What Should You Do If Your ARM Is Almost Out Of Time?

If you bought a home with an adjustable rate mortgage (ARM) thinking you'd sell the home before the ARM adjusted, you're not alone. Many people buy homes with ARMs because they plan to relocate or upgrade to a larger home in the near- to medium-term.

But when plans change and you decide to stay, you must know what will happen to your ARM - and what you can do about it. Let's take a look.

ARM vs. fixed rates

ARMs help your budget because rates on ARMs are lower than they are for fixed loans. For example, today's rates for a loan on a $300,000 home purchase with 20 percent down are 2.75 percent for a 5/1 ARM versus 3.5 percent for a 30-year fixed. In this scenario, the monthly 5/1 ARM payment ($980) is $98 cheaper than the 30-year fixed payment ($1,078).

This ARM vs. fixed savings is significant no matter what your home purchase price is, and if you are in fact only keeping the home (or the loan) short term, it can be worth it.

How to choose

The best way to determine whether you go with an ARM or a fixed loan is to peg your loan term as closely as you can to your expected time horizon in the home or the loan. Here are a few options to consider:

• If you're buying a home with plans to relocate and sell the home within five years, a 5/1 ARM would be a good option. If you're planning to move within 10 years, a 10/1 ARM would be a good option. You can also get 3/1 and 7/1 ARMs.
• If you plan to pay the loan off within five years and keep the home, a 5/1 ARM would also be a good option.
• If you're going to relocate but want to keep the home, a fixed loan would be a good option.

How your ARM will adjust

If you get an ARM and plans change so that you need to keep the home (or the loan) longer than you intended, your payment will adjust at the end of the ARM's fixed period.

An ARM is a 30-year loan with a rate that's fixed for the initial period of the ARM. For example, the quoted rate on a 5/1 ARM will be fixed for that initial five-year period. For the remaining 25 years, it will adjust to a base rate (called a margin) plus the current level of a certain index the loan is tied to.

A common margin for a 5/1 ARM on a conforming loan up to $417,000 is 2.25 percent, and a common index for these loans is the one-year LIBOR which is 1.25 percent as of this week.

If your 5/1 ARM adjusted today, it would adjust to a rate of 3.5 percent, which is the 2.25-percent margin plus the 1.25-percent LIBOR index level as of now, and it will adjust once per year every year after the initial five-year fixed period. The margin will always be 2.25 percent, but the LIBOR index changes in real time, and will be higher if economic conditions improve, or lower if economic conditions worsen in the future.

And finally, it's not just the rate that adjusts, it's also your payment. In the initial five-year period, the payment is calculated using the initial rate and a 30-year amortization. After the initial period, the payment is calculated using the margin plus index rate and a 25-year amortization.

Using our scenario above, this means your payment would adjust from $980 to $1,063.

What to do if your ARM is almost out of time

You could argue that a payment adjustment like this would be tolerable if you were keeping the home (or the loan), but this example is only the first adjustment, and it will adjust every year after the initial adjustment, so it's a lot of risk to take on.

The alternative is to refinance into a new loan, and the same rule would apply for deciding what loan to refinance into: do your best to peg the new loan term to your expected time horizon in the home (or loan) from this point forward.

Rates have been steadily low for the past five years as the economy has been slowly recovering from the economic crisis. If this recovery and economic growth continues, rates have more risk of rising.

As such, if you chose a new 5/1 ARM today, it would be safest to assume that your rate and payment would adjust up in another five years. If this is too much risk for you, the best choice is to take a slightly higher rate and payment now on a 30-year fixed, which gives you the security of knowing your rate and payment cannot change.

Other important facts about ARMs

Keep in mind that the payments above don't include homeowners insurance and property taxes, which would be the same whether you chose an ARM or a fixed loan. You can run your own fixed vs. ARM scenarios, and the results will show you homeowners insurance and property taxes.

Another point to remember is that ARMs shouldn't be used to qualify for more home than you can afford. This was a common scenario prior to the economic crisis, when lenders were allowed to qualify borrowers using the lower ARM payment. Now lenders must use the highest-case payment that could occur after the adjustment.

As a final note, if your loan amount is up to $417,000, a 5/1 ARM will get you the best savings relative to a 30-year fixed. If you have a jumbo loan above $417,000, you can also get strong savings using a 7/1 ARM relative to a 30-year fixed, so ask your lender to provide both options.

Related:

• What is an Adjustable Rate Mortgage or ARM Loan?
• Confessions of a Serial Refinancer
• How Mortgage Strategy Differs for Millennials, Gen Xers, and Baby Boomers

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House of the Week: Hollywood Glamour Shapes Contemporary Beverly Hills Mansion

With a royal Hollywood history, this Beverly Hills mansion is set on the grounds of the famed former Mon Reve Estate owned by Barbra Streisand — and listed for a lofty $150 million.

