|
YOUR COMMENTS AND QUESTIONS ARE WELCOME. PLEASE E-MAIL TO DIANEOAKES@MSN.COM
TOP SEVEN HOME IMPROVEMENTS
Which home improvements give you the most bang for your buck, come selling time? The answer has to do with the term "ROI," or "Return on Investment."
In other words, what you will get out of what you put in. ROI is important because you want to recoup at least the same amount of money you put into your home when you sell it, or as close as possible. But it's not a simple equation to work out how to best maximize your payoff.
The Seven Best Home Improvements
|
2006 Cost vs. Value Report Best Returns* | |
| Home Improvement |
Job Cost |
Resale Value |
Cost Recouped | |
| Siding Replacement (Vinyl) |
$9,134 |
$7,963 |
87.2% |
| Window Replacement (Wood) |
$11,040 |
9,416 |
85.3% |
| Minor Kitchen Remodel |
$17,928 |
$15,278 |
85.2% |
| Bathroom Remodel |
$12,918 |
$10,970 |
84.9% |
| Window Replacement (Vinyl) |
$13,120 |
$11,109 |
84.7% |
| Two-Story Addition |
$105,297 |
$87,654 |
83.2% |
| Major Kitchen Remodel |
$54,241 |
$43,603 |
80.4% | | |
|
Source: Remodeling Online/Hanley-Wood *Data represent national averages of mid-range projects. |
According to Remodeling Online's 2006 survey of nearly 2,200 real estate professionals in 60 cities across the country, the home improvement with the highest return nationwide is a mid-range siding replacementl. Other top projects include replacing your windows with either wood or vinyl one, both major and minor kitchen renovations, a bathroom remodel and a two-story addition. See the box for specifics, but know these are nationally averaged prices and percentages.
Watch Out for "Over-Improving"
Before you start tackling that high-yield improvement, know that there's a chance you could "over-improve" your home. That might sound crazy, but it happens most often when the project just doesn't fit the neighborhood or the home's value. For example, if you own a $125,000 home in a neighborhood full of three-bedroom, two-bath homes, and you decide to add on another garage or another floor, you might never recoup the cost of that work.
Why? If the project costs you from $25,000 on up, then you'd have to sell your home for at least $150,000 or more just to break even. Are like homes in your neighborhood selling for that? If not, you're out of luck, because your expensively remodeled home might not fit in with the value of other homes in the surrounding area. Thus it may not be as valuable to potential buyers, since house prices are often ruled by location, and who's to say they might not inherit your quandary when it's time for them to sell?
6 Tips for Selling Your Home Fast in Today’s Market
1. Price your home aggressively — Look at the other homes in your neighborhood that have sold in the past three months (except for distressed sales) and price your home below the lowest sales price. If there are active listings in your neighborhood the price you select must also be below that of the most comparable home to yours.
2. Make your home the neighborhood showplace — Updated kitchens and baths are what hook most new home shoppers. Look to install granite countertops, stainless steel appliances, and new ceramic or hardwood floors. Carpets should be as nearly new as possible. Add a new coat of paint to your home’s interior and exterior.
3. Enhance Your Home’s “Curb Appeal” — Avoid the appearance of a “drab” yard by planting colorful flowers in selected locations. Seed or plant sod in areas lacking grass. Make certain the yard is mowed, edged and mulched.
4. Clutter Must Go — Even the most up-to-date house will look disorganized if it is filled with unnecessary furniture. Remove all furniture you do not absolutely need. Also, remove personal items (including family photos and portraits). Prospective buyers want to imagine a house with their own things in it, not yours.
5. Make Certain Your Home is Properly Staged — Consider hiring a professional to “stage” your house before prospective buyers begin coming through your door, especially if your house has been vacant for a while. A professional stager will generally charge between $1,000 and $2,000, and arrange home furnishings so that prospects can more easily envision their own furniture in the house. At the same time, an experienced stager can add a touch of class to your home.
6. Don’t Forget Financial Incentives — Offer buyers’ agents a four percent commission rather than the traditional three percent, along with closing cost assistance to buyers. Closing cost assistance is especially attractive now that credit has tightened significantly and 100% loans are next to impossible to obtain.
FLORIDA IS MORE THAN BEACHES
Jan. 23, 2008-With its cosmopolitan cities, world-class beaches, golf, boating and sports, Florida offers an attractive lifestyle to buyers from around the world.
“As a major vacation location, Florida will continue to draw families of all ages, with a particular appeal to the retiring Baby Boomer generation,” said Donna Cloman, broker-associate with ERA Menu Realty in Port Orange.
The state’s strong economy is another positive factor for Florida’s residential market. New job creation remains well above the national average, especially in sectors like professional services, leisure and hospitality, healthcare, trade and education.
