Brian Ripp ~ Your Bay Area & Fremont Real Estate & Financial Agent » 2009 » November

Updating Your Kitchen

Brian Ripp — Sat, 28 Nov 2009 17:59:58 +0000

According to the National Association of Realtors, the kitchen is the single most important room for most prospective home buyers. If you don’t have the funds to do a complete kitchen overhaul, don’t despair. For just $1,000 you can make some significant changes that will have home buyers doing a double-take, such as:

Re-facing or refinishing your cabinets. Re-facing involves replacing your cabinet doors but leaving the actual cabinets (boxes) intact. Depending on the size of your kitchen you can get it done for about $1,000 professionally or if you’re willing to undertake a little work you can do it for less. It’s a quick and much less expensive way of getting “new” cabinets without the big demolition work (and big price tag) of brand new cabinets.

If you have wood cabinets you could refinish them instead by simply stripping the old paint or varnish and applying new. For just a couple hundred dollars (plus some elbow grease to sand and paint or stain) you’ll get a whole new look.

Changing out the countertops. Depending on the size of your kitchen, you may be able to swing new granite countertops with a $1,000 budget (you can find them as low as $40 per square foot on sale or at an outlet). For larger kitchens consider other, less costly options like stainless steel or solid surfacing products like Corian®. Use Dupont’s online Corian Kitchen Countertop Installed Price Estimator to get an idea of how much it would cost you to have the product professionally installed.
Painting the room. With a gallon of paint covering approximately 350 square feet and running an average of $25, if you throw in the cost of brushes, tape, primer, etc. it could cost you as little as $75 to repaint a kitchen with 700 square feet of wall space.
Upgrading appliances. Switching to energy-efficient Energy Star appliances will not only improve your kitchen’s appearance, it will also save you (and future owners) money on your monthly utility bills.
Updating accessories. Small changes like replacing outlet covers, cabinet knobs and drawer pulls can give your kitchen an entirely different look and feel. When you consider that the average kitchen can be upgraded with new accessories for as little as $150., it’s a no-brainer for your small remodeling budget.
Tiling the floor. If you have a small or moderate sized bathroom you may be able to find discounted tiles that you can install yourself (many tiling stores and home improvement centers offer free weeknight or weekend courses) for as little as $1 -$2 per square foot.

Brian Ripp, CRS, GRI, Broker – your Bay Area Realtor

www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.

Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp

Real Estate Investment Buying Tips

Brian Ripp — Tue, 17 Nov 2009 16:59:46 +0000

Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom are just a little clueless.

They see the price and they say, wow! I can buy that house and turn it into a rental. But they don’t understand the local market, they don’t understand landlording, and don’t even necessarily visit the property.

What are some of the key rules for freshman class investors?

Number one: Due diligence is never optional. You’ve got to understand the local market – and that includes not just where prices are headed, but specific market demand for rental real estate in this price segment, and even the local government’s plans for the area where you’re thinking of buying.

Number two: Buy with a written plan – that’s right, just like the large professional investors use, with an entry strategy and an exit strategy. How long are you going to hold onto the property, how much will it earn you during your period of holding?

And what’s the endgame – a sale to another investor? Conversion to condos? Tear it down and build something that’s closer to the underlying real estate’s highest and best use?

Write it all down, that way you can analyze it better.

Number three: Calculate the actual costs of the property in advance – not just the bargain basement price, but how much you’ll need to fix it and feed it – the management costs, rental commissions, vacancy costs, taxes, to name just a few.

If you don’t know these things up front you are flying blind. And there are few good surprises in real estate.

Brian Ripp, CRS, GRI, Broker – your Bay Area Realtor

www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.

Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp

Homeowners win big with extension and expansion of federal tax credit

Brian Ripp — Fri, 06 Nov 2009 03:04:12 +0000

The U.S. House of Representatives today voted 403 to 12 to extend and expand the home buyer tax credit. The bill passed the U.S. Senate late yesterday and now will go to President Obama for his signature, where it is expected to be signed this week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

information from and w/permission from C.A.R.

Brian Ripp, CRS, GRI, Broker – your Bay Area Realtor

www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.

Interest Rates Remain Low

Brian Ripp — Mon, 02 Nov 2009 17:41:51 +0000

In Freddie Mac’s results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.03 percent for the week ending October 29, 2009 – up from the previous week when it averaged 5.00 percent.
Last year at this time, the 30-year fixed-rate mortgage averaged 6.46 percent.
“Interest rates for 30-year fixed mortgages have averaged just below 5 percent this year, which is the lowest 10-month average since the survey began in 1971,” said Frank Nothaft, Freddie Mac vice president and chief economist.

Brian Ripp, CRS, GRI, Broker – your Bay Area Realtor

www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.

Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp