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It’s All About The Journey … What to Do With a Tax Refund

If this year is anything like the last, almost 7.2 million Americans will get a tax refund this spring averaging around $3,000. If you’re a homeowner getting this refund, you’re fortunate because you’ve got more creative ways to invest it for a profit. Doesn’t matter if you’re selling, staying put, or stuck in the middle. Here are three homeowner-only options to grow that refund:

1. If You’re Early Into Your Mortgage

It may not be as instantly gratifying as a treehouse vacation in Costa Rica, but spending your tax refund to pay down your mortgage principal could save you enough funds to take a splurge-loaded vacation a bit later.

Let’s assume you have a 30-year-loan at the average loan amount of $292,000, a 4.5% interest rate, and you’re getting that average refund of about $3,000. If you apply that “found” money to your principal each year, CPA Micah Fraim of Roanoke, Va., says you can shave years off your mortgage — in this case, nearly four. That’s about 95 mortgage payments you won’t need to make! Even better is the more than $70,000 that you’ll save in interest payments over the life of the loan.

If you don’t want to make an annual commitment, think about this: Make that payment just once and you’ll cut seven months off your payments and save more than $8,000 in interest. And when you decide to sell, you’ll have more equity.

2. If You’re Planning to Sell

Invest it in staging, and you may be surprised by how quickly your home gets plucked from the market.

“Staging lets prospective buyers see the space as their own, instead of as belonging to the people who currently live there,” said Ashley Lewkowicz, owner of Ashley Kay Design in Bucks County, Pa.

“A home that’s not staged can sit on the market for six months or more,” she added. “A home I recently staged sold in less than two.”

Not only is a faster sale better for your bank account in terms of saved mortgage payments and utility bills, but a drawn-out listing can cause a home’s price to wilt. That makes those throw pillows, decorative bath salts, and rented furniture way worth the investment.

For a large, suburban home in a major metro area, staging can cost about $2,000 upfront, and then about $500 per month for furniture and accessory rentals, according to Lewkowicz. But a faster sale at a higher price can definitely more than double your money over the course of the sales process.

And most staging can be accomplished with simple little touches.

Related: Best Tips for Staging Any Room in Your House

3. If You’re a Home Improvement DIYer

Who knew your home could be your own personal ATM? For many DIYers, putting that $3,000 tax return into small home improvements can result in getting far more than their investment out of the house later.

  • A new steel front door costs about $250, but can add about $1,500 when you sell.

  • New wood flooring costs about $1,770, but is worth $5,000 when you sell.

  • Even new insulation, which costs about $700, can recoup about $2,000 at sale.

If you’re willing to scope materials yourself and put in a little elbow grease, your tax return can fund a renovation for you to enjoy now and reap the financial benefits later.

Need more ideas? Give me a call, I’d be happy to consult!

 

Read more: http://www.houselogic.com/home-advice/home-loans-mortgages/what-to-do-with-a-tax-refund/#ixzz45BDOTnVN

 

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It’s All About The Journey … Your April Home Checklist

 With lengthening days and milder temperatures in many parts of the country, April is a wonderful time to freshen up the home inside and out. From windows that sparkle to a clutter-free garage, here are 13 tasks to make the most of the first full month of spring.

 Whether you decide to “love it or leave it” this checklist will set you up for a more carefree summer season!

Courtesy of:
Laura Gaskill April 1, 2016
Houzz Contributor.
No copyright infringement is intended.
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real estate, Stamford, Uncategorized

It’s All About The Journey … Spring Market 4-1-1

Are you thinking of becoming a

Spring Success Story?

 

The 2016 spring market’s biggest challenge for the real estate industry seems to be the lack of available housing inventory for sale. Here are a few experts and their thoughts on the subject:

David Crowe, Chief Economist for the National Association of Home Builders:

“Many sellers may not have an absolute decision as to whether to buy an existing home or a new home. So the low inventory of existing homes is locking them in place.”

Ralph McLaughlin, Chief Economist with Trulia:

“We are in a time of short supply, which is great news for sellers because they will likely be faced with multiple offers due to the little inventory out there…Buyers will be up against a lot of other people and against a short supply of existing homes.”

