Podcast #13: Commercial Lending and Real Estate

podcast 13 commercial lending and real estate
For this podcast about commercial lending I sat down with Angie Hoffman at U.S. Bank.  During the podcast we discussed investing in real estate, commercial lending, and how commerceial mortgages can help investors.  If you want to learn more about commercial loans this is a great pdocast for you.
I hope you enjoy the podcast and find it informative.  Please consider sharing with those who also may benefit. Listen via YouTube: You can connect with Angie on LinkedIn.  You can reach out to Angie for more information on their lending products by emailing her at angela.hoffman@usbank.com.
You can connect with me on Facebook, Pinterest, Twitter, LinkedIn, YouTube and Instagram.
About the author: The above article “Podcast #12:  Hard Money Lending” was provided by Luxury Real Estate Specialist Paul Sian. Paul can be reached at paul@CinciNKYRealEstate.com or by phone at 513-560-8002. If you’re thinking of selling or buying your investment or commercial business property I would love to share my marketing knowledge and expertise to help you.  Contact me today!
I work in the following Greater Cincinnati, OH and Northern KY areas: Alexandria, Amberly, Amelia, Anderson Township, Cincinnati, Batavia, Blue Ash, Covington, Edgewood, Florence, Fort Mitchell, Fort Thomas, Hebron, Hyde Park, Indian Hill, Kenwood, Madeira, Mariemont, Milford, Montgomery, Mt. Washington, Newport, Newtown, Norwood, Taylor Mill, Terrace Park, Union Township, and Villa Hills.
TRANSCRIPT
Commercial Lending Podcast
 
