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Top 5 Remodeling Projects that Pay Off at Resale

Every year, Remodeling Magazine publishes a Cost vs. Value Remodeling Report. They divide the nation into 9 different territories and then figure out the cost of remodeling projects and the percentage of that cost you can expect to recoup when you sell your home.

The top 5 remodeling projects that will give you the best return on your investment (ROI) in our area are

1. Replacing the entry door to steel - est. cost $1238; 73% ROI
2. Converting unfinished attic space into a bedroom with bathroom and shower - est. cost $50,148;     72% ROI
3. Minor kitchen remodel (new cabinets, drawers, countertops, hardware and appliances) - est. cost $19,588; 72% ROI
4. Garage door replacement - est. cost $1512; 72% ROI
5. Wood deck addition - est. cost $10,350; 70% ROI 

I read some negative comments from appraisers about the annual Cost vs Value report -- basically saying that they don't give additional weight to these improvements when they appraise a home. My advice would be to use this report as a planning tool, particularly if you plan to move  within the next 3 to 5 years.

Improve your home while you are still living there and can enjoy the improvements, always keeping in mind which projects will pay off down the road. 

 

Selling (or Buying) a Home with an Incurable Defect

I know you're thinking 'What the heck is an incurable defect?' and does my home have one? An incurable defect is something that will always be there, no matter what improvements or updates you make to your home. There are several types, but we're going to focus on location-related problems. Some examples are:

• Location on or near a busy road
• Steep driveways
• Adjacent to a cemetery
• Proximity to power lines or railroad tracks
• Located in a floodplain
• Near schools or sports areas
• Noise from nearby highways or airports
• Odors from factories or farming

These are all issues that cannot be remedied. Although you can frame your defects as benefits -- close to schools is great for young families, busy roads often mean easy commutes, cemeteries are quiet -- adjusting your pricing is usually the best way to address them

Pricing your home below market will help you compete with other homes that do not have the same challenges. And chances are when you purchased your home, it was priced below market for the same reason.

If you're a buyer who has found the perfect home at a price that seems to good to be true, look for the incurable defect. It doesn't mean the house isn't right for you, but be aware that these problems will follow you when you go to sell your home. And location defects are just one type. Layout difficulties can also impact the saleability of a home...but that's an article for another post.  

 

Is Your Roof Showing Its Age?

It just might be time to repair or replace it. Here are some guidelines to help you decide exactly what your roof needs are.

You should get in the habit of checking your roof at least once a year. Signs inside your home that you might need to make some changes sooner rather than later include dark areas on ceilings, paint peeling on the underside of roof overhangs, damp spots alongside the fireplace, and water stains on the pipes that vent your hot water heater or furnace.

Take a pair of binoculars and check your roof for cracked caulk or rust spots on the flashing, shingles that are buckled, curled or blistered, or worn areas around chimneys, pipes and skylights. If you see any of these problems, especially on an older roof, have a professional take a look at it. Most local roofers will do this for free in hopes of securing the job.

Leaks in an otherwise sound roof can often be repaired for a moderate fee. But if you need to replace your roof, it's a big ticket. Remodeling magazine's Cost vs Value Report for 2011-12 puts an average cost of $18,672, with $12,098 recouped at sale. If you need to take this step be sure to get several bids.

Once you choose a contractor, be sure they are licensed and insured. Be clear on exactly what their bid includes: disposal of old roofing materials, hourly rate for structural repairs, gutter costs, damage to your landscaping. For additional information on your options, here's an article at houselogic.com. While you're at that website, take a look around...it's a terrific resource.

It's Almost Time for (UGH) Spring Cleaning!

I know it seems like we've hardly had much of a winter, but Spring is just around the corner anyway. And even though we haven't had much snow, our families and our pets have tracked in a lot of dirt. Let's buck up and get everything sparkling for the new season!

I found a terrific source online from S.C. Johnson, Spring Cleaning Room by Room that has downloadable check lists for every room. Each list contains tasks, suggestions for who should do them (adult, child or professional), tool and product recommendations, and some great tips.They suggest that you print out each list, make assignments and tape the list to the door so you can mark things off as they get done.

This might seem over-organized, but it does help you go from thinking about Spring Cleaning to actually accomplishing it. And if you make it a family project, with a reward at the end (pizza party, night at the movies, whatever your gang likes), it will go faster. And think about having a yard sale -- it's a great way to turn the things you don't use anymore into a little cash. Happy Cleaning!

More FREE Seminars for April and May!

Our series of FREE seminars "Let's Talk Tuesdays!" continues to draw people into the  office, so we're keeping them going with some new topics and the repeat of some popular ones. Every Tuesday evening from 7-8pm we offer real estate related seminars, with time for questions afterward. You can sign up online or call 703-536-7001 to reserve your place.

• April 5 - First Time Homebuyer
• April 12 - Home Inspections - common issues
• April 19 - Empty Nester
• April 26 - Growing Pains - expand or build?
• May 3 - Staging your Home to Sell
• May 10 - Home Mortgage update (Frank/Dodd bill implementation)
• May 17 - Homeowner's Insurance - information
• May 24 - Seniors Housing Choices
• May 31 - Estate Planning

Hope to see you here this Spring! And if there's a topic you'd like to see us include in the future, please suggest it. We're always open to your ideas.

 

 

 

 

Who Knew Art Could Make Such a Difference?

Since the first of 2011, we have been participating in FIRSTfriday of Falls Church. Each month a different artist is featured on the walls of our office. I had no idea the impact this revolving display would have on us.

