Real estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is stationary, or fixed in location.[1] Real estate is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personalty). However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property," referring to ownership rights of the land itself.
The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property.
The legal arrangement for the right to occupy a dwelling is known as the housing tenure. Types of housing tenure include owner occupancy, Tenancy, housing cooperative, condominiums (individually parceled properties in a single building), public housing, and squatting. Variants include timeshares and cohousing.
Residences can be classified by if and how they are connected to neighboring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residents might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.
Major physical categories in North America and Europe include:
Attached / multi-unit dwellings
Apartment ("flat" outside North America) - An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors. Often seen in multi-story apartment buildings.
Multi-family house - Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
Terraced house (a.k.a. townhouse or rowhouse) - A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.
Condominium - Building or complex, similar to apartments, owned by individuals. Common grounds are owned and shared jointly. There are townhouse or rowhouse style condominiums as well.
Semi-detached dwellings
Duplex - Two units with one shared wall.
Single-family detached home
Portable dwellings
Mobile homes - Potentially a full-time residence which can be (might not in practice be) movable on wheels.
Houseboats - A floating home
Tents - Usually very temporary, with roof and walls consisting only of fabric-like material.
The size of an apartment or house can be described in square feet or meters. In the United States this includes the area of "living space", excluding the garage and other non-living spaces. The "square meters" figure of a house in Europe reports the area of the walls enclosing the home, and thus includes any attached garage and non-living spaces.
It can also be described more roughly by the number of rooms. A studio apartment has a single bedroom with no living room (possibly a separate kitchen). A one-bedroom apartment has a living or dining room, separate from the bedroom. Two bedroom, three bedroom, and larger units are also common. (A bedroom is defined as a room with a closet for clothes storage.)
See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market and house or home for more general information.
A Real estate transaction is the process whereby a property (or designated real estate ) is transferred between two or more parties, one being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the size and complexity of the property being transferred, the large amounts of money being exchanged, and complex government regulations. Conventions and requirements also vary considerably among different countries of the world and among the various smaller legal entities with their specific requirements.
The sale of a house in the United States or Canada might involve some or all of the following steps:
Hiring of a real estate broker to represent the seller and handle the logistics of the advertising and sale, except for "for sale by owner" properties where the owner(s) may consult legal counsel or obtain copies of a real estate contract.
A buyer may enter the picture in a variety of ways: from seeing advertisements in the media, seeing signs outside a property, or contacting a real estate agent to see a property.
A buyer may engage the services of a real estate broker to represent her/him and handle the logistics of finding suitable properties, enabling him/her to become qualified to buy, and the showing of appropriate properties.
Advertisement of the price and property details with a Multiple Listing Service, newspaper or web classified listing, lawn sign, or poster in the real estate office.
Private showings or general open house for interested buyers or buyers' real estate agents.
Interested buyers may get pre-approval for a mortgage of a certain amount from a bank, if they cannot afford the full purchase price in the range they are exploring.
Preparation of a written offer to purchase. If prepared by a real estate agent on behalf of the buyer, it is generally done on pre-printed and legally-approved forms provided by the real estate broker's office. An agent representing the buyer will advise his/her client as to the value of including specific contingency clauses such as time to obtain a mortgage commitment or to arrange for inspections. The buyer includes an earnest money payment check which accompanies the offer and which is generally not deposited until all parties are in agreement.
Submission of offers by interested buyers. Multiple offers may result in bidding, with best offer (not necessarily the highest bid) being awarded the sale. A single offer may often be below the initial asking price, resulting in negotiation between the buyer and seller over the final price, or possibly the rejection of the offer by the seller.
After acceptance of a particular offer, a real estate contract is ratified by all parties. It usually creates a short interim period (typically no more than 30 days, often much less) to allow the buyer to thoroughly inspect the property (often with the assistance of a professional home inspector).
Depending upon the jurisdiction and traditional practice, a title search is then ordered from a third party settlement or escrow company, pending final settlement.
An Appraisal, commissioned, as per custom, by the buyer or seller to determine the value of the building and land in order to satisfy the lender.
Depending upon how the contingency paragraphs are worded, if any defects are discovered during the inspection, the buyer may ask that they be repaired, ask that the sale price be lowered, or choose not to purchase the property.
The closing of the sale ends the escrow period and completes the transfer of ownership to the buyer. At this time, and all monies change hands and a number of closing costs are paid by the buyer or seller.
If as real estate broker is used in the transaction, closing is the time that payment is made to the brokers involved.
This article is about the legal mechanism used to secure the performance of obligations, including the payment of debts, with property. For loans secured by mortgages, such as residential housing loans, and lending practices or requirements, see Mortgage loan .
A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
The term comes from the Old French "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.[1]
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom, the Commonwealth of Australia and the United States.
Legal systems, while having some concepts in common, employ different terminology. However, in general, a mortgage of property involves the following parties.
Mortgage lender
Mortgagee is the legal term for the mortgage lender. The main function of the mortgage is to provide security to the lender. Given the large sum of money involved in financing a property, a mortgage lender will usually want security for the loan that will provide a claim upon that security and will take precedence over other creditors. A mortgage accomplishes this security.
The lender loans the money and registers the mortgage against the title to the property. The borrower gives the lender the mortgage as security for the loan, receives the funds, makes the required payments and maintains possession of the property. The borrower has the right to have the mortgage discharged from the title once the debt is paid. If the mortgagor fails to repay the loan according to the conditions set forth by the lender, then the mortgagee reserves the right to foreclose on the property.
Borrower
Mortgagor is the legal term for the borrower, who owes the obligation secured by the mortgage, and may be multiple parties. Generally, the debtor must meet the conditions of the underlying loan or other obligation and the conditions of the mortgage. Otherwise, the debtor usually runs the risk of foreclosure of the mortgage by the creditor to recover the debt. Typically the debtors will be the individual home-owners, landlords or businesses who are purchasing their property by way of a loan.
Most buyers of real property would have difficulty saving enough money to make an outright purchase of real estate. The use of debt increases a buyer's ability to buy through a combination of down payment and debt. As a result a real estate transaction seldom occurs without borrowers relying on borrowed funds.
Borrowing for investment purposes
Aside from the absence of large amount of available money, there are several reasons why an investor (including a buyer of real estate) might borrow funds. Some of these include:
To diversify investments and reduce overall risk by using only part of the available funds for any one investment
To invest the borrowed funds at a higher rate of interest (yield) than the borrowing rate; for example, a sum is borrowed at an annual interest rate of 7% and used to invest in a project that returns 10%
To free up equity for other purposes; for example, a commercial enterprise may prefer to use funds to purchase inventory or equipment instead of investing only in land and buildings.
To obtain a tax benefit. In some countries (such as Canada), mortgage interest is not tax deductible, but loans made for investment purposes are.
