7 Springtime Home Spruces to Boost Buyer Interest

May 4th, 2012

 

By Tara Nelson

One of the first things many homebuyers look for are the unmistakable signs of something called ‘pride of ownership.’ As a whole, it’s a relatively intangible concept: there are just homes that have it - reeking of their owners’ love and meticulous care for the property — and homes that, well, don’t.

I’ve watched firsthand as buyers who like a cute home that is in generally good shape literally talk themselves into looking at a more homes once they start to notice one rickety gate, which snowballed into a nitpicky laundry list of little, tiny fixes the seller had left undone. The challenge is that between deciding whether and when to sell, staging, interviewing agents and determining a list price, it can be tempting for homeowners to fall into the trap of deferring maintenance on a home they might sell soon.

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March Pending Home Sales Rise, Market Recovering

May 4th, 2012

 

RIS Media

Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings.

The index is now at the highest level since April 2010 when it reached 111.3.

Lawrence Yun, NAR chief economist, said 2012 is expected to be a year of recovery for housing. “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good,” he says.

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6 Keys to Having a Zen Home Buying Experience

April 3rd, 2012

 

By Tara-Nicholle Nelson

If you sat down and tried to call up a mental picture of a smart home buyer, the person in your mind’s eye might be sitting in front of the computer, calculator at hand, running numbers and weighing out pros and cons before arriving at a sensible decision. But ask any agent: even the smartest of their buyer clients looks and feels nothing like this image. Once the house hunt begins or the offer is signed, emotions start to fray, tensions run high and stress-induced gray hairs begin to multiply (and/or get pulled out).

Your home is the largest purchase you’ll ever make. So it might seem that emotional side effects like panic and fear are inevitable. But they’re not. You do have the power to manage your emotions and have a relatively blissed-out homebuying experience. And you should seize that power; doing so will not only minimize the discomfort, it will also keep panic and fear from fouling up your decision-making.

Let me hand you some keys - the keys to having a Zen home buying experience:

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5 Real Estate Rules of Thumb: Fact or Fiction?

April 3rd, 2012

5 Real Estate Rules of Thumb: Fact or Fiction?

clip_image002By Tara-Nicholle Nelson

We humans have a natural craving to simplify the complex. This same instinct, which explains why legends, films and fairytales from every culture tend to boil down to heroes vs. villains, also explains why so many buyers and sellers desperately seek rules of thumb for making the often scary, rarely simple decisions they face.

Reality check: your real estate transaction is not a children’s story. Grown-up life is complicated, as are money matters and relationships. Since real estate involves all three (being a grown up, money and relationships), smart buyers and sellers should cast a suspicious eye at super simple real estate rules of thumb.

Let’s take a handful of the most persistent ones head on, and decipher which of them are fact, and which are fiction.

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6 house repairs to tackle

March 7th, 2012

 

By Karen Haywood Queen • Bankrate.com

The price of neglect

In this economy, you may be tempted to delay or even skip minor home maintenance repairs, cleaning jobs and inspections in your home. But don’t be penny-wise and dollar-foolish. That $200 or $300 you save today could result in expenditures of $3,000 or even tens of thousands next month or next year if hidden problems in your home go unnoticed and become worse.

Consider coughing up a little dough to take care of these small jobs before they morph into gigantic, expensive jobs later.

Annual HVAC inspection

Cost: $200-$300, depending on where you live.

How often: at least once a year.

When: spring or fall. Heating, ventilation and air conditioning, or HVAC, companies aren’t as busy, and you’re not in dire need of heat or air conditioning.

What an inspection might find:

The furnace blower is not working properly. Cost to repair or replace: $100-$150. Possible consequence of letting it go: a broken heat exchanger. Potential savings down the road: $300-$1,000 to replace the heat exchanger or $750-$3,500, depending on the energy efficiency, to replace indoor or outdoor furnace components.

The reversing switch in the heat pump is broken. Cost to repair or replace: $100-$300. Letting it go results in no heat from the heat pump, and the system switches to a more expensive auxiliary heat. Potential savings: lower heating bills.

Bottom line: "Things that happen often happen at the worst possible time in the worse possible conditions and you’re looking at the maximum rate," says Terry Townsend of Townsend Engineering in Chattanooga, Tenn., and former president of the American Society of Heating, Refrigerating and Air-Conditioning Engineers. Remember, continual maintenance prolongs the life of the equipment. "You’re sitting there with an investment of thousands in your HVAC system and you’re investing a few hundred dollars in maintenance."

