10 Ways to Boost Your Home’s Value on a $200 to $2K Budget

Photo credit: GoodMood Photo – Fotolia.com

Maintaining and increasing your home’s value can pay off in major ways. Not only does helping your home hold value help it sell for its full amount, it can also help your home sell more quickly, help maintain your neighbor’s home values, and ensure that you’re not overpaying in property taxes.

These 10 projects are listed from least to most expensive, and may help you increase your home’s value. Best part: None of these projects cost more than $2,000, so you don’t have to break the bank to take on these projects either.

—-Low Cost: Budget under $500—-

LAWN FERTILIZING

Fertilizing your lawn may not seem as though it’s doing much for your home’s value, but a well-maintained lawn plays a major role in your home’s curb appeal. Curb appeal is how well your property looks from the road, and has a major impact on your home’s value and resale. Fertilizing a dry, brown, or otherwise patchy lawn can help boost your home’s curb appeal, and in turn its value.

Cost: The average cost of lawn fertilizing is around $.03 a square foot assuming a 6,000 square foot lawn, for a total of $180. Total costs range from $.02 a square foot for a DIY job to $.04 a square foot during peak season.

Money Saving Tips

• If you are able to tackle this job DIY, you can save a lot of money (which you can then use to plant shrubs or trees to further increase your home’s curb appeal).
• Tackle this job at the beginning of the season to avoid paying peak prices.

INSTALL AN ATTIC FAN

The attic is one of the most overlooked areas of the home when it comes to the impact on the rest of the home. Attics that are not properly insulated can become superheated, which can overheat the roof, cause ice dams, and raise your energy bills. Installing an attic fan can help protect your roof, lower your energy bills, and improve your home values.

Cost: The average cost to install a gable mount electric attic fan is around $275 for spaces up to 2,500. Total costs range from $39 for a wind-powered vent to $321 for an electric fan to cool up to 3,000 feet.

Money Saving Tips

• Look into getting a solar-powered fan, which will not only run when you need it, but will also lower your monthly energy costs to run it as well.

PAINT A ROOM IN YOUR HOME

Dingy, old, or out of fashion paint can really hurt the resale of your home. By giving a room in your home a fresh coat of paint, you can help remedy this problem. Choose neutral paints in light colors to get the most universal appeal, particularly if the rooms are small or dark, as these colors will help open them up and make them feel larger.

Cost: The average cost to paint a 200-square-foot room is around $378, with a full range between $162 for DIY to $459 for rooms that need more than one coat of paint on the walls.

Money Saving Tips

• If you are able to tackle this job DIY, you can save a significant amount of money, allowing you to do more than one room.
• Choose a color that is close to what you already have on the walls so you won’t have to apply more than one coat.

SMALL BATHROOM UPDATE

While a major bathroom renovation can be costly, you don’t actually have to complete one to help boost the value of your home. Sometimes it’s enough to tackle just one or two areas of the bathroom, replacing old or outdated items with new ones to help freshen up the space and help it function better. Things like installing a new, eco-friendly water saving toilet can have a major impact on the value of the room as a whole.

Cost: The cost to install a new toilet is between $300 and $500 with a total range between $100 for a DIY job to $700 for a higher-end model.

Money Saving Tips

• Tackle small jobs yourself, such as toilet or faucet installation.
• Look for lightweight acrylic tubs, which are less expensive to buy and install.

—-Mid-Range Cost: Budget under $1,000—-

INSTALL A KITCHEN BACKSPLASH

The backsplash is one of the most personal and trendiest places in the kitchen, because it’s so easy to install and update. Most backsplashes are only around 30-square-feet in size, so even costly tile doesn’t add up to a lot when installed here. You can use the backsplash to update an older or darker kitchen by using glass tiles to reflect light, or trendy mosaics to boost style, any of which will help boost resale value.

Cost: The average cost to install 16-square-feet of ceramic backsplash is between $400 and $600, with a total range between $300 for lower quality ceramic tile to $1000 for high end, premium tile.

Money Saving Tips

• Use small amounts of high end mosaic tiles and cut them into strips or square for borders and accents to brighten up a plain field of tile.
• Install the tile yourself to save on the installation costs.

