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Renovating a rental property
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elatively minor renovations to rental properties can earn landlords substantially more money over the course of a typical lease.
One such business is rental agencies or property management companies. Even landlords with a single investment property tend to do better during a recession, when individuals might be fearful of buying a home or simply unable to afford it. Such individuals still need a place to live, however, and landlords benefit as a result. One of the best things a landlord can do during a recession is to pay more attention to their rental properties, ensuring the properties are in tip-top shape so they can get the most out of each unit at a time when the rental market is most competitive. This might require some renovations, which landlords should be making periodically anyway, regardless of how strong or tenuous the economy might be. · Update the paint. Apartments are typically empty when shown to prospective renters, and any issues with the paint job are very noticeable during such viewings. If the paint is outdated or there is any fading, update the walls with a fresh coat of paint. It’s ideal to do so whenever a tenant moves out, but landlords whose buildings have a high turnover rate likely won’t need to repaint every time a tenant moves out. When adding a new coat of paint, choose a light, neutral color to give the property a fresh, inviting look. · Replace the carpeting. Carpeting is another area prospective renters are instantly drawn to when viewing an apartment. New carpeting is always attractive to potential tenants, and landlords won’t have to break the bank to replace the carpets when an existing tenant moves out. Instead of expensive carpeting, choose a medium grade carpet with a neutral color, ideally beige or light brown, which can hide spills or stains should the next tenant prove messy and move out after the original lease terms are up. Before laying carpet, don’t forget to lay down quality padding underneath. Such padding makes the carpet feel softer and of higher quality. · Upgrade the appliances. Perhaps nothing evokes a stronger response from prospective renters than a property’s appliances. Outdated appliances make renters speculate as to what else might be outdated and if the building is well taken care of. On the other
Palouse LIVING Your resource for buying, selling and enjoying your home on the Palouse.
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hand, newer appliances, particularly stainless steel items, create a contemporary feel and give the impression, true or false, that a landlord won’t allow the building to grow dated or fall into disrepair. When shopping for appliances, choose ones that are more basic so any eventual repairs won’t be too complicated or costly. Newer appliances enable landlords to charge more rent for a given property, and many renters would agree that such properties are worth the extra money. · Install new windows. Older buildings tend to have creaky or drafty windows, which not only makes the property colder during the winter months, but it also drives up utility costs as renters are forced to turn up the thermostat to combat drafts and cold air entering the unit. New windows can eliminate such drafts and reduce utility costs, something landlords can use to their advantage when discussing the property with potential tenants. Landlords might even be able to earn tax breaks when installing new, energy-efficient windows. Discuss if any such breaks exist with the local municipality. When it comes to renovating a rental property, landlords can make a handful of small renovations that, while relatively inexpensive, enable them to earn substantially more money from each unit over the long haul.
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Apartments available. Call to schedule tour today! 815 SE Klemgard, Pullman (509) 334-9488 www.BishopPlace.net Moscow-Pullman Daily News & Lewiston Tribune | April 2016 | 3
6 simple steps for a quick sale
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Content & Images // Nest Home Designs
elling your home this spring? Well, you’re not alone. By following these 6 simple steps you can increase your chances of a quick and profitable sale.
· Curb appeal counts. It’s tempting to delay maintenance and updates on the outside of your house, however that very first glance can reflect in the mind of a prospective buyer how the interior of the home is maintained. Simple things like a well trimmed lawn, sparkling windows or a fresh coat of cheerful paint on the front door can mean a lot.
