Archive for the ‘Home Value’ Category

Roofing Brings Most Value to Homes

Ever wondered what home improvement would bring the most bang for the buck?

Turns out new roofing, although costly, brings the most value to a home. After all, a home is first and foremost a shelter.

Two of the biggest reasons homeowners remodel their home are to add value and add enjoyment. Turns out, you guessed it, roofing takes the cake on both of these.

Buyers and homeowners see great significance in a roof.  According to stats from the National Association of Realtors and the National Association of the Remodeling Industry, on average during resale, homeowners recover 105 percent of the cost to complete a new roof. Not only this, but the same survey revealed new roofing to be in the “Top 5” list for greatest buyer appeal. New vinyl windows, new garage doors and new vinyl siding followed.

So, save up and replace that old, worn roof to add better aesthetic appeal, protection from the elements and better resale value to your home.

Roofing Brings Most Value to Homes

 

Ever wondered what home improvement would bring the most bang for the buck?

Turns out new roofing, although costly, brings the most value to a home. After all, a home is first and foremost a shelter.

Two of the biggest reasons homeowners remodel their home are to add value and add enjoyment. Turns out, you guessed it, roofing takes the cake on both of these.

Roofing brings most value to homes

Home Projects that Bring Top Value

Buyers and homeowners see great significance in a roof.  According to stats from the National Association of Realtors and the National Association of the Remodeling Industry, on average during resale, homeowners recover 105 percent of the cost to complete a new roof. Not only this, but the same survey revealed new roofing to be in the “Top 5” list for greatest buyer appeal. New vinyl windows, new garage doors and new vinyl siding followed.

So, save up and replace that old, worn roof to add better aesthetic appeal, protection from the elements and better resale value to your home.

Home Prices, Demand Rise

Rising Home Prices Create Solid Investment

Housing Demand Rises

Housing Demand Rises

Housing starts, interest rates, home sales, home prices.

What do the four have in common?  They’re on the rise.

Let’s talk about home prices.

The price for a home will more than likely cost you less today than it’ll cost next month.  Home prices climbed by 6.3% in May, marking 39 consecutive months of year-over-year gains, according to a report by CoreLogic.

In West Virginia, realtors expect home prices to rise by 2-3 percent during the next 12 months, according to the Realtors Confidence Index Survey Report.

This creates a dilemma for home buyers and home sellers alike.

Sellers: Do you hold on to the home and let its price rise to its peak, then unveil it to the market?  Or, do you sell now while demand is high?

Buyers: Do you buy the home of your dreams now while interest rates for 30-year mortgages still hover at 4 % and home prices are still tangible?  Or, do you wait to see if home prices decrease, but risk an interest rate increase?

National Association of Realtors (NAR) Chief Economist Lawrence Yun believes buyers hold the key to the future.

“The demand is there for more sales, but the determining factor will be whether or not some of these buyers decide to hold off even longer until supply improves and price growth slows,” Yun said.

What’s the rest of the nation doing?

Pending home sales in May remained the highest in more than nine years.  The Pending Home Sales Index showed June 2015 bringing 8.2 percent more for its rating than June 2014.

A recovering economy and steady home price appreciation seem to be pulling buyers into the housing market.  But, can the amount of listings meet the demand of more buyers?  It seems the demand from the influx of new buyers is greater than the supply of available homes.

Any economics professor will tell you, “When this happens, the price goes up.”

That’s exactly what’s going on.  The existing price for all housing types is expected to increase to 6.5 percent, matching the record high set in 2006.

“Buyers have come back in force, leading to the strongest past two months in sales since early 2007,” Yun said. “This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy.”

Last month, existing-home sales increased to their highest rate in over eight years, while the effect of rising demand and limited supply pushed the national median sales price to an all-time high.

The data continues to support a strong housing demand.

This month housing starts rose 9.8% to an annualized pace of 1.174 million, the highest since July 2007, according to recent data released by the US Census Bureau.

Building permits, which point to the pace of future construction, rose by 7.4% to an annualized pace of 1.343 million.

NAR President Chris Polychron said that even with the uptick in home prices, demand remains solid.

“The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price,” Polychron said.

With interest rates hovering near historic lows, home prices increasing at above-normal rates and demand rising, the window of opportunity to jump into a thriving housing market is gradually closing.  Opportunities such as these don’t last forever.

So, this begs the question for home buyers, sellers and investors: What are you waiting for?

