Real Estate Update

Archive for February, 2010

1 Determine if the Deck Size Blends Your Home Refer to our deck planning article to size your deck correctly. Use a deck plan approved in your area or have a building designer or architect to design your deck.

2 Who will Build the Deck?Do you have the skills needed for the deck construction or will you contact a contractor for this project? If you choose a contractor working with a quality deck builder is recommended. Ask for a list of references. Your deck builder may take care of the below requirements and your job is over after you select a builder. If you are building the deck continue to read.

3 Contact Your Local Building Inspector Most areas require building permits for deck construction so be sure to review requirements with your local building inspector. You may need your plot/site plan with the new deck design drawn onto the plan. Apply for the required building permits. You may also be required to submit a deck building material list to the inspector.

4 Deck Building Materials To ensure an accurate material list for your area and also obtain the best possible pricing consider contacting three local building material suppliers or lumberyards for your deck pricing. Note the height above ground for your new deck as this will change the stairway materials and your post length. We live in Michigan and build our decks with 12″ – 16″ footings 42″ below grade. With the 20′ wide deck three posts may be sufficient although four posts will keep the spacing under 8′ which may be required for two story decks. You may need to update your post and stairway materials.

Note: Use good quality treated or equivalent materials.

4 8′ 4×6 Support Posts 6 12″ Concrete Foundation Cookies (Two for Bottom of Stairway) 4 Bags of Concrete Gravel Mix 24′ J Channel matching the home siding color24′ Deck Z Flashing 24′ Deck Waterproofing/ Termite Shield 21 10′ 2×10 or equivalent Deck and Rim Joists 60′ 2×12 Double support beam and stairway stringers 440′ 5/4 Decking Materials 40′ Decking Materials for Stairway Decking Fasteners 12 5/8″ x 8″ Carriage Bolts for Beam 30 Lag Screw Fasteners to fasten rim joist to the home2 Corner Support Brackets 16 Exterior Grade 2×10/ Equivalent Joist Hangers 5 4x4x8 Posts – Handrail Supports 36′ Hand-railing 8′ Stairway handrail (May flex pending on your height above grade) Grass seed or landscaping plantings to repair around your support posts.

5 Deck Footing & Foundation There are various deck footing options. The most common method in the northern country here in Michigan is the post and beam method. We keep our beam 16″ from the front of the deck and our side posts 16″ in from the left and right deck edges. With the 10′ deep deck the measurement to the center of the deck footing is 100″. Dig and place the two outside footings 42″ below grade with concrete mix placed under the footings. Set and brace the two support posts and then run a string line to set the additional intermediate posts. An good alternative option is to install temporary supports and place your footing and support posts after your deck frame is constructed.

6 Attach Your 2×10 Rim Joists To the Home Cut away the siding where your deck will be attached. Place ice guard or termite shield behind the area where the rim joist will be attached. Cutting the siding 1 1/2″ above the rim joist will leave a 1/2″ recommended gap with 1″ decking material. Install your J channel at this point.

7 Build the Deck Frame With a single rim joist on each end your joists will be cut to a 117″ length. Level and attach the two outside joists with an L metal hanger. Be sure to square the outside corners. Then install and support the intermediate joists with joist hangers.

8 Install the Decking Boards Install the decking leaving around a 1/8″ gap between the deck boards. If the material is treated and is very wet the boards may be installed tight as they will dry leaving a sufficient gap. Be sure the frame is installed square prior to installing the decking.

9 Construct your Staircase

10 Install the Railing Support Posts and Railing

Remember: Check with your building inspector about required inspections. They may require a footing inspection prior to back-fill of soil.

Tip: To help settle the soil around the posts consider using a garden hose after compaction. When the soil is completely settled add grass seed or decorative landscaping to complete a finishing touch to your new deck.