The sweeping modern masterpiece offers a contemporary take on glamour and a fresh interpretation of what it means to be a modern castle with simple lines, elegant skylights and a play on the bright lights of Hollywood throughout.

A fanciful dining room equipped with mirrors on all sides, multicolored ceiling lights and a crystal chandelier provides a nod to a different time, while ensuring that dinner guests feel like they are canoodling with the stars.

Complete with private hiking paths studded with tree lights, as well as multiple guest accommodations, this 10 bedroom, 20 bathroom contemporary estate offers every luxury. The home serves as its own vacation destination, equipped with a lounge, wine room and a theater complex. A separate spa level includes an indoor lap pool, salon, steam and massage rooms.

The master suite is an expansive 5,300 square feet, boasting a covered and heated patio from which to admire the sprawling estate surrounded by trees and glowing with blue light. The listing agent is Ginger Glass of Coldwell Banker.

Related:

• Star Maps Maven: Her Family Has Tracked Celebrity Homes for 80 Years
• Houston, We Have a Listing From the Apollo 13 Commander
• A California Mansion as Abstract Art

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9 Tips for Preparing a Fabulous Flower Bed

Have you ever ended up with a bed of dead flowers, mountains of mulch and a whopping garden center receipt? Let's do something about that, shall we?

Get your gardening groove back with these nine tips.

1. Start with a clean slate

There are two kinds of flowerbeds: Those that have been well-prepared, and those that are covered in weeds.

Give your unplanted bed the once-over. Does it receive enough sunlight? Does water tend to collect there? Have you removed all weeds, roots, and rocks so that your plants will thrive? It's a lot easier to fix these problems now than it is once you’ve planted the flowers and laid the mulch.

2. Start seeds

Start a flowerbed from seed to save money, raise unusual varieties and enjoy the satisfaction of having grown a whole garden from a handful of tiny seeds.

Since some seeds transplant poorly, check the packet and make sure you don't have to sow directly in the ground. Start seeds in trays, pots or in coir pots, using a seedling mixture, place them in a sunny spot, and transplant as soon as they have developed sturdy stems.

3. Prepare nursery plants

Nursery-grown bedding plants give you instant gratification, but the short time between purchase and planting is crucial to their survival.

Pack them closely in your car to avoid damage, and take them home immediately so that they don't fry in your car during other errands.

Water nursery plants as soon as you get home, as often as necessary after that, and a few hours before planting to help their fragile roots survive the trauma of transplanting.

4. Get the winning edge

Even the most carefully planned border can look sloppy without a clearly defined edge. Avoid those inexpensive and quickly deteriorating edges made of plastic, and choose a more natural and long-lasting alternative.

The cheapest solution is to make a shallow trench around the bed with your spade and maintain it throughout the season. For something more refined and permanent, set an edge of brick, concrete or stone in leveling sand. The initial cost may be higher, but they will save you a lot of work and make mowing easier.

5. Plan for the seasons

Choose annuals if you plan on replacing them in a season or two, and plant perennials if you'd like them to last longer. Plant evergreen shrubs or ornamental grasses to provide structure and year-round interest.

Also consider the plant's eventual height: Plant low-growing flowers (usually annuals) at the front of the bed where they can be easily viewed and then replaced at the end of their season.

6. Give them space

Follow the guidelines on the seed packet or plant tag as closely as possible. One that is often overlooked is the amount of space to leave around each plant so they have room to grow. To cover a lot of ground quickly, choose spreading varieties like 'Superbells' and climbing nasturtiums.

7. Dig the perfect hole

Dig each plant's hole to be twice as wide as the original pot, so the roots will have plenty of room to grow. To give them an even better head-start, make a little trench around the inside of the hole so the roots will spread down and out.

This step isn't necessary for annuals, since they won't be around long enough to enjoy their strong root systems, but it is helpful if you have clay soil.

8. Plant it right

When planting transplants and nursery plants, always place them so that their crowns (where the plant meets the soil) are level with the soil in the bed. If the crown is above the soil level, the plant may dry out when soil washes away from the roots. If planted too low, soil will settle around the crown and rot the plant.

Push the soil around the transplant and firmly tamp it in place with a trowel so no gaps are left between the roots.

9. Mulch better

Mulch is essential for conserving moisture and preventing weeds, but one inch is all you need. Established garden beds don't even need mulch because the plants themselves are then capable of protecting the soil.

Avoid landscaping fabric, since it actually keeps moisture from percolating into the soil. Instead, lay down sheets of newspaper before mulching.

