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Tips for Elderly Buyers Looking to Simplify

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | March 5th, 2014

Real estate agents say it's a common occurrence: A couple in their 60s or 70s sell their big family house and then set out to buy a smaller condo. But after rethinking their plans, they decide life in an apartment would be too big of an adjustment.

"All the condos they visit seem cloying and dark. They dislike the idea of smelling other people's cooking or hearing footsteps above or below their unit. And they don't like having to get in an elevator just to get to their car," says Mary Biathrow, an agent who's sold property to many seniors since entering the real estate field in 1992.

But if you're like many older homebuyers who loathe the idea of life in an apartment yet wish for fewer home upkeep chores, there are a number of other ways to achieve your goal, says Biathrow, who's affiliated with the Council of Residential Specialists (www.crs.com).

Tom Early, a past president of the National Association of Exclusive Buyer Agents (www.naeba.org), says the right housing choice for buyers over 60 depends on individual preferences.

"Obviously there's no single perfect answer for housing in your retirement years," Early says.

Here are a few pointers for purchasers:

-- Consider a one-level house for easy cleaning.

As Early notes, the demand for single-story houses is increasing rapidly, particularly among older people. And a detached, one-level house can have benefits over the classic condominium.

"People want a one-story house not only for lifestyle, but because they expect it to appreciate in a country with an aging population," he says.

Beyond their investment potential, one-level properties are easier to clean than two-story homes.

"To clean a single-story place you don't have to drag a vacuum cleaner up and down stairs. That eases the strain of keeping your home tidy," Early says.

-- Investigate the idea of acquiring a "patio home."

Most people think of a condominium as a unit in an apartment building that's owned by its occupants. While such is typically the case, homebuilders are increasingly bringing to market detached or semi-detached, one-level condos that are often called "patio homes."

These are essentially small houses in a community with some jointly owned property, such as a clubhouse. Patio homes afford their owners more privacy and autonomy than do condo-apartments. Also, outside maintenance is typically provided as well.

"If you hate apartment living, but also hate mowing grass and trimming bushes, a patio home could be the answer for you. When you travel, you just lock the door and you never have to worry about outside upkeep," Early says.

But Early reminds homebuyers that caution is in order when you're considering the purchase of any type of condo property.

"Make sure you find out if the homeowners' association has put money into an escrow account to keep up with such improvements as painting and parking lot-paving," Early says.

Also, before buying into any condo community, he recommends you look at the minutes of the condo association's meetings for the last two years.

"Within the minutes, you'll find clues about any lawsuits pending against the association or a former management company," he says.

-- Focus on finding a "cream puff" property.

Realtors use the term "cream puff" for a home that's been so babied by its owners that it's in excellent repair -- including all its appliances and major systems, such as plumbing, electrical, heating and air conditioning.

Acquiring a property sold by a meticulous owner can let its buyers coast for as long as five years without the need for any costly or time-consuming fixes.

"People who buy a cream puff get a home where nothing has been left undone, not even a tiny window crack or a shaky stair railing," Early says.

Those who baby their homes are usually also conscientious about their flower beds and pruning their trees. But Early warns against thinking that by buying a cream puff you'll have years to let your yard work slide.

"You've got to face the fact that well-kept grounds require your attention every year, either through your own labor or people you hire," he says.

-- Include brand-new houses in your search.

Not all new subdivisions are created equal. Some new homes give you years of maintenance-free living, while others mean headaches from the outset. However, as a general rule, a brand-new home will give you freedom from maintenance problems.

"You don't always get what you pay for. But many times, you do," Early says.

A dedicated real estate agent should be familiar with both new home and resale options in the area where you're looking.

Early believes that builders who add custom features to the homes they construct usually give buyers a better product than do those who mass-produce properties.

How can you find a builder with a quality edge?

"A reputable home inspector should know who's building solid homes rather than shoddy ones," he says.

-- Look at your options for a "nearly new" home if new ones are unavailable.

Early says those who purchase a brand-new home typically enjoy 10 or more years of freedom from worry about major repair or replacement issues. But if you aspire to live in a neighborhood where no new homes are available, he says your second-best option is to find a place less than five years old.

"In real estate, as with anything in life, there are no absolute guarantees. Still, older buyers can increase their odds of easy upkeep with the purchase of a place that's only a few years old," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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Tips for a Fast Selling Home

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | February 26th, 2014

In some popular neighborhoods, well-priced homes are now flying off the market. Indeed, some neighborhoods are plagued with a shortage of available properties. But there are many exceptions. And for some sellers, any time on the market -- however brief -- is very stressful.