visualize themselves in your home. · Fresh paint can also have a dramatic effect on the atmosphere, look and smell of a room. Even if your personal tastes tend towards the dramatic, it’s best to avoid overly dark
· Next up, add some color. Large planters can be filled with petunias, pansies, or ranunculus. For easy-care plants that provide beauty year round, Palouse homeowners can rely on bulbs like tulips and lilies as well as shrubs like lilacs and butterfly bushes. · Put your belongings on a crash diet. Not only will thinning out unwanted items make it easier to eliminate clutter and keep your house tidy for showings but donating those items may earn you a tax write-off and help local charities. If you’re getting ready to sell, an uncrowded home will appear bigger and may net you a bigger profit on your home. Not to mention that pre-packing many items now will just make moving that much easier when your home sells! By focusing on one or two rooms each week you can make this sometimes challenging task far more manageable. · And if time is of the essence, professional organizers or packers can help corral the chaos. A professional home stager can walk you through an efficient process that will undoubtably make your life easier and at the same time, increase your quick sale potential. · Refresh your home’s decor. Although quality furniture may last many years, updating accessories can revitalize a tired room. If you’re hoping to sell for top dollar (which is why you are reading this!), contemporary accessories typically appeal to a wide-range of buyers and help them | April 2016 | Moscow-Pullman Daily News & Lewiston Tribune
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or ‘daring’ colors when preparing your home for sale. · From ‘blah’ to ‘ahh!’ The difference between a room everyone loves spending time in - and one they avoid - can be as simple as the layout. Almost every home has problem areas with shapes or sizes that make furniture placement a challenge. A fresh pair of eyes, be it a creative friend or an experienced interior decorator, can arrange your existing furniture in a way that makes your house even more comfortable and inviting. · Cleaning for a closing. No matter how lovely a home is inside and out, deep cleaning is a must, particularly before listing it to sell. Whether you choose to do it yourself or get referrals for professional cleaners, it’s important that it’s done with attention to detail. Seemingly small details paint a picture
for potential buyers of how well you have maintained your home. Overlooked grime is often seen as overlooked maintenance - which translates to a lower offer. · Renovations, to do or not to do? Spring can be a good time to make plans for more extensive changes to your home. If you plan to renovate in order to get more money for your sale, it’s important to consult a realtor and home stager before investing in the remodel to ensure the money will offer a meaningful and measurable return. Six simple steps, a little elbow grease, and help from trusted experts will make your home stand out from the competition, giving you the edge that you need in a crowded market.
Staged homes sell an average 88% faster and for 7-10% more than their non-staged competitors. Staging helps your home appear more valuable, well maintained and move-in ready.
This client sold their home 6 days after a Nest home stage.
www.nesthomedesigns.com 208.718.1802 Featured on
“Nest Home Designs provided a professional and thorough walk through of our home, with the goals of updating our existing rooms, and preparing to stage our home for a move. They listened well to my interests and plans, as well as making practical and updated ideas for the rooms we focused on. I highly recommend them.” - MB, Moscow
Call today to schedule a consultation! Palouse Living
Moscow-Pullman Daily News & Lewiston Tribune | April 2016 |
How to make older homes more energy efficient
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eplacing old or inadequate insulation is one way that homeowners can make older homes more energy efficient.
Older properties tend to have a sense of charm that newly built homes may lack. Perhaps it’s their lived-in feel or design elements that remind homeowners of yesteryear that make older homes so popular among home buyers. What older homes have in character they may lack in modern amenities. For example, whereas many homes are now built with energy efficiency in mind, older homes may not be so eco-friendly. Fortunately, there are many ways for homeowners who love their older homes to keep that love going strong while making their homes more energy efficient at the same time. · Check for leaks and plug any you find. Homes may develop
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air leaks over time, and such leaks allow air to infiltrate the home. When that occurs, homeowners instinctively turn up the thermostat in winter to combat the cold air getting in. Come summertime, those same homeowners will run their air conditioners on a higher setting in an effort to stay comfortable when hot air is creeping through the cracks. Rather than adjusting the temperature inside, fix any sources of air infiltration you find. Run your hand along doorways and windows to determine if any drafts are coming through. Older homes may also develop cracks in bricks, around the foundation and in siding or stucco. Seal any areas where you feel air infiltrating your home, which will save money, reduce your energy consumption and make your older home more efficient. · Add insulation. Many older homes are poorly insulated. But according to the United States Environmental Protection Agency, adding insulation can reduce energy costs by as much as 50 percent. Installing insulation can be tricky, especially if insulation was not originally included in your home, as is sometimes the case with older homes. Insulation can become damp and prove ineffective if installed improperly. Damp insulation also may contribute to mold growth and rot in the home’s framing. Older homes may be lacking adequate insulation around attics, crawl spaces, basements, heating and cooling ducts, and water pipes. Cover your water heater with an insulated water heater blanket so the heater retains more heat and consumes less energy to heat the water. · Stay on top of your home. Much like older vehicles, older homes require a little extra TLC on the part of homeowners. Don’t allow your home to fall into disrepair. Even if your energy bills are not on the rise, inspect windows and doors to make sure they are closing tightly, as over time such seemingly minor problems can add up to substantial energy loss. Don’t forget to clean gutters and downspouts, removing debris that can add up and lead to water damage that may ultimately compromise the effectiveness of your home’s insulation. · Book an energy audit. Energy audits, which may be offered free of charge by your utility company, can help detect any additional areas where a home may be using energy inefficiently. Even if you have to pay for an audit, the cost savings if any additional inefficiencies are discovered will likely add up to more than the cost of the audit. Older homes are attractive to many homeowners, who can take several steps to make sure their homes are operating as efficiently as possible.