Chimney inspection

Cost: $65 for an inspection; $150 for inspection and cleaning, including removal of creosote buildup, which may lead to a chimney fire.

How often: once a year.

When: before your first fire in winter.

What an inspection might find:

There’s no chimney cap. Cost to add: $150. If you let it go, rain water can get into your chimney, damage the chimney liner and damper, and even saturate mortar joints — causing mold. Potential savings: $2,000-$4,000 to replace the chimney liner.

Other problems may include: a cracked chimney crown, which can be repaired for $300-$500; chimney flashing that needs caulking, which can be done for $80-$100; and waterproofing the exterior brick, $350-$600. All these fixes will prevent rainwater from getting in and mold from forming.

Bottom line: "A simple chimney cleaning can prevent chimney fires and damage to your entire house," says Ray Gessner, a licensed professional engineer and owner of A Step in Time Chimney Sweeps, with offices in the eastern U.S. "Water is the No. 1 problem with chimneys. With water damage, you might need to have your whole chimney rebuilt."

Cost: $75-$200 for an inspection; $200-$300 for a termite protection contract for qualifying homes with no current evidence of termites to cover treatment and repairs for any later infestation.

How often: once a year.

When: any time, although termites are more active in spring and early summer.

An inspection might find subterranean termites that come from the ground or flying termites. If left untreated, these bugs damage framing, trim, drywall, furniture, carpet, copper and other soft metals. Termites cause more than $5 billion in damages a year in the U.S., says Paul Curtis, director of quality assurance for Terminix in Memphis, Tenn. The average homeowner loss for termite damage is $3,000, but losses can be as high as $30,000 or even $80,000, Curtis says. Most homeowners insurance does not cover repair of termite damage.

Bottom line: "Termites eat the wood from the inside out," Curtis says. "A typical homeowner would not be aware they are even in their home until months or years after they get in and start causing damage. A lot of people don’t realize that termites don’t just feed on the home. They’ll eat flooring, insulation, books — I’ve even seen them penetrate through swimming pool liners."

Power washing and sealing wood deck

Cost: $100-$300 for a 200-square-foot deck, more for a larger deck.

How often: every one to three years, depending on the amount of traffic, moss and mold.

When: any time in sunny weather.

Power washing gets rid of stains, algae, mold, mildew and moss. Algae and mold can make your deck slippery and dangerous, says Justin Lee of JL Power Washing in Williamsburg, Va. Sealing your deck after it is cleaned helps prevent water damage. Wood soaks up rain like a sponge, expands and then shrinks, Lee says. Sealing makes the water bead up and roll off. And let’s not forget — your deck will look nicer, too.

If you let it go, your deck will warp, nails will pop out and the deck won’t last as long.

Potential savings: $4,000 to $20,000 or more to replace your deck, depending on size.

Bottom line: "A properly cleaned and sealed wood deck can last 20 to 30 years," Lee says.

Dryer vent cleaning

Cost: $120-$200.

How often: every year.

When: a sunny day.

The purpose is to get rid of lint buildup. If your dryer is not on an exterior wall, it’s likely that the vent leading outside is clogged up, says Gessner of A Step in Time Chimney Sweeps.

If you ignore it, the result could be a disastrous fire. "Once the vent gets clogged, the dryer starts overheating and it can catch on fire," Gessner says. "Dryer fires are very dangerous."

Potential savings: your home, your furnishings, your belongings and your life.

Bottom line: "I had been airing a radio commercial talking about the importance of dryer vent cleaning for about a month when three people (in our area) died in a fire caused by a dryer vent fire," Gessner says.

Carpet cleaning

Cost: about 50 cents per square foot for hot water extraction cleaning, or $500 for 1,000 square feet of cleaned carpet.

How often: every 12 months; more often for high-traffic areas and homes with small children, pets or smokers. Manufacturers’ warranties may require cleaning every 18 to 24 months. You can save money by focusing on regular cleanings for high-traffic areas and waiting up to two years for the entire carpet.

When: any time.

If the carpet looks dirty, you’ve waited too long because some soil can’t be removed with vacuuming. This soil will bind to your carpet and dull the texture, shortening the life of the carpet.

Your home also will be healthier with pollen, bacteria, insecticides and dirt removed, says Howard Partridge, founder and president of Clean as a Whistle, a cleaning company outside Houston.