Other participants
Because of the complicated legal exchange, or conveyance, of the property, one or both of the main participants are likely to require legal representation. The terminology varies with legal jurisdiction; see lawyer, solicitor and conveyancer.
Because of the complex nature of many markets the debtor may approach a mortgage broker or financial adviser to help them source an appropriate creditor, typically by finding the most competitive loan.
The debt is, in civil law jurisdictions, referred to as hypothecation, which may make use of the services of a hypothecary to assist in the hypothecation.
Legal aspects
There are essentially two types of legal mortgage.
Mortgage by demise
In a mortgage by demise, the creditor becomes the owner of the mortgaged property until the loan is repaid in full (known as "redemption"). This kind of mortgage takes the form of a conveyance of the property to the creditor, with a condition that the property will be returned on redemption.
This is an older form of legal mortgage and is less common than a mortgage by legal charge. In the UK, this type of mortgage is no longer available, by virtue of the Land Registration Act 2002.
Mortgage by legal charge
In a mortgage by legal charge or technically "a charge by deed expressed to be by way of legal mortgage",[2] the debtor remains the legal owner of the property, but the creditor gains sufficient rights over it to enable them to enforce their security, such as a right to take possession of the property or sell it.
To protect the lender, a mortgage by legal charge is usually recorded in a public register. Since mortgage debt is often the largest debt owed by the debtor, banks and other mortgage lenders run title searches of the real property to make certain that there are no mortgages already registered on the debtor's property which might have higher priority. Tax liens, in some cases, will come ahead of mortgages. For this reason, if a borrower has delinquent property taxes, the bank will often pay them to prevent the lienholder from foreclosing and wiping out the mortgage.
This type of mortgage is common in the United States and, since the Law of Property Act 1925,[2] it has been the usual form of mortgage in England and Wales (it is now the only form — see above).
In Scotland, the mortgage by legal charge is also known as standard security.
In Pakistan, the mortgage by legal charge is most common way used by banks to secure the financing. It is also known as registered mortgage. After registration of legal charge, the bank's lien is recorded in the land register stating that the property is under mortgage and cannot be sold without obtaining an NOC (No Objection Certificate) from the bank.
Equitable mortgage
See also: Security interest#Types of security
In an equitable mortgage the lender is secured by taking possession of all the original title documents of the property and by borrower's signing a Memorandum of Deposit of Title Deed (MODTD). This document is an undertaking by the borrower that he/she has deposited the title documents with the bank with his own wish and will, in order to secure the financing obtained from the bank.
History
At common law, a mortgage was a conveyance of land that on its face was absolute and conveyed a fee simple estate, but which was in fact conditional, and would be of no effect if certain conditions were met — usually, but not necessarily, the repayment of a debt to the original landowner. Hence the word "mortgage" (a legal term in French meaning "dead pledge"). The debt was absolute in form, and unlike a "live pledge" was not conditionally dependent on its repayment solely from raising and selling crops or livestock or simply giving the crops and livestock raised on the mortgaged land. The mortgage debt remained in effect whether or not the land could successfully produce enough income to repay the debt. In theory, a mortgage required no further steps to be taken by the creditor, such as acceptance of crops and livestock in repayment.
The difficulty with this arrangement was that the lender was absolute owner of the property and could sell it or refuse to reconvey it to the borrower, who was in a weak position. Increasingly the courts of equity began to protect the borrower's interests, so that a borrower came to have an absolute right to insist on reconveyance on redemption. This right of the borrower is known as the "equity of redemption".
This arrangement, whereby the lender was in theory the absolute owner, but in practice had few of the practical rights of ownership, was seen in many jurisdictions as being awkwardly artificial. By statute the common law's position was altered so that the mortgagor would retain ownership, but the mortgagee's rights, such as foreclosure, the power of sale, and the right to take possession, would be protected.
In the United States, those states that have reformed the nature of mortgages in this way are known as lien states. A similar effect was achieved in England and Wales by the Law of Property Act 1925, which abolished mortgages by the conveyance of a fee simple.
Foreclosure and non-recourse lending
In most jurisdictions, a lender may foreclose on the mortgaged property if certain conditions — principally, non-payment of the mortgage loan — apply. Subject to local legal requirements, the property may then be sold. Any amounts received from the sale (net of costs) are applied to the original debt.
In some jurisdictions, mortgage loans are non-recourse loans: if the funds recouped from sale of the mortgaged property are insufficient to cover the outstanding debt, the lender may not have recourse to the borrower after foreclosure. In other jurisdictions, the borrower remains responsible for any remaining debt, through a deficiency judgment.
Specific procedures for foreclosure and sale of the mortgaged property almost always apply, and may be tightly regulated by the relevant government. In some jurisdictions, foreclosure and sale can occur quite rapidly, while in others, foreclosure may take many months or even years. In many countries, the ability of lenders to foreclose is extremely limited, and mortgage market development has been notably slower.
In 2008, 5.6% of all mortgages in the United States were delinquent. [3]
Mortgages in the United States
Types of mortgage instruments
Two types of mortgage instruments are commonly used in the United States: the mortgage (sometimes called a mortgage deed) and the deed of trust.[4]
The mortgage
In all but a few states, a mortgage creates a lien on the title to the mortgaged property. Foreclosure of that lien almost always requires a judicial proceeding declaring the debt to be due and in default and ordering a sale of the property to pay the debt.[citation needed]
The deed of trust
The deed of trust is a deed by the borrower to a trustee for the purposes of securing a debt. In most states, it also merely creates a lien on the title and not a title transfer, regardless of its terms. It differs from a mortgage in that, in many states, it can be foreclosed by a non-judicial sale held by the trustee.[5] It is also possible to foreclose them through a judicial proceeding.[citation needed]
Most "mortgages" in California are actually deeds of trust.[6] The effective difference is that the foreclosure process can be much faster for a deed of trust than for a mortgage, on the order of 3 months rather than a year. Because the foreclosure does not require actions by the court the transaction costs can be quite a bit less.[citation needed]
Deeds of trust to secure repayments of debts should not be confused with trust instruments that are sometimes called deeds of trust but that are used to create trusts for other purposes, such as estate planning. Though there are superficial similarities in the form, many states hold deeds of trust to secure repayment of debts do not create true trust arrangements.[citation needed]
Mortgage lien priority
Except in those few states in the United States that adhere to the title theory of mortgages,[7] either a mortgage or a deed of trust will create a mortgage lien upon the title to the real property being mortgaged. The lien is said to "attach" to the title when the mortgage is signed by the mortgagor and delivered to the mortgagee and the mortgagor receives the funds whose repayment the mortgage secures. Subject to the requirements of the recording laws of the state in which the land is located, this attachment establishes the priority of the mortgage lien with respect to most other liens[8] on the property's title.[9] Liens that have attached to the title before the mortgage lien are said to be senior to, or prior to, the mortgage lien. Those attaching afterward are said to be junior or subordinate.[10] The purpose of this priority is to establish the order in which lien holders are entitled to foreclose their liens in an attempt to recover their debts. If there are multiple mortgage liens on the title to a property and the loan secured by a first mortgage is paid off, the second mortgage lien will move up in priority and become the new first mortgage lien on the title. Documenting this new priority arrangement will require the release of the mortgage securing the paid off loan.
