home, it was to get her daughter, Kim Kardashian, and son-in-law, Kanye West, out of her Hidden Hills mansion. Then there was the $1.3-million condo she snagged for daughter Kendall Jenner a couple of years ago.

It’s hard to know who she has in mind with her latest, $2.285-million purchase, first reported by Trulia.

The 4-bedroom, 5-bath colonial is just 20 minutes from her Hidden Hills estate, in a gated community where many a Kardashian has lived before.

A dining room large enough for the whole family boasts high ceilings and French doors that open onto a romantic courtyard.

A spacious family room and formal living room each has its own fireplace, and the office has French doors leading to the front porch.

The master suite features a sitting room and a giant bathroom with a soaking tub, and the back yard is an entertainer’s paradise with a triple-waterfall pool, spa and bar area.

The listing agents were Tomer and Isidora Fridman of Ewing & Associates Sotheby’s International Real Estate.

Related:

• Vince Vaughn Seeks $12,500 a Month for His Hollywood Hills Retreat
• Jackie Collins’ Sizzlin’ Beverly Hills Mansion Lists for $30M
• Oprah Drops $28.85M on Coastal California Horse Farm

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/jenner-buys-hidden-hills-colonial-192885/
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Vince Vaughn Seeks $12,500 a Month for His Hollywood Hills Retreat

Fresh off a star turn on “True Detective” and beating Jimmy Fallon at “Box of Lies,” actor and funnyman Vince Vaughn is renting out the Hollywood Hills home he bought two years ago from Kate Bosworth.

“A gate coded entry and private drive offer total privacy in this lush canyon setting,” reads the $12,500-a-month listing by Coldwell Banker’s Karen Lower.

The 3-bedroom, 2.5-bath retreat near Runyon Canyon in the Hollywood Hills has a spacious vibe, with an open floor plan, high, exposed-beam ceilings, plus large windows, skylights and French doors that invite in the light and open onto a lush garden with a pool and views.

Two en-suite bedrooms offer soaking tubs, and the master includes two walk-in closets as well as a private deck.

Vaughn’s colonial mansion in La Canada Flintridge has a pending sale, but he appears to have given up on selling a Chicago penthouse that was listed last year for $13.9 million.

Related:

• Keegan-Michael Key Lists in Hip Los Feliz
• Louis C.K. Builds His NYC Apartment Empire
• Anne Hathaway Snags Upper West Side Penthouse

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/vince-vaughn-rents-hollywood-hills-192838/
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The Do's and Don'ts of Home Equity Loans

With home values rising, homeowners who have equity, a much-valued resource, might be tempted to tap some of that wealth and use it for other purposes. But depending on your personal situation and how you'd like to use the equity, it may not necessarily be the right thing to do.

Here's when a home equity loan, which allows you to use the equity of your home as collateral, makes sense - and when it doesn’t.

DON’T: Fund a lifestyle

Remember a decade ago when homeowners yanked cash out of their homes as if they were bottomless piggy banks to fund affluent lifestyles they couldn't really afford? These reckless borrowers, with their boats, fancy cars, lavish vacations, and other luxury items, paid the price when the housing bubble burst. Property values plunged, and they lost their homes.

Lesson learned: Don't squander your equity! A home equity loan should be looked at as an "investment," and not as "extra cash" when making spending decisions.

DO: Make home improvements

The safest use of home equity funds is for home improvements that will add to the home's value. If you have a one-time project (for example, you need a new roof), then a home equity loan might make sense.

Need access to money over a period of time to fund ongoing home improvement projects? Then a home equity line of credit (HELOC) would make more sense. HELOCs let you pay as you go, and usually have a variable rate that’s tied to the prime rate, plus or minus some percentage.

DON’T: Pay for basic expenses/bills

This is a no-brainer, but it's always worth reiterating: basic expenses like groceries, clothing, utilities, and phone bills should be a part of your household budget.