Mulches vary by region, but whichever kind you use, follow this one rule: Don't ever pile it up against the plants. They'll rot in no time, and you'll soon have nothing more than an ugly bed of mulch in their place.

Related:

• 40 Great Plants to Grow in Hanging Baskets
• How to Prepare a Vegetable Garden Bed
• A Beginner’s Guide to Choosing Flower Bulbs

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It's a Jungle in There: Tips for Better Under-Sink Storage

When I talk about prime real estate, I'm not talking about a fabulous suburban location for your new home. As a professional organizing expert, I refer to prime real estate as the best storage locations in your home. These are the superior spaces that provide the easiest access.

Topping the list is the cabinet under your kitchen or bathroom sink. Most of us struggle with these spaces because we want to store so much in them that they become overfilled and frustrating to use.

The other sneaky drawback of these ever-so-available cabinets is that they are usually quite deep. On the one hand, it’s great that they’re deep because you can store so much under there. But it’s also annoying, because you can't reach the back of the cabinet very easily.

When these cabinets are a jungle of items piled or crammed in, we sometimes have to get down on our hands and knees, and practically crawl inside to locate and pull out our squeegee for the shower or our favorite vase.

Not to worry, though - there are fabulous ways to bring order to your cave of cleansers. You can turn it into the serviceable, accessible and organized under-the-sink cabinet you have hoped it always would be.

Entry points

Before you get started on this mini do-it-yourself organizing project, hold off on deciding to install bins, racks or shelves.

Instead, do these tasks first:

• Pull out all the items from under the sink.
• Wipe down the cabinet, which seems to collect more dirt than three kids playing in a sandbox.
• Take a moment to check for leaks, and tighten pipes so any stored items won't get ruined.
• Be sure to group like items together, then check for duplicates. This is not the place to store three identical bottles of glass cleaner. It’s best to just have one sponge, one bottle of lotion, or one can of floor wax stored under your sink. If you have a lot of under-the-sink paraphernalia, relocate the duplicates to a nearby linen closet or shelf in the garage. If you don't have that extra space, then keep your buying to a minimum.

Hold everything

Next, it's time to think about your storage options.

Use bins or shower caddies. Consider using small but solid storage bins to keep your bottles, cans, vases, bags and boxes upright. Shower caddies are perfect for this space because they have a handle at the top. If you opt for bins instead, don’t put lids on them - it will be easier and faster to grab what you want from inside. Make sure each caddie or bin is easy to take out of the cabinet and lift up to the counter. This allows you to bring your items up to eye level so you can easily see what you have, retrieve it and replace it.

Get hooked on hanging storage. Try a small over-the-cabinet door towel rack for hanging dishwashing gloves, towels, and wash cloths. Hooks can accommodate these items, too.

Repurpose storage tools from other parts of the house. Many families use a "Lazy Susan" to store salt, pepper and toothpicks on the dining room table or kitchen counter. Considering using this spinning storage unit under the sink, too. A Lazy Susan keeps all your items front and center. With just a spin of the wheel, you can see what's in the back of the cabinet. No crawling into the cabinet to find what you need! And be sure to use all the space available to you. A spice rack attached to the inside of the cabinet door is a great solution for holding small items like sponges, tools, and plant food (in the kitchen), or hairbrushes, nail polishes, and vitamins (in the bathroom).

Install a pull-out shelf under your sink. With just a bit of effort and a small hand drill, you can easily install metal pull-outs. This is a super solution for both the bathroom and kitchen. One important caveat: Be sure to account for the pipes. You don't want to have taller items located in the back of the pull-out shelf, because they’ll hit the pipes when the shelf is being pulled toward you - and then everything falls like dominoes.

Congratulations on investing in your prime real estate. It will definitely pay off.

Related:

• The Beauty of Organized Cosmetics and Toiletries
• Organizing Your Pantry in 6 Easy Steps
• The Junk Drawer: Facing Down a Household Horror

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Carmen Electra's New Hollywood Hills Home Has 'Got the Look'

Carmen Electra just dropped $2.11 million on a monochromatic Hollywood Hills home with a dramatic master bathroom that calls to mind her ex-boyfriend and mentor, the dearly departed Prince. The expansive room has large windows with gauzy white curtains - and a large soaking tub in the corner that’s topped by a chandelier.

The singer/actress/model/TV personality was going by her given name, Tara Leigh Patrick, when she signed to the Purple One’s Paisley Park Records. Electra has credited Prince with christening her Carmen and setting her on the path to stardom.

And now she owns a castle fit for a modern princess. The 3,852-square-foot home looks traditional on the outside, but is dramatic on the inside, with dark hardwood floors, a chic gray fireplace mantle that stretches to the top of the soaring ceilings, and a transparent, floor-to-ceiling wine cooler that’s the centerpiece of the eat-in kitchen.

