Should I Remodel or Move?

Remodeling your home can potentially increase its value and probably help it sell much faster when the time to sell comes around. Remember to exercise caution, however, as it can be very easy to spend too much money on a home remodeling – and there's never a guarantee that you'll be able to get back what you put into your home especially if you over do it for the market value of your neighborhood.

Here are some thoughts on how much to spend:


Determine the areas in your home improvements are needed the most.

Long lasting improvements and repairs will give you the most satisfaction and when your house is placed on the market. The biggest and most financially savvy rooms to remodel are the bathrooms and kitchen. Kitchen remodeling includes new counters ( especially granite) and new up to date cabinets and appliances will increase your home satisfaction and attract more home-buyers when you decide to sell.

Improving bathrooms makes another big impact and many can be do it yourself with vanitys and sink combo units easy to purchase at your local home improvement stores. Eliminating wall paper and updating faucets and fixtures make a big difference for little investment.

Homes that have been updated, it has been proven will sell faster when they are in move-in condition. However it is not a guarantee anymore that you will get your money back dollar for dollar but you should get some. Plus you must realize you will have had the added benefit of enjoying your updates and that is worth something. With that said, make sure you don't "over-improve” your home for your neighborhood. I have seen this done many times and it is hard to let the seller know that while it is beautiful, the market value of the neighborhood cannot jusity it and if a buyer is found who will it will not appraise.

Always determine ahead of time how much it will cost to do the work.

Get estimates from several local reputable contractors if you are not doing the work yourself. It is amazing how prices will vary greatly so do not be surprised. Remember to add an additional 5-10% to this amount to allow for unknown costs that may appear.

How long you plan to stay in your house may determine how much you ahould invest. Investing a larger amount may prove worthwhile because over time your home may go up in value. Plus, you'll have the enjoyment of living in a home that is updated and suits your needs and personal style. In today's market it most likely doesn't make sense to undertake a major remodel if the end result won't suit your long-term needs or if you plan to sell your house in a few years. Major investments are great for long term goals and not short term goals. Quick fixes such as updating appliances and counter tops if your cabinets are current and up to date are great and less expensive especially if you think may be moving within the next few years.

Consult your local real estate agent for ideas if you are unsure of how much to invest. They may also have names of contractors to share. In my office recently someone updated their cabinets ( resurfaced ) and installed granite for as little as $3500 and the house which had been on the market for a long time sold quickley for the minimal investment. The local company also did this is record time.

Your real estate agent can provide you with a comparative market analysis (Home-buyers) of your home, so you can have the current market value. Do not use zilow for this number as it is so wide spread and in some areas not accurate at all. The market value can vary so make sure you keep up to date. Discuss your renovations and estimates with your Realtor get their professional opinion and advice. Your agent may be able to determine whether you can recoup all or most of your investment when it comes time to sell.
Before you get started on a major renovation of your home, try to determine whether it makes sense financially and you have the time to enjoy the remodel. If you have a well planned remodeling goal, without going overboard with the remodeling costs, you increase your ownership satisfaction and potentially increase your home value and sell your home quicker when the time comes.

See What Happens Attitude and Pricing Right to Sell

Pricing your Home right at the Start!

Sometimes on listing appointments and in general converstions with family and friends about selling your home, recently I often come across the statement, "Tamara, we will just put the house on the market and just see what happens, if it sells it sells". In the past, I initially kept quiet when people made such comments . There is no need to get excited, especially when sellers may not be educated to know that this is not a wait and see market.

The Real Estate Market has changed a lot in the past 2 years and the "Wait and See" attitude does not work well for HOME SELLING. In fact if a home is not initially priced right it takes longer to sell and for LESS than it would of had it been priced right in the beginning.

Some sellers may be unaware that putting the house on the market requires many hours of marketing time and money spent to make sure your home is presented correctly. When a home seller decides to hire me to become the marketing agent for their home, home sellers go through a very detailed process of making sure your home is ready to make a great first impression to everyone who walks through the front door. The preparation of individual marketing materials and social media along with the full Prudential Real Estate Marketing Plan involves strategic planning involing your specific home.

My goal is to sell the home to the first buyer that walks in through your front door. That is a win win situation.

Home sellers need to take this home selling process very seriously and hire the agent who will bring them results.
"See what happens" is like winning the lottery. See how lucky you can get.
Home selling is never based on luck. Home selling is a very detailed oriented process for those who are ready to take it seriously. Sellers will be winners when the marketing plan of action is complete.

There's a famous quote, "Fail to plan, plan to fail".

Remember you are also very important as a Seller in this whole process. The longer your home is on the market, the more you have to be ready at anytime to have a BUYER through your home. At a moment's notice, you need to leave your home for showing. Maintaining your home in show room condition is part of your everyday life until your home sells. It is very inconvenient to live life when you live in a home that is for sale. So the faster it sells the better it is for everyone.

Price your home right and overcome the "See what happens" attitude. Hire an Agent who will do all they can to get your property SOLD.


Take Bill Gates or Warren Buffet for example. What would of happened if they ever thought in their career that the "Wait and See" Attitude was the way to go especailly without a plan. Where would they be today?

--
Tamara Schuster, Broker
3rd Generation Realtor
Prudential Elite Realtors
1867 Bay Scott Circle
Naperville, IL 60540
630-886-9596

Why the Right Realtor makes a difference when buying your first home

You are excited. You are ready to make one of the biggest investments of your life. Sometimes you can't sleep at night as you have so many questions to ask. What area will you be most comfortable in? Will three bedrooms be enough? Or will four be better? Two story or ranch? New remodeled home, fix me up home or brand new home? Close to town or further out where the lots are larger? Large kitchen or small cozy kitchen where clean up is quick.

These are all important and finding the right Realtor who will spend time with you and not rush you through the most important investment of your life.

You want someone who you can talk to who understands and can help you sort through the entire home buying process. Someone who understands and listens and is there to meet your needs. Questions come up out of the blue and you need someone who you can bounce these questions off of. Someone you can trust and who is going to care about you.

As a consultant/ Realtor we are here to guide and advice you anyway we can. Every step of the way.

Today's market is changing rapidly. Make sure your Realtor is there to guide you every step of the way and make you home buying experience a dream of a lifetime.

Tamara Schuster
Broker
Prudential Elite Naperville

630-886-9596

Why Home Ownership is GREAT!

Owning a Home Has Its Benefits



By Tamara Schuster / Broker
Prudential Elite Realtors
Naperville, Illinois


Opportunity is knocking for those considering homeownership for the first time. Historically low interest rates, lower home prices in most markets make the cost of owning a home affordable.

In fact, these consumers represented about half of home sales logged during 2009, according to the National Association of REALTORS®, a significant increase from historic levels. And the favorable conditions that prompted many of these first-time buyers are likely to continue.

Today’s opportunities aside, here are eight time-honored reasons why those considering homeownership for the first time should make their move.

1. Pride of Ownership
Owning your own home adds to your own sense of self-esteem and personal pride. The satisfaction that comes from feeling connected to the land you occupy and the home in which you live is ages-old.

2. Security of Tenancy
With homeownership comes stability. When renting, you never know when you may have to move because of new ownership, rent increases or other changes. As a homeowner, you decide when and if you want to move.

3. Privacy
While there are usually some limits on the access landlords have to property, almost all landlords can access your property for necessary inspections and maintenance. For many renters, this lack of privacy is a significant discomfort. Homeowners on the other hand generally have much stronger property rights and experience an increase in perceived and actual privacy.

4. Decorating
Homeowners are free to decorate, remodel and accessorize a home any way they want. Not only do you have the right to make improvements, but the value of those improvements becomes yours as well. Having your living space and exteriors just the way you want them can significantly increase your satisfaction with your living environment.


5. Financial Predictability
When you buy a home with a fixed-rate mortgage, you have more predictability over future housing costs. Because your interest rate never changes, the amount of your payment never changes. Financial planning and credit are more easily managed with a fixed-rate mortgage compared to renting.

6. Building Equity
When you own your own home, you pay rent to yourself instead of a landlord. Most homeowners pay for their purchase by obtaining a mortgage. As you pay off that mortgage, your equity builds and you gain an increasingly larger share in a valuable asset. Over time, that asset can work for you in many ways, such as home equity lines of credit. And of course, a home is a wonderful asset to pass along in an estate.

7. Investment Appreciation
There are certainly no guarantees of property value appreciation. In the long-term, however, real estate valuations almost always increase. This means that when you decide to sell your home, its value may be significantly higher than when you purchased it. The difference in value is called appreciation. You can reinvest that appreciation in other real estate or you may wish to downsize and keep the value of that appreciation for retirement or other purposes.

8. Tax Benefits
In the United States, the cost of home mortgage interest and property taxes are usually tax-deductible. Depending on your circumstances, thousands of dollars in taxes can be saved each year. These tax savings are not limited to federal taxes either. Many states and localities either base their tax system on the federal system or offer similar incentives to homeownership.

If you still have doubts, contact a real estate professional in your community. He or she can answer questions you may have about homeownership and explain the buying process to you.

-- Tamara Schuster, Broker3rd Generation RealtorPrudential Elite Realtors1867 Bay Scott Circle Naperville, IL 60540 (630) 886-9596

What is IMPORTANT to look for in a Realtor

Times are changing daily in the Real Estate world. So much information is on the web for a person to absorb. When looking for a Realtor/Broker to work with it is IMPORTANT that you find a Realtor that is full time and dedicated to work with you throughout the whole process. Your Realtor needs to be active and update on the latest market trends. Finding the right Realtor who is dedicated to their work can save you time and money. Take time to interview your Realtor to decide if they are right for you. Are they patient not pushy? Are they knowledgeable and willing to go that extra mile for you to ensure that the largest investment you will make be a GREAT one! Knowledge, Patience and most importantly Enthusiasm are the key to having a wonderful Real Estate experience. Take your time and find the right agent for you~!

