Cost vs. Value: Which Remodeling Projects Pay Off The Most?

 If you search you will find a multitude of lists with cost vs. value. In these lists you will see that there are a couple of small projects that get near full or better returns. Such as replacing an entry door or garage door. But this can be misleading as they are also pretty minimal in cost, averaging $2,000. Where the average mid range full kitchen remodel is $58,367.
So what mid range high dollar remodeling projects get the best return on your investment? Here is a list of the top 5 based on the national average.

#1 Minor Kitchen Remodel. Cost $21,450 rate of return 72.8%
#2 Replacement Windows. Cost $12,027 rate of return 72.4%
#3 Siding Replacement, (Vinyl) Cost $11,357 rate of return 72.4%
#4 Attic to Bedroom Conversion With Bathroom. Cost $51,428 rate of return 72.2%
#5 Basement Remodel to Finished Space. Cost $64,519 rate of return 70.0%

You are probably wondering where the bathroom remodel is. That would be $16,600 with a return of 64.1% and a bathroom addition is $40,700 with a return of 53.3% However......if you have a 3 bedroom home with only one full bath you may find that a bathroom addition will give you a little higher return. The best thing a bathroom addition will do is add salability and buyer appeal.

Dismantling DETROIT...or.....Exporting Detroit to China?

For Your Protection.... Get A Home Inspection

If you are buying a home in Michigan... there is no law that you have to get a home inspection. However, some agencies will require you to sign a waiver if you choose not to get one. Why? That's simple... To protect themselves.
So why should you pay $300 for something that is not required? That's simple.....To protect yourself.
The home inspector can find things that need to be repaired or replaced and this gives you leverage that your agent will use when negotiating the price.

Some of the things that the inspector should inspect are:
Roof, Exterior, Structure, Plumbing, Electrical, Heating/Fireplace, Air Conditioning, Insulation, Lot grading and the Interior.
Your agent will have a few home inspectors that he/she can refer you to. However.... you are ultimately responsible for selecting the inspector that you use.
The inspector works for YOU, not the seller.
You should ask for references when selecting an inspector.
You should be present during the inspection and ask questions.
 Do your homework and read about what to look for when doing a home inspection. That way when you are following along you will be better educated on what the inspector is looking at.
Ask your agent for a copy of the "Sellers Disclosure Statement" if you do not already have it. (which you should)
 Take note of anything that has been disclosed and give a copy to the inspector. Even if it states that an issue was repaired you should make sure the home inspector is aware that there was at onetime an issue. They should at least be able to verify that any issue was in fact repaired correctly.

5 Reasons Why South Portage Real Estate is HOT!

According to SWMRIC's cumulative data South Portage is a HOT location.

#1) Sales data for 1 month shows that houses sold went up 22.2% and for 1 year houses sold went up 29.4%

#2) Average days on market has gone down 21.7% from 1 year ago with the current average being 94 days.

#3) List price to sold price is up 3.2% from a year ago with the current average being 97%

#4) The graph below shows For Sale/Sold/Pended and as you can see the number of homes for sale is down while the number sold and pended are up from 1 year ago.

#5) Bloomberg published that Portage has seen an 11.6% rise in home values since 2009. However, in South Portage the average sold price is up 19.9% from 15 months ago.

So.....if you are in South Portage and are thinking of selling, for whatever reason, now is a good time.

(if graph does not load, it is because SWMRIC is doing a data update)

Keep in mind the numbers can change from month to month and the numbers here show that the market has trended up from the same time a year ago.