Paul Sian: Hello everybody. This is Paul Sian, Realtor with United Real Estate Home Connections, licensed in the State of Ohio and Kentucky. With me today is Angie Hoffman with US Bank. Angie how are you today?
Angie Hoffman: I’m doing great Paul. How are you?
Paul Sian:  Great. Thank you for being on my podcast. We’re gonna start off. Today’s topic is ‘Commercial Lending’. Angie is a commercial lender with US Bank, as I mentioned. Angie, why don’t you tell us a little bit by your background. What you do with the US bank, and how did you get started in that field?
Angie Hoffman: Sure. So, I am a Cincinnati resident, have been my entire life. Was previously with a company called the ‘Conner group’, which is located out of Dayton, Ohio. They’re a private investment real estate firm. I was with him for about five plus years, just learned a ton of information, really loved the financing portion of their group. So, that turned me to the banking portion, which I ended up going with US Bank just because of the knowledge and the breadth of what they can do as well. Just the culture within US Bank has been phenomenal. I’ve actually been with us Bank now for five years; in the last three years I’ve been within the commercial real estate side as well as the business banking side.
Paul Sian: Okay. Your primary focus is commercial loans.
Angie Hoffman: Correct. Yes, both investment real estate as well as owner-occupied and small to medium businesses. 
Paul Sian:  Okay. The investment side, I represent a lot of buyers of multifamily. I know with the form below we do, the conventional space generally, and then when you’re in the five units and above. You go into the commercial space, which is your space. I have also heard it being covered with mixed-use buildings, industrial properties, is there something else that commercial loans would cover?
Angie Hoffman: Correct. I mean it can really be quite an array of properties, office is one that we see pretty often, and can tend to be either hot in certain areas, whether it’s office Class B or Office Class A. Retail strip centers, we’ll look at Triple Net properties, and absolute not properties. We are very popular, if you’re looking at diversifying a multi-family portfolio and adding in some triple net properties. We also do, obviously owner-occupied properties too. When you have that small business or medium business owner who wants to own their own real estate. We do that as well, and that’s again part of what my position entails, and then we will also look at portfolios will do single-family homes. 
I’m actually working with somebody now who has a portfolio of several single-family homes, that were looking to kind of restructure and refinance for him. We can even utilize current equity and properties to purchase additional properties to help you grow your portfolio. We do try to have a full understanding of your portfolio or a full understanding of what your strategy is. How partner with you, as you continue to grow that portfolio short- and long-term goals.
Paul Sian: For our listeners, who don’t know. What Triple Net means, do you mind explaining that.
Angie Hoffman:  Sure. So, Triple Net is gonna tend to be your properties that have the tenant itself is paying the taxes, the insurance, you may have some pretty minimal depending upon the property, responsibilities that are usually restricted to the exterior of the building. It may be like a roof or a parking lot. Type of maintenance but generally speaking the great thing about the triple net is that for some clients, it’s a property that you can basically own, and you have to do pretty much nothing with. So, you’re gaining that income without having to do a very minimal type of responsibility or maintenance. 
The downfall of that is that typically they’re gonna be somebody, who is gonna be a longer-term lease, which is great. However, you still have the issue that it’s a bigger square footage generally. So, five, ten, twenty thousand plus square feet. If you lose a tenant obviously, that can be very impactful. It just depends upon your, again your focus of your portfolio, and if you want to add in that. But it can be great opportunity, but tends to again be a little bit less of a return. Because of the minimal responsibilities.
Paul Sian: Going back to single family. That is similar, I am using the same term your bank use but to ‘wrap mortgage’. Is that what you use for single families?
Angie Hoffman:  We do have the ability, from the perspective of what you say wrap mortgage.  We’re typically calling that like an umbrella, if you’re grouping all, let’s call it, if there’s ten single family homes. You’re grouping this all into one, it lies together. We have the ability to do that depending again on the structure that the client is looking for. 
We also have the ability to separate out those facilities, and do a simultaneous closing for each one of them to have them separated out from each other. Obviously, there’s some contingencies but that the properties itself have to be able to cash flow by themselves, things along those lines that we would underwrite to. But we do have ability to look at it from both perspectives.
Paul Sian: Okay. The biggest advantage of that if someone has reached the maximum ten convention mortgage loanlimit. They can step into your space there and you could cover them, and they can either restart that or. With something like that, let’s say somebody does get ten properties, and are they able to finance in additional properties into that same loan or is that has to re-finance each time?
Angie Hoffman: No. We would be able to add in. I mean, if you’re asking like if they want to refinance these properties, and they’re also looking to maybe either use some of the equity in them or they’re also buying at the same time. We can do all of that together, so that’s not an issue at all.
Paul Sian: Let’s say to somebody new coming to investment. What is the typical down payment on commercial loans? That are looking to buy in the mixed-use space or multifamily space?
Angie Hoffman: So, generally speaking. We’ll go up to 80% loan-to-value. The biggest factor within that is gonna be how much the capability of the property to hold that debt. We’re gonna have, we have a pretty. I don’t want to say complex but we do have  multiple factors that go within our cash flow, and net operating, income calculation, that we’re gonna want to see. It balanced to a certain point for it to be able to hold the debt at an 80% loan to value. Again, we tend to partner with our clients. I have several clients who will send me properties on a daily basis, that they’re interested in. We will let them know what the debt capacity would be on that property.
Paul Sian: Okay. Income from the rents per sale, let’s say, something’s got a ten-unit building. Then you’re looking at the rents that are coming in. You’re also considering the buyers income level, income to debt ratio, all that as well.
Angie Hoffman: Yes. When I talk about the capacity, the debt for the property is being the one of the first things we look at is. In order to get to that 80% LTV, if you’re looking at the actual depth, they’re wanting the property to take on. Compared to other rent they’re taking in and the expenses, as well as some vacancy factors, things like that. That’s what we’re looking at to have a certain ratio, then on top of that. When we get to the next step would be look at the client globally, and their personal debt to income, and that factor too.
Paul Sian: Looking at that commercial mortgages, can buyer use the mortgage to upgrade property, to build in some equity in the property. Does the building of the equity get taken into account, and do you have a loan that allows them to do that?
Angie Hoffman: That question is kind of twofold. If you have a property, let’s say, it’s multiple unit, and you’re continuing to kind of do some improvements and renovations. If the property has the equity, we can look at small lines of credit to help with that renovation cost. Then once everything’s complete to be able to wrap that together. If you’re looking at a property that’s completely distressed, and doesn’t have any type of income. Then that’s gonna be something that generally we’re gonna have a harder time with. Because it’s a speculative type of scenario, and we want to typically see the actual income.
Paul Sian: How about converting something, I am interested in buying warehouse, either in retail space or multifamily. Do you offer products for that, or is that a similar situation when you’re looking at the risk as being a little high?
Angie Hoffman: Yes. So, that is gonna be a similar situation. Once the actual project would be completed again from a speculative standpoint, it just it becomes a little bit more difficult from a risk perspective. However, we’ve been in scenarios where we’ve worked with clients and partnered clients, people we know who work in that space more than we do. We can look to, guide them to what we would look at if we wanted to refinance that once it was completed, and there were leases in place.
Paul Sian: Okay. So, that is one of the benefits working with a big bank like US bank, is you can reach across departments there, and tap other resources within your organization.
Angie Hoffman:  Even if it’s within the organization, we have other resources whether it’s our private wealth or wealth group, have some capabilities that are different than what we have as well as from a CUI or network basis. It may be somebody just within my network that I know works within that space to introduce that way and hopefully can get that client taken care of.
Paul Sian: Are you able to comment on the underwriting process of commercial loans compared to residential. Is there a big difference in that process? 
Angie Hoffman: So, yes and no. I know we touch on it already a little bit. One of the biggest differences is obviously we’re gonna look at the actual collateral in a very different way, especially on the investment real estate side. When you’re looking at investment real estate, the factors that the net operating income as well as the cash flow of the property become factors. Whereas, when you’re buying a home, obviously it’s a lot more about the loan to value of the property. However on the other side of that, if we are looking at a property that’s gonna be owner occupied by a small to medium business. It becomes a lot more about the loan-to-value as well. So, it can depend upon the situation.
Paul Sian: Okay. How important is the person’s experience when they come to loan, get a loan for you. If it’s a new first-time investor looking at multi families versus somebody who’s already got five to ten units and then either self-managing or running it for a couple years.
