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The Growing Demand for More Bedrooms

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | January 18th, 2017

Statistics on home-buying show a strong and enduring trend toward purchasers seeking more square footage, with three, if not more, bedrooms.

Why are more bedrooms such a hot ticket? Those who track buyer preferences say one major factor is the current popularity of an old-fashioned idea: different generations living under the same roof.

“Across all family types, we’re seeing more multi-generational living,” says Jessica Lautz, research director for the National Association of Realtors (www.realtor.org).

John Rygiol, a longtime real estate broker affiliated with the National Association of Exclusive Buyer Agents (www.naeba.org) says that beside extended family needs, quality-of-life concerns are increasing demand for extra bedrooms.

“People want a ‘guest bedroom’ where a husband or wife can sleep if the other one snores. Also, many folks love an extra bedroom or two for their hobbies,” Rygiol says.

Is a home with four bedrooms affordable for many buyers? Surprisingly yes, says Jon Boyd, a real estate broker and former president of NAEBA.

As Boyd explains, home values are determined primarily by location, as well as square footage. And the square footage of many four-bedroom homes is often no greater than three-bedroom homes in the same neighborhood. Because of that, he says a fourth bedroom also doesn’t typically add much, if anything, to the home’s utility costs.

Even so, he says that having a fourth bedroom can significantly improve the resale potential of a property.

“Nowadays, a four-bedroom home will usually sell faster than a three-bedroom one in the same neighborhood,” Boyd says.

Here are a few pointers for buyers:

-- Look ahead to the future needs of your household.

Boyd, who heads his own independent real estate company, says it’s not unusual for young couples to fail to factor in family planning when choosing a home.

Maybe you’re expecting your first child in two or three years. In this case, he says that purchasing a place with a bedroom that could serve as a nursery is a better bet than changing houses after the baby arrives.

“Ideally, you’ll want to hold the house you buy now for a period of at least four or five years before you move again,” Boyd says.

Buyers with teenage children should also be aware they may need housing even beyond their date of graduation from college or grad school.

-- Realize that room-sharing can be a viable option for large families.

By the time they reach kindergarten, if not before, most children yearn for a bedroom of their own. Yet if your family is large or you hanker to convert at least one bedroom to a home office, it may not be possible to furnish each child with a private bedroom.

Still, Boyd says buyers needn’t worry if the house they purchase has too few bedrooms to meet their children’s wishes. He sees some benefits to room-sharing, especially for pre-adolescent children.

“My two daughters shared rooms until they were 12 or so. That way they learned to make compromises and to get along,” Boyd says.

-- Consider a first-floor master suite for an elder parent.

Boyd estimates that at least 20 percent of all homebuyers are “talking about an elder parent moving in with them at some point in the future.”

If this is a possibility in your case, he says you should consider buying a one-level, ranch-style home or a place with a first-floor suite, complete with a private bath.

Even if your parents can easily scale the stairs now, they might find it a lot harder later. Having easy access to a bedroom with a full bath can be especially important to those who are elderly or have a disability.

“Because of the aging population, a first-floor master suite can also be a plus for resale,” Boyd says.

-- Make certain that any room counted as a “bedroom” fits the definition.

Given the popularity of properties with plenty of bedrooms, Rygiol says it’s not unusual for home sellers to sometimes stretch the definition when counting their bedrooms.

On occasion, for example, some sellers will place an armoire and a bed in a small den or another spare room and then call it a “bedroom.” Or they’ll count a sitting room off a master suite as a “bedroom.” But Rygiol says homebuyers shouldn’t be fooled by these falsely named “bedrooms.”

“If the room doesn’t have its own built-in closet and a window or door for egress, it’s not a bedroom. The same goes for a room that can only be entered through another bedroom. Remember that neither one of these rooms should count as a true bedroom,” he says.