"It's exhausting trying to keep your house immaculate as you wait for showings," says Ashley Richardson, a 20-year real estate agent.

Still, she says sellers can't afford to pass up appointments that could result in a sale.

The most serious buyers, including those relocating for a new job, are typically in a big hurry.

"Often, they fly in and have just one day to look at houses," Richardson says, stressing the importance of adhering to prospective buyers' schedules.

She tells the true story of a couple in their late 50s -- a school administrator married to a sales manager -- who are currently sabotaging their chances for a successful sale by limiting showings.

"From time to time, they go on strike, refusing to let their house be shown because their grown children are coming over or for any excuse whatsoever," Richardson says.

The upshot of the couple's resistance is that the property -- first listed in mid-2013 -- is still languishing unsold without a single offer pending.

"You simply can't turn down appointments or you'll lose prospects," Richardson says.

Here are a few pointers for home sellers:

-- Hit the market with your place in prime condition.

As a former real estate agent turned professional organizer, Vicki Norris knows how challenging it can be to keep a house in pristine showing condition. It's especially tough when the need to move is overlaid on another family issue, like a marital breakup.

"It's doubly hard for someone coping with a life crisis to keep a property looking good," says Norris, who heads her own consulting firm, Restoring Order (www.restoringorder.com).

To contain their upkeep tasks, Norris urges would-be sellers to streamline their belongings before opening their home to visitors. That means purging excess possessions and putting the rest in storage. It also means consolidating those items you'll want or need on a day-to-day basis.

"For example, designate a single space for all your CDs and DVDs. Also, reduce the number of toys your children have and place them neatly in a single, dedicated space," says Norris, author of "Restoring Order to Your Home."

For help with the culling and sorting process, it's tempting to call on friends and family members. But Norris says that professional organizers are typically less judgmental about what should be done with accumulations, an especially important factor if you're going through an involuntary move.

One source for referrals is the National Association of Professional Organizers (www.napo.net).

-- Consider renting a storage unit on a temporary basis.

Most sellers are easily able to dispense with pairs of worn-out sneakers or old magazines. But most also have collections of favorite items they want to keep. These could include gourmet kitchen devices, sports trophies and memorabilia from their kids' early years.

"Leaving all this stuff out in view, or crowding your closets, will simply distract buyers and lead them to think your place is smaller than it is," says Sid Davis, a real estate broker and author of "Home Makeovers that Sell."

To streamline your property and reduce clutter, one option is to pack your prized collections into uniform-sized boxes, stacking these neatly in your garage. But according to Davis, you'd be better off keeping these boxes in a rented storage unit until your home sells.

-- Hire a top-quality cleaning service.

Have you done very little in-depth cleaning of your home recently? If so, you may wish to invest in what Davis calls "a super-duper cleaning."

"Before your house hits the market, you need to get rid of all those dust balls, cobwebs and dead insects. Plus you'll want your windows and chandeliers to receive all the careful attention they deserve. Either you do every bit of this work yourself or bring in a professional cleaning service," he says.

Though it could cost a couple hundred dollars, one day's worth of professional cleaning could spare you the need to repeat the process for another 60 to 90 days.

"Remember that even buyers who are slobs will only buy a clean house," Davis says.

-- Plan a family meeting to discuss upkeep issues.

No matter how brief their showing period, many sellers quickly tire of the process and lose focus. Dirty clothing is left in the laundry room, unpaid bills accumulate on a kitchen counter and bowls of half-eaten popcorn linger in the TV room.

Children and teens, especially, can quickly lose focus and revert to old habits, Richardson says. She tells the true story of one home-selling couple whose 17-year-old son stopped cooperating after the family home had been on the market for just a few days, making it extremely hard to show the property.

"He retreated into his room and refused to make his bed or pick up his school things or clothes. The floor was his closet," she says.

If you find your clan going off-track during the home marketing period, Richardson suggests you convene a family meeting to reframe the situation and offer incentives for sticking with the program. These could include a night out at your favorite pizza place or movie theater.

"When you're feeling down, just remember that hundreds of thousands of people have toughed it out until their homes were sold and you can do it, too," she says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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Spruce Up Before You Sell

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | February 19th, 2014

Sid Davis got his broker's license in 1984. Since then, he's listed and sold around 1,800 houses. Yet he's always surprised when would-be sellers balk at doing even minor upgrades to make their property more saleable.