Angie Hoffman: I mean, generally speaking, if you have somebody brand new, one of the biggest things is if you’re not familiar in the scope. You don’t have experience, you gonna be partnering  potentially with a property management company or somebody else who is maybe a partnership within the LLC or the property that you’re buying that has the experience. Just being able to show you may not have previous experience in this but you are partnering with a property management company that has historical success in these properties. You’re partnering with somebody, for instance, who has historical success in the properties.
Paul Sian: So, yeah boils down to your team then. What you’re bringing to the team. What kind of document requirements are there to start a commercial loan process with US bank?
Angie Hoffman: Generally speaking, in every situation is different, every request is different, client is different. But it’s typically going to be two to three years of taxes, personal and business, personal financial statements pretty standard as well. If it’s a purchase, we’re gonna want to see a purchase agreement or understand the purchase agreement as well. As you’re gonna want to have financials whether it’s profit loss or the rent rolls preferably a Schedule E or 8852 from the client. Showing what the historical trends of that property of have been. That’s where we really try and partner with our clients of understanding their portfolios, understanding what purchase they’re trying to make. So, that, does it fit, and is there anything we see because we see them on a very regular basis that. Maybe we need to discuss or let the client know that we are suggesting maybe prying a little bit more information.
Paul Sian: How important is ones credit score when they come to apply for loan with you?
Angie Hoffman: It is a factor, I mean. In any type of just like the traditional mortgage, it is gonna be a factor. But there are so many different factors that, it’s only one of many.
Paul Sian: One of the important things when it comes to purchasing real estate is I always tell the buyers that have a pre-approval letter ready. Is there something similar in the commercial loans place? A pre-approval letter, pre-qualification letter. Just something that says, somebody sat down with you, they started the initial process. They’ve got access to certain amount that they can borrow to purchase this property. Do you have something like that?
Angie Hoffman: We do. So, on the commercial side it’s gonna be called a letter of interest, and it basically lays out that we are working with a client. We have a price range or up to a price range that we’re looking for with the client, and depending upon the collateral. We are looking to work with him on the financing, again depending upon what the collateral is, and then we also have once we’ve actually maybe gone through a more official process of underwriting and submitted an actual financial package. We do have, depending again on what the financing contingency is for that client. 
We do have a letter of commitment, which lays out that there is an approval but it goes through all of the conditions as well like your appraisal certain things like that, that we’re gonna have to clear.
Paul Sian: Okay. How long does that process take? If you are writing an offer today for a client, and then usually you have to write in how many days we’re gonna close in. 30 days, 40 to 45 days. I know conventional, it’s usually a little quicker, a little easier. So, we can do it in 30 days or so. I mean, what would you recommend for a commercial loan?
Angie Hoffman: I think 45 days is very practical. One of the biggest things that I always talk about with my clients is that 45 days really is incumbent of me having a full financial package, meaning those two years of tax returns. The financials, I spoke about from the client that you’re purchasing, and or if you’re refinancing. To me, having that full financial package is really the key and then, again from there it’s gonna be some of the factors of the appraisal as well as the title work that would go along with it. But generally speaking, 45 days to close is pretty.
Paul Sian: Reasonable.
Angie Hoffman: Yes.
Paul Sian: You mentioned the documents that was my blog article documents for the conventional mortgage process. You mentioned W2s, 1040, tax returns, that is pretty similar the document requirements for commercial loans that it is for residential space?
Angie Hoffman: Yes. It’s very similar. With the PFS is gonna be one of the biggest as well as the two years of tax returns. Potentially three years depending upon, again the request size. Like you said, I mean, if they’re a W2 income type of employee, then we may need additional pay stubs. like I said, for any client, it could be very different depending again on what their history is. If they’re a business owner, then we may mean some more details but generally speaking, again it would be two to three years of personal business has returns, personal financial statement, and potentially obviously purchase agreement or additional documentation from that side.
Paul Sian: Okay. When it comes to partnership, people coming together, those documents from everybody. Correct?
Angie Hoffman: Correct. So, depending on what the ownership structure is. Generally, if somebody’s over 20% ownership within the property, then we’re going to need that financial information from them as well.
Paul Sian: Okay. I know with the conventional space. Lending into an LLC is generally impossible. Most lenders will not allow conventional borrowers to use an LLC. How does that work on the commercial side?
Angie Hoffman: The vast majority of the lending that I do is going to be through an LLC in a holding company. The clients are still a personal guarantor but the lending itself in the title is all within the LLC.
Paul Sian: Is it a requirement in LLC or is it an option for the buyer?
Angie Hoffman: It’s an option. I mean, one that again depending from an attorney’s perspective, if you’re talking about liability. It may be a best-case scenario to have an LLC with that property. But we always reference stuff talk to your attorney about what makes sense for you.
Paul Sian: How much, do you have any minimum loan requirements and your maximum loan requirement?  
Angie Hoffman: Up to ten million on the investment real estate side, and then once it’s beyond that, we do have a commercial group that we would work with a real estate group as well as our middle marker group that would potentially be involved. As far as minimum typically, again if it’s under 2,50,000. It’s still something that we would do. It just, we pull in a different partner to work with us on that too, because it kind of goes into a little bit different of a space.
Paul Sian: Is there, under 250,000$ or is there a lower minimum. I know some conventional lenders won’t touch anything fifty thousand and under.
Angie Hoffman: It’s pretty common. Yes, under fifty thousand is gonna be a little bit more difficult. 
Paul Sian: 50,000 to 2,50,000, and above that.
Angie Hoffman: But keep in mind too. I mean, if you have properties itself. It may be again, you see this more with the single-family home portfolios. You may have multiple properties that are under fifty thousand. But we’re looking at the entirety of the portfolio, makes a little bit different of a scenario. I would caution that anything that somebody is looking at from the perspective of either total lending amount or even individual property. We’re happy to take a look at it, have an understanding of what you’re looking to do, and if for some reason it’s not something that is in our world necessarily. Again, from an internal and external standpoint. We typically have somebody who I can contact.
Paul Sian: Discussing interest rates from general perspective, everybody’s situation is different and unique. But in terms of paying more, having a lower LTV, 60% LTV rather than 80%. People get themselves a better interest rate or is it generally, can we same and more just depending on credit and history.
Angie Hoffman: So, from an interest rate standpoint, the commercial side is a little bit different. Then maybe the mortgage or lines of credit side, then you then you generally see. Ours is based off of what banks cost the funds are, and then there is a spread that is on top of that. That’s where you get the percent from. Right now, cost of funds are pretty minimal. So, interest rates are extremely competitive. But from that perspective, it doesn’t necessarily factor in the actual loan it saw or the guarantor itself or the property itself.
Paul Sian: So, there’s some risk-based consideration towards interest rates. I guess a little higher risk project is that something you would price a little higher in the interest rate or generally that it’s not considered as much?
Angie Hoffman: No. That’s not considered as much, generally.
Paul Sian: Okay. Great. That’s all the questions I have for you today Angie. Did you have any final thoughts to share with the group?
Angie Hoffman: Sure. One thing I would say is if anybody has any questions about property specific, cash flow, if this property may fit into their portfolio or something that we would look to land up to 80%.I’m happy to partner with anybody on that side as well, and be resource for them. On top of that, I did want to mention that obviously US Bank is across the country. That gives us the ability even, if I’m your contact in Cincinnati to lend out-of-state borrowers.
I’ve worked with quite a few clients obviously from California that are buying in Cincinnati as well Chicago. So, those are people that I’ve worked with quite frequently as well.
Paul Sian: That is perfect. I’ve got a number of out of state clients to. That is one of the biggest challenges that I’ve faced with some local lenders is that they don’t lend to out of state. That’s a great ability to have.
Angie Hoffman: So, the key with in that too is just as I want to mention too. I mean, anytime that scenario comes up. We are happy to discuss it. One of the biggest factors with out-of-state lenders is that we do look for them to be within US bank footprint. So, we are very much on the west coast and Portland, all of those areas. If they’re somewhere you’re not familiar, if we’re within that area, please reach out. Let me know, and I’m happy to take a look.
Paul Sian: Great. Thank you again. I will leave your contact information on my blog post once it gets published live. Thanks again for being on the podcast.
Angie Hoffman: Thanks for having me. 

