You might just want to accelerate and make plans for tonight. But, under no circumstances should you forget. Get your sweetie something nice, like a 40″ rolling tool cabinet or a nice socket set. Maybe she’ll get you something nice like a new bumper or a set of off-road lights.
;^ )
Just last week I wrote a post highlighting the results of the Remodeling Magazine’s Cost vs. Value study. And in this month’s Realtor® Magazine, the newest results are published. The reason I like this particular study is that it breaks down the results by region. It would be great to break it down further to metro area… and then maybe ZIP code… and possibly subdivision… or even street… but that isn’t happening. Region is good.
The numbers for the Southeast are interesting. The Top 5 Renovations for Return on Investment (RoI) are:
There are a few things to note here… This is based on average costs and conditions. Obviously, if there are extenuating circumstances, the RoI could be more or less. If you are able to do work yourself, the RoI could be much greater. One of the assumptions here is that a contractor would be hired to do all work.
Mid-range Entry door (steel) – 135.5% The average cost on this renovation is $1098 and the increase in value is $1488. It is worth noting that a fiberglass door adds more value ($2117), but because of the significantly higher cost ($3348), yields a poorer result (63.2%). This goes to show that it may be more prudent to NOT splurge. Much of this is due to “Neighborhood Norms”. If most of the neighborhood has steel doors, and you add a high end wooden or fiberglass door, you might not get the same result as going to a nice steel door. That isn’t to say that using a good grade of steel door wouldn’t be wise… powder-coated and rust resistant units will likely maintain their value better than low-bid doors that aren’t quite as nice.
Mid-range garage door – 91.6% This is a tough one. The article suggests that an uninsulated, single wall door without windows could provide the highest RoI. However, adding windows doesn’t add tremendously to the cost (maybe $200 on to the stated cost of $1178), but might add a little to the projected RoI ($1079). Insulation and windows come down to preference and usage. Those of us that use the garage for more than just a place to park a car really like the additional benefit of an insulated door and windows for natural light.
Upscale siding (fiber cement) – 85.4% The cost of this renovation was averaged at $13,106. That assumed 1250 square feet of siding, and an average amount of trim. The Added Value for the fiber cement siding came up to $11,197. Again, we need to look to what is in the neighborhood, and what is on the house. Changing out wood siding in good condition won’t yield the same result in a neighborhood with brick homes as getting rid of wood siding in bad shape in a neighborhood with lots of homes already upgraded to fiber cement.
Mid-range basement remodel – 79.4% I almost hate to include this one… In my experience, it is rare that a finished basement adds significantly to the value of a home. It seems that the buyer is always looking for it to be finished differently that the seller has finished it. However, the existence of a basement DOES add significantly to the value of a home. The average cost and return from the article are $57,627 and $45,757… which means that you will still be upside-down by almost $12k after doing the renovation.
Upscale windows (vinyl) – 77.9% I was a little surprised about this… I don’t normally think of vinyl windows on upscale homes, but there it is. The cost was $12,878 and it added a value of $10,027. There wasn’t any additional information regarding style or number of windows for the survey, so I can’t comment on that… however, I would assume that the windows would be wood on the inside (stain-grade) with heavy vinyl on the outside. This would allow for low maintenance while keeping the style of wood inside. I would also assume that the windows were low E glass and at least double paned.
If you have the capability of doing the work yourself, it can make doing the work financially worthwhile… depending on how much you value your labor. If it will take 50 hours for you to complete a renovation, and you are saving $500 by doing it yourself, is it worth it for you to “make” $10/hour for your time?
This is tough this time of year. There are usually a LOT of things going on, and the decorations are almost ready to come out of hiding. But, if your home is on the market, you have to keep it looking “Presentation Ready” all of the time.
In this episode from last year, Tara Jones (my wonderful friend at Reel Productions) talks about Staging with Storage.
If is a fantastic way to de-clutter, but at the same time, make the house more livable. And it isn’t just the kids’ bedrooms or the playroom that can benefit. Think of how cool it would be to have everything packed up neatly and orderly in the garage… still accessible to work, but out of the way of prying eyes… buyers… teenagers looking for a tool…
So, here is a link to the original post. Enjoy.
There are a few occupational hazards we real estate agents face… moldy foreclosures, rotted floors that we can fall through, angry undisclosed dogs, getting locked out of a house on the back deck 40′ off the ground (don’t ask). But there is something even more dangerous…
Houses we really like… really, really like. Ones that we can afford…
As a real estate agent, I look at a lot of houses. Some of them are amazingly cool. But, I’m not dropping half a million bucks on a house. Those aren’t so dangerous… Not to say that I don’t love the media rooms, pubs on the terrace level and the 10 car garages… especially the 10 car garages… but those aren’t that dangerous, because they are out of MY operating range.
And then…
So, I was out checking out some new cool garage homes in Gwinnett County, and I ran across this one. I shot a few videos to use in ‘discussions’ with my wife. Seriously, I didn’t shoot these to show the world, just one person.
The problem is that we don’t want to change schools yet… So, unless this house is hanging out on the market in 8 months, the best I can hope for is to find it a good owner.
Not bad for about $160k…
Yahoo Real Estate had an article about cool garages a few days ago. They focused on some very high end homes… with some really cool garages. Nice pictures.
I tend to focus on garages that are a little more within the budget realms of [reality]. Not that I would mind representing $10m properties… but there aren’t that many opportunities, and it isn’t a circle I travel in a lot. Luckily, I love the people I work with, buyers and sellers that share a love of cars, Jeeps, trucks and motorcycles… just like me.
Anyway, hit the link for some great garage shots… and if you are looking for an agent that actually WANTS to check to see what the garage is like when touring a home, give me a call…
