Stealing Space: How to Reconfigure Room for Your Home Addition

NORFOLK, VA, Nov 13, 2013—Looking to expand your home? You may have more room than you think, according to Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. Just look around you. If you see any space you don't currently use—say, that downstairs powder room that rarely ever sees traffic—then you can repurpose it to fit your needs. This concept of “stealing” space from a neighboring room is called space reconfiguration and it is much cheaper than a major remodeling job.

“Recycling isn't just for cans and bottles. Repurposing room for your home can save money and energy as well,” says Eisenberg. “What's key is finding space that can work in a new way.” That space may be as close as the next room, particularly if there are unused or under utilized areas in your home.

There are two main ways you can do this:

Converting. Dying for a home office or a small in-house fitness space? “A garage, attic, side porch, large closet, or basement can all be converted to fit the use you have in mind,” suggests Eisenberg. The pre-existing structure and frame will make the process cheaper and easier to complete. This goes for major additions, like a bonus room, as well. Building up, or placing it above the garage, will be easier than creating a whole new foundation.

Carving. If you have an oversized kitchen or a big formal dining room, consider putting up walls to carve out a new space from the existing one. Maybe a small area can be carved from a larger area to create a powder or laundry room. Or, do it the other way around. “If your bedroom is bigger than you really need, expand your bathroom into a deluxe master suite,” says Eisenberg.

When looking to convert or carve new space, it's important to utilize what's already around you, and this includes things like plumbing. “Putting a new laundry room next to a kitchen or bathroom will be easier than sticking it on the second floor, because the piping is already nearby,” notes Eisenberg.
For more real estate information, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510,  leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Home Mortgage Interest Rate Movement

Infographic Courtesy of KCM Blog

Home Sales By Price Point

Infographic Courtesy of KCM Blog

Life after foreclosure: When can you buy?

NORFOLK, VA, Nov 07, 2013—For those consumers who have a foreclosure on their record, it may feel like they will never repair their credit enough to become a homeowner again. It can happen, notes Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty, but it will depend on a variety of variables.

“Bouncing back after a foreclosure will depend greatly on your individual circumstances, as well as the mortgage interest rate you are willing to pay,” says Eisenberg. Foreclosures can remain on your credit record for seven to 10 years. Most lenders will consider your request for a home loan two to four years after your foreclosure, although your interest rates will be higher.

“Keep an eye out for predatory lenders that will issue a home mortgage in less time than average, but will charge you obscenely high mortgage interest rates, fees, and penalties,” warns Eisenberg.

A quality lender will expect you to show that you have cleaned up your credit. In this light, a borrower who has worked hard to reestablish good credit may also be shown some leniency by the lender.  

Repairing your credit is possible, although it can be a slow-moving process. Act as quickly as you can to take care of any outstanding delinquencies, tackling a little at a time until you get back on the right track. “Make an effort, if at all possible, to repay your debt in full and on time for six months to a year to prove you are working hard to repair any damage,” says Eisenberg.

“It will also be helpful to provide a reasonable explanation about the circumstances that led to the foreclosure, such as exuberant medical expenses or lifestyle changes beyond your control,” notes Eisenberg. If you declared bankruptcy because you were laid off from your job, the lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, it is unlikely the lender will readily give you a break.

If you've waited several years after your foreclosure and you're still having trouble obtaining a traditional mortgage, consider other options, such as subprime mortgages, which are made to borrowers who do not meet traditional credit criteria at a higher interest rate.  
For more information on obtaining a mortgage, please contact Louis Eisenberg, Prudential Towne Realty, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Buying a garage door? Think insulation

There are seemingly endless options through which homeowners must navigate when buying a new garage door: the style, materials and accessories, just to name a few. But perhaps the most important feature that should top the garage door consumer's list is energy efficiency.
Why? Because the garage door is generally the largest moving object in your home and offers the greatest exposure to the elements. An insulated garage door will maintain the temperature in your garage in the winter and in the summer and likely decrease your heating and cooling costs. Insulated garage doors not only make the garage itself more comfortable to be in, but also the rooms adjacent to or above the garage. A well-insulated garage also helps keep moisture out, and its sturdy construction offers a greater noise-reducing sound barrier.
What should consumers look for in an energy efficient garage door? For starters, check out the R-value. R-value is a measure of thermal resistance to heat flow and is how most manufacturers show the energy efficiency of their product. The higher the R-value of a door, the more insulation you'll get. Second, look at the door's construction. Well-insulated doors will have a "triple-layer" construction, consisting of environmentally safe polystyrene or polyurethane thermal insulation between two layers of heavy-duty steel. Some insulated garage doors also include a thermal break which is a nonconductive material within the door that keeps thermal energy from passing through, resulting in improved energy efficiency for the home.
Well-insulated garage doors should be able to stand up to the most extreme of conditions while simultaneously protecting your garage and the rest of your home.
Whether your garage door withstands heat, wind, snow, rain, or all of the above, it's the largest line of defense for your home. Make sure that it's working hard for you by reducing your home's energy consumption and providing strong, durable protection from the outside. Your utility bills - and the rest of your (climate-controlled) house will thank you.

For more information contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com (757) 572-7244 www.LouisEisenberg.com

Months inventory of homes for sale

Inventory of existing homes continues to fall. It is looking better for homes sellers.

Keeping Up With Home Improvements

NORFOLK, VA, Oct 31, 2013—Being a homeowner is one of the most rewarding parts of life, but it is also a large undertaking. From the day you move in to the day you sell your home, there will always be something that will need to be repaired or remodeled. You may want to undertake some changes simply to elevate your comfort level – like installing central air conditioning – or spruce up the home’s aesthetics, such as adding a few stained-glass windows. But other work will need to be done to maintain the property and minimize problems later on. These may include replacing a hazardous roof, fixing broken windows, and repairing leaky pipes. These are all necessities. Left undone, they can lead to major problems and damages within the home. If you decide one day to sell, other improvements will likely be made to increase the home’s value and appeal to potential buyers, says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. “From the very beginning, get in the habit of taking an inventory at least once every year of every nook and cranny of your home to check for potential problems,” suggests Eisenberg. Examine the roof, foundation, plumbing, electrical wiring – basically everything. Try to fix trouble spots as soon as you uncover them. “This proactive approach will help you avoid larger expenses later on, so leave no stone unturned when taking your inventory,” explains Eisenberg. Eisenberg notes that you may expect to spend one percent of the purchase price of your home every year to handle a myriad of tasks, including painting, tree trimming, repairing gutters, caulking windows, and routine system repairs and maintenance. An older home will usually require more maintenance, although a lot will depend on how well it has been maintained over the years. “Tell yourself that the upkeep of your home is mandatory, and budget accordingly,” says Eisenberg. Otherwise, your home’s value will suffer if you allow it to fall into a state of disrepair. Remember, there is usually a direct link between a property’s condition and its market value: The better its condition, the more a buyer will likely pay for it down the road. “Adopt the attitude that the cost of good home maintenance is usually minor compared to what it will cost to remedy a situation that you allowed to get out of hand,” says Eisenberg. For example, unclogging and sealing gutters may cost a few hundred dollars. But repairing damage to a corner of your home where gutters have leaked can potentially cost several thousand dollars. For more information on home improvement, please contact, Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA. 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com