Remodel for the Most Resale Value

What’s the best remodeling project for your home? The answer, in part, depends on where you live. Every year, Remodeling Magazine evaluates which projects bring the most return at resale in different markets around the country in their “Cost vs. Value” report.  For the purposes of this blog, we are focusing on the Pacific states (WA, OR, CA, AL) and the Mountain states (MT, ID, UT, CO, NV).

According to Remodeling Magazine, these are the six top projects in those two regions that currently have the best return on your investment when it comes time to sell. To see the full report, click here.

 

Garage Door Replacement

The project with the most return from Washington State to Nevada? A new garage door.

In the Pacific States, replacing your garage door will cost an average $3,785, but will increase your resale value by $4,686, recouping 123.8 percent of what you paid for it. Homes in the Mountain States will also benefit from a garage door replacement, recouping 98.6 percent of their costs.

Due to its size, a garage door can have a big impact on a home’s curb appeal.  But adding to your home’s aesthetic is only one advantage; the warranty that comes with the new garage door is also a selling point for potential buyers who can trust that they likely won’t have to deal with any maintenance issues in the near term.

 

Manufactured Stone Veneer

As long as the new stone veneer is consistent with your neighborhood’s overall look, this siding is the second-best project across the Pacific and Mountain states.

Stone veneer can replace your home’s existing siding, adding a fresh, modern look that conjures a cozy vibe all the way from the street, before buyers ever step foot inside. Along the West Coast, it can recoup 110.4 percent of the cost when you sell, and Mountain states will recoup 96.5 percent of the cost. 

 

Wood Deck Addition

While building a deck might seem like a big undertaking, it’s actually a pretty cost-effective way to positively impact your home’s resale value. Pacific states can expect to pay around $15,000 and Mountain states just above $13,000, but they’ll see 87.8 percent and 74.3 percent recouped respectively when they sell.

Adding a deck extends the living space of your home and provides even more area for entertaining, relaxing, and enjoying the outdoors.  Whether you choose a natural wood deck or a low-maintenance composite deck, you can pick from a variety of styles based on the lay of your land and the areas of your backyard you wish to highlight.

 

Minor Kitchen Remodel

No need to move walls or appliances around, a minor kitchen remodel will do the trick to recoup 87.1 percent of the cost in the Pacific states, and 80.3 percent in the Mountain states.

An outdated kitchen can go from drab to fab and become a focal point with a fresh palette. Replace the cabinet doors with new shaker-style wood panels and metal or metal-looking hardware. Switch out the old counter tops with laminate that matches the new look. Think about adding a resilient flooring option, then finish the project with a fresh coat of paint to the walls, trim, and ceiling.

 

Grand Entrance

Looking to improve your curb appeal and create an entrance that guests and homebuyers won’t soon forget? Add a fiberglass grand entrance. This project involves replacing a standard-sized front door with a larger opening with dual sidelights (glass panels). Typically costing around $8,000, Pacific states will see 85.1 percent of that recouped in the sale, and Mountain states will see 71 percent.

 

Siding Replacement

Depending on the size of your home, replacing the siding can be an expensive undertaking. However, it’s a project that comes with high returns. For Mountain states, sellers can expect 75.4 percent of the costs recouped, and Pacific sellers will see 84.3 percent.

Not only is siding one of the first things a buyer sees, but it also serves as an indicator of the overall health of the home. Broken or damaged siding could mean that there are other problems with the home, such as pests and rot. Replacing old siding is a cost-effective way to boost your home’s curb appeal and ensure buyers are going to walk through your front door.

Posted on November 25, 2019 at 7:49 pm
Windermere Windsor | Category: For Sellers, Home Owner, Living | Tagged , , , , , , , , , , , , , , , ,

Should I Move or Remodel?

Posted in BuyingSelling, and Living by Kenady Swan 

There are a number of things that can trigger the decision to remodel or move to a new home. Perhaps you have outgrown your current space, you might be tired of struggling with ancient plumbing or wiring systems, or maybe your home just feels out of date. The question is: Should you stay or should you go? Choosing whether to remodel or move involves looking at a number of factors. Here are some things to consider when making your decision.

