You might think buying or selling on your own will save money, but it could be more costly in the long run.

By Tara Struyk of Investopedia

The proliferation of services that help homebuyers and sellers complete their own real-estate transactions is relatively recent, and it may have you wondering whether using a real-estate agent is becoming a relic of a bygone era. While doing the work yourself can save you the significant commissions that many real-estate agents command, for many, flying solo may not be the way to go — and could end up being more costly than a commission in the long run. Buying or selling a home is a major financial and emotional undertaking. Find out why you shouldn’t discard the notion of hiring an agent just yet.

1. Better access/more convenience
A real-estate agent’s full-time job is to act as a liaison between buyers and sellers. This means that he or she will have easy access to all other properties listed by other agents and will know what needs to be done to get a deal together. For example, if you are looking to buy a home, a real-estate agent will track down homes that meet your criteria, get in touch with sellers’ agents and make appointments for you to view the homes. If you are buying on your own, you will have to play this telephone tag yourself. This may be especially difficult if you’re shopping for homes that are for sale by owner.

Similarly, if you are looking to sell your home yourself, you will have to solicit calls from interested parties, answer questions and make appointments. Keep in mind that potential buyers are likely to move on if you tend to be busy or don’t respond quickly enough. Alternatively, you may find yourself making an appointment and rushing home, only to find that no one shows up.

2. Negotiating is tricky business
Many people don’t like the idea of doing a real-estate deal through an agent and think that direct negotiation between buyers and sellers is more transparent and allows the parties to look after their own interests better. This is probably true — assuming that both the buyer and seller are reasonable people who are able to get along. Unfortunately, this isn’t always an easy relationship.

What if you, as a buyer, like a home but despise its wood-paneled walls, shag carpet and lurid orange kitchen? If you are working with an agent, you can express your contempt for the current owner’s decorating skills and rant about how much it’ll cost you to upgrade the home without insulting the owner. For all you know, the owner’s late mother may have lovingly chosen the décor. Your real-estate agent can convey your concerns to the seller’s agent. Acting as a messenger, the agent may be in a better position to negotiate a discount without ruffling the homeowner’s feathers.

A real-estate agent can also play the “bad guy” in a transaction, preventing the bad blood between a buyer and seller that can kill a deal. Keep in mind that sellers can reject a potential buyer’s offer for any reason — including just because they hate his or her guts. An agent can help by speaking for you in tough transactions and smoothing things over to keep them from getting too personal. This can put you in a better position to get the house you want. The same is true for the seller, who can benefit from a hard-nosed real-estate agent who will represent his or her interests without turning off potential buyers who want to niggle about the price.

3. Contracts can be hard to handle
If you decide to buy or sell a home, the offer-to-purchase contract is there to protect you and ensure that you are able to back out of the deal if certain conditions aren’t met. For example, if you plan to buy a home with a mortgage but you fail to make financing one of the conditions of the sale — and you aren’t approved for the mortgage — you can lose your deposit on the home and could even be sued by the seller for failing to fulfill your end of the contract. (Keep in mind that the details of any contract may vary based on state law.)

An experienced real-estate agent deals with the same contracts and conditions on a regular basis and is familiar with which conditions should be used, when they can be removed safely and how to use the contract to protect you, whether you’re buying or selling your home.

4. Real-estate agents can’t lie
Well, OK, actually they can. But because they are licensed professionals, there are more repercussions if they do than for a private buyer or seller. If you are working with a licensed real-estate agent under an agency agreement, such as a conventional, full-service commission agreement in which the agent agrees to represent you, your agent will be bound by law to a fiduciary relationship. In other words, the agent is bound by law to act in his clients’ best interest, not his own.

In addition, most real-estate agents rely on referrals and repeat business to build the kind of client base they’ll need to survive in the business. This means that doing what’s best for their clients should be as important to them as any individual sale.

Finally, if you do find that your agent has gotten away with lying to you, you will have more avenues for recourse, such as through your agent’s broker or professional association or possibly even in court if you can prove that your agent has failed to uphold his fiduciary duties.

When a buyer and seller work together directly, they can — and should — seek legal counsel, but because each is expected to act in his or her best interest, there isn’t much you can do if you find out later that you’ve been duped about multiple offers or the home’s condition. And having a lawyer on retainer any time you want to talk about potentially buying or selling a house could cost far more than an agent’s commissions by the time the transaction is complete.

5.  Not everyone can save money
Many people eschew using a real-estate agent in order to save money, but keep in mind that it is unlikely that both the buyer and seller will reap the benefits of not having to pay commissions. For example, if you are selling your home on your own, you will price it based on the sale prices of other comparable properties in your area. Many of these properties will be sold with the help of an agent. This means that the seller gets to keep the percentage of the home’s sale price that might otherwise be paid to the real-estate agent.

However, buyers who are looking to purchase a home sold by owners may also believe they can save some money on the home by not having an agent involved. They might even expect it and make an offer accordingly. However, unless buyer and seller agree to split the savings, they can’t both save the commission.

The bottom line
While there are certainly people who are qualified to sell their own homes, taking a quick look at the long list of frequently asked questions on most “for sale by owner” websites suggests the process isn’t as simple as many people assume. And when you get into a difficult situation, it can really pay to have a professional on your side.

Here are some of the most common spending mistakes and some helpful tips to keep your home from becoming a money pit.

By Dawn Williams, Associate Editor - myhomeideas.com

Battling With Your Budget

Home improvement projects always start with the best intentions, and many times, end up draining your pocketbook and peace of mind. Before you launch your next undertaking, see how easy it is to save by planning ahead and being creative with your budget.

Tip: Whether you’re updating the decor in one room or going for a total remodel, costs can add up quickly. No matter the size of your project, keep up with costs as you go. Don’t wait till the end for a drum-rolling "grand total" — it will undoubtedly be grander than you ever imagined.

1. Splurge Before Selling

Budget buster: "We’ve finally decided to put our house on the market, but there’s some work to be done before the sign goes in the front yard. I’m thinking new appliances, new flooring, new furniture…"

Breathe easy: Time out. We understand you want to get your home ready to sell, but with an outrageous wish list, you won’t have any funds to buy your new home. So, start with the kitchen and bathrooms — these are key selling points that buyers will be picking apart. And spruce up your curb appeal with a freshly painted front door and colorful plants to greet potential buyers. After all, this is the first and last part of your home that they will see.