If your budget doesn’t cover these and you’re thinking of borrowing money to afford them, it’s time to rework your budget and cut some of the excess.

DO: Consolidate debt

Consolidating multiple balances, including your high-interest credit card debts, will make perfect sense when you run the numbers - who doesn't want to save potentially thousands of dollars in interest?

Debt consolidation will simplify your life, too, but beware: It only works if you have discipline. If you don't, you'll likely run all your balances back up again, and end up in even worse shape.

DON’T: Finance college

This may seem like an attractive use of home equity for those with college-age children. However, the potential consequences down the road could be significant. And risky.

Remember, tapping into your home equity may mean it takes you longer to pay off the loan. It also may delay your retirement, or put you even deeper in debt. Furthermore, as you get older, it will likely be more difficult to earn the money to pay back the loan. Don't jeopardize your financial security.

Related:

• Home Equity Loans: Information and FAQ
• Go Bigger or Go to a New Home?
• The Best Saving Strategies for Baby Boomers, Gen Xers and Millennials

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/dos-donts-of-home-equity-loans-192836/
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Markets Where Buyers, Sellers Have Negotiating Power

Tight inventory is making it tough out there for home buyers. There were 8.6 percent fewer homes on the market in January 2016 than a year ago, according to the January Zillow Real Estate Market Reports.

Zillow looked at price cuts and the average number of days homes sit on the market to identify places where either buyers or sellers have the upper hand.

We found that sellers have more negotiating power in competitive cities, mostly in the West, where job markets are hot and demand for housing is heavy. The top 10 sellers’ markets are:

1. San Jose
2. San Francisco
3. Denver
4. Seattle
5. Nashville
6. Portland
7. Sacramento
8. Raleigh, NC
9. Salt Lake City
10. San Diego

On the other end of the spectrum, we looked at markets where buyers have more control, because there are more price cuts and homes are on the market longer. The top 10 markets for buyers are:

1. Philadelphia
2. Chicago
3. Baltimore
4. Hartford, CN
5. New York/ Northern New Jersey
6. Miami
7. Indianapolis
8. Jacksonville, FL
9. Virginia Beach, VA
10. Orlando, FL

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/buyer-seller-negotiating-power-192656/
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Going Solo: 5 Steps to Buying a Home on Your Own

The home-buying experience often portrayed in advertising generally seems to focus on couples and families. But these days, only 40 percent of first-time home buyers are married, down from 52 percent in the late '80s, according to Zillow research.

The process of purchasing a home for a sole owner may be fairly similar to that of anyone else, but there are a few slight differences in how a single buyer might approach the home-buying experience.

Here are five ways to make your solo house hunt a success.

Find your agent

Don't choose the first real estate agent you find in an online search. Try posting a query on social media to get insights from your friends and family, and search for agents in your area, taking plenty of time to read reviews. Look for positive agent reviews that may comment on purchasing alone versus as a couple.

Once you find a few agent options, meet with each of them. You'll want to ask plenty of questions - don't let them do all the talking.

Read up on your resources

So you've met with multiple agents and found the one for you. Great! But having a wonderful real estate agent doesn't mean you don't need to read up on your own.

Don't rely on your agent to explain every detail of the process. They probably will, and should, but it's your job to be an informed buyer. Head to the library or check out online resources to find out your rights as a buyer and learn about home-buying programs.

When you’re deciding how much home you can afford, consider all recurring expenses that come with owning a home. Think beyond mortgage payments and closing costs - include expenses such as home maintenance and repairs.

And if you're nervous about being turned down for a loan because you're buying on your own, try not to be. While qualifying for a loan on one income may mean you purchase a smaller home, it doesn't mean you can't buy. In fact, banks are not allowed to discriminate against potential home buyers based on marital status.

Singles buying a home on one income should consider an FHA loan, as borrowers with good credit can qualify for a small down payment.

Choose the right home type for you

Are you looking for something to grow into? Or do you want a small starter home you can rent out in the future? Whatever your current and future home needs are, know that you have options regarding the type of home you purchase.