INSTALL NEW FLOOR TILE

Old floor tile can really bring down a room, particularly if the flooring is dingy, cracked, or just out of date. Installing new ceramic floor tile can brighten up the room and improve its value at the same time. Newer tile floors are much easier to clean and maintain, and have grout joints that are both smaller and easier to keep clean than in years past, which makes this job a lasting one. Most areas that use tile – entryways, bathrooms, or kitchens – tend to be small enough to keep the costs down as well.

Cost: The average costs to install ceramic tile on the flooring of a bathroom is around $700 to $900 with total costs ranging from $550 for low-grade tile to $1,000 for tile with radiant heat beneath it.

Money Saving Tips

• Install the tile yourself to keep the costs of this job down.
• Look for odd-lot tile sales to get higher-end tiles at a lower price to keep the overall cost down.

—-Highest Cost: Budget under $2,000—-

REPLACE AN OLD BATHTUB

Old bathtubs and bath/shower units can really lower the value of your home, particularly if they are filled with mold, mildew, and old water stains. Replacing your old tub can have a big impact on the way the rest of the bathroom looks, which can therefore have a big impact on your home’s resale value.

Cost: The cost of installing a new bathtub is around $1,006 for a standard fiberglass tub/shower with a total range from $143 for a low cost bathtub installed DIY to $1,857 for a high-end cast iron bathtub.

Money Saving Tips

• Use a lightweight acrylic tub or tub/shower enclosure, which costs a lot less than cast iron tubs. They are also a lot lighter, and therefore cost less to install as well.

INSTALL BAMBOO FLOORING

New wood flooring can transform a home. Wood flooring also has a major impact on a home’s value and its ability to be sold in a timely way. Bamboo flooring is an eco-friendly wood flooring option that also costs less than many other hardwoods, giving you the look of wood for less, along with sustainable design.

Cost: The average cost to install bamboo flooring in a 16 x 16 room is around $1,250, although costs can vary greatly by region.

Money Saving Tips

• Float the floor for an easy installation that you can tackle DIY.
• Purchase the flooring from a local seller to cut down on shipping costs.

REPLACE OLD CARPETS

Nothing lowers the resale value of a home faster than old carpet. Carpets can be notorious for hanging onto smells, stains, and allergens, which make them a major turn off for home buyers. Replacing old carpet with new can have a major impact on your home’s value.

Cost: The average cost to install new carpet in a 16 x 16 room is between $1,200 and $1,400, although costs can vary greatly by region.

Money Saving Tips

• Cover up old carpets temporarily using new throw rugs to hide stains.
• Invest in stain-resistant carpeting to lengthen the amount of time before you need to replace again.

REPAIR WATER DAMAGE

Water damage can take a major toll on your home’s value. Water can cause wood rot, mildew, and black mold in your home, as well as unsightly stains, all of which can lower your home’s value if you don’t repair them in a timely way. Tackling water damage should always be done as soon as possible to help minimize the amount of damage that will ultimately occur.

Cost: The average cost to repair water damage in an 80-square-foot bathroom is about $23 a square foot, which translates to around $1874, although this figure can be impacted by what the damage is and how much needs to be replaced.

Money Saving Tips

• Use fans after the water has receded to help dry things out before damage like mold can set in.
• Do the tear out of damaged materials yourself to help eliminate some professional fees.

IMPROVE THE VALUE OF YOUR HOME

No matter how small your budget is, there are always things that you can do to help increase or maintain your home’s value.

Posted in Helpful Tools, Remodeling Adviser, by Blog Contributor on May 9, 2016 Submitted by HowMuch.net

Top Kitchen Design Trends for 2016

Photo credit: William Lesch; designed by: Lori Carroll and Associates, Tucson, Ariz.

Transitional, traditional, and contemporary styles remain the most popular in kitchen design but two new kitchen styles are popping up: industrial and farmhouse, according to the 2016 Design Trends Survey from the National Kitchen & Bath Association.

