What is Fair Market Value?

What is the best price for some real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the “fair market value” (FMV). FMV is defined as “the price that a buyer is willing to pay and the seller is willing to take”. Sounds great, but how is this price determined?

The starting point for determining a fair price may be an opinion of the value or “competitive market analysis” : a CMA. This analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, or 3) expired listings (which did not sell). Local, national and international trends and market conditions must also be considered.

By comparing similar properties of each type and the market conditions, appraisers, lenders and agents come very close to the maximum price that the market will bare for that home.

Decorating a Contemporary Living Room

No matter what your budget is, you can get the sleek and clean look of a contemporary interior design in your living room. Changing out just a few things like wall art and accessories as well as a little paint can do wonders to your room and these changes do not have to cost a lot!

A vital element when decorating your living room with a contemporary theme is your wall treatments. For this design style the colors can make or break the look – consider adding shades of browns and black or a sharp black and white look to the room. Try using a neutral color paint on the walls, or if you want something different go with a leather or suede wall covering.

Decorative accessories are another important piece in pulling your contemporary look together. Concentrate on getting wall art and pillows that match your contemporary design style. For accent pieces you want the lines to be clean and avoid a lot of clutter. Be certain to add in loads of plain bowls with fruit as well as simple linear floral arrangements and you might even try some black and white photography to get a professional look for your living room. Additional touches such as vintage art déco accessories can help setup your room with a polished decorative appeal, but don’t go overboard because with the contemporary look less is better.

What’s on your floor can add to the decorating style, but if you can not afford new floors in your living room then you can mask your current floors with small rugs with a contemporary design – either a geometric print or a plain sisal rug. If you are lucky enough to be able to afford new floors, check out bamboo floors or slate or clay tile. Sleek lined furniture with chrome accents goes nicely with this look and you might try shopping at consignment stores if you are short on cash.

Lighting is vital in any room and the living room is no exception. To match your contemporary design style, you need to look at light fixtures in terms of both style and type. The majority of living rooms can work with a table lamp combined with recessed lighting. When you will be incorporating a contemporary style, take a look at a chrome ceiling fixture with recessed lighting but steer clear of anything which is scrolly or fancy.

An important decorating area that you must work on when decorating your room are your walls. You can make even the plainest walls look nice by incorporating great wall art and decorative accessories. Try adding simple, plain artwork, tribal masks or abstract art to your living room walls to highlight the modern feel of your contemporary theme.

Putting together a successful contemporary look in your living room can be as minor as just buying new decorative accessories or as involved as replacing everything. So no matter what your budget, you can get a sleek contemporary look that will thrill the whole family!

Lee Dobbins writes for Decorating How To where you can learn more about decorating styles and your home.

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Do-It-Yourself Tips for a Luxury Kitchen

Do-It-Yourself Tips for a Luxury Kitchen

Most aspects of large-scale, luxury kitchen design are not something a layman should take on, says certified kitchen designer David McNulty, who has designed and produced kitchens for 16 years.

“I still run into trouble on some technicalities, 400 kitchen designs later,” he says. “When you’re working with dramatic carvings, custom stove hoods and other items you can’t buy pre-fab, it’s really beneficial to work with the experts who can do the work for you, people who specialize in kitchen design.”

David worked with any number of those experts when designing this elegant kitchen for clients in this Chicago North Shore neighborhood, adding luxury touches such as a hand-carved frieze, hand-brushed glaze and crystal knobs on the cabinetry. He recommends having specialists do the work, but only after the client and the designer set the tone.

“On this job, I worked so closely with the clients to really personalize the space that we became friends,” he says. “Now my wife and I go out with them every couple of months and I’ve done many more projects for them since that kitchen because I’ve gotten to know them so well.”

David has these tips for those approaching (or just dreaming about) a luxury design:

Think luxury, hire locally: “The idea behind hand carvings like the molding I used in this kitchen is to employ an art form that you like or enjoy. It’s not something you can find at a mass merchandiser,” says David. “You can browse carvers from all over the globe on the Internet, but you really want someone in your area to do your work, a local craftsperson who is up to the challenge. I recommend calling five or six designers near you to get their recommendation and soon you’ll start hearing the same names over and over and you can narrow the choice that way.”

Safety first with stove hoods: David executed a lavish frieze right on the stove hood in the kitchen, but he emphasizes that even the most creative kitchen implements have to be mechanically safe and sound. “The biggest thing with a decorative hood is making sure you have the right type of blower, the proper ventilation source,” he says. “It also needs a liner big enough to support it. I tend to have the stove hood made first and then hire VentaHood to fabricate a custom liner and lighting for it. I would only rely on a company like VentaHood that specializes in that type of design.”

You can’t outdo Mother Nature: “I have never done a linoleum floor and rarely have I specified it,” says David. “Instead I recommend mostly stone products, or wood because it’s so seamless — anything that comes from God’s green earth. Natural products are the key to creating an enjoyable space … tranquil, no two pieces alike. I’m a believer in raw goods. Man-made patterns on the floor? I don’t get it.”

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Adding a Patio Spa to Your Backyard

A funky old storage building steps away from her back door gave homeowner Kathryn Allen a creative solution to a pesky problem.

“Our master bath had only a slender shower stall, and I was desperate for a bathtub,” she explains. In a moment of inspiration, she saw Cinderella potential in the backyard shed.

The 9- by 11-foot building was not in good shape, but it had charm. Kathryn and her husband, David, cleaned and painted it, put in a new terra-cotta tile floor, added schoolhouse (awning-type) windows, and trained Boston ivy on the outside walls.

Now it was ready to house the longawaited claw-foot tub, which the couple found at a restoration supply store.

Kathryn painted the shell of the 6-foot-long tub a soft gray-green to complement its satin nickel claw-and-ball feet. She added a floor-mounted faucet and handheld spray head from England.

Furnishings were selected for their patina of age and their ability to blend with the green tub and white walls (a hint of orange was mixed into the white to warm it up).

A tall mirror-door wardrobe serves as a linen cabinet; towels and washcloths are stored in its glass-fronted drawers. An upholstered chair from Italy, a weathered side table covered with jars and vases, a small washstand, and a potted timber bamboo plant provide rustic comfort with personality.

Outside, the ivycovered walls change with the season― soft green in spring, vivid red in fall, and skeletal brown in winter.

“It’s where I soothe away the stress of the day―and all our guests want to try it out too.”

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