It’s Gotta Be Worth Something!

One of the challenges we all face is how to sell something that we feel has value, but is either too good for a garage sale, or we just hate to throw something away that someone else can use. 

eBay (www.eBay.com) and CraigsList (www.craigslist.org) are good options if you want to sell. But how can you determine what its worth?

www.itaggit.com lets you enter a description of an item and this site will compare it to other, possibly similar, items that were offered in on-line market sites, such as eBay. 

Have a pile of books and looking for an easy way to convert Cash-for-Books?

www.Cash4Books.net

www.SellBackYourBook.com

You type in the book’s ISBN number, and you receive an offer for the book.  If you are interested in selling the book, fill out a pre-paid mailing label and send in the book.   Payment arrives as a check or credit to your PayPal account.

Too good to toss?  Join www.freecycle.org and post what you’re looking to give away.  No money is exchanged and you’re too-good-to-toss stuff avoids the landfill.  And you may even see something else posted that you’ve always wanted.

How to Plan a Garage Sale

One of the demanding tasks for downsizing is getting rid of possessions that you no longer have room for.  You’ve been organizing and de-cluttering like mad and now it’s time to get rid of what you’ve culled. The secrets to a successful garage sale are preparation, organization and presentation. Do your prep in advance and enjoy the big day while the money rolls in.

1. Schedule your garage sale far enough in advance that you can place classified ads in city and community newspapers.
2. Organize your neighbors to hold sales on the same day as yours. An enormous block sale will attract flocks of buyers and generate great foot traffic. Offer to sell stuff for friends and family.
3. Scrub, wash, polish and launder anything you plan to sell. If an item needs a simple repair to greatly increase its selling price, do it. Hang clothing on makeshift racks, sorted by size, without cramming too many garments onto the rods.
4. Use tags, masking tape or colored dots and a permanent marker to price everything. Organizing items into “$1 or less” and “$5 or less” tables will attract shoppers. It the purpose of an item is not generally known, describe it on the tag. 
5. Be realistic when you price things: You may have spent a fortune on that beta VCR, but you’ll be lucky to get a dollar for it now. Stay flexible and remember, the goal is to get rid of stuff.
6. Display your merchandise on folding tables (or plywood and sawhorses) to keep it off the ground. And organize your goods: Don’t make buyers root through piles of junk to find the gems.
7. Put some real crowd-pleasers up front to entice passing cars. Good looking furniture and large children’s play structures make great bait near the curb.
8. Be cheerful, get people talking and encourage haggling. Many people are reluctant to negotiate but find its fun once they start.
9. Set up your cash table near the house. Have plenty of small bills, change, a cash box, a calculator, pencil and pen, bags, boxes and newspapers to wrap purchases, and a tape measure.
10. Make sure anything that’s not for sale is safely behind closed doors. Protect yourself against theft by displaying small valuables within eyesight and close to the cash box. Keep money in a zipped fanny pack if you’re bustling about.
11. Acknowledge a point of diminishing returns. Be ready to slash prices drastically when business drops off. Or donate your leftovers to charity and take a tax write-off.

Tips

• Save paper and plastic grocery bags for several weeks before your sale.
• Provide a live extension cord so buyers can test electrical items.
• Stash large sums of money in the house during the sale and keep it locked up tight. Garage sales can be distracting, and bad guys will take advantage of that fact.
• Never accept personal checks.

Living in a Smaller Home

More downsizing seniors are being lured to the simplicity and affordability that small homes bring.

For seniors trying to play it safe in the softening housing market, a smaller home may be the way to go. Smaller homes tend to not only be more affordable but more energy efficient.

With a small home, you don’t have to sacrifice design or functionality. Use the following tips for making a small home feel not so small:

• Decide on the room’s primary function and let that guide your decorating ideas.
• Keep color, furniture, lighting, and accessories in proportion. No large furniture should be in a small room. Small furnishings will enlarge the space.
• Show the legs on your upholstered pieces. This creates a feeling of space and light and allows the eye to travel across the room and see “through” furnishings.
• Keep tabletop accessories to a minimum. Have no more than three tables in a room including a coffee table and side tables. If you have a large collection of accessories, display them in rotating groups.

Selling Inherited Property

Here are some helpful pointers to assist family members who take on the responsibility of selling inherited property. Since you may not be able to take as active a role as you would like, work with local professionals to get things moving.

