Home improvement projects aren’t cheap. They are even more costly if you choose a bad contractor. These tips will help you discern the quality of the work your prospective contractor provides and protect your interests during the project.
Ask your friends for referrals
Skip the phone book and go right to the friends you trust for their opinions. Even if they tell you about a bad experience or give you the names of contractors to avoid, this is great information to have.
Make a list of the work you need done
You don’t want a contractor that is great at building decks to be doing your major kitchen remodel. Determine the scope of the work you need done, so as you interview prospective contractors, you can line up their expertise with your needs.
Look at the contractor’s past jobs
Every reputable contractor should provide you with a list of references you can call, or even visit, to see the quality of the work done. Take advantage of the opportunity to see the work for yourself.
Get it in writing
Once you’ve selected your contractor, get a contract written up and thoroughly review it with your contractor before signing the agreement for work.
Be money smart
Be weary of a contractor who asks for more than 10% down. If your contractor can’t start work for several weeks, never give more than a $1,000 deposit.
Once work begins, pay your contractor in increments of 10% as project goals are met. Arrange for the final payment 30 days after completion of the job.
With housing prices and mortgage rates on the decline, now may be the best time to consider purchasing your new home. It may seem like a hassle to consider a major purchase and a move, especially during this year’s exceptionally brutal winter, however there are several reasons why waiting it out might not be in your best interest.
Rising Interest Rates
According to Freddie Mac, Fannie Mae, the National Association of Realtors, and the Mortgage Bankers Association, 30-year mortgage interest rates are projected to be over 5% by February 2015. This increase brings interest rates almost an entire percentage point higher than current market rates.
Dwindling Supply
Inventory in many regions is on the decline. Buyers in markets nationwide are beginning to find that their choices are becoming ever smaller, as the once large assortment of homes continues to decrease.
An Increase in Prices
Homebuyers will find that they are going to pay both a higher price and incur a higher interest rate if they wait until spring. In the long run, higher sales prices and interest rates could mean hundreds of dollars more in a monthly mortgage payment.
Home Ownership Creates Wealth
In a recent study, it was found that the net worth of an average homeowner was 30 times greater than the net worth of a renter. Whether you rent or own, you pay a mortgage. Would you rather pay down your own mortgage or your landlord’s?
Many Americans saw their dream of owning a home shatter, once they had a foreclosure or short sale on their record. But the dream is alive again thanks to changes in Federal Housing Administration guidelines and updates in the Fannie Mae loan approval system.
Homeowners used to have to wait seven years to be cleared of a foreclosure. Now that period has been dramatically reduced to just one year. More homeowners are now eligible for a mortgage sooner, so they can return to living in a home they own.
To be eligible, a borrower must have suffered a specific financial event during the recession that, through no fault of their own, caused them to lose their home. Borrowers must also have a good credit rating with only the foreclosure or short sale affecting the score. People who were upside down on their home and simply walked away won’t qualify for a mortgage.
The best way to find out if you are eligible under these new guidelines is to make an appointment with a lender. Experts also advise buyers to be more cautious with a new mortgage, taking on payments that are comfortable and affordable. Those who have been out of the market for a few years may be surprised at how home prices have risen in some markets. Working closely with an agent from Mel Foster Co. will help you find a home with a mortgage you can afford and get you back to living your American dream.
An updated kitchen can help you get top dollar from a buyer. This list tells you where to spend your remodel dollars to get the attention of buyers and your best return on investment.
Professional grade stove
Look for options like a flat griddle or a cooktop for a searing pan or wok. Even if buyers don’t cook, nothing says quality in the kitchen like a beautiful, high-end stove.
Premium countertops
Granite still reigns supreme, but quartz is becoming popular as well. With a quartz product, like Caesarstone, you get the appearance of granite without the upkeep.
Hardwood floors
Hardwood and tile are popular in the kitchen. If you are considering a flooring change, stay away from linoleum and concrete. These products are least popular.
Stainless appliances
Stainless is still the finish of choice. Investing in stainless appliances that will stay with the home when you sell is a better choice than buying less expensive white or colored appliances.
