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Get Matched to Prescreened Home Improvement Contractors
Home improvement is a great financial investment, either in the money you put into it or the money you hope to get out of it. We refer you to our local home improvement pre-qualified. They are checked for state licensing and insurance requirements. To help you with your investments and get you connected with home improvements professionals.
WHAT ARE YOUR NEEDS? Bathroom remodeling, Carpentry, Carpet Cleaning Services, Concrete, Brick & Stone Decorators & Designers, Decks & Porches, Driveways, Patios, Walks & Steps, Drywall & Insulation, Roof repairs/replacement, Handyman Services, Heating & Cooling, Kitchen remodeling, Landscaping, Lawn care, Sprinklers, Maid Service, Plumbing, Windows & Doors… click here to request a referral.
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Are you over-improving your home?Home improvement adds value to a home, but there are dangers to look out for.
Homeowners continue to update kitchens, landscape gardens and finish basements at a frenetic pace. They rationalize spending money with a hope to "get it all back" at resale.
Indeed, many will.
So what’s the danger?
Not much, if you plan to stay put. Chances are you'll own your home long enough to allow annual appreciation to offset your investment. But if you plan to sell soon, or need to unexpectedly, a danger exists that you could owe more on your home than it's worth.
See what the Joneses are doing
So how do you know if you've sunk too much into your biggest investment? To answer this question we should take a look at our neighbors before dropping another dime on granite countertops. Comparable sales prices are a good place to get started.
As your real estate agent I can provide you with assessment of your home's market value. I can tell you the all-important maximum sales price of similar homes on your block. Also, I can help you identify what additional value would be added to your home in whatever type of remodeling you're thinking of doing.
Best and worst payback
According to Remodeling Magazine's 2005 Cost vs. Value Report some homes improvement projects clearly boost value better than others. For example, you'll recover nearly 100% of costs on a midrange bathroom remodel, 99% on a minor kitchen remodel, 96% on a midrange siding replacement and 95% on a two-story addition.
Jobs that add the least value: a midrange home office remodel, which recovers 73% of costs on the resale market, a new sunroom at 75% and an upscale master suite at 80%. And swimming pools? Forget it. Few buyers welcome the hassle, insurance costs and potential danger if they have kids. Expect to lose big on that expense, unless you're in a luxury home. Improve first those things that yield the greatest return.
The following chart will give you an idea of the home values of some local neighborhoods.
| Subdivision Name |
Maximum Sold Price* |
Average Sold Price* |
| Canterbury Condominium |
$95,000 |
$72,300 |
| Crooked Creek Condominiums |
$82,000 |
$69,300 |
| Delaware Trails |
$248,000 |
$160,900 |
| Eden Woods |
$151,000 |
$132,000 |
| Lexington Farms |
$239,000 |
$181,600 |
| Kingsley |
$224,000 |
$166,900 |
| Saddle Creek |
$369,900 |
$315,900 |
| Woodfield |
$630,000 |
$420,600 |
*Based on last ten years data
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WOULD YOU LIKE TO KNOW HOME VALUES IN YOUR NEIGHBORHOOD?
Call our experts at 317-797-3880 or E-mail us muromets@iquest.net
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