1. Make a list of everything in the house and get a list of needed repairs necessary to get the house ready to sell.  Schedule any work to be done on the house when you plan to be there.
2. If you live far from the property, set appointments well in advance.  Have your weekend visits include a week day to meet with attorneys and accountants. 
3. Hire an attorney to find out where you stand legally.  Who inherited the house under what arrangement?  Who has the authority to sell the house?  Is there an executor who can pay the bills? 
4. Based on your attorney’s advice, get permission in writing from all beneficiaries to sell the property. 
5. Work with a real estate agent or appraiser to establish the true value of the property prior to putting it on the market.
6. Cancel deliveries of newspapers, magazine subscriptions, and non-essential services such as telephone and cable TV. 
7. Keep paying the utility bills, mortgage and taxes.  Keep the lights, heat and water turned on.  Buyers and inspectors want to see the house in working order. 
8. Find out what items are willed and to whom.  Arrange to have those items picked up and removed from the house as soon as possible.
9. Remove clutter and excess furniture before listing the house – but you don’t have to move out everything.  A comfortable home shows best – as long as the furnishings are modern, in excellent condition and in good taste.  Consider putting excess items in storage, holding an estate sale, or calling a charity to pick up the remaining items.
10. Ask a neighbor or nearby relative to keep an eye on the house.  Give a trusted neighbor know your name, address and telephone number.  They can spot if there is a problem and notify you immediately.  Some agents specialize in vacant properties and can handle the details for you. Have someone pickup junk mail and flyers left at the front door.
11. Use electric timers to give the house a lived-in look.  This also helps agents showing the home in the evening. 
12. Arrange to have the yard mowed and trimmed regularly and snow shoveled in the winter. 

Guide to New Construction

Although most home sales are existing properties, one out of every four homes purchased are new construction.  Which is better?  The answer is, of course, up to you.

Both re-sales and new homes offer advantages.  Existing homes are generally less expensive; are closer to established shopping, transportation and recreational centers; and enjoy established neighborhoods. New homes offer innovative use of space, energy efficiency, and choices of upgrade options.

To help you understand how new homes differ from existing homes, here are ten pointers before you visit your first model home.

1.  Know Your Numbers.  Before you set foot in a model home, know how much you can afford.  If you currently own a home, you will need to know the net proceeds from the sale to determine how much cash you will have available.  Not a guesstimate, but a real analysis that includes every likely selling cost.  If you’re planning on taking a mortgage, you will need to complete the mortgage pre-approval process to know exactly how much you can afford. 

2.  Be Represented.  The sales agent in the model home represents the builder, not you.  If you don’t have a professional real estate agent working on your side, you are not being represented.  Most builders require that you and your real estate agent register together at the first visit to a model home in order for that agent to be able to represent you. 

3.  Know the Builder.  There are builders known for their craftsmanship, others for their innovative use of space, below market financing, or customer attention during construction and move-in.  Others are known for their economical methods of keeping their homes affordable.  Check out the reputation and financial strength of the builder. 

4.  Keep a File.  Gets a specification sheet on the home that presents the features covering everything from floor plans to energy efficiency ratings, and from immediate-delivery inventory to lot availability.  Keep a copy of the floor plan and spec sheets in a file for when you sell your home.

5.  Learn the Area.  Learn about the community, transportation options and recreation activities.  If there is vacant land surrounding the sub-division, learn what is proposed in the adjoining area.  Read the homeowner’s association rules if you would like to add a hot-tub, pool or gazebo in the future.  Consider carefully your commuting routes and times. 

6.  Choose Your Options Carefully.  The higher the base price of the house, the more upgrades and options you can add without overpricing for the neighborhood.  Make the most of builder incentives, which are typically credits for upgrades.  An “upgrade” means selecting a higher quality carpet, floor covering, kitchen cabinet or counter top above the builder’s standard offering.  An “option” is an item that the builder adds to the house during construction.  Options such as a fireplace, third car garage or expanded living space add the most resale value but cannot be easily added later.  Some improvements can be added later, sometimes for less money, like a finished basement, deck, or high-end landscaping.

7.  Negotiate with the Builder.  Many buyers don’t realize there may be room to negotiate, even if it is for upgrades or options.  You have the most negotiating power if the builder has a completed an unsold home. Builders may offer incentives or special financing to help close a sale.  Some premium lots are prices higher and saved for last.  But typically there is no difference in what it cost the builder to develop one lot versus another.  Ask about lot pricing, especially toward the end of a construction phase. 

8.  Make Sure the Contract Works For You.  Be certain the agreement with the builder includes some safeguards for you, such as placing your deposit in an escrow account, itemizing your upgrades, allowing you access to the site to check on construction progress, and final acceptance of the house.  Make sure you know whether there are any costly Special Assessments planned for your new home.

9.  Financing Options.  Some high-volume builders offer special financing packages.  Some may even require that you use their lender to qualify for certain incentives.  But using the builder’s financing is not your only option.  Mortgage lending is highly competitive.  Everything should be compared to determine the best approach for you.

