Realty Reality: remodeling

Showing posts with label remodeling. Show all posts

Monday, June 30, 2008

Advantages of Remodeling Now

Rising energy costs and a middling economy have dampened consumer confidence, but for many homeowners, recent adjustments to the market may actually have a silver lining. For homeowners who've been looking to make updates to their property, there are a number of reasons that make this an attractive time to tackle a remodeling project.

Lower Costs
While it's unlikely that a contractor will offer to remodel your bathroom or finish your basement for fifty cents on the dollar, many are offering deals to encourage homeowners to invest in their services. Some companies are offering rebates or discounts to attract business. Others are simply more open to negotiating the bottom line. Generally speaking the better deals are for smaller projects, but exceptions can be found.

Shorter Waits, Faster Timelines
With new construction slowing in many areas and fewer homeowners funneling money into their own remodeling projects, many contractors have more time to take on new work. In years past homeowners often had to take a spot at the end of the line with their contractor of choice, as many companies had a backlog of work. In some cases start dates were set weeks or months out, and the total timeline for a project could be extensive if the contractor was working multiple projects at once.

Today, many companies are more able to schedule projects to begin in the short term. Timelines too are becoming more flexible.

Hiring the Best
During periods of construction boom, the average homeowner can have a tough time securing the services of the best local contractors. At those times the consumer has to compete for the contractor's business. While the situation is not completely reversed today, the average homeowner does stand a much greater chance of hiring a top-notch remodeling contractor than would have been possible even a year or two ago. Quality contractors are looking for new avenues of business, even if it means taking on minor jobs that may not have been on their radar in the recent past

The article is taken from one of our recent Newsletters that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site.

Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Friday, May 23, 2008

Helpful Green Links & Resources for Homeowners

The NAHB has some helpful links to resources for people that want to purchase green homes and for current homeowners that want to make or keep their homes green...

Helpful Green Links

Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Life Expectancy of Home Components and Systems

When considering buying, upgrading, remodelling a house or just preparing for the future and potential maintenance costs, it's helpful to have an idea of the the general life expectancy of your house components and systems.

A house is expected to last many years and through several series of owners. But what about the individual components that comprise the house? How many years of service can a home owner reasonably expect from a roof or a door, a floor, the systems (HVAC, toilets and tubs, well, septic systems, etc.) or a window?" What components last the longest? What components have to be replaced frequently?

Fortunately there are several sites that have have analyzed the statistics, compiled the information for you and have presented it in easily accessible online and/or downloadable (pdf) formats.

Here are several sources providing statistics on home component life expectancy:

NAHB / Bank of America's "Study of Life Expectancy of Home Components"
[alternate link]
(click here for summary press release on the National Association of Home Builders/Bank of America Home Equity Study of the Life Expectancies of Home Components)

NAHB: Consumers: Remodeling Your Home [Rebates & Loans for Green Homeowners]

The Old House Web: Life expectancy How long should the components and systems in your home last? (this is based on the HUD Residential Rehabilitation Inspection Guide, February 2000, 162 p.)

Septic System Life Expectancy

House Component Life Expectancy and Average Costs

Example Life Expectancies:

- Bathroom, laundry and garage cabinets and closet shelving can last 100 years or more,
- Kitchen cabinets may only last 50 years
- Natural wood flooring can last 100 years or more
- HVAC systems last from 8 to 20 years, depending on sub-unit and usage
- Plumbing related fixtures (faucets, etc.) last 10 to 20 years, depending on use
- Exterior and Interior paints last on average about 5-10 years, 1-5 if used for waterproofing
- Cement footings and foundations last approximately 50 years; concret block lasts 100 years, poured footings and foundations last 200 years
- Flooring is usually lifetime, except for 11 years for carpeting and 20 to 30 years for vinyl sheet or tile
- Dryers and Refrigerators last about 13 years, while microwaves last 9 years and compactors only 6 years
- Natural stone countertops last a lifetime, while cultured marble countertops last about 20 years
- Wooden decks usually last 20 years under ideal conditions
- Copper wiring lasts a lifetime, however the controls and accessories associated with it normally last about 10 years

It's important to remember that in the long run, it much cheaper to do perform regular maintenance on a house than to wait until a major component fails. It has been suggested by some that a good rule of thumb for budgeting for annual maintenance is one percent of the value of your home.

Wednesday, May 07, 2008

Top Ten Energy Efficient Remodeling Projects

PATH, a public-private partnership for advancing housing technology, last year released recommendations on the top remodeling technologies to make existing homes more durable, stronger and more resource efficient.

Each of the PATH Remodeling Top 10 technologies chosen is rated on affordability, energy efficiency, ease of installation, quality and durability, environmental performance and safety.