Buying a condo or townhouse may leave you with a lower mortgage, but don't forget about possible homeowners association dues and storage fees. And while a smaller place means less to maintain for one person, regular maintenance is still a homeowner must.

House hunt with confidence

Pursuing homeownership on your own doesn't mean you have to decide everything solo. Bring one or two of your close friends who have recently purchased a home and who you know can offer honest feedback.

If you plan to move to the suburbs to get more house for your buck, consider if you'd really be happy living away from your favorite downtown spots. Try commuting to and from your potential home from work, your friends' homes, and your favorite shops and restaurants. If you discover it's a tad too far for comfort, narrow your home search.

Once you find a few neighborhoods you love, look at the crime data. There are plenty of online tools that can help you check the safety of a neighborhood. And as you scope out houses and communities, take note of enclosed backyards and security gates. Because there may not be someone home during hours you're typically away, you'll want to be mindful of security precautions during your house hunt.

Make an informed offer

If you're buying as a singleton, you may not have someone by your side to help you figure out what to offer or how to negotiate. This is where finding the best real estate agent for you will serve you well. Talk to your agent about how your offer may stack up against recent sales in the area, as well as the possible concessions you can get from the sellers.

Whether you've just started considering purchasing your first home or you're newly single and buying on your own for the first time, these five steps will ensure you're a smart and savvy solo buyer, and help you land a home of your own.

Related:

• 5 Steps to Ease Home-Buying Anxiety
• First-Time Home Buyer’s Guide to Making an Offer
• 5 Mortgage Misconceptions Set Straight

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/buying-a-home-on-your-own-192824/
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Jackie Collins' Sizzlin' Beverly Hills Mansion Lists for $30M

This is where the magic happened - at least in blockbuster author Jackie Collins’ head.

For more than two decades, the late conjurer of more than two dozen steamy romances lived on this Beverly Hills estate, which her family has listed for $30 million with Susan Smith of Hilton & Hyland.

Collins, who had a flare for sex scenes and leopard prints, designed every detail of the nearly 22,000-square-foot home, and it’s easy to picture her lounging here with a black felt-tip pen in hand.

The modern mansion makes a bold first impression with a two-story gallery foyer, abundant skylights and a sweeping staircase.

A spacious living room continues the art-gallery vibe with built-in shelves, marble floors and ambient lights embedded in the double-crown moldings.

A 100-foot gallery connects the main home to a guest suite, offices, a screening room and a gym plus sauna. Collins told The Wall Street Journal she did most of her writing in a study off her bedroom and one off the gym.

The mansion boasts 8 bedrooms and 15 bathrooms, many with views of palm trees and the Hollywood Hills. One bathroom features shelves bearing more art objects, plus a dressing mirror with Hollywood lights fit for a literary diva.

Photos by Berlyn Photography

Related:

• Oprah Drops $28.85M on Coastal California Horse Farm
• Chris Hemsworth Trades Malibu for Oz, Leaving a $6.5M Listing in His Dust
• Mike Tyson Bites Off Another Mansion on His Vegas Street

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/jackie-collins-lists-beverly-hills-192764/
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3 Signs You Shouldn't Put Your Home On the Market Yet

Many sellers think they’re ready to sell, but scratch the surface and you may find fear, anxiety, or undue pressure to make a move. Since typical real estate transaction contracts don't provide an exit for the seller - only the buyer - it’s best to hold off listing if you’re not sure you’re ready to sell.

Having your home sit on the market for an extended time will make buyers wonder what’s wrong with it. If you’re about to list your home for sale but any of the following warning signs apply to you, you should give some serious thought to waiting.

You haven't emotionally detached from the home

Selling a home isn't like selling your car - there are major emotional considerations involved. Have you been in your home for 10 years or more? Did you grow up or make incredible memories there? Is your home sale the result of a major life event, like a death or divorce?

