Upgrades: Which Ones are Worth the Money

This article was taken from the Charlotte Observer, and it gives some insight as to which upgrades you should consider, and which ones won't improve the value of your home.
So how can buyers get the most resale value for their money in home upgrades? And which ones probably aren't worth the cost?
---------------------------------------------
Kitchen
Kitchens and bathrooms "are where people will spend most of their money and most of their time and will give you the best return on your investment," said Charlotte interior designer Robin Ehlich, a member of the American Society of Interior Designers. Consider upgrading plumbing fixtures. "The kitchen faucet is probably the most-used fixture in the house, and yet people will want to buy the least expensive one they can," Ehlich said.
Reflect on your cooking habits while you choose your appliances. Most people use the oven less than any other appliance, so don't waste money on a state-of-the-art oven unless you bake frequently. A good-quality, quiet dishwasher is important if your living space is near the kitchen. And if you're more of a take-out or frozen-food chef, choose a high-quality microwave rather than the trophy-kitchen Viking range.
In a lower-priced home, spending extra for nicer cabinets may be a good idea, said Charlotte home appraiser Will Granger. Look for cabinets with cabinet-grade plywood shelving -- not particle or pressed board -- and with a maple or cherry veneer on the outside. If you skimp and go with the lowest-grade cabinets, the shelves will eventually sag under the weight of dishes and cans and the finish won't hold up, Granger said.
A huge no-no, says Granger, is skimping on cabinets in order to splurge on granite countertops. "You don't want to put perfume on a hog," he cautions.Builders are now making granite countertops available at almost every price-point. At homes priced $300,000 and above, upgraded countertops such as granite or Corian are almost expected, experts say, and offer paybacks on resale. But is granite a good pick for your new $150,000 townhouse?
"In lower-priced homes, I don't think granite makes sense -- you're not going to getpayback unless you're in the $300,000-plus range," Granger said. A better choice, he says, is to go for laminate countertops. And if you have small kids, think twice before splurging on stainless-steel appliances that "show every fingerprint," he says.
Saussy Burbank Selections Coordinator Dottie Kirkland tells customers on limited budgets to focus their money on the kitchen. "Everybody wants to see the kitchen in your new house. They don't want to see bedrooms two, three or four -- they want to see the granite." And for customers choosing granite and backsplash tile, Kirkland advises adding under-cabinet lighting.
"It allows you to show off your investment to its best potential," she says.Bath Homebuyers typically fall into one of two categories when it comes to the master bath, says Ehlich, the interior designer.
They either view it as a private retreat worthy of some fancy extras, or they consider it a room nobody but them will ever see and therefore keep it bare-bones.If you're designing the master bath of your dreams, do it for yourself and not as an investment, experts say. As in the kitchen, upgraded ceramic floors, showers and granite in bathrooms don't give payback in the lower-priced homes, said Granger, the home appraiser.
What does make sense? Upgrading the vanity height to 36 inches instead of the standard 33, which will save your back (less bending over) and could give you some payback when it comes time to sell. Cultured or Venetian marble bathroom countertops are good, sturdy options for those who don't want to spring for granite, he said. They're standard in many moderate-priced homes. Downstairs powder rooms are good places to add extras, since they are public areas your guests will see.
If you only have money to upgrade fixtures, lighting or flooring in one bathroom, do it in the powder room, industry experts agree. And buying a low-flow toilet is a great idea from a conservation standpoint, but do some research before you buy, Ehlich warns. Some require two or more flushes to get the waste down.

Flooring
Try to buy the highest-quality carpet pad you can afford, because it will keep your carpet looking newer longer, advises Darrell Childers, director of the KB Home design Studio in Pineville.And if you think you might soon want those hardwood floors, go ahead and get them installed when you buy the house, Childers says.
"You don't want to be having your family try to live through replacing all of your flooring. Maybe you'd have to move out of the home for a week or so," he says. If you've got kids and pets, Granger warns not to spend too much on carpet or hardwoods, but to go for vinyl tile and median-priced carpet you can replace later.

Lighting
The showrooms may have impressive light displays, but it's often better to opt for the standard light fixtures and upgrade later, experts say.
"You should buy a dining room chandelier that goes with your furniture, with your style," Ehlich says. And don't forget about the possibility of bringing your own fixtures with you from a previous house. An electrician can install them for a modest fee. However, if you have the option of adding recessed lighting, ceiling fans or even simply wiring for those upgrades, go for it, industry experts say. That's becauserunning the wires for those lights is much harder -- and costlier -- once thedrywall is installed.
Put lights on the exterior corners of the home with motion sensors because they'll keep thieves away, Granger said.

Structure
"If you have the option of having a two-story foyer or having a bedroom (over the entryway), take the square footage -- don't take the two-story foyer," Granger warns. "You don't get any money back for air over the foyer, but you do get $100 a square foot" for the extra room when it comes time to sell.
If you're trying to decide between spending money on a fancy banister or an extra closet, pick the closet, Ehlich says. If there's an option for extra space, always add it if you can afford it -- even if it's unfinished. Just be sure it is heated and cooled and includes basic rough-in wiring so you or a future buyer can finish it later.
In lower-priced homes, upgrade to the fancier six-panel doors rather than sticking with the flat, flush doors, Granger says. "It dresses the house up."

Thank you,

Marc White
Marc@CedarFallsRealty.com
Cedar Falls Realty, Boone, NC

What is everyone saying about the market...

Over the last 6 months, we have had all types of "professionals" give us their expert opinion on what our market it doing. First off, I would like to say, that no one person is going to predict what every market will do. Our market has slumped in the last few months, Charlotte and other metro North Carolina areas are still in a state of relative growth. But, market predictors such as mortgage information, current buyer’s requests, and elevated sales in areas that previously were drying out (like Florida) are giving many long time professionals a reason to smile. Several REALTORS I have had the pleasure of speaking with from the Florida market have declared their market is starting to move/trend upward again, Hallelujah. This information has been produced in many local papers, but the national media still wants to proclaim the doom and gloom to sale more papers. One professional, John Reinhardt, has stated that the market will return "back to normal" in 2008. The growth of rental prices and market confidence are beginning to rise, which will increase the number of people looking to purchase homes in the next several months. Closer to November, we should see prices and sales begin to constantly rise. Until that time, most markets will see ups and downs until we have moved away from this 'depression'. By the end of 2008, our market will be growing, and in 2009 we will have a strong market.

Some data and quotes were taken from a recent Inman interview. Go to Inmantv.com for more information.

Thank you,

Marc White
Marc@CedarFallsRealty.com
Cedar Falls Realty, Boone, NC

Want more information about Real Estate...

Our Market is ever changing...

Daily we add new information to our market, the number of changes requires an effective and proactive agent who is willing to go the extra mile to help you.

"Give a Little"

A few weeks ago, several Realtors in the area got together and "Gave a Little" of their time and energy to help unload an Eighteen Wheeler full of donated food. The article below explains their efforts, I just wanted to say thanks...

I want to thank all of those who helped us (contributing either time or money). We can't take a whole lot of credit for this work, but when it comes down to it, those who put this together should be commended for their efforts.

Here is a quick link to the Newspaper Article...
http://mountaintimes.com/mtweekly/2008/0228/stepping.php3

Thank you again, to those who show us how to "Give a Little",


Marc White
Marc@CedarFallsRealty.com
Cedar Falls Realty, Boone, NC