More information...

Wednesday, March 26, 2008

Adding a "Mother-in-Law" Apartment

Some homeowners are looking at mother-in-law apartments as a way to accommodate the needs of older family members or to generate additional income.

What is a "mother-in-law" apartment?

While exact definitions vary, in general "mother-in-law" apartments (sometimes called "accessory apartments") share these characteristics:

a separate, secure entrance

bedroom/personal living area

private bathroom

kitchen or kitchenette

Depending on the size of the apartment, the unit may include a living room in additional to the bedroom. Typically such units are not part of the original floor plan of the home, although in some rare cases houses are designed to incorporate separate smaller units.

Types of Units

There are a number of different "styles" of mother-in-law apartments, including:

Basement units

Second floor units

First-floor add-ons

Exterior buildings/guest houses

Above-garage apartments (usually with a detached garage)

Any accessory apartment, regardless of the location or size, should be constructed in a manner that is as consistent with the design of the existing structure as possible.

Attractions of the Accessory Apartment

Space for Relatives: For many homeowners, the thought of sending aging relatives to a retirement home or assisted living facility is tough to bear. The incredible financial expense associated with these options makes the decision that much more difficult. Many would prefer to take care of an aging parent or relative at home, and the ability to offer that relative a degree of privacy and independence is very appealing.

Additional Revenue Stream: While rents for mother-in-law apartments are typically lower than those found in more conventional apartment buildings, the income gained from renting out an accessory apartment can help with mortgage payments or bills. Remember that income from your rental unit is taxable, although you can deduct maintenance costs associated with the rental.

Guest Quarters: If not in use by a permanent tenant, accessory apartments can serve as a perfect extended guest room, providing friends or relatives from out of town with more privacy and space.

Resale Value: While not a home-run in terms of adding resale value, accessory apartments will be a selling point for certain buyers, and the presence of a mother-in-law can help set your home apart from similar properties in the market.

Things to Consider

Zoning & Permits: Neighborhoods zoned for single-family residences generally prohibit secondary units such as accessory apartments. Often these prohibitions are a result of fears that extra units will cause congestion, traffic, or increased load on public utility systems or community services. Check with city and/or county housing departments to see if mother-in-law apartments are allowed in your area. In some cases you may be able to obtain special exemptions depending on the situation.

If accessory units are permissible in your neighborhood, you will still need to apply for necessary housing permits and building/construction permits for any conversion work that you do. Converted spaces will also have to pass a building inspection, and if your neighborhood is governed by an association there may be additional rules and requirements restricting the changes that you're allowed to make.

Landlord/Tenant Laws: Obligations of the tenant and landlord should always be clearly defined in a rental contract. You should always research local landlord/tenant laws (and if possible, consult a real estate attorney) prior to starting any mother-in-law apartment project.

Insurance: The addition of a separate apartment unit may affect the rates for homeowner's insurance. It's also advisable to purchase liability insurance to protect against any damage or injury to your tenant or their property.

Parking: Do you have adequate parking for both your family and your tenant(s)? Are their local parking restrictions that may come into play?

Utilities: If you plan on using the unit as a rental, you'll need to contact your utility companies to have separate lines and meters for the apartment (unless, of course, you plan on paying for all utilities).

The article is taken from one of our recent Newsletters that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site.

Thursday, March 13, 2008

Low-Cost Fixes to Make Your Home More Green

With oil prices now well beyond $100 a barrel; many buyers have been asking how to have a greener, more energy-efficient home. One answer, promoted by "green" builders, is to buy a new eco-friendly abode with everything from solar shingles to geothermal heating systems to super-insulated windows. (June Fletcher, March 13, 2008, Wall Street RealEstateJournal.com)

More Information. . .

Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Sunday, March 09, 2008

Hollywood at Home: Create Your Own Media Room

The overhead lights dim as the credits roll on the screen at the front of the room. The couple seated in front of you wraps up their conversation in anticipation of the film. You're only missing one thing to complete the movie experience: a bag of buttery popcorn. No big deal - just hit the pause button. After all, you're at home.

Once only the luxury of movie producers or the very rich, home movie theaters and media rooms are starting to find their ways into suburbia. Lower prices of projection equipment and high definition televisions have helped make home theaters more affordable for homeowners seeking a new standard in entertainment. For the movie buff, sports fan, or video game enthusiast there is nothing quite like having a private media sanctuary at home.

Types of home theaters

Cinephiles and audio/video purists may dispute the application of the term "home theater", but essentially there are three types commonly found today.