With 5 bedrooms and 5 baths, the home offers two spacious levels for Electra and her husband, musician Rob Patterson, to spread out — plus a waterfall out back.

The listing agent was Elayne Cedar of John Aaroe Group.

Related:

• Nick Lachey Lists His Mansion Before Going on Tour
• Thomas Middleditch Nabs 1920s Home with Hollywood History
• Grateful Dead Bassist Phil Lesh Lists Marin County Estate

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Gilmore Girl and Mad Man Sell Their Brooklyn Penthouse

It’s a satisfying answer to “Where are they now?”: Alexis Bledel and Vincent Kartheiser, the married actors who brought us two of television’s most compelling characters - Rory Gilmore and Pete Campbell, respectively - have sold their Brooklyn Heights penthouse for $1.32 million.

The 1-bedroom, 2-bath abode features stunning espresso hardwood floors, large windows and a built-in bookshelf - a delightful nod to Bledel’s famously well-read Chilton Prep alumnae character, who will be returning to Stars Hollow in Netflix’s “Gilmore Girls” revival later this year.

Inside the apartment, a stairway leads to the loft bedroom as well as to the kitchen, surrounded by white walls that form interesting geometric shapes underneath a cast-iron chandelier and 18-foot ceilings.

A stylish dining area with several windows and ornate wallpaper offers direct access to the industrial-style chef’s kitchen. Featuring all-white cabinets, black granite countertops and stainless steel appliances, the room’s monochrome color scheme provides a modern look for the well planned co-op.

The cozy master bedroom boasts ample windows offering water views, as well as an internal window with a view of the downstairs. The master suite includes a marble bathroom with a rain shower, chrome finishes and heated floors.

The penthouse provides an additional staircase to a private 500-square-foot outdoor space, and all residents of this Queen Anne-style building have access to a full rooftop lounge with sweeping views of Manhattan and downtown Brooklyn.

The home was sold by James C. Cox Jr., Frank Giordano and Chad Maltby of Compass brokers.

Related:

• ‘Mad Men’ Star Vincent Kartheiser Lists Tiny Bungalow
• Uma Thurman Lists Like She Twists, With Style
• Fred Armisen Buys in Trendy Los Feliz

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Endeavor Innovative Workspaces Ribbon Cutting Ceremony - Date: May 4, 2016 5:00 PM

Location: Fort Myers - Endeavor Innovative Workspaces is a sprawling 15,000 square-foot co-working space that houses 26 private offices, including single, double and adjoining rooms, and has high-speed internet, printers, and more. The grand opening will take place on May 4 at 5 p.m., with a ribbon cutting ceremony for the Estero Chamber of Commerce.

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Before & After: Low Country Cottage Renovation

Josh Gibson clearly recalls how the 19th-century cottage looked when he first laid eyes on it: "It was definitely a mess," he says, laughing. It was 2013 and Gibson, an interiors photographer, had just purchased an “empty” plot in Beaufort, South Carolina, that included the dilapidated house.

At first, Gibson and his wife Michelle Prentice, a noted interior designer, thought they could flip it. But after crunching the numbers, they realized they'd hardly make any profit from a sale. So they decided to turn it into a short-term rental on Airbnb.

What followed was a year-long odyssey marked by torn-up linoleum floors and hours of research and brainpower spent trying to figure out how to adhere to strict historical regulations imposed by the city. In all, the couple spent $120,000 on restoring the cottage, but they don't regret one penny.

Here's how they did it, and how the cottage looks now.

Exterior

The structure was initially a two-room house, dating back to the 1890s or possibly further, with an addition built around 1914. Measuring 660-square-feet, it's not exactly fit for a family, which factored in the couple's decision to rent it through Airbnb.

But before they could think about renters, they had to address the structural issues rearing their ugly head in the living room. "The crown molding drops four inches from one side to another," notes Gibson, and a lot of the windows were awfully crooked.

To restabilize the house, some structural work was required, which meant hiring a contractor to literally crawl under the house, jack up the cottage, replace the brick piers it stood on and set it back down. Brick piers are common among low country houses, as the sandy soil doesn't lend itself to sturdy foundations, Gibson explains.

Living room

Next, the couple proceeded to pull off all the sheetrock throughout the house. "A lot of it had mildew," Gibson says, and "we wanted to put up the shiplap-looking walls" to retain the cottage's historical feel. "It would have just felt like a new house if we put more drywall up."

Instead of actual shiplap, Gibson used a more affordable material known as tongue-and-groove flooring. "The walls can take a lot of abuse without failing," says Gibson, and it's ideal material for short-term guests. "If someone bumps into it, it's not a big deal."