 

Five reasons to move:

1. Your current location just isn’t working.

Unruly neighbors, a miserable commute, or a less-than-desirable school district—these are factors you cannot change. If your current location is detracting from your overall quality of life, it’s time to consider moving. If you’re just ready for a change, that’s a good reason, too. Some people are simply tired of their old homes and want to move on.

2. Your home is already one of the nicest in the neighborhood.

Regardless of the improvements you might make, location largely limits the amount of money you can get for your home when you sell. A general rule of thumb for remodeling is to make sure that you don’t over-improve your home for the neighborhood. If your property is already the most valuable house on the block, additional upgrades usually won’t pay off in return on investment at selling time.

3. There is a good chance you will move soon anyway.

If your likelihood of moving in the next two years is high, remodeling probably isn’t your best choice. There’s no reason to go through the hassle and expense of remodeling and not be able to enjoy it. It may be better to move now to get the house you want.

4. You need to make too many improvements to meet your needs.

This is particularly an issue with growing families. What was cozy for a young couple may be totally inadequate when you add small children. Increasing the space to make your home workable may cost more than moving to another house. In addition, lot size, building codes, and neighborhood covenants may restrict what you can do. Once you’ve outlined the remodeling upgrades that you’d like, a real estate agent can help you determine what kind of home you could buy for the same investment.

5. You don’t like remodeling.

Remodeling is disruptive. It may be the inconvenience of loosing the use of a bathroom for a week, or it can mean moving out altogether for a couple of months. Remodeling also requires making a lot of decisions. You have to be able to visualize new walls and floor plans, decide how large you want windows to be, and where to situate doors. Then there is choosing from hundreds of flooring, countertop, and fixture options. Some people love this. If you’re not one of them, it is probably easier to buy a house that has the features you want already in place.

 

Five reasons to remodel:

1. You love your neighborhood.

You can walk to the park, you have lots of close friends nearby, and the guy at the espresso stand knows you by name. There are features of a neighborhood, whether it’s tree-lined streets or annual community celebrations, that you just can’t re-create somewhere else. If you love where you live, that’s a good reason to stay.

2. You like your current home’s floor plan.

The general layout of your home either works for you or it doesn’t. If you enjoy the configuration and overall feeling of your current home, there’s a good chance it can be turned into a dream home. The combination of special features you really value, such as morning sun or a special view, may be hard to replicate in a new home.

3. You’ve got a great yard.

Yards in older neighborhoods often have features you cannot find in newer developments, including large lots, mature trees, and established landscaping. Even if you find a new home with a large lot, it takes considerable time and expense to create a fully landscaped yard.

4. You can get exactly the home you want.

Remodeling allows you to create a home tailored exactly to your lifestyle. You have control over the look and feel of everything, from the color of the walls to the finish on the cabinets. Consider also that most people who buy a new home spend up to 30 percent of the value of their new house fixing it up the way they want.

5. It may make better financial sense.

In some cases, remodeling might be cheaper than selling. A contractor can give you an estimate of what it would cost to make the improvements you’re considering. A real estate agent can give you prices of comparable homes with those same features. But remember that while remodeling projects add to the value of your home, most don’t fully recover their costs when you sell.

 

Remodel or move checklist:

Here are some questions to ask when deciding whether to move or remodel.

1.      How much money can you afford to spend?

2.      How long do you plan to live in your current home?

3.      How do you feel about your current location?

4.      Do you like the general floor plan of your current house?

5.      Will the remodeling you’re considering offer a good return on investment?

6.      Can you get more house for the money in another location that you like?

7.      Are you willing to live in your house during a remodeling project?

8.      If not, do you have the resources to live elsewhere while you’re remodeling?

 

If you have questions about whether remodeling or selling is a wise investment, or are looking for an agent in your area, we have professionals that can help you. Contact us here.

Posted on May 1, 2019 at 5:51 pm
Windermere Windsor | Category: Blog, Home Owners | Tagged , , ,

Sellers: Making the Most of your First Impressions

FrontEntrance

As the old saying goes, you only have one chance to make a first impression. If you’re selling your home, it’s true, except that there are several impressions to be made, and each one might have its own effect on the unique tastes of a prospective buyer. I’ve worked with scores of buyers, witnessed hundreds of showings, and I can summarize that experience down this: a tidy and well maintained home, priced right, listed with professional photographs, enhanced curb appeal and onsite visual appeal will sell fastest. We all know first impressions are very important, but the lasting impressions are the ones that sell your home. It’s not easy, but if you can detach a little and look at your home from a buyer’s perspective, the answers to selling it quickly may become obvious to you.