Family Room 2.0 - The best option for those movie lovers who lack the funds, space or dedication to create a full-fledged theater at home is to simply upgrade their existing family room. The variety of high definition and flat panel televisions on the market means that you can transform your existing family room into an entertainment haven without knocking out any walls. Add a nice base level audio system and sun-blocking window shades. Your existing furniture should be arranged with sightlines and foot traffic in mind.

Media Room - There was a time not so long ago when the TV was the center for entertainment at home, the undisputed champion of weeknights. While our love for movies and television hasn't diminished, TV now competes with the internet, increasingly-realistic video games and the digital music experience for our attention. A media room is a space in your home dedicated to all of your technological entertainment. A true media center is a place where you can watch movies, browse the internet, watch TV, play video games and plug in your portable music player.

Full Home Theater - The true home theater is a room designed to mimic the movie theater experience. Screens are larger than life, and seating is typically in rows to focus on viewing rather than interaction. The home theater is generally a less-frequently used room than either a family room or a media room, and is therefore considered more of a luxury than the others.
Should you get professional help?

Creating a home theater is far more complicated than simply buying components and hooking up wires. Depending on your plan, you may require electrical work, flooring, painting and the installation of the actual components themselves. Once you've decided what you want out of your media room, you have to decide if you will hire a contractor, perform the work yourself, or some combination of the two.

Contractors that specialize in home theater design can be expensive ($30,000 and up), but are perfect for high-end homes looking for a custom, professional home theater. If you're focusing on practicality, contractors that specialize in integrated home audio/video systems are typically less expensive.

Doing the work on your own can be economical but challenging. You may choose to do most of the work while hiring contractors to tackle specific tasks (the lighting, for example). Store technicians can often be hired to perform installation of components at a fairly low price.

Pick your room

The basement makes an ideal location for a home theater because of its lack of natural sunlight. Any room you choose should be wide enough to fit comfortable seating and long enough to place that seating at some depth from the screen. If you aren't doing a complete remodel, you will want to choose a room with adequate insulation to minimize sound leakage.

Components

Plasma and other flat-screen televisions are a popular choice for family rooms and media rooms. Home theater purists usually turn to high-quality projectors due to the larger screen size that they afford.

Audio can be just as important as picture when it comes to the home theater experience. Most of us are used to two-channel sound - left and right speakers to either side of the TV. Surround sound adds a center speaker above the picture and (at least) two speakers behind on either side of the room. Depending on the type of speakers you buy, you may want to also incorporate a subwoofer to handle all bass frequencies. Speakers that are wall mounted or on stands will provide the best quality of sound.

If you're on a budget, you should plan to spend between $7,500 and $12,000 for audio and video components. For those with looser strings and larger eyes, the system itself can easily cost $50,000 or more.

Walls

Wood paneling is especially popular, particularly medium to dark woods that can help create an inviting viewing atmosphere. Wood paneling may not be the best selection for basement home theaters, as it can have a certain 1970's rec. room connotation. If wood paneling doesn't suit your tastes, paint the walls a color that suits you without being distracting.

Adding movie posters is a nice way to push the "at the movies" ambience, and they also provide an easy way to personalize the space by placing posters of your favorite film genre or era.

Seating

The type and arrangement of your home theater furniture will be largely determined by how you intend to use the space. Should you see the room as a true home theater, you'll likely want several rows of theater-style seating. Theater-style recliners are more comfortable than standard theater seats. Consider placing small tables between the seats.

If you plan on using the room for a variety of entertainment purposes (watching movies, playing video games, watching sports) you'd be better served with a more typical living room layout. Thick couches placed with good sightlines to the screen should do the trick. Whatever furniture or layout you choose, make sure there is adequate walking room.

Lighting

Lighting is critical to forming a true movie theater setting. If you're using an aboveground room for your home theater, invest in blackout curtains to help seal the room from outdoor light. Wall sconces are good if you're looking to set a laid-back tone. Recessed lighting is also popular in home theaters. Some homeowners go so far as to install floor lighting (track lighting or basic rope lights). Any lighting should compliment the screen at all light levels.

Flooring

Most experts recommend carpeting for home theater rooms, as it is both comfortable and warm.

The article is taken from one of our recent Newsletters that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site.

Sunday, March 02, 2008

Creating a Home Gym

We have plenty of excuses to not get in shape. We don't have the time. We don't have the money for a gym membership. We are tired beyond belief. Most of all, we don't know where to start.
Making room for a home gym removes many of these obstacles.

