Home Improvement

Last week I mentioned that Julie and I have a home that has hit the 10-year mark-which means that it’s officially no longer a “new” home by Frisco’s standards. We’re making some maintenance related repairs in addition to considering several updates.  I solicited feedback a few weeks ago and have received some great responses that I wanted to share.
 
Jeff Cheney of Keller Williams has some advice, as well as suggesting home owners reference available online resources, to help them understand the potential rate of return on various improvements.
 
According to HGTV, five improvements deliver the best returns:
 
*102%:  Minor Bathroom remodel which includes updating such things as replacing flooring, reglazing the tub, replacing fixtures/lighting and updating shower doors.
*100%:  Landscaping
*98.5%: Minor Kitchen remodel, which includes refacing/refinishing existing cabinetry and updating things like appliances, countertops, sink/faucet and wall finishing
*95.5%: Exterior improvements, including paint, siding and updating an entry
*93.5%: Attic space to bedroom conversion
 
One may ask that if you can’t get all your investment back, why bother to even make the updates? Similar to good home maintenance, buyers expect well priced homes not to need a ton of work. If the perception is that it will take hours to remove Aunt Nellie’s wallpaper, replace the shag carpet and refinish cabinetry buyers will be looking for a pricing discount commiserate with the effort and cost of updates.
 
Cheney offers words of caution to homeowners around what kind of return you can expect for your neighborhood. “Homeowners should keep in mind any home that is over-improved in relation to the surrounding homes is unlikely to yield a high rate of return. It’s important to note that if you have the most expensive home on the block, your investment will probably not return as much as the upgrading of a less expensive home nearby.”
 
This is right in line with last week’s article that discussed that highly specialized, and often costly, improvements will not always deliver a strong return. Instead, consider the price range and general features of homes in your neighborhood before making any significant updates. While you should certainly makes changes to fit your lifestyle and preferences, it’s always a good practice to take a hard look at what percentage of the money spent on these modifications you would see should you ever have to sell.
 
Next week, we’ll talk about what typically does give you the best return on investment and the rate of return you can generally expect.

Bicycle Rodeo

Frisco Cycling Club members Jeff Ellis and Jaason Hatfield work a bicycle rodeo this weekend held in the Home Depot parking lot in partnership with Richardson Bike Mart. 

Tuesday Morning

Frisco Sunrise Rotary:  We meet at 7:30am each Tuesday morning.  Our October 6th, 2009 meeting will be at the Frisco E.O.C at the Central Fire Station. We will be having breakfast and coffee catered by Cafe Brazil.

Eat for Rotary

Please join Frisco Rotary for lunch and dinner at Half Shells in the Shops at Legacy in Plano on Tuesday, October 6. Half Shells will be donating 15% of the day’s sales to The Rotary Club of Frisco.

Golf for Frisco Cares

Frisco Cares Golf Classic, October 8th. Frisco Cares Children’s Clinic was created in 2005 to address the growing healthcare needs of uninsured children in Frisco and surrounding communities. Frisco Cares is a low-cost health clinic for uninsured children, 18 and younger, living in or attending school in Frisco, Celina, Prosper, or Little Elm.

Golf for Habitat

Habitat for Humanity of South Collin County 4th Annual Golf Tournament. Wednesday, October 14. Shotgun starts at 8:30am Woodbridge Golf Club, Wylie, Texas. $100/person $400/team, includes cart, lunch, raffle and prizes.

Quote by Morris Udall

“For those of you who don’t understand Reaganomics, it’s based on the principle that the rich and the poor will get the same amount of ice. In Reaganomics, however, the poor get all of theirs in winter.” 

 

Had the swine flu yet?

One thing you will learn when you go in for the test, they never really say if you have it- just that you tested positive for influenza and that is one of the strands.  So we received an e-mail from Lucas school on Monday warning that many of the children at the birthday party that weekend were showing flu like symptoms.  Sure enough, Tuesday evening comes along and he has a temp of 104 deg.  Our pediatrician also gave a prescription for our 2 year old as a preventative measure.  Lucas had a tough 1st day of us quarantining him in the upstairs game room but then came to love the freedom he had over the remote and his toy choices, always good to not have to share with your younger brother.  All are well, healthy and awaiting the next new bug to hit the schools.