Home Renovations That Offer the Best ROI for Resale
The following is a guest post by GUSTAVO GONZALEZ, Senior Manager of Content and Multimedia at Coldwell Banker Real Estate, LLC
Looking to make some upgrades and wondering which will have the biggest payoff? If you guessed kitchen and bathrooms, you're spot on. Another good one is landscaping. Whether they're big or small, a few upgrades can pay big dividends when it's time to sell your home. Follow these tips to prioritize and put more money in your pocket when you're ready to sell.
Before you do anything, make sure you consider the value of your house, the neighborhood, the housing market where you live, and how soon you will sell after you make the improvements. If you live in a neighborhood where properties are selling for $300,000, doing a $150,000 renovation may not add as much to your property value as you might think.
Kitchens and Baths
One thing to keep in mind is that just because a remodel is expensive doesn't necessarily mean it will give you the best return on investment. Even minor updates can yield a big return. Consider painting, refinishing surfaces, and upgrading appliances, which can lead to a big payout.
Sticking to a budget is always important, and keep in mind that an average, medium-sized kitchen remodel can cost between $20,000 – $50,000, while the average bathroom remodel is $10,000. In most cases, homeowners see a return of 100% or more with a kitchen or bath remodel, so it's definitely worth the investment. Plus, you get to live in a beautiful new space.
A Finished Basement
If finishing your basement is something you've been putting off, now might be the perfect time. According to cost versus value surveys conducted annually by Remodeling magazine, "The average return on investment for a basement project is around 75 cents on the dollar. Besides the financial gains, refinishing a basement will add new functionality to your home: more bedrooms, more efficient storage, and more space for entertaining." Seems like a sure-fire win, win.
Add Curb Appeal
When buyers see that the outside of the property is taken care of, they'll be more excited to see the inside. Remember, first impressions make lasting impressions. According to Anji, "Curb appeal can increase your home value by 7%. Buyers are increasingly prioritizing outdoor living spaces and an attractive lawn has the biggest ROI at 256%. Trees can add $1,000 to $10,000 to your home value and simple landscape maintenance tasks usually pay for themselves."
Whether you're in the market to sell your home or just want to make some budget-friendly renovations that you and your family can enjoy, making the right upgrades can help enhance your quality of life and add a few more dollars to your bank account down the road.
It's Time to Get Ready for Fall
Delta Media Group
Fall is the perfect time of the year to do seasonal maintenance to keep your home running smoothly. Checking these items off your must-do list now will save you money and frustration later.
Curb Appeal Tips for Fall
Delta Media Group
First impressions are everything when it comes to selling your house. When a potential home buyer drives by your home, what will they see? The outside of your home should serve as a preview for the inside of your home.
"WOW" home buyers from the curb with these tips perfect for the fall.
Spruce up your lawn
Brilliant fall foliage can automatically "sell" your home for showings, but that doesn't mean you should forget about raking the leaves and mowing. Keep those leaves raked and give your lawn the TLC it needs to look great. Patch any brown spots, and water the lawn as long as possible to keep it green and vibrant.
Plant fall flowers
Once lawn maintenance is handled, add a splash of color to your landscape by planting fall flowers. Some of the best fall flowers include vibrant mums, yellow marigolds, sedum, or goldenrod. You can also place fall flowers in pots near your front door along with a few pumpkins as accents.
Highlight the front door
Calling attention to your front door is a good selling tactic no matter what season when you're selling your house. Your front door is like an invitation to your home. Hang a fall wreath for added color and a festive touch. A fresh coat of paint in a vivid color can make your entrance stand out.
Tidy up the exterior
During the fall, your home becomes more exposed making its exterior appearance even more important. Before listing your home for sale, pressure wash your siding, sidewalks, and walkways. Clean the windows. Apply a fresh coat of paint as needed.
Clear out the gutters
Being diligent about home maintenance tells buyers you care about your home's upkeep. Keeping your gutters and downspouts clear from leaves and debris protects your home from water damage and ups the ante for curb appeal.
Invest in outdoor lighting
Days get shorter during the fall. Exterior light adds a touch of elegance and sophistication to your landscape and improves safety. Illuminate your walkways, front door, and important landscaping elements so the home shines no matter when people drive by.
Keep outdoor decorations simple
A simple fall wreath on the door and seasonal flowers make your home look inviting to potential homebuyers. However, scarecrows and spooky Halloween decorations may "scare off" homebuyers and distract them from the gorgeous exterior you've worked so hard to otherwise create.