Potential savings: extending the life of your carpet. Replacing 1,000 square feet of medium-grade carpet, including padding and installation, costs about $3,000.

Bottom line: "One of my neighbors had to replace his carpet in less than four years," Partridge says. "And his carpet looked terrible the whole time. I’ve been able to keep my carpet for 12 years now."

Home Sales Sunnier as Spring Buying Season Approaches

March 7th, 2012

 

By The Associated Press

WASHINGTON — The housing market is flashing signs of health ahead of the spring buying season.
Sales of previously occupied homes are at their highest level since May 2010. More first-time buyers are making purchases. And the supply of homes fell last month to its lowest point in nearly seven years, which could push home prices higher.
Sales have now risen nearly 13 percent over the past six months. While they are still well below the 6 million that economists equate with a healthy market, the gains have coincided with other changes in the market that suggest more sales are coming.
"The trend is clearly upward," said Ian Shepherdson, chief U.S. economist at High Frequency Economics.

The National Association of Realtors said Wednesday that re-sales increased 4.3 percent last month to a seasonally adjusted annual rate of 4.57 million.
Single-family home sales rose 3.8 percent. And the number of first-time buyers, who are critical to a housing recovery, increased slightly to make up 33 percent of all sales. That’s still below 40 percent, which tends to signal a healthy market.
One concern is that the market is still saturated with homes at risk of foreclosure, which can lower home prices generally. Those increased to make up 35 percent of sales.
But the supply of homes on the market has plunged to 2.3 million, the lowest level since March 2005. At last month’s sales pace, it would take more than six months to clear those homes, consistent with a healthy housing market. Fewer homes on the market could help boost prices over time.
Most economists said the January report was encouraging, especially when viewed with other recent positive housing data.
Mortgage rates have never been lower. Homebuilders are slightly more hopeful because more people are saying they might be open to buying this year — and they responded in January to that interest by requesting more permits to construct single-family homes.

"The rise in existing home sales in recent months adds to the indication from housing starts, building permits, and homebuilder sentiment that the sector has improved modestly since the middle of 2011," said John Ryding, an economist at RDQ economics.
Much of the optimism has come because hiring has picked up. More jobs are critical to a housing rebound. In January, employers added 243,000 net jobs — the most in nine months — and the unemployment rate fell to 8.3 percent, the lowest level in nearly three years.
Analysts caution that the damage from the housing bust is deep and the industry is years away from fully recovering. Since the bubble burst, sales have slumped under the weight of foreclosures, tighter credit and falling prices.
Many deals are also collapsing before they close. One-third of Realtors say that they’ve had at least one contract scuttled over the past four months. That’s up from 18 percent in September.
Realtors say deals are collapsing for several reasons: Banks have declined mortgage applications. Home inspectors have found problems. Appraisals have come in lower than the bid. Or a buyer suffered a financial setback before the closing.
Sales rose across the country in January. They rose on a seasonal basis by nearly 9 percent in the West, 3.5 percent in the South, 3.4 percent in the Northeast and 1 percent in the Midwest.

12 Simple Home Repair Jobs to Lift You Out of Winter’s Funk

February 4th, 2012

 

Winter’s doldrums got you down? Grab a screwdriver and a hammer and fight back with easy home repairs that’ll raise spirits and get your house ready for spring.
Accomplishments — even little ones — go a long way toward a sunny outlook. Fortunately, there are plenty of easy, quick home repair chores you can do when you’re mired in the thick of winter. For max efficiency, make a to-do list ahead of time and shop for all the tools and supplies in one trip. On your work days, put the basics in a caddy and carry it from room to room, checking off completed tasks as you speed through them.

