Wednesday, July 29, 2015

Before & After: Cottage Curb Appeal Makeover

When a South Carolina couple moved into their new little cottage, it was in desperate need of some TLC.

Image 1With very little budget, the couple put their DIY skills to the test and focused on a few key updates that would go a long way.

First, they updated the home’s awkward window placement. They removed the window to the right of the front entry, and added a window in the large expanse on the left. This was the biggest part of the renovation, and it greatly boosted the home’s curb appeal.

Image 2The next step was making simple barn shutters from three planks side-by-side and a trim piece connecting them at the top and bottom. Painted bright blue, the shutters liven up the white siding.

Next, the couple set out to update the entry. They removed gutters and replaced iron posts with thicker wooden posts.

Replacing the old screen door with a paned wooden door created a more welcoming approach, and adding trim to the portico completed the entry’s transformation. Painting the posts white was a risky move with the white siding, but it allows the new wooden door to pop and serve as a focal point.

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Finally, decorative touches like painting the beaded board ceiling blue and bringing in a copper lantern added some much needed personality without breaking the bank.

Image 6

See more home exterior design ideas.

Photos by The White Buffalo Styling Co. 

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'The Big Bang Theory' Star Johnny Galecki Buys Jason Statham's LA Compound

Johnny GaleckiKeeping this Los Angeles villa in the celebrity family, actor Johnny Galecki has scooped up the compound for $9.2 million. He bought it from action star Jason Statham, who several years ago took it off Ben Stiller’s hands, as first reported by Variety.

Built in 1929, the 6-bedroom, 6-bath estate exudes flapper-era glamour, from its wood-paneled home theater to the brilliantly colored Spanish tiles on its outdoor stairs, fountain and fireplace. The opulent interior combines elegantly designed rooms and windows with dark wood-beamed ceilings and period fixtures.

Statham’s listing, by Ben Bacal of Rodeo Realty, came after he and girlfriend Rosie Huntington-Whiteley bought a mansion in Beverly Hills. They were asking $8.999 million for the vintage villa.

Sitcom star Galecki bought his last home, above the Sunset Strip, from actor Patrick Dempsey back in 2001, Variety reports.

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Tuesday, July 28, 2015

Mike Huckabee Drops the Price on His Little Rock Listing

Mike HuckabeeIf Mike Huckabee’s luck is anything like Donald Trump’s, the latest price cut on his Arkansas home will do the trick.

Both have been trying to unload homes for two years. Trump’s penthouse in Manhattan finally went for $21 million after he dropped the price earlier this month.

Huckabee’s home outside Little Rock has a new price, too: $674,900. He paid $525,000 for the home in 2006, and first listed it in 2013, after reportedly building a $3-million mansion in Florida. The Arkansas listing has been off and on the market since then, starting at $850,000.

The home has 5 bedrooms, 6 bathrooms and measures 6,473 square feet. The updated master bath features a walk-in, multiple-head shower plus two large closets.

A park-like yard backs up to a creek and boasts a deck, covered patio and saltwater pool.

The listing agents are Kathe and Randy Sumbles of Keller Williams.

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High Rent Can Cause Cavities

An apple a day keeps the doctor away. And, according to a new Zillow analysis, so does high rent.

The study found a large percentage of individuals who carry a “high rent burden,” meaning he or she spends more than 30 percent of their income on housing, are skimping on health care — everything from dental care to prescription drugs — in order to afford rent.

In the past year, 40 percent of survey respondents said they skimped on dental care. And 25 percent skipped doctor’s visits.

Blog_RentTooHigh_Zillow_2015_a_01
The analysis of Federal Reserve Board data also shows those who have the highest rents as a percentage of their incomes are also foregoing saving for retirement, and they are not putting money away to cover a financial emergency.

Shareen Shelton, a 25-year-old who works in finance at a tech company, said having roommates has been her single most effective solution for coping with Boston rents.

But soon she’ll be leaving her mates behind and moving to a studio closer to work. Her rent is going to go up significantly — she’ll be paying a third of her income toward rent in the fall.

“Until my rent increases, I’m squeezing in every dentist and doctor appointment, and I’ll be eating ramen in September,” Shelton said. She plans to cook at home more since she’ll be spending the extra disposable income on rent.

Renters in San Francisco are facing even higher burdens. A renter there spends about 45.6 percent of their income on rent each month.