2. Furniture Frustrations

Budget buster: "Between the dogs and the kids, our furniture has been through the ringer. We don’t really have the money to buy new furniture, but what else are we supposed to do?"

Breathe easy: Before you leave your furniture for curbside pickup, consider the options. One easy way to give your pieces a new look is by reupholstering. Just with a change of fabric, that worn-out chair hiding in the guest room can be the star of your living room.

But our foolproof, money-saving solution has to be slipcovers. They are easy to change out, and you can have them made in stain-resistant fabric so that they’re kid and pet friendly. Problem solved!

3. Neighborhood Rivals

Budget buster: "My friend down the street just redecorated her entire home from top to bottom, and it looks amazing! Everything is brand new, and between you and me, I’m so jealous. I can’t have anyone over to our place until I do something just as lovely."

Breathe easy: This game of Keeping Up With the Joneses is a longtime battle that can get you in serious money trouble if you’re not careful. What’s more, if you didn’t budget for large purchases, it’s best to stay away from them.

Still want to redecorate? Hold a yard sale to purge those items you no longer want, and then take some time to scope out local flea markets, Craigslist, and even your own home for treasures. With a little creativity, you can have beautiful, customized pieces that will make your home the envy of the neighborhood.

4. Flooring Matters

Budget buster: "I love our hardwood floors, but at this point, they look like the Kentucky Derby was run in our home. I guess it’s time for all new flooring, but isn’t that pricey?"

Breathe easy: Whoa, horsey! Before you go tearing up your precious hardwoods, there is hope for them. Painting your floors is an easy, far less expensive way to instantly update your flooring — and pump it with personality! Try stripes, patterns, or a touch of color for a new look.

5. Contractor Issues

Budget buster: "It was just supposed to be a simple remodel, but we’ve hired and fired multiple contractors, and I’m still not happy with the project. I think every crew in town’s been through our house — and our budget."

Breathe easy: It’s time for a reality check: Not all contractors were created equal. They each have different certifications, specialties, and backgrounds. For instance, one may specialize in small residential remodels while another only focuses on building homes. Before you choose your contractor, do your homework. Interview multiple potential candidates, and ask for the names and numbers of past clients for referrals. For a list of conversation starters, check out the top 10 questions you should ask your contractor.

6. Spending To Save

Budget buster: "My New Year’s resolution was to get my life back in order. I bought every DVD I saw on infomercials about financial planning, got several books on organization, and even went shopping for storage bins, dividers, and. . . wait, why’s my credit card statement so high?"

Breather easy: Let’s think about this for a second. Getting your life in order is fabulous, but like any important mission if life, it’s essential to have game plan. Instead of trying to organize every aspect at once, start with the most important, like managing your finances. Taking on one task at a time will make the end result more attainable. And for heaven’s sake, put the credit card away!

7. Handyman Breakup

Budget buster: "Our handyman has been at the house so much lately, my kids think he’s a long-lost uncle. There are just so many little improvements that need to be done. Who would tackle them if he doesn’t?"

Breathe easy: Take a cue from Rosie the Riveter — you can do it! In one weekend, you can make a trip to the home improvement store, gather materials, and finish a small repair or update. Better yet, you’ll save lots of cash by doing the work yourself. Don’t know where to start? Try one of our popular home improvement ideas such as painting a room. And before you head to the store, calculate your materials so that there’s no overbuying or overspending.

by Amy Fontinelle, Investopedia.com

Aug 3, 2010

Are you gearing up to buy your first place? Shopping for a home is exciting, exhausting and a little bit scary. In the end, your aim is to end up with a home you love at a price you can afford. Sounds simple enough, right? Unfortunately, many people make mistakes the prevent them from achieving this simple dream. Arm yourself with these tips to get the most out of your purchase and avoid making 10 of the most costly mistakes that could put a hold on that sold sign.

1. Not Knowing What You Can Afford
As we’ve all learned from the subprime mortgage mess, what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. If you don’t already have a budget, make a list of all your monthly expenses (excluding rent), including vehicle costs, student loan payments, credit card payments, groceries, health insurance, retirement savings and so on. Don’t forget major expenses that only occur once a year, like any insurance premiums you pay annually or annual vacations. Subtract this total from your take-home pay and you’ll know how much you can spend on your new home each month.

If you end up looking at homes that are outside your price range, you’ll end up lusting after something you can’t afford, which can put you in the dangerous position of trying to stretch beyond your means financially or cause you to feel unsatisfied with what you actually can afford. You may even learn that you can’t afford the type or size of home that you desire and that you need to work on reducing your monthly expenses and/or increasing your income before you even start looking.

2. Skipping Mortgage Qualification
What you think you can afford and what the bank is willing to lend you may not match up, especially if you have poor credit or unstable income, so make sure to get pre-approved for a loan before placing an offer on a home. If you don’t, you’ll be wasting the seller’s time, the seller’s agent’s time, and your agent’s time if you sign a contract and then discover later that the bank won’t lend you what you need, or that it’s only willing to give you a mortgage that you find unacceptable.

Be aware that even if you have been pre-approved for a mortgage, your loan can fall through at the last minute if you do something to alter your credit score, like finance a car purchase. If you cause the deal to fall through, you may have to forfeit the several thousand dollars that you put up when you went under contract.

3. Failing to Consider Additional Expenses
Once you’re a homeowner, you’ll have additional expenses on top of your monthly payment. Unlike when you were a renter, you’ll be responsible for paying property taxes, insuring your home against disasters and making any repairs the house needs (which will occasionally include expensive items like a new roof or a new furnace).

If you’re interested in purchasing a condo, you’ll have to pay maintenance costs monthly regardless of whether anything needs fixing because you’ll be part of a homeowner’s association, which collects a couple hundred dollars a month from the owners of each unit in the building in the form of condominium fees.

