Wednesday, December 29, 2010

Maximize Your Space; Putting All That Stuff in Its Place!



Everyone loves a ton of space. Whether in your closet, garage or anyplace else in your home, there always seems to be the need for more room. So what happens with all that stuff we’ve accumulated over the years? It keeps getting piled up, adding clutter and making our space much more uninhabitable than it really needs to be. The easiest way to circumvent the problem of very tight spaces is to open it up. How, you ask? Simple. Play around with creative storage solutions, use any and all unused space around you – and things will start falling into place, literally.

Imagine yourself walking into your home office, only to be greeted by stacks of paper, unruly computer and technology equipment and wires, storage boxes, books and more. It’s not that your obsessive-compulsive next door neighbor with the perfect home office has less stuff. It’s just that he knows how to work with the space he has to utilize it to the best of his needs. With these few simple steps, you can be on the road to being able to focus on the things that really matter, leaving those that don’t to be sitting somewhere safe where it belongs.

Double-Decking and Triple Stacking

Closets

The most obvious place we see a ton of wasted opportunity is the closet. On the one hand, a closet is designed to store and maintain our most personal of possessions. But if you take a closer look, nine times out of ten, the closet space just isn’t very functional. Yes, there is some hanging space. Yes, some shoes can be stored on the floor and for most people there is at least one shelf above all this, to put items like folded sweaters and handbags on. Unless you’re one of the very lucky people who have a walk-in closet the size of most homeowners’ master bedroom, chances are you are lacking in sufficient closet space.

By installing simple and easily affordable stacked storage units, the dead space that is typically from the top of your shelf to the ceiling, and also that which is from the floor to hanging clothes – can be utilized. Set up your hanging areas in a way that double-deck your pants storage and other shorter items. The shelf space overhead is a great place to keep seasonal items that rarely need to be accessed.

Stairs and Landings

There is always room under or over staircases. Whether it’s your basement stairs that leave a wide-open opportunity to keep things under wraps or the gaping section overhead where there is a staircase and foyer area – the prospects are limitless. Consider using the basement gaps to house your washer and dryer units. Large, cumbersome appliances are never aesthetically pleasing. So to be able to keep them semi-hidden and devote that extra room to recreation or an entertainment space is very useful to homeowners.

Kitchens

If you’re not careful, over the years the amount of kitchen that can be accumulated is tremendous. One method used to keep homes within reason in terms of stuff is to purge and purchase. Many people employ a policy of donating or selling old items before bringing in the new; a great way to maintain balance. But for the rest of us, that is just not practical. One great way to use extra space in the kitchen is to hang a pot rack. Not only does it add character to your kitchen, it also frees up a ton of kitchen cabinet area.

Staying Together in Groups

Families know only all too well the need for space, space and more space. The larger the family, the more stuff keeps coming in – and there’s a good chance these people are not among those who purge and purchase. So what is the solution opportunity here? Organize, stack, store and keep together items that are similar. If your six-year-old insists on owning every single Matchbox car that ever was, you will need to find a viable and practical solution to store his collection. Keeping all his cars in one large bin is a great way to maintain his room, yet provide him the much-needed accessibility to his possessions. This basic rule of thumb applies to all areas around the house. Grouping kitchen utensils, stationery or a million little hair doodads owned by your very particular, up and coming teenager is the way to maintain available space and use up the dead variety.

Deep Down Under

EVERYONE knows that monsters live under the bed. Ok, well maybe not. But if you install a couple of under bed storage drawers and make that the place where all art supplies are stored, you will be doing your child a huge favor. Not only will it free up her desk but it will also keep her room neat and provide more area for her to hang out.

It’s NOT Always What’s on the Inside

The garage is the single best opportunity to maximize wasted space. You can hang peg board on the walls, put up tools, small bins and other clever storage knick-knacks. Avid cyclists often hang their bicycles overhead in the garage. Floor-to-ceiling garage cabinetry is another way to replace clutter for the cars in your space.

Who says you have to move into a five-thousand square foot expanse? With just a little bit of creativity, an open-minded attitude, some innovative methods and the will to implement, you CAN change the entire look of your smaller home – almost “doubling” it in appearance and tastefully maximize every last bit of space available. The only thing you may find challenging is knowing about and finding all that “hidden” dead space in your home so you can work at making it useful!

Tuesday, December 14, 2010

Happy Holidays from Team Elliott!



We would like to wish you and your family a happy holidays! Thank you for all your past business and the referrals you have sent us as well as supporting our video blog. Remember us for any of your real estate needs and have a great and safe new year. See you in 2011! Now please enjoy this article about bi-weekly mortgages.


Are Bi-Weekly Mortgage Payments Worth the Time and Effort?


In most cases, yes! It’s essentially a process by which you make extra payments on your mortgage. That way, you save interest costs and pay off the loan faster.

How Does It Work?

You make a payment to your lender every two weeks instead of once a month. This means that each payment is equal to half of the monthly amount due. The result – you’re paying the equivalent of 13 full payments rather than the usual 12.

It gets even better! The full amount of the extra payment is applied toward the principal. And because the principal balance is the amount on which interest is calculated, paying down principal results in a reduction in accrued interest!

Let’s look a traditional payment monthly schedule vs. a bi-weekly schedule so you can see exactly how it works.

Example 1: Traditional monthly payments

Let’s assume you have a loan balance of $250,000 with a 6 percent interest rate and a 30-year loan term. In this example, your monthly payments are $1,498.88. So, over the life of the loan, you’d pay a total interest of about $289,595.

Example 2: Bi-weekly payments

Using the same loan balance and terms described above, the difference would be the following:

• $749.44 paid every two weeks
• About $225,490 paid in total interest
• This results in a savings of more than $64,000 in interest!
• In addition, the loan is paid off in 24 rather than 30 years

Bi-monthly payments are still a good strategy if you’re an individual who doesn’t plan to keep your house for 24 or 30 years. Why? Because bi-weekly payments still reduce principle, even over a short period of time.

For example, in the first year, the principle is reduced by nearly $1,600. And, at the end of the fifth year, the principle amount has been reduced by about $9,000!

How Do I Arrange Bi-Weekly Payments?

The first task is to contact lenders to find out if they do offer a bi-weekly payment schedule.

If they offer one, ask what the participation requirements are. In typical situations, lenders require you to have payments automatically withdrawn from your bank account since they dislike processing checks every two weeks.

Often, it’s the case that a one-time fee is charged for this service. The fee can be minimal or be in the several-hundred-dollar range, depending on the lender.

So, after all these benefits, how can there possibly be disadvantages to bi-weekly mortgage payments?

Well, the first disadvantage relates to a situation I mentioned above - the lender’s fee is very expensive for the service provided. In such a case, the costs may outweigh or cut down your overall savings.
A second disadvantage occurs when paying bi-weekly is too hard on your budget. Upfront, you need to make sure that you have the money available for the increased payments.

The final potential disadvantage relates to the length of time you plan to stay in your home. That can affect your overall savings on interest.

I recommend that you weigh the pros and cons of bi-weekly mortgage payments by using one of the many online calculators. Just enter your numbers and the calculator will give you a comparison.

If you’d like the assistance of an expert on the subject, contact us immediately!