Residential Resources

Turning Your Home into a Long-Term Rental Property During the Pandemic, by Ted James

Image via Pexels

The COVID-19 pandemic has made a significant impact on the housing market. Given that we are currently in a recession, a lot of questions hang in the air if you were planning on selling your house. In many cases, it makes the most sense to sell your current home when buying a new one, but another viable option is to transform your current home into a rental. Below, learn more about this process and discover if it would be a smart move for your family.

Why Transition to a Long-Term Rental?

Owning a long-term rental comes with several benefits. For starters, SmartMove points out that renting out your home can provide you with a bit of extra income each month. Plus, unlike owning a vacation rental, you don’t have to deal with constant turnover or worry about cleaning up after each guest leaves. As Landlordology explains, there are also a variety of tax benefits you can take advantage of.

As an added perk, if you keep your home rather than selling it now, it may increase in value by the time you do sell it. Properties can appreciate on their own over time, but you can also maximize your home’s future value by staying on top of maintenance while renting it out.

Keep in mind that you also have to deal with a few negative aspects of being a landlord, such as doing repairs and finding good tenants. This could involve tackling some projects yourself or hiring professionals to do some of the more involved jobs for you, removing debris from your gutters or trimming trees away from the house. But if you’re not in a position to manage the property yourself, The Balance points out that you can always hire a property manager to take care of the day-to-day aspects you don’t want to bother with.

How the Pandemic Affects the Rental Market

The housing market is affected by the pandemic in a variety of ways. Many people are struggling to pay their rent or mortgage. In many situations, lenders and landlords have had to make concessions so people can keep their housing. If you’re thinking about turning your home into a rental, it’s important to understand the unique challenges that the pandemic might present to you as a landlord.

Keep in mind that people dealing with job losses might be in a situation where they need to sell their homes in order to make ends meet. In this scenario, the need for affordable rental housing is more important than ever. If you are in a position where you are able to offer more affordable rental housing, you likely won’t have any trouble finding a tenant.

How to Turn Your Home into a Rental

Renting out your home requires a bit of work in the beginning. A good starting point is to check market trends over the past month so you can figure out what’s going on near you. Kiplinger suggests that you also start by finding a real estate agent. An agent can help you set a reasonable rental rate while also helping you find prospective tenants. Agents can also provide market updates relating to the pandemic so you can make the best choices possible.

In the beginning, you’ll also want to make sure your insurance coverage is appropriate, since coverage is different for rentals. Additionally, you will need to have a solid lease agreement that covers your bases, and be prepared to screen potential tenants carefully.

If you’re finding it difficult to get a good asking price on your home or you can’t find any interested buyers, turning your house into a rental might be the perfect solution. Renting out your home during a pandemic can provide additional income for your family as you transition to a new home. And by listing your home for rent at a reasonable rate, you might be able to help another family that needs affordable housing as a result of the pandemic.

For more help with taking control of your finances, contact Ted James, a professional financial counsellor and coach with an MBA in Finance.
Tedknowsmoney.com  tedknows@tedknowsmoney.com

Residential Design, Residential Resources

Got Glam?

Design by Lauren RIchardson, Besosa Designs
Rendering: DSRenderings

Glam is so appealing. What’s not to love? Ethereal color palettes, shimmering finishes, luxurious fabrics, and drama, drama, drama!

The guest bedroom shown above was done on a budget of only $2,000. All items were sourced through Wayfair. The wall paint is Gray Cashmere — 2138-60 Benjamin Moore — a whisper light blend of grey, blue and green. Yummy. Champagne, silver and bronze finishes distributed throughout the space create an understated elegance. The warmth of the wood flooring keeps the space grounded as does white bedding, grey drapery panels, and a grey and cream area rug.

See Wayfair’s tutorial on all things glam:

https://www.wayfair.com/sca/ideas-and-advice/styles/the-ultimate-guide-to-glam-style-T1477?&experiencetype=1

Z Gallerie was doing glam before glam was in. They have it all — in spades. Affordable accessories and art from Wayfair or Z Gallerie are a great way to get the feel of glam without committing to major pieces.

https://www.zgallerie.com/

For some of those luxurious fabrics, check out James Hare, the latest to join Scalamandre.

http://www.scalamandre.com/custom/james-hare.php

Glam meets Persia … oh, my.