A mortgage loan is a loan secured by real property through the use of a mortgage (a legal instrument). However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
Suffolk, East Patchogue Listing 28 |
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| Seller Comments: Walk to the Marina & Yacht Club , 2 Acres , 500 feet off the Great South Bay, Post Modern in Exclusive Location Approx 500 Ft. To The Great South Bay,Panoramic Waterviews,1.95 Acres, Builders Model W/Soaring Ceilings,Wide Open Layout,Post Modern Design,Sod+ High End Landscaping,Igs,Cvac,Cac,5th Br Or Lower Level Office,New Top Of The Line Gourmet Kitchen,Walk To Beach,Marina,Fishing,Boating,Upscale Waterfront Community,Cross Street Historic Roe Blvd,Taxes W/Star 14,888.17 **See Virtual Tour!** Located in East Patchogue NY this property has easy access to Sunrise Highway and Long Island Macarthur Airport. This real estate is located in Suffolk County NY |
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| Seller Comments: Huge Ranch on Over 1 acre - Country Club Backyard w/ 20x40 pool! Magnificent N. Patchogue Private Compound,Expansive Ranch Like New,New Bruce Oak Flooring, 1.11 Acres,Freshly Painted, Breezeway Garage,Outstanding Basement,20X40 Country Club Like Pool & Yard,This Hidden Gem Is Secluded On It's Own Private Road In An Excellent Location, 2 Fireplaces,Tile Floors, Andersen Windows,Much Larger Than It Appears,Suisse Shower,Much More Located in Patchogue / North Patchogue NY this property has easy access to the LIE and Sunrise Highway - This real estate is located in Suffolk County NY |
AP Centerpiece: Homeowners Dream Up Extreme Incentives to Bait Home Buyers
NEW YORK (AP) — Frustrated as her house languished on the market for three straight summers, J.J. Rodgers is trying a new sales tactic: giving the two-story home away in an essay contest.Already, she's received more than 500 entries — each essay requires a $100 entry fee — for her four-bedroom home in Red Feather Lakes, Colo. She's hoping for a minimum of 2,000 entries, or $200,000 in fees, by the May 25 deadline to pay off the mortgage, cover closing costs and have a little left over. Rodgers last listed the property at $169,000 after cutting the price three times.“We don't have anything to lose,” Rodgers, 45, said. “If we're unsuccessful, at least we did something different from what we've already tried.”
Rodgers isn't alone in turning to unconventional sales incentives to unload her house. Aside from cash, home sellers across the country are giving away luxury cars, homeowner warranty plans and furniture to entice buyers.
Once upon a time, the crazy offers came from buyers who bid prices to astronomical heights and waived inspections and contingency clauses in sales contracts. Now, as homeowners compete with record high supply from foreclosed homes and builders' discounted inventory, the shoe's on the other foot.
The inventory of existing homes on the market rose in January to a 10.3 months supply, meaning it would take that long to unload existing inventories, while the supply of new homes increased to 9.9 months, the longest period in more than 26 years.
The glut has battered sales volume and prices. Sales of existing homes dropped to the slowest pace on record in January, with the median price sliding to $201,100. New home sales in January also fell to the slowest rate in nearly 13 years and the median price tumbled to the lowest level in more than three years.
To avoid getting lost in the crowd, homeowner incentives vary widely. One Colorado homeowner offered a club membership and golf lessons, worth about $4,000, on his $349,000 house on a golf course. Another seller in the state is willing to part with his tractor and pickup truck to remove snow around his home on 40 acres.
Daniel Lasnick, a real estate attorney in Stamford, Conn., recommends discussing deals involving quirky incentives with a real estate lawyer. Depending on the incentive, a side agreement may be needed. Additionally, Lasnick said a buyer may want to consult with an accountant, especially regarding any contests.
“If you're a winner and it's a prize, you'll have to pay income tax on the house. It's no different from winning a lottery,” he said.
Once a popular arrangement in the 1980s and 1990s, owner financing is back in vogue as banks shy away from making home loans to anyone except the most creditworthy. Greg Winfield, who runs the web listing service OwnerWillCarry.com has seen a recent increase in owner-financed and lease-option properties for sale, especially in California and Arizona.
In owner-financed sales, sellers lend all or part of the money needed to purchase the property. Often, the mortgage payments are held in an escrow account and a real estate attorney arranges the transaction.
“People are offering all kinds of goofy things to get their houses sold,” said real estate agent Allen Butler in Surprise, Ariz. “But what gets a house sold really is going to be based on price and price alone. The incentives, they can attract traffic and interest.”
Buzz was all Bob and Ricki Husick needed to sell their Wexford, Pa., home using a unique incentive. In October, the couple advertised that the buyer would get the purchase price back upon the pair's passing. The heirless Husicks added a bonus offer: The buyers could inherit the couple's retirement home in Arizona, worth about $500,000, too, if they agree to care for the Husicks in old age.
After vetting more than 100 offers following a flood of media attention, the couple found a buyer 80 miles from their two-story colonial and plans to close before the end of April. They will receive their $399,999 listing price. The buyers haven't counted out the offer to look after the Husicks during their twilight years, but both parties realize circumstances could change in the interim.
“The house is sold. They'll get the money back. That part's a done deal,” Husick, 55, said.
Rodgers and her husband, Wes Ludlow, hope their essay contest will be another success story. The couple, who have five children, decided to sell the Red Feather Lakes home, their second house, to free up money to pay for college. They own another home in Fort Collins, Colo., about a 45-minute drive away.
“I think the trick to the essay contest is if you can't get the story out there and keep it out there, it's not in forefront of people's minds and they forget about it,” Rodgers said. The couple recently extended their deadline to May from March 25 to give people more time to enter.
Built in 1982, the home sits on a quarter acre and boasts a wraparound deck, two fire stoves and a new hot water heater and pressure tank. County records show the home was valued at $171,900 at the end of last year.
A Fort Collins title company will prepare the paperwork to send to the winner ahead of the closing date. All entry fees are held in escrow until closing when the title company will wire funds to the couple's mortgage company. If they don't receive enough entries, they will send the money back to the entrants.
Rodgers and Ludlow asked for volunteers in the Red Feather Lakes community to judge the essays. They found nine unrelated people, including a local attorney and a small business owner, to choose the winner. The essay is open to any subject and limited to 500 words. They have received essays from as far away as Hawaii accompanied by family photos and personal letters.