Source: cincinkyrealestate.com

What the Flip? A 1909 Family Home Is Fully Restored and Grabs Top Dollar

realtor.com

Flipping a house is a lot of work, and can yield a big profit. But not every project is guaranteed to be lucrative. So what’s the key to successfully making over a fixer-upper and selling it for a gain? Our new series “What the Flip?” presents before and after photos to identify the smart construction and design decisions that ultimately helped make a house desirable to buyers.

Oklahoma City is an alluring place for home buyers these days. Its cost of living is low, there are plenty of opportunities for work and play, and you get the pace of city life with the quiet of the country nearby.

With a median listing price of $225,000, Oklahoma City is certainly a place to score a sizable single-family home for a reasonable chunk of cash, but finding an age-old property with good bones is a challenge. So when our flippers stumbled upon this four-bedroom, three-bathroom home from the early 1900s—in one of the city’s most prestigious and historic neighborhoods—they jumped.

Sure, the home wasn’t exactly in great shape, but that’s where the flip comes in. This old home went from drab and dusty to absolutely fabulous. It was purchased in July 2018 for $325,000, and in September 2019 it was sold again, for $642,000. The sellers doubled their money in just over a year—a result that any flipper could hope for.

So what made this such a successful flip? We turned to our experts to uncover the winning design and home improvement moves.

Living room

The living room is often the first space buyers see when they enter the home, so bringing this room up to date was key. The original room felt dark, dirty, and cramped, so the sellers had a big project on their hands.

“Lighting is key to this room,” says Malissa Kelsch, real estate adviser with Red Rock Real Estate. “Removal of window coverings and additional can lights deliver a distinctive sensation of relaxation.”

“They resurfaced the walls, which was a great choice to make the walls feel like new construction,” adds architect and interior designer Alondra Alberti. “The light paint and blond floor stain showcase how large the space actually is.”

But one of the most impactful changes was simply the removal of the accordion doors leading to the kitchen.

“The living room seamlessly flows into the kitchen to make it a perfect home for entertaining,” adds real estate agent Sarah Bernard. “This is the open, bright look that buyers today are demanding in new construction, so to renovate with this in mind makes lots of sense.”

Office

Previously, the home office looks like a strange afterthought. The flip transformed it into a gorgeous, usable room.

“Home offices are one of the most sought-after spaces in our current climate of working and teaching kids remotely,” says Bernard. “The new floor, lighting, and open, sleek modern space with windows make this a strong selling point for busy buyers.”

“The hardwood floors throughout facilitate the visual flow between spaces, creating a more harmonious relationship between the office and the rest of the house,” says Alberti. “I also love the contrast of the black-matte stair raisers and wooden handrails. It provides a sophisticated rustic appeal that a lot of buyers look for in a home.”

Kitchen

“It looked like a sad little kitchen crying in the corner,” Alberti says of the pre-renovation space. But the flip made a huge difference in this all-important room.

“They have repositioned and expanded the kitchen, creating an open concept tied in by a beautiful, massive island that not only provides contrast but also bar seating,” Alberti explains. “They did a great job combining different materials and textures. … It’s a design risk that elevates the home.”

Kelsch says the new kitchen is definitely more appealing to potential buyers.

“Additional usable counter space, storage, and lighting make this a desirable kitchen and a ‘wow’ feature in the home,” she says.

Bathroom

The old bathroom in this home was like a walk back in time, but not in a good way.

“The wallpaper and the top-and-bottom built-in cabinets made the space feel enclosed and restricted,” says Alberti. “The old shower doors are always a must-go—they have had their run for far too long.”

The updated bathroom now feels warm and welcoming.

“The shower wall niche was a particularly nice touch because it provides practicality to the user,” adds Alberti. “Those kinds of details are never overlooked by buyers.”

Bernard agrees: “The new, beautiful bath lets in natural light for the tranquility that homeowners want in their bathrooms,” she says. “The updated shower and more functional and modern vanity feel clean and fresh compared to the original.”

Bedroom

From the gray wall-to-wall carpet to the heavy drapes, can we all just agree that the old bedroom was the stuff of nightmares?

“The new bedroom sheds pounds of darkness that were exhibited in the old carpeting and bulky cabinets,” says Bernard. “The white walls and wonderful new windows are inviting in a room that anyone can envision themselves waking up in. This is a luxury look that buyers in all price ranges desire.”