Buying a home is a big-time real estate investment and has to be done with great prudence. Knowing where not to buy a home is as important as are the dos and don’ts of buying a home.
Of the many top ten lists on CNNMoney.com, there is listed the top ten overvalued cities in America where it is better not to buy a home for the next two years or so. The report states a variety of reasons for the unfavorable market conditions.
Five cities in California – Bakersfield, Fresno, Merced, Sacramento and Stockton, figure among the top ten cities that have the least possibility of home price appreciation. Home prices have reached a new high (by nearly 60%) in these areas over the past two years. With an economy driven by agriculture and relatively higher unemployment rates anticipated for that area, the real estate market is predicted to slump in the region.
Although three cities in Florida are recommended as good real estate buys, the report also cites four others in Southwest Florida that fall among the very bottom of the list. With home prices here expected to plummet very soon, cities like Fort Myers, Naples, Punta Gorda and Sarasota are those that one would do best to avoid for a year’s time or so, while buying a home or a condo.
Market prices are expected to decline in the Jersey Shore (New Jersey) area that saw a radical boom in the last two quarters. Although home prices in the third quarter have rebounded from the slight drop during the second quarter, the bubble is expected to burst soon and the overpriced market is likely to stabilize. The popular seaside cities of New Jersey, Atlantic City and Ocean city are anticipated to fall under the unfavorable list.
In Phoenix, Arizona, a hot favorite among investors last year, sliding home prices may to be an unavoidable occurrence in the next 12 months. With home prices dropping by more than $100,000 in some residential developments and investors trying to sell off their property, it is safer to wait for a year or longer before investing here.
Economists at Moody’s Economy.com also predict a sharp decline in Riverside and San Bernardino counties, California’s Inland Empire.
The bottom ten cities that are likely to see major drops in median home prices during the coming year are Stockton, (leading the list with a predicted fall of 9.7%), Merced, Reno/Sparks, Fresno, Vallejo/Fairfield, Las Vegas, Bakersfield, Sacramento, Washington, D.C and Tucson.
Given these fluctuating real estate market conditions, one should exercise a great deal of caution when investing in real estate. It makes sense to get the expert advice of a real estate agent to advise you about your next home purchase, since agents often have access to the most up-to-date real estate market data and neighborhood pricing trends.

A lot of people ask why they should use a realtor instead of selling a home or purchasing a home themselves. The answer is simple. A realtor is a trained real estate professional with experience and knowledge of the local real estate market. This experience and knowledge is of critical value when one is attempting to get the most for their home sale, or finding the best possible deal when purchasing a home. However, the realtors importance goes much deeper than that, there are several more areas that the realtors abilities come into play that are often unconsidered or overlooked.

One of the most important things that a realtor can do for you, especially when the sale of your home is concerned, is provide marketing and market coverage. This is a difficult undertaking on your own for many reasons. First of all a realtor usually has a previously established web presence. The realtors website is a great place to find out info about homes that are available, information about the community and mortgage options. Your home will be prominently featured on this website, showcasing your home to a huge market. Other aspects of marketing that a realtor provides include such things as newspaper ads, open houses, flyers and info packages. Realtors have a higher budget to spend on marketing a home, and the experience of doing so. They also have an established network of contacts, usually buyer’s agents. This means that their network will bring more prospective buyers to your home.

When buying a home a realtor will essentially do the legwork for you. By informing them of what you are looking for in a home you can save yourself valuable time. A realtor will be able to sort through the homes that are available and select only the homes that suit your needs, lifestyle, and budget. They will also have important information regarding the area, neighborhood, and the homes in question. Realtors will also be able to arrange inspections and conduct them with the inspector so that you remain as informed on the process as possible.

Another important aspect of both sales and purchase where a realtor’s knowledge is invaluable is during the closing of a home. This is easily the most complicated part of a transaction as many FSBO sellers and buyers have found out. Real estate contracts are intricately involved documents that require an understanding of not only the contracts process, but real estate law as well. A typical closing will involve more than the realtor, lawyers and notaries play an important role in the transfer of a home from one owner to another. Realtors are trained in the art of contracting home sales and usually have an established group of lawyers and notaries that they utilize in order to make the entire process easier on the buyer or seller.

Would you let a car mechanic fix your piano? It does not make a lot of sense does it? For the same reason you should seek the services of a professional realtor when buying or selling a home. Their experience, knowledge and professionalism will save you time, money, and most importantly the nervousness of wondering if everything has been done properly and in accordance with law and practice.