10.  New Doesn’t Mean Perfect.  New home builders typically use modern materials that are durable, low maintenance, stronger, quieter, and safer.  But new doesn’t mean perfect.  Consider hiring a home inspector and use what you learn to create a builder punch-list to fix major items before closing or at least to get money put aside from the builder to fix them later.

Expanding Senior Housing Options

There is a broadening array of options for seniors who are seeking fulfilling living arrangements.  Some of these options involve non-traditional retirement alternatives while some previously common arrangements are making a comeback. 

Intentional Communities – Instead of moving to a facility to receive care, residents remain in their current home but come together form an Intentional Community and to contract for and provide support for members.  Members pay a fee and have access to services for home, personal, and nursing care.  In addition, there is a social component such as outings, get-togethers, and classes.  The make-up, operation and services of each community are driven by its members and reflect the needs, desires and values of those people.  Boston’s Beacon Hill Village is one of the most well known Intentional Communities.

Multi-Generational Housing – Family members from different generations live together.  Some arrangements are as simple as a parent moving into a spare bedroom.  The arrangement brings both challenges and benefits.  Young parents may welcome the financial and childcare assistance of a parent moving in.  Seniors may enjoy the extra time with grandchildren and the return to a family life routine.  Another consideration is deciding how parents will be cared for as they age and their medical needs increase.  If you can setup autonomy for the family and the senior, and there are clear expectations, multi-generational living can be successful.

Senior Roomies – Two seniors moving in together is becoming an increasingly popular option.  Both benefit by sharing expenses, decreasing loneliness and having someone to look out for them.  Such arrangements commonly involve long-time friends or relatives.  Hashing out financial arrangements such as who owns the property and how expenses are divided is critical.

New Careers Assisting Seniors

There are a number of careers that had not existed a decade ago.  Most of them deal with technology or the internet.  However, two new careers that have developed over the last ten years are of particular interest to seniors aging in place or downsizing.

 Senior Move Management – assist older adults and their families with the physical and emotional demands of downsizing or relocating.

 Interior Redesign – find new ways to decorate your home with the items you already own.  Instead of spending money on new furniture, get a fresh look by remodeling your home using the furniture and accessories that that you already have – either repurposing them for other uses or putting them to use in other rooms.  

 I am seeing both of these more commonly advertised on the web and in print media. 

 Baby boomers and seniors are streamlining their lives by reducing, reusing, and recycling.

Plan a Successful Estate Sale

You don’t need to own an estate to have an estate sale.  In an estate sale, you pay a company a fee to manage the event and sell every single item in the home. This is often the best course when you are looking to liquidate the majority of a household’s contents.

You don’t do any of the actual selling, but there’s plenty of work to prepare for one.

1. Create an inventory of the contents of the home, garage, yard and other personal property. Locate valuable assets, including jewelry and artwork.
2. Hire a professional organizer to help you with the estate, especially if you live far away or can’t invest the time, or if the process is too emotionally difficult. An organizer can help you decide what to keep, throw away, give to relatives or sell, and can suggest places to donate unwanted items. They can also inventory the remaining possessions, pack or oversee the packing, and arrange for storage and moving of household items.
3. Get a referral from someone you know or speak to several different estate sale companies. Everyone has a different style. Give each company a copy of your inventory and expect them to inspect the house’s contents.
4. Ask what the company estimates you’ll earn from the sale, what its fees are (usually a percentage of the gross), what those fees cover and what its timeline is for a sale of personal property like yours. Get details on what advertising the company will do in advance of the sale.
5. Make sure the company you choose has expertise (on staff or on call) if the estate includes valuable items such as antiques, jewelry or artwork. Reserve the right to get independent appraisals if you’re not satisfied with the company’s. You’ll pay for your own appraisals.
6. Find out if the company policy allows dealers to come in before the sale to buy items. This is not necessarily a problem.
7. Inquire about the company’s after-sale procedures. Will it contact a charity to remove items that don’t sell? (Make sure you get the tax-deduction receipt.) Will it haul away trash and leave the house empty and broom-clean?
8. Choose a company based on the information you’ve collected. Get a written contract and make sure it covers all aspects of the sale – when it will take place, what the costs will be, how much advertising will be done, appraisal of special items, and so on.
9. Arrange to get a complete accounting of the sale when it’s completed.
10. Sell everything – junk and all – to an auction house or liquidator for the easiest solution. Either will take a percentage of the total sales figure, so there’s no out-of-pocket expense for you.

