Here’s how I did just that last month when I remodeled a bathroom in a rental. As you can see from the before pictures, it was definitely time. 

Before the Bathroom Remodel

Challenges

Spend Maximum of $3,000 on labor and materials

Complete Within One Month (in-between tenants)

Don’t Make it Look Like an Apartment

Keep it Neutral

Make it Last - high quality materials that last mean I have less down time

How I Did It

Free Demo- My husband did the demo work for me. He found that some of the sheetrock around the shower had to be replaced and that we needed to add insulation. In addition, the subfloor had to be replaced.

Kept Old Cast Iron Tub and Radiator - both in good condition and make the bathroom blend with 1920s style of the apartment

Kept Existing Light Fixture, Mirror (repainted with a silver metallic paint) and shower fixture (which was replaced last year)

Replaced Toilet- went with a Kohler toilet on advice of plumber (new technology almost guarantees you won’t have to call a plumber to fix a clogged toilet) for $197.00

Replaced Sink - to add some storage and some color, went with a combination sink and vanity - a steal at $169.00

Replaced Sink Fixture - went with a Delta faucet - $89.00

Replaced Floor Tile - Used a high quality porcelain tile at $5.24/sf, 12×12 with limestone look.

Replaced Wall Tile - Used a 3×6 subway tile at $2.75/sf in Biscuit Beige.  Subway tile keeps with style of house and is not typical in rentals. 

Repainted Ceiling

After the Bathroom Remodel Photos

Did I Meet My Goals?

The bathroom cost $3,400including labor and materials, which I attribute to some repair work (replacing sheetrock and subfloor) I wasn’t counting on. 

I did save money by not having to repaint the walls, not replacing the bathtub, bath fixtures or light, and by reusing the mirror.

I splurged on the tile but for a small area, the extra cost didn’t hurt too much.

The bathroom was completed right on time, thanks to my contractor. No, you can’t have his number:)

And the apartment was rented!

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Animal rescue organizations are going to be facing some tough times with the economy - not only will they struggle to raise money but more pets will be abandoned and killed at shelters.

I don’t like to preach but if you’re considering getting a pet this year or next, please consider adopting a homeless pet or donating (or donating more) to your local rescue organization and/or no-kill shelter. 

There are so many wonderful, faithful pets who will appreciate the second chance you’re giving them - pets like Nigel (see Take Me Home on right).

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I can think of few instances where a home could be worth nothing.

Nuclear waste spill. Located on earthquake fault line. Maybe.

Even this instance, where a woman paid $1.75 for an abandoned home in Saginaw Michigan. That seems ridiculous to people in CT where our median home price is around $240,000 but in Saginaw, the median sales price is about $76,000, according to Zillow.  Given the state of the economy in Michigan. $1.75 seems about right (the buyer also has to pay some back taxes).

People will always need a place to live. There is a finite supply of land. The population keeps growing.

Sure, real estate can go down in value because of the economy, too many homes on the market, not enough buyers, mortgages harder to obtain, catastrophic events like 9/11, etc. But it’s hardly ever worth nothing. 

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Parked in that driveway were 4 cars - two of them nicer than my own. This is the home of a seller who is strapped for cash? Who can’t pay the bank what is owed?

Then I see the house - filled with gadgets like a flat screen TV, the box for an iPhone, a computer, and almost 100 brand new pairs of Nike Air Jordans stacked in a bedroom in their original boxes and wrapped in plastic - probably worth more than what the owners will owe the bank. 

Busy shopping, the owners have left the house in serious need of repair. Just who is supposed to pick up after their financial mess? Am I actually supposed to feel sorry for someone who treats their sneakers better than their biggest asset?

Misplaced priorities. Poor decisions. Lack of respect for money and homeownership. These are the real problems facing the real estate market.

I can’t help but compare this house with many others I’ve seen owned by senior citizens.  On fixed incomes and with few luxuries, the typical senior citizen treats their home with the care and respect a home deserves. 

When working with a new client, I often say that they would be lucky to find a home lived in and cared for by a senior citizen because you can bet everything is in great condition - although maybe out-of-style.

Then I think of my grandmother who bought everything she owned from a second hand store and was too poor to buy her own home but treated her tiny rental apartment like it was the Taj Mahal.