By Justin Waybright and Chuck Boggs

 

 

 

 

4 Cheap & Simple Ways to Add Value to Your Home

Home Value DIY

One of the greatest things about owning a home is the equity it brings and the return of investment and value it can yield.

It’s your home.  Adding some personal touches today could increase value later.

However, not everyone is hands-on.  We get that.  That’s why we put together 10 ideas simple enough for anyone to tackle.

#1) Kitchen DIY

kitchen-cabinet-refinishing-before-after

kitchen-cabinet-refinishing-before-after

Your kitchen is the most important area of your home.  It’ll either drain value or cook it up.  Let’s start here.

We understand installing, new cabinetry, floors and counter tops may not be in your budget.  But check out what is:

  • Paint or stain your cabinets. This is a simple job you can tackle in a matter of hours and for under $50.  Darken them, brighten them, it’s your choice.
  • Replace old handles and knobs with new ones. Depending on the amount of cabinets you have, you can probably get away with spending under $100 and an hour or so of labor to tackle this job.  Be as creative as you’d like but stay uniform.
  • Paint your kitchen walls, or at least paint one wall to be your accent wall. This is self-explanatory.  Expect to spend about $25 or less on a gallon of paint.
  • Lastly, clean your floors and dust your appliances and counter tops. Most of us have the cleaning supplies necessary to do this.  So, do it.

#2) Bathroom DIY

bathroom diy home value

bathroom diy home value

Your bathroom is almost as important as your kitchen when it comes to your home’s value.  Most bathrooms in older homes become outdated, neglected and forgotten.  Why not breathe some life back into that space.

Even if your bathroom is small, we’ve got some simple tips for you try:

  • Replace the fixtures on your vanity, tub and shower. Go with something a bit more custom, shiny and uniform.  You can probably replace the fixtures on your vanity, for instance, for under $65 with items purchased at your local home improvement store.
  • Replace old, boring toilet paper holders and towel racks with something more modern. Bonus points if the style matches the vanity and tub fixtures.  You can probably find towel racks for under $20 depending on the style.
  • Paint the walls and ceiling. Water moisture and condensation from your shower can over time fade the colors on your walls and ceilings.  Painting them with a durable, water resistant paint will breathe life back into a tired space.  Grab a gallon for around $25.
  • Replace the knobs or handles on your vanity to something more custom and modern. Many folks match the style of their kitchen when they do this.  Feel free to do this or develop your own style.  Depending on the amount of drawers or cabinets, expect to spend $50 or less for this project.

#3) Entrance DIY

diy front door entry home value

diy front door entry home value

First impressions are important when it comes to a person’s home.  Why now have a “wow factor” with yours?  For a bit of cash and a bit of elbow grease, you can do just that:

  • Revive your front door. Re-Paint your door or re-stain it.  Check the weather stripping to make sure it’s intact.
  • If you have a covered front porch, hang a couple flower baskets from the beam or ceiling. Just make sure you secure them to a stud, not the ceiling soffit itself.
  • Purchase a new “welcome mat” for under $25 and place it in front of the door.

#4) Landscaping DIY

diy landscaping flower bed increase home value

diy landscaping flower bed increase home value

Curb appeal is the buzz word in the real estate world, and rightfully so.  When pulling up to a home for the first time, appearance is everything.  The best thing about curb appeal is anyone with limited knowledge, experience and budget can tackle it.  Check this out:

  • Mow the grass. This is obvious, but routinely mow the grass every week or two depending on your location.  In addition to mowing, spread grass seed in bare spots.  You can grab an average size bag of seed for about $25-$30 at your local home improvement store.
  • Add some color with flowers. Build some simple flower beds around your house, near the entrance by adding some landscaping fabric (to block weeds and grass) then cover it with red or black mulch.  Next, dig some holes and plant your favorite annuals or perennials, and water as needed.
  • If your home’s foundation is basic cinder-block, add a little life to it by painting it. You can paint it to match the shutters or exterior of your home.  A gallon of weather resistant exterior paint should cost you less than $30.

The above contains some simple ideas to inspire you to revive your home and increase value.  But by all means, don’t stop there.  This is just a starting point for you.  For more ideas, be sure to check out our Pinterest page.

Good luck,

By Chuck Boggs & the staff at Boggs & Associates, Inc.
This themes includes code from Andreas Hassellöf, licensed under a Creative Commons Attribution v3.0 License