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Tag Archives: house

Frankly, My Dear… Antebellum is Making a Comeback

23 Wednesday Jan 2013

Posted by Mary Anne Walser, REALTOR in real estate

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agent, Antebellum, architect, architectural, atlanta, Barrington Halls, before war, Bulloch, buy, buyer, buyer's market, buyers, buying, charm, Civil War, Classical Revival, closing, Corinthian, Georgia, Gone With The Wind, Greek Revival, home selling, homes, house, Latin, Londonberry, Margaret Mitchell, Mitch Ginn, Newnan, novel, property, purchase, real estate, realtor, Roswell, sale, Scarlett O’Hara, seller, selling, South, Southern elegance, Tara

510 Londonberry FRONT

Atlanta will forever be associated with Margaret Mitchell and the famous novel Gone With The Wind – her tale of the Civil War South and the genteel characters who endured the war and its aftermath. Tara, Scarlett O’Hara’s fictional  home, never existed, and most real homes like it that did exist are themselves “gone with the wind”.  The quintessential architectural style of the period, and of Tara, is the Antebellum home – Antebellum means “before war” in Latin, and the term now applies to the style of certain homes built in the period prior to the Civil War which remain distinctly southern. The style is also known as Greek Revival or Classical Revival.  Not many remain in Atlanta and environs – there’s Bulloch and Barrington Halls in Roswell, but not many other examples.

But the Southern elegance and charm of the period do live on in select homes here.  Take, for example, this gorgeous Southern home on Londonberry Road, in the ritziest part of Atlanta. Scarlett would have died to live here. First, befitting a southern estate, it has a commanding presence from the street and a grand entrance featuring stairs up to a rocking chair front porch. Like many Antebellum homes, it features large Corinthian columns and a symmetrical façade.

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The home was designed by Mitch Ginn, an architect from Newnan, Georgia, for the original owner who specifically requested this style of home. Mr. Ginn and his firm have designed many homes in different styles – but some of their most memorable have been antebellum like this one. According to Mr. Ginn, “We design 150 to 200 homes a year, but the Greek Revival and Classical Revival styles are unfortunately few and far between. Popular styles today with future homeowners include Craftsman, Bungalow, and homes with English or French cottage influences. I guess I could say I look forward to a Greek Revival “revival”. “

Like many architects, Ginn enjoys recreating classic styles from the past: “I have always loved the timeless beauty and grandeur of the classical architectural styles. They are dictated by historic architectural structure and proportions. I am also a romantic sucker for the “image” of the Old South.”

The home Ginn designed on Londonberry parlays that image into the modern day. The lot was perfect for a sweeping driveway – and it made the most sense, given the lot, to place the swimming pool to the front and side of the home.  That showcases it as part of the “estate,  and allows a wonderful view of the pool area from the front porch. A meandering creek also wanders far below the home and to the back of the property, adding to the interest of the landscape.

DSC_3576510 Londonberry - outside

The interior of the home on Londonberry continues the grand southern feel with a sweeping stairwell (can’t you just imagine Scarlett making her grand entrance) and two story foyer. There’s also a screened porch overlooking the back grounds – the perfect place for some iced tea or a mint julep, don’t you think?

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And of course, the style makes way in some respects for the demands of the modern day homeowner – for instance, the kitchen is open to the breakfast and family areas, a must-have for many modern buyers. In addition, there’s a master suite on the main floor with a large master bath. The doors to the master bath and the lighting fixtures are all of grand southern design.

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510 Londonberry - KitchenDSC_3442_3_4_5

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As a new generation of homebuyers grows into their “dream” homes, the grandeur of the Antebellum style has a new appeal. It does come with a price tag – the home on Londonberry is currently listed for sale for $1,785,000.

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Year in Review

26 Monday Nov 2012

Posted by Mary Anne Walser, REALTOR in real estate

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2010, 2011, 2012, 2013, appraisal, buying, distressed properties, FORECLOSURES, home, house, housing recovery, market, Mortgage defaults, New Year, Prices, real estate, selling, short sales

2012 was a good year for us – especially now at the end of the year, when the housing recovery seems to be really taking hold.  In 2010 & 2011, the foreclosures and short sales were making life very difficult for sellers.  Mortgage defaults, though, are now down significantly and there are many fewer of those distressed properties on the market, which is having an upward pressure on prices.

