Wednesday, November 23, 2011

Smart Options for Patio Pavers


Backyard escapes once meant picnic tables on the lawn. Times have changed! Once limited to simple concrete slabs, today’s patio paving materials verge on dazzling and comprise a large segment of the home improvement industry.

From colored concrete, ceramic tile, and DIY concrete pavers to elegant natural stone, patio options span limitless shapes, colors, and textures, and complement the style of any home.
That variety is driven by considerable consumer demand. A 2009 Outdoor Living Trend Report by Researchandmarkets.com says that sales of outdoor living products accounted for more than 5% of all purchases at Lowe’s home improvement centers, and a whopping 29% of sales—about $2.1 billion—at Home Depot.

And there’s value to be had in a patio, too. Mack Strickland of Strickland Appraisal Services, Inc., in Chester, Va., pegs patio recovery costs at anywhere from 30% to 60%, depending on the region of the country and material choices.

Getting on base
Choosing patio paving materials begins with a decision about what kind of base to install. The base—the material that supports the pavers—must be firm, strong, and designed to stand up to years of foot traffic and weather.

The options include, sand, gravel, and concrete. Sand and gravel perform equally well, and cost about the same to install. Both sand and gravel bases are relatively easy do-it-yourself projects.

Both sand and gravel bases feature “dry set” paver installations—the paving materials are set in place, and then fine sand is swept into the joints between the materials to secure them. Every two or three years, fresh sand must be swept into the joints to replace sand that’s settled out, and pavers that have become loose must be reset. Expect to pay $2 to $3 per sq. ft. for a DIY job, and $3 to $5 per sq. ft. for a professional installation of the base alone.

A concrete base offers greater longevity and stability, with less potential for settling. On a concrete base, the paving materials are set permanently with mortar, and ongoing maintenance is minimal. Expect to pay $5 to $8 per sq. ft. for a professionally installed concrete base.

Brick
Brick pavers offer warmth and the possibility of intricate patterns. Thinner than typical “builder bricks” used on home siding, they’re formulated to hold up under heavy foot traffic. Brick pavers come in a variety of shapes, sizes, colors, and finishes, and can look old or new. Because they’re often smaller than other paver sizes, installation costs can be higher. Depending on budget, they can be installed in sand, granite, or over concrete.

Brick pavers: $14 to $20 per sq. ft., professionally installed.

Concrete
Concrete is now available in numerous finishes (brushed, acid washed, scored, and stamped) and many hues. Its long lifespan and relatively inexpensive installation make it a popular choice. “For colder climates, consider adding $1 to $2 per sq. ft. for a specialized base preparation and concrete additive,” says Chris Fenmore, principal with Garden Studio Landscape Design.  

Stamped concrete can add a pattern to your patio, simulating slate, brick, or stone, but also adds an additional installation expense of $1.50 to $2 per sq. ft. and can be prone to cracking. Concrete can also be scored to create patterns or borders.

Concrete: $6 to $12 per sq. ft., depending on finish and color.

Concrete pavers
Concrete pavers come in countless shapes and sizes, and can be fashioned to look like real stone. Unlike other materials, the concrete is molded, not cut, making them more cost effective, uniform, and stronger than many natural paver varieties. They’re readily available at home improvement centers and are well-suited to DIY patio projects.
Interlocking pavers, a variation of concrete pavers, have gained popularity in recent years for their relative affordability, minimal maintenance, and quick installation.

Concrete pavers: $13 to $20 per sq. ft.
Interlocking pavers: $15 to $20 per sq. ft., $20 to $35 installed.
Stone, slate, & marble
Although almost any stone can work as a paver, cost and practicality typically focus on sandstone, limestone, slate, and granite. The materials you select can be especially cost-efficient if they come from locally operated quarries; check your local stone supplier before looking at national home improvement chains. Avoid coating stones with sealers that will peel or chip over time.

Sandstone, slate, granite: $17 to $28 per sq. ft., professionally installed
Decomposed granite and pebble surfaces
Decomposed granite is comprised of very small pieces of granite, ranging in size from ¼-inch to the consistency of sand. Although an affordable option, decomposed granite patios may need to be replenished periodically as the surface can erode with time, presenting higher maintenance costs. This application may be a poor choice in climates with lots of rain and snow.

“Budget $1 per sq. ft. for maintenance costs every two to three years,” suggests David McCullough, landscape architect and ASLA board member. Also, decomposed granite isn’t solid and furniture legs may sink into the surface. Adding stabilizers that help bind particles together can strengthen the surface.

Decomposed granite and pebble surfaces: $1.50 per sq. ft. without stabilizers, $2 with stabilizers
Recycled materials
Recycling hardscape materials, such as cast-off concrete sections from a neighbor’s old driveway or sidewalk, is a cost-effective and eco-friendly alternative to new materials. Check nearby construction sites for old materials (and be sure to ask permission before hauling anything away).
Although the materials are usually free, you’ll need to enlist helpers and the use of a pick-up truck to transport everything to your patio site. Expect to save $500 to $800 on a standard 12x12-foot patio versus newly purchased pavers, and you’ll be building a one-of-a-kind creation. Look for materials that provide uniform thickness.

Mixing materials
Combining different materials—such as brick and concrete, or stone and rock trim, can create an interesting and customized feel. “Too much hardscape can be tedious,” notes Southern California designer Chris Fenmore. “I often like to use four-inch troughs separating masonry from concrete that can be filled with gravel, beach rocks, or ground cover. They provide a bit of relief from the hardscape and nice detail, adding to the custom look of the yard.”

