Home Improvements Costs vs ROI

Many times I have buyers ask me if I update my kitchen how much more can I sell my condo for?  This is a vague question because if all other units in the complex also had updated kitchens and yours if the last one to update, then the value will not be any more than the last sale in the complex.

However, as a general rule the cost of remodeling projects cost 3%.  However, the value of the projects at time of sale rose 4.2%.

Top Projects with the highest return for the project are:

Midrange cost category

  • Attic insulation (fiberglass) (107.7% ROI)
  • Entry door replacement (steel) (90.7% ROI)
  • Manufactured stone veneer (89.4% ROI)
  • Minor kitchen remodel (80.2% ROI)
  • Garage door replacement (76.9% ROI)

Upscale cost category

  • Garage door replacement (85.0% ROI)
  • Entry door replacement (fiberglass) (77.8% ROI)
  • Window replacement (vinyl) (73.9% ROI)
  • Window replacement (wood) (73.0% ROI)
  • Grand entrance (fiberglass) (70.1% ROI)

Easiest to do is attic insulation.  However, I have to admit a nice looking entrance door is always a hit and makes a good first impression to buyers.  Sometimes it is curb appeal that matters most.  Doors, windows, entrance, etc.

So who do you call?  You can try Angie’s List or Home Advisers to seek out professionals for these projects.  Let’s keep more of your money in your pocket.

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What’s happening in Walton County

Statistics can be boring or telling.  I wanted to share with you some statistics of what is happening here in Walton County, Florida.

Sales are up 15.4% overall.  When this happens, prices will follow so while it is still a good time to buy, time it carefully.

The Median price in Walton County right now is $339,950.  Yes, beach front properties can cost millions while properties north of the bay are less.  You always get more for your money across the bay.  Take this instance of the beautiful brick home above priced at $285,000 with a pool.

The average days on the market is currently at 83 days.

We currently have 6.5 months of inventory available to choose from.  A number that keeps coming down as builders struggle to keep up with demand.

If you are looking to buy in Walton County, I would be honored to assist you.

 

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5 Things Buyers Should Not Do

When showing a home, an agent has a responsibility to the other agent to abide by their showing instructions.  This may mean turning all lights off, locking all doors, setting the alarm, and closing all blinds.

  1.  Buyers should not play with locks, alarms, or blinds.

Agents should take good care of the seller’s belongings when showing the property.

2.  Buyers should not open drawers and go through the belongings of the seller.

Agents should keep the buyers all together even if children are present.

3.  Buyers should stay together with their agent and not allow their children to play with another child’s toys or run through a home touching items.

Agent’s should discourage use of the plumbing facilities in the home.

4.  It is impolite of a buyer to use another’s bathroom.  They should plan their time accordingly as much as possible.

Agent’s should discourage buyer’s from making confidential or discouraging remarks about the home until outside.  More and more sellers are using technology to record these remarks.

5.  Buyers should hold their remarks until in private with their agent.

All of these items will assist in negotiating the best deal possible for the buyers.

 

 

 

 

 

 

 

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Covenants and Restrictions

Buyers should receive a copy of the Covenants and Restrictions within so many days of making an offer so that they understand what they are buying into.  A copy of the recent year-end financials and the minutes from the last board meeting are also a clear sign as to whether or not a Homeowners Association or a Condo Association is stable and that there are no new assessments about to be charged to owners.  

In Florida, the disclosures go one step further making it the responsibility of the seller to disclose to a buyer all known facts that materially affect the value of the property. Chapter 718 allows a buyer to void a purchase by delivering written notice of the buyer’s intent to cancel within 3 days after receiving these documents.  

Know your rights as a buyer and work with an Accredited Buyer’s Representative or a Certified Residential Specialist to receive the best service.  These two extra certifications are achieved by extra curriculum classes and achievements that most other agents do not have.  These follow an agent’s name with either ABR or CRS.

 

 

 

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Temperatures at the Beach

You would expect temperatures at the beach to be a little cooler this time of year in the Panhandle.  In fact, we have had lows of 29 degrees, but it doesn’t last long.  The forecast this week is 74 degrees on Thursday.  Can you say Golf or Gulf?  Does not matter, either will be fine this week.

What are your winter temperatures and what do you do to keep yourself optimistic and entertained?

santa-rosa-golf-course

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What’s Ahead

As we get ready to install a new US President, it will bring about many changes in real estate around the country.  There is already talk about repealing the Dodd/Frank Act.  In my opinion this will be a mistake and allow for the beginning of the collapse of real estate as we knew it back in 2005-2009.  It will be the wild, wild, west all over again with lenders giving loans to anyone wanting one without any requirements of having a job, a down payment, or any assets.  Hold on to your seats if this scenario happens.  Yes, real estate will be active again.  We will all be busy, but will it be good for us?

Interest rates are going to be also rising soon.  Talk of this is supposed to happen right after the first of the year.  Even a point can disqualify new home buyers who today can afford a home but tomorrow will not be able to.

What are your thoughts?  Curious to see if anyone is thinking what I am thinking.  May PEACE be with us all.

Kelly

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First Realtor Tour of 2016

I saw some really nice properties today on Realtor Tour in Miramar Beach. I can seriously recommend the following listings:

1.)  320 Scenic Gulf Drive Unit 211 for just $150,000

2.) 266 Eagle Drive in the Fairways at Sandestin for $367,000

3.)  65 St. Martin Circle in Maravilla Complex with its own pool and mother-in-law suite, fully furnished.

4.)  956 Scenic Gulf Drive, Miramar Beach, FL for $549,000

Whatever your budget, we have some really great properties here at the beach.  If you would like more information on any of these, please call, text, or email me at Kelly@KellyKleinSoldMine.com

Have a great day all.  A look from one of the units….

IMG_0712 (2)

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