“I'm blown away by people's creativity and intelligence. I feel honored to read these people's writings,” Rodgers said. “It's like this big story quilt unfolding in front of us.”
By J.W. Elphinstone, AP Business Writer
0 Commentsby Prashant Gopal
As houses are becoming harder to sell, some agents are charging more than the standard 6% commission to guarantee better results
Jim McCarty decided a year ago to give real estate agents an added incentive to guide buyers past the clutter of for-sale signs to his vacant four-bedroom house about 20 miles outside of Minneapolis . He agreed to pay his agent an 8% commission, which would be split (55%/45%) with the agent representing the buyer. Full-service agents in the past few years have been charging 6% commissions and frequently less. Discount brokers charge much less.
McCarty's investment property was under contract within a month for just under the asking price of $324,000 despite competition from about a dozen similar houses for sale in the development, his agent said. “I wanted more agents to show the property,” said McCarty, 70, who is a speaker on leadership and business growth strategies. “I was willing to take a little bit more of a hit and pay a higher percentage. But if the house is sitting there vacant, you want to move the house.”
Most agents charge 6% and will sometimes agree to less. But more and more agents, especially successful ones, have started charging more than 6%, in part because selling a house is more time-consuming and expensive than it used to be. And fewer homes are selling. Sellers in some parts of the country are paying up to 8% and sometimes more, agents said. Builders, eager to get rid of inventory, sometimes offer more than 10%.
A Brokers' Market
“When the market was really going crazy, there were sellers out there trying to get any realtor for 4% who would undercut the guy next to him,” said Arthur Tassaro of Friedberg Properties in Cresskill , N.J., where he says commissions are holding steady at about 6%. “Now you don't have to do that anymore. Now sellers want the home on the market and sold.”
Frank D'Angelo, the broker for EXIT Realty Executive who represented McCarty, says he offers customers a transparent, tiered system of payment. For 6%, sellers get the typical menu of services. Sellers who agree to pay 7% get additional benefits, including a guarantee that if the home isn't sold within 39 days, he'll return up to $10,000 of his commission (2% of the sales price). For 8%, buyers also get free home-staging and a “media blitz” of advertisements.
But the primary benefit is more buyer traffic and the hope that agents might point out subtle pluses of the home, such as new paint or serene views.
Bonus Might Raise Red Flags
“If they [buyers' agents] have to choose from 12 homes, they don't have time to see all 12 homes,” D'Angelo said. “They're going to select from buyer's criteria so anything that's marginal is thrown out. But [they might say] ‘here's a marginal home with a hefty bonus if I show it.'”
D'Angelo said simple cash bonuses for buyer's agents don't work because they raise red flags that the home might be a distressed property and could lead to lower sale prices. Plus the seller's agent can be motivated by a higher commission.
Ilyce Glink, publisher of thinkglink.com , a free Web site that offers real estate and personal finance advice, said sellers should never agree to pay more than 6% and the buyer's agent should always get at least a 50% commission split. Glink said it's better to lower the asking price than put more money in agents' pockets. Glink said the last time she saw 7% commissions was during the downturn in the early 1990s, but only for properties that were particularly difficult to sell.
Agents Are Working for the Money
“The whole concept of paying 7% or 8% is silly,” Glink said. “It used to be that by not doing any work, agents would have buyers lining out the door and they'd collect a big fat commission. Now they have to do some work. You have to allocate dollars where it's most important.”
J. Patrick Lashinsky, president and chief executive officer of national real estate brokerage ZipRealty in Emeryville, Calif ., said commissions seem to be rising in some markets where agents are cautious about taking on listings because of the work involved. His agents are seeing commissions of more than 7% in Atlanta , Minneapolis , and some markets in California .
ZipRealty typically charges 4.5% to 5.5% commission, and slightly more than half of the money goes to the buyer's agent, the company said. “They say they have to charge more because homes are taking longer to sell,” Lashinsky said.
Higher Commission Might Speed the Sale
Mike Collard, an Atlanta-based real estate agent who trains other agents, said brokers who have a record of selling homes are finding they can charge more for their services. They are “unbundling” services and charging more for additional services, he said. “The sellers' agents have to do more work, more open houses, take better pictures, stage the house, and pay for it all themselves,” Collard said.
Melonie Haag, an agent with Exit Realty Leaders in Crystal River, Fla ., said agents charge between 6% and 8% and builders are sometimes willing to pay up to 12%. “Sometimes if sellers want to get out quicker, agents charge more commission,” Haag said. “The truth is, I'm not going to show a house regardless of the commission, but [for] another agent who sees it [the higher commission] might show it more often, so often times it doesn't hurt.”
0 CommentsUnless Ty Pennington and the crew from “ Extreme Makeover: Home Edition ” take on your renovation project, you're likely to get weak-kneed looking at the estimate for the work or learning the terms of your home improvement loan.
If high prices, tough credit or falling home values have suddenly brought your fantasy makeover plans back to reality, the good news is that it's often the more modest upgrades — not the grand additions — that offer the best return on your investment.
Another plus is that the sluggish remodeling market might make it easier to find available contractors and get their assistance with financing your project, even if they offer little wiggle room on the bill. Carol Friedhoff, a Certified Financial Planner in Dublin, Ohio, notes: “A lot of the builders are having to make extra concessions, trying to come up with creative financing.”
The February 2008 Leading Indicator for Remodeling Activity report from the Joint Center for Housing Studies at Harvard University projects that homeowner spending for home improvements will continue to decline, slipping at an annual rate of 2.6 percent through the third quarter of 2008.
“Contractors are much hungrier for the business now, much more responsive and more willing to negotiate on scheduling and things like that,” says Kermit Baker, director of the Remodeling Futures Program at the Joint Center for Housing Studies.
“I'm guessing there will be some negotiating on pricing, too, but their labor costs have probably not gone down and their material costs have by and large gone up.”
In other words, don't expect a big break on the price, but do look for more accommodation in other areas such as financing.
Homeowners are taking their time deciding whether to remodel, says Michael S. Hydeck, president of Hydeck & MacKay Builders Inc. in Pennsylvania and treasurer for the National Association of the Remodeling Industry. “The backup for projects and jobs is a lot smaller than it was a year or two years ago,” Hydeck says. “Most people are thinking and waiting.”
Waiting might not be such a bad thing, according to Friedhoff, if it means you can save enough money to pay cash for your project instead of having to borrow. “There's a lot less risk, and you don't have the possibility of owing more than the house is worth,” she says.
If you're still mulling over your renovation options, here are six projects that can bring you a good value for your money.
Exterior siding topped the list in Remodeling magazine's 2007 Cost vs. Value report, which compared the construction costs of various projects to estimates of their resale value by members of the National Association of Realtors . Fiber-cement siding replacement came in at No. 1, with an estimated 88.1 percent of the cost recouped, while vinyl siding replacement had the third highest recoupment value at 83.2 percent.
