Every time you walk into your bathroom, you stub your toe on a chipped tile and knock your knee into the cabinet door that never shuts. Instead of letting the swear words fly each morning, how about investing in an inexpensive renovation that can actually boost your home’s value?
This could be a great approach, considering that the national average for a bathroom renovation is $16,552, according to Remodeling Magazine’s Cost vs. Value 2011-2012 report.
Luckily, “By updating a few items without a lot of cash, your bathroom can feel brand new and add value to your home,” says Tiffany Williams, owner and designer of Tangerine Designs Kitchens and Baths in Omaha.
Check out these six low-cost bathroom renovations that can pay you back. Read More.
Home owners looking for the most return on their investment when it comes to remodeling should consider exterior replacement projects. According to the 2013 Remodeling Cost vs. Value Report, REALTORS® rated exterior projects among the most valuable home improvement projects.
“REALTORS® know that curb appeal projects offer great bang for your buck, because a home’s exterior is the first thing potential buyers see,” said National Association of REALTORS® President Gary Thomas, broker-owner of Evergreen Realty, in Villa Park, Calif. “Projects such as siding, window and door replacements can recoup more than 70 percent of their cost at resale. REALTORS® know what home features are important to buyers in your area and can provide helpful insights when considering remodeling projects.” Read More.
Do you have grand visions of gutting your dated kitchen, or maybe blowing out the bathroom walls to create a spa-like retreat? While major remodeling projects such as these can bring value to a home, budget-friendly projects can also deliver a fresh look – and real value for you and potential buyers.
“Something as simple as replacing the hardware in the kitchen can give you a whole new look,” says Paul Wyman, a regional vice president with the National Association of Realtors. Wyman is also an expert at determining if a remodeling project will add value to a home.
Curious which simple projects will give your home the most value? Keep reading to learn about a few affordable facelifts and bargain renovations that could boost your home’s value and add appeal. Read More.
Selling your home this summer? Cheap tweaks can pay off big time. “And even when these don’t equate to big dollars, they may help sell your property faster,” says Adam Hade, an associate broker with Houlihan Lawrence in southeastern New York state.
But choosing which improvements to make is where many homeowners go wrong, according to Hade. “They over-improve or improve in ways that don’t really matter to the buyers in their particular area,” he says. Read More.
Despite a steadying housing market, sellers and real estate agents still complain that low appraisals delay or kill up to 15 percent of all deals.
In recent years, agents and others blamed a 2009 law that they said inadvertently led to less-experienced appraisers working in unfamiliar neighborhoods.
Now a common refrain is that appraisers purposely keep valuations down. St. Petersburg, Fla., appraiser Frank Gregoire, who testified before Congress, says banks and underwriters are pressuring appraisers “to be less optimistic and more cautious” to prevent another housing bubble.
But that’s “patently false,” says Ken Chitester, spokesman for the Chicago-based Appraisal Institute. He concedes there may be a lag in valuations in a recovering market, but says appraisers can only work with the data available to them at the time. Read More.
Home values have risen four consecutive months, Zillow.com said Tuesday, a trend that led the housing website to declare that the market has turned the corner from its five-year slump.
“After four months with rising home values and increasingly positive forecast data, it seems clear that the country has hit a bottom in home values,” said Stan Humphries, chief economist at Seattle-based Zillow, which measures home values.
“The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own.” Read More.
The Kentucky Department of Revenue has set the 2012 real property tax rate at 12.2 cents per $100 of assessed value, the same as it has been since 2008. State law requires the department to set the tax rate no later than July 1 of each year. Read More.
Date: Thursday, March 22
Time: 3 p.m. EST
Each year, REALTORS® from more than 80 U.S. metro areas provide input into Remodeling magazine’s Cost vs. Value Report, which provides an analysis of the financial returns of various home improvement projects. You can get the highlights of this year’s report, as well as an analysis of which projects provide the best payoff, in this free REALTOR® Magazine webinar, sponsored by Lowe’s, a REALTOR Benefits® Program partner.
This event will also cover:
•Which projects are rising and falling in value.
•Strategies and tactics for targeting one of the fastest-growing niches in real estate — investors.
•Regional breakdowns of the Cost vs. Value data.
•Simple, low-cost approaches to home improvement.
The value of overall homes nationwide likely dropped just over $681 billion in 2011, according to property search and valuation site Zillow.
That drop, to a total estimated value of $21.9 trillion for U.S. homes, is 35 percent less than the drop experienced last year, when the nation’s homes lost $1.1 trillion in value.
Most of the decrease in 2011 occurred during the first half of the year, when the market lost $454 billion in value, Zillow said. The site projects values dropped a further $227 billion in the second half of 2011. Read More.
Right or wrong, they’re the numbers millions of consumers are clamoring for. In a housing market that’s been mostly a cause for gloom, so-called home-valuation technology has become one of the few sources of excitement. After years of real estate pros holding all the informational cards in the home-sale game, Web-driven companies like Zillow, Homes.com and Realtor.com are offering to reshuffle the deck. They’ve rolled out at-your-fingertips technology via laptop and smartphone to give shoppers and owners an estimate of what almost any home is worth. And, as a bonus, the article includes a brief quote from John May, the 2012 president-elect of KAR and member of GLAR. Read More.