If so, the thought of packing up your home, moving out and allowing complete strangers to traipse through it could spark a panic attack. It's better to hold off, mourn the loss of your home or life event, and list the property when you’re fully prepared to move on. Otherwise you face an uphill battle.

Your desired price is more than 10 percent off what agents are telling you

The first few weeks a home is listed is when it gets the most action from the serious buyer pool. If you’ve priced your home too high, it could still be languishing on the market six months down the line.

At that point, you'll drop the price - but the buyers will punish you for those greedy first few months, and your ultimate sale price will end up being a lot less than what your agent suggested.

If more than one agent recommends pricing your home at more than 10 percent below what you want for it, that's a sign you should hold off and not test the market.

You don’t have a sound exit strategy if you get a deal

No plan to relocate, rent or buy a new home? You might not be the best candidate for listing.

Without a plan, you have zero motivation to clean, organize, stage, paint or make the home market-ready. And if it doesn't show well, you leave money on the table.

Sellers with a well-developed game plan spend time and money in advance of listing. They also keep their home in great condition for the duration of the sale. It's not easy, but hard work pays off.

If you’re not ready to make the commitment, don’t put your home on the market.

Related:

• Prepare Your Home Now If You Plan to Sell It This Spring
• Factors to Consider When Pricing Your Home to Sell
• 4 Steps to Take Now for a Faster Home Sale Next Year

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/dont-put-home-on-market-192768/
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Chris Hemsworth Trades Malibu for Oz, Leaving a $6.5M Listing in His Dust

It’s a listing fit for a god - and his young family.

Chris Hemsworth and actress Elsa Pataky have moved with their three young children to his native Australia, leaving their own private Valhalla — a spacious estate in Malibu — in their dust.

The couple is asking $6.5 million for the secluded home they bought from another Aussie, “Crocodile Dundee” star Paul Hogan, in Malibu’s coveted Point Dume neighborhood.

“I know Chris and his brothers very well - I helped Liam find his house in Malibu - and they’re wonderful to work with, salt of the earth,” said listing agent Ryan Davis of the John Aaroe Group’s Aaroe Estates.

Point Dume, known by tourists for its rocky promontory along the beach, is popular among locals for its excellent preschool and elementary school, Davis said. It also offers a plaza with a grocery store, coffee shop and other amenities that make the rural scale of Malibu more convenient.

The 6,800-square-foot home, renovated by the crocodile wrangler before People’s Sexist Man Alive and his wife bought it, features a grand gourmet kitchen with soaring ceilings, a fireplace, a giant center island and tons of storage - including exposed shelves for showing off decorative glassware or an otherworldly hammer.

An expansive master suite boasts two walk-in closets, a seating area and a private lanai with mountain and ocean views. Three additional en-suite bedrooms are ideal for children and visiting Australian brothers, plus there’s a guest house, a bonus bedroom, office spaces and a library.

Photos courtesy of Ryan Davis

Related:

• Miley Cyrus Picks Up Malibu Bungalow
• Emily Blunt & John Krasinski Selling Hillside Home in LA
• John Legend & Chrissy Teigen Nab House in Beverly Hills

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/chris-hemsworth-lists-in-malibu-192606/
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House of the Week: A Glass House With Star Magic

“There’s no better view in Westchester [County] than this,” says Mitchell Cannold, the owner of this glass mansion on a rural hillside outside New York City.

There’s the view of the lake, the surrounding forest — and of the stars, through a telescope on the roof that came recommended by celebrity astrophysicist Neil deGrasse Tyson.

“When I started on the ‘Cosmos’ television series, I asked him to tell me what telescope to buy,” says Cannold, a co-producer of the hit series who’s had Tyson and many others over for star viewings.

If the urge to peer into the cosmos hits Cannold in the middle of the night, all he has to do is climb a ladder from the master suite into his observatory and start gazing.