Tips

• Make sure that estate sale companies don’t charge you for the initial interview and inspection.
• Look for a company that can provide lockable showcases if your estate contains small, valuable items such as jewelry.
• Find out if the sale company will bring leftover items from other sales to your estate sale. This is not necessarily a problem, but many people want to know about it.
• Stay away from the home during the sale. It’s often emotionally difficult to see family heirlooms carried off by strangers.

Take the Risk Out Of Selling Upscale Property

If you are selling an executive property in an upscale neighborhood, you know that your home is unique.  Buyers who can afford your home lead busy lives, like you, and look for a hassle-free transaction.  No house can be too clean, too updated, or too freshly painted for today’s buyers.  These buyers are not interested in having to update or fix up a home.

Here are seven focus areas when selling your upscale property.

1.  Evaluating the competition.  Even though your property may be one-of-a kind, there are other homes on the market being shown to the same potential buyers.  Before your home is listed, review the comparable properties currently being listed in your price range. 

2.  Estimating the value.  When you review the competition, you will notice how homes with similar features to yours are priced.  Using your head, not your heart, you will position the right price for your home.  By avoiding the overpricing trap, which results in repeated price reductions – you will avoid the single costliest mistake.

3.  Image.  Homes in the executive price range need to look literally “magazine perfect” throughout the entire home when they are shown.  Today’s executive buyer demands that everything – from floors to doors to fixtures and walls be beyond clean to sparkling. 

4.  Over improved or over individualized property.   A home that is too individualized with strong, personalized decorating will not sell well in today’s market.  Having a tennis court or pool may not increase the value of the home.  The buyers may not swim or play tennis.  Avoid dramatic custom elements that may not suit other people’s tastes. 

5.  Marketing decisions.   The marketing plan for your upscale property needs to reach out to the right potential buyers.  Mass-market advertising will simply waste a lot of time.  Advertising with a longer shelf life works best for upscale properties, such as focused internet marketing.

6.  Viewing the property.   No property sells sight unseen.  Your house needs to be fully exposed to potential buyers.  Create a plan to show the house to qualified prospects without significant disruption to your schedule. 

7.  Be Flexible.  You have a unique home and you’re looking for a unique buyer.  Chances are the buyer will have special needs and concerns.

Senior Housing Options

Housing options for seniors are as diverse as that offered to any other generation.  The decision on where to move next is typically influenced by family, health, mobility, affordability, climate and social needs.  Let’s take a look at some of the more popular options.

Who says you have to move?  “Aging in Place” is a term used for remodeling your home to meet your new tastes and future mobility needs.  Modern amenities such as fabulous kitchens and luxury baths are updates that most people have dreamed about for a long time.  In addition, adapting a home to minimize steps, adding easy open windows and screens, levered door handles, a low threshold shower and reduced height counters will make an existing home more comfortable for many years to come.  People choosing this option wish to remain near family, friends, a business and stay in familiar surroundings.  As needs change, services such as lawn care, house cleaning, snow removal, handyman and grocery delivery can be arranged.

A smaller home in a traditional neighborhood.  The most popular homes in this category are 1-level or ranch homes with two or three bedrooms averaging around 1,500 to 2,000 square feet.  Depending on personal taste, the choices include detached homes and town homes.  For the same reasons as Aging in Place, people are choosing this option to remain near family, friends, a business or familiar surroundings.  However, their current home is either too large or cannot be reasonable altered to accommodate their future needs.

55+ Communities are built near existing urban cities, towns or villages, but are geared toward the mature adult.  The homes are on specifically designed for 1-level living and constructed for easy access.  Community amenities may include a clubhouse, exercise facility, outdoor pool, and resident planned activities.  What also differentiates 55+ Communities is that there are no playgrounds, no school bus service and there may be a limitation on the length of stay for younger children.  These communities will have a monthly association fee for conveniences such as lawn care, snow removal and the clubhouse. People choosing this option live independently and prefer a social setting where the residents are of the same generation.  55+ Communities are popular both locally and in sun-belt regions of the country.

Active Adult Communities (such as Dell Webb) take the 55+ Community to the next level of social involvement.  Active Adult Communities focus on a “lifestyle”.  The homes tend to be less than 1,500 square feet and are part of a mega community.  What differentiates Active Adult Communities is their formalization and quantity of planned social activities.  These communities will have a monthly association fee for conveniences such as lawn care, snow removal and the clubhouse.

Continuing Care Communities (such as Friendship Village) offer a variety of options under one umbrella – with the ability to easily transition as needs change.  A resident could live independently in the community and move to assisted living or managed care if the need arose, and still be in a familiar setting among long time friends.  Continuing Care Communities offer housekeeping, meals, laundry service, parking, exercise and planned recreational activities.  Monthly fees will vary based on needs and services.