Keeping maintenance low
Most paving options, with the exception of decomposed granite or gravel, require little maintenance. The key is a solid foundation, installation experts say. A poorly built base can cause your patio to become uneven and the stones or concrete to crack. “If your backyard is especially uneven, it may be easier to add a few steps than to level everything out,” advises McCullough.

“Be sure your paving product can withstand weather conditions in your area,” notes  S. Penny Triplett, a real estate and appraisal expert with Pissocra Mathias Realty in Ohio. Also, because some minimal cracking may occur over time, especially around paver joints, “consider purchasing 10% more of the product you install, including grouting in the chosen color, in case you need to make repairs,” says Fenmore.

Source: houselogic.com

Saturday, November 12, 2011

Is A Short Sale The Right Option For You?

Facing foreclosure and tempted to stay in your home until the bank pulls it out from under you? Bad idea. Don’t do it. A much more graceful exit is a short sale, an agreement between you and your lender to sell your home for less than you owe. Although there’s no guarantee that your lender will let you avoid foreclosure with a short sale, new government regulations are aimed at encouraging lenders to do so.

Short sales get government incentives

Although short sales are not hassle-free, at least you’ve got the government backing you. The Home Affordable Foreclosure Alternatives (HAFA) program provides financial incentives for lenders and borrowers to avoid foreclosure through short sales or deeds in lieu of foreclosures.
Participation in the HAFA program requires adherence to guidelines—including a standard process and minimum timeframes—that speed the process, says Dallas-based REALTOR® Tom Branch, co-author of Avoiding Foreclosure: The Field Guide to Short Sales. The HAFA program is for homeowners who can’t keep their homes with the help of a loan modification.

Advantages of a short sale
  • You can be a homeowner again more quickly with a short sale in your past than with a foreclosure. New Fannie Mae guidelines help you qualify for a new mortgage in as little as two years after a short sale, as opposed to up to seven years after a foreclosure.
  • You will have more time to make relocation plans and save money than with a deed in lieu. A short sale may take four to 12 months. A deed in lieu of foreclosure arrangement typically requires you vacate your home within 30 to 60 days of signing, according to real estate attorney Lance Churchill.
  • You can receive up to $3,000 from your lender for moving expenses at the time of closing of a HAFA short sale or a HAFA deed in lieu of foreclosure. Relocation funds are part of the incentives of HAFA, but not necessarily for other short sale or deed in lieu programs of the lenders.
  • You can help your community’s home values. Because the lender often receives a higher amount of the remaining loan balance than it would from the sale of a home after a foreclosure, short sales help support home values in the surrounding community.
Disadvantages of a short sale
  • Your credit score will take a severe hit. But that would happen anyway with a foreclosure. Fair Isaac, creator of the FICO score, says foreclosure and short sales have virtually identical impacts on your credit score. VantageScore—a company that has created a credit score model for consumers—says a short sale will lead to only a marginally lighter hit when compared with foreclosure. 
  • You may owe additional taxes. In the past, if your outstanding mortgage was $100,000 and your lender accepted a short-sale purchase offer of $90,000, you were liable for income tax on the forgiven $10,000, says Harlan D. Platt, economist and professor of finance at Northeastern University in Boston. However, the Mortgage Forgiveness Debt Relief Act of 2007, which runs through 2012, generally allows taxpayers to exclude income from the discharge of debt on their principal residence in some circumstances. Full relief is available only if the amount of forgiven debt doesn’t exceed the debt that was used to acquire, construct, or rehabilitate a principal residence. Consult a tax professional and an attorney to minimize or avoid this liability.
  • In some states, your lender may still be able to come after you for the difference between the short sale price and the amount needed to pay off the mortgage. Your actual agreement with your lender and state and local laws and regulations spell out the details. Consult a tax professional and an attorney to minimize or avoid this liability. 
How to proceed with a short sale
  • Find a qualified REALTOR® experienced in short sales. Short sales are tough to navigate, and they’re further complicated by your loan type—FHA vs. Veterans Administration vs. conventional loans. Real estate agents who specialize in short sales will know the proper steps and order of the steps involved. They’ll also be able to navigate the many parties involved in the process and over-burdened loss mitigation departments. Look especially for agents who have Short Sales and Foreclosure Resource (SFR) Certification, which requires specialized training.
  • Gather evidence to support your need for a short sale as opposed to a foreclosure. You’ll need to prove that you have little or no equity in your home, you’re behind on your payments, and you’re no longer able to afford your home. You’ll need to write a hardship letter to the lender describing your circumstances, such as a divorce, job loss, illness, death, or other event that has impacted your income.
A short sale can be a time-consuming process, but if you can avoid foreclosure, it’s worth it in the long run.

Friday, November 11, 2011

4 Bedroom, 2 Bathroom Deleaded Apartment in Salem

RENOVATED & DELEADED 4 Bedroom, 2 bathroom steps from Downtown Salem, public transit, shops, Pickering Wharf and more! Coin-op laundry in the basement. Heat and hot water INCLUDED!

Tuesday, November 1, 2011

Renovated 2 Bedroom Apartment in Salem

RENOVATED apartment steps from downtown Salem. This two bedroom, 1 bathroom apartment features hardwood floors, built ins, fully renovated kitchen and bathroom with granite counters. Extra separate storage in the basement. There is also a washer & dryer hook up for those who have their own. This apartment is a short distance from Salem State, Downtown Salem, Pickering Wharf, bus and train routes.