Prices, while they are rising, are still low however – partly due to the reality of our appraisal process.  Generally speaking, appraisers look at sales for the last 3-6 months within a mile radius of your home to determine the proper appraised price for your home.  But this “backward” look makes it difficult for prices to rise and keeps a governor on how quickly they can rise.

Sellers, after looking at a market analysis of their home or having an appraisal done, in many cases are deciding that now is NOT the time to sell and so they are holding off putting their home on the market.  The combination of fewer distress properties, low appraisal prices, and reticent sellers has resulted in LOW INVENTORY – there simply aren’t enough homes out there for the number of buyers we have.  We’ve even seen bidding wars in many instances – bidding wars!  In this market!

High quality problems, to be sure.

What this means is that it IS a good time to put your home on the market if you have a good agent who can market your home to buyers AND to the buyer’s lender’s appraiser to get you as much as possible for your home.  If you are thinking you’ll wait until the Spring to list and sell your home, it’s still a great time to meet – we can put together a staging plan that you can implement over the holidays.

The long and short of it is – CALL ME.  Whether listing your home, buying another home, or both; or if you know of anyone who wants to buy or sell.  I’m here to help with all of your real estate needs.

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LET’S GO TO COURT – OR NOT…

19 Monday Nov 2012

Posted by Mary Anne Walser, REALTOR in real estate

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agent, ARBITRATION PROVISION, atlanta, binding, buying, contracts, COURT, Epstein Becker Green, Georgia, Georgia Association of Realtor, home, house, judicial appeal, law firm, lawsuit, lawyer, mediation, new construction, real estate, resale, selling

Most new construction contracts contain an ARBITRATION PROVISION.  If you’re buying new construction, you’ll notice it because typically it requires a specific initialling at that particular paragraph.  Our resale contracts in Georgia do not contain such a provision.  So the question is raised – is a good idea or NOT to agree to arbitration in advance?  Here are some thoughts from a recent briefing with the law firm of Epstein Becker Green I attended –

First, what IS arbitration?  Often confused with mediation, which is less formal and not binding, arbitration CAN be legally binding.  This means if you choose binding arbitration you may be stuck with the outcome with no avenue of appeal.  There are only very limited bases for appeal of an arbitration provision; as they stated at the briefing, you would need something akin to having a picture of the other party handing a monetary bribe to the arbitrator in order to have a judicial appeal.

One party cannot force another to go to arbitration unless it is agreed upon in advance in writing – hence the provision in many new construction contracts.  So, say you’ve entered into an agreement with an enforceable arbitration provision and there is a dispute.  If you file a claim in court, the other party can legitimately ask the court to force you to arbitrate instead.  When you arbitrate, a private company is chosen to provide the arbitrator or arbitrators (typically there is one arbitrator or three – for obvious reasons, an even number of arbitrators would not make sense).  As a party to the arbitration, you will have the opportunity to strike arbitrators for cause.  You then proceed to a hearing.

WHY arbitrate?  Might you WANT an arbitration provision in your contract?  There are several advantages: typically it is less expensive than litigation, because it is faster.  It is also more certain, since there are only limited grounds for appeal.  On the con side, third parties aren’t bound by the arbitration agreement and cannot be forced to appear.  There are no rules of law or evidence in an arbitration proceeding other than those set by the parties or the arbitration company –thus, what often happens is that “if you can get it through the door, you can get it into evidence.”

As a practical matter, the arbitration provision in many new construction contracts is probably favorable for all concerned.  Filing a lawsuit is expensive.  But most do not add an arbitration provision to the standard Georgia Association of Realtor resale contracts.  Our standard practice in Georgia is to adhere to the form contracts without extensive rewriting of them; rewriting by an agent who is not a lawyer might be considered unauthorized practice of law.  Even if your Realtor IS a lawyer (there are a few of us out there) you will want to carefully consider whether or not adding such a provision makes sense.    Talk to your Realtor about it when you are entering into your agreement – it may or may not make sense for you.  And as always, never hesitate to call the Mary Anne Walser team if we can help in any way!