If he and his wife, Emmy-winning producer Dori Berinstein, are feeling more inwardly focused, the master suite also offers a sauna, a Jacuzzi and an expansive deck overlooking the lake.

The 5-bedroom, 6-bath home, which is listed by Brian Murray of Houlihan Lawrence for $5.9 million, sits on 225 acres that include a heated driveway, a fruit orchard, a life-size chess board and a lighted tennis court.

The stairs to the home’s entrance are surrounded by a waterfall and bonsai-style evergreens.

“The original house had very structured Spanish steps, and we just nuked it all and did the waterfall for the sound as much as the beauty,” Cannold said.

Related:

• Walls of Glass in the Heart of Ski Country
• No Mangers Here — Just a Mansion Built for Jesus
• Real-Life (Video) Stories About the Meaning of Home

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/glass-house-with-star-magic-192474/
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Flipping Together: How Tarek and I Say "I Do" to Working Together Every Day

I love February because everyone starts thinking about love, romance, and couples. The focus on relationships also gets me thinking about all the times people have asked me how I can work with my husband every day. They have this idea that it's really hard to work together as a married couple - and that can be true if you don't love your job, or you aren't on the same page.

Tarek and I have been lucky enough to have the same dreams and goals throughout our working and romantic relationship, but we have certainly had our moments. So how do we make it work? It all starts with defining what we're doing and keeping perspective.

Two hearts, two minds

Tarek and I actually met in a real estate office, so we started working together before we began dating. Back in those days, we were both real estate agents, so we didn't work together on all of our sales.

Over the next couple of years we married, started building up our business, and had our first child. It was a priority to get a grasp on how to work together and still like each other at the end of the day. In the beginning, we definitely had a few issues figuring out who would do what and how to use our skills together.

For example, we wouldn't split the work up as much as we do now. I remember standing next to Tarek at more than one auction, as we bid together on properties. While we love working together, it doesn't make sense all the time. We realized that even though we are a unit, we don't have to function as a single person.

Going everywhere together and making every single decision together negates the advantage of having two people. Nowadays, while one of us is bidding on a property, the other will be checking out new leads or talking to our contractors.

As we started doing more flips and having multiple projects going at the same time, our to-do list grew. We learned very quickly that we needed to divide and conquer in order to run our business successfully.

Priorities and perspective

Shopping trips turn taking care of business into a fun family outing.

Setting goals is super important. That's something that absolutely has to be done together. From there, things can be broken down into smaller goals and tasks.

We plan long-term goals for the year, and then figure out what’s achievable in the short term. It then becomes easier to assign tasks that work toward those goals.

Having our separate tasks for the day, and checking in with calls and texts, allows us to be more productive, have a bit of time to ourselves, and not risk feeling smothered.

We do collaborate on some areas, though. We usually shop for materials together because it's good to have a couple of different perspectives on cost and styles. Plus, it gives us a chance to hang out together while we're working, which we enjoy.

We both know that we'll make mistakes. We've been investing in real estate for a long time, we have a great track record, and we have a solid system for flipping houses. But with any project, there a ton of decisions to make.

In hindsight, there is always room to question the amount of a bid, or what we spent on flooring, fixtures, or landscaping. We learn to move on, though, and leave the past in the past. Needling each other or bringing up shortcomings wouldn't be great for our business or our relationship.

We really do respect each other and our unique strengths. That makes it easier to overcome inevitable disagreements.

Where does the business end and marriage begin? Maintaining a distinction between work life and home life - especially since we sometimes work from home - is tricky, but it's always worth it.

We can have a difference of opinion that seems like a pretty big deal. But when we finish for the day and go home to our daughter Taylor and new baby Brayden, we remember that we do it all for them. We might've started our real estate careers to make money, but now we do everything with their future in mind.

How we manage it all

It would be easy to let our work totally seep into every other area of our lives. We have a business, we film a TV show, and we’re working on a book. We also spend a considerable amount of time mentoring and coaching students so they can benefit from our experience and avoid common pitfalls.

