Tag: home value

Lake Home Renovations that Add the Most Value

Posted on Camille Smith
Photo courtesy of BUILD

If you’re thinking of selling your lake house now or in the distant future, you’re probably wondering what renovations might provide the best return on investment. After all, you don’t want to invest thousands of dollars in renovations that won’t pay off in the end. Some upgrades can backfire on sellers, such as downsizing bedrooms. However, there are some guaranteed ways to add value to your home. Many of these solutions can be DIY rather than professional, lowering the cost. Check out these top four home renovations that add the most value to your lake home.

Kitchen

Photo courtesy of West of Main Design

According to HGTV, a kitchen and bath remodel is a “sure-fire investment.” This is because these spaces are often the messiest once they’ve been lived in, so seeing them polished and refurbished is a huge plus. Erik Kobielnik, a project manager of Marquis Fine Cabinetry, a company that specializes in kitchen and bath renovations, recommends kitchen renovations as the top way to increase your home’s value. He describes the kitchen as the “heart of the home” and says that he has worked on several projects in which a beautiful kitchen design is a primary factor that sold the house. 

To create a more open kitchen, remodel it by knocking down walls and adding an island. April Morse from Weber Company notes that although kitchens are usually the most expensive renovation ($30-50K for an average-sized kitchen), they’re well worth it for the ROI. She says, “Lake homeowners should stick to a natural wood theme in the house with painted touches throughout. This will keep your home in style for a longer period of time.”

Bathroom

Photo courtesy of David M. Banks

Besides the kitchen, the bathroom is a key home renovation that will provide a solid return on investment for your lake home. It’s also a room that will meet any buyer’s scrutiny if it takes on a fresh, updated look. A broken faucet or a rusty bathtub can change a buyer’s mind quickly, so upkeep is paramount for future selling. However, you don’t have to break the bank doing this. You can take specific shortcuts, such as replacing the toilet seat lid without replacing the entire toilet and replacing cracked floor tiles instead of installing a brand new tile. Think of it as a “spot cleaning” for your home. Even simple design changes such as adjusting the lighting or buying a new mirror can make a huge difference.

Landscaping

Photo courtesy of Carvajal Group

Although landscaping is an essential renovation in most traditional homes, it’s even more critical at the lake. Cristina Miguelez, remodeling specialist at Fixr.com says, “This, combined with your home’s exterior, is what makes up your curb appeal.” She mentions a couple of possible renovation directions depending on the state of your landscape. If your landscape is overgrown, cut it back to showcase your home. If your landscape is sparse, consider updating your walkways or adding more plants to the outdoor space. Try adding native plants specifically, as they’ll require less maintenance and are more likely to flourish. Also relevant to landscaping is updating your boat dock, if you have one. If your boat dock is unkempt or looks like you’d be uncomfortable hosting friends on it, it needs to be redone.

Paint

Photo courtesy of @ilona.shorokhova via Twenty20

This one might go unnoticed, but paint provides a high return on investment. Kevin McGuire, the owner of Metro Precision Painting, says, “Interior and exterior painting provides a great ROI because the color and the quality of the paint on your home is typically the first thing a buyer is going to notice. On the contrary, if you have ugly colors, peeling or fading paint, most people will not be able to look past that; thus, it can significantly decrease the value of your home.” Plus, it’s also cheaper than other renovations like remodeling kitchens and bathrooms. In contrast to these rooms, paint is a smaller investment that can yield big returns. For example, an exterior paint job on a 2000 square foot home would usually cost $2.00 for every square foot. You also have the opportunity to customize the paint to your lake house. “Most clients want a beachy feel and would like to bring the outdoors in,” he says. “This is something that you can create if you use the right color scheme.”

If you’re looking to sell your lake home, now is a great time. Be sure to consider these renovation projects to increase your home’s value before putting it on the market!

 

Owning a Pool: Is it Worth it?

Posted on Staff

There are many benefits owning a swimming pool. Buyers may see them as an opportunity to make long-lasting memories or a place to throw great summer parties. Pools can even be a great alternative for when going out on the lake isn’t ideal.

For some, however, pools bring to mind bring various safety and maintenance obligations.