4. Being Too Picky
Go ahead and put everything you can think of on your new home wish list, but don’t be so inflexible that you end up continuing to rent for significantly longer than you really want to. First-time homebuyers often have to compromise on something because their funds are limited. You may have to live on a busy street, accept outdated decor, make some repairs to the home, or forgo that extra bedroom. Of course, you can always choose to continue renting until you can afford everything on your list - you’ll just have to decide how important it is for you to become a homeowner now rather than in a couple of years.

5. Lacking Vision
Even if you can’t afford to replace the hideous wallpaper in the bathroom now, it might be worth it to live with the ugliness for a while in exchange for getting into a house you can afford. If the home otherwise meets your needs in terms of the big things that are difficult to change, such as location and size, don’t let physical imperfections turn you away. Besides, doing home upgrades yourself, even when you have to hire a contractor, is often cheaper than paying the increased home value to a seller who has already done the work for you.

6. Being Swept Away
Minor upgrades and cosmetic fixes are inexpensive tricks are a seller’s dream for playing on your emotions and eliciting a much higher price tag. Sellers may pay $2,000 for minimal upgrades or staging that you’ll end up paying $40,000 for. If you’re on a budget, look for homes whose full potential has yet to be realized. Also, first-time homebuyers should always look for a house they can add value to, as this ensures a bump in equity to help you up the property ladder.

7. Compromising on the Important Things
Don’t get a two-bedroom home when you know you’re planning to have kids and will want three bedrooms. By the same token, don’t buy a condo just because it’s cheaper when one of the main reasons you’re over apartment life is because you hate sharing walls with neighbors. It’s true that you’ll probably have to make some compromises to be able to afford your first home, but don’t make a compromise that will be a major strain.

8. Neglecting to Inspect
It’s tempting to think that you’re a homeowner the moment you go into escrow, but not so fast - before you close on the sale, you need to know what kind of shape the house is in. You don’t want to get stuck with a money pit or with the headache of performing a lot of unexpected repairs. Keeping your feelings in check until you have a full picture of the house’s physical condition and the soundness of your potential investment will help you avoid making a serious financial mistake.

9. Not Choosing to Hire an Agent or Using the Seller’s Agent
Once you’re seriously shopping for a home, don’t walk into an open house without having an agent (or at least being prepared to throw out a name of someone you’re supposedly working with). Agents are held to the ethical rule that they must act in both the seller and the buyer parties’ best interests, but you can see how that might not work in your best interest if you start dealing with a seller’s agent before contacting one of your own.

10. Not Thinking About the Future
It’s impossible to perfectly predict the future of your chosen neighborhood, but paying attention to the information that is available to you now can help you avoid unpleasant surprises down the road.

Some questions you should ask about your prospective property include:

• What kind of development plans are in the works for your neighborhood in the future?
• Is your street likely to become a major street or a popular rush-hour shortcut?
• Will a highway be built in your backyard in five years?
• What are the zoning laws in your area?
• If there is a lot of undeveloped land? What is likely to get built there?
• Have home values in the neighborhood been declining?
• If you’re happy with the answers to these questions, then your house’s location can keep its rose-colored luster.

Conclusion
Buying a first home can seem stressful and overwhelming, and it isn’t without its share of potential pitfalls. If you’re aware of those issues ahead of time, you can protect yourself from costly mistakes and shop with confidence.

For many people, a home is the largest purchase they will ever make, but it need not be the most difficult.

Get a head start on the holidays with these seasonal updates designed to put you in festive mood for fall.

myhomeideas.com

Deck the Door

Let the neighbors know fall is here with a festive wreath hung on your front door. You can make it yourself using vines that are still pliable, wrapped in the shape of a wreath.

Add fall embellishments, such as leaves, acorn clusters, and pinecones, and then secure them with wire and hot glue. Finish off the wreath with a bow on the bottom. Make two or three, and you can add one to your mailbox as well.

Colorful Front Entry

Add some container plants. Plant yellow and gold chrysanthemums in large terra-cotta pots and arrange them with several autumn pumpkins on your front steps as a welcoming entrance for guests.

Chrysanthemums come in several colors, including white, off-white, yellow, gold, bronze, red, and burgundy, so choose a variety of colors.

Fall for Your Foyer

Freshen up your foyer with a new accent rug. To warm up the entrance, choose a darker color that will hide the dirt that gets tracked through your home now that sandals have been replaced with boots.

Accentuate With Pillows

Accent pillows are the easiest accessories to change out for a quick update. If your current pillow covers are not removable, buy a yard or two of a fall textile at your local fabric store and sew some new covers with a button or zipper closure to go over your current pillows.

Choose heavier fabrics with a comfortable texture. This will carry you through winter and is more reasonable than pricey custom pillow covers.

Shades of Autumn

Find some new lampshades in hues of cranberry, rust, dark chocolate brown, or forest green. Or, add color to your current white lampshades by trimming the edges with ribbon.

Remember, autumn is known for the rich colors in the falling leaves, so let nature be your inspiration when choosing your shade.

Drape Update

You can make your own curtains to switch out with lightweight summer selections. Buy a heavier fabric such as velvet or acrylic to cover windows, and line the back with a heavy canvas material.

Lining windows with thick, sturdy treatments will also help keep your power bills lower by helping to block out cold air that seeps in through the windows.

Natural Arrangements

Use natural items as a centerpiece. Fill a glass bowl or vase with a colorful mixture of seasonal fruits such as pomegranates and kumquats.

For a taller centerpiece, use an arrangement of dried fall flowers, and fill the bottom of the vase with acorns gathered from your own yard.

Kitchen Color

Don’t forget about the kitchen. Give your kitchen a fall update with dried flowers, wreaths, and woven baskets. Nix the fruit basket, and fill a glass bowl with a range of seasonal vegetables, such as acorn squash, pears, quince, figs, and small pumpkins. Display fall-colored hand towels, oven mitts, and aprons to splash your kitchen with seasonal colors. Also, fill your dispenser with citrus- and pine-scented hand soaps for earthy fall scents.

Cozy-Up Comforter

Add a winter quilt on the end of your bed for a splash of fall color and added warmth on those chilly autumn nights. Pick one with a darker neutral color (such as chocolate brown) to easily match your current bedding.

