Worst Remodel Projects

Upkeep is more popular than upgrades these days, say the experts at Remodeling Magazine. While there are lots of remodel projects that can increase the value of your home and bring about a nice return on investment, some projects just aren’t worth your time and hard-earned dollars. If you’re thinking of selling, stay away from these remodel projects and opt for the ones that give you the best value.

The standard home office renovation – complete with plenty of built-in storage and high-tech wiring – doesn’t even make it to 50 percent return on investment. If you have an office area opt for something that can be easily converted back into a bedroom or den for (or by) the next buyer. Second, when you're selling, call it a study, den or hobby room. If buyers don’t have home office needs, it will be a confusing space for them.

Sunroom addition. Your first clue: The word "addition.” This typically means expanding the footprint of your home, which is not a renovation for the faint of heart. It’s an expensive project that will only return about 48 percent of the investment and, when compared to other renovations, just isn’t at the top of most buyer’s lists.

The upscale master suite addition also ranks low on the list. While it would be great to wake in a five-star-hotel-quality suite with an attached spa bathroom and a kitchenette, once you see the price tag, it won't be worth it. It was a trend for a while to try and create that luxury resort feel in the master bedroom, but with space and money at a premium, buyers are looking at the points that really matter to them. Plus, while the next buyer may appreciate your luxury accommodations (which could even tip their decision in your home's favor), chances are they won't want to pay the full tab for your recent remodel.

 

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Top Remodels to Increase the Value of your Home

According to Remodeling Magazine ‘s 2013 Cost vs. Value Report, rising home prices mean that homeowners are getting a better return on their remodeling dollar today than a year ago. Homeowners nationwide are getting back an average of 61% of their remodeling dollars when they sell – an encouraging improvement over the last survey in late 2011, when the average project returned 58%. Here we’ll take a look at the home improvement projects experts agree give you the most bang for your buck when increasing the value of your home.

  1. A new steel entry door – Replacing your front door with a stout, 20-gauge steel entry door is the standout improvement project. The best steel doors are surprisingly good-looking, and they add a sense of security to a home, which is why homebuyers value them so highly.
  2. Replace exterior siding with fiber cementIt's no wonder that fiber-cement siding – made of cement, wood fiber and sand – is a hit with homeowners. It's rot-resistant and durable in a wide range of climates. Plus, it’s often backed by a 25- or 30-year warranty.
  3. Wood deck addition A great return on investment here. You get roughly three-quarters of your money back, on average. In fact, in eight of the 81 cities surveyed, homeowners are earning a payback of more than 100%. In nine other cities, the return averaged 87%.
  4. Install a new garage door - You'll get the best bang for the buck these days from exterior replacement projects including doors, windows and exterior siding, according to Remodeling Magazine. It delivers about 76% of the investment back when you sell your home.
  5. Minor kitchen remodel – Your best kitchen remodel for the money is a modest project. A remodel of this nature might include midpriced granite-like countertops and new raised-panel fronts and hardware for the cabinets and drawers. Throw in a new, energy-efficient cooktop and wall oven, new medium-quality faucet and sink, new wall coverings and resilient flooring and repainted kitchen trim and you’re looking at a 75% return when selling.
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Light Rail W Line Opening Expected to Boost Nearby Housing Prices

The anticipated West Rail Line opening in late April will not only make a lot of west side commuters happy, but real estate experts agree that nearby homeowners can also expect significant home appreciation in the next few years.

Industry insiders conclude that homeowners close to light rail stops can expect to see their values increase by nearly five percent in the first year, 10 to 11 percent in the second year and between 15 and 16 percent in the third year following the opening of the line.

Completed eight months ahead of schedule, the W Line is currently undergoing trial runs and emergency responder testing and is slated to open on April 26. The West Line project is part of the FasTracks program, a $4.7 billion comprehensive transit expansion plan that will improve public transportation across eight counties that make up the entire Denver metro area. The West Line is expected to serve 20,000 commuters each day.