What to look (and listen) for
In each room, look around and take stock of what needs fixing or improving. Focus on small, quick-hit changes, not major redos. Here are some likely suspects:
1. Sagging towel rack or wobbly toilet tissue holder. Unscrew the fixture and look for the culprit. It’s probably a wimpy, push-in type plastic drywall anchor. Pull that out (or just poke it through the wall) and replace it with something more substantial. Toggle bolts are strongest, and threaded types such as E-Z Ancor are easy to install.
2. Squeaky door hinges. Eliminate squeaks by squirting a puff of powdered graphite ($2.50 for a 3-gram tube) alongside the pin where the hinge turns. If the door sticks, plane off a bit of the wood, then touch up the paint so the surgery isn’t noticeable.
3. Creaky floor boards. They’ll shush if you fasten them down better. Anti-squeak repair kits, such as Squeeeeek No More ($23), feature specially designed screws that are easy to conceal. A low-cost alternative: Dust a little talcum powder into the seam where floorboards meet — the talcum acts as a lubricant to quiet boards that rub against each other.
4. Rusty shutoff valves. Check under sinks and behind toilets for the shutoff valves on your water supply lines. These little-used valves may slowly rust in place over time, and might not work when you need them most. Keep them operating by putting a little machine oil or WD-40 on the handle shafts. Twist the handles back and forth to work the oil into the threads. If they won’t budge, give the oil a couple of hours to penetrate, and try again.
5. Blistered paint on shower ceilings. This area gets a lot of heat and moisture that stresses paint finishes. Scrape off old paint and recoat, using a high-quality exterior-grade paint. Also, be sure everyone uses the bathroom vent when showering to help get rid of excess moisture.
6. Loose handles or hinges on furniture, cabinets, and doors. You can probably fix these with a few quick turns of a screwdriver. But if a screw just spins in place, try making the hole fit the screw better by stuffing in a toothpick coated with glue, or switching to a larger screw.
Safety items
You know those routine safety checks you keep meaning to do but never have the time? Now’s the time.
7. Carbon monoxide and smoke detectors. If you don’t like waking up to the annoying chirp of smoke detector batteries as they wear down, do what many fire departments recommend and simply replace all of them at the same time once a year.
8. Ground-fault circuit interrupter (GFCI) outlets. You’re supposed to test them once a month, but who does? Now’s a great time. You’ll find them around potentially wet areas — building codes specify GFCI outlets in bathrooms, kitchens, and for outdoor receptacles. Make sure the device trips and resets correctly. If you find a faulty outlet, replace it or get an electrician to do it for $75 to $100.

Another good project is to replace your GFCIs with the latest generation of protected outlets that test themselves, such as Levitron’s SmartlockPro Self-Test GFCI ($28). You won’t have to manually test ever again!
9. Exhaust filter for the kitchen stove. By washing it to remove grease, you’ll increase the efficiency of your exhaust vent; plus, if a kitchen stovetop fire breaks out, this will help keep the flames from spreading.
10. Clothes dryer vent. Pull the dryer out from the wall, disconnect the vent pipe, and vacuum lint out of the pipe and the place where it connects to the machine. Also, wipe lint off your exterior dryer vent so the flap opens and closes easily. (You’ll need to go outside for that, but it’s quick.) Remember that vents clogged with old dryer lint are a leading cause of house fires.
11. Drain hoses. Inspect your clothes washer, the dishwashers, and the icemaker. If you see any cracks or drips, replace the hose so you don’t come home to a flood one day.
12. Electrical cords. Replace any that are brittle, cracked, or have damaged plugs. If you’re using extension cords, see if you can eliminate them — for example, by replacing that too-short lamp cord with one that’s longer. If you don’t feel up to rewiring the lamp yourself, drop it off at a repair shop as you head out to shop for your repair materials. It might not be ready by the end of the day. But, hey, one half-done repair that you can’t check off is no big deal, right?

Mortgage rates to stay low for most of 2012

February 4th, 2012

 

Rates will likely stay below 5% for at least the first half of the year, industry experts say.

By Amy Hoak of MarketWatch

Mortgage rates should remain low in 2012, especially in the first half of the year, according to the predictions of several industry watchers.

“We may spend the entire year below 5%,” said Greg McBride, senior financial analyst for Bankrate.com, referring to the average interest rate for a 30-year fixed-rate mortgage.

Rates may even fall to new lows early this year, particularly if the European debt crisis hits a crescendo, McBride added.

Already, rates are sitting at record lows. The 30-year fixed-rate mortgage averaged 3.91% for the week ending Jan. 5, according to Freddie Mac’s weekly survey of conforming mortgage rates. That ties the record for the lowest rates that have been in the history of the survey. In contrast, the highest average was 18.63% set in 1981, according to Freddie Mac.

In general, the financial troubles in Europe, combined with the Federal Reserve’s pledge to keep short-term rates on hold at least through 2013, will keep mortgage rates from rising significantly, McBride said.