If you’re shopping for a home, you may be considering new homes, short sales and foreclosures. The best deals will depend on your local market — and how much patience you have.

By Amy Hoak of MarketWatch

The nation’s housing inventory is cluttered with foreclosures, short sales and homebuilders willing to make a deal. If you’re in the market to buy a home today, you’re likely weighing the benefits of each type of property available for purchase.

Don’t be fooled. Not all bank-owned foreclosures are sold at deep discounts. Not all builders are slashing prices. Short sales can be a crapshoot, with some buyers enduring months of waiting and still not getting the property.

All things considered, it’s possible that your best deal is purchasing a traditionally sold existing home, so don’t count those out of the running.

To get the most for your money, it’s important to understand the local market’s inventory; market dynamics will have a lot to do with how various types of homes are priced. Also, do some soul-searching to determine how much risk you’re willing to take and the amount of time and money you’re willing to invest in a home.

You won’t be alone: "Buyers are more educated these days. They’re coming to us with a good sense of what they’re looking for," said Diann Patton, real-estate agent with Coldwell Banker.

At the very least, go in knowing what you can afford and in what neighborhood you’d like to live, said Leonard Baron, a real-estate professor at San Diego State University. Since most properties find their way to local multiple listing services, shoppers also can decide what type of home they’ll buy after finding one that fits their needs, he said.

Bank-owned properties
Foreclosures reclaimed by the bank, often called bank-owned properties, are often sold at a discount. However, the size of the discount depends on the market you’re in.

A recent report from Zillow.com found that the typical discount for bank-owned properties, compared with a traditionally sold home, averaged 20% to 30%. According to separate data from RealtyTrac, an online marketplace of foreclosure properties, the average discount on bank-owned properties was 34% in the first quarter.

There is more than one reason why the selling price of a foreclosure is lower than a traditional home.

"The seller is typically a bank, and would like to move (the property) off the books as quickly as possible. A traditional seller is interested in getting a certain price and is willing to stay in the market," said Stan Humphries, Zillow’s chief economist.

Also, the condition of the home can be an issue. A buyer who wasn’t able to make mortgage payments also probably wasn’t able to keep up with needed maintenance. One of the biggest mistakes homebuyers make when buying a foreclosure is underestimating how much it’s going to cost to repair it, said Rick Sharga, senior vice president of RealtyTrac.

Others agreed. "It usually costs a lot more than you think," Baron said. "You can add value to a property by rehabbing it, but probably not more than the cost you put into it."

For the lower price, buyers also need to accept that they’re most likely purchasing a home that has been sitting vacant, which comes with its own set of issues because small problems — a leak, for example — can become big ones if no one is there to notice them. These homes also may have limited seller disclosures, because the owner — the lender — hasn’t been living in the home and thus has less information to disclose.

Home inspections are generally recommended regardless of what type of property you’re buying, and they’re essential in the case of a bank-owned property.

Location matters, too, in the pricing of a bank-owned foreclosure. In places with the highest incidence of foreclosure, bank-owned properties garnered the smallest discounts, compared with traditionally sold existing homes, Humphries said. "The places that did not have very many foreclosures right now had large discounts," he said.

Another way to look at it: A homeowner aiming to sell his home in a market where a large percentage of sales are foreclosures will likely have to price it like a foreclosure just to be competitive.

Short sales
Patton said that in her California market, short sales offer some of the best deals. A short sale is when the seller owes more on the mortgage than the home is worth, and the lender agrees to accept less for the property to make a sale.

But even if you save money on a short sale, you could pay in other ways, she said.

Although lenders and government programs are trying to speed up the process required to complete a short sale, a buyer could still wait months just to find out he or she failed to get the home, Patton said. The home is discounted partly because of the uncertainty that the buyer experiences, she said.

"You need to understand there’s a reason why they’re less money — you have to play the game," she said. "You have to be patient."

The market generally discounts short sales by 5% to 8%, compared with traditional sales, said Travis Hamel Olsen, chief operating officer of Loan Resolution Corp., a national pre-foreclosure asset manager.

New homes
In many markets, the supply of new-home inventory is dwindling. That has caused pricing in the new-home market to stabilize, said Ken Lee, product analyst for Hanley Wood Market Intelligence, the research arm of media company Hanley Wood.

That is, fewer bargains may be available for new-home buyers.

"There is less flexibility on the builders’ side to negotiate prices," Lee said. Plus, with supply more in control, "there’s not as much urgency to drop prices to move the homes that are currently sitting on the market."

Buyers typically pay a 20% premium for a new home, compared with a traditional (nondistressed) existing home, but that also varies by location, Lee said. In his area of Philadelphia, a new home might cost $300,000, where a similar existing home would sell in the mid $200,000s, he said.

That isn’t to say builders won’t find other ways to make a deal. They’re still willing to throw in incentives, like finished basements, as a way to sell a home, Lee said. But if you’re looking to get the lowest price on a home, this might not be the best route.

And if there are distressed sales in new communities you’re considering, proceed with caution.

"A lot of foreclosures in the area will drive down the prices of nonforeclosure homes," Humphries said, and that can extend to new-home inventory. It’s not impossible to find foreclosures and vacant properties in communities that aren’t even finished yet, he said.

Learn how to reclaim the time you spend waiting, whether at home or on the go.

• By Jennifer Haupt

Let’s face it: we all put off organizing our homes, purses, cars and lives because we don’t think we have time. "Once you start looking at all the time you spend waiting for this or that, the minutes really add up," says Donna Smallin, the author of The One-Minute Organizer. Put those wasted minutes to work, she says; even just five minutes a day adds up to seven hours a month — plenty of time for organization.

While you’re playing the waiting game, try out these quick and practical organizing tips:

Time-Saving Tip #1
While popping popcorn or if you have three minutes in the kitchen

• Organize the day’s mail. Toss the outer envelopes and inserts in bill statements along with junk mail.
• Organize a drawer; if there’s not a lid for a container, toss it.
• Be brave as you open the fridge to play "leftover roulette," popping open mystery containers to see what’s still edible, suggests Donna. Also, check out the expiration dates on condiments and half-full jars of spaghetti sauce.
• Rifle through that overflowing coupon box and toss the expired ones. Then file new ones by category and date.
• Take out the trash, and make sure the recyclables are in order.
• Empty or load the dishwasher; wipe down a shelf while you’re at it.