It’s been reported that RTD will provide 5,600 parking spaces along the W Line along with an additional $2 million invested by the City of Lakewood to improve bike paths and public art installations planned for the stations, neighborhood walk-up stations, which will make the daily commute much more convenient for passengers.

The new line has proven to be enticing to not only commuters, but Denver businesses as well. In fact, several employers, such as St. Anthony’s Hospital in Lakewood and DaVita in downtown Denver, purposefully sought locations with easy access to the new stations as well as other commercial development projects, bringing thousands of employees to Lakewood each day.

Lakewood city officials agree the line opening will have a very positive impact on the city as well as for homeowners within two to three blocks of the light rail line. It also will be convenient for those on the west side who work in downtown Denver and want to leave their cars at home.

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New Community being built at Sloan’s Lake

Bordered by west 17th and 18th avenues and King Street, a new development called FrameWork at
Sloan’s Lake is being built by Jonathan Alpert, whose family has been involved in real estate in the
Denver area for over 50 years.

The development will include 14 townhomes with about 2,000 square feet each, priced at about
$500,000 and eight single-family homes, each featuring about 3,200 square feet, including the
basements, which will be priced at about $600,000 each.

The community will also include a 12,000-square-foot pocket park for the residents. The developer
hopes homeowners will utilize this space for gardening, though will fill the space with something low-
maintenance and doesn’t need much water should no one care to take advantage of it for that purpose.

The homes are being designed by Studio H:T Architecture of Boulder, which has a reputation for creating
homes that not only have cutting-edge designs, but are very eco-friendly. The homes are slated to be
very sustainable and energy-efficient. They’ll also be built to include solar photovoltaic cells and owners
will have the opportunity to lease solar panels instead of buying them outright.

Because there isn’t a huge inventory in this area at this price range the developer expects a lot of young
professionals, either with young families, or planning to start families, as well as empty nesters, to be
drawn to the homes.

Sloan’s Lake offers a wonderful opportunity for builders. In this particular case, the developer anticipates
that most of the buyers will come from a five-mile radius, or will be moving here from out-of-state. The
location is a perfect environment for someone working downtown, because they can be there in minutes.
At the same time, it is quieter and a little less urban than living in LoDo or somewhere else in the city.

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Denver Home Prices Increase

A recently released home price index report indicated that Denver-area home prices increased 7.8 percent in November 2012 from a year earlier, making it the metro area’s biggest year-over-year price gain since prior to the recession. Additionally, this was the 11th straight month of year-over-year price gains in metro Denver. Local home prices in November were at their highest level since October 2007, according to historic data from the report series.

This latest report gives Denver an index value of 134.5 for November, which means that local home resale prices averaged 34.5 percent higher than they were in the benchmark month of January 2000. The last time the Denver index was that high was in October of 2007, when it stood at 136.09. These prices are for resales of stand-alone single-family homes only, not for new construction or condominiums.

Experts agree that housing demand in the market is very strong right now. Part of that demand increase is made up of relocating people coming to Colorado as many of the state’s premiere companies are taking on new employees.

In November Denver saw greater year-over-year price gains than all but seven of the 20 major cities tracked by index report. The average gain was 5.5 percent. The news is promising as it shows the housing is clearly recovering. Prices are rising as are both new and existing home sales, as the pace of year-over-year price gains in Denver has been picking up speed for several months.

If you’ve been thinking about listing your home this spring, you probably won’t be alone. Real estate industry experts predict that sellers waiting for price gains might get off the fence this year and more inventory should be available for the spring selling season. Though they also agree that there will be some homeowners who will hold out as prices continue to rise.

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Tips for First-Time Sellers

Thanks to tax credits, all-time low mortgage rates and the internet, there is no shortage of helpful resources for the first-time homebuyer. Sellers may not be so lucky. After you’ve purchased your first home and are ready to sell for the first time, what’s next? These tips can help successfully put your house on the market when it’s time for the sale of your first home.