Neutral colors remain the dominate color scheme, with whites/off-whites, grays and beiges/bones being the most popular by far. Sixty percent of survey respondents report utilizing two or more colors within a kitchen space, a trend that has been growing since 2015. The two-tone trend is also growing more popular within kitchen cabinetry. Forty-two percent of designers report using a mix of color cabinets in their recent remodels. Respondents also reported in mixing up the kitchen color palette by using a different countertop material for the island versus the perimeter of the counter space.

NKBA reports the following top 10 kitchen design trends for this year:

1  Transitional style, with contemporary emerging.

Photo by: Jeremy Swanson; Designed by: Anne Grice Interiors, Aspen, Colo.

2  Gray/white/off-white cabinets.

Photo credit: Craig Thompson; designed by: Kitchen & Bath Concepts of Pittsburgh, West View, Pa.

3  Pull-outs, tilt-outs and tilt-ins for storage.

Photo credit: Craig Thompson; designed by: Kitchen & Bath Associates of Pittsburgh, West View, Pa.

4  Wood flooring.

5  Quartz and granite countertops.

Photo credit: Mike Kaskel; designed by: Kitchen Encounters, Annapolis, Md.

6  Outdoor kitchens (mostly in the southeastern part of the U.S.)

7  Built-in coffee stations and wet bars.

8  Pocket doors.

Photo credit: William Lesch; designed by: Lori Carroll & Associates, Tucson, Ariz.

9. Special pet spaces (e.g. designated feeding stations, under-counter crate areas and special pull-outs to store pet food and toys)

Photo credit: Craig Thompson; designed by: Kitchen & Bath Concepts of Pittsburgh, West View, Pa.

1o Docking and charging stations.

By Melissa Dittmann Tracey, REALTOR® Magazine

http://styledstagedsold.blogs.realtor.org/2016/05/02/top-kitchen-design-trends-for-2016/

U.S. Real Estate Still Luring Chinese Investors

DAILY REAL ESTATE NEWS | MONDAY, MAY 23, 2016

Chinese buyers aren’t showing signs they're letting up on investing in American real estate.

Hot Niche: Chinese Buyers

Working With Chinese Buyers

How to Get—and Keep—International Clients

Emerging Markets Have Emerged

Between 2010 and 2015, Chinese investors acquired more $93 billion worth of residential real estate and $17.1 billion worth of commercial properties in the U.S., according to a new report released by the Asia Society and Rosen Consulting Group. Half of those commercial transactions took place last year alone.

Analysts believe Chinese investors and individuals will expand their stake in the U.S. real estate market, despite the slowing of the Chinese economy.

Residential purchases by Chinese buyers since 2010 were largely concentrated in California and Washington State, according to the report. The majority of the commercial properties purchases were in New York, Los Angeles, and San Francisco.

Source: “Chinese Investment in U.S. Real Estate Still Booming, Says Report,” Curbed.com (May 18, 2016)

Curb Appeal in a Time of Drought

With climate becoming less predictable, you can be a lifeline for clients by pointing them toward hardy, carefree landscaping choices.

As Westerners struggle under water-use reductions and Midwesterners, East Coasters, and Southerners grapple with storm-ravaged yards, many are rethinking the traditional American landscape. Both garden professionals and scientists are working on materials that can better survive drought and extreme weather, as home owners increasingly question the importance—and even the underlying ethics—of maintaining a perfectly manicured, green lawn.

Smart landscaping choices do more than help a yard stand out to buyers; they protect the environment and preserve natural resources. Landscape designer Michael Glassman, based in Sacramento, Calif., has been advising clients to do their part by paying attention to their rainfall levels and other climate issues, including the characteristics of their own property. He says appealing to all the senses, rather than assuming buyers just want a lawn, is the best approach. “You can plant a colorful arrangement of red lipstick salvia, lavender, Flower Carpet roses, and rosemary in an oversized pot and have a result that will smell wonderful, too. People respond more to this than they do only to grass,” Glassman says.