The very first impression your home will make is through its web presence, whether on Windermere.com, the MLS, Craigslist or any multitude of websites. Fair or not, the price is typically the very first thing people look at, and it will be the measurement by which your home is judged. You can always adjust to the right price later, but the impact is lost. It will take something dramatic to get a buyer to reassess the way they feel about the value of your home.

Closely following price are the listing photos. According to this recent article in the Wall Street Journal, professional photos will not only impact your first impressions, it may also make a difference in the final selling price. Great photos might even overcome those initial price objections. Does the exterior photo capture your home at its hi-res best? Does the accompanying text enhance or distract? Online, your home has only a few seconds to capture the home buyer’s attention. If it doesn’t, they’ll click the “Back” button and resume their search. The goal is to have buyers excitedly calling their agents to arrange a showing.

Another old saying is “Location, location, location,” and sure enough, the first live impression of your home is the location. Forget this one; you can’t move your home. There’s not much you can do about location, right? Actually, there is one thing you can do: price it right from the start.

Let’s move on to the first time a buyer sees your home as they pull to the curb out front. Go stand out at the curb and look at it the way you would if you were shopping for a home. Sometimes, a couple hours of labor and $100 worth of beauty bark can be worth thousands in the sales price. I’ve had buyers choose not to get out of the car when we pulled up to a home that they had once been excited to see.

Likewise, I’ve had buyers say they’ve seen enough simply by peaking into the front door. The nose trumps the eyes when it comes to the first impression when entering the house. Buyers get more caught up in the details. Once the home shopper is inside, it’s easy for them to get distracted and focus on something that seems to have nothing to do with the structure they will be buying, from a dirty dish in the sink to a teenager’s bedroom that’s been decorated in posters and/or melodrama. Do everything you can to set a positive lasting impression. The buyer may look at dozens of homes. What is your strategy to convince them to make an offer on yours?

Guest post by Eric Johnson, Director of Education

Posted on March 14, 2019 at 10:00 pm
Windermere Windsor | Category: Blog, For Sellers | Tagged , , , , ,

Is Condo Ownership Right for You?

Condominium homes are a great, low-maintenance choice for a primary residence, second home, or investment property. This alternative to the traditional single-family home has unique issues to consider before buying, as well as unique benefits. Here’s some background information to help you decide whether purchasing a condo is a good match for you.

The popularity of condominiums with baby boomers and young professionals continues to surge. Condo sales are up 23 percent from 2013 with a medium price of $209,600 according to the National Association of Realtors. Many buyers are realizing that condominium homes can be a great way to enjoy the benefits of home ownership combined with extensive amenities and a low-maintenance lifestyle.

Increasingly, condos are not just for first-time homebuyers looking for a less expensive entry into the housing market. Empty-nesters and retirees are happy to give up mowing the lawn and painting the house. Busy professionals can experience luxury living knowing their home is safe and well-maintained while they are away on business.  If you are considering buying a condominium for a home, here are a few things you should know:

Condominium basics:

With condominiums, you own everything in your unit on your side of the walls. Individual owners hold title to the condominium unit only, not the land beneath the unit. All owners share title to the common areas: the grounds, lobby, halls, parking areas and other amenities. A homeowners’ association (HOA) usually manages the complex and collects a monthly fee from all condominium owners to pay for the operation and maintenance of the property. These fees may include such items as insurance, landscape, and grounds upkeep, pool maintenance, security, and administrative costs.

The owners of the units in a condominium are all automatic members of the condo association. The association is run by a volunteer Board of Directors, who manage the operations and upkeep of the property. A professional management company may also be involved in assisting the board in their decisions. The condo association also administers rules and regulations designed to ensure safety and maintain the value of your investment. Examples include whether or not pets are allowed and the hours of use for condominium facilities, such as pools and work-out rooms. Should a major expense occur, all owners are responsible for paying their fair share of the expense.