Introduced nearly 100 years ago, fiber-cement siding is back in vogue, with cellulose replacing the asbestos of long-ago versions. The new and improved product is weather-resistant and extremely durable, says Tim Carter, a syndicated columnist who dispenses home improvement advice on his Web site askthebuilder.com .
And here's an advantage over both wood and vinyl siding: “If you do it right, it really holds paint well,” Carter says. “The paint job can last 20 years.”
Realtors in the Cost vs. Value survey estimated the average homeowner would recover 85.4 percent of the cost of a new wood deck from resale, giving this project the second highest value in the report. A composite deck addition — a costlier initial investment — was estimated to bring a 77.6 percent return.
Adding a deck is a relatively inexpensive way to gain more living space. “You can probably build a deck for $20 a square foot, labor and material,” Carter says. “If you were going to put a room on your house, you're probably looking at $150 a square foot.”
A minor kitchen renovation ranked fourth in the survey, but in the eyes of Grand Rapids, Mich ., Realtor, and immediate past president of the National Association of Realtors, Pat V. Combs, this is the project that “brings the best value for the buck.”
Rolling on a new paint color, installing new countertops and putting on new cabinet and drawer handles are three ideas that only take a little out of your pocket but make a big impact, she says.
But if you have your heart set on a total kitchen overhaul at some point, remodeler Hydeck warns it's probably not wise to sink too much money into piecemeal fix-ups in the meantime.
4. Install Energy-Efficient Windows
Combs is not surprised that wood and vinyl window replacements were each given about an 80 percent recoupment value in the Remodeling survey.
“People are very energy-conscious right now,” she says. “The cost of heating and cooling a home is important. It's not just the purchase price (that homebuyers consider), it's the cost per month to live in the home.”
To make sure your new windows are of the best quality, Carter says you should look for the certification label of the American Architectural Manufacturers Association. For energy efficiency, the Energy Star label of the National Fenestration Rating Council is the gold standard.
Don't expect a quick return on your investment if you buy replacement windows, which can run upward of $10,000 for the whole house. If lowering your utility bills is your goal, it's important to understand that it can take years for the savings to cover the cost of the windows.
5. Give the Bathroom a Facelift
Fixing up the bathroom, whether it's an upgrade or simply for maintenance, is another reliable investment. “People like to pamper themselves, and they just don't want to be in a grungy bathroom,” Carter says.
A midrange bathroom remodel has an estimated 78 percent resale value, according to the Cost vs. Value report.
Crown molding is near the top of Carter's personal list of easy, inexpensive upgrades with big impacts.
“It just really dresses up a room,” says Carter, who estimates that a do-it-yourselfer could outfit a room for less than $100.
“The best analogy I can give is that it's like putting a tie on. When you wear a tie, it's just a simple linear thing that dangles from your neck, but it's very distinctive. Crown molding does the same thing to a room.”
Location, Location, Location
The value of any renovation project you choose depends a great deal on where you live and whether your home is in an entry-level or upscale market.
“Just like all real estate is local, all of these various upgrade projects are localized,” Combs says.
Copyrighted, Bankrate.com. All rights reserved. 0 Comments
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Long Island is an island in southeastern New York, USA, jutting out into the Atlantic Ocean. It comprises four counties, two of which (Queens and Brooklyn) are boroughs of New York City, and two of which (Nassau and Suffolk) are suburbs of that city.
True to its name, Long Island is much longer than it is wide, jutting out some 118 miles (190 km) from New York Harbor, and varies in width between 12 and 23 miles (19 and 37 km) between the southern Atlantic coast and Long Island Sound.[1] Long Island has an area of 1,401 square miles (3,629 km2), making it the largest island in the continental United States and the 149th largest island in the world.[1] It is connected to the mainland by several bridges and tunnels through New York City, and ferries to Connecticut from Suffolk County.
Long Island had a population of 7,448,618 as of the 2000 census,[1] with the population estimated at 7,559,372 as of July 1, 2006, making it the most populated island in any U.S. state or territory. It is also the 17th most populous island in the world, ahead of Ireland, Jamaica and the Japanese island of Hokkaido. Its population density is 5,470 people per square mile (2,110 per km2).
Demography
Long Island is one of the most densely populated regions in the United States. As of the United States 2000 Census , the total population of all four counties of Long Island was 7,448,618. New York City's portion of the census was 4,694,705, with Brooklyn's population at 2,465,326 and Queens having 2,229,379 residents.
The combined population of Nassau and Suffolk counties was 2,753,913 people; Suffolk County's share at 1,419,369 and Nassau County's at 1,334,544. Nassau County had a larger population for decades, but Suffolk County surpassed it in the 1990 census as growth and development continued to spread eastward As Suffolk County has over twice the land area of Nassau County, the latter still has a much higher population density. Combined, Long Island's population is greater than 38 of the 50 United States. If it were an independent nation, it would rank as the 96th most populated nation , falling between Switzerland and Israel .
As of the 2000 census, the racial makeup of the island was 57.16% White , 21.18% African American , 0.36% Native American , 9.06% Asian , 0.05% Pacific Islander , 8.17% other races , and 4.01% from two or more races. 17.82% of the population were Hispanic or Latino of any race.
Population figures from the U.S. Census Bureau Census 2000 [1] show that non-whites are in the majority in the two urban counties of New York City, while whites are in the majority in the two suburban counties of Nassau and Suffolk:
ECONOMY
The counties of Nassau and Suffolk have long been renowned for their affluence. Long Island has a very high standard of living with residents paying some of the highest property taxes in the country. In opulent pockets of the North Shore of Long Island and South Shore, assets have passed from one generation to the next over time.
From about 1930 to about 1990, Long Island was considered one of the aviation centers of the United States, with companies such as Grumman Aircraft having their headquarters and factories in the Bethpage area. Grumman has long been the source of top warplanes for the U.S. Navy and the Marine Corps , as seen in the movie Top Gun and numerous WW-II naval and Marine Corps aviation movies. Prominent WW-II Grumman aircraft included the F4F Wildcat and F6F Hellcat fighters, and the TBF Avenger bomber, flown by hundreds of U.S. and Allied pilots, including former President George H.W. Bush .
Long Island has played a prominent role in scientific research and in engineering. It is the home of the Brookhaven National Laboratories in nuclear physics and Department of Energy research. In recent decades companies such as Sperry Rand and Computer Associates , headquartered in Islandia , have made Long Island a center for the computer industry. Gentiva Health Services , a national provider of home health and pharmacy services, also is headquartered in Long Island. Stonybrook University of the New York state system conducts far-ranging medical and technology research. Long Island is also home to the Cold Spring Harbor Laboratory , which was directed for 35 years by James D. Watson (who co-discovered the double helix structure of DNA with Francis Crick ).
