Lori Patrick

Before you begin any value-increasing projects, remember not to raise the value of your property too far above others in the neighborhood. People who want expensive homes shop exclusively in pricier neighborhoods. A good rule of thumb: keep the value of your property within 15 to 20 percent of your neighbors’.

• Project (average cost recouped, national) according to Realtor Magazine:
• Minor kitchen remodel (88%)
• Bathroom remodel (85%)
• Major kitchen remodel (81%)
• Family room addition (80%)
• Deck addition (77%)
• Master suite (75%)
• Attic bedroom (74%)
• Siding replacement (73%)
• Window replacement (69%)
• Home office (55%)

Projects that may increase your home’s value include: Jacuzzi (4 jets or more); permanent hot tub; in-ground pool with nice deck area; security system; sprinkler system; substantial out buildings such as a two-car garage or finished workshop; and vaulted or trey ceilings. Think twice about the following projects however, as they may not add value to your house: above-ground pool; ceiling fans; garden pond; and light fixtures.
Some tips when attempting value-increasing remodeling:

• Remodel with mass appeal in mind. Potential buyers are usually attracted more to neutral, mainstream design.
• Don’t go cheap when it comes to construction. Use durable, quality materials. If you’re a do-it-yourselfer, honestly evaluate your ability to do it right.
• Don’t remodel in a different style from the rest of the house. Additions and improvements that look “tacked on” may detract from a home’s appeal.
• Turning a bedroom into a bathroom is a mistake – it reduces the number of bedrooms, a chief selling point.
• Don’t do a $30,000 kitchen remodel in a $100,000 house – unless you plan to continue living there. It is a waste of money.

Make sure the outside of your home is spic-and-span. Clean out the gutters. Wash the windows and remove cobwebs and bugs. Trim the hedges, cut and edge the lawn, sweep the sidewalks and driveway. Plant some colorful flowers out front.
You may want to add to or improve your landscaping while you’re at it. According to a study conducted by Money Magazine, landscaping may be the best investment to improve a home’s value. The study found that well-planned, attractive landscaping was estimated to have an actual recovery rate 100 to 200 percent higher than a kitchen or bathroom renovation.

Make Sure You’re Ready to Buy

If you’re thinking of buying a home, you’ve come to the right place. This web site can turn you into a house-hunting master. But before we jump right in, you have to make sure three things are ready. You, your bank account and the real estate market.

Are you ready? Be sure.

Few joys can match the pride of owning the roof over your head, but you will have to make some sacrifices. There’s the obvious financial responsibility, but your home will also require constant care. That’s what real pride of ownership is all about.

Is your bank account ready? Check it twice.

Your first home will be the biggest financial obligation you’ve ever faced. You should already be an experienced saver and good at managing debt like student loans or credit cards. Ideally, you’ve also saved up some money for a nice down payment. Talk to your financial institution about the Home Buyers Plan too. Our Next Step will give you a crystal clear picture about how much you can afford.

Is now a good time to buy? Here’s the hottest market tip you’ll ever get.

Markets go up, markets go down and even the smartest experts can’t accurately predict when a market will peak or bottom out. The good news is if you’re buying a home as a long-term investment (and for long-term enjoyment), you’re protected from short-term changes in the market. Over time, real estate has almost always increased in value.

All you have to do is pick a home that meets the needs of you and your family. Then you’ll enjoy living in your investment as it grows in value. A home is one of the best financial decisions you can make and it’s tough to live in a stock portfolio!

View more information on the EREB.com site http://www.ereb.com/BuyingAHome/ReadyToBuy.html