TIP OF THE MONTH - December 2013

IT PAYS TO RENOVATE
Source: Detroit Free Press Research

REMODELED KITCHEN…………………………........150%
A kitchen update can reward a Seller with a sizable payback.  Just remember though: Splurging on fancy finishing materials or sophisticated equipment may cut into you profit.  Keep it simple.

FIREPLACE…………………………………………......100%
Especially if it is energy-efficient, such as a good gas-powered model, a fireplace holds the promise of cozy family gatherings around the warmth of the hearth.

ROOM ADDITION…………………………………..........80%
For the most attractive return on your investment, the added room should be a family room or a third bedroom.

MASTER SUITE……………………………………….....70%
To keep costs down, try to find extra space by combining existing rooms and spaces.  Heavy structural work entailed by adding space diminishes your return.

EXTERIOR PAINT…………………………………….....50%
Sprucing up tired siding, trim, etc. can take years off the look of an older house.

LAWN AND GARDEN……………………………….....100%
A health, green lawn and a modest but colorful flower bed will entice potential Buyers.  The few hundred dollars invested may yield several thousand in profit.

SECOND BATH…………………………………………..90%
All it takes is a simple 5 X 9 foot second bath to make mornings more civilized for most families.  This is a must-have for today’s Buyers.

REMODELED BATH………………………………60%-80%
A master bath is on many Buyer’s wish lists.  If you have only one bath, install two sinks or a double vanity mirror to handle the morning crowd.

DECK……………………………………………………...70%
Outdoor living space is a desirable asset no matter what the locale.  Low-maintenance decking material leaves lots of leisure time, too.

FINISHED ATTIC…………………………………………50%
You can expect to recoup more of your investment if you make sure the renovation does not detract from the aesthetics of you home.  It is especially attractive as an extra bedroom in a small house.


TIP FROM CROSSETT REAL ESTATE SERVICES

Finished basements are also a very attractive incentive for Buyers. Make sure there are windows above ground with screens for venting-utilities are blended in as to not be obstructive but are assessable. (workshop area, man cave-women cave-children playroom-extra storage) consider installing a bath and plenty of lighting.  Make sure basement area is dry………………….............................................................50% 

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This web page was updated on 12/03/2013.