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HomeWise Info and Tips!
Connie Killingbeck and Real Estate of Midland.com present...
HOME WISE©
Home Improvements that Pay *
By Michael Walsh This year, Americans homeowners will spend a record $102 billion on home improvements--remodeling, repairing, adding on and sprucing up. But much of that enormous sum will be spent neither wisely nor well, especially if the objective is to recover the expenses by hiking the selling price of the house by the same amount later on. Still, it's not at all unwise to remodel or renovate as long as you're realistic about the potential payback. Generally the best home improvements are those you make for your own enjoyment and convenience and not with an eye towards making a killing in the real estate market. In addition to boosting the value of your home to some extent, they'll also make your home more marketable so it sells faster. Even then, all home improvements are not created equal.	Home Improvement Projects A Remodeled Kitchen A New Second or Third Bath Room Additions Wooden Decks Attic/ Basement Conversions Skylights, Windows Fireplaces Swimming Pools Landscaping Upgrade Electrical Service New Gas Furnace Painting Exterior Interior Decorating Interior Architectural Details Closets and built-in Storage
The following are some of the most common home improvement projects along with the return you may expect on the investment you make (although there is never a guaranteed return).

A Remodeled Kitchen: 80 to 120 percent.
Added convenience is a plus for you and a prospective buyer. But easy does it. Don't put a $40,000 kitchen in a $50,000 house, even if you can afford it. It's better to move than over-improve. Keep your improvement expenditures in line with the going prices for other similar houses in your neighborhood so you don't price yourself out of the market. If money's tight, spend what you have to for quality appliances (especially a dishwasher) and compromise elsewhere. Or do the remodeling in stages-- new cabinets this year, a new floor next year.

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A New Second or Third Bath: 75 to 80 percent. A remodeled bath: 60 to 75 percent.
Keep in mind that most buyers want ceramic tile walls, abundant storage and natural light. When remodeling an existing bathroom, keep the sink, tub, shower, and toilet where they are and your won't have too add the cost of a plumber to the job. Rerouting water and waste lines is expensive. If you don't have to rip up floors and walls to put in new pipes, you can put more of your money in improvements that show.

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Room Additions: Family room or third bedroom in two bedroom house: 80 to 100 percent. Fourth or fifth bedroom are usually only good for paybacks of 50 to 75 percent.

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Wooden Decks: 60 to 80 percent. Patios: 50 to 70 percent.
Decks are more popular now than poured concrete or flagstone patios. Recent research indicates that privacy is a major selling point among today's homeowners. Enclosing a deck or patio with ornamental trees, hedges, vine-covered trellises or a wooden fence can increase the payback.

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Attic Conversions: 80 to 100 percent.

Basement Conversions: 20 to 30 percent.
A finished attic is considered an "upstairs" room. A basement is still a basement.

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Skylights: 50 to 70 percent.
Decorative windows, French doors in place of sliders or a decorative front door: Decorative windows, French doors in place of sliders or a decorative front door: 80 to 100 percent.
Replacing ordinary stock windows: Replacing ordinary stock windows: 40 to 50 percent.
Buyers are willing to pay more for architectural charm. One fan-light window or a pair of French doors can completely change the character of an entire house--for the better.

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Fireplaces: 80 to 95 percent.
In all but the warmest regions of the country, it's the top of the list among today's buyers. Prefabricated "zero clearance" models are the least expensive to buy and install, far cheaper than brick and stone conversions which must be constructed by a professional mason.

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Swimming Pools: 0 to 30 percent.
Best reserved for high-priced neighborhoods where pools are the rule rather than the exception.

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Landscaping: 50 to 100 percent.
Landscaping that reduces maintenance is more appealing to most buyers than elaborate gardens that have to be weeded, watered, and tended to. Mulch around trees and shrubs, plant hardy evergreens, replace expanses of grass with bark chips, brick, flagstones or gravel.

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Upgraded Electrical Service: 80 to 100 percent.
Most mortgagers will require that it be done prior to the sale anyway.

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New Gas Furnace: 60 to 75 percent.
But add to this...lower utility bills for as long as you live there. Old gas burners typically operate at 60 percent efficiency, new ones at 98 percent. The 38 percent difference can pay for the cost of a new unit over time.

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Painting Exterior: 100 percent.
Chipped, peeling, cracked and blistered paint signals neglect to buyers. New paint puts a fresh face on a house. Better yet, a thorough washing and regular touch-up painting can save you the expense of repainting the entire house.

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Interior Decorating: 80 to 100 percent.
Paint walls and woodwork and refinish wood floors. Attractive furniture, antique rugs, artwork, and accessories are investments that impress buyers and that can move with you. Appealing window treatments will have to stay, but they'll help sell the house, too.

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Interior Architectural Details: 60 to 80 percent.
Cornice moldings, chair rails and woodwork around windows and doors give a house character. And, by buying stock wood molding from the lumber yard, you can put in the charm the builder left out. It's one way to make your otherwise featureless tract home stand out in the crowd.

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Closets and built-in Storage: 90 to 100 percent.

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Final note...

Real Estate of Midland and Connie Killingbeck want to help you make your Home the Best it can be!

If you're not on speaking terms with the tools of the home improvement trade and have to turn to professionals to get the job done, look for good value in workmanship in order to get the best return on you dollar.

Ask neighbors, friends, and relatives to recommend reliable contractors. Get bids from three to five firms. Check them out with the local Better Business Bureau and make sure they're licensed and insured. Then, ask them for 10 references and contact at least five.

Finally, be skeptical about bids that are significantly lower than the average. Ask the contractor to explain how he or she can do the job for so much less. A bargain bid can mean amateur workmanship or the use of low-quality materials.

*note: Connie Killingbeck and Real Estate of Midland.com cannot verify or endorse any information received from external links or third party sites. External links are provided to you as a courtesy, we do not accept any responsibility for the content or information found on external sources.

If you have any questions or would like help buying or selling your Home, contact Connie Killingbeck
RE/MAX of Midland		Connie Killingbeck (517) 923-4311 Office (800) 311-7997 Toll Free (517) 832-2031 Fax sold@conniekillingbeck.com