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

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How to Find a Homey Home

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | January 11th, 2017

Call it a retreat, a haven, a safe harbor. But whatever name you give it, a private home, especially one owned by its occupants, represents the proverbial castle that offers solace. And in a turbulent world, that feeling of calm has become all the more important for homebuyers.

"We're all going back to our human roots, for shelter, comfort and escape," says Ashley Richardson, a veteran real estate agent who first began selling homes in 1993.

Elizabeth Mendenhall, a real estate broker and president-elect of the National Association of Realtors (www.realtor.org), says that the home features and finishes chosen by the current generation of homebuyers reflect their desire for an easygoing style of living.

"Fireplaces create a relaxing ambiance, as do spa-worthy features in bathrooms. These include steam showers and showers with multiple heads. People are always looking for a little bit of luxury," she says.

Moreover, the desire for calm is also reflected in preferences for paint colors.

"Buyers now like more muted paint colors, such as light blues, grays and greens. They like these better than bright colors like yellows," Mendenhall says.

Here are a few pointers for buyers seeking that special something:

-- Seek surroundings that seem calming to you.

Because there's no single answer as to the type of neighborhood most likely to put you at ease, one key is to reflect back on your past habitats and recall how you felt living in those various settings.

"Maybe you want to cocoon in a neighborly place where people get to know each other as friends. Others want ... anonymity of isolation and are most at peace in a wooded area where neighbors keep their distance," says Tom Early, a real estate broker and past president of the National Association of Exclusive Buyer Agents (www.naeba.org).

One thing preferred by the majority of buyers is a quiet street.

"To reduce your chances of being bombarded by noise, choose a community with very little cross-through traffic," Early says.

How can you gain assurance that the neighborhood you choose will be relatively free of traffic rumbling through?

Early recommends you visit your target community during a weekday morning or afternoon rush-hour period. Park your car and listen for the noise levels generated by the traffic.

-- Search for a home with a large kitchen.

For most people, the heart of a satisfying floor plan is the kitchen. And as busy couples and families spend more time together cooking, a cost-saving alternative to restaurant tabs, the size of the kitchen becomes more of an issue.

"Cooking together is the ultimate nesting experience. But you need sufficient space to cook side-by-side," says Mark Nash, a longtime real estate broker and author of "1001 Tips For Buying and Selling a Home."

To obtain a sizeable kitchen without blowing the family budget, you might consider trading off a formal dining room in the house you select, says Eric Tyson, co-author of "Home Buying For Dummies."

-- Choose a property suited to home entertainment.

Although many giant houses built within the last 10 years have dedicated home theaters -- complete with professional quality audio and video equipment, etc., this feature is less popular than many proponents had expected, according to Tyson.

Another home entertainment option that works poorly for many people is to place a large-screen TV in a spare bedroom.

"Most bedrooms, even master bedrooms, aren't big enough for comfortably viewing a big TV. You need more floor space than that," Tyson says.

Those intent on acquiring a place where they can enjoy home entertainment on comfortable sofas should consider a place with a large family room or a "great room," he says.

-- Consider a place with an extra bedroom for fitness.

"To save money, a lot of people are trading off their gym memberships in favor of working out at home. I'm very happy with the elliptical machine I've owned for years. Over time, you get a much bigger payback for the money you spend on exercise equipment than on gym dues," Nash says.

Although a spare bedroom usually works poorly as a home entertainment area, it can function well as an exercise room.

"You'll probably enjoy a better resale price if (your house) has an extra bedroom that the new owners could use as a hobby area or a home office," Nash says.

-- Look for exquisite interior finishes.

"For people who want a delightful retreat, think beautiful millwork. Even in a small house, it adds great warmth," Nash says.

He cites crown moldings, six-inch base moldings and raised panel doors as among the most popular elements of interior architecture. French doors also make rooms more livable.

"It's hard to overestimate the importance of visual appeal to the desirability of a home. Maybe you can't spend a fortune for a big house. But even a small place with gorgeous finishes can give you a wonderful, welcoming feel," Nash says.