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Save money and stay cool as temperatures rise xcessive energy bills can be a concern in spring and summer, just as much as they are in the winter. So how can you save money while keeping your home cool? The solution is simple: Top up your attic insulation.
A poorly insulated attic is a primary source of energy loss, forcing your AC unit to work harder than necessary over the warmer months. Most attics are insulated, but oftentimes the amount of insulation present is inadequate - especially in older homes. Over time, insulation can settle and compact, allowing heat to escape through gaps. Topping it up is easy. Ideally, you want to aim for a depth of 16 inches of insulation for an overall R-value of 50. When existing insulation is present, simply level existing insulation to the top of the joist. Lay a fire- and moisture-resistant batt insulation, like
Creating your own wall clock Newspaper Toolbox
A
re you creative and good with your hands? Then it’s “time” to put your talents to good use by making your own wall clock. All you need is a clock mechanism (new or recycled), a drill and a few accessories. Lots of different items can be used for the base of your masterpiece, including: • a wooden board • a Frisbee • a vinyl record • a serving tray • a decorative frame And in place of numbers, you could use: • pictures • stickers • coins • hand-painted motifs • coloured buttons To assemble the clock, simply drill a hole for your clock mechanism in the center of the base. Once your creation is complete, hang it on the wall with a nail or a screw. Are you feeling inspired? Good, because now’s the “time” to be creative.
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Roxul Comfortbatt, on top of joists, running perpendicular to the first layer. Ensure batts are butted against each other tightly. Fit batts closely to cross joists; cut batt if necessary (this can be done easily with a serrated blade or bread knife) and leave no space between layers. Don’t forget to insulate the attic hatch to the same level as the rest of the attic. Apply weather-stripping to the edge of the hatch to reduce air leakage. Keep in mind that only IC-rated electrical fixtures can have insulation placed with zero clearance. Follow the manufacturer’s instructions and local building code to insulate around the chimney. When a house is insulated properly, energy savings can add up over time. Remember, insulation starts working the moment it is installed and can last for the life of the building. Tips on this easy, low-cost DIY project that will reduce your home’s energy loss and save you money are available at diywithroxul.com.
Beauty S SET IN STONE.
RENOVATION, DECORATION, NEW PRODUCTS AND MORE!
Create your own WALL CLOCK Are you creative and good with your hands? Then it’s “time” to put your talents to good use by making your own wall clock. All you need is a clock mechanism (new or recycled), a drill and a few accessories. Lots of different items can be used for the base of your masterpiece, including: • a wooden board • a Frisbee • a vinyl record • a serving tray • a decorative frame
It’s time to discover SMART BLINDS With the constant development of new technologies, more and more objects in our daily lives come equipped with “smart” features. Thus, it’s hardly surprising that there are now window blinds on the market that are capable of some surprising feats. Blinds are omnipresent in homes nowadays because of their affordability, practicality and their ability to blend in to any decor. But imagine being able to open and close them, and change the position of the slats, without even touching them. Some of the very latest models of blinds allow you to change their position with a
remote control or a smartphone. During the winter, you can even program your blinds so they open at specific times to let the sun warm the interior of your home. That’s a great way to reduce your heating bills. In the summer, the blinds stay closed during daylight hours to prevent heat from coming in, helping you save on air conditioning costs. If you lack the time or motivation to program your blinds, you can just select the automatic mode. Because they’re equipped with sensors, the blinds will open and close at the appropriate times. It sounds like a recipe for both peace of mind and great energy savings, doesn’t it?