Time-Saving Tip #2
While cookies are baking or if you have 12 minutes in the kitchen

• Plan dinners for the week and write a grocery shopping list.
• Organize your junk drawer. Toss the stuff that’s really garbage, like toys from fast-food restaurants, dusty plastic silverware and wrappers from used packs of batteries. Then use a compartmentalized plastic tray to separate loose stamps, paper clips, coins and things that aren’t really junk.
• Organize your pantry: throw out expired cans, stale bread and cereal boxes with only crumbs left.
• Spruce up your spice drawer or cabinet: put the spices you use most toward the front, and throw out "mystery" spices without labels.
• "Chop up some fruit and make a fruit salad for tomorrow," suggests organizing expert Maria Gracia.

Time-Saving Tip #3
While the tub fills up or if you have three minutes in the bathroom

• Toss used towels in the laundry bin and hang up some clean ones.
• Organize your make-up drawer. A study from the College of Optometrists warns that mascara, lipstick and eye shadow more than three to six months old can be a hotbed for bacteria. Check the expiration dates in tiny print, or just toss whatever looks gunky.
• Organize the space under the vanity: toss crusty bottles of hair product, face wash/cream you haven’t used in months, stray cotton balls and cotton swabs.
• Straighten your linen closet, and make a pile of threadbare washcloths and hand towels you can convert to dust rags.
• Toss expired prescriptions and over-the-counter medications; wipe down a shelf in the medicine cabinet.
• Clean the toilet. Pour in a quick-acting cleaner, then brush and flush.
• Gracia suggests organizing your hair accessories in an over-the-door shoe organizer. The pockets will help you sort everything beautifully, so you can easily find what you need.

Time-Saving Tip #4
During TV commercials or if you have four minutes in the family room

• Organize a DVD shelf or book shelf, and make a donation pile of movies your kids have outgrown and books you won’t read again.
• Venture under the couch to hunt dust bunnies.
• Put all toys (including the dog’s) in a toy box or basket in the corner of the room.
• Recycle old magazines, and put those you intend to read in the magazine rack.
• Do some quick calisthenics so you don’t feel like such a couch potato.

Time-Saving Tip #5
While your kids brush their teeth before bedtime or if you have five minutes in their room
(You may want to do these things with your kids.)

• Organize the sock and underwear drawer, tossing anything that no longer fits or just doesn’t look wearable anymore.
• Put all stray stuffed animals into baskets.
• Turn down the bed, pull down the shade and turn on a lamp. You’re all ready for bedtime stories.
• Put all stray tapes and CDs into their cases. To get your child involved, buy a colorful plastic carrying case for him to store his lullaby and playtime music in.
• Donna suggests laying out an outfit for the next day, ready for your child’s approval or a quick switch. This will save time during the morning rush.

Time-Saving Tip #6
Waiting to pick up your child from school or if you have five minutes in the car

• Bring a trash bag and pick up all cups, napkins and litter in the car.
• Pay bills: store statements, envelopes, checkbook, register, envelopes and stamps in an accordion file with handle.
• Schedule dental and doctor appointments, order prescription refills, confirm appointments.
• Donna suggests organizing the interior of your car, including the glove compartment and the catch-all netting on the seat backs.

Time-Saving Tip #7
Waiting in line at the post office or grocery store or if you have three minutes on your feet

• Write a to-do list for the next day.
• Make a quick phone call to schedule an appointment you’ve been putting off.
• "Look at the supermarket magazines and see if you can find any organizing tips," says organizing expert Maria.
• Organize your purse — put stray coupons in the side pocket, check hand lotion bottles to see if they’re empty, throw out candy wrappers and old store receipts.

Time-Saving Tip #8
Waiting at the doctor’s office or if you have 10 minutes in a comfy chair

• Organize your social life: make a lunch date with a friend you haven’t seen in a while.
• Tackle your "should-do" list: write a thank-you note or a card to a friend; call your mother.
• Close your eyes, practice deep breathing and organize your thoughts.
• Check out the health magazines that are mainstays of a doctor’s office. Learn something new about your kidneys, or some great exercise tips.
• Bring a tote bag with a couple of sewing repair projects.

Time-Saving Tip #9
On the phone, on hold or if you have one to three minutes (we wish!) in your home office

• Organize your e-mail: create file folders that make sense and delete spam.
• Go through paper file folders one a time, looking for outdated papers to toss or shred. Mark where you left off for next time.
• Send a virtual greeting card from your computer to let someone know you care.
• Run the virus scan or disk defragmenter on your computer to keep it healthy.
• Go through your file of tax deduction receipts and paper-clip those in the same category to simplify the process next April.

If you’re considering remodeling your home, it may be best to skip these upgrades.

By Melinda Fulmer of MSN Real Estate

In these uncertain times, remodels are more about wringing day-to-day enjoyment out of your house than simply boosting its resale value. But not every project delivers on its promise of luxury and enjoyment.

Some delightful-sounding home improvements can be problematic or overly expensive or simply wind up collecting dust while you’re still paying the tab.  And some are destined to become white elephants, in the same kitschy category as that 1970s wet bar, sauna or intercom system.

MSN Real Estate consulted with contractors, designers and other home-improvement gurus — as well as homeowners themselves — to come up with a somewhat subjective "honey-do" list that’s better left undone.

1. Whirlpool bath
This upgrade, which had become synonymous with luxury in years past, is now on the most endangered list, contractors say.

"We’re taking out these bathtubs and making (walk-in) showers out of them," says Fred Spaulding of Quality Home Improvements in Kingwood, Texas.

Indeed, while they became a standard feature in many upscale homes, a hefty percentage of people who have these big whirlpool tubs report never having the time or inclination to soak in them, in part because of the noise and amount of water required to fill them and keep them warm.

"In almost four years, I have never used it," says "sisb" on a home and garden forum.

