Wednesday, November 25, 2009

10 Ways to Spruce up your Property

Are you in the market to sell or rent your Bahamas real estate? Do you want to get the most out of your sale or rental? If you are in the market to sell or rent your property it is in your best interest to spruce it up by removing any signs of age and injecting a warm inviting appeal to your open space.

Below are ten ways to spruce up your property to get your place rented or sold:

1) Un-clutter your Space
When someone rents a space and especially when they purchase, they want this space (whether it’s a condo, apartment, home or other) to reflect them and not the previous owner or the landlord. In order to achieve this, personal affects from the owner/landlord need to be removed so that there is space for the tenant or the new owner to display their personal affects.

Take a look at your space with different eyes. If you are renting your space with a lot of your personal items remaining on the premises, you must purge these items for the tenant’s sake. Do you have family portraits or framed photos of you and your family in the space? Do you have any sort of collection of ornaments on display like ceramic ducks, dolls, plates, silver spoons, medieval characters, sports memorabilia etcetera?

If you do, you must remove these items. Nobody wants to rent a space with personal objects there; they want a space for themselves. Remove your personal items and remove items in storage so they have the opportunity to store their items.

2) Fresh Paint Job
A fresh coat of paint goes a long way! That’s right. Did you know that this is the best way one can see a whole new space? A fresh coat of paint looks bright and clean, and smells new giving your space an immediate update. It is often a very good investment and really spruces up the appearance, adding dollars to offers.

When choosing your paint colours, rather stick with the neutral spectrum. Bright and dark colours change the feel of the size of any given room, and these colours are not the easiest on the eyes. Neutral paint colours will satisfy more people than bright and dark ones.

Painting the exterior? If the paint still looks good on the walls just repaint the roof boxing. The boxing should be painted an offset colour to the rest of the building.

3) Crown and Floor Molding – Install and Paint
Do you have crown moldings or floor moldings in your space? If you do, do they need to be painted? If your walls do not need a paint job, then consider just painting your crown and floor moldings to improve the space.

Crown moldings create a great first impression if installed in your entry and living / family rooms.

4) New Electrical and Light Switch Plates
This is such a minor, yet overlooked improvement. A lot of landlords leave the old faded and chipped electrical and/or light switch plates in their space. Most of the time if a painter is hired he/she will usually paint over these plates, which doesn’t make it look any better. This is the cheapest improvement in this list. Be sure to replace your plates.

5) Front Door
The first thing that is seen when entering a building whether it’s a home, condo, townhouse or the like, is the front door. It is the first impression into the space you want to rent or sell and so it must be in great condition. If the door shouts “Help me! I’m falling apart. I have termites. Please paint me. Look at my mold” or the like, your door is not leaving a very good impression on the rest of the space.

Assess the damage to the door and replace it if it’s necessary. Sand and paint the current door and leave open to dry properly, otherwise the paint will stick to the door frame.

If the door handle has a copper finish, polish it. Perhaps you may also want to change the handle if it looks old.

6) Update the Kitchen
The kitchen is usually one of the first major renovations / updates a house would have. Updating the entire kitchen will cost anywhere up from $30,000. One of the cheapest and easiest steps in updating your kitchen would be to update the faucets. If your cupboards look old and worn, try a coat of paint to breathe some life into them. Replacing the knobs on the cupboards is an inexpensive update that will transform the look of the entire kitchen. If you would like to spend some more money to make a dramatic difference, add a beautiful tile backsplash. The backsplash adds colour and dimension to your kitchen changing the whole feel of the space.

7) Update the Bathrooms
Replace your old stained shower curtains and continue the new theme with a rug and a few highlighted pieces like the soap dispenser, toothbrush holder, and tissue cover. The new theme that you pick for the bathroom should not be childlike. Pick a bathroom theme that is either a solid colour like burgundy, a relaxing theme like a sailing boat, or pick one that is of random colourful shapes.

To really make this space a cut above, update your faucets and towel racks. You can even replace the mirror or update it by adding a wooden frame.