While there are many pros to owning a pool, it’s important to acknowledge the cons.

So let’s dive in. Owning a pool: is it worth it, or not?

Children and Safety

When it comes to owning a pool, child safety is at the forefront of every parent’s mind.

Pools that are easily accessible, like uncovered underground pools, present a potentially fatal hazard.

If you’re buying a home with a swimming pool, or are thinking of installing one at your current residence, consider building a fence around it.

swimming pool with lake view at dusk

Fence posts should be buried and reinforced with concrete for maximum stability.

Younger children, particularly those who cannot swim such as toddlers and crawling babies, are at the highest risk for accidental drowning. To prevent unsupervised access, equip fence your gate with a child-proof latch.

In life, accidents do happen. Babysitters get distracted, moms run to the bathroom and sometimes children are just sneaky. By installing a fence around your pool, you decrease the chances of something happening to someone you love.

No-return investment

Pools are expensive, and sometimes homeowners are unable to earn back the money put into them when their home sells.

Under the right circumstances, a swimming pool can add as much as 7 percent to your home’s value; however, this is more the exception than the rule.

Installation alone can cost more than $30,000. After installation, pool owners must factor in upkeep, seasonal filling/draining and electricity used by the pump and heater.

These reoccurring costs that could potentially add thousands of dollars to your expenses annually.

Additionally, many states require increased liability coverage on homeowner’s insurance when a pool is involved, which can get pretty costly.

According to Dave Ramsey, many buyers see swimming pools not as a luxury but a liability. Instead of thinking of a pool as an investment in your home, Ramsey suggests considering it an investment in your lifestyle.

Health risks

In order to maintain a pool, chemicals must be added to its water.

An average swimming pool should contain sanitizers, oxidizers, water balancers (for pH) and other specialty chemicals like filter cleaners and stain removers.

If not properly handled, these chemicals could cause a variety of medical issues.

Too many, or incorrect amounts of, chemicals can cause poisoning and burns to swimmers’ eyes and skin. Additionally, mishandling concentrated chlorine at above-average amounts can even cause death.

pH levels affect algae and bacteria growth which can also lead to illness.

 

Of course, pools are not all bad.

Their biggest benefit is the joy they can bring to you and your loved ones. But before adding one to your back yard, consider these factors to determine if owning a pool is worth it to you, or not.

 

For more stories on personal swimming pools give our “Brush up on Pool Safety,” and “Long-Term Pool Maintenance” articles a read!

How Energy Efficient Upgrades can Increase Your Home’s Value

Posted on Nerdwallet (LHR Content Provider)

brightly light home exterior

Energy efficiency upgrades can not only shrink your utility bill; they can also increase the value of your home.

Homebuyers are becoming increasingly aware of the benefits of energy-efficient homes.

In fact, they’re often willing to pay more for homes with “green” upgrades, says Sandra Adomatis, a specialist in green valuation with Adomatis Appraisal Service in Punta Gorda, Florida.

Just how much your home will increase in value depends on a number of factors, Adomatis says, like where you live, which upgrades you’ve made and how your home is marketed at sale time.

The length of time to recoup the costs of green upgrades also depends on the energy costs in your area.

In 2014, upgraded homes in Los Angeles County saw a six percent increase in value, according to a study from Build It Green, a nonprofit based in Oakland, California, that works with home professionals.

Upgraded homes in Washington, D.C., saw a two to five percent increase in 2015, according to a study Adomatis authored.

While upgrades like a gleaming new kitchen or a finished basement may give you more bang for your buck than energy-saving features, going green has its benefits. Here’s where you can begin.

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Find out how much energy your home uses

Getting a quick energy assessment or a more thorough energy audit can determine how much energy your home uses, as well as which upgrades would make the most sense for your home and your finances.

An audit may include an energy rating, a number that indicates how energy efficient your home is and how much it will increase if you make recommended upgrades.

The Department of Energy website lists ways to find assessors in your area. The Environmental Protection Agency’s Energy Star program offers assessor and advisory services to help you determine what to upgrade.

Your utility provider may also offer energy audits.

The cost varies depending on location and who’s providing the service. Your utility company may offer an assessment for free or at a discount.

