When thinking about Columbia SC home renovations to take on before listing your home for sale, you may think investing in a new kitchen or bath will help ramp up your sale price. But getting back a 100 percent of your investment in the first year after doing the renovations is not guaranteed. You must choose wisely when it comes to Columbia SC home renovations before putting your house on the market.
When it comes to buying a Columbia SC home, there are things buyers need to be aware of. But if you're on the selling end, there are some Columbia SC home improvements you need to think about as well.
A new Consumer Reports survey details many of the do's and don'ts for those buying a Columbia SC home, as well as those selling a Columbia SC home.
Columbia SC home improvements have seen record spending over the past three years due to the resurgence in home equity over that period of time, but spending is set to soften in coming months.
According to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, the center's index, the Leading Indicator of Remodeling Activity (LIRA), projects that annual growth in home improvement spending will decelerate from 6.3 percent in the first quarter of 2015 to 1.6 percent by the third quarter.
Chris Herbert, Managing Director of the Joint Center says, "Homeownership rates continue to slide as lending remains tight and first-time homebuyers are not yet returning to the market." Growth in Columbia SC home improvements and remodeling spending is expected to drop somewhat in 2015 due partly to weakening home sales last year.
However, the Federal Housing Administration's (FHA's) recent announcement of a decrease in their mortgage insurance premiums could spur a new wave of first-time home buying since this is the category of borrowers most affected by mortgage premiums.
Other Factors Affecting Spending on Columbia SC Home Improvements
There are other factors, of course, that contribute to LIRA's outlook for Columbia SC home improvements. Home prices, for example, are still gaining, although not as fast as in previous months. If prices slow further, more buyers could enter the market, purchasing homes that need some remodeling.
House price gains are moderating but still strong and home sales appear to be turning a corner now, all of which bodes well for continued, if more moderate, gains in Columbia SC home improvements for 2015
We have more tips and articles on Columbia SC home improvements in our Columbia SC Home Improvements section to your right under Columbia SC Real Estate Categories. And don't forget, we post daily tips on Facebook and Twitter. Be sure to check us out there as well.
The start of a new year for many also means starting to think about selling their Columbia SC home. Before you just call an agent and have them stick a for sale sign in your yard, or if you're thinking of selling yourself as a FSBO, consider these ways to increase the overall value of your Columbia SC home.
4 Ways to Increase the Value of a Columbia SC Home
Think Green – If repairs and maintenance are on your to-do list for your Columbia SC home, put your money where it counts and think green. If your HVAC system is old and worn out, consider investing in a new and more efficient model. Another green upgrade would be installing a solar-powered water heater that will let you save as much as 85% on your utility bills. Make sure you do this one right though, or you could end up taking a cold shower from time to time.
Consider New Windows – No one likes the idea that they need new windows. But, many people are unaware of the huge impact it has on home value since it's mostly a functional upgrade rather than a visual one. Amazingly though, spending $7,500 to $10,000 on new windows can yield as much as 80 percent return on your investment for your Columbia SC home.
Security is Important – Having the ability to illustrate how key sensors protect the windows and doors along with how you use carbon monoxide sensors, smoke detectors, and flood warning systems generates a strong sense of security and safety for many prospective homebuyers and business owners alike. Therefore, installing a security system in your Columbia SC home will not only make your home much safer, but increase the value of it as well.
Look at Your Front Door – A new front door is the number one way to improve your Columbia SC home and add value according to experts. On average, over 96 percent of what you spend on a new door adds value back into to the value of your Columbia SC home.
Keep in mind it has to be a quality door that suits the existing architecture of the home as well as aesthetically pleasing to the eye. Better yet, sometimes just repainting the front door in a different high-impact color and updating the hardware can have the same effect as buying a new one, in which case you would likely get a 100-percent-plus return on your investment.
These upgrades are key to boosting the potential equity in your Columbia SC home. This is especially true if you’re trying to get it market-ready for selling.
With the forecast of higher mortgage rates on the horizon, now is the time to get your Columbia SC home ready to sell. There may never be a more affordable time for prospective buyers to buy your Columbia SC home than right now.
We have more Columbia SC Home Improvements and Columbia SC Home Selling Tips to your right under our Columbia SC Real Estate Categories. And don't forget, we post daily tips on Facebook and Twitter. Be sure to check us out there as well.
There are three common areas in your Columbia SC home where energy is probably being lost. These energy saving tips focus on entry doors, windows, and your attic access. These are the three most common problem areas.
You can correct and insulate problem areas by following these tips…