8) Clean the Tile Grout
After long periods of time dirt and debris settle between your tiles in the tile grout which turns the finish dark and nasty. Removing this embedded dirt is going to take a little bit of hard work with a lot of elbow grease. There are many ways you can try to clean the tile grout; most will take a long time and not yield great results. The best method is to hire a professional who will use some version of acid. Do not do this by yourself if you do not know what you are doing. You can burn your skin and eyes very easily and further to that you can damage your floor if you are not careful. You can contact me (Brett Pinder) at RE/MAX Paradise Realty for a quote on your space.

9) Clean the Carpets
Carpets retain a lot of dirt and debris, especially in ‘high traffic’ areas, which can cause your carpet to look older than it actually is. The dirt and debris also aids to create a funk in the air over time.

To ensure that your space is ready for a tenant or new owner clean your carpet. There are two types of methods, the dry method and the wet method. Use either Carpet Powder with your vacuum cleaner or use Carpet Shampoo with a Carpet Shampooer.

10) Go Green and Add Plants
Plants can brighten any room. A room void of plant life is a plain room. A room full with plants is a room full of life. Plants calm our heat rate, lower our blood pressure, add oxygen to the air, help us relax and focus, and so much more.

Add plants to the inside and the outside of your property. The plants on the inside will make the space more appealing and should relax potential tenants or purchasers. The outdoor plants will do the same and also add curb appeal.

Monday, November 2, 2009

Lyford Hills $20-25 million infrastructure investment

The lead developer of Lyford Hills has told Tribune Business that some $20-$25 million will have been invested in the subdivision's infrastructure once it is completed, with some four to five lots being sold per month despite the recession.

Tennyson Wells, the former FNM and independent MP and Cabinet minister, said all the sewerage lines had been put in for the 126-lot Phase I at Lyford Hills, with 70 per cent of the trenching for electricial, water and communications lines, and "40-50 per cent of the water, telecommunications and electricity" piping installed throughout the three-phase project.

"The infrastructure is going in," Mr Wells told Tribune Business. "We opened it [Lyford Hills] in May of this year, and we have all the sewerage lines for Phase I in. The roads are in throughout the entire subdivision - the base roads for phases I, II and III.

"I was hoping to have Phase I completed by the end of November, but hopefully by the end of January we should have completed it. We are about a month-and-a-half to a month behind the schedule of where we thought we would be now. The main reason [for the delay] was equipment problems."

Still, Mr Wells said he and the development team expected to "roll into Phase II within the month", that stage featuring 95 lots available for sale, with the third and final phase including "150-something" lots.

Lot prices, the former MP said, range from the $120,000s to around $300,000, with some four to five lots sold per month in Lyford Hills since the development started in May.

"We have sold about 20, and for quite of number of others, people are in the banks dealing with funding," Mr Wells added. "The interest in it has been very high. A lot of people want it, and we have sold four times as many as in previous developments."

As for his other real estate projects, Mr Wells said sales at the 115-lot Yuma Estates had "been very slow this year" as the economic contraction bit, prompting himself and the other investors to "take the bank out of it".

"We have purchased some of the lots ourselves, and will hopefully take the bank out of it in the next month or so," Mr Wells explained.

"We still have 20-odd lots left. We think that's a very good subdivision, and are not going to reduce the prices on that." Lots at Yuma Estates, he added, are priced from $90,000 up to $105,000.

As for the 181-lot South Seas, Mr Wells said some "30-odd" of those had already been sold, and he now had approval from both the Bahamas Environmental, Science and Technology (BEST) Commission and the Bahamas National Trust (BNT) to cut the channel for the planned marina, something that had already started.

At South Seas, lot prices range from $90,000 to $205,000, the latter being for the likes of commercial lots, fourplexes and triplexes.

As for his latest acquisition, the former Bacardi plant adjacent to the South Seas development, Mr Wells said he and his fellow investors were "still working on" their plans for the site and would be able to say more in a month's time.