“This bedroom has had a complete turnaround. The new vaulted ceiling helps make the room feel more spacious, and removing the cabinetry opens up the room,” says Kelsch. “Bringing in as much natural light as possible by taking down dated old drapes and updating furnishings and fixtures will bring top dollar to this house.”

The post What the Flip? A 1909 Family Home Is Fully Restored and Grabs Top Dollar appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

8 Money-Saving Tips for Improving Your Bathroom’s Design

I don’t know about you, but for me, a bathroom goes well beyond its practical uses; within the past years, I’ve come to think about it as a sanctuary of sorts, that room of the house that’s dedicated to pampering, relaxing, and deconnecting — a place where I can enjoy some alone time and use that alone time to take care of my skin, hair, body, and mind.

And just like any other space in my house, the more beautiful my bathroom is, the more I can enjoy the time I spend in it. But re-designing a bathroom or remodeling it altogether is quite an investment. That’s why today we’re going to look at a few handy ways in which we can improve our bathroom’s design without having to spend a ton of money in the process. Here are some tips to help you maximize your bathroom’s function and style while saving money — both on the short and long run:

#1 Choose décor materials wisely

When designing your bathroom, one of the most important things to take into consideration is choosing the right materials. And I’m not talking about the tile (which we all know ceramic is the way to go); but rather furniture and appliances. Since this space is expected to be exposed to water, humidity, and moisture, it’s best to use waterproof materials for all furniture, décor items, and appliances.

For example, solid wood or plywood may not be a good choice for furniture, as it will likely warp and crack (and it can even lead to mold). Instead, a way better — and longer-lasting — choice would be PVC, which is extremely durable, completely waterproof and offers a great look and feel as well for bathroom cabinets. When buying blinds for your bathroom windows, choose waterproof blinds because they are stain and mold resistant, as well as fade-free. When picking appliances, make sure to avoid any metal that might rust, and preferably stay away from plastic; some of your best choices are brass, stainless steel, and zinc (or zinc alloys), as they stand the test of time and add a note of style to your bathroom.

Overall, focus on materials that can withstand humidity and water. This way, you don’t have to spend money replacing them and you can rest assured that your bathroom will maintain its clean and brand-new look over the years.

#2 Widen and brighten your space with mirrors

Instead of adding a skylight or a new window to brighten a rather gloomy bathroom (which would call for a pricy renovation), consider using a large mirror, re-painting your walls in a light color, or adding extra light fixtures. These can all help create the illusion of space, making your bathroom look wider and brighter. Obviously, this technique is much more affordable than having to install an additional window to your bathroom space and you’d be surprised at how much of a difference adding a large mirror can make.

If you feel like you don’t have the space to add an additional mirror to your bathroom, consider replacing the mirror above your vanity with a far larger one. Bonus tip: choosing an unusual shape or a unique frame for the vanity mirror (like the one in the image below) can give an impressive look to your bathroom, and act as the centerpiece of the room.

bathroom vanity with large, unique mirror

#3 Update by regrouting

If you’re looking to update your bathroom quickly and on a tight budget, consider replacing the existing tile grout. Regrouting is a two-step manual process by which you first remove the hardened old grout from the seams, or joints, between the tiles in your bathroom, then apply fresh new grout to make it seem like you have just installed your tiles (here’s a full walkthrough of the process). You’d be surprised how big of a difference this fairly simple update can make — especially since tiles rarely show signs of wear and tear, but the grout’s initial color fades away, and often gives a sense that it’s dirty, discolored and old.

This idea works best if the tiles in your space are still in great shape, that is, they don’t have cracks or missing pieces. Although it may take a bit of work, it’s surely faster and cheaper than a major bathroom overhaul. Fresh grout will make the tiled area look brand new, and you can even apply a new grout color to make a more dramatic change to your bathroom. 

pink bathroom tiles

#4 Get creative with designer tiles

Now, if you’re looking to add a splash of sophistication to your shower or bathroom tiles, but don’t have the budget to splurge on designer tiles, there’s a super easy trick you can turn to: use regular, budget friendly tiles across the walls of your bathroom, then add a pop of design and color in a small area using more expensive designer tiles. 

Or, you can keep it simple and use classic tiles, but arrange them in an unusual pattern or install them at an angle to create an eye-catching effect. If you’re looking for the maximum effect, create an accent wall (preferably right where either the shower or bathroom vanity go, to highlight that space), like the one pictured below. It won’t cost as much as replacing all of your bathroom tiles, but will definitely give your space a great, updated look.

bathroom shower tiles

#5 Try to avoid current trends

We all like to think that we’re aligned with the latest trends and fads. But the truth of the matter is, the best way to waste money is to follow fads that in a couple of years will seem so outdated that you’ll feel the need to renovate your bathroom all over again. You can make your design last way longer if you’ll use natural finishes and neutral colors.

Classics also tend to be considerably less expensive than their trending counterparts, and they’re much more likely to stand the test of time. See below for a marble-themed bathroom that was all the rage a few years back, but that seems a little out of place in the more minimalist-inclined era that we live in today.

marble bathroom with gold fixtures

#6 Use traditional finishes

This goes hand in hand with our last point: using fancy fixtures and embellishments on your faucets and cabinet hardware may seem like a good way to add some personality, but they can turn out to be rather costly without having the desired effect over the years. These kinds of fixtures are pricier than standard ones and their unusual colors, trimmings, and shapes can be more difficult to match with the rest of the décor — and limit any improvements you might decide to make in the near future.

