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Moving With a Blended Family

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | May 4th, 2016

Although divorce rates are down all over America, many children still live in a blended household with a step-parent, stepsibling or half-sibling. Indeed, the Pew Research Center, a Washington, D.C.-based think tank, estimates that 16 percent of all children live in such households.

After a remarriage involving kids, a typical pattern is that everyone in the blended family moves into a property already owned by one of the parents. That commonly means all the kids will live together, at least part of the time. But real estate specialists say such an arrangement is often problematic, especially if the kids have to share bedrooms.

"This can cause a lot of tension," says Ashley Richardson, a long-time real estate agent affiliated with the Council of Residential Specialists (crs.com).

Through the years, Richardson says she's noticed a pattern among blended families who attempt to live together in too small a house.

"Once the kids start to grow up -- say by the time they reach 8 or 9 -- I'll get a call saying they need to buy a new house where every kid has their own bedroom," she says.

Michael Knight, a certified financial planner with the Garrett Planning Network (garrettplanningnetwork.com), says it's important for the parents in a blended family to debate the pros and cons of various housing scenarios.

Here are pointers for blended families:

-- Share your goals and priorities.

People who marry for the second time typically have years of independent living behind them, often as the head of a single-parent family. They've been free to make their own decisions without discussion. This makes it all the more vital that when facing a major housing choice, they talk it over.

"They need to take a clean piece of paper and list their own individual requirements, putting these in priority order. Then they should interview each other and ask why each item is important," Knight says.

If such a dialogue fails to yield answers, the couple might consider consulting a financial adviser for a few hours, he says. The adviser can serve as a catalyst, helping direct the conversation in a way that could yield workable answers.

"There's a benefit to third party objectivity," Knight says.

-- Rethink your preferences on location.

The parents in a blended family could opt for a neighborhood new to all involved. That could translate to new schools for all the kids, a potentially thorny issue.

One way to approach the topic of where to live, says Dorcas Helfant, a real estate broker and past president of the National Association of Realtors (realtor.org), is to visualize what your family would enjoy doing in your free time, whether that's raising puppies, planting a big garden or attending lots of movies.

By listing your favorite activities, you'll get a feel for the sort of location that would best suit you and others in your blended household.

-- Factor in your financial future along with your present needs.

It's no secret that many adults are short on retirement savings. By the same token, it's hardly a surprise that financial planners such as Knight would caution against maxing out on a mortgage until you've put away enough to fund your retirement.

How do you know if you and your partner are amassing enough money to someday retire comfortably? Answering this question requires thorough analysis, Knight says. You'll need to estimate your expected life span, the years you plan to spend in retirement and how much you'll need each year. For example, a couple who intends to travel abroad will likely need more money than one whose hobbies stick closer to home.

"Your core spending rate per year is driven by your lifestyle. Without doing the numbers, it's hard to know if you'll need $4,000 a month or $10,000," he says.

To help get a handle on your financial needs in retirement, you can use the free retirement planning calculators now widely available on the internet.

-- Consider buying a new place for your blended household.

Many children in blended families feel awkward moving into a space their stepbrothers and stepsisters have long called home. For similar reasons, a newly remarrying parent could be unhappy sharing space in a home once inhabited by a former spouse.

For many remarrying adults launching into a new relationship, the idea of moving into a place where no one in their blended family has lived before has tremendous appeal, Richardson says.

"Even if you can't afford a space that's bigger, you could still feel a lot more comfortable in a third property where you can start your family life anew," she says.

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

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Sensible Tips to Enhance Your Home's Appeal

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | April 27th, 2016

Since 1986, real estate broker John Rygiol has focused his business solely on homebuyers, never taking a single listing for sellers. That's given him a unique perspective on how first impressions can sway purchasers in a powerful way.

"A lot of people are overwhelmed by the lipstick on the pig," Rygiol says.

