7 Renovations You Don’t Want To Waste Your Money On

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Home renovation is a $400 billion business. But that doesn’t mean every renovation is a successful one. So how do you know which ones bring home the ROI and which ones you shouldn’t waste your time – and money – on?


We consult Remodeling magazine’s Cost versus Value Report to find the highest return on investment for home projects. But how about the ones that don’t pay you back?

Here are seven you should be wary of.

1. Mid-Range Bathroom Remodel

“The average cost is $16,634 with an average resale value of $10,668. The cost recouped is 64%,” said WCVB. A high-end bathroom remodel fares even worse, with a $76,429 spend providing a 59.8% ROI.

2. Master Suite Addition

“The average cost is $108,090 and the average resale value is $68,146, putting the cost recouped at 63%,” said WCVB. Where it’s feasible to create an attic bedroom instead, the ROI is significantly better, at 77.2% with $55,696 spent on a midrange project.

3. Family Room Addition

With an average cost of $85,740, a family room addition typically pays back $53,624 for a 62% ROI. Direct those funds toward a deck addition instead, and this desirable amenity will pay you back with an 80.05% ROI and will cost just $10,048 on a midrange project.

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5 Designer Tips For Choosing a Fire Pit

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We’ve all been waiting for the sun to come out so we can enjoy a little more time outdoors. As my clients begin to get their backyard entertaining spaces up and running again, there is almost always talk of a fire pit. There’s just something about gathering around a fire at the end of the evening with some hot chocolate or a glass of wine that’s as warm as the fire itself.

If you’re thinking of adding an outdoor fire pit, here are five quick tips to consider before you get started.

1. Location, Location, Location!
For safety and security, an outdoor fire pit should be at least 10 feet away from the house and shouldn’t be placed on your wooden deck. Some communities have specific requirements about placement in relationship to the house, so check your local city or county website for details.

Next, map out the space you’ll need for the fire pit itself. Outdoor fire pits are generally anywhere between 18 and 48 inches in diameter. You’ll need space for people to sit comfortably around the fire, but remember that people tend to back away from the fire as time progresses. Plan for an additional six to eight feet of space for chairs and movement.

2. All About That Base
Outdoor fire pits come in all kinds of shapes and sizes these days, but they boil down to three base styles:

An actual fire pit is dug into the ground and completed in any of several different finishes (more on that below). These are obviously permanent structures, so plan your backyard layout accordingly.

Coffee table fire pits resemble low tables and, when not in use, they can be covered and used as an actual table.

Raised bowls bring a stylish, artistic element to the space. Whether metal or concrete, deep or shallow, these simple components can be customized for exactly the look you want.

3. Find a Fabulous Finish
You’ll have a lot of choices in terms of materials for your new outdoor fire pit. First, decide whether a mobile or stationary unit is best for your space and the way you entertain.

Mobile fire pits are great when you have the space to move the party, depending on the weather or the view at a particular time of the year. They’re also a great way to try out a fire pit before you invest in a more permanent structure.

Mobile fire pits are almost exclusively made of metal, but can be found with accents and finishes for traditional or contemporary design styles. Rust, patina or paint can be leveraged to customize the look for your particular taste.

Stationary fire pits offer a custom look, and actually become a part of the architecture of the house. Choose a finish that complements the exterior of your home and the outdoor furniture youâll be using.

Stone finishes that resemble slate, natural stone, limestone or even pavers are a safe and solid choice that works well with traditional or transitional spaces. Concrete bowls are trending these days, and look great in more contemporary spaces with an eco-friendly design.

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The Millennial Cometh: Is This Elusive Target Finally Ready To Step Up To Homeownership?

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Homebuyers born between 1981 and 1997 have been as elusive as the Loch Ness monster, and at least as critically studied by a real estate market that needs an influx of young money.

“Instead of representing the 38% to 40% of purchases that real estate industry economists say would have been expected for first-timers, they’ve lagged behind in market share, sometimes by as much as 10 percentage points,” said the L.A. Times.

But is the tide turning? Recent trends may portend an end to the millennial freeze-out.

A Millennial Surge

“Expect the open-house crowds to skew a little younger during this year’s spring homebuying season,” said Bloomberg Business. “Millennials made up 32 percent of the U.S. housing market in 2014, up from 28 percent two years earlier, and have pulled ahead of the older Generation X as the largest segment of buyers.”

The L.A. Times agrees. “Call them the prodigal millennials: Statistical measures and anecdotal reports suggest that young couples and singles in their late 20s and early 30s have begun making a belated entry into the homebuying market, pushed by mortgage rates in the mid-3% range, government efforts to ease credit requirements and deep frustrations at having to pay rising rents without creating equity.”

In fact, rising rents have become so problematic in many areas that younger buyers who previously may not have considered buying now see the benefits.

“Young people are getting squeezed because the gap between rents and incomes is widening to an unsustainable level in many areas of the country,” said Bloomberg Business. “In the past five years, the typical rent jumped 15 percent, while the income of renters increased by just 11 percent.”

On the other end, a stabilized housing market, near-historic-low interest rates, and new incentives are driving millennials toward buying.

“Regulators pushed hard last year to pass measures that make it easier to obtain a mortgage, especially for young first-time buyers,” said CNBC.

Added the L.A. Times: “Key sources of financing for entry-level buyers—the Federal Housing Administration and giant investors Fannie Mae and Freddie Mac—have announced consumer-friendly improvements to their rules. “The FHA cut its punitively high upfront mortgage insurance premiums and Fannie and Freddie reduced minimum down payments to 3% from 5%.”

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Spring Home Prep and Maintenance

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The spring real estate market is picking up. Is your home ready for the many buyers who will see it in the coming days? It’s imperative that your home stands out among all of the others so you’ll get the best offer possible. Don’t leave one stone unturned — inside or out — when it comes to spring home maintenance and preparation. Here’s a checklist to help you prepare:
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Quickly Eliminate Unwanted Odors

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A survey by the Institute of Inspection, Cleaning and Restoration Certification (IICRC) discovered that more than 80 percent of homeowners make a direct correlation between the cleanliness of their floors and their family’s health. However, the organization notes that a major part of preventing airborne contaminants and keeping your home healthy is odor removal. We might remember to take off our shoes or mop during the weekly cleaning routine, but we often overlook other odors in our closets, laundry and even the ones coming from pets. Here are some quick and easy ways to eliminate odors and help keep them away.
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Don’t Let Mortgage Myths Scare You

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The national average for the 30-year fixed-rate mortgage last week was 3.86 percent, according to Freddie Mac’s most recent survey.

Freddie’s Deputy Chief Economist Len Keifer believes 2015 will be a great year, with the highest number of housing sales since 2007. The outlook for 2015 is even better, assuring almost instant equity if you purchase now.

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The Hottest Trends in Outdoor Living

Gone are the days when the yard is used for just a few months. Today, the outdoors are an extension of the indoors, with gracious spaces for eating, lounging, and playing year-round. The latest trends in outdoor living have you covered – literally.

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The Price is Wrong

Selling a house today is like being on a reality show. And that show is called “Everyone’s An Expert.” Especially when it comes to the sales price. If you’re a REALTOR, don’t bother showing neighborhood comparables. The seller clearly knows what the price should be – based on what they owe, what they need to move up to their dream house, or what they simply think it’s worth. Never mind that their “must get” price is way out of the line for their house, their neighborhood, and the real estate market as a whole.

Learn why the Price is Wrong

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JOE KASEL
Sales Executive
612-532-1177
Joe@KaselHomes.com

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