Ideas for Upgrading Your Patio
Delta Media Group
Maybe you've been pondering all those cool ideas seen on TV and the web about redoing your drab slab of a concrete patio so that it's a standout feature of your indoor/outdoor entertainment area. Here's the deal. We are all in love with the idea of extending our living and entertainment area into the outdoors. And why not? There are dozens of relatively inexpensive and yet innovative hacks that will make your outdoors as inviting as the indoors, so let's start working from the ground up by renovating that boring, cracked, or scuffed-up concrete patio and see how dazzling it can be.
Although all these projects are relatively inexpensive, you can obviously spend more on some than others. So if cost is a factor, then you may want to go with simple painting or staining.
Once you're done with your new floor, it's time to think about decorating. You might start with a weather-resistant outdoor rug, perhaps in the dining area. Decorate with flower boxes or containers of flowers that can change with the season and move indoors when it's cold. Hang up strands of lights. Add a water feature, which could be a fountain with plumbing or a self-contained model that runs on electricity and recirculates the water.
Let your creativity and inner interior decorator run wild as you think up ways to jazz up that formerly dull space and make it shine.
Have you made some updates to your outdoor living space? Show us some pictures in the comments!
Sweet-Tart: Refreshing & Lemony Recipes for Summer
Summer is here, and it's time to celebrate all things lemony! These refreshing treats are sure to please at your next get-together.
Frozen Raspberry Yogurt Lemonade Pops
In a saucepan, heat lemonade concentrate & water over medium heat just until the concentrate is thawed. Remove from heat & cool. In a blender, place 3/4 c. of the cooled mixture, 1/2 c. of the raspberries, & 1/4 c. of the yogurt. Blend on medium until smooth. If you don't like the seeds, press this mixture through a small strainer to remove them. Divide the mixture among ice pop molds & freeze slightly.
Distribute the remaining raspberries in molds. Combine the remaining lemonade mixture & yogurt and spoon evenly into molds. Return to freezer until firm, about 4 hours.
Mix well. Serve over ice with a lemon wedge garnish.
Mix ice, soda & sliced limes. Add cherries & garnish with mint leaves. Serve immediately.
Mix together and serve immediately
Strawberry Lemonade Icebox Pie
In a blender or food processor, blend strawberries, honey, & water until pureed. Set aside. In a separate bowl, mix lemonade concentrate with sweetened condensed milk until combined. Set that aside, too.
With a mixer, whip heavy cream until soft peaks form. Add powdered sugar & whip until it stiffens. Gently fold into lemonade mixture. (The pureed mixture is still kept separate.)
Pour half the strawberry puree on the bottom of the crust. Top with lemonade filling, smoothing evenly. Spoon on the remaining puree in evenly spaced dollops and swirl with a toothpick or knife. Freeze at least 6 hours before serving. Store leftovers in the freezer.
What's your favorite summertime recipe? Tell us in the comments!
The last 18 months changed what many buyers are looking for in a home. Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for Q3 2021. The survey reveals the following:
If you're a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like:
In either case, you'll need access to capital: the funds for the renovation or the down payment your next home would require. The great news is that the money you need probably already exists in your current home in the form of equity.
The record-setting increases in home prices over the last two years dramatically improved homeowners' equity. Odeta Kushi, Deputy Chief Economist at First American, quantifies the amount of equity homeowners gained recently:
"Remember U.S. households own nearly $35 trillion in owner-occupied real estate, just over $11 trillion in debt, and the remaining ~$24 trillion in equity. In inflation adjusted terms, homeowners in Q2 had an average of $280,000 in equity- a historic high."
As a homeowner, the money you need to purchase the perfect home or renovate your current house may be right at your fingertips. However, waiting to make your decision may increase the cost of tapping that equity.
If you decide to renovate, you'll need to refinance (or take out an equity loan) to access the equity. If you decide to move instead and use your equity as a down payment, you'll still need to mortgage the remaining difference between the down payment and the cost of your next home.
Mortgage rates are forecast to increase over the next year. Waiting to leverage your equity will probably mean you'll pay more to do so. According to the latest data from the Federal Housing Finance Agency (FHFA), almost 57% of current mortgage holders have a mortgage rate of 4% or below. If you're one of those homeowners, you can keep your mortgage rate under 4% by doing it now. If you're one of the 43% of homeowners with a mortgage rate over 4%, you may be able to do a cash-out refinance or buy a more expensive home without significantly increasing your monthly payment.
