Thursday, December 31, 2009

10 Big-Impact, Low-Cost Remodeling Projects


Here are budget-minded enhancements from Realtor Magazine to make your home stand out:


1. Tidy up kitchen cabinets.
"Potential buyers do open kitchen cabinets and look inside," says Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D. "Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff."

2. Add or replace tile.
"By retiling very inexpensively, you make a room look way cleaner that it was," says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz.

3. Add a breakfast bar.
When a wall separates a kitchen from a family room, consider cutting out an opening to create a breakfast bar.

4. Install granite tile instead of a slab.
"Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade," says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. "Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money."

5. Freshen up a bathroom without retiling.
"With a dated bathroom, I recommend putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300," says Wilder. "And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new.

6. Freshen up the basement.
"If home owners have cement block or poured concrete walls in the basement…have a contractor fill in cracks with hydraulic cement and then paint with waterproofing paint," recommends Wilder. "They can then add a top coat to add color. They can also paint the basement floor with a good floor paint, which spiffs it up.

7. Add a room.
Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. "One time, we closed off a half-wall to an office and added a door to the other side of the room, thus creating another bedroom," says Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va. "That $400 procedure, which took a contractor one day, netted about $40,000 in the sales price."

8. Spruce up cabinet fronts.
Update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. "If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on," explains Morrissey. For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced.

9. Replace light fixtures.
"In a foyer and in bathrooms and kitchens," says Wilder, "replacing overhead light fixtures provides a lot of pop for a little money." If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula.

10. Tech-up the garage.
"Sometimes we replace the garage door opener with a remote touchpad entry system," says Zuluaga. "That costs about $425 and makes it look like a high-end system."

Wednesday, December 30, 2009

Small Projects, Big Bang

By G.M. Filisko
Realtor.org/realtormag




Judicious home remodeling is still worth the investment, according to Remodeling magazine's annual "Cost vs. Value Report."

Uncertainty and restraint are the order of the day in this economy, and that sense of caution is reflected in home owners’ return on their investment in remodeling projects, according to REALTORS® in 80 metropolitan markets surveyed by Remodeling magazine for this year’s Cost vs. Value Report.

Six of the 10 remodeling projects—siding and window replacement using a variety of materials—involve home maintenance that costs less than $14,000.

Two more—adding an attic bedroom or a wood deck—reinforce the notion that boosting the amount of livable space in and around your home will attract buyers who are increasingly looking for more room for their buck.

In past years, converting an attic into a bedroom was a project that landed squarely in the middle of the rankings, but this year it leapfrogged over other categories into third place. It’s an admittedly pricey project, with an average national cost of nearly $50,000, but it generates an average national return of 83.1 percent and a better-than-100 percent return on investment, according to REALTORS® in 14 of the 80 cities surveyed.

Adding a wood deck is much more economical, with an average national cost of slightly more than $10,000. Its average national return is 80.6 percent, but in six cities, its return is estimated at 100 percent or greater.

The six siding and window home maintenance projects in the top 10, combined with the project with the biggest return on investment—a mid-range entry door replacement—prove something that every sales associate tells sellers throughout the country: First impressions count.

A mid-range entry door replacement is the only home remodeling project that REALTORS® expect to generate a full return for the money nationally. It’s the least expensive of the 33 projects included in the analysis, yet it brings a whopping average national return on investment of 128.9 percent.

Additional data prove the value of restraint. Upgrading kitchens and baths is still a smart bet. However, home owners will recoup the greatest share of their costs by foregoing super-deluxe projects in favor of mid-range kitchen and bath remodels.

Overall, home owners recouped an average of 63.8 percent of their investment in 33 different home improvement projects, according to REALTORS® who responded to the survey. The expected cost recoup was generally down from previous years in line with the drop in home prices nationally.

Data courtesy of Remodeling Magazine

Friday, December 18, 2009

Century 21 Receives Two Accolades


AllBusiness.com, a subsidiary of Dun & Bradstreet, recently released its second annual “All Business All Star” franchise rankings. Century 21 Real Estate LLC was number one in Brand Awareness and number six in Web Visibility. These rankings reveal the strength of the Century 21 franchise across all industries.

Through focusing on online advertising, the Century 21 brand has become a national leader on the web across all industries and brands, all while staying at the forefront of Brand Awareness.

The strongest brands position themselves where consumers are. The strongest brands become household names. The strongest brands blend strategic national marketing with superior service and local visibility to engrain themselves in the hearts and minds of consumers.

Thursday, December 17, 2009

Tax Credit Extended to April 1, 2010

First-time home buyers and move-up buyers have another great reason to get on the path to purchasing a new home! The benefit to first-time homebuyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500.

Following are a few details on the legislation from Tom Kunz, President and CEO of Century 21 Real Estate LLC.

· Between November 7, 2009 and April 30, 2010, homebuyers that have a signed binding contract to purchase a home may be eligible for the tax credit. The transaction must close no more than 60 days after April 30, 2010.

· First-time homebuyers may receive a credit of 10 percent of the purchase price (up to $8,000). Consumers who have never owned a home before or have not owned a principal residence in the last three years, are considered a first-time homebuyer.

· For the "Move Up" consumer, a tax credit of $6,500 is available for homeowners who have lived in their current residence for at least five of the past eight years. Homebuyers can receive a 10 percent credit up to $6,500 when they contract to purchase a home between now and April 30, 2010, and close no more than 60 days after April 30, 2010.

The tax credit does not have to be repaid provided the homebuyer lives in the new home for a minimum of three years. Military families are exempt from this stipulation.