Andrew Hair, a 30-year-old programmer for a video game company in San Francisco, said he can’t compromise health care in spite of high rent. His dreams of homeownership will have to be delayed.

“I’m a type 1 diabetic, and am constantly spending money on insulin and other things,” Hair said. “I am on top of my health. I go to the doctor, but I budget that. It makes me think if something were to happen, I need to be prepared for that. It’s always in the back of my mind.”

Hair spends about 42 percent of his income on rent alone, according to his calculations. And in the four years he’s been in the Bay area, his rent has increased between $150 to $200 each year.

“As I get older, I need to prioritize my living situation,” he said. “Right now, I’m not saving for a house. I’m barely saving at all. It’s really hard to save for retirement. I have an emergency fund that would keep me afloat for a while. But retirement, a down payment on a car or a house — it’s unrealistic to me. I’m not going to be able to afford a house here any time soon, but I love my job so much, I’m not looking to move anytime soon.”

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How Much Home Can You Buy for $100,000?

The term “a growing family” carries a multitude of meanings these days — maybe it’s having a baby, adopting a child, combining families, taking in a relative, or tacking on a few furry friends.

Adding to your household can be a financial stress, but it doesn’t have to be. More family should equal more love, not more headaches.

Whether you’re moving from an apartment to a tiny single-family home, or from a 3-bedroom to a 4-bedroom, we’ve got you covered. Check out the following 10 listings, all located in metropolitan areas across the country and priced at approximately $100,000.

Chattanooga, TN

633 N Moore Rd, Chattanooga, TN
For sale: $93,700

Chattanooga, TN

Numerous updates throughout and a sprawling, private backyard give this 3-bedroom, 2-bathroom home a winning combination.

See more homes listed in Chattanooga.

Houston, TX

7101 Wendemere St, Houston, TX
For sale: $95,750

Houston, TX

Located in a private and quiet neighborhood, this bright 3-bedroom, 1-bathroom bungalow will make you feel as though you’ve been transported to a secret island destination.

See more Houston homes for sale.

Saint Paul, MN

959 3rd St E, Saint Paul, MN
For sale: $94,900

Saint Paul, MN

Built in 1884 and boasting modern updates, this 2-bedroom, 1-bathroom home seamlessly meshes old world charm and new world convenience.

See more homes listed in Saint Paul.

Lexington, KY

1030 Carneal Rd, Lexington, KY
For sale: $90,000

Lexington, KY

Reminiscent of a Hamptons cottage, this 4-bedroom, 1-bathroom Cape Cod style home is appealing throughout, with loads of natural light and a simple color scheme.

See more Lexington homes for sale.

Tulsa, OK

13049 E 28th Pl, Tulsa, OK
For sale: $99,500

Tulsa, OK

This floral-inspired 3-bedroom, 2.5-bathroom home has major curb appeal, with a curbside garden leading the way.

See more homes for sale in Tulsa.

Cincinnati, OH

4604 N Edgewood Ave, Cincinnati, OH
For sale: $90,000

Cincinnati, OH

Graced with the quintessential white picket fence, this beautifully remodeled, 3-bedroom, 2-bathroom home features new flooring, and a complete remodel of the kitchen and two full baths.

See more homes for sale in Cincinnati.

Omaha, NE

4215 Franklin St, Omaha, NE
For sale: $90,000

Omaha, NE

Those who are seeking a playfully different home façade will enjoy this 4-bedroom, 1.5-bathroom home, with equally attractive interior details.

See more Omaha homes for sale.

Jacksonville, FL

1432 N Pearl St, Jacksonville, FL
For sale: $95,000

Jacksonville, FL

Built in a Miami-esque style, this 3-bedroom, 2-bathroom Art Deco home has been renovated throughout, with a graceful rounded main doorway to welcome guests.

See more homes listed in Jacksonville.

Spokane, WA

1139 W Sunny Creek Cir, Spokane, WA
For sale: $87,500

Spokane, WA

Surrounded by nature in a gated community, this 3-bedroom, 2-bath home offers comfort indoors and tranquility in its backyard, complete with an oversized deck and views of the creek.

See more homes for sale in Spokane.

Milwaukee, WI

2804 N Grant Blvd, Milwaukee, WI
For sale: $89,900

Milwaukee

Totaling at 1,986 square feet, this 4-bedroom, 1-bathroom home is incredibly spacious, while also offering up vintage details, such as hardwood floors and original plaster walls.