Lawrence Yun, Chief Economist with NAR:

“First-time buyers in high demand areas continue to encounter instances where their offer is trumped by cash buyers and investors. Without a much-needed boost in new and existing-homes for sale in their price range, their path to homeownership will remain an uphill climb.”

Fitch Ratings:

“One important issue that has restrained sales and starts is inventory. On an absolute basis, inventory has not expanded as much as in past recoveries, leading to less selection for buyers. This is especially true for existing home sales but is evident for new home construction as well. When it comes to U.S. housing inventory, more is better.” 

Jonathan Smoke, Chief Economist for Realtor.com:

“The increase in sales is resulting in continued tighter-than-tight supply—measured by NAR to be four months in January.  For you non-economists out there, that metric measures the number of months it would take to sell the current inventory of available homes, at the current pace. Got it? Six to seven months’ worth of homes on the market is considered normal; four months is cray-cray.”

It could be the perfect time for you to get in on the action-Spring market is in full swing now-don’t wait too long!

Courtesy of KCM
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It’s All About the Journey … The Open Floor Plan

A long-standing trend in home design has been the idea of an open floor plan – where rooms aren’t separated by walls but instead unified into one large space. This continues to be one of the most popular requests among home buyers, but like any trend the open concept is undergoing some transformation.

Part of the appeal is that the open concept allows people to spend more time together and signals a casual, informal lifestyle.  Family members can be together while performing different tasks, yet sharing the same space.  Most open floor plan designs combine the kitchen, dining and living space into what’s often called a great room.  Someone can be at the kitchen island with an IPad, another watching TV, someone cooking and another doing homework – all within eyesight of each other.  If you don’t want a completely open floor plan, kitchens opening onto the family room can accomplish many of the same goals.

If you have limited space, an open floor plan is also a creative way to make a home feel larger.  Walls, hallways and doorways can rob valuable space and give more of compartmentalized feel.  Taking them out makes more use of the footprint.

For those who like to entertain, open floor plans are a great way for people to mingle and not be separated into different groups and smaller gathering spaces.   It also allows the host to be part of the festivities while preparing things in the kitchen.

Take out the Noise

        The reality is when rooms with multiple functions spill into each other, the noise level can be out of control.   You can avoid some common pitfalls while reaping the benefits with a few simple changes. Try incorporating sliding pocket doors to split off a noisy play room or to let someone have privacy for homework or a phone call.  This will give your open floor plan more flexibility.  Consider designing a convertible space – there may be times when you’ll need to slide those doors back into the wall and enlarge the room.   This idea is also ideal for doors that open to the outdoors.  In warmer weather, opening a space to the outdoors will make a dramatic difference in the size and feel of your home.

Bring in the Charm

To maintain character you can incorporate columns or molding and add area rugs to define a space. This allows a room to flow and function easily while also providing intimacy and charm so it doesn’t feel like a giant ballroom.

Keep out the Clutter

Lots of people doing lots of different things in one area equals a lot of stuff!  When designing an open floor plan make sure there is plenty of built-in storage that blends in with the architecture. Purchasing furniture that serves dual purposes, like storage benches or coffee tables with hidden storage compartments, can provide quick cleanups for toys, blankets, or other items.

Another possibility is to have a butler’s pantry right off the kitchen to store your items from the latest Costco run and bulky appliances that aren’t used every day.

By combining cabinetry, shelving and a cleanup area, the open kitchen looks more organized and less cluttered.   Built-in storage also provides a place to store all the power cords and chargers required to keep gadgets functioning properly.

If flexibility, open space and an informal lifestyle appeal to you, consider looking at homes with open floor plans or where you can easily create the concept. This might be the right fit for you!

 

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It’s All About the Journey . . . Kitchen Cabinets 101

Probably more than any other element, cabinetry sets the tone for the look and feel of your kitchen.  There are so many choices to make, from materials and finishes to styles and hardware, it can all be a little overwhelming.