Rationally, buyers know that fresh flowers and stunning furnishings don't come with a house deal. Yet when presented as part of a well-staged home, he says such superficial elements can cause buyers to become so enamored of a place that they'll fail to consider its potentially serious flaws.

The observations of experienced buyers' brokers can help inform people intent on selling a home. No reputable real estate pro will suggest you try to sell without repairing, or at least disclosing, your home's defects. But neither should you ignore the cosmetic look of your place when seeking to sell to obtain the best possible price and outcome.

Here are a few pointers for sellers:

-- Pay extra attention to your front door.

Merrill Ottwein, another broker who works solely with buyers, says the entrance to a property can either make or break a home sale.

Often, the owners of homes that are well kept on the interior are scarcely aware that their front doors look dingy, he says, because they habitually enter through a garage or back door. But those considering the purchase of your home will undoubtedly enter through the front.

"It's really cost-effective to improve the appearance of your front door. And it's usually an inexpensive fix," says Ottwein, a former president of the National Association of Exclusive Buyer Agents.

A thorough cleaning and removal of cobwebs in and around the front door is virtually free, but for the cost of a few cleaning supplies. And a door that merely suffers from peeling paint can usually be redone for no more than $100.

-- Make sure you address malfunctioning door locks.

"It's ridiculous to force prospective buyers and their agent to have to struggle to enter your place for a showing," Rygiol says. "When your locks don't work, that conveys poor upkeep and causes buyers to fear that serious problems are hidden within the house."

Replacing broken or hard-to-open locks is usually inexpensive for sellers and worth every dime of the cost. And while they're at it, Rygiol recommends sellers also remove redundant locks.

Meanwhile, double-check that your doorbell is working perfectly.

"Like a malfunctioning lock, an out-of-repair doorbell is a huge no-no for sellers," Rygiol says.

-- Focus on fine-looking landscaping for your property.

For those wishing to make a powerful impression on potential buyers, good landscaping is a must.

One common error committed by homeowners is to let their bushes and other plants grow too tall and too close to the front walls of their property.

"This obscures the view of the house from the street. The place looks cramped, as if the greenery has been shoehorned in," Ottwein says.

Creating the right landscaping for your property doesn't require an expensive designer. But it may require the removal of trees that are positioned anywhere in the front yard so as to hide the home.

-- Replace bad odors with nice aromas.

As a former veterinarian, Ottwein has a soft spot for both dogs and cats. Yet he observes that pet odors can easily drive away buyers.

Homeowners with animals should get to the root of the problem of any pet odors via a thorough cleaning rather than trying to hide them with air fresheners.

"A lot of people try to use spray fresheners to cover over animal smells, cigarette smoke, or other bad odors. But air fresheners can be overwhelming and create a very negative impression, like a woman wearing too much perfume," Ottwein says.

-- Enhance your residence with flowers.

There's a good reason why flowers are the primary decor items used at weddings and other classy events. That's because flowers create a qualitative difference that no other design element can match, not even the most remarkable furnishings or works of art, Rygiol says.

Potted flowers add welcoming appeal when placed alongside the front door of a home. And bouquets of cut flowers can make an otherwise unremarkable home interior look extraordinary.

It can be pricey to keep your vases filled with fresh flowers throughout the period when your property is being shown for sale. But as Rygiol says, this can help create so positive an impression that many home sellers consider flowers their secret weapon.

"People can absolutely tell the difference between fresh-cut flowers and fakes. Given human nature, most buyers will touch flowers to confirm their impression. If the flowers are real, that speaks volumes about the desirability of the house they're visiting," he says.

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

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Selling a Humble House in a Posh Neighborhood

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | April 20th, 2016

Do you live in a modest house in one of the ritziest neighborhoods in your metro area? And do you plan to sell soon? If so, you could be well positioned for a successful sale.

With mortgage rates low and available homes in short supply in many coveted communities, you can probably bank on a seller's market in the near future.