James Hare, Persia Collection
Residential Design, Residential Resources

Perigold’s Bohemian Traditional

This is the most fun collection I’ve seen all year! Perigold, known for elegance in all things, offers the Bohemian Traditional collection. This is an eclectic design sensibility that uses a combination of pattern, texture and color, carved wood elements, global accents, and exotic Eastern touches. It brings warmth into the well-travelled home. As a Wayfair designer I can assist you in personalizing this look and making it your own.

https://www.wayfair.com/shop-the-look/dsp/lauren+richardson-d12220486?&experiencetype=1

Perigold’s Trend Report July 2019
Perigold’s Trend Report July 2019
Residential Design, Residential Resources

Enjoying and Using Color and Pattern in 2019 and Beyond

There is so much color and pattern in design this year! This can be a blessing and a curse. Look before you leap. The images provided by the industry should be regarded in the same way one reads Vogue – you aren’t meant to reproduce the entire image.

Take snippets of color and pattern that you can live with — at least for a while. Ensure you have some neutrals for breathing room. As designers, we can get away with a lot more drama in hospitality settings where clients will only spend an hour or two. Your home must be restful enough for extended time periods.

One thing that makes this year’s colors a bit more classic is that they are largely nature’s colors — greens and blues (navy is especially classic), with little pops of yellow or salmon to liven things up. You can always use concentrated color for small objects like throw pillows or accessories. However, for wallpaper, window treatments, or large furniture items, be cautious about the intensity of the color and the business of the pattern.

Ballard Designs has done a nice job this year of showing us what’s possible with pattern and color coordination. It’s refreshing to see color back in action after so many years of grey and, well, more grey. Check out their custom fabric, sold by the yard, to apply to hundreds of customizable items.

https://www.ballarddesigns.com/fabric/
Corner banquettes and booth with table and decor
https://www.ballarddesigns.com/furniture/dining-kitchen/banquettes/

In the Houzz article below, the author states that “pattern and vibrancy are two trends that don’t appear to be going away anytime soon.” This is an opportunity to explore and integrate colors and patterns that you love in small doses (called the law of Chromatic Distribution).

Law Of Chromatic Distribution. A rule governing the distribution of color intensity or brightness. The most neutralized colors are used in the largest areas, and the smaller the size or area, the brighter or more intense the chroma proportionately becomes. (google search)

Pattern and color are two of the true joys of interior design. They are meant to be used and enjoyed. Just be mindful that what looks fabulous in a tiny image in a magazine will look and feel very different in real time and space in your home.

Residential Design, Residential Resources

Scalamandré’s Lovely Calabria Collection

Antonella Lampas, Osborne Pom Pom Fringe, Camille Damask, Diamante Matelasse, Strada Stripe and Georgica Braided Cord
https://scalamandre.us12.list-manage.com/track/click?u=5501bc3b7339484b8b059843d&id=df898a264f&e=37113f423b

Scalamandré always delivers on luxury. The Calabria Collection (inspired by the region of Calabria, Italy) captures the more elegant, soft, and refined side of Italian style and works well with stone and the greys that are still so popular. The line also gives us ideas on how to weave softer colors into color schemes that include greys.

Calabria Color Stories

Scalamandré allows you to pair product from the Calabria Collection with classics from other Scalamandré lines. Be sure to review Morning Glory, Winter, Bluestone and Onyx from this new collection that celebrates the company’s 90th anniversary.

http://www.scalamandre.com/custom/calabria.php?TYPE=DES&&COL=C680&SORT=N&SEARCH=calabria
http://www.scalamandre.com/custom/calabria.php?TYPE=DES&&COL=C680&SORT=N&SEARCH=calabria

800.932.4361
www.scalamandre.com

Residential Design, Residential Resources

Contemporary Interior Design – CB2 Shines

CB2 Has Elevated Contemporary Interior Design

CB2 has elevated contemporary interior design. CB2 is transforming the perception of home design for today’s modern consumer by offering high quality, sophisticated design at an approachable price.