In this blog we’re focusing on one of the first steps in kitchen remodeling – deciding what kind of cabinets you want to install.  Making the right choices will help the room feel welcoming, efficient and easy to use.  According to the National Kitchen and Bath Association, nearly half of the average kitchen remodeling budget goes toward cabinets. There are three basic categories to choose from:  stock, semi-custom and custom.  The categories are not necessarily an indication of quality; fine cabinetry can be had in all three.

Stock Cabinets

Stock cabinets come in many styles. They can be ordered through retailers, home improvement centers, or from manufacturer’s catalogs.  The cost is between $60 and $200 per linear foot.  These are usually the most economical choice because they are readily available.  Unfortunately, because they are already built, they don’t come in special sizes. Filler strips can be used to close gaps between walls or appliances, but that’s pretty much the extent for customization.

    Semi-Custom Cabinets

These cabinets are basically stock cabinets with extra detailing options. Basic cabinet sizes still apply, but you can change certain dimensions.  Storage units and accessories such as pullout bins and lazy Susans can be integrated into the design.  There is also a broader selection of finishes and cabinet depths that will give a more custom look to your kitchen. Semi-custom cabinets usually run between $100 and $650 per linear foot.   The disadvantages are their higher price tag and they may take a month or longer to be delivered.

  Custom Cabinets

These units are usually built by a local cabinetmaker and are highly personalized.  You can choose any material, size, shape, or configuration that fits into your design and whatever finish you prefer.  Custom cabinets usually cost $500 to $1,200 per linear foot.  The obvious advantage is that your kitchen will look and function exactly the way you want.  If you have an oddly shaped kitchen, or a curved wall, it can be perfectly fitted with custom cabinets.  You can also accommodate specialized storage needs.  Far and away, the biggest downside of creating custom cabinets is their expense.  For those who like quick results, don’t expect to unveil your dream kitchen any time soon; true custom cabinets take at least 10 weeks – and often longer than that – to complete.

   When comparing cabinets, ask about construction details and look for these signs of lasting quality (details are a little “dry” but important to consider):

  • Solid-wood face frames with doweled-and-glued joints, unless the cabinet is frameless.

  • Solid-wood drawer fronts and door frames; solid or swell-veneered door panels.

  • Solid-wood or plywood drawer sides at least ½” thick, with doweled or dovetailed joints.

  • Self-closing drawer and tray glides able to bear at least 75-100 pounds each. Ball bearings are best.  (Full-extension glides increase storage space).

  • Corner braces, plywood sides, and rear panels in the cabinet box.

  • Adjustable shelves in wall cabinets.

  • Pullout trays instead of fixed shelves in lower cabinets.

Congratulations! You’ve graduated from Kitchen Cabinets 101!  Hopefully this guide will help get your project started and make the process of creating your dream kitchen a little less overwhelming.

 

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It’s All About the Journey … Kicking off the New Year in the Kitchen

The kitchen is known as the heart of the home – and for good reason!  It’s the central hub for daily life and a natural gathering space at any time of year.  An up-to-date kitchen is always a major selling point for any home.  If your kitchen has seen better days, but you’re not up for the task or expense of major construction, there is an alternative. A minor kitchen remodel actually offers a better return on investment than a major redesign, and can be done in stages.   If you have a dated kitchen, a buyer might think they’re going to have to spend $40 – $50,000 to upgrade the kitchen, but the average cost of a minor kitchen remodel – new cabinet doors, appliances, countertops, sink, faucet, paint and hardware – was around $21,000 in New England, specifically the New Haven area, according to the Cost vs. Value report, (of course the Gold Coast of CT will probably be a little higher). Savvy shoppers can do it for less than the buyer assumes.  To make sure you’re making the right improvements, let’s take a look at the top kitchen trends for 2016.

Soft Muted Color Palettes – though white motifs still dominate, everything from cabinets to backsplashes will be done in less saturated tones.  According to designer Jane Lockhart “Charcoal, grays and even neutral pastels like pale blue, pale green gray and tinted whites are the new alternative to the standard white.” Lighter wood tones will also be popular, including walnut, and white washed woods.

Smart Spaces – Lockhart predicts more kitchens will have designated spots with accessible charging stations for smart devices like phones and tablets. Smart appliances such as built in coffee machines, steam ovens and wine coolers will also be popular for a generation of people on the go.