Because of this, you may be forced to buy new coordinating pieces, too. However, if you’ll stick with traditional finishes, it will be simpler for you to create a cohesive look while still sticking to your budget. 

bathroom sink and fixtures

#7 Re-use old furniture to create a unique look

If you have an old desk, table, dresser, or TV stand, consider using it in your bathroom (provided it can withstand humidity and isn’t easily prone to water damage, as we’ve stated above). Repurposing old furniture will give you a chance to show your personality while adding much-needed bathroom storage. Consider doing this as a DIY project, which can help you save money while also being earth-friendly. 

Not sure how to fit old furniture with your bathroom décor? Repurposing doesn’t mean using the piece of furniture in the same way it was intended by its makers; so you can get as creative as you want, by say turning an old desk into a vanity, parts of a table into shelves, an old painting frame into a mirror frame, you name it. See below for a great example of how this stunning bathroom with matching his and hers vanities uses old crates to frame the bathtub.

elegant bathroom with matching his and hers vanities

#8 Refinish rather than replace

Replacing bathroom elements will usually require removing or replacing plumbing fixtures, which comes with additional costs. It can also involve construction changes, demolition work, and new installation. Before deciding on replacing any of these fixtures, determine if they really need replacement. If you’re replacing them for aesthetic reasons, you might have the option to refinish them instead of replacing them altogether. 

For example, you can refinish your old tub with a nice-looking, protective coating instead of completely replacing it. You can also paint your cabinet anew instead of purchasing a new one — and you can even get creative with the color you use. Check out this elegant bathroom below, whose owners chose to refinish the bathtub and paint it in a slight pinkish hue. Isn’t it just lovely?

pink bathtub in elegant bathroom

Final thoughts

The bathroom is one part of the house that needs some upgrading every now and then, and said upgrades can turn out to be quite expensive. However, with some rather small, but well-thought changes, you can spruce up your bathroom design without spending a pretty penny. And if our suggestions are not to your liking, there’s tons of helpful resources out there that can give you some great ideas to get you started.

More interior design tips

Here’s Everything You Need to Set Up a Meditation Corner in Your House
How to Turn Your Kitchen Into Every Coffee Lover’s Dream
Design Trends that Add Extra Flair to Your Fancy Home
How to Add a Touch of Luxury to Your Home without a Costly Renovation

The post 8 Money-Saving Tips for Improving Your Bathroom’s Design appeared first on Fancy Pants Homes.

Source: fancypantshomes.com

Say Farewell to Shag Carpet—Family Tackles 1970s Time Capsule Makeover

Jacksons Time CapsuleDustin McKibben

A Florida family has embarked on a wild ride to bring a 1970s time capsule in Indiana into the 21st century.

On a whim, they bought a vintage gem in Fort Wayne, IN, covered top to bottom in shag carpet, after seeing it online. It was our most popular home of the week in early December and garnered hundreds of thousands of views—the Jackson family among them.

How the time capsule was won

“So we weren’t actually looking for a home to buy,” says Alysha Jackson, who lives in Clermont, FL, with her husband, Nate, two toddlers, and a rescue dog, Ingrid.

“We have a home there and we love it,” she says. “We had talked about getting into real estate one day, but it wasn’t really on our radar yet. Then this house went viral.”

Nate saw the house online and came in with his computer to show the listing to Alysha.

“He’s like, ‘Hey, don’t shut this down right away, but what if we put in an offer on this house?’” she says.

“Usually, I’m the skeptical one, but I just looked at it and had this gut feeling, and I said, ‘You know what? I actually love it. Let’s put in an offer.’”

Interior of home in Fort Wayne, IN

Dustin McKibben

Interior

Dustin McKibben

Bathroom

Dustin McKibben

Like everyone who laid eyes on the photos, Nate and Alysha first spotted the colorful carpet. The deep shag is hard to miss: It’s everywhere, even on some of the walls.

Alysha says her first reaction was: “Whoa, that’s a lot of shag carpet!” Then, she noticed how much potential the house had.

“I kind of envisioned what it could look like with some renovating,” she says. “We’re staying thing true to the vibe of it and the time period, but we have to update it.”

Aftermath of Christmas

Jackson family

Door

Dustin McKibben

Jackson family

Dustin McKibben

The Jacksons journey back in time

Just a few weeks after putting in their offer, the two former teachers, who now sell on Amazon, packed up their family minivan (including Christmas presents) and headed north. Their work offers them the freedom to work where they choose.

Since then, the family has been living bare-bones in the house, with just a few mattresses and other essential items. They have decided to live in the home as is for a while.

“We wanted to just stay in it a little while before changing anything, because we just wanted to get a feel for the house before we just came in and made sweeping changes,” Alysha Jackson explains.

“I’m so glad we did, because we actually changed a lot of our designs based upon actually living in the home for a little bit first.”

Most importantly, they staged a 1970s-style photo shoot.

Interior

Dustin McKibben

Enjoying the view

Jackson family

Even Ingrid, the dog, seems to have settled in.

“She has a spot in the house where she can see the entire yard, thanks to the surrounding sliding doors and windows,” Jackson says.

“Ingrid was so sad when she saw us packing the van for our trip here, but literally jumped up and down when we got the leash out and she realized she was coming with us on the trip.”

Kitchen

Dustin McKibben

Kitchen

Dustin McKibben

Kitchen

Dustin McKibben

The former owner of the house, James Sherbondy, a retired architect, designed the home as his family’s personal residence. It was occupied until just a few months ago, so everything inside was in working order.

“We walked in, brought in our stuff, and used the fridge. The bathrooms were functional. It was pretty great,” Jackson says.

Everything in the kitchen works, and the cabinets are in good shape. However, the layout may not work for the family, she adds.