A full audit may run $300 to $500 depending on the complexity, according to Don Knapp, senior marketing manager with Build It Green. You may not want to pay for a full audit unless you’re planning to take advantage of it with major upgrades.

Once you know where you can improve your energy use, begin by making the changes that are most affordable and have a quicker payoff, Adomatis advises. Then consider whether the costlier ones are worth the investment.

Keep in mind that tax credits and financing options are available for energy efficiency improvements.

Here are some common energy upgrades, from least expensive to most.

  1. Insulation. A 2016 Cost vs. Value report from Remodeling magazine found that the average attic air-seal and fiberglass insulation job costs $1,268, with an added value to the home at resale within a year of completion of $1,482. That amounts to a 116 percent return on investment. And according to Energy Star, homeowners can save $200 a year in heating and cooling costs by making air sealing and insulation improvements
  2. Appliances. Your appliances account for about 15 percent of your home’s energy consumption, the DOE says. Certified clothes dryers can save you $245 over the life of the machine, according to Energy Star. A certified dryer from General Electric can run from $649 to $1,399.

When upgrading, look at the kilowatt-hour usage of a new appliance and compare it to your current one — a good Energy Star rating doesn’t necessarily mean it will use less energy than your existing appliance, Adomatis says.

  1. Heating and cooling systems. These systems account for about 43 percent of your energy bill, according to the DOE. Replacement costs for an entire HVAC system — heating, ventilation and air conditioning — vary widely depending on equipment brands and sizing but may run several thousand dollars. Energy Star estimates you can save 30 percent on cooling costs by replacing your central air conditioning unit if it’s more than 12 years old.

While addressing your home’s heating and cooling systems, bear in the mind that leaky duct systems can be the biggest wasters of energy in your home, according to Charley Cormany, executive director of Efficiency First California, a nonprofit trade organization that represents energy efficiency contractors. The cost of a professional duct test typically runs $325 to $350 in California, he says.

  1. Windows. Replacing the windows in your home may cost $8,000 to $24,000, and could take decades to pay off, according to Consumer Reports. You can recoup some of that in resale value and energy savings. Remodeling’s Cost vs. Value report found that installing 10 vinyl replacement windows, at a cost of $14,725, can add $10,794 in resale value. Energy Star estimates that certified windows, doors and skylights can reduce your energy bill by up to 15 percent. If you’ve already tightened the shell of your home, installing a set of new windows may not be worth the cost. But the upgrade may be worth considering if you live in a colder climate.
  2. Solar panels. EnergySage, a company offering an online marketplace for purchasing and installing solar panels, says the average cost of a solar panel system is $12,500. The payoff time and the amount you’ll save will vary depending on where you live. Estimated savings over a 20-year period in Philadelphia, for example, amount to $17,985, while it’s more than twice that amount in Seattle: $39,452, according to EnergySage.

Last: Let Buyers Know

When it comes time to sell, your real estate agent can help you market your home as energy efficient.

Provide your agent with utility bills or your energy rating, if you received one with your audit, to include when describing the house on a multiple listing service, or MLS.

There’s a growing trend in the real estate industry to make energy upgrades visible, Knapp says; energy disclosures are now a common practice in cities like Berkeley, California, and Chicago. “If it’s reflected on the MLS,” Knapp says, “it’s more likely to be reflected in the resale value.”

Bottom line: If you weigh the costs and savings carefully, going green can be worth the investment.

Michael Burge is a staff writer at NerdWallet, a personal finance website. Email: mburge@nerdwallet.com. 

This article was written by NerdWallet and was originally published by The Associated Press.

NerdWallet is a Lake Homes Realty / LakeHomes.com content partner providing real estate news and commentary. Its content is produced independently of Lake Homes Realty and LakeHomes.com.

6 Reasons to Own a Swimming Pool at the Lake

Posted on Staff

You can feel it; the weather is warm and you are getting the itch to swim. Your entire family is ready to splash away their days in the sun.

Healthier Lifestyle

There are many families that purchase a pool for family fun; however, an amazing benefit of a swimming pool is the fitness that automatically comes with the fun.

Families that have a pool are getting much more exercise than those families that do not have one. This offers an overall wellness for the body.