SOLARIUMS and lo
A solarium is a room filled with wind that acts as a buffer between the inside outside of your home. In addition to o ring a stunning view of your yard, extr ving space and privileged access to lot natural light, a solarium offers other be fits, too. If you’ve been thinking about ding a solarium to your home, be sur keep reading.
THERMAL COMFORT Are you one of those people who suffer ribly during summer heat waves? If so, ding a solarium to your home could re improve your comfort. Here’s how.
Kitchens • Bathrooms • Desks • BBQs • Fire Pits • Fireplaces
120+ COLORS
And in place of numbers, you could use:
PROFESSIONAL INSTALLATION Several factors come into play when manufacturing and installing a sola rium: the choice of materials and air circulation systems; orientation roofing; insulation and waterproofing To enjoy all the benefits of you solarium (and avoid unpleasant sur prises), entrust all these tasks to a reputable company.
• pictures • stickers • coins • hand-painted motifs • coloured buttons
LARGEST SELECTION IN THE REGION!
To assemble the clock, simply drill a hole for your clock mechanism in the centre of the base. Once your creation is complete, hang it on the wall with a nail or a screw. Are you feeling inspired? Good, because now’s the “time” to be creative.
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OVERFLOWING CLOSETS, cupboards and drawers?
Moscow-Pullman Daily News & Lewiston Tribune | April 2016 | MELAM Tradition holds that the chore of cleaning out your items? Keep the one you feel is in the best condihome should be done in the spring; we’re all familiar with the routine of de-junking closets and scrubbing cupboards. But it can seem as though the job is never done if your storage space is poorly organized and your cupboards are always over-
tion. An object was stored in the wrong place? Simple! Put it in the right place. SENTIMENTAL VALUE Are you brought to tears at the thought of getting
Melamine has always been considered a l end product that’s flimsy and unattract However, over the decades, the continual provement of manufacturing processes completely transformed this material much so that it can now be found in
Stop weeds before they take over MetroCreative
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eeds, such as dandelions, can quickly take over lawns and gardens.
Few things can be as troublesome to gardeners and landscapers as weeds. Weeds seemingly spring up overnight and quickly can overrun lawns and/or garden beds. Landscaping enthusiasts may spend countless hours and weekends coping with weeds without truly getting to the root of the problem. However, preventing weed growth need not be so difficult. According to the experts at “This Old Houseâ€? and The Family Handyman, the secret to preventing weeds is to maintain a thick, healthy lawn. A vigorously growing lawn will crowd out weeds and block the sun weed seeds need to germinate and thrive. As a result, fewer herbicides may be needed and homeowners can spend less times on their hands and knees pulling out weeds. ¡ Mow at the right height Crabgrass is a notoriously virulent weed that can quickly snuff out blades of grass. Crabgrass likes hot, dry conditions, and
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it only takes one plant to spread the seeds that can overtake the lawn. Preventing these conditions can stop crabgrass from flourishing. Mowing at higher heights and leaving grass blades taller can shade the soil, helping to prevent the germination of crabgrass. Shady conditions also will help the soil retain moisture and prevent the arid conditions crabgrass likes so much. ¡ Water deeply Weeds are accustomed to growing in adverse conditions, including especially hot temperatures. When such conditions arise, weeds establish deep roots while the roots of the grass can easily die off. Instead, when watering, wet the soil to a depth of four to six inches. This helps grass to establish strong root systems that will help lawns overpower pesky weeds. ¡ Time weed killers Whether you manually remove weeds or apply weed killers, timing is key. Combat weeds in the early spring before they have a time to fully form and start proliferating through seed dispersement. Once seeds spread, their growth is difficult to control. Recognize that no single herbicide or weeding tactic will work for every type of weed. Broadleaf weeds, like dandelions, unwanted grasses, and sedges are the three most common types of weeds. Homeowners will have to adapt based on the type of weed that is most prevalent in their lawns. ¡ Watch fertilizer amounts Strike a balance with fertilizer, finding the right amount to deliver continuous nutrition to the lawn, but not overfeed it so that weeds can thrive. Many lawns only require fertilizer once or twice annually, in the autumn and spring.