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SURVEYS – WHAT YOU SEE MAY NOT BE WHAT YOU GET

17 Wednesday Oct 2012

Posted by Mary Anne Walser, REALTOR in real estate

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atlanta, boundaries, buying, encroach, home, house, inspection, property, real estate, selling, Survey

(Image: Residential Lot- 908 Peachtree Battle Circle, Atlanta, GA 30327 – Listed at $125,000)

What’s your line? When a buyer goes to look at a home, sometimes it seems very obvious where the property lines (boundaries) are. But what you see may not be what you get. Property boundaries don’t always coincide with fences nor are they always where you think that they are. In fact, we’ve seen cases where even a large pool was half on a neighbor’s property; no one was aware until a survey was performed.

When we make an offer on a property, we usually ask the Seller for a survey. If the Seller does not have a survey, the usual course to order a survey at closing – but this is not the prudent course. The best thing to do is order a survey long before, so if there are any issues they can be resolved prior to closing or so that the Buyer can terminate if the issues are of great concern and not fixable.

Typically you will want to have an inspection *first* and then if there are no big issues with the inspection, order the survey. Since we often have only a 7 to 10 day inspection period, that may not be long enough for both to conclude.  So insert a stipulation in the contract that says something to this effect: “Seller must provide a survey, if Seller has ever had one done, within 48 hours of binding agreement date. Buyer has the right to order his/her own survey, whether or not Seller provides one. If Buyer’s survey reveals any title, permitting, easement, or encroachment issues Buyer shall provide said survey to Seller within 3 days of receipt and Seller shall have a 5 day opportunity to cure any deficiency. If Seller cannot cure, Buyer shall have the option of terminating this Agreement at no penalty to Buyer.”

Why the mention of “permitting” issues above?  Well, if a structure or improvement encroaches on a neighbor’s property, it likely means that the structure or improvement was not permitted with applicable governmental authorities, which is another, potentially even bigger issue.  While encroachment issues have a two year statute of limitations, permitting issues do not.  This comes up most often with garages and other structures on the edges of the property.

As with everything you purchase, be sure you know what you are buying!  One important aspect of this is knowing the boundaries of your property through a survey.  And as always, call the Mary Anne Walser team when you or someone you know wants to buy or sell a home!

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IN AND OUT OF THE CLOSET

08 Wednesday Aug 2012

Posted by Mary Anne Walser, REALTOR in real estate

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1960, agent, At Home: a Short History of Private Life, atlanta, Bill Bryson, book, build, buyer, Closet, closets, clutter, expanded, families, homes, house, job, Joel Stein, Life at Home in the Twenty-First Century, market, middle class, owner, real estate, room, seller, sold, Southern California, space, storage, stuff, The Awesome Column, Time Magazine, UCLA

One thing about being a real estate agent – you become very comfortable looking into other people’s closets.  It’s just part of the job.  Closet space is IMPORTANT – we have lots of stuff these days.  The homes built in the 1960s or earlier generally have very very small closets compared to what we’re used to today.   Lots of times, owners have added on closets or expanded closets (one of my relatives even made a small bedroom into a closet).  In any event, closet space, and storage in general, is an important aspect of a home for most buyers.

Now when I go to a friend’s home to socialize I sometimes find myself automatically opening closet doors as I’m getting a tour of the house.  Not cool.  I catch myself right away, and people laugh.  But now I try to remind myself when the house I’m viewing is not on the market to NOT look in the closets unless prompted.  Looking into closets has become an automatic reflex.

When we put my now-husband’s home on the market, in one of the closets we left a piece of artwork that consisted of a stylized hanging skeleton, hoping that buyers would get a kick out of it and feel warmly towards the home.  Okay, it’s a stretch – but the more you can make buyers feel GOOD when they are in your house, the more likely they will buy it!  The house sold, but I have no clue whether or not the skeleton had anything to do with it – I am pretty certain it didn’t hurt, however.

I got the idea for this blog from one of my favorite columnists, Joel Stein, who writes “The Awesome Column” in Time Magazine.  Stein’s article is about “stuff” and “clutter” in general and was based on the book “Life at Home in the Twenty-First Century”, about an 11 year UCLA project studying the homes of 32 Southern California middle class families.  I can’t wait to read it.  If you’re as fascinated as I am about homes, home life, and what people use and keep, I also recommend Bill Bryson’s “At Home: a Short History of Private Life”.  Bryson goes room by room – including the closets – to describe how the modern home got to where it is today.  Happy reading!  Excuse me now, I’ve got to go clean out those closets…..