The biggest benefit of having an exercise room in your home is the convenience factor. No longer do you have to worry about lugging yourself to a gym that may be miles away. A home gym can also make fiscal sense - gym memberships can be expensive. Having exercise space in the comfort of your own home is a great way to jumpstart a healthy lifestyle

Essentials: balance

Before you begin planning your home workout space, you need to know what your health goals are and what exercise plan will best help you meet those goals. An ideal exercise plan balances conditioning, strength training and flexibility. Fitness and health magazines can be a great resource, or you may wish to set up a consultation with a personal trainer to discuss your options.

Finding your space

Spare bedrooms are ideal for home gyms because of the space and light they usually provide. Basements can serve as an adequate space provided that the light, air quality and environmental elements are sufficient.

The amount of room you'll need will be determined by your style of workout. Highly aerobic workouts require sufficient room to move. If strength training will be an emphasis, you will need room for equipment (regardless of whether you decide to purchase machines or free-weights). By the same token, exercise machines take up a varying amount of space. Any workout area should be laid out with plenty of breathing room.

Buying equipment

Prior to buying any equipment, make sure that what you'll be purchasing fits in with an exercise program that you will realistically keep up with. A good salesman might be able to pitch you a state-of-the-art machine with hundreds of features, but it will do you little good collecting dust in six months. Set your exercise program, research equipment beforehand, and stick to your guns.

It's best to avoid the big "box" stores that sell everything from appliances to lawn furniture when shopping for exercise equipment. Specialty retailers have higher quality products and more knowledgeable sales staff. Whenever possible have equipment delivered assembled and installed, and inquire about repair programs or warranties.

When buying complex equipment, saving a few dollars may lead to significant disappointment later on. It's worth your while to spend a little extra to ensure quality. Always give equipment a thorough test on the sales floor.

Gyms For Every Budget

Here is a basic outline of suggested equipment at three different price setups.

Budget gym
Jump Rope
Exercise Ball
Aerobics Step
Dumbbells

Middle of the road
Non-computerized stationary bike or rowing machine
Inexpensive set of free weights
Adjustable bench
Exercise Ball

The dream gym
High Quality programmable treadmill (health club quality)
Elliptical trainer or Stationary bike for cross-training
Premium multi-station machine with more than one stack of weights
Adjustable bench with plate weights

Aesthetic appeal

A spacious room with top-of-the-line equipment won't make much difference if you hate stepping foot in the place. While you don't have to create an exercise utopia, it is important that you enjoy (as much as possible) the room in which you'll be working out. Keep the room well lit without crossing over into washed-out fluorescence.

Choose soft carpet that will comfort and cushion your body during floor exercises. The room should be adequately ventilated, and you may want to invest in an air conditioning unit.

Extras

If you truly want to deck out their exercise space, you can go wild with amenities to your home gym. Many people enjoy watching TV while working out - particularly when doing longer cardiovascular exercises. Ceiling mount kits are fairly inexpensive and easy to install. If you're a music lover, you may want to save space for a small stereo system. You can install a water cooler for relatively little expense, or simply keep a mini fridge stocked with water and/or sports drinks.

The article is taken from one of our recent Newsletters that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site.

Thursday, January 10, 2008

Builders Gain Insight Into Women's Home Buying Decisions

According to a recent Harvard University study, women control 91% of home buying or remodeling decisions.

The latest release from the National Association of Home Builders’ (NAHB) publishing arm, Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions, provides builders and other housing professionals with a detailed look at the motivations, objectives and viewpoints of female buyers.

Though written for the female consumer, Trillion Dollar Women is also a valuable resource for housing professionals to gain perspective on ways to better serve and market to this growing segment of customers.

“Builders recognize that women have more buying power than ever—single women, in fact, are the second largest and fastest-growing demographic of home buyers,” said Sandy Dunn, first vice president of NAHB and a builder from Point Present, W.Va. “This new book provides building professionals with unmatched insight into this important segment of the buying population.”

Author Tara Nicholle-Nelson demystifies the home buying and remodeling process, leading readers to evaluate their needs, lifestyle, budget and personality before making decisions. Packed with tips, questionnaires and checklists, Trillion Dollar Women teaches women to get through the home buying or remodeling process with ease. Readers will benefit from advice and insight on topics ranging from budgeting to design style.

“I wrote this book to help transform women’s real estate experiences and arm them with the tools they need to get the home of their dreams,” said Nelson. “Women hold the purse strings when it comes to these major home buying decisions, and this book will make them better educated, more confident consumers in the process.”

Trillion Dollar Women also shows readers how to become more environmentally conscious by providing room-by-room strategies for green building and energy efficiency, including a list of resources and advice on finding a green contractor.

Nelson has built her career around helping women transform and enhance their lives. In addition to being a real estate broker, accredited buyer’s representative, and an attorney, she also runs {RE} think Real Estate, a business that offers a brand of educational resources designed to transform women’s experience of real estate.