We must regain our respect for the privilege of owning a piece of a real estate (because it can only be obtained through saving, hard work or birthright) and that by owning real estate, we make a promise to ourselves, the bank and our community that we are going to take care of it - better than we care for a lousy pair of sneakers.

Gobble. Gobble.

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Is it any coincidence that Hoffman Guns, just a few doors down from my office on the Berlin Turnpike in Newington just opened a newer and larger store and that the lot is always full?  Gun sales are up and while some may attribute that to the Obama’s election and possibly tighter gun laws, I think it has just as much to do with the downturn in the economy.

From the New York Times article,

“Every recession since the late ’50s has been associated with an increase in crime and, in particular, property crime and robbery, which would be most responsive to changes in economic conditions,” said Richard Rosenfeld, a sociologist at the University of Missouri-St. Louis. Typically, he said, “there is a year lag between the economic change and crime rates.”

In addition, Ken Gronbach, a Connecticut ad man turn demographer, predicted this crime wave years ago in his book, Common Census.  In 2007, Gronbach posted his predictions on his blog and one of them was a crime wave due to the huge numbers of Generation Y young men coming of age with nothing to do.

From his blog,

“…a crime wave, owing to the repopulating of a segment of unemployed high risk young men in the crime committing age of fifteen to thirty. We are seeing increasing evidence of this now. This is not an anomaly. This is a trend. Generation Y, now twenty-two years old and under, will be the largest generation in the history of the United States. The peak of this generation is currently seventeen years old. It will fill the prime crime committing age of fifteen to thirty with more idle high risk young men than this nation has ever seen. It will become very difficult to live safely in the Nation’s cities. “

Burglaries are likely to be on the rise - whether you attribute it to the economy or the changing demographics.  Buying a gun doesn’t suit everyone but there are several things you can do to deter burglars at your home, for example getting a dog (or just getting some dog supplies to make it seem like you have a dog), adding exterior lighting, and trimming back bushes. 

Click here to receive the full free report on improving your home’s security - just type “Security” in the message. 

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How does October compare to the first, second and third quarters?

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There were fewer new listings in October 2008 compared to last year but overall there are more homes on the market.

The median sales price shows a big decline - now $230,000. It’s been around $240,000 - $250,000 this year.  

Fewer homes are selling and those that are selling spend more time on the market.

The biggest decline is the dollar volume of sales which directly impacts real estate agents and brokerages.  I’m already noticing offices closing and hear anecdotal evidence that agents are leaving the business.

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According to the article, affordability was the key.

“…we selected towns with at least 50,000 residents and a median family income between $40,000 and $100,000. We then narrowed the list of towns using the following weighted criteria: school performance; number of schools; household expenditures; crime rates; air quality; job growth; family income; museums, parks, theaters, and other amenities; and diversity. We weighted school performance and safety most heavily, but also gave strong weight to amenities and affordability.” 

East Hartford and Norwalk were named as runner-ups. 

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The credits include:

10% credit (up to $500) for installing insulation

10% credit (up to $500) for exterior and storm doors

10% credit (up to $200) for window/skylight/storm windows

30% credit (up to $2000) for solar water heating system

30% credit (up to $2000) for geo-thermal heat pump system

There are also credits for certain types of roofs, furnaces and boilers, and biomass stoves.  For full details on these credits, visit the Energy Star website.

There are also some rebates available through the State of Connecticut. For example, you can qualify for a rebate on a replacement furnace of up to $500 (rebate is on a sliding scale based on adjusted gross income).

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“If you are about to write up an offer to buy a house, another buyer has just submitted an offer or is currently writing one.”

Although more common in a seller’s market, Beganski’s Law of Buying Real Estate also occurs in a buyer’s market.  In a buyer’s market, the effect is more significant, causing buyers to wonder if the other offer even exists. In a seller’s market, buyers must assume there are other buyers about to put in offers.

Not only have I witnessed this happening to my clients, it happened to me this weekend which is why I finally named it.

I went to see a house I’ve noticed in the MLS for 3-4 months but never had a chance to go see it in person.  I liked it enough to talk to the listing agent who told me an offer was just negotiated and accepted.

Of course there was.  Moving on…

Beganski’s Law of Buying Real Estate strikes again.Don’t lull yourself into thinking that in this market, you will be the only buyer interested in a particular property.  In other words, DON’T be like me.

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