Home Owners See Big Value in Remodeling
The do-it-yourself home improvement market has faced a 21 percent drop from 2005-2010, according to the latest research from market researcher Mintel. Yet, that’s not due to lack of will on home owner’s part, but more about lack of money, according to the survey.
More than a quarter of DIYers surveyed said they would undertake a major home renovation or addition to their home if they had the funds.
Nearly 40 percent of DIYers say that making a major home improvement is the best long-term investment they can make.
However, with the sagging housing market, many home owners have opted to put off major renovation projects, but forecasters are already seeing signs that is changing.
“We forecast growth to accelerate in 2011 and, presuming a stabilization of the housing market, to remain positive through 2015,” says Bill Patterson, senior analyst at Mintel. “Pent-up demand, ongoing need for repair and maintenance, retro-fitting, and renovations from boomers approaching retirement and demand from millennials should all propel DIY spending.”
Source: “Consumers Have the Motivation–But Lack the Money for Home Improvement,” RISMedia (March 29, 2011)
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Remodeling the Laundry Room Can Add Value
Remodeling a laundry room can add a surprising amount of appeal and value to a home. Here are some key steps:
· Pick a decorating style. A laundry room doesn’t have to be institutional. Giving it personality increases appeal.
· Add convenience. Starting with a laundry detergent dispenser, make it easy to get the job done.
· Choose a washer and dryer that are good looking, cost effective. and functional. Scrimping on the basics is false economy.
Source: Tribune Media Services, Kathryn Weber (10/24/2010)
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5 Steps to Remodeling Done Right
Here are five steps to developing a great relationship with a remodeling contractor.
1. Let the contractor know if you are ready to remodel or just kicking the tires. Gary Palmer, a Charlotte, N.C.-based general contractor, says seeking multiple bids is fine, but don’t waste his or her time by letting the bidding process drag on for weeks.
2. Do your homework. Before seeking bids, develop two files. One should include information, including photos, of what you like. The other should include a list of what you don’t like.
3. Listen to the experts. A good contractor can tell you whether the project is feasible and what the pay off will be.
4. Communicate your budget. Let the contractor know up front how much money you intend to spend.
5. Be realistic and patient. Every remodeling project is messy and all of them are going to be frustrating somewhere along the way.
Source: Charlotte Observer, Barbara S. Russell (10/23/2010)
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5 Home Remodeling Trends for the New Year
Remodeling and decorating trends in 2010 are likely to reflect the fact that many home owners are settling in for the long haul.
Here are some ideas for updating homes and gardens from decorators and leading real estate practitioners:
* Environmentally sensitive furniture. Natural fibers, sustainable woods, and recycled products are key to attracting environmentally concerned buyers.
* Classic neutral colors. Deep gray browns and gray blues, muted beige, and chalky white will be particularly popular shades, Pittsburgh Paints predicts.
* Backyard gardens. First Lady Michelle Obama led the way in 2009 when she installed one at the White House.
* Backyard living. Wood-deck additions offer an 80.6 percent payback, according to the annual Cost vs. Value Report from Remodeling magazine and REALTOR® magazine. Simple fire pits and outdoor fireplaces also will be popular, trend-watchers say.
* Made in America. As more people feel compelled to support local employment, U.S. manufactured products and antiques will become more popular, says Patricia Shackelford, author of design blog, Mrs. Blandings.
Source: Orlando Sentinel, Jean Patteson (12/26/2009) and Kansas City Star, Stacy Downs (12/27/2009)
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Exterior Remodeling: Best Bang for Your Buck
Despite a slow market and a slight decrease in the resale value of most remodeling projects, REALTORS® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by REALTORS® who completed a recent survey.
On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.
“Once again, this year’s Remodeling Cost vs. Value Report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “With exterior projects returning a high percent of project costs upon resale, Realtors® can help give your home curb appeal while adding value to the real estate transaction. Full story….
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Exterior Remodeling: Best Bang for Your Buck
Despite a slow market and a slight decrease in the resale value of most remodeling projects, REALTORS® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates [...]