(Source: NAHB)

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Tuesday, January 01, 2008

Real Estate Cyber Tips - January 2008

CYBER MAGIC TRICKS

TRICK#1

Get a Human on The Phone!
Tired of dialing toll free numbers and searching endlessly to get through to a human who can help you? These folks take this bit of craziness out of your life. Just visit this great place and do a quick search for the company you'd like to call. Enter your phone # (they say they will never disclose your number to anyone -- not even your mother!). As soon as they get a human on the line your phone will ring with a living breathing person standing by. Great time saver!
Click Here for This Cyber Trick

TRICK#2

Supercharge Your Browser!
If you use Internet Explorer to get around the web you’ll like this add-on for IE 7. It adds lots of extras to make your browser easier, more useful, secure and customizable. This neat addition adds neat features such as tab enhancement, super drag-drop, crash recovery, mouse gestures, tab history, spell check, auto form fill, web page capturer, ad blocker and many more. And best of all it’s on the house!
Click Here for This Cyber Trick

GREAT PLACES!

GREAT PLACE #1

Remodeling -- Cost vs.Value.
Ever wonder what house upgrades will provide the best return on your dollar when the time comes to sell? Here’s a great place to get the answers. Every year Remodeling Magazine releases its “Cost vs. Value Report” where you can select your region and view various remodeling projects ranging from a deck addition to bathroom remodeling. The report provides you with an estimate of the job cost along with the added value on resale and continues by calculating the percentage of the cost recouped. You’ll find lots of other good information at this great place that will help with your remodeling strategic decision making.
Click Here for This Great Place

GREAT PLACE #2

This is the Future!
Think things are changing? One week’s worth of the New York Times contains more information than a person was likely to come across in a lifetime in the 18th century. By 2013 a super computer will be built that exceeds the computational capability of the human brain. By 2023 a $1000 computer will exceed the capabilities of the human brain. These are just a few of the observations in this mind boggling 8 minute show at this great place. It’ll get you thinking and is well worth a visit!
Click Here for This Great Place

The information contained in Real Estate CyberTips is believed to be true and correct but no warranties or guarantees are provided and readers should rely solely on their own information and advisors in connection with any sites, services or products reviewed. All content Copyright 2008, RECS. All rights reserved.

Visit my web site for additional resources and services: LawrenceYerkes.com

and visit BestHomes-NJ.com for the latest New Jersey Real Estate property listings (commercial, residential homes, multi-family, farm, land)

Monday, December 03, 2007

2007 Remodeling Cost vs. Value Report

WASHINGTON - Many buyers judge a house by its exterior, or so it seems from the results of the 2007 Remodeling Cost vs. Value Report. Three of the four projects with the highest national percentage of costs recouped this year were exterior upgrades.

The most profitable project on the national level was upscale siding replacement, recouping 88 percent of costs upon resale. Wood deck additions and wood window replacements also returned more than 80 percent of costs, at 85 percent and 81 percent, respectively. On a national average, the only interior project to return more than 80 percent of remodeling costs this year was a minor kitchen remodel, returning 83 percent of project costs at resale.

“The results of this year’s Cost vs. Value report underscore the importance of curb appeal in the buyer’s eye,” said NAR (National Association of Realtors®) President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “Realtors® know what attracts buyers in their local markets and can help your house put its best façade forward, so to speak – it’s another way Realtors® add value to the real estate transaction.”

The 2007 Remodeling Cost vs. Value Report compares construction costs with resale values for 29 midrange and upscale remodeling projects comprising additions, remodels and replacements in 60 markets across the country. Data are provided for nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 10th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine, as Realtors® provided their insight into local markets and buyer home preferences within those markets.

Four new projects were added this year: the aforementioned wood deck addition, a back-up power generator, and both a midrange and upscale garage addition. Nationally, the back-up power generator only returned 58 percent of the investment on resale, although the return was highest in the West South Central region, which comprises Arkansas, Louisiana, Oklahoma, and Texas, at 68 percent. Buyers in the Pacific region of Alaska, California, Hawaii, Oregon and Washington value their garages: The midrange garage addition returned nearly 70 percent nationally but 88 percent in this region, while the upscale garage addition returned approximately 65 percent nationally but 78 percent in this area.

Homeowners in the Pacific region could also expect to see some of the highest percentages of remodeling expenses returned at resale, with 13 of the 29 projects returning 90 percent or higher of project costs. Homeowners in the East North Central region of Illinois, Indiana, Michigan, Ohio and Wisconsin might expect some of the lowest returns; only one project – upscale fiber cement siding – returned more than 80 percent upon resale (82 percent of costs recouped), while nine projects returned less than 60 percent of project costs.