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DO YOU WANT CONTRACTORS OR CASH? – A look at money in lieu of repairs

03 Friday Aug 2012

Posted by Mary Anne Walser, REALTOR in real estate

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atlanta, buyer. Inspection, buying, CASH, closing costs, CONTRACTORS, due diligence, home, house, lender, money, property, real estate, repairs, seller, selling

Image

During the due diligence period, the buyer does an inspection and asks for repairs.  The seller may prefer to give money, and not want to actually do the repairs because (1) they fear that the buyer will not be happy with the repairs and will ask the seller to redo them; (2) they may not have sufficient time to schedule repairs, pack, and move; (3) they simply do not want to have to take the time and effort to have them done.

The buyer may also prefer that the seller give money in lieu of repairs because (1) the buyer can oversee the repairs and be sure that they are to the buyer’s liking; (2) the buyer may want to do other modifications related to the trade at the same time and the money can simply go towards the larger bill; (3) the buyer may find it worthwhile to postpone the repair and use the money now.

In the instance where both sides agree to money in lieu of repairs, the buyer has several choices: he/she can reduce the purchase price by the agreed-upon amount, or have that amount added to seller-paid closing costs. Previously, we could have checks written at closing to third party vendors for the repairs to be performed later, but with the tightened mortgage restrictions that is generally not possible.  Which is preferable – reducing the sales price or increasing the closing costs?  Here are the pros and cons:

  • Either way, the buyer brings less cash to closing.
  • The lender typically will limit the amount of closing costs the seller can pay on behalf of the buyer.  For most loans, it’s three percent of the purchase price.  So just be sure that if you’re increasing the closing costs paid by the seller, you’re not running afoul of this limit.
  • If you decrease the purchase price, the purchase price is reflected in the tax records and future buyers will see that you paid less for the place. The plus side is that the tax commissioner also looks at the purchase price in determining taxable value, so a lower purchase price may result in a lower      property tax burden.

Either way, be sure your lender knows of the change in the contract.  Any changes – particularly those that change the purchase price of the property – must go through underwriting and you want to be sure there is plenty of time before closing to take that step.

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Defects, Due Diligence, and the Deal Killer

02 Wednesday May 2012

Posted by Mary Anne Walser, REALTOR in real estate

≈ 2 Comments

Tags

atlanta, buying, contract, due diligence, Georgia, Georgia Association of Realtors, home, house, inspection, real estate, selling

Once you are under contract to purchase a home in Georgia, you enter the due diligence period, during which you, as a buyer, does all relevant inspections and investigations and ultimately decide whether or not you would like to proceed with the sale.  This is very buyer-friendly, since during this period the seller is bound to the buyer and cannot enter into other contracts for the sale of the home (except as back ups)– but the buyer is free to terminate the contract with no penalty.

This due diligence period is relatively new inGeorgia.  We used to have “inspection periods” instead.  In the former version of our purchase and sale agreement (with the inspection period rather than the due diligence period), it was tougher for a buyer to get out of a contract once she or he had entered into one – to terminate the contract, the buyer had to find a defect in the property through the inspection, ask the seller to fix it – AND the seller would have to refuse to fix it for the buyer to get out of the contract.  If the seller agreed to fix all defects, the buyer was bound and would be liable for breach of contract if they failed to proceed.

If as a buyer during this inspection period you decided you wanted OUT of a contract, one tactic was to call in a REALLY tough inspector – like the one known as the “Deal Killer” – and come up with something you knew the seller could not or would not fix.  The Georgia Association of Realtors Forms Committee decided the inspection period created a perverse incentive in that respect.  There was too much litigation over what is or is not a “defect”.

So they changed our contracts to conform with those of a majority of other states – and now in Georgiawe no longer have the inspection period.  Instead we have the due diligence period or the “FREE LOOK” provision.  During the due diligence period, which it typically anywhere from 7 to 14 days, the buyer can terminate the contract for any reason or no reason at all.  They do not have to have found something during the inspection not to their liking, and they do not have to give the seller the opportunity to fix any defects.  They can simply notify the seller that they have decided to terminate.

