July/August/September 2007 

 

How to add value

to your Home       


 

Cost of Remodel

 vs.

 Return on investment

 

2006 numbers for the national average.

MAJOR KITCHEN REMODEL


                                  National Average
           
                       Job cost: $54,241
                                  Value at sale: $43,603
                                  Cost Recouped: 80.4%

BATHROOM REMODEL

                                 National Average
                                 Job cost: $12,918
                                 Value at sale: $10,970
                                 Cost Recouped: 84.9%

MASTER SUITE ADDITION

                                National Average
                                Job cost: $94,331
                                Value at sale: $68,458
                                Cost Recouped: 72.6%

FAMILY ROOM ADDITION

                                National Average
                                Job cost: $74,890
                                Value at sale: $53,519
                                Cost Recouped: 71.5%

WINDOW REPLACEMENT

                                National Average
                                Job cost: $10,160
                                Value at sale: $8,500
                                Cost Recouped: 83.7%

ROOFING REPLACEMENT

                                National Average

                                Job cost: $14,276
                                Value at sale: $10,553
                                Cost Recouped: 73.9%

ATTIC BEDROOM

                               National Average
                               Job cost: $44,073
                               Value at sale: $35,228
                               Cost Recouped: 79.9%

BASEMENT REMODEL

                               National Average
                               Job cost: $56,724
                               Value at sale: $44,685
                               Cost Recouped: 78.8%

SUNROOM ADDITION

                                National Average
                                Job cost: $31,063
                                Value at sale: $22,002
                                Cost Recouped: 70.8%

DECK ADDITION

                                           National Average
                                Job cost: $6,917
                                Value at sale: $6,000

                                Cost Recouped: 86.7%
 

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Tips for hiring a Contractor

Here is what you look for or  to do....


• Get at least three written estimates.


• Get at least 4 references and call to check on the work. If possible, go by and visit earlier jobs or current jobs in progress.


• Check with the local Chamber of Commerce, Angie’s List or Better Business Bureau or the Local licensee agency for complaints.


• Be sure that the contract states exactly what is to be done and how change orders will be handled.


• Make as small a down payment as possible so you won’t lose a lot if the contractor fails to complete the job. Rule of thumb is 1/3-1/3-1/3. 1/3 at the start, 1/3 about ½ through the work, and 1/3 at the sati factional completion of the job.


• Make sure t
he contractor has the necessary permits, licenses, and insurance.


• Look for that the contract states when the work will be completed and what recourse you have if it isn’t. Remember that in many instances you can cancel a contract within three business days of signing it.


• Ask if the contractor using subcontractors.


• When contractors are using subcontractors ask the contractor to furnish you with the subcontractors insurance and license information.


• Get the contractor to indemnify you if work does not meet any local building codes or regulations.


• Have the contract specifying that the contractor will clean up after the job and he be responsible for any damage.


• Point out any new damage immediately to the contractor.


• Guarantee that materials used meet your specifications. When you have to go shopping with your contractor.


• Don’t make the final payment until you’re satisfied with the work.

 

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How High Tech Is Your Home?

Buyers are now more and more tech savvy, and that is also what they look for when buying their home.

1. Are there enough jacks in every room for cable TV and high-speed Internet hookups?

2. Are there enough telephone extensions or jacks?

3. Is the home pre-wired for home theater or multi-room audio and video?

4. Does the home have a local area network for linking computers?

5. Does the home already have wiring for DSL or other high-speed Internet connection?

6. Does the home have multi-zoning heating and cooling controls with programmable thermostats?

7. Does the homes have multi-room lighting controls, window-covering controls, or other home automation features?

8. Is the home wired with multipurpose in-wall wiring that allows for reconfigurations to update services as technology changes?

**********************

 

Grandma does not live here anymore!

 

 

Many sellers have pored their heart and soul in to their home but when it comes time to sell their overlooking that a buyer really does not care that the house was build by Grandma and that the kitchen was designed by grandpa 20 years ago.

This is where you need the critical eye of a third party like your Real estate Agent. The Agent will walk through the hose with a buyer’s eye and will give you some honest feedback on what you need to get done to get the house ready for potential buyers.

You might will have to paint the walls or replace the faucets in the kitchen or bath but the long term value of any repair will give you a better offer in the long run.

I also would hire a Home inspector for a first initial Pre-sale inspection. The reason is very simple and almost obvious. The buyer will have a home inspection and any repairs that will come up during the inspection a buyer can ask the seller to repair or pay for. Why not getting the repairs done prior to any buyer looking at the house?

 

 SOME LOCAL LINKS FROM OUR LOCAL IN  GREENWOOD CHAMBER

Air Duct Cleaning

Air Cleaning Experts, Inc.

 

Blind Cleaning and Sales

Indy Shades, Inc.

 

Carpet / Upholstery Cleaning

http://www.americancarpets.net

 

Cleaning and Janitorial Services

Merry Maids

 

Painting

Jahnke Painting Co.

CertaPro Painters of Indianapolis

 

Moving and Storage

Greenwood Moving & Storage

Two men and a Truck

1-800-PACK-RAT Portable Storage

 

Heating and Air Conditioning

Carls Heating Cooling

Johnson Heating & Cooling

Peterman Heating & Cooling, Inc.