The least profitable projects were a back-up power generator, sunroom addition, and home office remodel. The back-up power generator returned the lowest percentage of initial cost in the East North Central, New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont), Pacific, and West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota) regions.

Sunrooms are least popular in the East South Central (Alabama, Kentucky, Mississippi and Tennessee), Mountain (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico and Wyoming), and West South Central regions. Home office remodels return the lowest percentage of project costs in the Middle Atlantic (New Jersey, New York and Pennsylvania) and South Atlantic (Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia) regions.

Gaylord explained that the resale value of any given remodeling project depends on a variety of factors. “When considering a remodeling project, particularly with an eye toward resale, it’s important to evaluate your home’s current condition, how the project will change the existing space in your home, as well as how your remodeled home will compare to other homes in your community,” said Gaylord.

“For example, using a breakfast nook to expand the kitchen seems like a good use of space, but using the same space to add a first-floor bathroom in an older home that doesn’t have one will draw more buyers,” Gaylord said. “Realtors® see hundreds, if not thousands, of homes every year with their buyer clients and can provide valuable insight into what projects and improvements will make a difference with buyers in your area.”

Results of the report are summarized in the December 2007 issue of REALTOR® Magazine. To read the full project descriptions, access national and regional project data, and download a free PDF containing data for any of the 60 cities covered by the report, visit www.costvsvalue.com. “Cost vs. Value” is a registered trademark of Hanley Wood, LLC.

Hanley Wood, LLC, is the premier media company serving housing and construction. Through four operating divisions, the company produces award-winning magazines and Web sites, marquee trade shows and events, rich data, and custom marketing solutions. The company also is North America’s leading provider of home plans. Founded in 1976, Hanley Wood is a $240 million company owned by JPMorgan Partners, LLC, a private equity affiliate of JPMorgan Chase & Co.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Thursday, November 15, 2007

Owning And Keeping A Home

There's nothing like the feeling of being a homeowner. But owning a home is an ongoing commitment - new issues and responsibilities can come up at any time. (Source: Freddie Mac.com)

Key topics discussed:
Moving
Remodeling
Refinancing
Avoiding Foreclosure...

Keep your home . . .

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Wednesday, May 23, 2007

Tips For Green Bathrooms

The National Association of Home Builders (NAHB) Remodelers offers this guide of typical appliances and fixtures -- and their lifespans -- so you can make smart choices for that next bathroom project.

“Homeowners can easily transform their bathrooms with these simple energy and water efficient upgrades,” said NAHB Remodelers Chair Mike Nagel, CGR, CAPS, a remodeler from Chicago. “Whether it’s simply swapping out a shower head or completely gutting the room, it makes a lot of sense to go green when remodeling a bathroom.”

Click here for full story. (and here for more about remodeling)

Saturday, March 31, 2007

Selecting A Contractor: How To

Do your need a contractor? Here's a guide, provided by the National Association of the Remodeling Industry (NARI), that you can use to help educate themselves about selecting one who's professional and reliable.

Click here for more information about finding a remodeling contractor . . .

Monday, December 04, 2006

Resale Value of Remodeling Projects in Shifting Markets According to Realtor Assessment

The resale value of many remodeling projects has not kept pace with the costs of those projects, according to Realtors and remodelers who recently participated in Remodeling magazine’s 2006 “Cost vs. Value Report.” Produced for 19 years by Hanley Wood, LLC, this is the ninth consecutive year the report was completed in cooperation with REALTOR Magazine, as National Association of Realtors members provided their insight into local markets and home buyer preferences in 60 different cities across the country.

Results of the report are summarized in the December 2006 issue of REALTOR Magazine. The report shows that prices for most remodeling projects continue to increase, though their resale value has decreased. This trend reflects a return to a more balanced real estate market in many areas of the country. As in 2005, kitchen and bathroom remodels are still near the top of the list in terms of costs recouped, on a national average.

In 2006, the national average cost for a major kitchen remodel was $54,241, and the return was $43,603, for an 80.4 percent return on investment. By comparison, in 2005, a major midrange kitchen remodel cost an average of $43,862 and returned $39,920, or 91 percent of the costs to remodel. Midrange bathroom remodels recouped 85 percent of their cost in 2006, with remodeling expenses averaging $12,918 and resale values averaging $10,970. Last year, the same project cost $10,499 and returned $10,727, or 102.2 percent.