"With your sale, you'll likely receive more per square foot than your neighbors in more impressive houses near you. The reason is that your place represents a lower-cost admission ticket into the same upscale community," says Tom Early, a veteran real estate broker and past president of the National Association of Exclusive Buyer Agents.

But Mark Nash, a longtime broker and author of "1001 Tips for Buying and Selling a Home," cautions sellers against inflated expectations -- no matter how prestigious their neighborhood.

"Obviously, if you're selling a plain three-bedroom bungalow in a sea of elegant Tudors, you'll never get as grand a total price as (your) neighbors. Yet, if you play your cards right, you'll still benefit financially from the neighborhood's reputation," Nash says.

Here are a few pointers for sellers:

-- Rule out a plan to "test the market" on price -- no matter where you live.

"Sellers who price over fair market value from the outset can be severely penalized later in the game, particularly if their house languishes unsold for a long time," says Joan McLellan Tayler, the author of several real estate books.

"When you hear other residents touting the high prices that sellers have obtained in your area, it's easy to get an overblown view. Remember that the neighbors may be confusing list prices with sale prices. Also, they likely don't know what concessions other sellers made to get their deals done," Tayler says.

Also, as Nash notes, trying to compare your "C" house with "A" properties in the same community can be like comparing apples and bananas.

When comparing your small house with one that has coveted features, make sure you and your agent adjust for the difference in amenities as well as square footage.

-- Seek to create a gorgeous front yard to frame your small place.

"There's a reason many affluent buyers favor high-end neighborhoods: They're disproportionately status-conscious. They expect friends and colleagues to drive by their house. As a result, their home's landscaping takes on special importance," Nash says.

Though the yard in front of your modest property may lack the scale of the grounds of nearby homes, you'll still benefit from carefully selected upgrades.

You may wish to consider hiring a landscape designer to create an overall plan for your yard, emphasizing blooming plants. Then, to save money, do your own installation of the trees and shrubs included in the plan.

Also, Nash urges you to ensure that all your greenery, old and new, is trimmed to below the window level, so as not to hide the intrinsic beauty of your house.

"Why mask a good-looking house? Make sure you expose your place to the world," he says.

-- Go for some exquisite detailing within your interior.

Realtors rarely recommend major renovation work, such as the addition of a full family room to a house with only a small den. That's because sellers often don't recoup the cost of the addition, even in a luxury community.

But Nash says you can expect to be well compensated for money spent on interior detailing.

"Fine finishes give buyers clues that you fit into the fancy neighborhood, even though your house is small. Affluent buyers are particularly aware of fine finishes, specialty wallpaper, crown moldings and tasteful paint tones," he says.

Don't necessarily choose the lowest bid from a painter. When it comes to painting, preparation is more important than price. To obtain a quality job, Nash says the painter should do extensive preparation of walls and trim.

"A good paint job can address a lot of flaws in your walls," he says.

-- Give your floors extra attention.

Many expensive homes, including brand-new properties, still feature wall-to-wall carpeting in many rooms. However, Nash says homebuyers are increasingly likely to favor hardwood floors -- particularly in high-end neighborhoods.

Nash urges sellers who already have hardwood floors to consider getting them refinished. Also, those living in prestigious communities may wish to replace wall-to-wall carpeting with new hardwood in highly visible parts of the property.

-- Consider hiring a home stager or interior designer.

You and your agent may have the best of intentions in attempting to improve the look of the home you plan to sell. But, as Nash says, few homeowners and agents have the good taste and skills to create the best possible look.

Sellers planning a minor interior redo may wish to hire a real estate stager to make their interior more appealing. One source of stagers is the Real Estate Staging Association (realestatestagingassociation.com).

For a major redo, consider hiring an interior designer for advice on the best paint colors and fabrics. Though a designer's services can cost up to $150 an hour or more, Nash says this expenditure could be well worth the cost if it increases the salability of your place.

"It's astonishing how a few well-chosen yet inexpensive decorating elements can transform the impression that buyers have of a home," he says.

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

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