Per city regulations, the windows were replaced with the same exact versions framed in hand-painted wood with single panes. It was expensive, Prentice admits, but there was no way of getting around it.

Fortunately, Prentice got to run with the decor, which she wanted to feel fresh and youthful, not "doily old," as she jokingly puts it. "People aren’t looking for a super-slick hotel or a house to live in the way they might enjoy if they were going to Manhattan," she says of the cottage. "They’re looking for an experience that echoes the past."

To that end, she made sure most of the furniture is of a style that would have been around in the 1890s; for instance, the sage Asian bookshelf recalls Beaufort's storied past as a trading port, where pieces would have come from all over the world.

Kitchen

The kitchen, bathroom and queen bedroom were all part of the new addition built in the early 1900s. But the linoleum floors in the kitchen needed work. "We were convinced [the floors] wouldn't be good because there were vinyl floors on top of newspapers from the ’30s," Prentice says.

Fortunately, neither layer had been glued down, leaving the heart pine floors beneath in pristine condition. "They needed to be refinished, but we knew they were great when we saw them for the first time," Gibson says. "I said to Michelle, 'We couldn't afford these floors in our own house.'"

Prentice aimed to keep the decor "as clean as possible," she says, opting to do everything in stark white, including the oven, which was a challenge. She wanted the appliance to blend seamlessly with the cabinetry and had no interest in stainless steel. "I did the same thing with the tiny ¾-sized dishwasher," she says pointedly. "I wanted to put a cabinet door on that as well to just continue the line." Black granite counters and cooktops completed the sleek modern-meets-rustic look, while open shelves made the room feel more spacious.

To keep with the historical theme, Prentice paired a dining table from the 1930s with English folding chairs that would have been used on lawns or boats.

Bathroom

While the couple wasn't able to make the bathroom as large as they hoped, they managed to make it appear that way. "We just completely rearranged the bathroom from how it was set up," Gibson says. But first, he had to remove the water-damaged pine floors, which he replaced with marble tile from his own home.

Next up was replacing the "impractical" antique tub, as Prentice calls it, with a space-saving shower. "The shower head is from the Purist Kohler [collection] and it's actually very practical," she says. "You can pull it off the wall and rinse down the shower to keep it clean." She also figured when people are traveling they prefer to take a shower instead of a bath.

The light fixture echoes the past, Prentice says. "I don't like bathroom-like fixtures, so I sought something with an old-time feel that had a little twist to it."

Not pictured is a small pine shelf on the right hand wall, which provides extra storage for toiletries and complements the natural wood walls.

Queen bedroom

Without room for much furniture other than the bed, Prentice again made do with the space on hand. "I made a deliberate decision not to take the cabinets up to the ceiling, which would make the room feel too small," she says, and put pegs on the walls instead for long-hanging items.

A window seat between the cabinets provides a sunny place to read, while the four-poster bed, purchased from IKEA, "makes the whole thing feel completely dreamy," Prentice says. It also "fits with the idea of a canopy bed being appropriate [at the time the cottage was built]."

King bedroom

With people growing more accustomed to sleeping in king-size beds, Prentice knew this spacious room needed to have one. Here, she rearranged the cabinets to line up against a window.

Prentice was grateful to hire a contractor she'd worked with before. "He's collaborative and wanted to be hands-on," she says, and "he's very particular with how things proceed. He does everything the right way."

That gave the couple plenty of time to study how they wanted the house to come together, a decision that paid off in dividends.

Recently they received the 2015 award for restoration from the Historic Beaufort Foundation, and achieved “Superhost” status on Airbnb for their hospitality.

All images courtesy of Josh Gibson.

Related:

• Is Buying a Historic Home Right for You?
• Cottage Style Ideas for Your Home
• Before & After: Cottage Curb Appeal Makeover

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Indianapolis Named Best Place for First-Time Home Buyers

Indianapolis is the best market for first-time home buyers right now, according to Zillow's latest analysis. Pittsburgh and Memphis are also high on the list of places that are the easiest for first-time buyers.

To determine the list, Zillow looked at:

• Median home values. Lower home values means buyers need less cash for a down payment to break into the housing market.
• Affordability. The places where mortgage payments take up a small share of income and rental payments are more unaffordable.
• Inventory. More homes for sale means it's easier to find the perfect fit.
• Cash buyer competition. Fewer all-cash offers mean less competition.

The median home value in Indianapolis is $130,200, and buyers can expect to spend 11 percent of their monthly income on a mortgage payment, which is incentive to become a homeowner in Indianapolis. Renters in Indianapolis can expect to put 26 percent of their monthly income toward a rental payment.

