Palouse Living, January/February 2016

Palouse LIVING Your resource for buying, selling and enjoying your home on the Palouse.

Add instant appeal with reclaimed wood

| January/February 2016 | Moscow-Pullman Daily News & Lewiston Tribune

Palouse Living

Dreaming of homeownership?

I’m with you to help you plan, when you purchase, and after you own.

Wells Fargo Home Mortgage provides 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!

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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. AS1543979 Expires 03/2016

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Moscow-Pullman Daily News & Lewiston Tribune | January/February 2016 | 3

Add instant appeal with reclaimed wood MetroCreative

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alvaged doors, fences, shutters, beams, and so much more can be put to new use.

Repurposing salvaged wood is a popular trend in the home improvement industry.

Not only can using salvaged wood give a home a one-of-akind look, but it’s a handy way to incorporate the three Rs of green living into your lifestyle: reduce, reuse and recycle.

Reclaimed wood is often used in flooring, beams, wall treatments, and doors, but it also can be turned into furniture or home accent items. Reclaimed wood adds warmth and historical interest to a home’s decor that newer materials may lack. Although finding wood that can be salvaged takes time and some legwork, such efforts can quickly pay off. Many businesses are now devoted to reclaimed timber, which can help make the process of finding and using salvaged wood even easier.

Homeowners considering reclaimed wood may be interested to learn that such wood can serve various functions aside from benefitting the planet.

Palouse LIVING Your resource for buying, selling and enjoying your home on the Palouse.

Add instant appeal with reclaimed wood

· Match old-growth wood.

New regulations may prevent certain species of trees from being cut down. That means it can be challenging to match old wood in a home, particularly if you’re looking to maintain historical value and authenticity.

Relying on salvaged wood items can alleviate this concern, ensuring that you can find rare woods that are no longer

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available brand new.

items.

· Salvaged wood has character. It’s difficult to mimic the natural age marks and character that older wood may have. Instead of being raised on farms, wood harvested decades ago probably grew in natural environments, making the wood both durable and strong. The color and grain of salvaged wood may also be unique.

· Reclaimed wood can be found everywhere. Most people do not have to look too far to find wood they can salvage. Check salvage yards, landfills, dumpsters in front of older homes being renovated, or older, unused barns in rural settings. You also can collect driftwood or discarded shipping crates.

· Look at objects in a new way. Doors are versatile pieces of reclaimed lumber because they’re already flat and rather large. Doors can be turned into headboards, tables or benches. Staircase or porch posts can be turned into candlestick holders, and wood shutters can dress up walls and provide a place to hang artwork and other wall

While some reclaimed wood can be used as-is, some pieces may require millwork, including sanding, cutting, shaping, and finishing. If you do not have these skills, you probably will have to hire someone who does.

The Internet is awash with ideas for putting salvaged wood to use. Get inspired and then find the pieces that will fit your project.

| January/February 2016 | Moscow-Pullman Daily News & Lewiston Tribune

Palouse Living

Cost-cutting measures for your renovation project MetroCreative

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ome renovation projects can help homeowners transform their homes into their own personal oases. But such transformations do not typically come cheap, costing homeowners tens of thousands of dollars depending on the scope of the project.

Each year, Remodeling magazine releases its “Cost vs. Value Report,” which helps homeowners determine which projects are likely to provide the best return on investment upon selling a home and which are less likely to deliver substantial returns. For example, in 2015 homeowners who added wood decks to their homes could expect to recoup nearly 81 percent of the cost of that

project at resale, while those who remodeled a home office recouped less than 50 percent of the cost of that project at resale.

The cost of home renovation projects and the potential return on investing in such projects is a big consideration for homeowners. But even those working on tight budgets can find ways to save without resorting to lower quality materials or poor workmanship. · Work with salvaged materials. The cost of materials can be considerable, but homeowners can cut those costs by choosing salvaged materials for their projects.

This may only be an option for DIYers, as some contractors

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refuse to work with salvaged materials for fear of liability down the road if the materials do not hold up. Salvaged materials benefit the environment because they are reused rather than discarded, and homeowners can even support Habitat for Humanity by buying their salvaged materials from one of the nonprofit organization’s ReStores, which sell used furniture, appliances, accessories and materials. · Do some of your own dirty work. Even if you are not a seasoned DIYer, you can save some money on labor costs by performing some of your own demolition work. Such DIY demo work is best left to exterior projects, such as breaking up an old sidewalk or discarding an old deck. When you take your DIY skills to your home’s interior, you run the risk of making serious and costly mistakes, such as damaging plumbing or demolishing a load-bearing wall. · Consider labor-friendly projects. Labor accounts for a substantial amount of renovation costs, so if your budget is especially tight consider projects that are less labor-intensive. Such projects might not be as glamorous, but they can make great investments. For example, the “2015 Cost vs. Value Report” found that replacing existing entryway doors with 20-gauge steel units cost slightly more than $1,200 but provided a better than 100 percent return on investment. Tend to such minor projects for now

while saving for larger, more expensive projects. · Comparison shop and exercise patience. Much like you might comparison shop when purchasing a new appliance, comparison shop when looking for a contractor as well. Ask for estimates in writing from each contractor you speak with, but be careful not to choose a contractor based strictly on the estimate.

You want a contractor you’re comfortable with and who understands your vision, not just one who’s coming in at the lowest price. In addition, contractors are typically more flexible with pricing during their offseason, which means winter in many regions.