Home owners can begin by looking at the U.S. Department of Agriculture’s plant hardiness zone map to see what works best in their area. Glassman stresses the need to fully understand one’s own yard rather than blindly aim to duplicate a neighbor’s or an attractive backyard photo in a magazine. Many factors affect water levels, including topography (where slopes create runoff), sun and shade (which change evaporation rates), and soil composition (affecting retention and saturation). “Architectural features such as pergolas, patios, and loggias can create microclimates,” Glassman says.

Visit the USDA site for zone information specific to your area.

Experts at plant nurseries can help develop a realistic garden palette for buyers and even for sellers wanting to spruce up their yards before listing. “Less watering and maintenance can become great selling points,” says Lewis Vine, founder of Grounds Guys in Chula Vista, Calif. Here are four key landscaping categories home owners can focus on.

Lawn. A green lawn may be the quintessential eye candy of curb appeal, but it’s often an unrealistic goal, says Kris Kiser, president of the Outdoor Power Equipment Institute in Alexandria, Va. Still, a brown, spotty lawn may well “green up” when conditions improve. The most important factor is choosing the right species, according to the National Association of Landscape Professionals in Herndon, Va. Today, many grasses have been developed specifically to thrive in drought conditions. For this reason, California home owners often favor tall fescue, a cool-climate grass, or Bermuda grass, for those in warmer areas.

Accessorizing a Yard

In addition to smart planting choices that will survive changing weather conditions, suggest to your clients that they consider additional features that introduce color, texture, and lighting without stressing water resources.

Laurie Van Zandt of The Ardent Gardener finds that a winding pathway accented with seating, a piece of sculpture, lights, and a small fountain provide extra visual interest. The trickling sounds of a recirculating water fixture can be particularly pleasant in drought-prone areas without significantly taxing limited resources. “These water features use so little water and can be turned off when you’re not sitting in the garden,” designer Michael Glassman says.

Such options also require less maintenance and slow prospective buyers down as they survey the property as a whole. With so many available options for yard accessories, the biggest challenge for some home owners is avoiding clutter, Glassman says. Another popular idea is to create an “outdoor room” from unused space. Glassman and his wife Elaine Waetjen transformed part of their Sacramento, Calif., front yard into a shaded courtyard, complete with a gurgling fountain, fragrant smells, and lighting. “We dine there as much as we can,” he says.

At its own outdoor site in San Francisco, architecture firm Perkins+Will is testing different drought-tolerant fescues and bunch grasses to see which fare best, says landscape architect Jennifer Cooper. “Many grasses have plumes and wonderful dramatic colors, and when they dry in the fall, their seedheads will rustle in the wind,” she says. She also suggests mowing lawns less often, since longer blades shade shorter parts of the lawn from burning in the sun. And when you do mow, Kiser suggests leaving cuttings on the ground, since they’re a “terrific natural fertilizer,” Kiser says. In Utah, landscape designer Laurie Van Zandt of The Ardent Gardener prefers an Idaho fescue seed mix that needs watering only every 10 days or so. And scientists keep introducing newer, hardier species. The University of California at Davis debuted a “UC Verde” Buffalograss that uses 70 percent less water than traditional grass.

Then there’s the option of replacing the lawn altogether. Ground covers can significantly reduce the amount of water used and generally don’t require mowing. UC Davis scientists recently developed Kurapia, a ground cover with white flowers that works in various soils. Glassman recommends Flower Carpet roses, a lawn replacement option that requires little watering and offers a colorful display.

Though it’s traditionally considered less appealing, synthetic turf has come to look more realistic, and Glassman says prices have dropped 30 to 40 percent at big-box stores in the last few years. He advises home owners to purchase turf in person, though, as the quality varies greatly. In northern California’s Palo Alto area, landscape architect Jarrod Baumann of Zeterre Landscaping says, “huge amounts of artificial turf are showing up as home owners become competitive over having as little lawn as possible. We probably use it now on 50 percent of our projects.”