Fick Family announcing their biggest year in company history
Mel Foster Co. held its annual awards reception last night at the Waterfront Convention Center in Bettendorf, Iowa. Lynsey Engels, President Real Estate Brokerage and Marc Engels, President of Mel Foster Insurance presented awards to 122 agents that were recognized for achieving membership in the company’s different sales club levels including Chairman, Executive, President and Honor. Top honors were awarded to:
Thad DenHartog – Commercial Top Sales
Diana Franks – Residential Illinois Top Sales
Geri Doyle – Residential Iowa Top Sales
Joe Ertel – Insurance Top Personal Lines
Mike Smith – Insurance Commercial Top Producer
Mike Kessel – Insurance Top Employee Benefits
Combining all three divisions of Mel Foster Co. Inc., the total sales volume increased by 9.21 percent from 2012, surpassing the total sales of 2005, when the market was at its peak, and making it the biggest year in the history of the 93 year old company. Rob Fick attributed Mel Foster Co.’s success to dedicated staff and agents, who continue to build and maintain relationships within their teams and outside of the company. Fick also attributed the increase as a reflection of a strengthening economy and higher consumer confidence in 2013. “I am very proud of what the company accomplished this year. I know Mel Foster Jr. would be equally proud to see us continuing his vision of forward progress and leadership in this community. We’re starting 2014 with great optimism and a stronger economy than in years past, and I anticipate 2014 to be another year of growth for Mel Foster Co. We were fortunate in 2013 to welcome 39 new agents and staff, and 28 individuals are currently enrolled in our pre-license classes,” commented Fick.
Mel Foster Co.’s residential real estate sales increased by nearly 8 percent from 2012. The average sale price for Mel Foster Co. residential real estate was $148,278, a 1.18 percent increase from last year.
New construction sales are predicted to be strong in 2014. Lynsey Engels said, “We are expecting the real estate market as a whole to continue moving forward, with new home construction heavily influencing home sales volume. We are positioned to meet demand for new construction in our area and are pleased to announce that we will be launching four new subdivisions in 2014 coupled with the four that were launched in 2013. We closed 85 new residential lots last year and will have another 146 lots available in 2014.”
Mel Foster Commercial relocated to the Elmore Office Park in the spring of 2013. Engels reported that agents in the commercial division closed an average of over six million dollars per agent. After having their best year last year since 2005, Mel Foster Commercial still had a one percent increase in sales from the previous year.
Mel Foster Insurance had the biggest year in the history of the company. Marc Engels commented, “We have introduced a lot of new processes throughout the division and our agents and staff have done a great job adapting to the ever-changing insurance markets. Much of our growth can be attributed to our strong carrier representation which has allowed us to secure new business relationships in the Quad City market.” Direct written premiums were up 44.8 percent since 2009 and the insurance division has been able to more than double its employee benefits department. Engels added, “To continue to build each year is a testament to our team’s ability to meet the expectations of our Quad Cities and surrounding area clients.” In 2013, the personal insurance lines department’s sales grew 8.1 percent and the commercial department was up 15.4 percent. Engels also said, “I think individuals and business owners in this market appreciate the consistency, integrity, and professional competence our team brings to the insurance experience.”
Mel Foster Co. invested in multiple technology enhancements in 2013 to help buyers and sellers search for homes more easily. The new website was launched in fall 2013 and a new app was recently rolled out. Internally, agents benefitted from IT upgrades, a more robust intranet site, paperless transactions and enhanced consumer reports with greater details for homebuyers and sellers. Lynsey Engels stated, “We want to make sure that our agents have every tool they need to successfully meet their clients’ needs. We continually invest in technology upgrades and stay current on new features that we can integrate into our systems. With over 90% of people searching for a home online, it’s crucial for our agents to have top of the line technology.”
Moving is stressful, and that’s the way identity thieves like it. It’s confusing with people coming in and out of your house to pack and move your belongings. Keep your guard up and follow these tips to keep your identity yours.
1. Change It
The people who move into your old place might not be as diligent as you about shredding credit card offers. You could have pre-approved offers ending up unopened in the garbage and this is easy pickings for an identity thief. Change your address through the U.S. Postal Service online or fill out the form at your nearest post office.
2. Shred It
While you pack, go through your old financial documents, including bank and credit card statements. Fire up the shredder and give yourself peace of mind by taking care of the shredding and disposal yourself.