And with abundant inventory of homes for sale, readily affordable mortgage rates and lower prices than in many other U.S. coastal locations, Florida also offers an excellent financial value, according to Alison Anderson, broker- associate with Amerivest Realty in Naples.
“I have lived in five other states and find Florida to provide an excellent quality of life for my money,” said Anderson. “Compared with other parts of the country, Florida is still a bargain.”
Many buyers from outside the U.S. — including Europe and the Pacific Rim — benefit from the weaker U.S. dollar. That multiplies the purchasing power from buyers paying in euros, yen or the British pound. Buyers from Latin America and Europe also appreciate the relatively low costs of Florida property compared with similar homes in their countries.
“People all over the world envy the Florida lifestyle,” said Michelle Cremata, sales associate with Coldwell Banker in Coral Gables. “Our fantastic climate, sandy beaches and tremendous economic opportunities are just a few of the reasons people the world over are attracted to living here. More than any other state, Florida is known for its diverse population and its ability to attract new people.”
In fact, a 2007 survey by the National Association of Realtors(R) (NAR) found that Florida led the nation in foreign home buying, accounting for 26% of all international purchasers. California was next at 16%, followed by Texas at 10%.
The 2007 NAR Profile of International Home Buying Activity, which covered buying patterns from April 2006 to April 2007, noted that U.S. real estate is still considered a prime investment opportunity for foreign buyers and a “safe haven” in which to put their money.
For U.S. buyers, one of Florida’s financial attractions is not having a state income tax. That provides an extra boost to residents’ net income. In addition, qualifying residents benefit from the state’s homestead exemption, which reduces local property taxes.
“Having moved here from Pittsburgh in 1972, I know that Florida stands out as a superior place to live,” said Lynn Robbins, sales associate with Coldwell Banker in Sarasota. “One of our strongest assets is a relaxed and healthy lifestyle that is envied by most people who don’t live in Florida. And our overall tax burden is lower than many other states as well.”
Here's how to get that designer look by answering 10 quick questions. Answer each of these honestly and you're well on your way to decorating bliss.
1. How will you use the room?
Try not to get stuck on labels. Just because the builder called it a dining room, doesn't mean you can't use it as a game room instead.
2. Who will use the room?
List the family members – and guests – who will be spending time in the room.
3. Find inspiration for the room's design.
Make a "look book" for your room from designs you liked in magazines or even things you saw in your friends' homes. I get lots of inspiration online at Designers' Portfolio and Rate My Space.
4. Draw the floor plan of your room on graph paper.
Doing your measuring now will help determine which scale is best for furniture, artwork and lighting in your room. Don't worry about being super accurate, unless you know you're Type A.
5. Consider the design in the rest of your home.
I'm not a fan of matchy-matchy, but if the room you're decorating is part of an open floor plan, you'll want to create some sort of flow to keep the space feeling, well, open.
6. Pick a favorite thing and design around it.
Especially helpful for people who have no idea where to start. Top designers usually have one or a few inspiration pieces that serve as jumping off points for the rest of the room.
7. Compile your plan in a portable notebook.
Once you start shopping for decor, you'll love the fact that all your ideas are in one place. Plus, carting around fabric swatches and small tile samples will let you know right away if the lamp you're eying is right for the room.
8. Don't buy everything from one store.
It's alluring to walk into a furniture store, purchase an entire room and be done with it. But if your style or room's function changes, you'll have to start all over.
9. Beware of fads.
Designers do incorporate design trends into rooms, but they do so smartly. For example, area rugs, accessories and art are great places to inject your latest zebra-print obsession, and just as easy to remove when you're tired of safari.
10. Good lighting is essential.
The most important step to getting a designer look is investing in great lighting: ambient, overhead and mood lighting. Just make sure you're using CFLs so you can still be green.
| Creamy Macaroni and Cheese
| |
 |
 |
|
|
| |
2 cups uncooked elbow macaroni (an 8-ounce box isn't quite 2 cups)
4 tablespoons (1/2 stuck) butter, cut into pieces
2 1/2 cups (about 10 ounces) grated sharp Cheddar cheese
3 eggs, beaten
1/2 cup sour cream
1 (10 3/4-ounce) can condensed Cheddar cheese soup
1/2 teaspoon salt
1 cup whole milk
1/2 teaspoon dry mustard
1/2 teaspoon black pepper
Boil the macaroni in a 2 quart saucepan in plenty of water until tender, about 7 minutes. Drain. In a medium saucepan, mix butter and cheese. Stir until the cheese melts. In a slow cooker, combine cheese/butter mixture and add the eggs, sour cream, soup, salt, milk, mustard and pepper and stir well. Then add drained macaroni and stir again. Set the slow cooker on low setting and cook for 3 hours, stirring occasionally.
|
TEN TIPS FOR SELLING YOU HOME
According to Linda Applewhite, an interior designer in Sausalito, CA., the following are recommended tips to help sell your home for the price you want:
1. A Nice Entryway--A fresh coat of paint on the front door is important for a good first impression; If possible, create a foyer area.