Know your place in the market. Access to real estate information online, through mobile applications and web sites means buyers are more educated than ever. To successfully market your home to these buyers, you should work with an agent who’s familiar with digital marketing tools including social media and mobile apps.

Be organized. Provide potential buyers with your history of improvements, warranties and utility bills that illustrate how you’ve maintained your home. Coming to the table with an abundance of information and being transparent about your home can set you apart from other sellers.

Sweeten the deal. Is there a feature about your home that you absolutely love, but has no place in your new home? Maybe you don’t have the space for the top-of-the-line washer and dryer set or that giant flat screen television. Consider making items like these part of your selling package to give a potential buyer further incentive.

Make sure your home has curb appeal. Showcase your home’s outdoor amenities, whether it’s a front porch, a backyard patio or a child’s play set. Work with your real estate agent to stage these areas so that buyers can visualize themselves there. Capitalize on your improved curb appeal by taking many photos to use in your online marketing.

Do a simple makeover. Clear out clutter, add a fresh coat of paint, clean floors and windows and move out furniture and other personal possessions to a storage unit. Your home must be clean, clutter-free and in show-ready condition so buyers can see themselves living there.

As you transition from a first time buyer to a first time seller, think about your home’s standout features that first caught your eye.  As you put your home on the market, play up those qualities – they attracted you and will likely attract someone else!

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Decking the Halls in a House that’s for Sale

Everyone gets a kick out of walking around the neighborhood and checking out all the holiday decorations. During the Christmas season there are few things that look nicer than a brightly-lit, tastefully-decorated home. But what if your home is on the market during the holidays? Should you decorate as you normally would or perhaps show a little restraint this season?

As with most topics involving buying and selling real estate, there is no right answer on whether or not you should decorate your home this season if you’re trying to sell it. While ultimately it is up to you, if your home is on the market this Christmas, consider these three points before you start to deck the halls.

1. Keep decorations modest – If you do decide to decorate your property for the holidays, it would be wise to be somewhat modest. Keep it simple – perhaps some bright lights and garland. This is enormously appealing and much less garish than overwhelming amounts of lights and blow-up decorations that will likely scare away any prospective homebuyers.

2. Keep holiday photos away from the MLS – Regarding interior decorations, it’s best to show modesty and restraint with the decorations as well – be absolutely certain that decorations do not show up in your MLS photos for the property. Keep in mind that the home may not sell in December, and what looks more appealing than a photo of your Christmas tree in February?

3. Avoid decorating altogether – Rather than beat around the bush and try to incorporate Christmas decorations, some experts think it’s better to avoid them altogether. Admittedly, that approach does have some appeal. After all, you avoid offending any potential buyers, you don’t risk obscuring some of the property’s most impressive features (decorations can be great at covering up fireplaces, columns, etc.) and you allow those buyers to better envision how they would look in the home as its owners.

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New Community Being Built in Stapleton

The community of Stapleton has begun building a new community called Conservatory Green.

Built on the site of Denver’s former airport, Stapleton currently includes 4,500 homes, 14,000 residents and is spread over about 2,300 acres, including 700 acres of parks and open space. In July of this year the developer marked the 10th anniversary of the first residents moving to the neighborhood.

It’s reported that Conservatory Green will have about 500 homes and be located north of the Shops at Northfield retail area. Model homes will be available as early as spring 2013, with homes likely ready for occupancy in late summer or early fall.

Stapleton International Airport was the city's primary airport from 1929 to 1995. When Denver International Airport opened on a huge plot of land in Adams County, the transition left behind a maze of abandoned runways, a terminal and five concourses, hangars, warehouses and travel-dependent hotels — not to mention a significant challenge for redevelopment.

Developers created a 4,700-acre site that emphasized a pedestrian-oriented design with nearly a third of the site reserved for parks and open space.

Many of the buildings on-site proved to be unusable, so after a massive hail storm in 1997 they were torn down. The only remaining original piece of the former airport is the air traffic control tower – something Stapleton is somewhat struggling to figure out what to do with. The consensus is to preserve the tower in some way, making it usable to residents and an attraction to other neighborhood dwellers.