The pros and cons of condominium living:

The condominium lifestyle has many benefits, but condominium ownership isn’t for everyone. Part of it depends on your lifestyle. Condominium living may not be optimum for large families with active kids. The other factor is personal style. By necessity, condominium associations have a number of standardized rules. You need to decide whether these regulations work for you or not. Here are some points to keep in mind if you’re considering condominium living.

Cost: Condominium homes typically cost less than houses, so they’re a great choice for fist-time buyers. However, because condominiums are concentrated in more expensive locations, and sizes are generally smaller than a comparable single-family home, the price per square foot for a condominium is usually higher.

Convenience: People who love living in condominiums always cite the convenience factor. It’s nice to have someone else take care of landscaping, upkeep, and security. Condominium homes are often located in urban areas where restaurants, groceries, and entertainment are just a short walk away.

Luxury amenities: May condominiums offer an array of amenities that the majority of homeowners couldn’t afford on their own, such as fitness centers, clubhouses, wine cellars, roof-top decks, and swimming pools. Lobbies of upscale condominiums can rival those of four-star hotels, making a great impression on residents.

Privacy: Since you share common walls and floors with other condominium owners, there is less privacy than what you’d expect in a single-family home. While condominiums are built with noise abatement features, you may still occasionally hear the sound of your neighbors.

Space: With the exception of very high-end units, condominiums are generally smaller than single-family homes. That means less storage space and often, smaller rooms. The patios and balconies of individual units are usually much smaller as well.

Autonomy: As a condominium owner, you are required to follow the laws of the associations. That means giving up a certain about of control and getting involved in the group decision-making process. Laws vary greatly from property to property, and some people may find certain rules too restrictive. If you long to paint your front door red or decorate your deck with tiki lanterns, condominium living might not be for you.

Things to consider when you decide to buy:

Condominium homes vary from intimate studios to eclectic lofts and luxury penthouses. The right condominium is the one that best fits your lifestyle. Here are a few questions to ask to determine which condominium is right for you.

How will you use it?

Will your condominium be your primary residence? A second home? An investment property? While a studio may be too small for a primary residence, it might be a perfect beachfront getaway. Also consider how your lifestyle may change over the next five to seven years. If you are close to retirement, you may want to have the option of turning a vacation condominium into your permanent home.

Where would you like to live?

Some people love the excitement and sophistication of urban living. Others dream of skiing every weekend. Whether it’s the sound of the surf or the lure of the golf course, a condominium home affords you the ability to live a carefree lifestyle in virtually any setting.

What amenities are most important to you?

The variety of condominium amenities increases each year. Decide what you want, and you can be assured of finding it. Most urban and resort condominiums have an enticing array of extras, from spas to movie screening rooms to tennis courts.

What are your specific needs?

Do you have a pet? Some associations don’t allow them; others have limitations on their size. Parking can be a major issue, especially in dense, urban areas. How many spaces do you get per unit? Do you pay extra if you have more vehicles?

Finally, once you’ve found a property you like, examine the association’s declaration, rules, and bylaws to make sure they fit your needs. The association will provide you with an outline of their monthly fees and exactly what they cover so you can accurately budget your expenses.

Review the association board’s meeting minutes from the past year to get an idea of any issues the association is working on. An analysis of sales demand and property appreciation compared to like units may help ensure that you make the best possible investment.

Posted on March 6, 2019 at 2:30 pm
Windermere Windsor | Category: Blog, Colorado | Tagged , , , , , , , , , , , , , ,

Sellers: Making the Most of your First Impressions

FrontEntranceAs the old saying goes, you only have one chance to make a first impression. If you’re selling your home, it’s true, except that there are several impressions to be made, and each one might have its own effect on the unique tastes of a prospective buyer. I’ve worked with scores of buyers, witnessed hundreds of showings, and I can summarize that experience down this: a tidy and well maintained home, priced right, listed with professional photographs, enhanced curb appeal and onsite visual appeal will sell fastest. We all know first impressions are very important, but the lasting impressions are the ones that sell your home. It’s not easy, but if you can detach a little and look at your home from a buyer’s perspective, the answers to selling it quickly may become obvious to you.

The very first impression your home will make is through its web presence, whether on Windermere.com, the MLS, Craigslist or any multitude of websites. Fair or not, the price is typically the very first thing people look at, and it will be the measurement by which your home is judged. You can always adjust to the right price later, but the impact is lost. It will take something dramatic to get a buyer to reassess the way they feel about the value of your home.

