Renter's - Is it time to Renegotiate your Lease?

Apartment vacancies hit a 30-year high in the fourth quarter and left landlords scrambling to retain their existing tenants plus trying to attract new one.

The vacancy rate ended the year at 8%.  This is the highest level since a New York research tracking firm surveying the top 79 U.S. markets started to tally vacancies plus rents in 1980.  San Jose CA, Seattle, San Francisco saw rents fall 3%.


Landlords must now entice tenants to renew leases.  Incentives like Starbucks gift cards, repainting the unit and cleaning carpets are just a few of the enticements landlords are implementing.


If you are renting a place, now might be a good time to renegotiate your lease.




Linda Shank is a real estate broker w/Linda Shank and Company in the Southeast Phoenix Valley.  Contact her at LShank5179ataol.com

Do I have to Sell my Home to Qualifty for the Homebuyer Tax Credit

Here's a question that keeps popping up:

I'm already a homeowner.  If I buy another home ofter Nov. 6, 2009 to use as my principal residence, do I have to sell my home to qualify for the home buyer tax credit?

Answer:

No.  If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit up to $6,500 when you buy a replacement home to use as your principal residence.  The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009 and on or before April 30, 2010 and close on the home by June 30, 2010.  Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased.  For example, if you bought a home on November 30, 2009, the eight-year period would run from December 1, 2001 through November 30, 2009.



Information courtesy of Jay Starks, Bell America Mortgage, www.jaystarks.com

FHA Finance & Condos

Here's what you need to know about getting an FHA loan for a condo:

FHA requires that a condo is FHA approved.  You can go to the FHA-approved condominium projects site at:  https://entp.hud.gov/idapp/html/condlook.cfm   Put in the Condo project name or other details and you will be able to determine the FHA approval eligibility.  If the condo is approved, then a condo questionnaire must be submitted to the Homeowner's Association for completion.  This will determine if the project meets the investor guidelines such as owner occupancy ratios, association minimum reserves, HOA fee delinquencies and any potential or pending lawsuits within the project.  If the Project isn't an FHA approved project, then that's something you could discuss with your lender or Realtor.








Linda Shank is a Real Estate Broker/Owner in Phoenix's Southeast Valley Gold Canyon.  She can be contacted at www.ISellAZSunshine.com

Four More Low-Cost Remodeling Projects

According to the Remodeling Cost Value Report for 2009-2010 homes in the Western Region of the United States (AZ, CO, ID, MT, NV, UT, WY), homeowners recouped 94.8% of their minor kitchen remodeling costs.  This Cost Data contains information gleaned from over 6200 survey respondents across the country.

Here are four more low-cost remodeling projects to consider:

1. Freshen up a bathroom without retiling---Put in a new medicine cabinet, light fixtures, a faucet and new vanity.  The total cost for this project should run between $500-600.

2.  Add a room---Look for large spaces that can be enclosed  to create a new bedroom by just adding a wall.  If you have an unused den, add a closet and now it's considered a bedroom.  If you have a large loft space consider closing it in, adding a closet and now you have another bedroom.

3.  Spruce up cabinet fronts---If the cabinetry wood is starting to look worn consider hiring a 
firm that reconditions kitchen cabinets.  They can take out the nicks and scratches, recondition with oil and put on new door pulls or handles.  Cost should be around $1000.  You can spend between $1500-$4000 to replace cabinet doors & drawer fronts or having all the cabinets refaced at a cost of $4,000 to $12,000.  There are also many unemployed painters out there that will gladly paint your
cabinets gorgeous colors for around $2500-3500.

4.  Replace light fixtures---Replacing overhead light fixtures in bathrooms, kitchens and a foyer can add a lot of cluck for your buck.  If you are handy you can make these changes yourself.  If you 
need to hire an electrician then you would be spending several hundred dollars for labor.  Installing a dimmer switch on dining room and kitchen lights is also a nice touch.

5.  Replace or remove any yard plantings that are dead---Plant flowering plants for a pop of color.
If this isn't possible, then a large decorative pot with flowering plants by the front door creates
a positive feeling.





Linda Shank is a real estate broker in Phoenix's Southeast Valley.  You can contact her @ LShank5179@aol.com

Five Big Impact Low-Cost Remodeling Projects

Here are a few things you can without spending lots of money:


1.  Tidy up kitchen cabinets---people do look inside to see how much room there is.


2. Add or replace tile---Every city has stores that offer $1 to $2 tile so homeowners only have to pay only for low-cost tile and labor to replace a dated backsplash or add a new one.


3.  Add a breakfast bar---When a wall separates a kitchen from a family room try cutting out an opening to create a breakfast bar.  Add an over sized piece of finished granite and put chairs in front of the bar.  Costs around $600.

4.  Install granite tiles instead of a slab---Homeowners can put in 12-inc granite tiles for about $300 in materials and get very high impact for little money.

5.  Tech-up the garage---Replace the garage door opener with a remote touch-pad entry system.  Costs around $425 and looks like a high-end system.

Five more ideas in my next blog.