Complete separation would be extremely hard to achieve. I just strive for balance. Making sure the business is integrated in our lives the best way it can is important.

A huge benefit of working for ourselves is that I can be fairly flexible and spend a lot of time with our children. They are the priority, and I try to schedule things around them. Especially since Brayden was born, I've become even stricter about time. Quitting time is at 4 p.m. I'm home by 4:30, and the phone is off.

Spending time with family is incredibly important to me. I love to take Taylor for a girls' day mani-pedi. I look forward to date night with Tarek. Getting dressed up and going out is a break mentally and physically from the week's work. But even making a date to stay at home and enjoy a glass of champagne is a treat.

I also keep in mind that I'm a sister, daughter, and friend as well. Devoting time to all of the important relationships in my life keeps things in perspective.

We do everything for our family

All in all, Tarek and I always know that we're working hard to provide a happy home and bright future for our kids. We have shared interests and complementary strengths that help us work well together on all of our projects.

If you keep the important stuff in perspective, working together can be a real dream come true, like it is for Tarek and me.

Related:

• The Highs and Lows of Flipping Houses
• How I Prepare for the Holidays
• Starting From Scratch: Building a Real Estate Career From the Ground Up

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/working-together-every-day-192619/
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3 Ingenious Uses for Peel-and-Stick Tiles

Are you a renter who wants to bump up the style of your apartment without making permanent changes, or a homeowner that isn’t DIY savvy? Would you believe you can customize your home fearlessly, even when it comes to seemingly tricky updates like tile?

If the idea of messing with grout makes you want to hide in a corner, consider trendy peel-and-stick tiles, like SmartTiles, as an option for classing up your home in multiple ways with minimal commitment and effort.

You can find SmartTiles through a variety of retailers, and they’re available in many color options and styles. These tiles are re-positionable and forgiving while you are installing them, but are also very secure once you get them in place and press down firmly.

They’re a great option for renters or non-tilers because they’re a snap to install, and easy to remove without damaging your walls.

All you’ll need for installing peel-and-stick tiles is a cutting mat, an X-Acto knife, and a ruler. Read the manufacturer’s instructions carefully. (SmartTiles offers handy video tutorials and a pdf instruction booklet.) All you do is measure, cut, peel, and stick. It's that simple!

Try using peel-and-stick tiles in these three ingenious ways to make your home classier in a single afternoon.

Make your fireplace a focal point

Builder-grade fireplaces in older homes can be unattractive. They’re often covered in unsightly, outdated tiles, or are even just surrounded with bare painted walls.

Make your fireplace the focal point of your living room in just minutes by adding peel-and-stick tiles to your fireplace surround. They’ll stick to any painted or previously tiled surface. Just make sure not to place them on any areas that will get really hot, as these tiles aren’t graded for intense temperatures.

Bump up your backsplash game

If you have an ugly backsplash in your kitchen or bathroom, it can really drag your style down. But with peel-and-stick tiles, you can give your kitchen a complete makeover without ever touching a bucket of grout or a tile saw.

Simply cut the peel-and-stick tiles to fit around outlets, and press to stick. Your space will have a whole new look without the astronomical costs that normally come with a kitchen or bathroom reno.

Make furniture feel custom

You can even make your furniture appear custom and expensive with peel-and-stick tiles. Try filling in cabinet panels or lining the edge of a coffee table for an instantly posh look. Wrap boring boxy table legs or even cover a picture frame with peel-and-stick tiles to show off your favorite snap.

The sky’s the limit for using these versatile tiles to customize your furniture and home decor pieces.

So if you're looking for a quick and easy (and temporary) way to embellish your home, check out peel-and-stick tiles. You can update your space in mere minutes - without all the hassle.

Related:

• Before & After: Ditching Desperately Dated Design
• Habits of a Creative Renter
• One-of-a-Kind Design: Freshening Your Space

from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/peel-and-stick-tiles-192591/
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