Tourism is a good part of the Long Island economy in certain regions. Tourism thrives primarily in the summer because of the natural beauty, parks and beaches in Long Island along with the warmer weather of summer. Regions of Long Island that are major tourist attractions include the North Fork on the east end of Suffolk County, known for fishing villages, quaint towns, ferries to Connecticut, and for world-famous wineries. The South Fork is known for similar features, including golf, equestrian, boating, surfing, and fine dining in the Hamptons and Montauk. The village of Patchogue has a fine theater, the Patchogue Theatre for the Performing Arts, which is the official home theater of the Atlantic Wind Symphony .
The eastern end of the island is still partly agricultural. For the last 25 years, this has included many vineyards and pumpkin farms as well as traditional truck farming . Fresh fruit picking is a popular activity of many Long Islanders for much of the year. Fishing continues to be an important industry, especially at Northport and Montauk .
Long Island is home to the East Coast's largest industrial park, the Hauppauge Industrial Park. The park has over 1,300 companies employing more than 55,000 Long Islanders. Companies in the park and abroad are represented by the Hauppauge Industrial Association .
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AP Centerpiece: Homeowners Dream Up Extreme Incentives to Bait Home Buyers
NEW YORK (AP) — Frustrated as her house languished on the market for three straight summers, J.J. Rodgers is trying a new sales tactic: giving the two-story home away in an essay contest.Already, she's received more than 500 entries — each essay requires a $100 entry fee — for her four-bedroom home in Red Feather Lakes, Colo. She's hoping for a minimum of 2,000 entries, or $200,000 in fees, by the May 25 deadline to pay off the mortgage, cover closing costs and have a little left over. Rodgers last listed the property at $169,000 after cutting the price three times.“We don't have anything to lose,” Rodgers, 45, said. “If we're unsuccessful, at least we did something different from what we've already tried.”
Rodgers isn't alone in turning to unconventional sales incentives to unload her house. Aside from cash, home sellers across the country are giving away luxury cars, homeowner warranty plans and furniture to entice buyers.
Once upon a time, the crazy offers came from buyers who bid prices to astronomical heights and waived inspections and contingency clauses in sales contracts. Now, as homeowners compete with record high supply from foreclosed homes and builders' discounted inventory, the shoe's on the other foot.
The inventory of existing homes on the market rose in January to a 10.3 months supply, meaning it would take that long to unload existing inventories, while the supply of new homes increased to 9.9 months, the longest period in more than 26 years.
The glut has battered sales volume and prices. Sales of existing homes dropped to the slowest pace on record in January, with the median price sliding to $201,100. New home sales in January also fell to the slowest rate in nearly 13 years and the median price tumbled to the lowest level in more than three years.
To avoid getting lost in the crowd, homeowner incentives vary widely. One Colorado homeowner offered a club membership and golf lessons, worth about $4,000, on his $349,000 house on a golf course. Another seller in the state is willing to part with his tractor and pickup truck to remove snow around his home on 40 acres.
Daniel Lasnick, a real estate attorney in Stamford, Conn., recommends discussing deals involving quirky incentives with a real estate lawyer. Depending on the incentive, a side agreement may be needed. Additionally, Lasnick said a buyer may want to consult with an accountant, especially regarding any contests.
“If you're a winner and it's a prize, you'll have to pay income tax on the house. It's no different from winning a lottery,” he said.
Once a popular arrangement in the 1980s and 1990s, owner financing is back in vogue as banks shy away from making home loans to anyone except the most creditworthy. Greg Winfield, who runs the web listing service OwnerWillCarry.com has seen a recent increase in owner-financed and lease-option properties for sale, especially in California and Arizona.
In owner-financed sales, sellers lend all or part of the money needed to purchase the property. Often, the mortgage payments are held in an escrow account and a real estate attorney arranges the transaction.
“People are offering all kinds of goofy things to get their houses sold,” said real estate agent Allen Butler in Surprise, Ariz. “But what gets a house sold really is going to be based on price and price alone. The incentives, they can attract traffic and interest.”
Buzz was all Bob and Ricki Husick needed to sell their Wexford, Pa., home using a unique incentive. In October, the couple advertised that the buyer would get the purchase price back upon the pair's passing. The heirless Husicks added a bonus offer: The buyers could inherit the couple's retirement home in Arizona, worth about $500,000, too, if they agree to care for the Husicks in old age.
After vetting more than 100 offers following a flood of media attention, the couple found a buyer 80 miles from their two-story colonial and plans to close before the end of April. They will receive their $399,999 listing price. The buyers haven't counted out the offer to look after the Husicks during their twilight years, but both parties realize circumstances could change in the interim.
“The house is sold. They'll get the money back. That part's a done deal,” Husick, 55, said.
Rodgers and her husband, Wes Ludlow, hope their essay contest will be another success story. The couple, who have five children, decided to sell the Red Feather Lakes home, their second house, to free up money to pay for college. They own another home in Fort Collins, Colo., about a 45-minute drive away.
“I think the trick to the essay contest is if you can't get the story out there and keep it out there, it's not in forefront of people's minds and they forget about it,” Rodgers said. The couple recently extended their deadline to May from March 25 to give people more time to enter.
Built in 1982, the home sits on a quarter acre and boasts a wraparound deck, two fire stoves and a new hot water heater and pressure tank. County records show the home was valued at $171,900 at the end of last year.
A Fort Collins title company will prepare the paperwork to send to the winner ahead of the closing date. All entry fees are held in escrow until closing when the title company will wire funds to the couple's mortgage company. If they don't receive enough entries, they will send the money back to the entrants.
Rodgers and Ludlow asked for volunteers in the Red Feather Lakes community to judge the essays. They found nine unrelated people, including a local attorney and a small business owner, to choose the winner. The essay is open to any subject and limited to 500 words. They have received essays from as far away as Hawaii accompanied by family photos and personal letters.
“I'm blown away by people's creativity and intelligence. I feel honored to read these people's writings,” Rodgers said. “It's like this big story quilt unfolding in front of us.”
By J.W. Elphinstone, AP Business Writer
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As houses are becoming harder to sell, some agents are charging more than the standard 6% commission to guarantee better results
Jim McCarty decided a year ago to give real estate agents an added incentive to guide buyers past the clutter of for-sale signs to his vacant four-bedroom house about 20 miles outside of Minneapolis . He agreed to pay his agent an 8% commission, which would be split (55%/45%) with the agent representing the buyer. Full-service agents in the past few years have been charging 6% commissions and frequently less. Discount brokers charge much less.
McCarty's investment property was under contract within a month for just under the asking price of $324,000 despite competition from about a dozen similar houses for sale in the development, his agent said. “I wanted more agents to show the property,” said McCarty, 70, who is a speaker on leadership and business growth strategies. “I was willing to take a little bit more of a hit and pay a higher percentage. But if the house is sitting there vacant, you want to move the house.”
