Improvements or Budget Busters?

Between all the shows on TV like: Flip this House, Stage to Sell, While You Where Out, Tool Belt Diva and others Warren is experiencing a boom in home improvements trends. More people are picking –up their own hammer and nails with determination to remodel their homes in the quest to increase the value. If it is to build home equity, bring a higher dollar on the resell or just refresh and modernize their home Warren residents are doing most of the improvements themselves. As a REALTOR Team with Coldwell Banker Phil Mathyer my team mate Ron Bills and I see this trend everyday. As we list and show home through Warren, Forest and McKean counties we are thrilled to see the older housing stock getting a face lift both inside and out. We would like to share a few tips to help home owners make the correct decision when taking on improvement projects. First and foremost understand Fair Market Value for your home and area. This can be done by consulting your REALTOR or Appraiser before making improvements. There are some homes that no matter how much money you spend or improve you make there is only so much the market will bare when it comes to re-sell value. This can be dictated by a number of factors such as location, age of the home, and availability of housing stock on the market, latest trends and many other factors. Don’t spend more for improvements then you can realize in profit upon the sell of the home. You can never recover the cost of over improvement. Just because the current home owner “likes and enjoys” the theater room does not mean it raises the value of the home. Here are a few tips for helpful home improvements that may add or take away value: • Fresh paint: Neutral easy to cover colors is always recommended. In Real Estate we laugh about what is call relocation beige but there are good reasons relocation companies and most new home builders use beige. It is a neutral color that allows the home buyers to in vision their own furnishing in the space without conflict to color. It is a blank canvas for new owner to add their own color preference to meet their own style without painting three or four coats of primary and paint to cover for example; primary colors. • Gloss Paint: stay away from gloss paint for walls in most cases it will make the room feel smaller and cold. • Roof: if your shingles are laying flat and the roof is not leaking leave it alone! Adding architectural shingles may look good but if you do not need to replace the roof the architectural shingles for the sake of looking good will not recover the cost you will have invested. • Baths: adding an additional bath in a one bathroom home is a big plus but you need to do it wisely. If it is a two story home and the only bath is on the second floor a ½ bath on the first floor is wise if well placed. A bath added to make a master suite is also good providing you are not losing a third bedroom which would make your three bedrooms home a two bedroom home. In most areas the added value of a third bedroom verses a two bedroom does not make the “master suite” a wise decision. • Kitchen updates: Will granite counters really add that much value? Yes and no that will depend on the house and the market. If you are in the City of Warren with a typical 1900 to 1950’s home on a smaller lot with galley style kitchen granite maybe an expense you will not regroup on the resell while a newer Formica counter would do the trick. New cabinetry is always nice but not always a necessary expense. Sometimes a coat of paint added or old paint striped off or a new facing on existing doors with new hardware can have a more positive impact on value as well as the budget verses a major remodel. • Landscaping: curb appeal is key to getting the potential home buyers out of there vehicle and into your home. Most potential home buyers will drive past your home prior to making and appointment to view the inside. What does the outside of your home say to them when driving by? While I too love to look at lawns especially in the spring with plants in full bloom potential home buyers are looking at upkeep. With our lives so busy between work and family not everyone has time to maintain extensive flower gardens. When choosing plants look for low maintenance. Potted plants are a plus easy to remove and maintain. Over grown shrubs not only cover-up the house but may cause damage to the structure. • My final recommendation: use your local resources! What happen on TV shows in California may not be the correct choices for Warren Pennsylvania. Ron Bills and I work with and can recommend a full team of local resources to help home owners. You can call on us to help determine market value and current trends. We also recommend the free classes sponsored on weekends by companies like our new Lowe’s Home Improvement Center who is currently offering classes on updating your bathroom on and installing laminate flooring (for a full schedule of other upcoming classes check at Lowe’s service desk.) Ekey’s Garden Centre in North Warren will be offering a class once a month on a variety of topics this month’s class will be on PA native plants and landscaping techniques. Whitmire’s Block Company in Starbrick usually offers class in the spring on items like retaining walls and stenciling on cement. Another great resource is the Penn State Warren County Cooperative Extension located in the Rouse annex building Youngsville PA. They offer class on backyard composing which will be offered 4 times this spring (keep and eye on the newspaper for location announcements) As well as their famous Master Gardeners Program. The Extension Center is also a great resource for other environmental issues that can affect the quality and value of your home with information on mold and indoor air quality issues. If you would like more information, a Competitive Market Analyses for your home and area or consultation as to equity building improvements you can contact Your Hometown REALTOR team Ron Bill sand Karlene Smith anytime at Coldwell Bankers office 604 Market Street Warren PA 16365. We are looking forward to seeing all your new home improvements!