Metal Finishes – brass accessories will make a comeback but in satin rather than shiny finishes. All Metal will assume a more dominant role in kitchen aesthetics from faucets, pendant lights and cabinet pulls and will be the range hood of choice.  If you have a muted color palette, metal accents introduce a burst of contrast into your kitchen.

Quartz is Number One – according to the National Kitchen and Bath Association, manufactured quartz is now the leading countertop material, surpassing granite and marble.  Quartz is virtually maintenance free, naturally stain repellent and impervious to acidic foods.  White quartz counter tops and neutral colors will continue for 2016.

Appliances – stainless is still the number one choice for appliances – Black stainless appliances which are more muted, as well as  smudge free stainless are becoming more popular echoing the less maintenance trend.

 

      Traditional Yet Simple Design – traditional kitchens may experience a slightly cleaner feel with bold lines and less fussy details.  The focus will be an emphasis on key elements like hoods, islands, cabinet crown molding to name a few.

 

 Lighting – ceiling lights and table lamps won’t be enough to illuminate the kitchen.  Designers point to extensive cabinet lighting as a trend to watch.  Low-voltage light tape strips used as accent pieces below cabinets and below countertop overhangs will be the norm. These features will be grouped with recessed can lights to offer better mood-setting capabilities.

Simplicity, Convenience and Color- what everyone is looking for and slated to give you the best return on your investment!

 

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fireplace, home, real estate, Stamford, Uncategorized

It’s All About the Journey … Fireplaces – Cozy and Cost Effective

What’s more comforting than sitting in front of a roaring fire on a cold winter’s night? Fireplaces can instantly change the mood of a room, making it more cozy and romantic , and as a bonus may also give an extra source of heat. There are lots of choices to provide the glowing warmth of a fire, some that don’t require a chimney or flu.

Now that I’ve “sparked” your interest, let’s take a look at the broad category of indoor fireplaces.

 

WOOD BURNING

   Traditional Open Hearth 
Typically made of stone or brick, these types of fireplaces have existed for centuries. You can feel the heat, smell the wood burning and hear it crackling. They are not as effective at heating the room as some of the more modern varieties. Also, if you don’t already have a fireplace, it will require a fair amount of construction to put in the opening and chimney for proper venting.

Enclosed Fireplaces  
These indoor fireplaces feature a large glass panel to view the fire as it burns. You have less heat escaping up the chimney and more entering the room. Enclosed fireplaces provide more warmth while still having the ambience of a wood burning fire.

  Fireplace Inserts
These are inserts that fit into your existing fireplace opening. They are enclosed, enabling you to easily turn an inefficient open hearth heating system in to one that is more fuel efficient.

Wood Burning Stoves  
Although not technically a fireplace, wood burning stoves are an alternative to burn wood for heating without needing a fireplace. It will, however, require a pipe to vent the smoke through the chimney to the outside. You will also need to install a noncombustible floor pad and wall surrounds.

  Pellet Stoves  

These stoves are generally small, and the bags of pellets are inexpensive and come in quantities that are about the size of a mulch bag, making them easy to store. They’re also easy to operate; they on­ly require loading pellets and igniting the flame. Because the fire is contained in a heat box  there is a minimum of smoke, which lessens the smell in your home and prevents the outside of the unit from heating up.  Wood pellets are made from recycled materials and are heavily compressed, which reduces the moisture content. Dry fuel creates more heat, causing the pellets to burn hotter and cleaner than their wood counterparts. A word of caution – these stoves run on electricity, so if your power goes out, so does your stove.

 

GAS

  Direct-Vented Built-in Fireplaces
This gas fireplace can be vented through an existing or newly construction chimney or you can alternatively use a pipe to eliminate more costly changes in the house’s structure.

Ventless Built-in Fireplaces  
Ventless built-in indoor fireplaces are the simplest to install as there is no need for a chimney or vent. However, though every effort is made to make it clean burning, it is possible that some contaminates from the gas will enter your home without a vented system.

 

ETHANOL

  Fireplace Conversion
If you have an existing fireplace, you can get an ethanol burning insert that will slide right in. Depending on your preference, there are options for a more traditional or modern appearance.