Most agents charge 6% and will sometimes agree to less. But more and more agents, especially successful ones, have started charging more than 6%, in part because selling a house is more time-consuming and expensive than it used to be. And fewer homes are selling. Sellers in some parts of the country are paying up to 8% and sometimes more, agents said. Builders, eager to get rid of inventory, sometimes offer more than 10%.
A Brokers' Market
“When the market was really going crazy, there were sellers out there trying to get any realtor for 4% who would undercut the guy next to him,” said Arthur Tassaro of Friedberg Properties in Cresskill , N.J., where he says commissions are holding steady at about 6%. “Now you don't have to do that anymore. Now sellers want the home on the market and sold.”
Frank D'Angelo, the broker for EXIT Realty Executive who represented McCarty, says he offers customers a transparent, tiered system of payment. For 6%, sellers get the typical menu of services. Sellers who agree to pay 7% get additional benefits, including a guarantee that if the home isn't sold within 39 days, he'll return up to $10,000 of his commission (2% of the sales price). For 8%, buyers also get free home-staging and a “media blitz” of advertisements.
But the primary benefit is more buyer traffic and the hope that agents might point out subtle pluses of the home, such as new paint or serene views.
Bonus Might Raise Red Flags
“If they [buyers' agents] have to choose from 12 homes, they don't have time to see all 12 homes,” D'Angelo said. “They're going to select from buyer's criteria so anything that's marginal is thrown out. But [they might say] ‘here's a marginal home with a hefty bonus if I show it.'”
D'Angelo said simple cash bonuses for buyer's agents don't work because they raise red flags that the home might be a distressed property and could lead to lower sale prices. Plus the seller's agent can be motivated by a higher commission.
Ilyce Glink, publisher of thinkglink.com , a free Web site that offers real estate and personal finance advice, said sellers should never agree to pay more than 6% and the buyer's agent should always get at least a 50% commission split. Glink said it's better to lower the asking price than put more money in agents' pockets. Glink said the last time she saw 7% commissions was during the downturn in the early 1990s, but only for properties that were particularly difficult to sell.
Agents Are Working for the Money
“The whole concept of paying 7% or 8% is silly,” Glink said. “It used to be that by not doing any work, agents would have buyers lining out the door and they'd collect a big fat commission. Now they have to do some work. You have to allocate dollars where it's most important.”
J. Patrick Lashinsky, president and chief executive officer of national real estate brokerage ZipRealty in Emeryville, Calif ., said commissions seem to be rising in some markets where agents are cautious about taking on listings because of the work involved. His agents are seeing commissions of more than 7% in Atlanta , Minneapolis , and some markets in California .
ZipRealty typically charges 4.5% to 5.5% commission, and slightly more than half of the money goes to the buyer's agent, the company said. “They say they have to charge more because homes are taking longer to sell,” Lashinsky said.
Higher Commission Might Speed the Sale
Mike Collard, an Atlanta-based real estate agent who trains other agents, said brokers who have a record of selling homes are finding they can charge more for their services. They are “unbundling” services and charging more for additional services, he said. “The sellers' agents have to do more work, more open houses, take better pictures, stage the house, and pay for it all themselves,” Collard said.
Melonie Haag, an agent with Exit Realty Leaders in Crystal River, Fla ., said agents charge between 6% and 8% and builders are sometimes willing to pay up to 12%. “Sometimes if sellers want to get out quicker, agents charge more commission,” Haag said. “The truth is, I'm not going to show a house regardless of the commission, but [for] another agent who sees it [the higher commission] might show it more often, so often times it doesn't hurt.”
0 CommentsUnless Ty Pennington and the crew from “ Extreme Makeover: Home Edition ” take on your renovation project, you're likely to get weak-kneed looking at the estimate for the work or learning the terms of your home improvement loan.
If high prices, tough credit or falling home values have suddenly brought your fantasy makeover plans back to reality, the good news is that it's often the more modest upgrades — not the grand additions — that offer the best return on your investment.
Another plus is that the sluggish remodeling market might make it easier to find available contractors and get their assistance with financing your project, even if they offer little wiggle room on the bill. Carol Friedhoff, a Certified Financial Planner in Dublin, Ohio, notes: “A lot of the builders are having to make extra concessions, trying to come up with creative financing.”
The February 2008 Leading Indicator for Remodeling Activity report from the Joint Center for Housing Studies at Harvard University projects that homeowner spending for home improvements will continue to decline, slipping at an annual rate of 2.6 percent through the third quarter of 2008.
“Contractors are much hungrier for the business now, much more responsive and more willing to negotiate on scheduling and things like that,” says Kermit Baker, director of the Remodeling Futures Program at the Joint Center for Housing Studies.
“I'm guessing there will be some negotiating on pricing, too, but their labor costs have probably not gone down and their material costs have by and large gone up.”
In other words, don't expect a big break on the price, but do look for more accommodation in other areas such as financing.
Homeowners are taking their time deciding whether to remodel, says Michael S. Hydeck, president of Hydeck & MacKay Builders Inc. in Pennsylvania and treasurer for the National Association of the Remodeling Industry. “The backup for projects and jobs is a lot smaller than it was a year or two years ago,” Hydeck says. “Most people are thinking and waiting.”
Waiting might not be such a bad thing, according to Friedhoff, if it means you can save enough money to pay cash for your project instead of having to borrow. “There's a lot less risk, and you don't have the possibility of owing more than the house is worth,” she says.
If you're still mulling over your renovation options, here are six projects that can bring you a good value for your money.
Exterior siding topped the list in Remodeling magazine's 2007 Cost vs. Value report, which compared the construction costs of various projects to estimates of their resale value by members of the National Association of Realtors . Fiber-cement siding replacement came in at No. 1, with an estimated 88.1 percent of the cost recouped, while vinyl siding replacement had the third highest recoupment value at 83.2 percent.
Introduced nearly 100 years ago, fiber-cement siding is back in vogue, with cellulose replacing the asbestos of long-ago versions. The new and improved product is weather-resistant and extremely durable, says Tim Carter, a syndicated columnist who dispenses home improvement advice on his Web site askthebuilder.com .
And here's an advantage over both wood and vinyl siding: “If you do it right, it really holds paint well,” Carter says. “The paint job can last 20 years.”
Realtors in the Cost vs. Value survey estimated the average homeowner would recover 85.4 percent of the cost of a new wood deck from resale, giving this project the second highest value in the report. A composite deck addition — a costlier initial investment — was estimated to bring a 77.6 percent return.
Adding a deck is a relatively inexpensive way to gain more living space. “You can probably build a deck for $20 a square foot, labor and material,” Carter says. “If you were going to put a room on your house, you're probably looking at $150 a square foot.”
A minor kitchen renovation ranked fourth in the survey, but in the eyes of Grand Rapids, Mich ., Realtor, and immediate past president of the National Association of Realtors, Pat V. Combs, this is the project that “brings the best value for the buck.”