Lower level

Dustin McKibben

Lower level

Dustin McKibben

Lower-level bathroom

Dustin McKibben

Lower-level bathroom

Dustin McKibben

The family made some immediate changes for safety reasons and are currently living on the lower level. They’re tackling that and the main level first, and leaving the upstairs master bedroom and bathroom for last.

A bathroom with green counters and blue sink will ultimately meet its demise, but the Jack-and-Jill style entry is staying.

“The more we see, the more we want to keep, which is kind of funny,” Alysha says. “Before, we didn’t really know too much about ’70s style, and we didn’t know too much about midcentury modern even. But the more I talk with people and more research I do on my own, the more I see the beauty and the value in it, and so I want to keep that style in the home.”

Stairs

Dustin McKibben

Toddler-proof stairs

Dustin McKibben

The Jacksons have sought input from a number of experts on the Instagram account they started for their rehab project. They had hopes of reaching 10,000 followers by the summer. As of now, they’ve blown past their goal and have over 30,000 folks tracking the renovation journey.

“I just love sharing projects with people. When we did a ’70s photo shoot, we thought it would be really fun to share these. We had no idea it would go viral as quickly as it did,” Jackson says. “It’s been really fun to share what we’re doing with people, and we’ve gotten so much great input.”

Lower level

Dustin McKibben

Lower level

Dustin McKibben

The carpet can’t stay

Sadly, for lovers of colorful floor coverings, the carpet is one of the first things that’s going to go.

“There’s literally carpet in every single room, including the bathrooms. It’s everywhere and it’s 50 years old. From what we know, it is original to the home,” Jackson says.

She added that there are stains in several places, and it doesn’t smell particularly great, especially in the bathrooms.

Eventually, there will be new flooring in many of the rooms and tile in the bathrooms. But the carpet won’t vanish completely.

“I am going to be making an art piece of the different carpet colors,” she says. “There’s about four or five different colors in the home, and we just want to keep a piece of each. I’m going to cut some out from each color—deep-clean it, of course—and then create some sort of art piece with it to hang in the house on the wall.”

Master bathroom

Dustin McKibben

Master bathroom

Dustin McKibben

People on social media had a lot to say about the carpet-bedecked bathtub in the master bedroom. The tub has purple tile and no curtain. For now, it’s the only bathtub in the house, so the kids need to take their baths there.

Jackson says the tub is super clean, but the trick for the couple is to keep the children from enjoying their time on the floor.

“To them, it’s like a big towel,” she adds. The first time their son took a bath, she says, “He got out of the tub and started rolling on the shag carpet.”

Fireplace

Other modifications on the way

Back on the main level, the dramatic floor-to-ceiling fireplace will stay—but with some modifications for safety.

Wood paneling and accents

Dustin McKibben

Some of the wood paneling and carved accents throughout the house will also remain.

“I stare at the wood every day. I think that’s maybe my favorite part of the house,” Jackson says.

Some people on Instagram say the carved wood might be by an artist named Ackerman, and the Jacksons are trying to verify that.

“It’s the first thing you see when you walk in the home on the door,” Alysha says.

Work time

Jackson family

Life outside the box

The Jacksons rehabbed their Florida house, so a huge project isn’t entirely new for them and they have some family support nearby. Both Alysha and Nate are from Indiana, and much of their family still lives there. While some close to them were surprised by the somewhat impulsive purchase, they weren’t shocked.

“We kind of joke with people that Nate and I are ‘Go big or go home’ people. We kind of live life outside the box, so they were excited for us,” Jackson says.

Some relatives thought they were crazy, she adds, but changed their minds when they saw how beautiful the home is—and they’re especially excited that the family will be closer to them.

For now, the family plans to split time between the two homes and rent the other one as a vacation rental.

We’ll be tracking the process of this time capsule transformation and can’t wait to see what’s next.

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A post shared by Alysha and Nate Jackson (@thejacksonfi)

The post Say Farewell to Shag Carpet—Family Tackles 1970s Time Capsule Makeover appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

‘Fixer to Fabulous’ Reveals One Simple Upgrade You’ll Love Every Morning

Fixer to FabulousHGTV

Dave and Jenny Marrs of “Fixer to Fabulous” have done countless renovations over the years, but the pressure is on when they’re tasked with fixing up a home owned by none other than Jenny’s parents.

In the Season 2 episode “A Life-Changing Renovation,” Jenny and Dave help Jenny’s parents, Joan and Steve Smith, renovate their new house in Rodgers, AR, not too far from the Marrs’ farm. Dave and Jenny hope to give this property the cozy feel of a grandparents’ home along with a more modern vibe.

Read on to find out how they make this house feel both classic and contemporary, and get some ideas for how to make over any family home, even your own.

Not all bricks are created equal

house
This ’90s house had some dated stone accents.

HGTV

Steve and Joan love their new house, but they agree that the style is a little dated. On the exterior, the home has some stone accents that may have been popular when the home was built in 1994, but just look tired now.

So Jenny and Dave decide to replace the stone with some brick, which they know will give the house a fresh, modern style without looking too stark.

brick exterior
This brick makes the space look more updated.

HGTV

However, Jenny tells Dave that they can’t use just any old bricks on the house.

“I don’t want just a red clay brick that is mass-produced,” Jenny says. “I want to use a vintage brick that’s come off of an old building.”

She ends up finding old, light-colored brick that looks kind of worn. This brick, when used on the porch steps and house skirt, gives the home a rustic look.

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Watch: Fix Your Own Garbage Disposer—Without Calling the Plumber

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In the end, it’s clear that Jenny’s careful selection pays off. She proves that getting just the right color and style is imperative.

