AtoZhomes: December 2015

Wednesday, December 30, 2015

DOES HAVING A GYM IN YOUR HOME ADD VALUE TO YOUR HOME?

It's that time of year of again. Seemingly everyone is dedicating the next few days, weeks, and months to getting in better shape. That being said, traditional gyms are absurdly crowded right now and will most likely be for the next few months.

So how about just building one in your home? Sounds expensive and it probably will be as exercise equipment is both pricey and difficult to move. That being said, as a society we are very unhealthy and many of us are overweight. To combat this there has been a plethora of movements to help prevent obesity. One such movement has been the increase in home gym ownership.

So we have to ask ourselves, "Does having a home gym truly increase the value of my home?" The short answer is absolutely not! In spite of this, it most certainly will increase the desirability of your home to a certain set of buyers. Think of it like a pool. Study after study has revealed that even if you live in Arizona, it still will not increase the real value of your home, only the perceived value. That being said, geography does matter and much like having a pool when it can be over 110 degrees is equivalent to not having to worry about driving to the gym when its -5 degrees outside. For starters I have slipped on ice and knocked myself out walking to the gym. No such worries if you have your own gym!

The fact is that by having a home gym the appeal of your home will increase to a certain subset of buyers. In essence, it's simply a differentiator. The only positive investment would be that of your health. It's one of the few things in life that you can actually control.

Ideas for an ideal exercise room:

First off, it is probably a good idea to get a cardiovascular machine such as a Treadmill, Stairmaster, or an Elliptical machine to get off to a good start as they are by far the most popular machines. Stationary bikes are good as well but they involve sitting which most of us do enough in a day. A yoga mat is an excellent choice as well. A kettle bell, a couple sets of dumbbells, a medicine ball and maybe even a Bowflex (It Really Does Work!) would be more than enough to start your own setup!

If you choose to buy all of the equipment brand new, expect to spend at least $1,500 for lower end equipment. For top of the line gear expect to spend at least double that. Should you buy used equipment, the cost will be much lower. However, shiny equipment would be more enticing to the potential buyer psychologically. As mentioned, it is a great differentiator and that can be the difference between a quick sell and a prolonged and expensive one.

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Housing Rebound: Time for Millennials to Leave the Nest

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Thursday, December 24, 2015

Selling a home in 2016? Here's what you need to know

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Tuesday, December 15, 2015

HOME RENOVATION PROJECTS THAT PROVIDE THE BEST RETURN ON INVESTMENT

It's not hard to daydream about shiny new countertops and fancy new appliances and one of those spa baths with a dozen sprayers and a chic soaker tub, but when it comes to home renovations, the sleek and sexy often take a back seat to the basic and boring. "Basic maintenance, such as the roof and exterior painting, are frequently more important than an awesome kitchen," said HGTV.

That's the takeaway (again) from the latest Cost vs. Value Report from Remodeling Magazine, which tracks average costs and return on investment (ROI) for popular remodeling projects. The top 2016 renovation in terms of money recouped: fiberglass attic insulation, which came in at well over 100% ROI.

"For the first time, a fiberglass insulation attic upgrade was included among the list of 30 home renovation projects evaluated and proved to add the greatest value to the home at 117% of the cost of the project, according to Hanley Wood, publisher of Remodeling Magazine," said KCEN TV.

Sound like a snoozer? Only if saving money - and energy - puts you to sleep.

"This is great news for homeowners, who know that insulation improves the comfort and energy efficiency of their home, but may not know that it adds value as well," said Curt Rich, President and CEO of the North American Insulation Manufacturers Association on KCEN. They estimated that this project would cost "an average of $1,268 nationwide. Real estate pros, meanwhile, estimated the project would increase a home's retail value by an average of $1,482. That's a $116.90 return for every $100 invested."

Key Trends in the 2016 Cost vs. Value Report

Manufactured stone veneer was new to the project list last year and came in at No. 2. It finished in the same position on the 2016 report, with an ROI of 92.9%. Next were:

Midscale garage door replacement (91.5% ROI)

Steel entry door replacement (91.1% ROI and falling from last year's top spot)

Upscale garage door replacement (90.1% ROI)

Notice what they have in common? These four projects are all exterior, which highlights the importance of curb appeal. In fact, "12 of the 15 highest-scoring projects" in this year's report were for "work done on the exterior of the home."

Reflection of the Real Estate Market

Remodeling projects follow the logic of the real estate market overall. Remodeling notes that, "Gains in the new-home market are helping lift the value of remodeling projects even as costs rise." With more money and equity can come more complex undertakings, so some "bigger and more expensive projects" also saw gains this year," they said.

A minor kitchen remodel that costs $20,122 comes in at 83.1% ROI, up from 79.3% last year. A family room addition at a cost, on average, of $86,615 will bring a return of 67.9%, up from last year's return of 64.1%.

But, overall, returns on these more expensive and more extensive projects were limited. By and large, upscale projects are still not providing the kind of return that would compel many homeowners to renovate if they have their eye solely on the bottom line. Among the five projects with the worst returns were:

Midrange bathroom addition (56.2% ROI)

Upscale bathroom addition (56.7% ROI)

Upscale master suite (57.2% ROI)

Upscale bathroom remodel (57.5% ROI)

Not surprisingly, the projects that are easier to accomplish and make the lowest impact on a bank balance continue to dominate the list. "As a general rule, the simpler and lower-cost the project, the bigger its cost-value ratio. Four of the five projects that cost less than $5,000 for a pro to do were ranked in the top five for cost recouped, and the remaining one was the cheapest project in the $5,000-to-$25,000 price range," they said.

"No project costing more than $25,000 ranked better than 15th. This is in part because the simpler projects tend to require less time and skill by a professional remodeler. It stands to reason that it's far easier to replace a steel entry door than it is to design, source, and build a two-story addition."