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Fixing up and Staging
  Your House to Sell
    Mike Ford
    Licensed Home Improvements Contractor
    Licensed Real Estate Salesperson


      (703) 589-3848
www.TheModelHomeLook.com
mike@themodelhomelook.com
Course Outline – 1st Session
 •   Introduction
 •   Reasons for Improving
 •   Improvement Options
 •   Buyer Expectations
 •   Group Discussion
 •   Case Study


                   www.themodelhomelook.com
                         (703) 589-3848       2
Who is Mike Ford
 Northern Virginia Native

 Bachelor of Sciences degree in Business
 Administration from Old Dominion
 University.

 Licensed Real Estate Agent - Coldwell
 Banker Residential Brokerage.

 Corporate Experience – Fortune 500 Companies – Motorola
 Communications & McKesson Healthcare, National Healthcare
 Trade Association
 Entrepreneur – Owner of The Model Home Look
 Community Volunteer – Youth Sports, Home Owners Association


                              www.themodelhomelook.com
                                    (703) 589-3848             3
The Evolution to Non-Real
Estate Clients
 We don’t want to sell our house, but would like
   it to look like a Model Home.

 Can you help us?


                    YES!

                      www.themodelhomelook.com
                            (703) 589-3848         4
A New Approach
Home Improvements
& Real Estate Sales
We offer our real estate clients the opportunity to
  make improvements that make their homes
  more appealing to prospective home buyers.

We help all of our clients identify the
  home improvements that will have the biggest
  impact on their home’s values.


                         www.themodelhomelook.com
                               (703) 589-3848         5
The Model Home Look – Real
Estate Knowledge is Key

Our clients have been particularly pleased with
  our knowledge of real estate, and appreciate
  the guidance to improvements that provide the
  most significant returns when the time comes
  to sell their homes.




                       www.themodelhomelook.com
                             (703) 589-3848       6
Understanding Home
Values – Trade License




                www.themodelhomelook.com

We help all of our clients identify the home improvements that
will have the biggest impact on their home’s value.



                            www.themodelhomelook.com
                                  (703) 589-3848                 7
The Importance of
Project Management
Many of our clients believe Project Management is
one of the most valuable services that we provide.

 The Project Management Professional (PMP®)
 designation is the profession’s most globally
 recognized and respected credential.


 We handle of every detail of getting homes
 ready for sale!


                        www.themodelhomelook.com
                              (703) 589-3848         8
Student Expectations




             www.themodelhomelook.com
                   (703) 589-3848       9
Course Objective

In this course, we’ll discuss the
  importance of making cost effective
  improvements to improve chances
  of selling in today’s difficult real
  estate market.




                  www.themodelhomelook.com
                        (703) 589-3848       10
Reasons for Improving
Your Home
• Pure Enjoyment
• Maintenance - Small problems often
  lead to large expenses
• Increase probability of selling
• To appeal to homebuyer expectations
• To replace the low quality ―builder
  grade‖ fixtures & amenities

                 www.themodelhomelook.com
                       (703) 589-3848       11
Avoid Costly Mistakes
• Missing out on big money by not
  making the proper upgrades.
• Ignoring simple repairs often lead to
  big problems.
• A job done right the first time is
  always less expensive.



                   www.themodelhomelook.com
                         (703) 589-3848       12
Improvement Discussion
     •   Kitchens
     •   Baths
     •   Paint
     •   Flooring
     •   Exterior & Landscaping
     •   Furnishing
     •   Staging


                 www.themodelhomelook.com
                       (703) 589-3848       13
Minimum Expectations of
Today’s Homebuyers
     Reoccurring Buzz Words in Real
     Estate Advertisements
 •    Updated Kitchen & Baths
 •    Granite Countertops
 •    Stainless Steel Appliances
 •    Hardwood Floors
 •    Open Floor Plan
 •    New Carpet
 •    Fresh Neutral Paint
 •    Show’s Well
 •    Great Curb Appeal
 •    Finished Basement


                            www.themodelhomelook.com
                                  (703) 589-3848       14
Minimum Expectations of
Today's Homebuyers
     What Sellers Can Control
 •   Keep a very clean house
 •   Eliminate pet or food odors
 •   Remove clutter
 •   Maintain the lawn and landscaping
 •   Keep bushes and trees trimmed
 •   Make sure your furniture fits properly in the rooms
 •   Clean windows and remove screens
 •   Turn on lights
 •   Open blinds & curtains before every showing




                           www.themodelhomelook.com
                                 (703) 589-3848            15
Did you you Know?
Within 15 seconds a buyer has
developed an opinion of the
property they visit.


 Buyers must say ―Wow‖ when they
 enter a home!
 • Must reflect today’s homebuyer’s tastes.
 • Must capture the buyer’s emotions!



                       www.themodelhomelook.com
                             (703) 589-3848       16
Public fascination with
Interior Design!
The world is fascinated with interior design. If you
have any doubt, you need only tune into HGTV, or
visit Crate & Barrel, Restoration Hardware and
other retailers.




                         www.themodelhomelook.com
                               (703) 589-3848          17
Kitchen

When remodeling your kitchen for resale,
 steer clear of highly personalized looks
 and outrageous color schemes.
     What to look for:
     •   Traditional Materials
     •   Quality Cabinets
     •   Commercial-look Appliances
     •   Natural Wood or Stone Floors
     •   Granite Countertops

                         www.themodelhomelook.com
                               (703) 589-3848       18
Bathroom
A bath remodel may
be a sure-fire
investment, often
returning the highest
percent of the cost.
• Must be clean, with no visible signs of water
  of mold.
• Caulk and clean grout.
• Replace pink or blue fixtures
• Remove wallpaper

                        www.themodelhomelook.com
                              (703) 589-3848       19
Tip
Tub & Tile Re-Glazing
A fairly inexpensive way to update a
 bathroom is to re-glaze the tub and
 wall tiles.
Re-glazing a typical tub and shower
 will cost less than $1,000.00.



                  www.themodelhomelook.com
                        (703) 589-3848       20
Paint
Buyers spend more time
than you would think
staring at ceilings.