Salt Lake City is the toughest place for first-time home buyers, followed by Washington, D.C. and New York. Also at the bottom of Zillow's first-time home buyer list are San Jose, Seattle, and Austin, where many millennials are moving because of the areas’ hot job markets. Unfortunately, when they start looking for a home, they'll find high prices and not many options.

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Lee County Bar Association Presents - Date: April 30, 2016 10:00 AM

Location: Fort Myers - The Lee County Bar Association will present Law in the Mall on April 30, from 10 a.m. - 2 p.m. in the Dillard's Court at Edison Mall, Southwest Florida's only enclosed and climate-controlled shopping destination serving the Greater Fort Myers and Naples area. During this time, visitors can receive FREE one-on-one legal advice and attend informative seminars hosted by volunteer attorneys. Additionally, the Lee County Bar Association will present the following free public seminars: -Bankruptcy - 10 a.m. -Simple wills and estates - 11 a.m. -Power of attorney, guardian advocate cases and guardianships - noon -Family law - 1 p.m. Attendees are encouraged to bring any related legal paperwork with them when visiting.

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Nick Lachey Lists His Mansion Before Going on Tour

While singer Nick Lachey gears up for a summer concert tour with 98 Degrees, he and his wife Vanessa have listed their Encino home for $3.995 million.

The gated home on a tree-lined cul-de-sac is listed with Mauricio Umansky, Farrah Aldjufrie and Craig Knizek of The Agency. It spans more than 8,000 square feet and boasts an open floor plan with formal living and dining rooms, a theater with stadium seating, and a spacious family room off the chef’s kitchen.

There’s a butler’s pantry and breakfast area, plus three more rooms on the ground floor that can be used as guest rooms, offices or a gym.

Two bedroom suites share a separate wing of the home, with the master suite comprising its own private getaway with a sitting room, two large closets, and a grand bathroom featuring a soaking tub and a large, separate shower.

The home’s decor exudes luxury and comfort simultaneously, with fireplaces, soaring ceilings, exposed wood beams and large windows with tree and mountain views. Many rooms in the home feature access to the yard, with patios, a veranda with a fountain, and a swimming pool with a cabana.

Photos courtesy of The Agency

Related:

• Star Maps Maven: Her Family Has Tracked Celebrity Homes for 80 Years
• Thomas Middleditch Nabs 1920s Home with Hollywood History
• Grateful Dead Bassist Phil Lesh Lists Marin County Estate

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Thomas Middleditch Nabs 1920s Home with Hollywood History

Thomas Middleditch, the actor best known for his role as entrepreneurial nerd Richard Hendricks on HBO's Emmy-nominated "Silicon Valley," has nabbed a 1920s bungalow. Alas, it isn't in Silicon Valley, rather, Los Angeles, but it does come with a Hollywood history.

Middleditch and his wife, costume designer Mollie Gates, will be quite at home in the 3-bedroom, 2.5-bathroom bungalow that once belonged to well-known set designer Charles Lisanby. Lisanby was instrumental in early color television set design, and won an Emmy himself.

The couple purchased the house less than a month ago for $1.5 million - an expensive upgrade from their previous bungalow, which they bought for $849,000. (It must not have suited their tastes, since that was less than a year ago, and the home is for sale with a pending offer.)

Moving shouldn't be too hard for the couple, though, as the two homes are in the same Hollywood Hills neighborhood.

Built in 1927, the couple's new home was last sold in 1979, so it seems to be a keeper. The time period shines through with original detailed molding, stone fireplaces, large Palladian windows and exposed rafters. The rest, however, shows off an eclectic style that belies the traditional California bungalow exterior.

The living room exudes a French country feel, with blue-and-white chandeliers hanging from a cream-colored exposed wood ceiling. Classic 1920s tile and woodworking take the main stage in the entrance. The dining room has an Oriental feel, with red-and-gold wallpaper, and the kitchen is a mix of decades, as is the romantic bedroom suite with large walk-in closet.

A large studio space is available above the garage, perhaps as storage for Middleditch's collection of knight and Renaissance fair costumes, or as a video-gaming haven for him and his dog, Potter, named after Harry Potter.

Related:

• Star Maps Maven: Her Family Has Tracked Celebrity Homes for 80 Years
• Britney Spears Lists a Mansion Fit for a Pop Star
• Fred Armisen Buys in Trendy Los Feliz

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The Pros and Cons of Month-to-Month Leases

Navigating the rental market isn't easy. Between bait-and-switch listings on sites like Craigslist, deceptive landlords, and confusing legal language in lease agreements, finding the right apartment can be a time-consuming, mentally taxing process. But before you even begin your search, you'll need to determine whether you're looking for a short- or long-term lease.

Not sure where you stand? Consider these advantages and disadvantages to month-to-month leases - then decide what makes the most sense for your needs.