Home renovation projects can be costly, but homeowners need not bust their budges to get the home of their dreams.

Palouse Living

Moscow-Pullman Daily News & Lewiston Tribune | January/February 2016 |

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| January/February 2016 | Moscow-Pullman Daily News & Lewiston Tribune

Palouse Living

5 things to consider before expanding your home MetroCreative

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omeowners who feel their homes are a little confined may be interested in expanding their homes to make them more comfortable and serviceable. Several questions may come to mind when homeowners are considering adding on to an existing home.

until the expansion project has been completed.

Familiarizing yourself with the expansion process and recognizing potential snags along the way can make planning and coping that much easier.

to learn the local regulations. You want to ensure that any renovations you make are done in keeping with safety codes and laws.

3. While you’re thinking of your neighbors, give them the heads up on your potential plans.

This way they will not be surprised by the extra noise and activity when the renovation begins.

1. Many homeowners first consult with a contractor when mulling over expansions. However, you may want to speak with an architect first. He or she may be able to suggest renovations that fit with your neighborhood and appeal to prospective buyers when you 4. Remodeling can cost decide to sell your home in the anywhere from $200 to $600 future. per square foot added. Youâ&#x20AC;&#x2122;ll need to figure out a way to 2. Visit your building inspection or municipal office pay for the renovations, and you may consider refinancing your home. Make sure it is a smart time financially to do so based on current real /(7 86 +(/3 <28 ),1' <285 '5($0 +20( estate market conditions. Also know that additions will likely increase your home insurance

Expanding a home requires careful consideration. While the end results can be spectacular, expansion is typically a long and costly process that will impede on the lifestyles of a homeâ&#x20AC;&#x2122;s inhabitants during the renovation process. Expect loud noises, work crews and sawdust throughout the project.

Depending on which areas are being renovated, residents may feel their lives are in upheaval

coverage needs. Consult with the insurance company about estimated charges and any restrictions they have.

5. Consider a standalone structure when mulling over your options. Sometimes the cost of putting up a freestanding office or another structure on your property may end up being less expansive than expanding on what you already have. Think creatively and research all of your options before committing to a project.

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According to the National Association of RealtorsÂŽ 2015 Profile of Home Staging, 49 percent of realtors representing buyers say home staging impacts most buyersâ&#x20AC;&#x2122; final decisions. Home staging is the act of preparing a home for sale by presenting it in such a way as to appeal to as many potential buyers as possible.

Professional staging firms often address a homeâ&#x20AC;&#x2122;s interior to reduce clutter and rearrange furniture with a goal toward making a strong impression on prospective buyers during open house events or private showings. The NAR Profile

found that the living room is the most important room to stage followed by the kitchen and the master bedroom.

Eighty-one percent of realtors said staged homes make it easier for prospective buyers to visualize properties as their future homes.

In addition, 10 percent of realtors said homes decorated against buyersâ&#x20AC;&#x2122; tastes will negatively impact the homesâ&#x20AC;&#x2122; values, further emphasizing the potential benefit of staging homes rather than showcasing existing homeownersâ&#x20AC;&#x2122; personal preferences.

Palouse Living

Moscow-Pullman Daily News & Lewiston Tribune | January/February 2016 |

Things to consider before buying an investment property MetroCreative

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eal estate can be an incredibly fruitful investment. Buying a property at the right time can provide investors with a substantial return when they decide to sell, and that opportunity compels many men and women to consider investing in real estate.

While there’s no denying real estate can yield a great return on buyers’ initial investments, there’s more to making money in real estate than simply buying a property and waiting for its value to rise. Buyers who are thinking of investing in real estate should consider a host of factors before purchasing an investment property.

Price trends Recent sale activity in a given town or neighborhood is something prospective real estate investors should study before buying an investment property. Would-be real estate investors can explore real estate websites such as Zillow. com for recent sale information, which may also be available through local government agencies. Such data can be

invaluable, showing potential investors which neighborhoods are in demand and which may be in decline.

Taxes Investment properties are not eligible for as many tax benefits as primary residences.

However, landlords can write off repairs, management costs and other fees associated with rental properties. But it’s not just their own tax bill prospective investors should consider before buying an investment property. Many potential buyers down the road may prefer a property in an area where property taxes are relatively low, so even if you can afford the tax on the investment property, you may find buyers are unwilling to assume that burden when you put the property up for sale in the future.

Location

can’t still capitalize on that area’s popularity. When a town becomes popular, its property values rise, and many buyers find themselves just barely priced out. When that happens, the surrounding towns tend to become the next hot neighborhood, as these areas are nearly as close to the attractions that make the initial neighborhood so desirable.

Buying on the outskirts of a hot neighborhood can set you up to benefit nicely when that area gets too pricey.

Schools School systems should be examined even if you do not have children. In a recent Trulia.com survey of American home buyers, 35 percent of

respondents with children under age 18 indicated they want to live in great school districts. GreatSchools.org has profiles of 200,000 public, public charter and private preK-12 schools. Investors can use the GreatSchools. org search engine to find information about local schools and school systems so they can better position themselves to buy properties in areas that will appeal to buyers down the road.

Real estate can be a fruitful investment, and investors who want to benefit the most from their properties will explore various factors before purchasing a home or homes.

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Prospective real estate investors no doubt know the value of location with regard to real estate, but if you can’t afford to buy in a neighborhood that’s currently hot, that does not necessarily mean you

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| January/February 2016 | Moscow-Pullman Daily News & Lewiston Tribune

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