Europe’s woes have caused a “flight to quality” among investors, sending their money in the direction of U.S. bonds, which has the effect of lowering mortgage rates. The Fed’s short-term rate policy also reduces long-term rates, since long-term rates “reflect expectations of where short-term rates will be in the future,” he said.

Lately, consumers have been conditioned to expect low rates. Last year, the 30-year fixed-rate conforming mortgage had its lowest annual average on record at 4.66%, according to Bankrate.

According to Freddie Mac, the 30-year mortgage averaged 4.5% in 2011; the lowest weekly rates on record were posted toward the end of the year.

But whereas rates fell in the second half of 2011, they are expected to rise at least somewhat during the second half of 2012, said Frank Nothaft, chief economist of Freddie Mac.

“Operation Twist is scheduled to remain in effect until June,” Nothaft said. The intent of Operation Twist, or the Federal Reserve’s Maturity Extension Program, is to push — and keep — long-term interest rates low, which means rates should stay low for the first half of the year, he said. The Fed plan, announced in September, involves buying long-term securities and selling $400 billion in short-term debt.

But the Fed hasn’t made a commitment on whether it will extend the program beyond the June cutoff, Nothaft said.

Economic outlook
An improving economy could also cause rates to rise.

Rates on a conforming 30-year fixed-rate mortgage are expected to average 4.2% in the first quarter of 2012, and should average 4.8% by the fourth quarter, according to Freddie Mac’s forecast.

Meanwhile, HSH Associates, a publisher of consumer loan information, predicts conforming, 30-year fixed-rate mortgages will remain between 3.85% and 4.85% throughout 2012.

“Things appear to be improving domestically. The economy, employment, the housing market are showing signs of warming,” said Keith Gumbinger, vice president at HSH.

While the troubles of 2011 will certainly carry over into the new year, at least some upward emphasis on mortgage rates is expected “as things start to look a little more rosy,” he said.

But those who aren’t as optimistic about the growth of the economy have different rate forecasts. For example, Fannie Mae’s chief economist, Doug Duncan, expects rates will stay relatively flat all year, with the 30-year fixed-rate mortgage rising to 4.1% or 4.2% at the most by the fourth quarter.

The low-rate environment means that even people who have been improving their credit quality for the past five years may have a shot at scoring some of the lowest mortgage rates in history — and they may add sales to the housing market in the process, Duncan said.

Some mortgage market watchers also think that lenders may be more willing to work with borrowers with good but not great credit in the year ahead, as the housing market and economy show some signs of improvement and lenders look to grow their business.

“I don’t see credit becoming appreciably easier. But I think what you will see is more lenders willing to dip their toes into the waters of 700 and 720 credit-score consumers,” McBride said. “You may end up, as a consumer, seeing more lenders at the table for those that have good credit scores and not just those who have great credit scores.”

But despite continued favorable mortgage rates, don’t expect great strides in the housing market just yet. The economy is still weak and unemployment is still high — two strong headwinds pushing against housing demand, even though affordability is so high, Nothaft said.

“Consumer confidence is still relatively low. And what a low reading for consumer confidence means is that consumers are nervous about their economic well-being,” he said. “If you’re feeling ill at ease, you will be reluctant to buy something that costs $200,000 to $300,000 and commit to monthly payments for 30 years.”

10 Ways to Make Your Home Happier

January 13th, 2012

 

From a fresh coat of white paint to choosing comfortable, neutral furniture, decorating experts share their advice on how happiness starts at home.

Mix It Up

"The most interesting rooms mix cultures and periods," says real estate broker Royce Pinkwater. "I like to juxtapose high and low. It makes it more casual and homey." Collaborating with the designer Eric Cohler, she decorated the living room of her New York apartment with a 1930s coffee table by Jean Dunand, ’40s armchairs by Andre Arbus, ’50s Swedish slipper chairs, and a ’70s mirror by Neal Small.

Choose Colors That Flatter You

"I think I speak for all women — and probably men — when I say I want a room to show me off at my best," says Pinkwater. She decided on lavender to complement her green eyes. Michael Taylor chair. Karl Springer dressing table.

Decorate With What You Love

When painter and stylist Craig Schumacher moved from a 10-room Dallas house into a four-room apartment, it didn’t hamper his style. His decorating look became layer upon layer: "I bought things I knew I’d never tire of, and I’ve found out that if you love something, you’ll find a place for it." His living room is furnished with antiques and vintage pieces, including a faux fireplace added for its architectural interest.