Currently Stapleton's Master Community Association is studying what to do with the 12-story tower and the three-story building at its base that formerly housed offices of the Federal Aviation Administration.

The tower likely would need to be brought up to code, since its existing elevator goes only to the 10th floor, with the top two floors accessible only via a winding staircase.

Proposals include converting the structure into a community arts and cultural center.

 

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Denver Offers Hip Neighborhoods for Young Professionals

Denver was rated one of the top cities for young professionals this year and it’s no surprise given the eclectic mix of neighborhoods our city offers. Dozens of distinctive urban neighborhoods help give Denver its diverse appeal.

One of the popular and culturally rich areas of metro Denver is the Lower Highland (LoHi) neighborhood. Located on the eastern boundary of the popular Highlands, LoHi residents range from young singles, urban professionals and growing families. Numerous art galleries, local retail shops and diverse and authentic dining offer LoHi residents a unique cultural experience.

The emerging Lohi neighborhood is growing in popularity at a rapid pace and is home to highly modern architecture as well as charming Victorian properties. The Highlands pedestrian bridge arcs a dramatic 70 feet above ground and connects the LoHi neighborhood to the sights, sounds and activities of downtown Denver. The accessibility of downtown from LoHi via the Highland’s Bridge has contributed greatly to the rapid growth in the neighborhood.

Another immensely popular and culturally diverse Denver neighborhood is Capitol Hill. Modern high rises, opulent mansions, and converted condominiums make Capitol Hill one of the most densely populated and active urban neighborhoods in Denver. Located just north of downtown Denver, Capitol Hill buildings possess an eclectic charm, with most construction dating back to the 1920s. The resurgence of Capitol Hill popularity began in the 1970s and the historical appeal of the neighborhood is evident today in its nine designated historical districts.

 Cheeseman Park is in close proximity and offers Capitol Hill residents expansive space for outdoor activity. The Colorado State Capitol building with its distinctive gold dome is centered in the neighborhood and gives the area its name. The pedestrian friendly neighborhood of Capitol Hill offers homes at a variety of price points from high rise urban living to stately Gothic mansions. Residents enjoy unlimited conveniences with ready access to downtown nightlife and Cherry Creek  shopping.

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Condominium Staging Tips

Recent reports indicated that area condo prices are on the rise. Metro Denver condo prices rose very fast in 2012 – up 12 percent to $140,000. It’s a promising trend, so if you envision yourself selling your condo in the near future, make it looks fantastic. Here we’ll discuss some staging tips to get your condo sold.

First, make your furniture look fabulous. If your sofa and chairs are dated, worn or spotted, give them a new lease on life with slipcovers. Today retailers offer a superb selection of slipcovers in designer colors and textures for all your needs – sofas, loveseats, ottomans, chairs, recliners, wing chairs, dining chairs, and more.

Make sure to have great lighting and fixtures. Faded lamp shades or shades with torn linings look shabby. Replace them with new shades in a soft neutral tone. New shades can make any room more stylish instantly.

Keep the windows clean and neat. For starters, clean your windows inside and out — even in winter — and keep them sparkling clean. Next, dress your windows with simple panels or smart shades. Avoid heavy or fussy window coverings. They can throw a room out of scale and make your ceilings look lower.

Consider a kitchen facelift. If you have an older kitchen, it’s easy to give it an updated look. Make your dishwasher shine  with a new stainless steel door cover, replace your used stove  top with a new one, add new oven racks and knobs, and more.

Quick tip – add a custom touch with under cabinet lights that feature adhesive backing that allows you to install them quickly with no tools. Versatile, cordless lights are battery powered and turn on and off just by touching them.

Don’t forget the floors. If you have wonderful wooden floors, clean and polish them. If you have old parquet or damaged wood floors, consider hiding them under new wall-to-wall carpet. Check sales in your area for a good price on a basic carpet in neutral tone.

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