Pro: You get greater flexibility

If you're thinking about buying a property in the near future, or moving to a new city, a short-term lease gives you more flexibility and can save you money in the long run. When you sign a 12-month (or longer) lease, you're legally obligated to pay 12 months of rent even if you decide to move before the lease expires. (Read: breaking a long-term lease will cost you.)

Granted, "some landlords will let you terminate a 12-month lease early if you find a new renter to take your place," says Joe DeFilippo, a real estate agent and rental specialist with City Chic Real Estate in Washington, D.C.

However, if you want to be able to move on short notice without paying a penalty, a month-to-month rental is your best option. Bear in mind you'll still need to give the landlord at least 30 days' notice (or more, depending on the lease agreement).

Con: You pay more in rent

Owners want rental property occupied at all times so they can continually collect rent. But when a tenant moves, finding a replacement can be a hassle - and there's a chance the unit will be vacant for a while. Therefore, month-to-month renters pay a premium, says Rae Wayne, an agent with The Bizzy Blondes Real Estate Team in Los Angeles.

How much more you'll pay depends on the market. In Washington, D.C., month-to-month leases cost on average 50 percent more than 12-month leases, says DeFilippo. In Manhattan, landlords usually charge 15 percent to 20 percent more - and rent is high in New York, points out Marin King, an attorney and real estate agent at Keller Williams NYC.

Pro: You can (usually) switch to a long-term lease

In general, if you're a good tenant, the landlord will be open to you converting to a 12-month lease, but there are some circumstances where that's not the case. For example, if the owner is planning to make the property their primary residence in the near future, you'll eventually need a new place to live. Find out what the landlord's motivation is before signing a lease.

Con: Your rent isn't fixed

Arguably the biggest benefit of signing a 12-month lease is that you get to lock in your rental rate, which makes it easier to manage your budget.

Meanwhile, when you're on a month-to-month lease, the landlord could decide to raise your rent on a whim and - depending on where you live - may only need to give you 30 days' notice.

Pro: Many are fully furnished

Some apartments are specifically designed for short-term renters and come furnished. Residential buildings near universities, for instance, are ideal for summer interns, who are often willing to pay more since they don't have their own furniture.

Furnished rentals can be convenient if you’re looking for a short-term home. Courtesy of Zillow Digs.

The good news: many jurisdictions place a cap on how much landlords can increase rent within a 12-month cycle, so you'll probably have some protection. But you're still in a less favorable position than you would be in a long-term lease.

Con: Moving ain't cheap!

A month-to-month lease might make sense in the short term, but if you start going from one short-term lease to the next, you'll burn money that you could be saving for a down payment.

Even if you don't hire a professional mover, your lease may require fees to cover your application, utility transfer, and cleaning. Also, some buildings charge new tenants a move-in fee of up to $500.

Moreover, there may be lag time in terms of your previous landlord releasing your security deposit. "There can be a lot of money in flux during a move," says King. Not to mention that packing boxes and carrying heavy furniture isn't exactly a pleasure cruise.

Con: You may have to do some digging

Landlords tend to prefer a long-term lease, since it offers guaranteed income over a set period of time, and reduces the risk of the property sitting vacant in between tenants, says DeFilippo. Hence, you have fewer options if you're looking for a short-term rental.

Related:

• 5 Tips for Renting in a Pricey Market
• Renting or Buying a Home: Which is Best for You?
• Hidden Fees and Add-ons to Watch for in Your Lease

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Star Maps Maven: Her Family Has Tracked Celebrity Homes for 80 Years

Linda Welton remembers the time her mother came home from work and said Marilyn Monroe had bought a map. It was a big day for a woman who’d sold Star Maps on a sidewalk near Sunset Boulevard for decades.

“She said she was wearing white and was very nice,” recalled Welton, the Star Maps heir who now sits in a folding chair across from Michael Jackson’s former Los Angeles home and sells maps like her mother did, showing where the area’s biggest celebrities live.

Welton was on good terms with The Gloved One, who she said signed a map two days before he died. “We would alert [Jackson’s] guards when paparazzi were trying to leap the fence or get on the roof, and we’d tell them to get out of there.”

Dr. Phil once dropped by on a visit to Jackson’s home and joked about not being on the map, while Jay Leno bumped into Welton in Whole Foods and was happy to hear that he is. “The people who are on the map are top notch,” Welton said.

Some celebrities approach her to see if they’re on the map, without realizing that she knows who they are, said her friend Keith Holman, a celebrity designer who worked with Jackson and others. “One of the beauties of Linda is that she remembers the legendary people as well as the new people.”