Glamour and Luxury

CB2 offers richness, glamour, and luxury in their design offerings — always stylish, ever intriguing!  The room settings showcased in their October 2018 lookbook expertly balance the currently popular gold and silver tones with soft hues.  Their interior settings adeptly apply texture and pattern, balance warm and cool, and make an artful, breathtaking use of black.  Their wood tones, upholstered furniture and area rugs create a warmth and coziness to balance contemporary lines.

CB2 has embraced the emerald green that is so hot at present, but it never looks out of place in any of their settings.  For accent walls consider SW6289 Delightful (soft mauve), SW 6747 Argyle (deep green), or SW 6496 Oceanside (deep blue) when incorporating your select CB2 offerings.

Images provided by CB2

There is a delicate nature to CB2’s bling — survey their mirrors, crystal drops, light fixtures and glass trees.  Their accessories are refreshingly innovative and interesting.

Images provided by CB2

Edgy, Eclectic, Inspirational

The brand is definitely today’s destination for timeless yet edgy home collections, creating furniture and decor to inspire creativity and celebrate individuality with an eclectic mix of products and decorating ideas. Their furniture and accessories are many and varied, so much so that you will find it easy to make CB2 your own.  Your space will truly look and feel like a home – contemporary, eclectic, unique, and very livable.

Images provided by CB2

CB2 is Growing Rapidly

In addition to being a leader in online retail, the brand is rapidly expanding their physical footprint and currently has 18 locations across the U.S and Canada. CB2 is part of Crate and Barrel Holdings, which is owned by The Otto Group, a global retail and services group based in Hamburg, Germany.

For More CB2

For more information, visit www.cb2.com, or follow them on Facebook, Instagram or Twitter.

 

 

Residential Resources

DesignerAdvantage – An Easy-to-Use Bookkeeping and Purchasing Service for the Busy Interior Designer

If you’re like most designers, you love designing and helping clients. However, the bookkeeping and order tracking part of the job is not your forte, you find it frustrating, and the paperwork trail is taking time away from what you do best.

The good news: DesignerAdvantage is aware of how inherently complex and difficult the purchasing and order tracking system can be for the design industry and has tackled that problem. DesignerAdvantage has created a simple, intuitive program for designers to use along with a support system to oversee accounting and purchasing from the moment you enter the spec all the way to the receiving warehouse. Their professionals assist you with resolving snags like rush orders, damages and backorders. Every designer who is a client of DesignerAdvantage is assigned their own account manager. Best of all, DesignerAdvantage fees are respectively passed along to clients as billable time or out-of-pocket reimbursable expenses. You get the benefits of a full time bookkeeper and purchasing agent without having to hire full time employees.

Marc Molinsky, CEO and founder of DesignerAdvantage, previously worked as a CPA at Ernst & Young LLP. After four years with Ernst & Young, Marc answered the calling to start his own business. A mentor of his introduced him to the owner of a lighting manufacturer who served the design trade. This meeting led to Marc’s realization that designers desperately needed real solutions and DesignerAdvantage was born in 2000. Marc and his staff of professionals have spent the last 17 years perfecting the technology, interface, accuracy, efficiency and value of this truly unique software that specifically supports interior designers in managing and growing their businesses.

The key features of DesignerAdvantage include the ability to enter specifications, create estimates and purchase orders, and record time by clicking on colorful tabs at the top of the main page. In addition to providing the extremely valuable features of accurate and up-to-date financials and purchasing oversight, DesignerAdvantage enables designers to run professional looking status reports for their clients with the click of a button. Imagine how happy your clients will be to receive periodic reports emailed to them on order status and expected ship dates. They will LOVE you! And you needn’t wonder how you are doing on budget — the program has a budget tracker for time and materials. Your project will show you percentage of budget utilized and highlight the project in red if you are over budget.

Dia-Gue-40201 – DL Image 1

StatusReportPdf – DL – 2

Dia-Gue-40287 – DL Image 2

(Links above provided by Marc Molinsky.)