"They don't want the hassle of making any changes to their house. All they want is to show up at closing to pick up their check," Davis says.

As the author of several books on real estate, Davis says that most sellers fall into one of three categories. Roughly one-third are highly resistant to doing any work on their property and want to sell "as is." Another third will do the minimum necessary to make the sale possible. A final third are highly motivated. Davis prefers this last group.

He contends that sellers reluctant to make even the most essential improvements are acting against their own interest.

For instance, Davis tells the true story of one couple who'd painted the entire interior of their split-level property a glossy, fire-engine red. Despite Davis' pleas, the couple refused to replace their idiosyncratic choice with a more neutral color. Davis walked away, the house languished unsold and eventually went into foreclosure.

Simple inertia explains why some home sellers refuse to follow through on their listing agent's checklist. But Davis cites other reasons, as well.

"If several siblings have inherited a property from an elderly parent, there's often rivalry among the survivors and no one wants to get stuck with all the work on the house," he says.

Divorcing couples who must sell a jointly owned property also find it difficult to agree on what improvements should be done and which partner should undertake the work.

Another reason many sellers resist making much-needed pre-sale upgrades is more basic: lack of money. But for something as important as this, solutions must be found.

Here are a few pointers for home sellers:

-- Redo brightly colored rooms.

Debra Attman, a long-time real estate agent affiliated with the Council of Residential Specialists (www.crs.com), says that she's met a number of sellers so devoted to their sports teams that they'd painted a room or two in the team's colors.

"I've seen deep purple, bright red and even orange and black stripes," Attman says.

Given their enthusiasm for their favorite teams, she says some sports fans vehemently resist the need to tone down their colors to make prospective buyers more comfortable.

Also, she says some female sellers cling to favorite decorator colors -- such as pink and lavender -- that make a property less marketable. Rooms painted in such colors should be neutralized, with a soft taupe, say, before visitors start trooping through.

"You don't want to risk offending someone with your paint colors. There are enough obstacles to selling real estate without doing that," Attman says.

-- Invest in a few minor bathroom upgrades.

Kitchen improvements typically give sellers the greatest payback. But bathroom improvements can also help sellers maximize their return for a small investment.

"It's amazing what you can accomplish in a bathroom for under $1,000. For a very reasonable price, you can get a new vanity, bathroom mirror and light fixtures," Attman says.

She also urges sellers to ensure they remove any mold that's accumulated in and around their bathroom tub or shower. Those who are unwilling to do this laborious job themselves should hire a professional tile service.

"Ask your agent for the name of a good cleaning company that's trustworthy but not too expensive," she says.

-- Increase the appeal of your laundry room.

Attman says that in preparing a property for market, many sellers overlook the potential of a laundry room that also serves as a "mudroom."

"It's too bad this room is neglected, especially if this is the way you enter the house through the garage," she says.

She encourages any client whose laundry room looks dingy to paint it in a light, neutral color and to hire a carpenter to install built-in shelving. Then, too, it's often worthwhile to replace worn flooring and upgrade the lighting.

"A cheery laundry room is a big plus for your sale," Attman says.

-- Complete all upgrades before putting your place up for sale.

Some would-be sellers make the mistake of letting buyers visit their property before their remodeling work is complete. But Davis says it's important to wait until all the work is done, including painting and carpet cleaning.

But, just as soon as the upgrades are complete, you and your agent should feel free to open your place to interested prospects.

"A few folks dislike the smell of fresh paint. But many more react to it as a positive than a negative," Davis says.

-- Don't rule out a short-term loan for minor improvements.

For many sellers, especially those who've had to put their property on the market due to a financial setback, a shortage of cash can be a major impediment to making their home look sharp.

But Davis says it can be folly to put a home up for sale without doing at least some basic improvements, such as polishing hardwood floors or resurfacing worn kitchen cabinets.

"Sure, you could give your buyers a cash allowance to cover the necessary fixes after they move in. But, chances are, they'll also demand you agree to a sacrificial price because the house doesn't look presentable," he says.

Though it's not always prudent for cash-short sellers, Davis recommends that those with a decent credit history and a fair amount of equity consider taking out a small second mortgage or home equity loan to cover basic upgrades.

"Borrowing a few thousand bucks for a short period of time, just until you get that house sold, could be a very wise investment. At the bottom line, that's a lot better than letting your place go to vultures who just want to lowball you," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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