Home Renovation Projects

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Find out how the top 5 home improvements rank, plus get tips on maximizing the return at resale!!

Bathroom Remodel

Average return at resale: 102 percent

It costs about $10,500 to replace the tub, tile surround, floor, toilet, sink, vanity and fixtures. You’ll get back an average of $10,700 at resale, a recoup rate of 102 percent.

If you can pipe a child’s name on a birthday cake, you can re-caulk a tub. Use a softener like CAULK-BE-GONE to get rid of the old caulk. Fill the tub with water after you’re done to stretch caulk while it dries.

If your old tub is too large to fit out the door, re-glaze it for a like-new finish. Cost: $300 to $400.

Remove dated wall coverings and apply a fresh coat of paint. For damaged walls, spray-on texture provides quick coverage.

Replace old shower doors or remove them to add the illusion of space. 

Landscaping

Average return at resale: 100 percent

The average homeowner spends about $3,502 for landscaping and $1,465 on a designer, according to the American Nursery Landscape Association.

Not sure where to start? Local garden centers often offer free design services, or ask the neighbors what works for them.

Sod costs about 30 to 35 cents a square foot, so a 5,000 sq. ft. yard would cost about $1,500 to sod. Budget for delivery fee if you buy less than 1,000 sq. ft. of sod.

A splash of color at the front of the house is an eye-catching plus. For maximum impact, use one color and vary the height of plants.

If your doorway is overwhelmed by greenery, get out the shears. Replace overgrown shrubbery with flowering foundation plants, mixing heights and colors for dramatic effect.

A charming focal point like a walkway and fountain adds major value to your property. Roll a sealant on flagstones for a permanent wet look that enhances the color.

Kitchen Remodel

Average return at resale: 98.5 percent

A minor kitchen remodel averages $14,913 for $14,691 at resale, a recoup rate of 98.5 percent. Do a minor remodel when your kitchen needs a cosmetic update and not a drastically different floor plan.

A $15,000 kitchen update covers 30 feet of re-facing for cabinets and drawers, a new wall oven, cooktop, sink and fixtures, laminate countertops and resilient flooring.

Put recessed lights 3’ to 5’ apart on center and 18″ from cabinets to light the countertops. Running the lights between two joists is easier than running through the joists.

If your home is worth more than $500,000, go with stone or trendy glass countertops.

Cover old vinyl with floor leveler so the pattern doesn’t bleed through. You can’t put a second layer of vinyl on if the subfloor is below-grade concrete.

Brighten up the kitchen by sanding and painting existing cabinets. It’s much less expensive than buying new ones. 

Add decorator detail without the cost by changing drapes and window molding. 

Exterior Improvements (Vinyl Siding, Paint, Updated Front Entry)

Average return at resale: 95.5 percent

The average national cost to replace 1,250 sq. ft. of vinyl siding: $7,239. Average return: $6,914, with a recoup rate of 95.5 percent.

A gallon of paint covers 400 sq. ft. of house.

Paint color cards take the guesswork out of choosing the right color combination for doors, trim and siding. 

If your house was painted before 1978, test for lead before sanding or scraping.

Upscale, fiber-cement siding costs $10,393 and returns $10,771 at resale, an even better recoup rate of 103.6 percent

If you need columns to hold up a pergola, purchase the load-bearing type. Fiberglass composite columns are popular and durable. Check salvage yards for unique historic columns.

For an updated look, remove old awnings from windows and doors.

Swap damaged wrought-iron railings for real wood supports for a more inviting entry.

Give a bare, charmless porch a dramatic makeover by adding a pergola and columns.

Deck, Patio or Porch Addition

Average return at resale: 90.3 percent

Adding a 16×20 ft. pressure-treated wood deck with a simple pattern costs about $11,000. At resale, you’ll get about $10,000 of that back, a recoup rate of 90 percent.

Add eye-appeal with decorative planters on the front porch, patio and decks.

Give a courtyard an impressive entry with an inviting gate, lighting and mature plantings. Small improvements will have a big impact at closing.

Use bold plantings to emphasize features, or to distract the eye from flaws.

Run-down stairs lower your profit margin, so make sure porch railings are safe and attractive.

Camouflage unattractive air conditioning units with a wooden trellis.

In the West, the recoup rate reaches nearly 100 percent, but it falls to 83 percent in the South.

 

These are some great projects and tips to increase the value of your home!

June Newsletter

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It is officially June and the start to a new month!

In the June issue of our newsletter you will find events this month, featured listings, market predictions for 2021, and how to follow us on social media.

Click the attachment to check it out!

Please don’t hesitate to reach out with any of your real estate needs or questions.

June Newsletter

Household Budget & Money Saving Tips

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Running a household is an expensive affair, but there are lots of things that you can do to minimize the costs. Lowering your expenses helps you stay within your budget and save for goals like buying a house or adding to your retirement income. Here are eight ways to reduce household expenses.

Bundle Your Services
Have internet, phone, and cable service? Move all of your accounts to one provider, and you could save $20 or more per month. Ask your current providers about bundling offers or visit ​allconnect.com to determine which company is offering the best service bundle in your area, then make the switch and save.
Cut Back on Extras
Do you really need unlimited data on your phone? How about the premium cable or satellite package that you subscribe to? Are you subscribed to multiple streaming services? You could alternate between them instead so you’re only subscribed to one or two at a time. Examine your list of monthly expenses, and determine what you can live without.
Clip Coupons and Shop Sales
Groceries can take a big bite out of a budget, but they don’t have to take a big bite out of yours. To reign in your grocery spending, start clipping coupons and shopping sales. If you’re a first-time couponer, you could save 15% or more. With time, that could increase to as much as 50%. Keep in mind that couponing only makes sense for items you would buy anyway. If you’re buying items you don’t usually shop for, it defeats the purpose.
Most retailers have sales periodically, but some sales are predictable. For example, summer clothes tend to go on sale by August to make room for fall items. Black Friday through Cyber Monday tends to be a good time to buy electronics.
Slash Your Insurance Premiums
Insurance is essential but costly. Shop around for a better auto insurance rate and you may shave hundreds of dollars off of your current premium. Can’t find a better rate? Talk to your current provider to see if there are discounts that you are missing out on. For example, they may offer a discount for having multiple policies, a ​good student discount, and/or a good driver discount. For even more savings, consider increasing your deductible or canceling comprehensive and collision coverage on older vehicles. If you have homeowner’s or renter’s insurance, be sure to review those policies as well.
Get Energy Smart
Do you dread opening your utility bills each month? If so, there’s a lot that you can do to reduce your bill.
  • Install a smart thermostat and set it to run less when no one is home
  • Turn off lights when they aren’t in use
  • Wash your laundry in cold water
  • Turn down the temperature on your hot water heater
  • Only buy ​Energy Star appliances

Start looking around, and you’ll find many ways to reduce your energy consumption and energy bills.

Seek Cheap Thrills
You don’t have to spend a lot of money to have fun, so examine your entertainment spending and see if there are places where you can make cuts. Could you stream movies instead of seeing them in the theater? Enjoy free concerts instead of paid concerts? Check out books at the library instead of buying them? Go on a picnic instead of eating out? Challenge yourself to have more fun for less money—every little bit adds up.
Pay Your Bills on Time
In the habit of paying your bills late? If so, you’re probably paying more than you need to. Start paying your bills on time and say goodbye to late fees and rate hikes.
One option for ensuring your bills are paid on time is using autopay. If your budget is too tight for autopay, consider using calendar reminders to prompt you to pay your bills. If you have access to bill pay through your bank, consider setting it up to make paying bills faster and easier.
Learn How to Do More Yourself
Develop your DIY skills so you can keep your home well maintained without all those pricey service calls. Consider learning tasks like handling clogs, lawn care, painting interior and exterior walls and more.
If home cooking isn’t your thing, consider learning. Try one or two simple recipes per week to build up your skills and confidence.

May Newsletter

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It is officially May and the start to a new month!

In the May issue of our newsletter you will find events this month, featured listings, market predictions for 2021, and how to follow us on social media.

Click the attachment to check it out!

Please don’t hesitate to reach out with any of your real estate needs.

May Newsletter

Functional Spaces at Home

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10 Ways to Make a Room More Functional

  1. Maximize vertical space
    Take advantage of wall height by adding tall bookcases, cabinets or shelves, or by hanging hooks for jackets in the hallway, separate office or study, add a desk in a corner of a bedroom or living room, preferably under a window to take advantage of the natural light and to keep your back turned from distractions like the TV and bed.
  2. Keep traffic paths clear
    Avoid bumping into furniture by creating an efficient layout. Make direct paths to commonly used zones and leave enough space to manoeuvre around each piece of furniture. 
  3. Control clutter
    Get rid of items you no longer need or use, deal with paperwork as it comes in, file important items in labelled folders or boxes, and return everything to its original place when you’re done with it.
  4. Add storage
    Store like items – such as cleaning products or bathroom supplies – in labelled boxes or plastic bins. For particularly unkempt areas, purchase storage options like an over-the-door rack to get shoes off the floor, or a closet-size second shelving unit to stash seasonal clothing.
  5. Create a nook
    If you don’t have the luxury of a separate office or study, add a desk in a corner of a bedroom or living room, preferably under a window to take advantage of the natural light and to keep your back turned from distractions like the TV and bed. 
  6. Use a room for what it’s intended
    Keep the children’s toys in their bedrooms or playroom and out of the living room, do paperwork or homework in a home office or den – not the dining room – and move all of your craft or woodworking projects out of the kitchen and down into the basement or crafts room.
  7. Store items in the rooms in which they’re used
    Keep table linens in the dining room, books and magazines in the den, dish towels in the kitchen, and detergent in the laundry room.
  8. Purchase double-duty furnishings
    Select pieces that are versatile, such as a coffee table with a shelf for magazines and books, a lighting for reading, eating or writing, and for setting the mood.
  9. Have multiple table surfaces
    Rather than having to get out of your chair every time you want a sip of coffee, make sure that there are enough surfaces within arm’s reach of living room seating to hold items such as drinks, books, table lamps and reading glasses.
  10. Purchase efficient lighting
    Ensure that your space has table lamps, floor lamps and other lighting for reading, eating or writing, and for setting the mood.

Thanks for reading!

Questions To Ask When Buying Homeowners Insurance

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For many homebuyers, property insurance is a detail, a box to be checked off on the way to closing. But details are important and missteps can be expensive. Purchasing insurance may not be as fun as choosing new furniture and paint colors, but it’s a critical part of the homebuying process. Your homeowners insurance policy is a financial safety net in case of a disaster, so you’ll want to ask a few important questions to make sure you have the coverage you need at a price you can afford.

What’s the dwelling coverage per square foot?

Imagine that a fire burned your house to the ground and your policy didn’t pay out enough to rebuild it. That could happen if your dwelling coverage – the part of your policy that covers the structure of your home – is too low.

To prevent this, don’t simply accept the initial dwelling coverage amount an insurance company recommends. “Insurance companies use replacement cost calculators, but they’re not 100% accurate by any means,” says Ryan Andrew, president of The Andrew Agency, an independent insurance agency serving Virginia, Maryland and Washington, D.C.

For a more accurate estimate, ask your insurer to send someone to your house for a replacement evaluation, suggests Amy Bach, executive director of United Policyholders, a nonprofit that advocates for insurance consumers. You can also ask a local builder who specializes in new construction to estimate your home’s rebuilding cost per square foot.

Once you’ve chosen an appropriate dwelling limit, consider adding extended replacement cost coverage to your policy. With this coverage, your insurer will pay 10% to 50% more than your dwelling coverage amount to help you rebuild. This could save you thousands of dollars if building prices spike for unforeseen reasons such as a lumber shortage or high demand after a disaster.

A typically pricier option, guaranteed replacement cost coverage, will pay to rebuild your home regardless of expense.

Do I have multiple deductibles?

Homeowners may not realize that on some policies, higher deductibles may apply for claims due to wind, hail, named storms or other disasters.

For example, say a hurricane causes wind damage to your roof. Your insurance policy might have a wind deductible worth 5% of your dwelling coverage rather than the $1,000 deductible that applies to most other claims, Andrew says. So if your house were covered for $250,000, you’d have to pay for the first $12,500 of damage before your insurer paid anything.

Getting quotes from multiple insurers may help you reduce or eliminate these high deductibles.

What isn’t covered?

You might be unpleasantly surprised by your policy’s exclusions. “Flood insurance, which is excluded on almost all homeowners policies, is definitely a big one,” Andrew says, adding that this is especially important for homeowners with finished basements.

Even houses that aren’t near a body of water could experience flooding during heavy downpours, Andrew says, and a standard homeowners policy is unlikely to cover any damage.

You can buy flood insurance through companies that participate in the National Flood Insurance Program. The program’s average flood claim payout was $52,000 in 2019.

Andrew also suggests adding water backup coverage to your policy. This pays for damage due to water backing up into your house from sewer lines, sump pumps or other water lines.

Another common coverage gap involves keeping up with current building laws. “If you have to make improvements when you’re repairing or replacing (your home) because the codes have changed since your house was built, a typical policy will exclude that,” Bach says. Though this can be particularly expensive for older homes, “even a house that was built five years ago is out of code,” Andrew says.

Both Bach and Andrew recommend adding ordinance or law coverage to your policy to handle these expenses.

How can I save?

While having the right coverage is generally more important than paying the bare minimum, there are discounts to make your policy more affordable. Andrew suggests buying your car, homeowners and other insurance through the same company to take advantage of bundling discounts, which can save you 20% or more.

“The best way to bring down the price without sacrificing coverage is to raise your deductible,” Bach says. Being willing to pay for smaller repairs yourself rather than filing claims will help keep your premiums low.

If you’re confused about coverage and discounts, reach out to an insurance agent to talk through your options. “Take a little extra time to understand what it is that you’re purchasing,” Andrew says. “For most people a house is the most expensive asset they have.”

April Newsletter

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It is officially April and the start to a new month!

In the April issue of our newsletter you will find events this month, featured listings, market predictions for 2021, and how to follow us on social media.

Click the attachment to check it out!

Please don’t hesitate to reach out with any of your real estate needs.

 

April Newsletter

What You Will Be Paying For When Buying A Home

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Every for-sale home has a price tag, but there’s much more to the actual cost of buying a house, both when you buy and every month after. Before you make the long-term commitment, it’s important to know the costs of buying a home.

Here are a few of the most prominent — and pricey.

One-Time Costs of Buying a Home

Down payment

The down payment always looms large in your efforts to buy a home. If you can’t make the traditional 20% down payment, you may be able to get a loan with as low as 3% down, but then you face an increased cost of borrowing and higher monthly payments.

Recommended: Put as much money down as you can without exhausting your financial resources for move-in expenses such as furniture, initial maintenance and perhaps a fresh coat of paint. If you need a boost in the down payment department, explore state assistance programs, grants, and different loan options. 

Down payments are often a bit of a compromise, balancing what you can reasonably save over a period of time with your desire to buy a home sooner rather than later.

Closing costs

Closing costs are lender and third-party fees paid at the close of a real estate transaction. 

You will receive an official Loan Estimate from the lenders you comparison shop with that outlines these closing costs ahead of time, so there should be no surprises. And you’ll have time to negotiate some of the costs and shop around for lower fees on others.

There are “no closing cost mortgages,” but you’ll want to consider when that might be a good choice. However the loan is structured, it will increase the monthly payment slightly, which means you’ll pay more over the long term in exchange for paying less at closing.

Ongoing Homeowner Expenses

Mortgage payments

Nearly half of home buyers don’t comparison shop for home loans, according to the Consumer Financial Protection Bureau. That can bloat your monthly mortgage payment and cost you a big chunk of money over time. American home buyers could save $400 per borrower in the first year of a 30-year mortgage by comparing mortgage rates among lenders before applying, according to a NerdWallet analysis.

Monthly payments are the most predictable cost associated with buying a home. One mistake many first-time home buyers make is thinking that, like rent payments, the mortgage is the total sum they owe each month. As you’ll see below, that’s not the case.

Property taxes

The taxman usually comes calling once or twice a year, but property tax laws and policies vary by state and county. Your real estate agent should be able to give you a rundown before you buy.

Local governments can raise property taxes to cover municipal projects or expenses, so don’t assume they’ll stay steady. Increases in the home’s assessed value, whether due to renovations or overall market conditions, also cause property taxes to rise periodically, which could increase your monthly payment if your lender is set up to pay the taxes on your behalf.

Homeowners and hazard insurance

Like taxes, these two types of insurance vary by state and region and can also be built into your monthly mortgage payment. The National Association of Insurance Commissioners estimates that the average annual premium for the most common form of homeowners insurance was almost $1,400 in 2016. Hazard insurance costs will also be determined by the risk factors in your area, such as floods and earthquakes.

You can usually keep your costs lower if you bundle homeowners with your auto or life insurance policies.

Mortgage insurance

If you make a down payment of less than 20%, you’ll have to pay mortgage insurance, which can be up to 2% of the loan amount annually. These premiums protect the mortgage lender in the event you default on the loan.

There can be an upfront amount paid, as well as premiums due each month, lumped in with your loan payment until the remaining principal balance on the mortgage dips below 80% of the home’s value. Your lender may automatically cancel mortgage insurance charges when you owe 78% of the principal or less, but until then, this is an extra cost to factor into your monthly budget.

If you get a loan backed by the Federal Housing Administration, mortgage insurance premiums are likely to be due monthly for the life of the loan.

Utilities and all the rest

Once you’ve crossed the homebuying finish line, you might think you’re clear of the financial hurdles. But there are utilities to pay, maintenance — such as yard care and snow blowing — and the occasional plumbing debacle. Some of these ongoing expenses you can budget for; the surprises, not so much.

You know that emergency fund that financial advisors suggest we all have? You might want to pad it a bit with a homeownership “rainy day” fund. That’s for those little-to-large expenses that insurance won’t cover, such as the water heater that springs a leak in the middle of the night.

Having some money set aside for unexpected household expenditures will help keep you from tapping into your last-resort emergency savings or taking on credit card debt. Consider stowing at least 1% of the home’s market value in savings each year as your long-term household maintenance and repair fund.

March Newsletter

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It is officially March and the start to a new month!

In the March issue of our newsletter you will find events this month, featured listings, market predictions for 2021, and how to follow us on social media.

Click the attachment to check it out!

Please don’t hesitate to reach out with any of your real estate needs.

March Newsletter

Duke Rountree
Rountree Realty Corp.
Broker / Owner
Call / Text 352-572-1739
Info@Search352Homes.com
Search352Homes.com

Home Design Trends

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There are plenty of reasons to look forward to 2021, especially when it comes to the home. After a year that guided many of us to spend more time at home, the new year is an opportunity to bring comfort and creativity to our living spaces. From calming room ideas to stylish (and smart) approaches to home office design, we are predicting 5 of the biggest interior design trends for 2021.

Grandmillennial Grandeur

“Grandmillennial” (modern takes on granny chic) style might be a surprising trend on the surface (it’s the exact opposite of sleek, modern minimalism) – but it actually fits in well with what we’re currently craving in our homes. Cozy details a la grandma’s house, pretty florals, and elegance definitely have a place in the 2021 design landscape.

Plenty of Plants

It seems like 2020 was the year that many of us went back to the basics (hello, green thumbs) and chances are that these primal habits will continue to grow in 2021 – especially when it comes to indoor plants. Incorporating house plants into your decor can help refresh your air and brighten your mood.

Multi-Functional Spaces

This past year has made many of us rethink how we use our rooms. When spending more time at home, it makes less sense to dedicate whole rooms to just one purpose – especially in smaller spaces. With this is mind, we’re betting that we’ll see creative storage and design solutions to help dining room, living rooms, and bedrooms double up as home offices and workspaces. 

Walls on the Wild Side

When it come to interior design trends, we tend to focus a lot on what’s between our walls, but what about what’s on the walls themselves? While paint is always popular, textured, bold, and unusual finishes like floral wallpaper fabric upholstery or even a living wall can add a fresh feel to our spaces in the year to come.

Earthy Tones

You’ve probably picked up on one of the overarching themes for home decor in the year to come: a return to nature and earthy inspiration. This feeling extends to color trends, as warm, comforting color palettes (think wine reds, golden yellows, and sage greens) take precedence.