Thus, it is in the seller’s best interest to keep the due diligence period as short as possible.  That way, if the buyer does terminate, the property can go back on the market quickly and hopefully with little ill effect.  There is always some ill effect when a buyer terminates, however – the next buyer will wonder WHY the first terminated.  Sometimes there is just no good reason.  But the subsequent buyer will be more suspicious, and will devalue the property accordingly.

For the buyer, of course, a longer due diligence period is preferable.   There is really no risk for the buyer.  This creates a different sort of perverse incentive – some buyers will get a property under contract before they have really decided if they want the place or, perhaps, before they have even seen it. This is a particular problem in foreclosure sales, where there are often multiple bids.  A buyer looking for a bargain may make multiple bids on several foreclosure properties, but not even visit those properties until they win a bid.

To end due diligence, typically the parties will enter into an “Amendment to Address Concerns” – in which the seller agrees to fix or give monetary compensation for repairs needed to the property.

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Notes on Negotiating

26 Thursday Apr 2012

Posted by Mary Anne Walser, REALTOR in real estate

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agent, agreement, atlanta, attorney, buyer, comparables, contracts, deals, home, home buying, home selling, house, information, Jennifer Keaton, knowledge, litigator, mediator, money, negotiate, negotiating, negotiation, One Mediation, professional, purchase, real estate, realtor, sale, seller, skills, win

What does your Realtor do for you? Well, many things, but a lot of what we do is negotiate contracts – either on behalf of the buyer or of the seller in the purchase or sale of a home.  I have taught classes on negotiation skills.  Because I am also an attorney (a former litigator) I have a lot of experience negotiating deals.

But recently I took a class from a professional mediator about negotiating.  Jennifer Keaton owns One Mediation, a mediation firm based here inAtlanta, and she made some great points about negotiation that are well taken, a great reminder, and applicable to any type of negotiations, including real estate.

First, every contact with the other side conveys information – so pay attention to every contact.  Most importantly, you do not have to mean or rude to “win”.  After all, haven’t you heard that you get more flies with honey than with vinegar?  Particularly in real estate, often a more emotional negotiation, this is important.  Being professional and polite does not mean you cannot be tough and represent your client well.  In fact, make sure your agent is one who is respected and liked by other agents.  Agents want to work with other agents who “play fair”, and that will serve you well when coming to agreement.  Also, say you do not come to agreement on a given negotiation.  Timing matters – a seller may get more motivated, a buyer may find a greater source of funds – in other words, the deal may work, just not right now.  If you have kept a congenial relationship, the other side may just come back, offering more.

Another important point is that knowledge is power.  With information, your arguments actually hold weight – without the hard facts, you have no ground to stand on.  When an agent is representing a buyer, that agent should marshall the LOWEST comparables and be able to discuss them with intelligence to convince the seller, hopefully, to accept less than they would otherwise.  Similarly, an agent representing the seller shouldmarshallthe HIGHEST comparables available to help convince the buyer that they are getting a great deal (which every buyer wants and expects).

Also: be creative.  Every negotiation is not all about money.  What else can your client offer that is of value to the other side?  Perhaps a seller will take less for the home if you close quickly.  Or if they need more time, if you will close later.  Your agent needs to ask questions and pay attention to the nuances of the other side’s needs and wants; that can certainly help ease the parties to agreement.

Finally, stick to your plan and stay the course.  Do not walk away without offering your “walk away” offer.  But if you give a “take it or leave it walk away” offer, make sure that is exactly what it is.  If it is not, you lose credibility.

In this market, great negotiation skills mean more than ever.  Make sure your agent has them!

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MAKING THE OFFER – when should I ask to close?

13 Monday Feb 2012

Posted by Mary Anne Walser, REALTOR in real estate

≈ 2 Comments

Tags

agent, buying, closing, date, foreclosure, home, homestead exemption, house, listing, process, real estate, selling, when to close

Typically buyers placing an offer do so 1-2 months before they want to actually move.  So the “normal” time for a closing would be one to two months from the date the offer is placed.  In terms of WHEN during a month you should ask to close, if you close at the END of the month, you bring less money to closing – so most buyers want to close at the END of the month.  How it works is like this: unlike RENT, your mortgage payment is paid IN ARREARS.  If you close at the end of March, your first payment isn’t due until the first of MAY – you pay the first of May for the month of April (for rent, as you know, you pay at the first of the month for the month following – for example, rent is due April 1 for all of April).