Some great exercises that can be done in a pool are water walking, water jogging and of course swimming.

The resistance offers a low impact exercise. These aquatic exercises offer simultaneous resistance for all muscles in the body, while protecting the joints, as well as the bones.

swimming poolCrystal Clear Waters

While most lakes have crystal clear water, there are some that can get muddy or see some algae growth from time to time.

During these periods,  your swimming pool, whether it is chlorinated or salt water, is guaranteed to have pristine waters. This provides an opportunity for swimming no matter the lake conditions!

Better Sleep

Whether your children struggle with restless nights or you fight insomnia, having a pool will make it much easier to sleep at night.

The pool offers a way for the family to exert their bodies in a fun way in order to wear themselves down for bed.

Scientifically speaking, the water also offers another way to burn energy. The water is cooler than the temperature of the body. This causes the body to exert more energy in order to stay warm.

Visit with Family More Often

When you have a pool, you automatically have a great way to join family and friends together.

Barbecues and birthday are so much more fun when you have something as great as a swimming pool. Your friends and family will be more inclined to come and visit if you have a pool to enjoy together.

Property Value

Many times, depending on your location, a pool can dramatically increase a home’s value. This is particularly the case in warmer locations that provide longer swim seasons.

Consult with a local real estate expert in your area before adding a pool strictly for investment purposes!

Keep the Angler Happy

Is your shoreline and dock that spot the fishing enthusiasts in the family like to hit? If so, the pool allows other family members to swim, without disturbing the fish (and anglers) in the area!

Of course there are many other benefits to owning a pool, but as you can plainly see there are some key benefits that really stand out.

If you do not already have a pool, then you may want to consider investing in one. It has the potential to offer you a happier and healthier life!

 

For more tips on healthy lake living, read our “8 New Year’s Resolutions to Improve Your Home and Health” article!

Home Improvements – Where Should You Start?

Posted on Glenn S. Phillips

Sometimes you get into a house and you start to tinker.

You make a change here, an improvement there. After a while, it starts to take on a new personality, one that matches yours.

Home Improvement: DIYOther times you may be on a tighter budget, and you wonder what will make the most impact on your home, and what will raise the resale value the most.

Here are some of the best home improvements you can make that will pay off whether you are trying to sell your home or not.

Some investments in your home go beyond financial. Some will make your house more comfortable to live in every day. These are investments like new windows and a new roof, to prevent air and water leaks.

A new furnace will be energy efficient and pay for itself in the long run thanks to lowered utility bills each month. It will also keep you warm every day, especially if the one you currently have is very old.

New siding or insulation in an older home can stop leaks and provide a more comfortable living space. Adding a bathroom in a home that currently only has one, opens up your possibilities to home buyers with families.

The fundamentals of a house are actually more important than features are. Everyone has their own idea of beauty, so a new buyer of your lakeside home can customize it to their own vision. They will be more likely to buy if they can step into a home that will be warm and safe, allowing them to take more time on the rest.

While you might think that adding travertine tile or granite counters is the best idea, what actually will get you the most return for your investment, should you choose to sell, is making those rooms functional. If the layout is clunky, no matter how gorgeous the kitchen is, no one will want to gather there. Something as simple as replacing the cabinets or extending the counter space could make a huge improvement.

Many times a buyer will want to have a move-in ready home. This is because after the stress of buying a home, they will want moving to be easy. They can change things, like paint color, as their time permits, but they don’t want to have to worry about whether the roof will leak on their head in the first storm of the year.

They also want to have a nice looking but easy to care for yard that looks good from the street. Maintaining landscaping is much easier for the buyer than starting from scratch.

Something else to consider is what your neighbors are doing in terms of home improvements. Are they just doing the basics, or are they going for extravagant things like a fancy chef’s kitchen or a bi-level deck leading down to the dock? Improvements like this could cause your home to be overlooked by potential buyers.

In the end, you should evaluate how soon you plan to sell your home, or if you plan to stay there for the long term. That will determine what you should do and when.

Having this timeline and knowing that the best improvements you can make are those that shore up the infrastructure, can help you keep tabs on the financial investments you’re making to your home, and make it easier to calculate the potential return you could gain by selling your home.