See more homes for sale in Milwaukee.

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Donald Trump Unloads NYC Penthouse He Never Lived In

Donald TrumpWhen he’s not stumping for the Republican presidential nomination or making decrees on “The Celebrity Apprentice,” Donald Trump still works in real estate — and he just made a killing on a Manhattan penthouse.

Trump sold the nearly 6,200-square-foot apartment on the 24th floor of his 32-story Trump Park Avenue tower for $21 million, The Wall Street Journal reports. He listed it in 2013 for $35 million and cut the price twice, settling on $24.995 million earlier this month.

Trump never lived there, listing agent Michelle Griffith of Trump International Realty told the Journal. She also said Trump rejected an offer to rent the place for $80,000 a month.

A private elevator leads to the 5-bedroom, 7.5-bath space, which boasts high ceilings and lots of windows. Luxurious details include Italian brass doorknobs, custom moldings and a kitchen with marble floors and counter tops.

The master suite features two bathrooms, two walk-in closets and a study.

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The Home Buyers' Guide to Getting a Mortgage

Buying a home can feel overwhelming, and a lot of that uneasiness can come from not understanding how to get a mortgage. This guide — which includes 20 questions to ask lenders — should help clarify the mortgage process and get you on the road to homeownership.

Determine your affordability

Before you start working with a real estate agent, it’s important to understand how much home you can afford. This will help you and your agent target your search, and you’ll avoid the heartache of falling in love with a property that’s out of your reach.

You can determine affordability in seconds using two different mortgage calculators. First use an affordability calculator to determine a purchase price appropriate for your income and down payment; then use a payment calculator to determine your exact monthly obligations.

Get started on your mortgage process

Next, you’ll actually connect with a lender to apply for a loan, and the lender will review all of your qualifying documentation. A loan officer will ask you to provide the items below — verbally or in an online form first, then with full documentation:

  • Personal information. Date of birth, marital status, number of children and ages.
  • Residence history. Rent payment or all mortgage, insurance and tax figures — for at least the past two years.
  • Employment and income. Documentation showing wages and employment history for at least two years. If you receive commissions or bonuses, you’ll need two years of figures. Lenders average variable and self-employed income over two years. Full tax returns for two years are usually required.
  • Asset balances. All checking, savings, investment and retirement accounts. You must provide all information for accounts, even if you’re only using one account for the down payment (you lender will need to see a paper trail for large deposits and withdrawals). If you’re using gift funds for your down payment, specific rules apply.
  • Debt payments and balances. Credit cards, mortgages, student loans, car loans, alimony and child support.
  • Social Security number. For a credit report to confirm your debts and credit scores.

Select down payment and loan type

Once your lender has your full profile, he or she can recommend loan structures based on your situation.

Perhaps your income is strong, but you’re early in your career and haven’t saved up that much money. In this case, your lender might recommend a 10-percent down payment because the slightly higher payments fit your budget and enable you to conserve cash.

Or you might start the process thinking you want to buy a 1-bedroom condo using a 5-year adjustable-rate mortgage because you think you’re going to sell the home and upgrade within five years. But your lender may look at your income and consider that you want to start a family within three years, then determine that you can afford the monthly budget and cash to close on a 3-bedroom single family home using a 30-year fixed loan.

It’s important to match your loan terms and home buying choices with your objectives. Because lenders require your full financial profile, they are in a good position to help you explore and fine-tune your objectives to make sure you select the loan type that fits you best.

Find an agent and start home shopping

After you’ve begun the mortgage process, you’re ready to find a local real estate agent and begin your home search.

Introduce your lender to your agent, and ask your lender to brief your agent on your mortgage process. This will verify your target home price and down payment for your agent and show that you’re ready to close as soon as you find a home.

Write offers, lock your rate and finalize your loan

Once you find a home you love, you’ll write an offer. Your agent will present your offer to the seller, and if the seller accepts your offer, your loan process will move to the final approval phase.

Your lender will inform you that it’s time to lock your rate. A rate lock runs with a borrower and a property, so you can’t lock your rate until a seller has accepted your offer.

Then your lender will request any updated documentation needed from you, order an appraisal on the property and review the property title report.

Once all of these items check out, your lender will draw final loan documents with your desired rate and terms for you to sign. Your lender will fund the loan, and the home will be yours!

20Qs-Mortgage_Zillow_a_02

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