3. Watch It
Your personal identity and financial documents should be kept in a folder that you keep with you during your move. Don’t let this folder get packed away into a file cabinet and put on a moving van.
4. Protect It
Each of your mobile devices should be password protected. Don’t print out a list of your passwords. Use an online or mobile source to securely keep all of your passwords. Keep your phone with you at all times during your move. And don’t pack your computer, tablet or other device in a box labeled electronics. Write fragile on the box and mark it with a star so only you know what’s really inside. The star will help you identify this box more quickly when you unpack.
5. Shut It
Don’t count down the days until your move on social media. Chances are, criminals are counting down the days with you! Wait until the movers are gone and you’re settled into your new home before telling the world about your move.
You did it. Your last child has moved out of the house. The hardest work is behind you and now it’s time to have a little fun with the newly vacant bedroom in your home.
Cozy Guest Room
Grab a neutral colored can of paint and turn this bedroom into a luxury retreat, fit for any guest. Buy fine linens, fluffy guest towels and fresh pillows to outfit this new room. Once you have the room stocked and decorated, it’s a good idea to sleep for one night in the room to find out if anything is missing that your future guests might need.
T.V. For Two
Your living room might feel a little too large now for just the two of you. Why not turn the spare bedroom into a more comfortable T.V. or reading room. You can each pick out a recliner that suits your height and appeals to your style. This new room is all yours, so there’s not as much pressure to select furniture to impress guests. Get what’s comfortable and be happy spending time together in this room where you can reconnect and get to know each other again without yelling across the room to talk.
Out Of Sight
Storage is a huge issue for many couples, especially if the adult kids have left behind mementos or furniture while they get settled in a new place. Turn the spare room into a glorified closet or storage area. Put your seasonal clothes in this room, get your holiday decorations out of the attic or crawl space or install pantry shelves for paper goods and detergent. Keep it organized but keep the door closed.
Converting your child’s old bedroom is a sign to him or her that you are confident they will be successful on their own. Just wait until they are out of the driveway before you start pulling up the carpet and repainting the walls.
Summer is the season for moving and your kids probably don’t want to leave their friends at the height of their summer vacation. But settling into your new home before the school year begins will help your kids make a smoother transition.
Follow these five tips to make moving easier on your kids and you:
1. Communicate. Let kids know what is happening now and what will happen next. Stay positive and repeat often the advantages of moving.
2. Introduce your child to their new community online and show them as much as you can about their new neighborhood, school, parks and home. If your new city is close, make an event of driving there and spending time exploring as a family.
3. Keep to a normal routine as much as possible. This will help the kids feel secure and safe.
4. Keep children occupied by letting them pack a box or two of their special things. Give them input on a new paint color and décor for their new bedroom.
5. Most kids will want to take part in busy moving day activities, and you should allow them to do so. Your preparedness will go a long way in reassuring your children that their needs are being considered, even while big changes are happening around them.
Need more help making the move smooth for your family? Mel Foster Co. Relocation has children in mind with special customized kits for your children whatever their age. Request your free kit at relocation@melfosterco.com.
You need a fast sale for the maximum profit. Do these 10 easy things to make your home move quickly.
1. Let go of your emotions and accept that your home is now a house that you want to sell quickly at a profit.
2. Pack up your family photos, knickknacks and books. You want buyers to see clean shelves and surfaces where they can imagine their items.
3. Organize your closets and cabinets. Buyers are going to snoop.
4. Remove any extra furniture that makes your home look like it’s small.
5. Scrub your house from top to bottom. This includes the outside and those areas you can’t easily reach.
6. Shampoo your carpet and area rugs. Pet odors and smoke are a turn off to potential buyers.
7. Make minor repairs. Turn every knob, open every window and cabinet. Tighten anything that’s loose, patch holes and replace any broken tiles or glass.
8. Give your catch all room a purpose. Your spare room/office/craft room/playroom needs to serve a single purpose when buyers come through.
9. Make your home look inviting from the curb. Keep landscaping in top condition. Check that curtains are even from a curbside view. Remember that a buyer can drive by at any moment.
10. Keep up with the cleaning and clutter daily. Doing a quick pick up or clean up of the house every night before bed means your house is always ready for a showing.