Rolling on a new paint color, installing new countertops and putting on new cabinet and drawer handles are three ideas that only take a little out of your pocket but make a big impact, she says.
But if you have your heart set on a total kitchen overhaul at some point, remodeler Hydeck warns it's probably not wise to sink too much money into piecemeal fix-ups in the meantime.
4. Install Energy-Efficient Windows
Combs is not surprised that wood and vinyl window replacements were each given about an 80 percent recoupment value in the Remodeling survey.
“People are very energy-conscious right now,” she says. “The cost of heating and cooling a home is important. It's not just the purchase price (that homebuyers consider), it's the cost per month to live in the home.”
To make sure your new windows are of the best quality, Carter says you should look for the certification label of the American Architectural Manufacturers Association. For energy efficiency, the Energy Star label of the National Fenestration Rating Council is the gold standard.
Don't expect a quick return on your investment if you buy replacement windows, which can run upward of $10,000 for the whole house. If lowering your utility bills is your goal, it's important to understand that it can take years for the savings to cover the cost of the windows.
5. Give the Bathroom a Facelift
Fixing up the bathroom, whether it's an upgrade or simply for maintenance, is another reliable investment. “People like to pamper themselves, and they just don't want to be in a grungy bathroom,” Carter says.
A midrange bathroom remodel has an estimated 78 percent resale value, according to the Cost vs. Value report.
Crown molding is near the top of Carter's personal list of easy, inexpensive upgrades with big impacts.
“It just really dresses up a room,” says Carter, who estimates that a do-it-yourselfer could outfit a room for less than $100.
“The best analogy I can give is that it's like putting a tie on. When you wear a tie, it's just a simple linear thing that dangles from your neck, but it's very distinctive. Crown molding does the same thing to a room.”
Location, Location, Location
The value of any renovation project you choose depends a great deal on where you live and whether your home is in an entry-level or upscale market.
“Just like all real estate is local, all of these various upgrade projects are localized,” Combs says.
Copyrighted, Bankrate.com. All rights reserved. 0 Comments
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Long Island is an island in southeastern New York, USA, jutting out into the Atlantic Ocean. It comprises four counties, two of which (Queens and Brooklyn) are boroughs of New York City, and two of which (Nassau and Suffolk) are suburbs of that city.
True to its name, Long Island is much longer than it is wide, jutting out some 118 miles (190 km) from New York Harbor, and varies in width between 12 and 23 miles (19 and 37 km) between the southern Atlantic coast and Long Island Sound.[1] Long Island has an area of 1,401 square miles (3,629 km2), making it the largest island in the continental United States and the 149th largest island in the world.[1] It is connected to the mainland by several bridges and tunnels through New York City, and ferries to Connecticut from Suffolk County.
Long Island had a population of 7,448,618 as of the 2000 census,[1] with the population estimated at 7,559,372 as of July 1, 2006, making it the most populated island in any U.S. state or territory. It is also the 17th most populous island in the world, ahead of Ireland, Jamaica and the Japanese island of Hokkaido. Its population density is 5,470 people per square mile (2,110 per km2).
Demography
Long Island is one of the most densely populated regions in the United States. As of the United States 2000 Census , the total population of all four counties of Long Island was 7,448,618. New York City's portion of the census was 4,694,705, with Brooklyn's population at 2,465,326 and Queens having 2,229,379 residents.
The combined population of Nassau and Suffolk counties was 2,753,913 people; Suffolk County's share at 1,419,369 and Nassau County's at 1,334,544. Nassau County had a larger population for decades, but Suffolk County surpassed it in the 1990 census as growth and development continued to spread eastward As Suffolk County has over twice the land area of Nassau County, the latter still has a much higher population density. Combined, Long Island's population is greater than 38 of the 50 United States. If it were an independent nation, it would rank as the 96th most populated nation , falling between Switzerland and Israel .
As of the 2000 census, the racial makeup of the island was 57.16% White , 21.18% African American , 0.36% Native American , 9.06% Asian , 0.05% Pacific Islander , 8.17% other races , and 4.01% from two or more races. 17.82% of the population were Hispanic or Latino of any race.
Population figures from the U.S. Census Bureau Census 2000 [1] show that non-whites are in the majority in the two urban counties of New York City, while whites are in the majority in the two suburban counties of Nassau and Suffolk:
ECONOMY
The counties of Nassau and Suffolk have long been renowned for their affluence. Long Island has a very high standard of living with residents paying some of the highest property taxes in the country. In opulent pockets of the North Shore of Long Island and South Shore, assets have passed from one generation to the next over time.
From about 1930 to about 1990, Long Island was considered one of the aviation centers of the United States, with companies such as Grumman Aircraft having their headquarters and factories in the Bethpage area. Grumman has long been the source of top warplanes for the U.S. Navy and the Marine Corps , as seen in the movie Top Gun and numerous WW-II naval and Marine Corps aviation movies. Prominent WW-II Grumman aircraft included the F4F Wildcat and F6F Hellcat fighters, and the TBF Avenger bomber, flown by hundreds of U.S. and Allied pilots, including former President George H.W. Bush .
Long Island has played a prominent role in scientific research and in engineering. It is the home of the Brookhaven National Laboratories in nuclear physics and Department of Energy research. In recent decades companies such as Sperry Rand and Computer Associates , headquartered in Islandia , have made Long Island a center for the computer industry. Gentiva Health Services , a national provider of home health and pharmacy services, also is headquartered in Long Island. Stonybrook University of the New York state system conducts far-ranging medical and technology research. Long Island is also home to the Cold Spring Harbor Laboratory , which was directed for 35 years by James D. Watson (who co-discovered the double helix structure of DNA with Francis Crick ).
Tourism is a good part of the Long Island economy in certain regions. Tourism thrives primarily in the summer because of the natural beauty, parks and beaches in Long Island along with the warmer weather of summer. Regions of Long Island that are major tourist attractions include the North Fork on the east end of Suffolk County, known for fishing villages, quaint towns, ferries to Connecticut, and for world-famous wineries. The South Fork is known for similar features, including golf, equestrian, boating, surfing, and fine dining in the Hamptons and Montauk. The village of Patchogue has a fine theater, the Patchogue Theatre for the Performing Arts, which is the official home theater of the Atlantic Wind Symphony .
The eastern end of the island is still partly agricultural. For the last 25 years, this has included many vineyards and pumpkin farms as well as traditional truck farming . Fresh fruit picking is a popular activity of many Long Islanders for much of the year. Fishing continues to be an important industry, especially at Northport and Montauk .
Long Island is home to the East Coast's largest industrial park, the Hauppauge Industrial Park. The park has over 1,300 companies employing more than 55,000 Long Islanders. Companies in the park and abroad are represented by the Hauppauge Industrial Association .
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