Wall mounted Fireplaces  
With this style, you can actually hang your fireplace on any wall that you choose, making it double as a heating source or a centerpiece of a room.

 

ELECTRIC

 Electric fireplaces are the most cost effective option on the market. They are easy to install and require no ventilation. Another added benefit – most allow you to turn the heating function on or off while maintaining the ambiance of a fireplace. Available in a traditional mantel surround or built within a media cabinet, they can be operated by remote control and some have different varieties of fire effects.

Doesn’t it sound nice to grab a glass of wine, curl up with a blanket and sit by the fire? With all the options out there, it’s possible for everyone to enjoy!

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It’s All About The Journey … The Dining Room – Back to the Future

Dining Rooms appear to have taken a back seat and have been looked at as a formal space that only gets used once or twice a year, so are they really that important? From my experience, buyers are usually looking for a separate dining room-whether it’s a formal or more informal space.  There’s an appeal to having the option of hosting a family holiday or dinner party an intimate setting with the knowledge that this room may not get year round use.  According to one real estate agent, “The issue of where to put the dining table kills more deals than anything else in real estate.  If a family is moving, the dining table is the one thing they say they can’t part with.”

In today’s world where everyone is busy and having ANYTHING ready to eat is a major accomplishment, is a separate space allocated only for dining really practical?  Well actually it’s that very reason to give Dining Rooms their props!  To have a place to retreat after a long day and be able to close the door on the “dirty dishes” (if only temporarily) gives people a chance to sit down, forget about the stresses of the day and reconnect over dinner.  Many people also grew up in houses with separate dining rooms so when it comes time to buy, they might want a piece of home that reminds them of their childhood.  Also most new construction features open floor plans and there’s a pent-up desire for a home with separate dining rooms and kitchens.

Does that mean the open floor plan is a thing of the past?  Absolutely not. Buyers still like an open feeling and gathering spaces that flow from one room to another.  It can all depend on the size of the home.  If you have limited space, the dining room can sometimes be the first thing to go because it is not a room that is used every day.  If you’re an empty-

+3nester you might not want to see a house with a dining room at all because the honor of hosting holidays can be passed down to the next generation! Another option if you find you are using the Dining Room less and less is to re-purpose, until the need arises to entertain more often. Perhaps a playroom for young children or a home office would better suit your immediate needs.

The concept of separate spaces for cooking and eating is proving so attractive that architects are concocting twists on the idea, among them what they call hybrid kitchens, which can be open or closed using pocket doors.  In essence, what research has shown is that people want a little of both.  The cook might not want the chaos of cooking and serving around a bunch of people in one room, yet they still want to be in touch with what’s happening around them.

 

So if you were thinking the Dining Room is a dinosaur of days gone by, think again.  Buyers are going back to the future on this one!

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It’s All About the Journey … Loving Your Living Room

Living in the Northeast we tend towards the “traditional” when it comes to our homes.  One of the most traditional spaces you’ll find is the “formal” Living Room, usually located close to the Front Door. This area is where so much of our home life happens … or not.

There are tons of ideas of how to use this space to fit your lifestyle whether it’s lounging, storing, playing, entertaining or re-purposing because you have other space you use more frequently.  No matter what the case, you should create a space that you love spending time in, but will also resonate with buyers down the road.

Depending on your home layout, your living room can serve many functions. If you have a separate family room, the living room is often a formal sitting area or parlor used for reading, relaxing and entertaining guests. If it’s the only living space you have, it’s also used for watching TV, playing games and spending time with family and friends. Regardless of its purpose, any good space has comfortable seating, a coffee table and a focal point such as a fireplace, entertainment center or picture window offering a view of the outside world.

If your living room is your primary gathering area it will most likely serve several purposes. Here are some things to think about – it’s important to incorporate plenty of storage to accommodate all of your “goodies”. Options range from built-in bookshelves and cabinets to freestanding, decorative pieces. Don’t be afraid to have some fun and infuse the space with your personality through color, rugs, artwork, curtains & lighting.  Just keep in mind that when it’s time to sell, neutral works best so colorful accessories may be the way to go instead of flashy paint colors.