Plant materials. Drought is a problem in pockets all over the country. However, it’s equally important to look at resilience under a variety of conditions, says Chicago landscape architect Ryan Kettelkamp, a principal at Kettelkamp & Kettelkamp Landscape Architecture. “Winters that aren’t cold enough, like this year, may bring us more insects in spring. During Hurricane Katrina, winds stripped beloved live oaks of leaves and branches in many Louisiana yards. And seasonal cold blasts have shocked fruit trees and destroyed their production in Florida in years past,” he says. To better control the effects of weather, Kettelkamp and his wife Claire, a landscape architect, have shifted to gardening more in pots. “We grew tomato plants—one reached 7 feet tall—plus onions, English peas, lettuce, squash, and more. When a storm was brewing, we picked up the pots and brought them into protected locations so our crop wasn’t decimated,” he says. Another major concern is invasive species like the buckthorn shrub in Chicago, which moves into woods, builds a dense wall, and excludes light so other plants can’t grow, Kettelkamp says.

Hardscape. While paving over lawn might seem the best option for frustrated sellers, advise your clients to take a balanced approach. Most experts recommend permeable driveways, walks, and other hardscapes that allow water to percolate into the ground, rather than send it into streets and sewers. The water can nourish ground cover and plants and also mitigate neighborhood flooding. Glassman suggests permeable pavers, pea gravel, and brick set atop sand or gravel, rather than using brick and mortar to set a patio. Opting for smaller swaths of lawn between paved areas is another smart tactic that adds a softer touch, Perkins+Will’s Cooper says.

Irrigation. Watering systems available today include some so high-tech they switch on and off automatically, reacting to computer sensors that measure soil moisture. Prices vary widely. Kiser suggests starting off with lower-tech, less costly choices, such as in-line and subterranean drip systems and hoses with more efficient nozzles and rotators that shoot a better focused, smaller spray. In general, smart watering means saturating deeper and less frequently to encourage healthier root growth, Cooper says. A rain barrel or cistern can collect water runoff as a supplemental aid.

Another way to pare watering and slow evaporation is to mulch with chips, bark, or decomposed granite, which also insulate and protect plants from weeds and sun, Glassman says. But avoid black plastic mulch, as it keeps out water.

View current drought conditions.

MAY 2016 | BY BARBARA BALLINGER

May/June 2016 market pulse. A snapshot of the current housing market conditions.

Low inventories and escalating prices continue to define residential real estate markets across the country. Low mortgage rates are a boon for business, but first-time buyers need a greater supply of homes and easier financing to get them back into the market at normal levels.

Speedier sales

The median number of days a home sits on the market before being sold has fallen by more than half over the last four years, from 98 days to 46 days. The sales pace for distressed homes, by contrast, has bounced up and down, but those homes comprise a steadily shrinking share of the market.

MAY 2016 | BY LAWRENCE YUN

5 Ways to Trim Utility Costs This Summer

As temperatures warm up, utility bills can increase. HomeSelfe, a company that offers energy efficiency reports of homes, offers some of the following tips to help home owners save on utility bills this summer:

Keeping Your Cool

4 Home Technologies for Energy Efficiency

More Builders Say Energy Efficiency Is Priority

The Appliance May Be Energy Efficient, But Is It 'Most Efficient'?

1. Apply a window film. If you don’t want to install drapes or blinds to cover your windows, consider a window film. Home owners will still be able to see out their windows while also blocking some of the heat. For installation, home owners often just need to measure the size of the window, cut the film, and then adhere it to the window.

2. Clean the air filters. Dirty air filters can cause utility bills to increase. “When filters get dirty, the heating and cooling system has to work harder and consumer more energy to do its job,” according to HomeSelfe. “With clean filters, the system can cool your home more efficiently and help you save on utility bills.”

3. Collect rainwater. Cut your water use and consider using rain barrels to start collecting rainwater. You can then use the trapped water for your garden. “Rain barrels, typically made of plastic or wood, sit at the end of your gutter downspout and collect the rainwater as it flows out,” HomeSelfe notes. “When the storm is over, you’ll have a good amount of water that you can recycle on your garden during drier times.”

4. Add mulch. Layer mulch throughout a garden to help slow evaporation. Water will stay on the ground longer and offer the plants more time to absorb it. You’ll be able to water less frequently.

5. Install a programmable thermostat. Set the temperature of your home for particular times throughout the day to help curb costs. Set your thermostat to turn off while you’re at work and cool down while you’re on your way home. Programmable thermostats can help reduce energy use by your air conditioner.