Remember the Power of White Paint

"White reflects light, so it sends off a wonderful energy, a prism of color that you aren’t necessarily aware of," says designer Susan Noble Jones. In this 1820s New Orleans cottage, the designer used the hue to transform the formerly dark dining room into a space that’s light and cheery. Walls are Frostine by Benjamin Moore. Ligne Roset Tania chairs ring a table made of reclaimed cherry wood.

Choose Furniture With Curves

Round shapes, such as the living room’s drum shade and coffee table, make a space feel inviting. "They soften a room and make a house more lovable and livable," Jones says. Dessin Fournir skirted chairs. Fambuena Dress pendant. Minton-Spidell coffee table.

Keep Seating Neutral

Stay away from large pieces upholstered in a bold color or busy pattern — it will make a room feel heavier. "When the sofa is white, it feels lighter, more conducive to conversation," says designer Pat Healing, who decorated this home for a young family in upstate New York. Bird’s Nest Cocktail Table by HB Home; Campion chandelier, Urban Electric.

Make a Colorful Statement in the Entry

First impressions count. "I think you need to make a strong statement in entry halls — to give an indicator of what you’ll see in the rest of the house," Healing says. "I use color because to do that creates happiness." Custom bench in S. Harris’s Calypso. China Seas’ San Marco wallpaper.

Include Some Whimsy

"Little surprises keep a house from becoming too serious," says contributing editor Frances Schultz. "It’s fun to put items in unexpected places." In her Long Island cottage, she perked up the foot of the stairs with an inherited collection of Staffordshire figures.

Go Bold in a Small Space

"The smaller the room, the more drama you need," designer David Netto says. In this East Hampton beach cottage, a graphic botanical pattern perks up the guest room. "The Svenskt Tenn Hawaii fabric by Josef Frank is so bold, it creates a little world within the bed alcove." Frette bedding

Create Beauty by Contrast

The juxtaposition of humble and fine materials creates intrigue and keeps a room feeling interesting and attractive. "The most vivid example of combining humble materials with precious ones is in the kitchen," Netto says. He tucked Nero Marquina marble under a white Corian island, "concealing it for maximum impact and surprise." Barstools are by George Nakashima. Pendant lights from Circa Lighting.

7 Storage Solutions You Didn’t Know You Had

January 13th, 2012

 

By: John Riha HouseLogic.com

Every square foot of your home is valuable. Here are seven storage solutions that take advantage of underutilized nooks and crannies. And just for fun, we did some back-of-the-napkin calculations based on the average price per square foot of a U.S. home ($81)—so we could attach a theoretical value to the bonus space.

Stairway to Storage Heaven

Tuck pull-out drawers under sturdy stairs. They’re ideal for stashing extra linens and seasonal items. Each drawer provides about two square feet of storage. If you really could calculate this on a value per square foot realized, that’s roughly $162 worth of extra space per drawer!

It Came from Below!

Basement crawl spaces or open areas under apartment floors can be lined with shelves and outfitted with folding stairs to hoard anything. A finished 10-square-foot crawl space uncovers about $8,100 of space value and can even lower your energy bills.

Sleep-Away Storage

Not enough room for a Carrie Bradshaw closet? No problem. This mattress lifts to reveal a hidden compartment great for stashing bulky blankets. It could save you about $200, the price of a linen cabinet, and it provides about 20 square feet or about $1,587 of extra storage space.

Locker Room

Gain more kitchen space without a costly remodeling job. Reclaimed high school gym lockers sport a new use as built-in pantry compartments. These add 18 cubic feet or $243 in square feet of extra space.

Hidden Litter

Some things are best left hidden, and kitty’s business is one of them. An inexpensive, storage cabinet doubles as a rest stop for this tabby, who enters and exists via a small framed opening. Store the litter box and all its accoutrements in one spot and gain about $205 worth of storage space.

Overhead Room

Give your storage space a lift—overhead areas, such as narrow hallways, make an ideal place for floating shelves and cabinets. You could gain up to 2.5 square feet, valued at $203 of space, in no time!

Seasonal Stash

Keep wrapping paper out of sight but not out of mind by suspending it from your closet ceiling on a simple cradle of wire. It’s easy to reach but won’t get torn or creased. In a closet that’s 6 feet wide by 2 feet deep, this trick makes 12 more square feet of storage worth about $972.