Our first month featured Christine Miller: her landscapes and still lifes were calming, subdued, classic. It was a treat to be surrounded by "real art" -- oils and pastels on canvases, framed beautifully. Christine's work made me feel grown up.

In February, Wendy Wang's paintings went up. Her style is quite different from Christine's. Her background in portraiture showed in her ballet pieces, but much of her art was very free form and alluring. More abstract, and quite stimulating here in the office. The nude that went up over the sofa was spectacular. Wendy's work made me feel sophisticated.

Now, for March, Atti Vakili Wheeler has taken over our space with vibrant colors and dancers that pop right off their canvases. The life and energy they bring are especially obvious coming as they do at the end of winter. Her work has put a spring in all of our steps. Atti's work makes me feel ALIVE.

The point of all this -- art can have a profound impact on both mood and ambiance. I can't tell you how exciting it is to watch the change as new art is rotated in...everyone is affected. Art draws you out of yourself. It can be as mind-altering as music, as uplifting as sunshine.

We celebrate these artists at a reception on the first Friday evening of each month. But if you're in the area any time, stop in and see what's hanging on our walls. This is like owning a private gallery. I can't wait to see what's next! 

Congratulations to Sagatov Associates!

On January 29th, the National Association of the Remodeling Industry (NARI) Metro DC chapter awarded their 2010 Capital COTY Grand award for Whole House Renovations: $250K - $500K to Sagatov Associates, Inc. We feel particularly proud since our Michelle Sagatov is married to Yuri, owner of SAI.

The renovation that earned SAI the award converted a single story ranch home into a modern 2-story Craftsman masterpiece, creating an exciting open design for modern living while maintaining a traditional feel. The Capital COTY awards are the highest honor in the remodeling industry, and NARI's DC chapter members include 500 remodeling companies that adhere to a strict code of ethics and professionalism.

Sagatov Associates is one of Northern Virginia's premier Design-Build firms, with over 25 years of high end experience in sophisticated renovations, new homes, designer decks and screened porches, kitchens and baths.

Michelle and Yuri often work as a team to help their clients choose whether to move or renovate. They analyze your goals and budget, explaining the design/build process, so you can make an informed decision about your next step. They will be holding a seminar on the topic "Move, Renovate or Build?" on Tuesday,February 15, from 7-8pm at the Fall Properties offices in Falls Church.

Free Seminars at Fall Properties

Our series of free seminars, "Let's Talk Tuesdays!" is back in full swing -- on Tuesday evenings from 7-8pm, we're presenting a great lineup of seminar topics. You can sign up on our website, or by calling Karen at 703-536-7001. There's always time for your questions, so come in and talk to a professional about your concerns. Here is the schedule through the end of March:

Jan. 25 - Tax Deferred Exchange - What you should know about buying and selling investment property

Feb. 1 - Home Inspections - We will explore common problems to look out for

Feb. 8 - Rent vs Buy - We will provide budget tips for first time homebuyers

Feb 15 - Build, Remodel or Move - We will discuss three options facing homeowners looking to expand

Feb. 22 - Empty Nester - What options you might consider after the kids move out

Mar. 1 - Home Staging and Decluttering - Great tips before you start your Spring cleaning

Mar. 8 - Curb Appeal - We will discuss home exterior tips and landscaping

Mar. 15 - Buying Investment Property - Tax tips and key considerations you should be aware of

Mar. 22 - Inheriting Real Estate and Estate Planning - Local professionals will present these topics

Mar. 29 - How To Choose a Realtor - What makes some Realtors better than others

Join us at our offices at 212-A N. West Street in the City of Falls Church. 

Seminar Series Starts in August

Fall Properties has put together a series of seminars as a service to our clients and community.

These seminars will be held in our new office in the City of Falls Church:

Tuesday, August 10: Preparing your home for sale: Curb appeal and Staging tips

Tuesday, September 14: Inheriting Real Estate: What you need to know

Tuesday, September 28: Home Affordability: Loan Financing Options

Tuesday, October 5: Subdividing Property: What you need to know

Tuesday, October 19: 'Green Tax Credits': Home Improvements that pay you back 

These seminars will be held at the Fairlington Community Center in Arlington:

Tuesday, August 3 and 17: Home Affordability: Loan Financing Options

Tuesday, September 7 and Thursday, September 16: Preparing your home for sale: Home Staging Tips

All seminars will run from 7-8pm, with time after for questions. Please call us (703-536-7001) or sign up on our website to reserve a seat for any of our seminar topics

Would You Like to Live in Paradise? Check Out this new listing

This 4 bedroom 2 bath rambler sits on a spectacular half acre lot at 7232 Tod Street in Falls Church. Drop by the Open House on Sunday, April 25th, from 1-4, where you'll find majestic poplar trees, flowering dogwoods, native wildflowers, ground cover and hostas helping to set the mood.

The home welcomes you in through a rich leaded glass front door, and boasts some terrific upgrades - quality replacement windows throughout, renovated kitchen with granite counters and KitchenAid appliances, custom main level bath, and a new (in 2008) HVAC system. With easy one-level living, large MBR suite, gas fireplace, and nice upper level suite, the home is a gem by itself.

But add the privacy and natural beauty of this yard and that's where the "Paradise" kicks in! A custom waterfall and pond attract all manner of birds, your patio has a built in grill with a dedicated gas line, and there are two storage sheds - one with your own potting porch. Winding walking paths navigate the fenced back yard, and lead out to the hot tub. 

Come see what paradise inside the beltway can look like.