2. Hardwood Floors--Most buyers love hardwood floors, but if this isn't possible, consider the alternative Pergo.
3. Beautiful Baths--Always appealing are marble counters, whirlpool baths, elegant framed mirrors, and recessed and sconce lighting.
4. Fab Fixtures--Consider replacing worn knobs on doors and cabinets, especially in the baths and kitchen.
5. Counter Intelligence--Popular today are granite, corian, stone surfaces(Silestone), and marble. Butcher block would be an alternative that is more appealing than laminates but less expensive than stone.
6. Steel This Idea--Stainless steel is popular because it look like a commercial kitchen, but it also shows fingerprints. Other possibilities are black which can make a kitchen look dated while white is good for a country kitchen or a very clean look. Another idea which is gaining popularity is to order front panels that match your cabinets.
7. Pre-Organized Closets--Make your bedroom and kitchen closets as organized as possible with shelves, drawers, and metal rods.
8. Light Up--Natural light is the best but if you don't have this type of lighting, try installing recessed lighting, sconces, or both. 3 important types of lighting are ambient, task, and decorative. Halogen light bulbs give a cleaner look.
9. Built-In Bonus--Buyers usually love this type of free furniture, like bookshelves, china cabinets, and entertainment units.
10. Grass Is Greener--A flat yard is a plus, especially if there are children involved. Spend some money and put in grass. Shade trees and appropriate landscaping are also important.
HOME STAGING
Here are some basic pointers from the Accredited Home-Staging Specialist (AHS) course from RealtyU that will get most home sellers headed in the right direction; changing their “lived in homes” into “houses for sale.”
1. De-Clutter - This one is simple. De-clutter everywhere; inside and outside. If it’s taking up space it is a potential candidate to be thrown out. The sellers need to make that all important mental conversion from “home to live in” to “house for sale.” Personal “things” are a big distraction as you want the buyers to be able to visualize their own belonging in the house.
2. Repair - Buyers want everything working so don’t disappoint them - dripping faucets, broken windows, leaking roofs, damaged walls and doors, etc, beg the question in the buyer’s mind … What else is broken or doesn’t work?
3. Lots of Light - The last thing home buyers want to see is a dark home with all of the doors and windows covered. Let the light in and open some windows to let in some fresh air. Room de-odorizers leave the impression of covering something up as does a window with the blinds drawn.
4. Clean Windows - Buyers want to know and see the view they will have from every room - don’t make them look through dirty windows. If they don’t the impression of a great view is literally going “out the window.”
5. Kitchen and Bathrooms - Two of the most important rooms. They must be spotless and first class. Just cleaning up isn’t going to be good enough - you need to “deep clean” all counters, floors, cabinets and all the fixtures in the bathrooms. In the bathrooms consider new fixtures or countertops and perhaps redoing the shower and tub enclosures.
If new fixtures are not in the budget you may want to consider having them refinished. Think about having all the tile steam cleaned and make sure all grout is free from grease and dirt.
6. Odors - Absolute deal killers are cigarette or pet odors. If this is a problem - have the drapes, carpets and furniture professionally cleaned and “no smoking” in the house. Also, cooking odors are not a good thing. The best bet - fresh air. Often a little lemon oil mixed with water in a spray bottle “lightly used” will add just a bit of freshness without overpowering the house.
7. Paint - A fresh coat of paint on the outside or inside is an excellent way of freshening up your home. Be sure they use neutral colors and avoid accent painting - they are only guessing what the buyer likes. This can be done by the home sellers but in most cases they should use a professional painter. It’s always a bigger job than they think.
8. Yard Work - Deal with overgrown bushes, shrubs and trees. Everything in the yard needs to be trimmed, watered, manicured and “living.” Remove everything lying around the yard including sports equipment, boats, trailers, toys, etc. You may also add some color by placing some annuals in planters in the back as well as in the front. Curb appeal makes that all important “first impression.”
9. Furniture - The bottom line … less is best. If it’s old, worn or dated they should put it in storage. They need to remember they are setting a stage and the actor needs to be the house - not their furniture.
10. Hardwood Floors - Hardwood floors can be a huge plus for buyers unless they look like a 20 year old basketball court. It may be a great investment to have them all refinished - and suggest to them it’s not a simple weekend project.
Staging a home correctly and placing each house in the best possible light has become a must in today’s economy. With spring upon us and summer around the corner, the time has come
|