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

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Eliminating the Arguing When Buying

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | January 4th, 2017

A couple in their mid-30s married a few weeks after discovering their first child was on the way. To save rent money toward a home purchase, they moved temporarily into a rundown place owned by the husband's parents.

All went smoothly until the couple transitioned to the home-buying stage. The man wanted a large garage, but kept his preference to himself. Meanwhile, the wife spotted a hilltop house with no garage that she adored, and talked her husband into its purchase.

Regrettably, the couple's marriage didn't last long after they moved to the hilltop house. One factor leading to the breakup was the husband's smoldering resentment over how their homebuying decision was reached. He felt his wife made the choice unilaterally.

The latest available data from the National Association of Realtors shows that married couples now make up the largest share of homebuyers (66 percent) and have the highest average income ($99,200). But as this true story illustrates, housing decisions not made collaboratively can be rough on relationships.

"It's not surprising that tensions can erupt when you're dealing with the largest financial decision of your lives," says Tom Early, a real estate broker who twice served as president of the National Association of Exclusive Buyer Agents.

To avoid the kind of arguments that housing decisions can engender, he recommends that couples go out of their way to understand each other's preferences.

Here are a few pointers for home-buying couples:

-- First determine how much you can afford to spend.

Many couples launch an elaborate property search before first setting their spending limits. But experienced real estate agents urge buyers to start by talking to a reputable mortgage lender who can give them affordability guidelines.

"Price comes first because it dictates how much of your wish list is actually doable," says Ashley Richardson, an agent who's sold property since 1993.

"You don't have to commit to taking out your mortgage from the first lender you see. But chances are you'll get better service and more solid information from a local lender than someone on the Internet you can only contact by phone or email," she says.

Why is it easier for couples to reach agreement if they first obtain mortgage pre-approval? Because, as Richardson says, those who know their spending limits are more realistic, which makes compromise easier.

-- Select a neighborhood as your next step.

Obviously, picking the right neighborhood is a personal choice that no real estate agent can make for you. For that reason, Richardson suggests you evaluate several neighborhoods before asking an agent to pinpoint listings in any area.

"You can save a lot of time by identifying your favorite neighborhood early and then finding a real estate agent who truly specializes in that community," Richardson says.

She recommends that couples discuss the neighborhood features most important to them. They need to decide, for example, whether it's more important to live close to work or in an area with lots of verdant open space.

Though many homebuyers spend ample time comparing neighborhoods through Internet searches, Richardson recommends they also spend some weekend hours driving through neighborhoods of interest, stopping by open houses.

-- Determine which features you're willing to trade off.

Many couples with young children are anxious to move up from a small starter home to a place with more bedrooms and bathrooms. They typically find it easy to agree on their space needs.

But beyond these core requirements, some couples argue about the next most important property features. For instance, is it more important to buy a place with a two-car garage or a large lot?

Because few couples can afford a home with every feature they want, Richardson encourages the partners to give each other a list of priorities. That way, both husband and wife will likely get more of what they want.

"To avoid fights, they have to be clear on their top concerns," she says.

-- Don't rule out buying a place that needs reasonable renovations.

Gone are the days when most homebuyers were willing to take out the largest mortgage they could obtain. Though good jobs are now more abundant than they were in the immediate aftermath of the Great Recession, many couples still fear maxing out on a home loan.

"One way to deal with the huge problem of affordability, especially for first-time buyers, is to consider a place that's priced below market but needs only superficial upgrades to make it desirable," Early says.

To find out if the improvements you'll need would fit in your budget, call contractors for cost estimates even before you sign a sales contract.

"Many busy people hate the concept of home improvement. But if you're a couple for whom cost is a major concern, agreeing on a house that needs only painting, new carpet or other cosmetic fixes could let you own a place that will ultimately make both of you happy without a stressful strain on your budget," Early says.

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

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