“Our Realtor members visit hundreds, if not thousands, of homes with their buyer clients each year, and have a unique understanding of what home buyers value in their local markets,” said NAR President Pat Vredevoogd Combs of Grand Rapids, Mich., vice president of Coldwell Banker–AJS–Schmidt. “As real estate markets shift in many sections of the country, homeowners must rely on the guidance of real estate professionals who are immersed in the industry. Realtors’ insight into buyer preferences and their connections to local remodeling experts help them add value to the real estate transaction, whether their clients are preparing their home for sale or just want to be informed about resale value down the road.”

The report compares construction costs with resale values for 25 common remodeling projects in 60 cities. This year the report provides data for nine U.S. regions, rather than four as in years past, following the divisions established by the U.S. Census Bureau. The projects represent additions, remodels and replacements. Nationally, replacement projects tended to return more value than additions or remodels, but, as in previous reports, the desirability of different remodeling projects varied by region and metropolitan area.

The most profitable projects nationally, from a resale value, were midrange vinyl and upscale fiber cement siding replacements, at an average of 87.2 and 88 percent costs recouped, respectively. Most of the regions reflected that, as well; some type of siding replacement ranked among the top three projects in terms of costs recouped in every geographic area except the Mountain region, composed of Arizona, Colorado, Idaho, Montana, Nevada, New Mexico and Wyoming. The least profitable project was a home office remodel; this project returned the lowest percentage of remodeling costs at resale in all but the South West Central (Arkansas, Louisiana, Oklahoma and Texas) and Pacific (Alaska, California, Hawaii, Oregon and Washington) regions.

To read the full project descriptions, visit http://www.remodelingmagazine.com/. The site also includes project data for each of the nine regions. The full study, as well as city-specific reports, which are available for the first time, can be ordered by visiting http://www.costvsvalue.com/. Members of the media can obtain a sample report by sending an e-mail with press credentials to costvalue-cs@hanleywood.com. “Cost vs. Value” is a registered trademark of Hanley Wood, LLC.

Hanley Wood, LLC, is the premier media company serving housing and construction. Through four operating divisions, the company produces award-winning magazines and Web sites, marquee trade shows and events, rich data, and custom marketing solutions. The company also is North America’s leading provider of home plans. Founded in 1976, Hanley Wood is a $240 million company owned by JPMorgan Partners, LLC, a private equity affiliate of JPMorgan Chase & Co.

The National Association of Realtors, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Wednesday, November 15, 2006

What's Old is New: Using Reclaimed Wood Inside Modern Homes

In a society fascinated with everything "retro", homeowners have found an unlikely obsession: historic timber. In what is a growing trend, homeowners are now using vintage wood planks and beams in flooring, walls, cabinetry, shelving, support structures and interior accents.

What is "Reclaimed" Wood?

"Reclaimed" wood is a term used by architects and interior designers to describe wood that has been pulled from older buildings and re-milled for use in the interiors and exteriors of modern structures. Salvage companies search for serviceable wood planks, boards and beams from places such as old barns, turn-of-the-century factories and unused railroad trestles. Damaged and decayed wood is separated from those pieces that are suitable for reclamation.

Promising pieces must be carefully scanned for nails and spikes that need to be removed. Before being re-milled the wood is often air or kiln dried to remove moisture from within the wood.

Depending on the wishes of the homeowner, the wood may be bleached or re-stained after it emerges from the mill. In some cases the wood is then distressed once again, as re-cutting the wood can sometimes leave it with a "newer" appearance.

Why Reclaimed wood?

"Character" - For most, one the reasons reclaimed wood is appealing are the unique scars and scratches that years of use or exposure to the elements have worn into the wood. This "distressed" look can be applied to new wood as well (using a variety of techniques).

Authenticity - Using antique woods can lend a sense of authenticity to an interior, particularly when a home is designed to have a sort of "Vintage Chic" style. Vintage wood in flooring, walls and support beams can be especially effective when remodeling or adding on to an older home.

Wide Range of woods/styles - Reclaimed wood can include, elm, chestnut, hemlock, walnut, hickory-pecan, redwood, white pine, Douglas fir, and white oak. Prices vary according to the species.

Rare woods - The wood that suppliers find in most cases was originally milled in the 19th and early 20th centuries, when the timber industry had free range over the nation's forests. As a result, many of the wood types available via reclamation now grow only in protected forests and are no longer available through new timber channels. Many of these are stunning old-growth woods with beautiful aesthetic appeal.

Why Not?

Cost - Style like this doesn't come cheap. Recycled wood flooring averages roughly $13 to $24 per square foot installed depending on the variety of wood used. High quality new woods ring in somewhere in the $8 to $15 range. For reclaimed woods of especially unique origin, the price per square foot can be much higher.