2. Room additions
These days, the name of the home-improvement game is conversion, or using existing space in a new way, says Don Van Cura, a Chicago-area remodeling contractor who sits on the board of the National Association of the Remodeling Industry.

"The biggest thing I’ve seen a change in is less room additions," Van Cura says. "Before, it had to be bigger and more, more, more. Now we are seeing more people taking advantage of attic or bedroom space."

Dining rooms are becoming home offices. Basements are becoming family rooms, and there are a lot more unpermitted (and some legitimate) attic-to-bedroom conversions, contractors say.

Forking over an average of $82,756 to build a new family room from the ground up —  including foundation, framing, drywall and electric — is more expensive, architects and designers say, than converting your basement. And the addition recoups only 65% of its value at resale, according to Remodeling Magazine’s 2009-10 Cost vs. Value Report. That basement remodel, on the other hand, costs just $62,067 on average and recoups 75% of its value.

3. ‘Versailles’ kitchens
In contrast with Europe, Americans — with their comparatively shorter history — just love anything that looks old and ornate.

If you look at European design books or websites, you’ll find page after page of simple, streamlined modern looks. Here, our McMansions boast elaborate Tuscan villa-style kitchens with ornate cabinetry, hardware and tile.

Call it the Bellagio effect.

"People will go into hock finding themselves surrounded by $150,000 of polished granite and fancy French or English cabinetry," says TV home-improvement veteran Bob Vila, who coaches people through remodeling projects on BobVila.com.

They’ll wind up saying, ‘I’m still paying on that and what the hell pleasure am I getting out of it?’ Going overboard with any aspect of home remodeling can be a mistake."

Indeed, upscale kitchen remodels carried an average price tag of $111,794 last year, according to Remodeling Magazine, but recouped just $70,641, or 63%, of their value at resale, a decline from the 2008-2009 survey.

4. Marble counters (or other porous surfaces)
Marble is a luxurious material that has been long-favored in kitchen and bath remodels. But it is losing its luster.

Sure, it has a lovely, natural look and a rich history in castles and palaces, but it requires more pampering and attention than a spoiled princess, experts say. Marble can scratch more easily than other surfaces, get burned by hot pans and stain easily, just like limestone and other porous materials. That, coupled with a price between $50 and $100 per square foot, should persuade you to leave it to the museum.

Indeed, while much attention has been focused on the drawbacks to granite countertops, contractors say it and other nonporous surfaces such as man-made quartz counters are better long-term picks than marble, limestone or even heavy poured concrete, a trendy surface that can crack as the cabinets underneath shift over time.

"It’s very dependent on well-built cabinets below it," Van Cura says.

5. Deck off the master bedroom
Now here’s a project that seems really luxurious, promising views and fresh air along with your morning coffee. Of course, the coffee maker is downstairs or on the other side of the house, so for most people this winds up being one of the most underutilized living spaces, says Stewart Davis, design director of CG&S Design-Build in Austin, Texas.

"90% of the folks we talk to never go out there," Davis says.

Yet it’s not an inexpensive project, costing at least $10,000 and requiring regular waterproofing and other maintenance.

6. Elaborate home theaters
Just as McMansions are falling out of favor, so are rooms that serve just one purpose.

With so many nice home-theater packages containing surround-sound speakers, amplifiers, bass modules, media centers and other controls and costing $3,500 or less, you can turn your flat screen in any family room into a home theater, instead of shelling out $20,000 or more for the whole shebang, including cinema seating, tacky red carpeting, projector, Blu-ray player and big screen.

And there’s no guarantee that the next buyer will want the "Metropolitan Opera meets bordello" look of many theater rooms.

Another plus to updating your family room’s acoustics instead: If you work with what you have, you’re not bringing in a lot of new synthetic material, Vila says, and therefore don’t have to deal with all of the outgassing, or release of fumes, from these materials.

7. Hot tub
This bubbly oasis seems relaxing and luxurious and is certainly much cheaper to install than a swimming pool, but many homeowners find that its upkeep, heavy energy use and repairs become a burden when compared with the time they actually spend using it.

Moreover, it gobbles up backyard space that could be used for seating, an outdoor kitchen or garden, designers say. And like the movie "Hot Tub Time Machine," it almost transports your backyard décor back to the 1970s or ’80s.

Some homeowners weighing in on these fiberglass tubs on gardening websites actually wound up using them as raised beds for gardening, rather than forking over the bucks to rip them out or get them working properly.

If you simply must have it, the better option might be to buy a portable unit. That way, you can take it with you or stash it out of sight when marketing your house.

8. Overly complicated home automation
It’s hard to tell people to stay away from something that sounds smart and could save them on their home-energy costs. But it’s easy to go too far with home automation, the centralized control of audio, video, lighting, heat and household appliances, experts say.

"You shouldn’t aspire to that without knowing that maintenance for that kind of system might be costly," Vila says. "Obsolescence is a matter of fact."

Indeed, "montalvo," a homeowner on a home-remodeling forum who spent $100,000 on a system that controlled everything from audio and video to lighting, security and temperature in his 7,100-square-foot California home, said the convenience continued to cost him even after he built his home.

"It entails significant monitoring, maintaining, repair and replacement costs," he said in a recent post. "For the first two years, the system’s installer was at our house several times a month, doing reprogramming, system upgrades, etc."

While some simple radio-frequency lighting systems can be installed for about $2,000 to $3,000, says Brian Scott, president of San Diego Automation, the wiring and equipment involved with more comprehensive systems can cost tens of thousands of dollars. And even software-based solutions are not without costs on the back end, as people feel the need to upgrade.

Scott’s firm is now installing wireless systems for audio, video and lighting that are controlled via an Apple iPad. But just as many iPod users have traded up to an iPad, so, too, may many homeowners feel the need to upgrade to the next generation of controllers.

"It will evolve," Scott says. "But it’s more about having all the features — the latest and greatest."

The best advice for people without a big budget or the patience to learn the intricacies of a big system is that old acronym KISS: "Keep it simple, stupid."

Learn what features consumers are looking for in design and construction this year.

By Hannah Shipley, FrontDoor.com | Published: 7/20/2010

During a panel at the 2010 International Builders Show, Eliot Nusbaum, executive editor for home design for Better Homes and Gardens, explained that practicality and price are fueling decisions on how homes are designed and built.

Nusbaum says the homeowner of today is "looking for a home that fits the entire family — from a multi-tasking home office, to expanding storage space needs, to a living room that can adapt to advancements in home entertainment and technology."

A Smaller Home

Today’s consumers are buying homes with less square footage. Purchases of smaller homes are up 36 percent from last year.

But just because a home is small doesn’t mean homeowners are sacrificing precious living space. Open concept floor plans are the resounding trend in smaller homes, where higher ceilings and an easy flow maximize perceived living space and allow rooms to serve multiple purposes.

Energy Efficient Appliances

Saving energy and money go hand-in-hand when using Energy Star appliances in the home. These eco-friendly products use less electricity, thus helping to lower your utility bill

Efficient HVAC Systems

Today’s HVAC systems are far more efficient than those of a few years ago. Not only do they bring increased comfort and improved air quality to the home, but they also use less energy and help to lower utility costs.

An Efficient Design With Lots of Storage

Homebuyers are looking for ways to maximize space and make better use of a home’s square footage.

An efficient design, with an open floor plan and multi-functional rooms, is complemented by a lot of storage.

With more people buying small homes, unique and practical storage solutions allow homeowners to have enough space to stay organized.

More Natural Light

Going with the theme of eco-friendly living, homes that maximize natural lighting don’t require as much energy to stay well-lit inside.

Plus, by adding more windows (or just larger ones) to bring more natural light into your home, you’ll make your living space feel larger and get better outdoor views.

A Separate Laundry

Being able to keep the family’s personal items out of sight is a luxury many homeowners want in their home. No one wants to feel like the washer and dryer are in the middle of the cooking or entertaining area.

A home with a separate area for laundry, whether it’s a designated room or just a space away from the higher traffic hot spots, offers a world of convenience.

An Outdoor Living Area with Private Backyard

A well-constructed porch, deck or patio can do wonders for a home’s perceived square footage. Plus, with proper landscaping, the backyard can allow for outdoor fun and relaxation without feeling like the whole neighborhood is watching.

Eat-In, Partially Separated Kitchen

A designated spot for dining in close proximity to the kitchen is important to homeowners, as is a partially separated kitchen. Being able to maintain an easy flow of space while keeping the kitchen from overflowing into other parts of the home allows families to dine together with ease, but it keeps the hustle and bustle of a kitchen from taking over the rest of the house.

Guest Bedroom and Bath

You want your overnight guests to enjoy their visit. You don’t want them feeling like they’re taking over an office or living room by sleeping on a foldaway couch.

A guest bedroom with additional bath may seem like an extravagance, but the extra living space adds value while also offering guests a private area where they can feel more at home.

A Comfortable Family Gathering Space

Think of a family room as a combination of a formal living room and a den — a place where the family can gather together for fun and relaxation. With family time a priority, many homeowners are coming up with new and inventive ways to customize a designated space to share with their loved ones.

A Home That Multi-Tasks

Today’s home office is more than just a desk and some shelves. Homeowners want a designated, functional space that allows them to work away from the rest of the family and not have to run back and forth throughout the home to get things they need. They are integrating features for productivity and convenience, such as a media system with TV, Internet and phone service, and refrigerator and freezer drawers for enjoying drinks and snacks without leaving the room.

Improved Home Electronics

Today, technology can integrate all sorts of home systems, allowing devices to "talk" to each other and share information. Home entertainment systems can be designed to stream content from your TV, Internet or DVDs. Smart phones can be connected to your alarm system, security cameras and lights so you can access and activate them when you’re not at home. Plus, energy dashboards let you monitor the energy you use and how much it costs.

Large Three-Car Garage

The garage has come a long way from being the place where you park your car. A large garage is a necessity for homeowners with multiple recreational vehicles, like motorcycles or boats. Other people will section off part of the garage and use it for storage, as a workout/gym area or as specialized work space, like an artist studio or workshop

A Low-Maintenance Exterior

Homeowners don’t want to spend time and money continually repairing siding, re-sealing the deck or dealing with other home exterior hassles. They want healthy landscaping and a beautiful home without having to keep up with all the maintenance.

Thanks to more durable building materials, like vinyl, cement fiber siding and composite woods, exterior upkeep is much easier. Plus, low-maintenance landscaping requires less water and less time for weeding, mowing or pruning.

Fend off pests outdoors, pamper lawns, keep drains flowing, clean grout and maintain water heaters this month.

Remove pest magnets
There are many reasons – fire protection, air circulation, drainage, attractiveness and safety — to keep the outside walls of your home clear and free of debris. One more compelling reason is that piles and stacks of tools, lumber, ladders, yard waste and toys create a haven for spiders, rats, mice and wood-boring insects. Take an hour to circle your home outside, removing anything touching the siding. Donate, discard or store what you’ve removed.

Firewood is one common hiding place. Stacking it under the eaves of the house keeps it dry, but there’s a price: The wood creates a home for spiders and invites them into the house. Also, wood piles trap moisture against the siding and prevent circulation. If left long enough, the dampness could rot siding or trim. Instead, store firewood at least two feet from the house and 18 inches above the ground. Keep it dry by building a little shelter over the top of the pile.

In addition, discourage pests by clearing out vegetation under decks that might give them a safe place to hide. And pick fruit from trees as soon as it is ripe. Keep the ground clean under fruit and nut trees.

Seal garbage cans tightly. If you’ve had problems with rats, dogs or raccoons getting into the trash, make sure the cans have tight-fitting lids. Tighten the lids by linking a stretchy tie-down from handle to handle. Knot it to shorten it if necessary. Buy or build a small enclosure for your cans. (Here’s how home-improvement blogger Ron Hazelton did it.)

Wash and rinse items you intend to recycle. Keep them waiting for disposal indoors or in a sealed enclosure. If you store pet food in a garage or carport, keep it in containers with tight lids. (Read “Three tips for keeping your home rodent-free.”) Also, if your bird feeder is attracting rats, get rid of it. To see if you’ve got “four-legged birds,” shine a light on the feeder in the middle of the night or in the wee hours of the morning.

Don’t let water sit around your yard or garden; it breeds mosquitoes. Change the birdbath and wading pool water at least weekly. Toss water out of pet dishes, flowerpot saucers, cans, buckets and anything else lying around that collects rain. Keep gutters clean.

Pamper the lawn
Homeowners can’t successfully emulate the tightly trimmed golf-course look because they don’t have a golf course’s budget and army of maintenance professionals. Instead, the best thing you can do to achieve a good-looking lawn is to mow frequently and high (three inches or more – or just set your mower blades as high as they’ll go). This discourages weeds and trains the grass to grow in thickly. High, frequent cutting encourages roots to grow deep and retain water, so you’ll need to water less frequently. Let the clippings fall onto the lawn to add nourishment.

If you’ve been watering the lawn this summer, keep it up: Water infrequently but deeply, giving it an inch to an inch and a half of water each time (measure by putting an empty tuna can on the lawn). Water early in the day to avoid evaporation — not at night, which invites disease. You’ll know it’s time to water when your footprints don’t spring back when you walk across the grass, when the grass gets a blue tinge or when you can’t easily push a screwdriver or steel rod into the soil.

If your lawn has turned brown, don’t try to rescue it by watering now. That’s hard on the grass plants and a waste of water. It’ll come back when the rain starts in the fall. (Read “10 secrets to a perfect lawn.”)

The best time to fertilize depends on your climate and the grass type in your lawn. In general, avoid fertilizing during extremely hot weather or periods of drought. Do not use products with nitrogen when your lawn isn’t green – it can encourage weeds. Start thinking about fertilizing at the end of this month and consult professionals who sell lawn-care products or call your local home-extension service (Wikipedia links to state cooperative extension services here) to get advice on what to use and exactly when to use it. August is the perfect time to root dandelions out of the lawn using a long-handled forked tool or with judicious use of an herbicide.

Clean sink drains
If you’ve got a slow-draining sink, take action. First, try a homemade drain cleaner. Onthehouse.com recommends mixing a solution of equal parts of salt, baking soda and vinegar. Pour it into the drain and chase it down with two quarts of boiling water. You can use this solution monthly. Avoid chemical drain cleaners; they can damage the pipes and create toxic exposure for you and your family.

Or you can apply some elbow grease and fix slow drains by cleaning out the drain and trap  – the U-shaped pipe that’s directly under the sink. Position a bucket under the trap to catch falling water and gunk and keep a pile of rags at hand for cleaning up. This can be a messy job – you may also want to wear rubber gloves.

Loosen and remove the couplings that hold the trap to the straight pipes that run from the sink and to the sewer. You may need to use a plumber’s wrench. If the pipe is plugged, all kinds of messy stuff will fall into the bucket and must be removed from the trap. If possible, take the trap outside and shoot a stream of water from the hose through it. Rinse it out thoroughly. Use a snake or wire from a coat hanger to remove built-up debris from the pipes.

Clean the drain plug
Also, pull out the sink’s drain plug to clean it. The plug pops up and down in the sink. It is attached to a rod and lever that are held to the back of the drain pipe by a nut. Pull out the rod by unscrewing the nut. Clean the drain plug and remove any gunk that’s in the pipe, then reassemble the plug. Reassemble the trap, tightening the couplings by hand so you don’t screw them too tight. Flush the drain by running hot water for a few minutes.

Fix leaky faucets
Check faucets for leaks and install new rubber gaskets by unscrewing the faucet end, removing the old gasket and reassembling it. Also fix dripping faucets. First, shut off the water under the sink. For sinks with independent hot and cold water faucets, dismantle each faucet, removing the washers (rings made of rubber, plastic or brass). Put the washers in a sandwich bag and bring them to the hardware store to look for replacements. Reassemble the faucets and turn the water back on. For a single-arm faucet, fix leaks by replacing the faucet’s inner workings. That’s not hard, because you can just note the brand and buy a faucet rebuild kit (about $50 at hardware stores). Dismantle the faucet, laying out the pieces on a paper towel. Shoot a photo or make a sketch to refer to when assembling it. Put the faucet back together and turn the water back on.

Clean and replace grout and caulk
Inspect the grout in tiled areas of your home, particularly in bathrooms and the kitchen. If grout is cracked or missing, remove and replace it in the affected areas. Grout should be cleaned regularly, particularly if it comes into contact with moisture, to keep it free from stains and mold. Use an old toothbrush and one of these cleaning products: TSP, hydrogen peroxide, vinegar, bleach or grout cleaning solutions (available at tile stores or on the Internet). Inspect the seal around sinks, showers and tubs and recaulk any spots where caulk has cracked or separated. Use silicone tub and tile caulk.

Get a furnace inspection
Have your heating system inspected and serviced by a professional. Call the company that sold it to you or your fuel distributor to get recommendations for servicers.

Blanket the water heater
Get one of those nice, fat insulating blankets for your water heater if it doesn’t have one. You don’t want to pay to heat all that water and then let the heat leak into the atmosphere.

Inspect and maintain the water heater
Have your water heater professionally serviced once a year. (Keep track with this furnace maintenance record from the University of Alaska Fairbanks Cooperative Extension Service.) Inspect the water heater thoroughly and check the walls and floor around it for evidence of leaks, rust or corrosion. Also check the lines and connections to the heater. Even a small amount of moisture can rot the flooring and subfloor. Lie on the floor to look at the bottom of the heater from underneath, using a flashlight. If you find leaks, replace the water heater.

Test the water-heater valve
Test the valve that controls temperature and pressure on tank-type water heaters. Do this once a year because, if the valve becomes stuck in the on or off position, an explosion can result. Work carefully because the water in the tank is extremely hot. Do it during business hours on a weekday so you can get help if you find problems. Put a bucket under the water heater’s overflow pipe to catch the drainage. The valve is at the top of the water heater and is recognizable because it has a small handle. Lift the test handle for five seconds to release a little water, then close it. If the valve refuses to close, or if nothing comes out, call a plumber immediately to replace it. (See an illustration and detailed instructions in this pamphlet by the Washington state Department of Labor and Industries.)