 If the majority of your time is spent in a separate Family Room the question of how to use the “formal” living room often arises.  Here are some of the most popular ideas:

* Move your Dining Room into your Living Room. If you entertain large groups of people, this will allow you to open your table a little more and often times take advantage of a fireplace or pretty view, while enjoying friends and family over a holiday or celebratory meal. If that leaves you with a smaller, unused Dining Room – you can turn that into a cozy office or library.

  • An at-home office, especially if you are one of the many people who now telecommute. Since this space is usually separate from the rest of the house it can offer some peace & quiet and make for ideal working conditions. The addition of French doors can give it a feeling of privacy.

  • Along the same lines as an office, a library or reading area is a popular choice. This would be easy to set up, especially if you already have furniture. You can arrange it as cozy reading groups and then if you need the room for company, shift the furniture back for entertaining.

  • Other ideas include a gym, a separate playroom for younger children, a billiard or game room, craft room, music room, theatre room, adult “lounge” with a bar set up – let your imagination run wild.

Any of these options are good at suggesting alternatives for potential buyers. This will help them envision the increased options for the use of this space and not struggle with the thought of paying for a room they’ll never really use.

 However you decide to utilize this space, here are some tricks to get the most out of it:

Decorate with mirrors, strategically placed to make a small room feel larger and to help reflect light and add ambiance.

  • Draw the eye upward to show off the room’s vertical dimension as well as the horizontal. Floor-to-ceiling drapes, special moldings or a grouping of small to midsize artwork, invite the eye to roam beyond the eye-level horizontal space

  • Use neutral colors on floors, walls and ceilings. Soft hues tend to illuminate a room by reflecting light and will add instant sophistication plus create a calming environment.

No matter how you use your space, here’s a chance to rekindle your Living Room love.

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It’s All About The Journey … Thanksgiving – Time for Turkey, Stuffing and…Staging

Everyone wants a home where your guests feel welcome, relaxed and right at home. You know you’re successful in creating a welcoming atmosphere if you end up with a house guest that never wants to leave!  You may dread that situation as a host, but as a seller you hope a buyer not only wants to spend more time in your home but can envision themselves living there.

Selling during the holidays provides a perfect opportunity for potential buyers to see your home as their future gathering spot!  Here are a few Thanksgiving decorating tips that will have buyers gobbling up your home.  (Yes, I went there)

 

Set the Table (this may be the only time of year this suggestion makes sense)

Let your buyers’ picture themselves sitting at a beautifully set table and enjoying the ambiance of the holiday.  This shows your home’s potential for entertaining which is sometimes hard for buyers to envision.  Bring out the fine china, linens and pretty serving pieces. If you’re hosting Thanksgiving, this will also give you a head start in preparation for Turkey Day!

Less Is More…Usually

Thanksgiving is a holiday where most people overindulge.  As Jay Leno quipped, “You know you ate too much for Thanksgiving when you have to let your bathrobe out”.  During holiday selling season, you have a little more leeway to display family items, decorations and photos that are normally put away in a staging scenario.  People tend to feel nostalgic for family at this time of year and a few of these items can make your home feel cozy and inviting.

A “Peel” to the Senses

Simmer pots are one of the easiest ways to make your home smell amazing. Just fill a saucepan with water, bring to a boil then add your favorite autumn scented ingredients. Allow to simmer gently on the stove top, topping up the water when needed. Soon the scent will fill your entire house. Don’t have time to keep an eye on the stove? Bake a pie or cookies – even “slice and bake” will do or the oldest trick around is to put a dab of vanilla or almond extract on a lightbulb-the scent will be heated when the light is on and will permeate throughout the house. Word of caution – it’s easy to overstep the line on this one.

Nature’s bounty

 

Seasonal fruits can make beautiful and inexpensive decorations.  Fill a bowl with green apples, mason jars with cranberries, or create a centerpiece of nicely arranged gourds.

 

Everyone is busy at this time of year, especially holiday home sellers. By using a few simple tips your buyers will walk away with a good feeling about your home and you’ll be thankful!

Happy Thanksgiving!

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