If you're ready to either redesign your current house or find an existing or newly constructed home that has everything you want, the first thing you need to do is determine how much equity you have in your current home. To do that, you'll need two things:
You can probably find the mortgage balance on your monthly mortgage statement. To find the current market value of your house, you can pay several hundreds of dollars for an appraisal, or you can contact a local real estate professional who will be able to present to you, at no charge, a professional equity assessment report.
If the past 18 months have refocused your thoughts on what you want from your house, now may be the time to either renovate or make a move to the perfect home. Contact us today to help guide you through the process and help determine what makes the most sense for you!
When you buy a new home, you want it to be a reflection of you and your style. As you consider various trends, you may come across a popular new one called cottagecore. But what is it, exactly, and will it work for your interior design needs? Essentially, cottagecore home decor is a nostalgic journey to a simpler time and place. If sipping tea in a garden, breathing in the delicate scent of roses and honeysuckle strikes your fancy, this could very well be the interior design style you are seeking. If the homes you are asking to be shown are reminiscent of country living, you may want to consider these key elements:
If you've been waiting for some of the vintage things you love to come back in style, the time has come. Our real estate professionals will be happy to help you find your new home. Contact us when you're ready to make the change.
Earth Day is celebrated on Thursday, April 22, so why not get out and enjoy Spokane's natural beauty? Whether you want to hike to see a waterfall or browse in a market filled with fresh local produce, there's plenty to do and see locally on Earth Day.
Check out the following five places to celebrate Earth Day in Spokane:
As both a licensed REALTOR® and home builder, I often scroll through my Facebook feed and see homes advertised by our area homebuilders and fellow real estate agents. I often see such remarks as: "They want how much for that house? They're crazy!" or "Why can't builders build more affordable homes?" The general public is not aware of the obstacles faced by members of the industry tasked with meeting the demand for housing. Chief among these obstacles are: 1. A lack of affordable land. 2. Dramatic increases in the cost of materials. 3. The scarcity of qualified tradespeople.
Lurking behind every one of these factors in the increasing cost of new homes is the Demon of Demand. As long as Spokane remains the wonderful place to live it is and always has been, we can expect to see increases in the cost of housing, though perhaps less steep than we are coping with now, extending into the future.
Planting the right flowers in your yard can truly give your landscaping a boost! That's just one of the great reasons to participate in National Plant a Flower Day on Friday, March 12. Our real estate agents share some helpful information about planting a garden in Spokane to get you started.
By the time we get to the dark days of midwinter, gardeners all over Washington are itching to get outside and get their hands back in the soil. We understand the struggle.
Luckily, this is the time of year when you can start taking the first steps toward planting your spring vegetable garden. Our real estate agents are delighted to share these tips for starting your spring garden indoors!
It's almost time for Spokane homes for sale to come alive with beautiful decorations for the holidays. This holiday season promises to be a welcome time of joy and giving in the midst of a challenging year. We know many people, buyers, and sellers alike, who are looking forward to it.
There's no doubt about it. Summer is right around the corner. And with the amount of time we've all spent in various stages of quarantine and social distancing, our real estate agents are excited to spend some quality time outdoors.
With that in mind, there's never been a better time to take your patio game to the next level. Plus, in all our years offering Spokane homes for sale, we've learned that a home's exterior is just as important as its interior. So whether you're planning on selling your home, or you just want to have a few friends over for a backyard gathering, consider these simple tips to refresh your patio this summer.
It's spring and time for a garden. But not just any garden. In Spokane, many enlightened homeowners are getting maximum yields by planting a raised garden bed. Raised beds not only help plants drain better but in our rocky soil, the layer of rich soil and compost that a raised bed provides makes it easier for plants to stay nourished. Also, raised beds help you control watering and make it harder for pests to get at plants.
A raised garden bed can be an attractive feature of your property, and a great selling point among Spokane homes for sale, as our experienced real estate professionals, will tell you. Here's how you can get started planting a raised garden bed of your own.
Looking for more home improvement projects to give your home a boost before listing it for sale? Our team can help. Contact us today.
Warmer temperatures and longer days are right around the corner. If you're hoping to revamp your outside spaces in preparation for the sunny days ahead, now is the perfect time to begin planning your spring to-do list. Here are a few of the top landscaping trends you'll encounter at a variety of Spokane homes for sale this spring that might be right for your property.