IS A SMART HOME IN YOUR FUTURE? Remember when microwave ovens first hit the consumer market? Folks were scared of them, for the most part. I mean, you can’t blame them. How can something with no visible heat source boil a cup of water?   It might also have had something to do with the fact that they were originally known as “radar ranges,” conjuring up consumer visions of being doused by millions of rads of radiation just by standing next to the contraption.   So, yes, it took some time but today more than 90 percent of American households own a microwave, according to the Bureau of Labor Statistics.   We Are a Cynical Bunch New technology either immediately enchants consumers or we take a wait-and-see attitude. That seems to be the case with the new “connected” home technology. While it’s already been adopted by some, mainstream consumer sentiment is slow to form, so, naturally, manufacturers are cautious about rolling it out.   The reason, the experts put forth, is that the public doesn’t fully comprehend what a connected home, or so-called smart home, is and how it will benefit them. Those same experts do, however, expect that the connected home will be mainstream within five years.   What is a Smart Home? If what the experts predict is true, get ready to start hearing the phrase “The Internet of Things” (IoT) a lot more often. This phrase refers to the development of the Internet to control everyday objects, so that they can send and receive information.   In layperson’s terms, it means that you’ll be able to preheat your oven or start a load of laundry from your smartphone while sitting at your desk at work or while stuck in traffic.   Homes will be equipped with a central network that controls everything; a network that requires superfast broadband. This network will not only power the computer, but it will turn on the lights, monitor your security system, and even allow the refrigerator to tell you when you’re running low on milk.   What to Expect A Business Insider study claims that “home-energy equipment and safety and security systems, including devices like connected thermostats and smoke detectors, will become popular first, leading the way to broader consumer adoption.”   Last year in Berlin, however, at the IFA consumer electronics and home appliances trade show, MIT Media Lab’s Kent Larson gave attendees a peek into what they were working on with regard to home technology.   Known as “adaptable space” technology, there were dining tables stored in the ceiling and lowered when needed, beds that were released from wardrobes (the return of the Murphy bed?), and moveable “smart” walls. Larson claims this technology is ideal for those who own small homes to better make use of what room is available.   What You Can Do Now The IoT isn’t some far-off concept, so if you can’t wait to get your home even quasi-connected, you’re in luck. Best Buy, as a matter of fact, now has a section of its website dedicated to helping folks smarten up their homes. Currently, the retailer is offering smart thermostats, switches, security systems, alarms, detectors, door locks, lighting, and home networking solutions to pull it all together.

HOW TO BUY AND SELL AT THE SAME TIME When you graduate from first-time buyer to second, the process becomes infinitely more complex. “How are we going to do this?” is a common question from homeowners in the market for a new home.   There Are Several Ways to Approach Buying a Home When You Currently Own One: Put the home on the market and plan on moving into a rental after it sells and before you purchase the new home. This is probably the least stressful option, especially if you can locate a rental that doesn’t require a lengthy lease. The biggest drawback is having to move twice within a relatively short period of time. Keep the current home while you purchase the new one. In this scenario, you’ll carry two mortgages until you can sell your current home. Also, financing the new home may be a challenge because your current mortgage payment makes your debt appear higher than it will be once all is said and done. Try to time the purchase and sale to happen concurrently. This is known as a “simultaneous close,” and although it can be (and frequently is) done, it’s a bit of a gamble. Many things can go wrong and hold up the closing of either transaction. If you lack the cash for the down payment on the new home without selling your current home, a bridge loan is a good option. Bridge loans are short-term loans (typically for six months but can be extended) with a slightly higher interest rate than a mortgage loan and higher closing costs as well. This loan bridges the gap between the purchase of the new property and the time the current home sells. Some experts believe that bridge loans are risky while others think they are the ideal solution to the buy-first-or-sell-first dilemma. Only your real estate attorney or accountant can counsel you on how to approach the situation and which option is the best for you.

DOWNSIZING: IT IS NOT JUST FOR RETIREES There’s a lot to like about a more minimalist lifestyle. For some, the pursuit is liberating, for others it’s terrifying. If the thought of ditching your belongings and moving into a smaller space makes your heart sink and your palms drip, don’t think of it as “downsizing,” suggests the National Association of Senior Move Managers. Instead, consider it “right-sizing.”   Whether you’re downsizing to save your creaking knees from the rigors of climbing the stairs in your multi-story McMansion, to save money, or to achieve a simpler lifestyle, read on for tips to get you started.   Decisions The first step in the downsizing project involves making decisions about what to take with you to the new home and what you’ll part with.   Before you decide to move something, consider how much space you’ll have – or not have. For instance, if your aim is to have a living room that is roughly half the size of your current one, you’ll need to get rid of half your furniture.   Living Inside of the Box Storage space may be at a premium in the new, smaller digs—something that won’t be too much of a concern if you judiciously downsize your belongings.   If you feel a bit like you’re living in a box, and you need more space, consider going vertical. Install shelves above the rod in the closets and over the washer and dryer and raise the bed to create space underneath.   Make It Easy on Yourself Downsizing isn’t a marathon event. Start slowly by tackling one room, or even one part of a room, at a time. Different variations of this idea include starting with your book collection, paperwork, or a room that doesn’t hold items of sentimental value, such as the kitchen.   Encourage your family members to take inventory of their personal belongings, and avoid making judgments about which of their items should be kept or tossed. Remember, people usually don’t save things that aren’t important to them.   Downsizing doesn't have to be an exercise in crazy-making. Start the purging process early, take your time, and concentrate on the end result. Whether that’s a shorter commute, no stairs to climb, or a bigger bank account, use it as motivation to remain positive and optimistic.

3 RENOVATIONS THAT WILL NOT INCREASE YOUR VALUE It’s one thing to make renovations to a home with the goal of making it more enjoyable or comfortable for you and your family and quite another to make these renovations solely to boost the home’s value. It’s the latter we want to take a look at today.   In fact, these three renovations are only “goofs” if you made them think you’ll get your money back when you sell the home.   1. Converting the Garage A small home with a growing family bulges at the seams and, rather than sell the home, many homeowners turn the garage into a bedroom. Big mistake, says.   George Holmes of Eagle Appraisal in Las Vegas; your home’s value will take a hit.   In fact, he says that a tract home may lose up to $10,000 in value, but cautions that “it’s not cut and dry, however.”   Garages are a hot button for buyers, not only as a car’s refuge from the elements but for storage as well. In fact, 86 percent of home buyers surveyed for Remodeling magazine’s Cost vs. Value report said that they want a garage for the storage space.   2. Swimming Pool Install a swimming pool because you want one, not because you think it will increase your home’s value because it won’t. The tens of thousands of dollars it takes to install the pool unless you live in an area where pools are in demand (Phoenix and Las Vegas, for instance), won’t be returned when you sell the home.   If you live in Maine, swimming pools aren’t as in demand as they are in areas with year-round swimming weather. In regions with short summers, a pool represents nothing more than a maintenance headache to homebuyers.   3. Bedroom Conversion If you must convert a bedroom into a home office or a workout room or anything else, make sure that you can undo the conversion before putting the home on the market. A permanently converted bedroom will decrease your home’s value.   After all, three-bedroom homes typically cost more than homes with only two bedrooms so the appraiser will knock down the value of your home accordingly.   When considering which renovation or repair projects will add value to the home, put your money into upgrades to the home’s major systems (if needed) or into updating the kitchen and/or bathrooms.