Tamara Schuster, Broker
Prudential Elite Realtors
Naperville, Illinois

What is a SHORT SALE ?

What is a SHORT SALE? As a Realtor in Naperville a western suburb of Chicago, almost daily this question comes up from a buyer or seller. The information on the web and news can be confusing to some and as a Short Sale and Foreclosure certified Realtor I try to explain it as simply as possible.



Short Sale: A short sale occurs when the net proceeds from the sale of a home are not enough to cover the seller's mortgage, closing costs and real estate commission. The home owner needs to sell now, and is unable to cover the difference because of a financial hardship that may include, but not limited to, lost of job, divorce or family illness.



How do you know if your house is short?

Contact your Realtor for a current market analysis of homes in your area for the prices of what similar homes are selling for in the last 60 days in your area. Then you need to calculate what your outstanding debt and all other costs associated with closing. Contact your mortgage lender as some have their own forms to help you.



A Short Sale and Foreclosure Certified Realtor will be a valuable guide to you in this entire process whether you are selling or buying a Short Sale.



Tamara Schuster, Broker
Prudential Elite, Naperville
Short Sale and Foreclosure Certified
TamSchuster@gmail.com

Ways to SELL your home faster

Ways To Sell Your Home Faster

Home selling in this market can be made easier with the following tips. As an Naperville Illinois Real Estate Broker / Agent I have noticed a few things that turn your house to SOLD!

1. PACK UP ALL PERSONAL ITEMS. Let's face it. Your moving, why not get a head start and pack up all photos, personal collections, kids toys, games, movie collection, your special art collection, blankets and anything that is personal to your family and out in the open. This is also important in the kitchen. Hide the toaster and other appliances except the coffee maker if used daily. Let the new owners visualize themselves in the home. Treat your home like a MODEL HOME.

2. THINK NEUTRAL. Paint your walls professionally a neutral color to make the space appear larger and fresh. Paint is one of the least expensive ways to spruce up your home in a tight market.

3. CLEAN, CLEAN and CLEAN! This may include the help of a professional but the pay back will be huge. Light switches, doors and trims should not be missed. Sparkling windows make a house shine. Bathrooms that are clean and updated will make a huge difference when selling. These houses sell quicker as they have been maintained well and it shows. Sometimes replacing the carpet can help and bring a fresh feeling to the house.

4. BE READY TO SHOW ON SHORT NOTICE. Sometimes you may have only one shot and you do not want to miss it. Let the family know how important it is to be ready to show your house and to keep their area clean. This is a group effort.

5. REMOVE CLOSET CLUTTER. This is a tough, but you want the feeling of roomy closets. People love storage. Pack up about 1/3 of your closet including last seasons clothes, to make them larger and more appealing to buyers. Remember you are moving and why not make your job easier by packing now and the house sell quicker.

6. COMPLETE THE TO DO LIST. This is any household chore that needs to be completed. Fix the front door paint making sure it is in perfect condition. Look at interior doors including closet doors are they in good shape? Patch and paint dry wall if necessary. Remember outside landscaping like dead shrubs and stumps that need to be removed. How about the fence? Does it need repairs? Go through and make a thorough list, then complete it.

7. PRICE THE HOME RIGHT. This is the most important. People want a good VALUE. As REALTOR in Naperville Illinois Houses priced right will sell the fastest. In this market at my Prudential Elite office in Naperville I have seen houses sell in less than a week because the VALUE of the home. We all want great value. Listen to your REALTOR and let them help you so selling your home can be a wonderful experience.

More to follow.....

Tamara Schuster
Broker
Prudential Elite
Naperville Illinois
TamSchuster@gmail.com
www.prudentialelite.com

Short Sales and Foreclosures, Naperville, Illinois

Short sale and foeclosure notices seem to be everywhere. Are they really good deals? According to the National Realtors Association (NAR) survey they are rising around the country. Short Sales and Foreclosures may be misunderstood and an Attorny and certified short sale Real Estate Broker can answer many questions you may have. Many foreclosed homes are run down and in need of many renovations in order to get them back to the shape of their comparable neighbors. The money involved to do this may be more than your savings. This also must be took into consideration. This must be considered when making an offer as they are generally sold as is. A home inspection prior to offer is a good idea for the buyer to consider before making an offer. Closing time is usually quick with foreclosures that are bank owned, unlike short sales which must be approved by lender and may take over 120 days and still not guarantee approval. There are pros and cons with both and I will publish more in weeks ahead.

Tamara Schuster, Broker
Prudential Elite Realtor
Naperville, Illinois

Naperville Real Estate get ready for exciting Spring !

Now is the time to get your house ready for Spring. The time and money put into your house will be worth it when you see the results. With the popular tax credit extended into 2010 sellers are more eager and realistic about home prices. They are now looking forward to a busier Spring. It is important to have your house in move in condition and priced right. These houses are selling at a consistent rate and do not stay on the market for long. With a pre approved buyer houses can now be closed in 30 - 45 days.

I will keep you update and posted on the Naperville housing market.

Tamara Schuster
Prudential Elite Realtors
Naperville, Illinois