Brewer Mechanical Services - Heating & Cooling

 

Recycling / Trash Removal

1-800-Got Junk

Ray's Trash Service

Johnson County Solid Waste District         

Quick word from Bettina,

(I could not resist to put my two cents in)

I wished I could wave a magic wand or wiggle my nose to change the Housing market and make it a perfect for everybody. Reality is that we have to deal with the moment and not a dream world where everything is perfect and this includes Housing prices.

Many times I had sellers telling me what they want to sell their house for the same price their next door neighbor has sold their house for or some of them have been online and gotten themselves a Market value for their house through an online value company that does not take the condition of the house and neighborhood in to consideration.

In reality a house only sells for as much as a buyer is willing to pay for, and there is where a seller can positively influence any buyer to steer them to a higher perceived value of the home.

To positioning themselves for a better offer from buyers a seller can do as little as just sprucing up the outside and inside of the home as drastic as adding a addition to the house. It just depends on how much money you can and willing to spend.

The truth is that buyers are tech savvy and know what they are looking for and with help of their Agent have a very good Idea what a house should cost them. Face it would you give the same price for a house that is build in the 1950’s with an original kitchen and pink bathroom or a house that is also build in the 1950’s but the seller had updated the kitchen and the bathrooms?

Exactly..neighter would a buyer.

Bettina Settles

**********************

Reasons for a renovation
 

There are different reasons for why you would do a renovation. You had a storm one night and now you need to replace several windows, or your kitchen has seen better days, or you just need a change.


Every renovation if big or small has stages it will naturally go through and through the process you will run in to snags don’t matter how good the plan is.

There are several different types of renovations and all of them have their stumbling blocks.


Adding a sun room or converting an unused space in to usable space is called Life Style Renovation


When you upgrade any of your mechanical systems, or adding new siding to the house it is called Retrofit


Maintenance or repair is when you just do your regular homey-do-list like caulking the outside windows prior to the winter, or fixing a leaky faucet


With smart and carefully planning you can have a better looking, longer lasting and more beautiful house. Before you start any renovation you need to determine if there could be any underlying issues that could affect your renovation or possible ability to get the renovation finished.

A simple 3 step process can help you’re though these processes….

Find and define the issue at hand…..

• It appears that I found water stains on the main floor or finished ceiling?

Then consider the available option to you……

• Find and fix the water leak
• I need expert help

If I don’t fix this…..

• I might have other problems down the road I need to address later, then it might be worse or more expensive.

 

********************

 

When not to do it yourself, and to call in the Pro.

At one point in time every homeowner will face the question: Do I do this myself or do I just call the Pro to get it done? In a recent survey, the Home Improvement Research Institute found that most of us preferred the former. Of homeowners queried, 51 percent had completed a plumbing repair by themselves in the past year, while 18 percent had contracted the job out. Of those who had added on a porch, patio, or deck, 67 percent said they had a hand in the building, and 34 percent hired the job out.


Some tasks will take you a lot more time than they would someone who does it for a living. "If you're finishing a 1,000-square-foot basement and you've never done drywall before, it'll take you three weeks, but it's going to take a drywall crew three to four days," says Adam Berlin, host of DIY Network's series Sweat Equity.


Berlin recommends steering clear of electrical work because of the potential hazards "like burning down your house." Even "minor" projects like wallpapering can seem easy but can end up being surprisingly time consuming. "Even as a contractor myself, I still call other contractors to work at my house," says Berlin.


Window washing takes no skill, to be sure. But even if you're slick with a squeegee, spending Sunday afternoon with one means you're giving up something else. This is what the economists call opportunity cost: If what you're forfeiting isn't that important to you, say, watching football on TV, then washing your own windows may not be a bad idea. But, "it may be worth it if I pay $25 an hour for someone to wash my windows so I can go to the park with my kid instead."

 

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Summer Curb appeal

Achieving great curb appeal is very important year round, but when you are not planning for the season it will become a wasteland in the dry summers.

 I can only speak for the Zone 5/6 Indiana area but I am sure other areas have similar challenges.

Master Gardener Paul James, gardening by the yard, suggests stopping fertilizing in the heat of summer. "Fertilizer causes an increase in growth rates, which is fine throughout much of the growing season, but downright crazy when it's really hot," James says.

With one exception to this rule is the container garden, eve time you water the container you flush out the nutrients.

Out of personal experience I would suggest also not to mow the yard and to not prune any plants and to over water any plants, and when you do water do it in the evening.

The water then has time to sit and soak in to the ground, where when you water in the morning you run in to having to sun evaporate the water prior to it soaking in to the ground.

Last but not the least; use native plants. Native plans are more up to tolerate the drought and heat of the summer then a none native plant. You can find about native plants in your local nursery.

 ********************************************************************

Bettina Settles Realty LLC

Bettina Settles

Managing Broker

Office Phone: 317-508-0627,

Fax: 317-883-0830

E-Mail: Bsettles@bettinasettlesrealty.com

Website: www.BettinaSettlesRealty.com

Disclaimer: Any of the links mentioned on this page are just for informational purposes only. Bettina Settles Realty LLC is in no way shape or  form responsible for any claims made by a third party service provider.

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Contractor links from CBLG

 

General Contracting/Painting/Wallpapering

Workman Services

 

Interior Design

Lehner Designs

 

 

 

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