Source: HomeSelfe

Steamy Listing Video Garners Attention

Does sex sell in real estate? A real estate video for a $12.5 million listing in the Hollywood Hills is getting attention not just for its posh property details but also for its steamy listing video.

In the video, a scantily dressed home owner lounges in bed, performs yoga poses, and swims in the lap pool before revealing her tattooed backside as she steps inside a steam shower. The woman walks around the 6,051-square-foot property as she prepares for an anniversary dinner with her female partner, who steps out of a Lamborghini at the end.

“This isn’t pushing the limits at all. This is normal life. So why not show it off?” Billy Rose, the listing agent with The Agency Rose, told Forbes about the video for 1709 Rising Glen Road in Hollywood Hills.

Rose told Forbes that The Agency wants to shake up traditional listing videos in the real estate industry with more videos showing the lifestyle a property can offer.

“We live in Hollywood,” Rose told Forbes. “We sell the Hollywood lifestyle. And there’s nothing risqué about a real estate [film like this] in LA.”

Source: “The New Real Estate Porn: Will This NSFW Video Help Sell a $12.5 Million Hollywood Hills Mansion?” Forbes (May 5, 2016) and “With Steamy Listing Video, Agency Hopes That Sex Sells Houses Too,” realtor.com® (May 6, 2016)

Under The Hood of California's Tight Housing Inventory

Two words alone have, rightly, loomed large in discussions about California’s housing market this year: inventory and affordability. A tight supply of homes available for sale has helped to keep strong upward pressure on home prices, which in turn has caused further deterioration of affordability in the state.

There are many reasons that inventories remain tight in the state, with a notable list of reasons including:

• Demographic changes as the population becomes older, fewer people are moving
• Long-term supply and demand imbalances stemming from decades of under-building
• An economy that has not seen the bounce-back recovery from the recession
• Policy issues associated with property taxes and potential capital gains

However, there is another aspect of the current inventory challenges that has been discussed only infrequently, but which is also having an effect on the number of homes available for sale—single-family rentals. In the run-up to the housing collapse, California experienced an unprecedented rise in home ownership, which hit an apex at nearly 60% of households back in 2005. With the housing bust, many of these newly minted homeowners received a notice of default or had their homes foreclosed upon by their bank.

As a result, there was an equally sharp decline in the number of single-family owners and a corresponding increase in the number of renters in the state. Yet, perhaps more relevant to the supply discussion is not what happened to these households, who either moved from owning to renting, but what happened to the housing units that they used to live in. Specifically, between 2005 and 2014, there were 550,000 fewer single-family owner-occupied properties, while the number of single-family rentals jumped by nearly 700,000.

From this perspective, it is clear that the ripple effects of the Great Recession are still having an impact on inventory today, despite the fact that demand continues to improve and many of these former homeowner-come-renters have already waited the requisite 7-year period (3 years for short sales) when they would be eligible to purchase a home again. This data suggests that at least 550,000 single-family units (perhaps as many as 700,000) have been taken out of the housing stock altogether as investors snapped them up to convert into rentals as homeownership rates were unwinding. With housing turnover currently running at roughly 5%, that is as much as 35,000 fewer homes transacting each year simply on the basis of not being in the pool of potential properties to sell.

It is unclear when this trend will reverse course: rents remain high, so it remains a smart financial play for landlords to remain in the rental business. And as yet, there has only been a minimal uptick in homeownership which would drive price growth higher and incentivize landlords to add these properties back into the owner-occupant mix. What’s more, many landlords have had to invest in the knowledge, expertise, and experience to successfully manage their properties. It is reasonable to assume that these will be difficult investments to walk away from without a strong price incentive—especially in today’s high-rent, low rental vacancy environment.

 

As such, the aftermath of the Great Recession on the structure of our housing stock will likely continue to exacerbate the other issues affecting housing supply over the next year. - See more at: http://apps2.car.org/socialblogs/2016/04/under-the-hood-of-californias-tight-housing-inventory/#sthash.4cNurZfF.dpuf