Use an eyelid to add character to a doorway

house
Jenny and Dave Marrs want to upgrade this entryway.

HGTV

Joan and Steve are excited to get rid of the dated stone on the home’s exterior, but they also want to make some structural changes to their front entrance. So Jenny and Dave take out the dated walkway and build out a porch, then they focus their attention on the doorway.

house
This eyelid adds some personality to the front of the house.

HGTV

“We were able to get them this beautiful double door, and it has an arch top,” Jenny says, “so adding an eyebrow arch to the front of the house, it’ll mirror the door, and it’ll tie it together and look beautiful and welcoming.”

They use cedar, which matches the new siding, to create a curved structure that will go right above the porch steps. The extra detail matches the elegant front doors, just as Jenny expected, and it brings some character to the front of the house.

It’s a small feature, but it makes a big impact.

Simplify a stone fireplace for a more modern look

fireplace
This dated fireplace looked dark and heavy in this space.

HGTV

Unfortunately, the inside of Joan and Steve’s house is just as dated as the outside. The space is like a ’90s time capsule, and the dated stone fireplace doesn’t help.

“The stone followed us inside,” Steve says of the gray stonework.

fireplace
This simpler fireplace brightens the living room.

HGTV

Jenny and Dave know they’ll need to update this fireplace if they’re going to make the space feel more modern, so they remove the stone and simplify the feature. With a smooth white face, a wood mantel, and a small spot to store wood next to the firebox, the new, smaller fireplace looks much more modern.

Can’t knock down a kitchen wall? Create a coffee station

coffee station
Jenny knows her dad will love this coffee station.

HGTV

Joan and Steve’s kitchen is dated, so Jenny and Dave make a plan to completely redo the space, putting in new appliances, installing new cabinetry, and even knocking down a wall to open it up. However, once renovation begins, they realize that they can’t take down the wall.

Thinking fast, Jenny and Dave make the best of the situation by using this extra space to put in a coffee bar. Jenny says her parents always start the day with coffee, so a coffee bar is the perfect consolation for the slightly more closed-off floor plan, and one renovation they’ll appreciate every morning when they wake up!

“At first I was really upset ’cause we couldn’t take out this post,” Jenny tells her parents when the house is finished, “but I think it worked out for the best because we could give you the coffee bar.”

Turn a dining room wall into wine storage

dining space
This was just a blank wall, but Jenny had a great idea to make it a feature.

HGTV

With a beautiful coffee bar in the kitchen, Dave and Jenny are inspired to create a space for Steve and Joan’s other favorite beverage: wine.

They get to work installing some wine storage on one wall of the dining room, giving this otherwise empty space a fun feature while also providing storage for Joan and Steve’s wine collection. It a great blend of fun and function.

When Jenny and Dave are finally able to show off the wine rack, Dave admits that there’s one small problem: It’s much bigger than expected.

“When I built it I didn’t realize that it holds, like, 600 bottles,” Dave says. We guess his in-laws will have to work on building their collection!

wine storage
Jenny knew that her parents would love somewhere to keep bottles of wine.

HGTV

When the renovation is complete, Dave and Jenny are able to present the Smiths with a one-of-a-kind house that’s made with love. It’s a great blend of modern and classic, making it the perfect spot for two fun grandparents to live out their retirement.

The post ‘Fixer to Fabulous’ Reveals One Simple Upgrade You’ll Love Every Morning appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

Up to $200 in easy credits available at Home Depot and Best Buy with new Amex Offers

It’s a new year, which means new credit card offers and (if I had to guess) an optimistic checklist of home and life improvement projects on your personal to-do list. If you’re itching to start 2021 with a bathroom renovation, backyard overhaul or a few choice home upgrades, there are two great Amex Offers available …

Source: thepointsguy.com

Candice Bergen Selling Her East Hampton Country House for $18M

Candice Bergen East Hampton homeGabriel Olsen/FilmMagic

Actress Candice Bergen and her husband, real estate magnate Marshall Rose, have placed their longtime Hamptons home on the market for $18 million, according to Variety.

The Emmy winner decided to list the award-winning home that she and Rose renovated together after they married in 2000.

The home was featured in Architectural Digest, which noted that the original architect, Jaquelin T. Robertson of Cooper, Robertson Partners, returned to make “substantial changes” to the home in the early 2000s to reflect the couple’s more casual lifestyle.

It was a delicate undertaking. Rose had built the home with his first wife, Jill, who died in 1996. Bergen’s first husband, the French director Louis Malle, died in 1995.

Bergen and Rose embarked on a respectful renovation.

“It was a beautifully thought-out house,” Bergen told Architectural Digest. “And it was a delicate challenge to respect its history but reinterpret it as ours.”

In 2004, the East Hampton spread was updated to reflect what the two wanted: a year-round retreat from their Manhattan apartment.

The classic shingle-style Hamptons home has 4,500 square feet of living space, including six bedrooms and 6.5 baths.

A sunroom has since been enclosed for a breakfast and sitting room, and the kitchen was remodeled.

The second level features a sitting area on the landing, and the master suite is spacious enough to include a sitting area with a sofa and chairs.

The 1.8-acre property features landscaped grounds, gardens, a lawn, and a pool. There’s also a separate guesthouse.

Bergen and Rose also own an apartment in Manhattan. Bergen, 74, has a long and storied career both in movies and TV. She is best known for her star turns in “Murphy Brown” and “Boston Legal.”

Most recently, the actress starred in the film “Let Them All Talk,” with Meryl Streep, Dianne Wiest, and Lucas Hedges.

Edward R. Petrie with Compass holds the listing.

The post Candice Bergen Selling Her East Hampton Country House for $18M appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com