The key to this revolutionary software is that it is customized for the design trade but it is linked to QuickBooks, the best accounting software for small business. Have you struggled to learn QuickBooks? Do you worry that you don’t have the time to learn it? You can put those concerns to rest. DesignerAdvantage has customized their software to be so easy to use, so simple and intuitive, that it only takes DesignerAdvantage professionals about 20 minutes to train designers on the software.

The two things a designer needs to do to ensure that DesignerAdvantage can do their job helping designers run a great business is to specify your product accurately into the software and enter any billable time. You can access your information any time online.

DesignerAdvantage will even offer a free business analysis so that you can understand very quickly the key things you can be doing differently to positively impact your design business. DesignerAdvantage manages over 100 design business all across the U.S. The information in their data base enables them to compare your P&L statement to other comparable design firm data. This analysis will help you understand, for example, if you are charging too little or paying too much for certain expenses. Furthermore, DesignerAdvantage offers its design clients access to a buying program that gives you purchasing rewards for all types of finishes.

Contact Marc Molinsky to learn how DesignerAdvantage can work for you, save you hours of frustration, improve your bottom line, and free up valuable time to do what you do best.

Marc Molinsky, DesignerAdvantage, 617.953.3134, http://www.designeradvantage.com

 

Residential Resources

Great News for Hospitality: Alta Fabric Finishing

Custom Recipe

Whether you need repellency, fire code compliance, cleaning ability, abrasion resistance, a liquid barrier or antimicrobial properties, Alta delivers the exact performance technology to make fabrics perform in their end use or application.

This molecularly bonded chemistry cannot be washed out, dry cleaned out, or rubbed off. The only way it becomes ineffective is if the fiber becomes destroyed.

Easy Specifying

Crypton and Nanotex offer certain protections. The distinct advantage of Alta is that you, as the specifier, indicate where the fabric is going to be installed (Hotel, Night Club, Health Care, Senior Living, Workplace, Food and Beverage Seating) and Applied Textiles will determine the appropriate recipe. They have even created a simple chain set that they refer to as their “designer checklist” that indicates the general requirements for each environment and which tests are run, making it very easy to specify the treatment. They even have a profile for hotel mattresses. Even drapery can be treated so that once it is soiled with mop water or oil from hands, it can be spot cleaned.

Your fabric rep might require a set up fee or simply a fee per yard. It will depend on the representative. Fabricut representative Cindy Royals is working hard to educate her clients about the environmental and design benefits of Alta fabric performance technology. She does not charge a set up fee to add Alta. Cindy points out that commercial clients have many more fabric options to specify to clients because of Alta. This is a real plus for designers in Assisted Living or Extended Care — they can create a Resi-mmercial vibe in these facilities because more residential constructions are succeeding in contract environments because of Alta. Residential clients can use Alta to protect lighter colored fabrics or fabrics that will withstand a great deal of hardship or abuse, such as in homes with young children or pets.

Click below to see the full chain set, provided by Applied Textiles:

Designer Checklist 2

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Image by Lauren Richardson

Applied Textiles easy to use specifying chain set – “Alta Designer checklist”

Additional applications include guest room, food & beverage, drapery & sheets, top of bed, headboard, outdoor seating, nightclub seating, mattress, pillows & accessories, spa, residential, workplace seating, privacy curtains, healthcare seating and wall panels.

Easy on the Environment

Alta is 95% water. It is environmentally safe for people and safe for fabrics.

Great Hand

Alta can be applied to velvets, silks, mohair and alpacas without crushing the fabric. Previous technologies would crush and stiffen your fabrics after treatment; Alta provides all the protection but maintains the great hand you want to deliver to your clients.

Learn More

The above summary is taken from an educational session given by Tim Butt, Applied Textiles’ Director of Education.

To contact Applied Textiles for an informational presentation to your company:
Call: 866.891.6266
Email: contact@applied-textiles.com
Or visit their website: http://www.applied-textiles.com.

To contact Cindy Royals and explore Fabricut options: cindy@cindyroyals.com 770.792.7156