When you start the process of buying a home or any type of real estate, you’ll no doubt hear the term “earnest money deposit” (EMD). So what exactly is an EMD?
An EMD becomes relevant when you are ready to make an offer on a property. In most states, your Real Estate Agent prepares the offer on your behalf. The offer usually takes the form of a written contract that is submitted to the seller by way of their agent.
In addition to the offer document, sellers typically expect an EMD. An EMD is a monetary deposit submitted via check to demonstrate to the seller that you are a serious buyer. In some regions of the country, only a photocopy of the check is submitted with the offer, and the original check is delivered to the appropriate entity if the offer is accepted. Ask your Real Estate Agent to clarify how deposits are handled in your region of the country.
The check is usually made out to an independent third- party such as a Title Company, Escrow Company, Real Estate Attorney or your Real Estate Broker. Ask your Real Estate Agent to clarify who will hold the EMD.
The amount of the EMD sellers expect varies by region. The EMD amount is based on the customs and practices for a region, but is generally from 1% to 2% of the purchase price. In a competitive market place where demand exceeds the supply of homes, some buyers may offer a higher EMD than expected to impress the seller of their intent. In determining the amount of your EMD, consult your Real Estate Agent and balance the need to demonstrate your serious intent, against the good business practice of minimizing the deposit amount.
The amount of the EMD is usually applied to reduce the purchase price of the property or to cover closing costs, as you dictate. For example, if you are purchasing a $300,000 property and you give an EMD of $3000, then the remaining balance owned at closing is $297,000 (plus closing costs). Alternatively, you may direct that the EMD be applied toward the closing costs.
Once a valid contract for purchase is created, an independent third-party usually holds the EMD until the purchase is either completed or cancelled. At this point, the money belongs jointly to both the seller and the buyer.
In cases where you make an offer that is accepted but later decide to cancel the offer, the terms specified in the contract (or state law) will dictate if, and under what circumstances, the EMD is returned to you. Be aware that you could loose your deposit if you do not not comply with the terms of your contract. Your Real Estate Agent can provide you information about how EMDs are dealt with if a contract is cancelled.
Since state law varies by region and practices can differ even within the same state, be sure to consult your Real Estate agent about the rules that apply to EMDs in your region of the country. You should also be aware that the EMD is not related to any down payment that you make toward your home loan.

OBC’s Green Builders in Bromley and the UK

Being a building and construction company in the UK, it is important for us at OBC Building in Bromley and Tunbridge Wells to stay up to date with news and innovations that concern the building industry and environment. In order to live up to our reputation as green home builders, it is important for us at our OBC builders in Tunbridge Wells and Bromley to know about current green building and environmentally friendly construction techniques that can shape the future of the home building market.



Eco-Towns: A showcase of green home building:

We are living in unprecedented times where technology and inventory ideas are concerned and the concept of creating eco-towns in the UK might at first sounded unrealistic and far-fetched. However, this new project promises to epitomise greener home building and could inspire the global construction industry along with our Bromley builders to take on a greener approach to home building.

Eco-Towns: Inspiring greener home building techniques:

To OBC Builders in Tunbridge Wells, the development of the new Eco-Towns in the UK could be of special interest. It is important for our OBC builders in Bromley to foresee what effect these Eco-Towns will have on the local construction and building industry and to adapt a similar green home building approach where possible.

The Local Government Association is in the process of allocating £60million as start-up funding for the local infrastructure of these eco-towns. With thousands of people still on the waiting list for affordable housing in the UK, the government realises the need for new settlements that offer green buildings and low-cost housing alternatives. The state of the environment has received ample international attention during the past few years and people are realising the importance of acting out their concern in a practical way. Our planet is currently facing resource depletion and a sustainable housing alternative could advance the combat against climate change while solving the current housing dilemma.

What will these Eco-towns look like?

These Eco-communities will consist of approximately 5000-15000 carbon neutral homes, developed through green building techniques. Each eco-town will have sufficient biodiversity and 40 % percent of the town’s space will be made up of green space while half the space will be allocated to the community. 30 % percent of the homes in this eco-town will be low-cost housing and the plan is to have and average of one job per house within close proximity of the eco-town itself. The objective of these Eco-towns is to combat climate change by creating a functional living space where the immediate environment will promote sustainable living through its green buildings and environmentally friendly facilities. Each town will incorporate the latest technology to ensure that these towns are carbon neutral. This unique green building project will incorporate the following:

These towns will contain all the necessary facilities such as schools, shops and healthcare centres. Each eco-town will also have a good transport infrastructure.



Eco-towns: Inspiring local builders to build greener:

The government has already initiated the first consultation phase with prospective developers of these eco-towns and the public has raised concern about whether or not these eco-towns will detract from local planning and regeneration objectives. It might be that these towns will motivate local UK developers and builders such OBC Builder in Tunbridge Wells to implement greener building techniques in order to stay ahead of the competition. These carbon neutral communities could easily increase local awareness of the environment and motivate local homeowners to seek out greener living alternatives.

As a smaller building and construction company, OBC builders in Bromley have incorporated various green building techniques into our home building approach. Not everyone will be able to relocate to one of these eco-towns and it is therefore important to implement an environmental building strategy that can easily be implemented on a commercial front, outside of these eco-towns. The biggest environmental challenges still concern our local suburbs and cities and it is therefore important that green building alternatives are promoted and implemented by local builders such OBC Building in Bromley, Tunbridge Wells and Sevenoaks.