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| April 2016 | Moscow-Pullman Daily News & Lewiston Tribune
By following these guidelines, lawn and garden enthusiasts can prevent the proliferation of unsightly and potentially harmful weeds.
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Dreaming of homeownership? I’m with you to help you plan, when you purchase, and after you own. We provide a wide array of competitive products, programs and services to ensure that your home financing needs are met. You may benefit from: • A wide selection of conventional loan programs • Low mortgage rates • Fixed- and adjustable-rate mortgages (ARMs) • PriorityBuyer® preapproval • Owner –occupied and investor mortgage programs available • The attentive service of knowledgeable mortgage professionals • Financing for new construction homes • Builder Best® Extended Rate Lock program Expect me to work closely with you to explore and explain options for your budget and goals. Call today!
Rachel Ellen Laine
Home Mortgage Consultant 221 S Main St, Moscow, ID 83843 Office: 208-883-5659 Cell: 208-874-2452 rachel.e.laine@wellsfargo.com www.wfhm.com/rachel-laine NMLSR ID 1015986 Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2015 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS1904979 Expires 06/2016
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Moscow-Pullman Daily News & Lewiston Tribune | April 2016 |
3 tips for selling in a buyer’s market Newspaper Toolbox
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onger selling times, fierce competition and low prices: things are tough for sellers in a buyer’s market. The homes for sale outnumber the potential buyers, who have plenty of properties to choose from and all the time in the world to do it. Here are some tips to help you sell your property in a buyer’s market.
1
. Set a competitive selling price: For a real estate transaction to succeed, you have to adapt to the market. When buyers are few and far between, you might choose to lower the selling price a bit or keep a smaller negotiating margin. You have to advertise an asking price that is more likely to attract potential buyers. You may also have to accept the fact that you’ll get less money than you’d hoped for your property. However, that might be better than being stuck with your house, especially if you have already bought another home and you can’t pay for them both simultaneously.
2
. Offer an attractive product: It’s no big secret: to attract potential buyers you need to offer a product that can compete with other similar properties available in your area. It’s in your best interest to compete in terms of price and in how you differentiate yourself from other homes in your neighbourhood.
Look for what sets your property apart from the others (location, view, pool or fireplace) and emphasize it. Do some fix-up work if necessary, and follow home staging guidelines: put extraneous things away, declutter and depersonalize the rooms. Make sure the photos of your home show it off to advantage. Work with a real estate agent to make sure the marketing strategy is satisfactory and that your home has good visibility.
3
. Stay tuned to any changes: The real estate market is constantly changing, so you need to monitor the activity in your area on an ongoing basis. If you’ve taken into account the selling price of recently sold properties in your neighbourhood, you now have to make sure your asking price remains competitive over time. That means keeping track of new homes on the market, as well as their selling prices, so you can adjust your price accordingly. When the number of homes on the market is low, you have to be prepared to move quickly because the best properties get snapped up fast. Hone in on exactly what you want and do everything you can to accelerate your efforts. For instance, consider applying for a pre-approved mortgage; that way, it will take less time to get a loan commitment. In addition, a preapproved mortgage can play in your favour when you make an offer, as the seller won’t have to worry about your financing application being refused.
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10 | April 2016 | Moscow-Pullman Daily News & Lewiston Tribune
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Moscow-Pullman Daily News & Lewiston Tribune | April 2016 | 11
Thinking of Selling your Home?
Don’t Look Don’t Talk Don’t Listen To another soul before you call the real estate experts at Coldwell Banker Tomlinson! Coldwell Banker Tomlinson 217 S. Main St, Moscow cbtmoscow.com • (208) 882-0800
Coldwell Banker Tomlinson 405 S. Grand Ave., Pullman cbtpullman.com • (509) 334-0562
Store Hours: Our office is always open even when our doors are not!
12 | April 2016 | Moscow-Pullman Daily News & Lewiston Tribune
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