Another consideration is this: when you own and occupy your home, you qualify for what is called “homestead exemption”.  It’s a partial exemption from property tax for your principal residence.  But in every metro county, you must own and occupy the home as of January 1st in order to qualify for the homestead exemption.  Therefore, if you are looking for a home in the fall or winter, you want to be sure to close prior the end of the year in order to qualify for the exemption.  My husband and I closed on our home at the end of December for this very reason.

Other than that, there really is no “right” time to close.  It’s entirely up to you.  Most sellers are not going to want to accept a contract to close for too long after the contract date, though, because it ties up the property and makes it unavailable to other potential buyers.  You can always try, but know that the seller is probably going to counter with a closing date closer in time.  Their thinking is – what if the property is tied up for those months, and then you, Buyer, fail to close?  During the time they were under contract, they might have found another buyer for the property.

Be aware, also, that if you are making an offer on a short sale OR on a foreclosure, all bets are off, time-wise.  Short sales can take months and months to be approved (if they are approved at all), so even if you ask for a fast close date, it’s not likely to happen.  You will make an offer and then, usually, wait – and wait- and wait.  Foreclosures can sometimes close quickly, but at other times also take some time.  The seller must be sure that the foreclosure deed is recorded and in the chain of title and that other liens have been cleared before they can sell the property to you. (While many liens are extinguished by the foreclosure, some liens, such as tax liens, survive foreclosure and must be dealt with by the seller before they can give you clear title).

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WHAT I LEARNED FROM BUYING A HOME – STUFF

01 Wednesday Feb 2012

Posted by Mary Anne Walser, REALTOR in real estate

≈ 2 Comments

Tags

atlanta, boxes, donation, Georgia, goodwill, home buying, home selling, house, move-in, move-out, Moving, moving checklist, packing, real estate, storage, stuff

So, I have sold hundreds of homes in my real estate career.  And each and every time I give my clients checklists of things to do.  But until I recently purchased another home (fifteen years after purchasing my first) I did not fully appreciate everything that must be done prior to move-in.  This first lesson can begin even before you find your dream home and get it under contract.

First, Goodwill is your friend.  Start putting aside items to take to Goodwill NOW.  A good rule of thumb is anything you have not used for two years – goes to Goodwill.  I am loathe to increase our landfill load, but I feel no qualms about giving to Goodwill, where I know the items will go to good use and the money to a great organization.  Start culling through your stuff now!  And while you are at it, start packing up off season clothes and other things you do not use on a regular basis.

While you are doing this – and this may be the most important piece of advice I give – mark each and every box with as much detail about the contents as you can muster.  Have thick masking tape you can write on handy for this purpose, particularly if some of the boxes you are using are from the grocery or liquor store and have no clear space for writing.  Label each box on the top and on two sides, so that no matter where or how you are storing things, a label can be visible.  For your box packing, you will want to have on hand a thick black marker, wide masking tape, scissors, a cutting knife, and clear box tape.

For boxes, many find the clear storage boxes from your local discount store to be a great help, particularly if you may be storing things even temporarily in a garage, carport or storage unit.  I love liquor boxes.  I do not drink.  But the boxes are substantial, and small – perfect for carting books, and the liquor store has a fresh and large supply every day.  Go to your local store (liquor or other) and ask when the best time to pick up boxes might be.  And of course you can always BUY boxes, but that always seems wasteful to me.

And be prepared for the emotional impact of this entire packing up process.  My husband keeps more “stuff” than I do.  But then, he has three children, now grown – but there is plenty of “stuff” that we want to keep for them, and for good reason.  So, you cannot rid yourself of everything that you do not use regularly when you are keeping things for others – and that’s just part of the process.

I must say, even with the many things we do not use and yet have kept for others, culling through what we have and ridding ourselves of so much “stuff” feels incredibly wonderful and freeing.  One of the best parts of moving is that feeling of freedom – of starting afresh.

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Mary Anne Walser, Realtor & Licensed Attorney

Keller Williams Realty
3650 Habersham Rd.
Atlanta, GA 30305
404-277-3527

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