Zsa Zsa Gabor is an example, as are Diahann Carroll and Buddy Hackett. A 1940s Oscar winner, Celeste Holm, once approached Welton to ask if she could be included, and Welton said “yes.”

Welton’s grandfather, a retired vaudevillian, started the Star Maps business in 1936, well before the Internet and sifting through property records came into vogue. He would send Welton’s mother and her cousin to chat with gardeners and innocently ask who lived in the home — a tradition that continued with Welton.

“My mother sent me to the house of Jack Haley [the Tin Man in ‘The Wizard of Oz’] in my private school uniform,” she recalled. “I knocked on the door and said I’d like Jack Haley’s autograph. He answered the door, and I didn’t know what he looked like, but he said, ‘I’m Jack Haley,’ and that confirmed he lived there.”

It’s not all star sightings and sleuthing, though. Star Maps also means the gritty, flesh-pressing business of selling the glossy, full-color maps that start at $15.

Then there was the lawsuit.

Welton’s mother spent five years fighting a lawsuit that characterized her as a public nuisance. It went all the way to the state supreme court, and in 1978 she won in a verdict that Welton carries with her, just in case.

After all, she doesn’t want a hiccup in her legacy.

Related:

• Jillian Michaels’ Malibu Beach House Is in Great Listing Shape
• Wes Craven’s Former LA Home Will Make You ‘Scream’
• Britney Spears Lists a Mansion Fit for a Pop Star

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Is Your Home the One Buyers Want?

When it comes time to sell your home, whether you've lived there for three years or 30, you need to see it as a product for sale. And just like an item on a store shelf, you want your home to stand out from the competition.

Of course, your feelings and emotions about your home - and all of the memories you made there - may make it difficult to detach and view your home as a product. But sellers who quickly transition away from the emotional connection and into investment mode will reap the financial benefits many times over. Homes that go into contract quicker and with few (if any) price reductions ultimately sell for more money. And isn’t that every seller’s goal?

What’s on buyers’ wish lists

Homes that sell quickly probably have many of the features today's buyers find desirable. Smart retailers try to understand better what consumers want, and then deliver to them. Home sellers should do the same.

When you’re preparing to sell your home, consider small renovations, updates, cleaning and even some light staging. I've seen sellers make significant upgrades to their home before listing, leaving them to question if they actually want to move.

Today's buyers look for move-in ready and turn-key homes. The more bells and whistles, the better.

Focus on kitchens and baths

It’s a pretty well-established fact that kitchens and baths sell a home. If your kitchen or bathroom is tired or outdated, consider modest upgrades that pack a punch.

Painting cabinets white gives the kitchen a clean and fresh look. Consider new stone countertops like quartz or granite. And replace old faucets with shiny new ones.

Spending a modest sum can reap incredible benefits - tenfold.

If you've got it, flaunt it

Research shows that certain features help sell a home faster. Even if you don’t have time for renovations, you might luck out and already have some of the items on buyers’ wish lists.

For example, subway tiles in the kitchen or bathroom, barn doors, and craftsman features are proven to help homes sell faster. If your home has these, play them up, because today's buyers want them.

Just like companies figure out the next hot car, handbag or shoe for their respective industries, smart home sellers must know their audience and market their product to meet customer demand.

When it comes time to sell, consider your buyer, and try hard to make your home into a top-notch product.

Related:

• Quiz: Can You Match the State With Its Top Listed Home Amenity?
• Best Home Improvement Investments
• 3 Tips for Enhancing Curb Appeal

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Grateful Dead Bassist Phil Lesh Lists Marin County Estate

Just across the bay from where the Grateful Dead once lived and played, bassist Phil Lesh is selling his two-acre estate with nary a dancing bear in sight.

The $10.35-million home in Marin County is no brokedown palace: It’s 7,900 square feet of Dutch colonial splendor with enough space - 7 bedrooms and 6 baths - for a band.

The home is filled with light, from a sun room off the formal living room to a large downstairs bedroom with French doors on two sides - one set leading to a secluded outdoor patio. The master bedroom upstairs is even more luxurious, with a fireplace, hardwood floors and a bright master bath with a soaking tub and separate shower.

There are fireplaces in the living room and dining room, and a family room with a wall of built-in shelves and drawers, plus more French doors that open onto the expansive backyard. The large kitchen with a six-burner stove and a giant eat-in island also opens through two sets of French doors onto the yard, which includes a pool, a living room with its own fireplace and a vast lawn for walking out in the morning dew.

The listing agent is CJ Spielman of Paragon Real Estate Group.

Related:

• John Cusack Looks to Sell or Rent His Malibu Beach House
• Ice-T and Coco List Opulent Penthouse in New Jersey
• Houston, We Have a Listing From the Apollo 13 Commander

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