Closely following price are the listing photos. According to this recent article in the Wall Street Journal, professional photos will not only impact your first impressions, it may also make a difference in the final selling price. Great photos might even overcome those initial price objections. Does the exterior photo capture your home at its hi-res best? Does the accompanying text enhance or distract? Online, your home has only a few seconds to capture the home buyer’s attention. If it doesn’t, they’ll click the “Back” button and resume their search. The goal is to have buyers excitedly calling their agents to arrange a showing.

Another old saying is “Location, location, location,” and sure enough, the first live impression of your home is the location. Forget this one; you can’t move your home. There’s not much you can do about location, right? Actually, there is one thing you can do: price it right from the start.

Let’s move on to the first time a buyer sees your home as they pull to the curb out front. Go stand out at the curb and look at it the way you would if you were shopping for a home. Sometimes, a couple hours of labor and $100 worth of beauty bark can be worth thousands in the sales price. I’ve had buyers choose not to get out of the car when we pulled up to a home that they had once been excited to see.

Likewise, I’ve had buyers say they’ve seen enough simply by peaking into the front door. The nose trumps the eyes when it comes to the first impression when entering the house. Buyers get more caught up in the details. Once the home shopper is inside, it’s easy for them to get distracted and focus on something that seems to have nothing to do with the structure they will be buying, from a dirty dish in the sink to a teenager’s bedroom that’s been decorated in posters and/or melodrama. Do everything you can to set a positive lasting impression. The buyer may look at dozens of homes. What is your strategy to convince them to make an offer on yours?

Posted on May 18, 2018 at 4:37 pm
Windermere Windsor | Category: For Sellers, Fort Collins Real Estate, Northern Colorado Real Estate, Windermere Real Estate | Tagged , , ,

Myths and Truths About Millennial Home Buyers

In recent years there has been a lot written about millennials and their impact on the housing market. Because of this, there are also a lot of misconceptions about what this generation wants from a home. To start, it’s important to know that there are more than 71 millennials, which are defined as those aged 22-37. They also represent 34 percent of all home buyers which makes them tremendously important to the real estate market. We were curious if what we’ve read about millennial home buying habits is true and here’s what we found.

Simple, Functional, Minimal Maintenance

Millennials do not appear to be drawn to fixer uppers in the same way as prior generations. They want something that is “move-in” ready with minimal maintenance. They also value simplicity and function over extravagance which means they’re drawn to spaces that serve dual purposes and furniture that doubles as storage. The old adage “less is more” takes on new meaning for millennial buyers.

Location

Similar to older generations, millennials place a great deal of importance on location. The convenience to their job, friends, family, entertainment, and shopping is a must. But the rumor out there that they only want to live in city dwellings is a myth. Millennials are getting older and starting to have families, so like prior generations, many of them are moving away from the hustle and bustle of the city and into nearby neighborhoods with good schools and family-friendly amenities.

Digitally Engaged

Millennials have grown up surrounded by technology, so smart home technology is a high priority for these buyers. And they’re willing to pay more for it: a survey conducted by Wakefield Research states that millennials are willing to pay a 20 percent premium for smart home technology, such as voice assisted devices, smart phone-controlled security systems, electronic door locks, and doorbell cameras.

Experience over Luxuries

One of the main things we’ve learned about millennials is that they are not prone to conformity. They’re a practical bunch who places a very high priority on experiences and quality of life. Studies show that millennials would rather have discretionary income to pay for things like healthy food, gym memberships, and international travel than blowing their budget on an expensive home. In other words, they’re happy with a modest space so they have money left to spend on their quality of life.

In the end, millennial buyers aren’t that different from prior generations. They’re clearly a pragmatic group that sees their home more as a functional space than a symbol of their success. Technology definitely plays a far greater role for them than their baby boomer parents, but ultimately they still want a home in a nice neighborhood with good schools and access to friends, family, and nearby amenities.

Posted on May 14, 2018 at 5:15 pm
Windermere Windsor | Category: For Buyers & Sellers, Home Owners, Housing Trends, Windermere Real Estate | Tagged , , , , , , ,