Updating is a wise investment
When Mike and Carrie Hungerman purchased their home 16 years ago in Cranberry Township, times were different — and so was their house.
"We've steadily made improvements to the home," said Carrie Hungerman. "We've redone the kitchen from the top down."
Although many families redo kitchens and other parts of their homes before listing a property for sale, the Hungermans have taken a different approach, doing ongoing upgrades for their own benefit and to maintain their home's value.
According to realtor A.J. Lynd, the approach is a sensible one.
"Homeowners should remain proactive in making repairs and handling any maintenance issues that may arise," said Lynd of Center Township, a Realtor with Howard Hanna Real Estate Services. "Homeowners should try and put money aside for the major upgrades that are necessary."
If you've lived in your house for awhile, perhaps contacting a good home inspector is the place to start. An inspector's finds might help homeowners prioritize projects. If you don't know one, start with the National Association of Certified Home Inspectors.Talking with a Realtor or an appraiser also can be a way to make sure a project will maintain or enhance a home's value.The experts at Lending Tree say depending on the age of your house, you can expect to spend between 1 and 3 percent of its value every year on maintenance and repair."Your maintenance budget should increase as your house ages, so remember to include funds to replace major systems as required," said Nicole Hall, editor of Lending Tree.com.Foundations and roofs are things that are difficult to inspect, but in the long run minor repairs on these can save about 10 times the cost necessary to replace them, Hall said."Failure to maintain your property will make its value go down by the cost it will take to repair the damage or implement necessary maintenance."Think of maintenance improvements as a way to protect your home's value," she added.
Chuck Swidzinski of Center Township, a Realtor with Prudential Preferred Realty, said updating kitchens and baths is a sure way to retain and improve value, but those jobs can be the most costly."People need to keep in mind as they work on home improvement that sometimes purchases can be made at garage sales and yard sales that can be incorporated into your home that can just change the look and make it more attractive," Swidzinski said.Lynd agrees that kitchens and baths will see the biggest return for investment."Homeowners should do these upgrades to enjoy the use of them and be confident in knowing that they are adding to the value of the investment home," he said.Marilyn Stahl has been a Realtor for 30 years and has been among the Top 10 sales agents with Northwood Realty Services. Though Stahl agrees with Lynd and Swidzinski, she notes there are less expensive ways to invest."One can revamp the look of their kitchen and bath by adding new fixtures or new cabinet hardware and knobs," she said."Fresh caulk and redoing grout in countertops, sinks, baths and showers are a less expensive way to invest in these rooms," she said.
Even a programmable thermostat for about $70 can enhance the value and potentially yield tax savings, she added.Although replacing or cleaning carpets can brighten a room and improve livability, many experts say replacing a carpet has little affect on a home's value.Seasonal maintenance such as winterizing pipes, keeping gutters clear and keeping home pests out, however, can pay off in the long run.And exterior improvements can also give a home some extra clout.Drew Hofler and his wife Tina purchased their home years ago when they came back to the area from Minnesota, wasting little time putting their personal stamp on the exterior. Drew, who is a master craftsman, did much of the work himself.While doing the work yourself can save money, Lynd offers a word of caution."If something is in need of repair or needs replaced, get it done right the first time," he said. "It is best to have it done by someone who knows what they are doing, especially if you have never attempted the project before."Able to do a professional job, Drew designed the couple's back deck and patio area, creating warm inviting spots where the family enjoys entertaining."We've done the work ourselves and really only have the cost of materials invested," said Hofler."Curb appeal is huge," said Stahl. "The upkeep of a home's exterior tells any potential homebuyer how well the interior has been maintained," she added."Keeping retaining walls, sidewalks and driveways intact and safe are important," she said.
Low-cost improvements include adding house numbers, a kick plate to the front door, planters and in-season flowers or landscape lighting or changing the color.But Stahl warns that an untended landscape can do more harm to a home's appearance that no landscaping at all."Having landscaping is great as long as it is maintained," she said.For Saxonburg resident Marcia Koren, whose house is on the market, it is the landscaping that she's is working on currently."I have decluttered, had yard sales and am working on painting the interior and sprucing up the yard," she said about readying her 8-year-old property for sale, since a home that looks dated is also one whose value is compromised."Removing any wallpaper and painting in a neutral tone can help dress up the interior of a room for a fraction of the cost it would take to redo the entire room," said Stahl.Stahl also addressed the issue of garages."Buyers in the region want garages," she said."No one wants to scrape windows or work on their automobile in the elements," she said. "Selling a home that has a garage but no family room is typically easier than selling a home that used to have a garage but now its mom's sewing room."Experts also refer to the adage that buying the cheapest house in a good neighborhood is wise. That way, improvements can increase the home's value, while improvements to the block's most expensive house may not return as much.