Durability - Older woods typically don't have a protective coating of polyurethane, which can leave them susceptible to later dents or stains. In some cases, bugs living within the wood can survive the treating and re-milling process.

The reclaimed wood industry has grown in recent years to meet increasing demand. Designers and floor specialists are now more likely than ever to offer vintage wood options for use in flooring, cabinetry and interior walls. In addition, more and more homeowners are choosing distressed new wood or faux-vintage laminates wood for the interior spaces of their homes. While not for everyone, the imperfections and quirks of distressed wood interiors can lend a sense of old warmth and comfort to your home.

The article is taken from one of our recent Newsletters that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site

Visit my web site for additional resources and services: www.LawrenceYerkes.com

and visit BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Sunday, October 08, 2006

Affortable Room Solutions: Space Lifts

Here are some handy and affordable room redo tips that might be of interest to buyer-clients looking to buy now and to recent clients who just moved into their new home. Featured are plans for the foyer, bathroom, family room and kitchen. (Source: Kiplinger's Personal Finance)

Full Story . . .

Visit my web site for additional resources and services: www.LawrenceYerkes.com

and visit BestHomes-NJ.com for the latest New Jersey Real Estate property listings (commercial, residential homes, multi-family, farm, land)

Saturday, July 29, 2006

Super Garages: The Last Home Renovation Frontier

The garage may be the last frontier of home renovation, but you don't have to be a car collector to see the potential in this often-cluttered space. Once a repository for garden tools, miscellaneous junk, and maybe even your car, the humble garage is going designer. For many, it's the last frontier of the complete home makeover, a big open room that can be converted to a spacious showplace for a car collector or an activity center for the hobbyist. (Source: YahooFinance)

Full Story . . .

Visit my web site for additional resources and services: www.LawrenceYerkes.com

and visit BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Wednesday, July 19, 2006

Best Home Investments: Getting The Best Return On Your Remodeling Projects

From An MSNBC.com item about a Forbes.com story...

Interest rates are up, the real estate boom has petered out, and so, it appears, has the remodeling frenzy. In 2001, U.S. homeowners spent $104.6 billion on remodeling projects, estimates Harvard's Joint Center for Housing Studies. By the end of 2005, spending had risen to $149.5 billion — an increase of 43 percent over four years. "It was the stars aligning," says Kermit Baker, director of the remodeling futures program at JCHS. "Financing costs were very low for people who were choosing to finance a project. Putting some money in your home seemed like a fun way to spend money but also a good investment."

But according to JCHS, renovation spending slowed considerably in the first quarter of 2006, growing just 4.5 percent over the prior 12 months. Home equity loans, a major financing vehicle for Americans looking to upgrade their properties, became more expensive. And the real estate market softened — considerably, in some areas. No longer can home owners slap improvements onto their properties, secure in the knowledge that they will recoup that money, and maybe substantially more, when it comes time to sell.

Under these circumstances, it's worth taking a closer look at remodeling investments, and how much of a return you can really expect to get on them. (Source: USC Lusk Casden Forecast)

Click here for details.

Wednesday, July 12, 2006

NAHB HouseKeys: Consumer Resource from the Nation's Home Builders

New Must-Read Consumer Resource from the Nation's Home Builders

House keys. Every home whether large or small, condominium or single-family, needs them. Now the National Association of Home Builders (NAHB) introduces a resource that every homeowner needs, its new consumer e-newsletter, NAHB HouseKeys.

NAHB released its first issue of the free quarterly newsletter on Monday. NAHB Housekeys offers advice from national experts on building, remodeling and caring for your most important investment, your home. NAHB HouseKeys guides consumers through every stage of homeownership and the home building process. To subscribe, click here.

“NAHB has a long, proud history of providing top-notch resources to our country’s homeowners,” said NAHB President David Pressly, a home builder from Statesville, N.C. “With NAHB HouseKeys, we can provide even more great information to consumers, delivering it directly from the experts, right to the reader’s inbox.”

In this inaugural issue, renowned consumer author Carol Smith writes about how to choose a home builder and learning the pros and cons of the three main types of home builders—production, semi-custom and custom. Which one will best meet your needs and help you build your dream project? Find out here.

Also in this issue, Kenneth R. Harney, an award-winning, nationally syndicated real estate columnist, delves into different types of mortgages. Which type of mortgage makes best sense for you? As a writer whose columns regularly appear in 90 different newspapers across the country, Harney is the go-to expert whose guidance on the pros and cons of some of the most popular new alternatives to traditional mortgages is a must-needed read for any prospective homeowner. Read more here.

More great articles in this first edition include: