When you're considering Columbia SC home improvements it's always a good idea to compare the cost of the renovations to what they may add to the resale value. Statistics show that homeowners rarely enjoy a full, dollar-for-dollar monetary appreciation of the cost of most home improvements. Some improvements may assist in selling your home when the time comes, both with a shorter time on the market and at a higher price.
Surprisingly to many homeowners, not all home improvements add value.
Some Columbia SC Home Improvements May Actually REDUCE Value
Many homeowners mistakenly assume that anything added to their homes will improve its appeal, and therefore its selling price. The sad truth is that some so-called "improvements" add little, if any, real value and in reality make your home less desirable to prospective purchasers.
Depending on your home's location — especially if it's in a sought-after subdivision or a popular part of the community — some buyers may be less concerned with things about your home that they can easily and affordably change. But if the changes seem extensive and expensive most buyers will just keep looking for a home more to their liking. That equates, of course, to a longer period of time your home may remain on the market.
Let’s look at five Columbia SC home improvements that may hurt your home’s value:
1 – Overdoing colors. Most real estate agents will tell you that homes with interior walls featuring neutral colors like whites, off-whites, or tans are more appealing to a broader market of homebuyers. No matter what your favorite color may be when you decorated your house, repaint it when you get ready to sell.
2 – Eliminating a bedroom, half-bath, or powder room. At one time — especially with older homes — eliminating smaller rooms may have made sense because it helped the "chopped-up" appearance. Despite the fact that most homeowners today are attracted to larger rooms and more airy, open spaces doing away with a half-bath or a powder room could be a mistake. Furthermore, it's probably never a good idea to reduce the number of bedrooms in your home, even if it's to make a larger master suite.
3 – Don't close in that garage! For years, homeowners have converted garages into living spaces — and many homes have suffered as a result. Today's home buyers like garages, especially if they live in extreme cold, hot and rainy climates. So before you add an enclosed garage to your list of Columbia SC home improvements, step back and reconsider.
4 – Don't "over-personalize" your home. Our homes are, indeed, our castles. Yet when you're ready to sell your castle, remember that everybody's tastes are different. Just like the pink or yellow paint on the walls, not everybody will appreciate the logo of your favorite sports team carved into the fireplace mantle in your man cave! Think about what will be appealing to the largest group of potential buyers before you make those Columbia SC home improvements.
5 – A swimming pool isn't all it's cracked up to be. In certain parts of the country, like Florida, Arizona, or Hawaii, pools are great — even expected in some neighborhoods. But not everybody is enamored with the idea of having a pool in the backyard. Pools are often seen as negatives because of the maintenance costs and potential liability involved.
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Want to save energy and reduce utility bills in your Columbia SC house? Consider these Energy Star home improvement ideas. Not only will you save money, but you’ll help the environment, too.
Energy Efficient Tips for Your Columbia SC House:
Simply replacing a few light bulbs around your Columbia SC house can save more than you may think. Modern Energy Star rated bulbs are more efficient than regular incandescent light bulbs. Experts say if people across the country just replaced bulbs in only one room, it would prevent over a trillion pounds of carbon dioxide from entering the atmosphere.
Purchase a hot water insulation kit at your local hardware store to help save money on water heating costs in your Columbia SC house.
Install an Energy Star approved programmable HVAC thermostat. It will save money by adjusting the heating and cooling temperature of your house when you aren’t home.
Double-check your HVAC system to make sure it’s energy efficient. Ductwork that may have leaks will decrease your energy efficiency and increase you electric bills!
If your refrigerator is ten years old or more, it’s time to upgrade. Because they use more energy than any other home appliance, consider an Energy Star approved refrigerator. They use roughly half the energy of an older, less-efficient refrigerator.
If your HVAC system is more than seven years old, it may be time to replace it. New, Energy Star approved systems use up to 20% less energy than older models.
Energy Star rated washing machines are more efficient than older units. Save energy costs in your Columbia SC house by washing clothes in cooler water. Not only do new model machines use 50% less water, but they can save up to 70% energy per load of clothes. That could mean as much as $100 savings each year.
Make sure you maximize your washer, dryer and dishwasher’s efforts. Remember, it costs just as much to wash or dry a small load as it does a large load, so be smart and save!
Consider new Energy Star insulation and windows to reduce heating and cooling costs. it can help make an older Columbia SC house more energy efficient and modern.
Contact your local power company utility for special incentives, financing offers or rebates being promoted for the purchase and use of Energy Star lighting products, home appliances or heating and air conditioning systems in your Columbia SC house.
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Planning a Columbia SC home improvement project and think you have it what it's going to cost all figured out? Better think again.
We've touched on the importance of making sure you have made a budget in other articles we've posted on this subject. Even when people make a budget, what they often forget is to factor in for the unknown surprises that always seem to crop up.
It's always a good idea to budget 20 to 30 percent over your remodeling estimate so you're covered no matter what. Here's just a sampling of some of the surprises you might encounter when tackling a Columbia SC home improvement job.
Columbia SC Home Improvement – Hidden Horrors
If demolition reveals a colony of creepy pests lurking beneath your drywall, you'll have to call in the pest control experts to evict them before work can move forward. Insects and vermin are just one of the unpleasant surprises you might discover — you never truly know what's going on behind the walls until you tear them out. Prepare for the possibility of mold, faulty wiring or plumbing, asbestos and other pricey pitfalls.
Columbia SC Home Improvement – Storage Issues
You'll need to stash your stuff somewhere while your Columbia SC home improvement work is in progress. If you don't have a garage, attic, basement or a willing friend with a large spare room, you may need to rent an offsite storage unit for the duration of your project. Depending on size and other factors, these units can cost anywhere from $20 to a few hundred dollars a month.
Columbia SC Home Improvement – Higher Utility Bills
Who's electricity powers all those table saws, nail guns, paint sprayers and floor sanders? That's right — yours! In addition, heavy traffic in and out of the house could cause your heating and cooling bills to escalate, especially in hot or cold weather.
Columbia SC Home Improvement – Eating Out
Does your Columbia SC home improvement project include a kitchen makeover? You won't be whipping up meals in your brand new kitchen for a while, and you can spend a small fortune on restaurant meals and takeout in the meantime. Even prepared or microwaveable foods cost significantly more than cooking from scratch, so add this cost into your budget.
Columbia SC Home Improvement – Higher Property Taxes
Major additions or updates, particularly in spaces such as kitchens and baths, can increase your home's assessed value, and that can enlarge your tax bill. Assessors typically get copies of building permit applications, so they'll know about your project and may determine that it warrants upgrading your home's value.
These are just a few of the many costs you may need to factor in when planning the budget for your Columbia SC home improvement project.
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Whether you are looking to sell your Columbia SC home or plan to stay in it for years to come, most homeowners have a running list of projects in mind with the hopes of increasing the appeal, comfort, and value of their Columbia SC home. Regardless of whether you live in a charming old century home or a sleek modern one, there are plenty of ways to improve the value of your Columbia SC home with a wide range of cost and knowledge required to get the job done.
6 Ways for Improving Your Columbia SC Home Value
Remodel the Kitchen
Most real estate agents agree that a kitchen remodel is one of the best ways to increase the value of your Columbia SC home. Remodeling your kitchen may seem like an overwhelming task, but if your budget is limited, start small and work in segments. Consider starting by replacing appliances and adding a new colorful back splash. These are things that can be done with little or no experience in the home improvement business.
Freshen Up the Bathroom
No one likes an old dingy bathroom. If you don't feel the need to, or don't have the funds to do a full remodel, a fresh coat of paint and new rugs and shower curtain can really put a new face on an old bathroom. Take some time to organize and de-clutter. You may want to add some new shelves and mirrors to open up the space.
New Flooring
Hardwood flooring is by far the most popular choice among current home owners. It's easier to maintain and more durable. If cost is a prohibiting factor, laminate flooring or engineered wood looks nice and costs less than real wood flooring.
Replace/Update Windows
New windows will save you money on energy costs and increase the beauty and updated look of your Columbia SC home from the inside out. Find a contractor or a window installation company you trust to help you choose the right windows. Whether you are going for a more classic wooden window look or a sleek modern style, new windows can help you achieve your desired look, but it's probably not a job for the do-it-yourselfer.
Paint
A fresh coat of paint for the interior and exterior of your Columbia SC home is the cheapest way to increase the value of your home. If you are planning to sell, stick with a somewhat neutral color scheme.
Keep Up With Yard Work
Last, but certainly not least, remember that a well groomed yard has significantly more curb appeal than one that is unkept. Simple things like keeping your lawn mowed and flower beds well weeded will greatly increase the appeal of your home. Add some flowers or plants and fresh mulch for a bit of extra color.
We have more tips for home improvements under our Columbia SC Home Improvements section just below our Columbia SC Real Estate Categories in the column to your right.
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With more and more houses getting older and older, how could this aging trend affect Columbia SC home buyers in the future? The Department of Housing and Urban Development's American Housing Survey (AHS) shows that the median age of homes in the United States is now around 35 to 40 years old.
The National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case Columbia SC home buyers will be responsible to update their new residence. Even homeowners who aren't selling will need to consider remodeling for structural and aesthetic reasons.
Columbia SC Home Buyers Face Higher Prices
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn't meet the demand of Columbia SC home buyers.
In December 2014, the average cost of a new home was $298,100 while the cost of an existing home was $209,500. Saving that kind of money on a home purchase allows a Columbia SC home buyer to budget for a remodeling project.
Many Columbia SC home buyers opt to save on remodeling costs by doing things themselves. According to a 2013 American Housing Survey, a homeowner can save more than half the cost of a project by doing it themselves. A professional bathroom remodel runs $8,221 versus a do-it-yourself job at around $3,000. The kitchen, one of the most costly remodeling projects to do, comes in at around $15,000 for the do-it-yourselfer and around $35,821 for a professional to do it for you.
Buying an existing home can put first-time Columbia SC home buyers in a better financial position. Instead of renting until they save up money for that brand new home, they can begin gaining equity in their house and enjoy the benefits of having their own place.
Get more tips and articles designed to help Columbia SC home buyers save money on remodeling jobs in the Columbia SC Home Improvements section below our Columbia SC Real Estate Categories in the column to your right.
Remember, we post tips for Columbia SC home buyers daily on Twitter, and also over at our Facebook Page. We'd love you to check us out there too.