 They are looking for signs of a leaky roof,
 but what you don't want them to see are
 stains from water, grease or smoke and
 ceiling cracks. Same for walls.



                    www.themodelhomelook.com
                          (703) 589-3848       21
Paint
 It's the most cost effective
 improvement you can make!
 • Fix nail pops & cracks
 • 3-color with neutral paint color

 Hire a professional. A
 bad paint job will turn
 off prospective buyers.



                       www.themodelhomelook.com
                             (703) 589-3848       22
Wallpaper
It's not that all buyers hate
wallpaper. They hate your wallpaper
- because it's your personal choice,
not theirs. And they hate all dated
wallpaper. Get rid of it




                 www.themodelhomelook.com
                       (703) 589-3848       23
Wood Paneling
Even if your wood paneling
is not real wood but
composite, you can paint it.

Dated paneling must go. Older wood paneling
such as walnut, mahogany, cedar and pine, it's
all gone out of style.

            Paint it a neutral and soft
            color after priming it.

                         www.themodelhomelook.com
                               (703) 589-3848       24
Textured Ceilings

Older popcorn ceilings with the "sparkles"
often contain asbestos and if disturbed are
health hazards. Say goodbye to it. But
even recently sprayed ceilings turn off
buyers.




                     www.themodelhomelook.com
                           (703) 589-3848       25
Hardwood Flooring &
Carpeting
Hardwood Floors
If your home has hardwood floors, that's what
buyers want, and it would pay to have the carpeting
removed and the floors refinished.
Carpeting
If your sub-floor is plywood, then replace the
carpeting with light tan. Neutral carpeting is your
best bet for resale.

   •Worn or outdated carpet should be replaced
   •Dirty carpet should be cleaned
                        www.themodelhomelook.com
                              (703) 589-3848          26
Tile – Ceramic & Porcelain
The options are truly endless with respect
to color, texture and style of ceramic and
porcelain tiles. The hardest part is deciding
which one best fits with your space!


   The best option for wet
   environments and durability



                        www.themodelhomelook.com
                              (703) 589-3848       27
Roof & Exterior
If your home needs a new roof, bite the bullet
and do it. Even though most roofing tear-off jobs
take one to two days, buyers shy away from
buying a home if the roof needs to be replaced.

   •   Patch cement cracks in sidewalks
   •   Resurface asphalt driveways
   •   Plant flowers
   •   Caulk windows and doors
   •   Replace doorknobs and locks
   •   Fix or paint fences

                         www.themodelhomelook.com
                               (703) 589-3848       28
Landscaping
If people drive by your home and are not
impressed they’re not going to walk inside.

    •   It’s all about curb appeal!
    •   Fresh Mulch
    •   Mow the Lawn
    •   Trim Bushes
    •   Weed


                      www.themodelhomelook.com
                            (703) 589-3848       29
Tip
  Mulch Dye
  Applying mulch dye, which can be
   purchased from a specialty landscape
   supplier, is a low cost way of making
   the mulch look new again.
  Expect to pay about $80.00 per gallon.




                   www.themodelhomelook.com
                         (703) 589-3848       30
Tip
Your home must be clean!

To achieve this level is usually only
  feasible by hiring a cleaning crew. In
  fact, having a cleaning service return
  weekly while your house is for sale is
  probably a pretty good investment.

Get your windows professionally cleaned
  inside and out too.

                    www.themodelhomelook.com
                          (703) 589-3848       31
Tip
 Eliminate Clutter

Clutter makes homes seem smaller and
  disorganized.

Have you ever noticed that the really expensive
  stores seem to have an expansive, clutter-
  free layout, while "cheap" stores are often a
  jumble of merchandise?



                       www.themodelhomelook.com
                             (703) 589-3848       32
Tip
 De-Personalize
 Remove objects that your potential buyers won't be able to
   identify with. For example, political and religious
   items may turn off whole groups of buyers, because
   they cannot "imagine" your home as their home.

 Buying a home is an emotional decision, and you want
   potential buyers to make an emotional connection with
   your home by being able to "see" themselves in it.




                            www.themodelhomelook.com
                                  (703) 589-3848              33
Staging
 Staging is what you do after you've
   cleaned, de-cluttered, painted, made
   repairs; it's all about dressing the
   house for sale.




                   www.themodelhomelook.com
                         (703) 589-3848       34
Basement Makeover




           www.themodelhomelook.com
                 (703) 589-3848       35
New Countertops & Wall Tile




             www.themodelhomelook.com
                   (703) 589-3848       36
Granite Countertops




            www.themodelhomelook.com
                  (703) 589-3848       37
Countertop & Paint




   © 2005 Interior Makeovers




                                         © 2005 Interior Makeovers



                               www.themodelhomelook.com
                                     (703) 589-3848                  38
Basement Improvement




 © 2005 Interior Makeovers




                             © 2005 Interior Makeovers



                               www.themodelhomelook.com
                                     (703) 589-3848       39
Formal Living Room




            www.themodelhomelook.com
                  (703) 589-3848       40
Home Office




              www.themodelhomelook.com
                    (703) 589-3848       41
Hardwood Floors




           www.themodelhomelook.com
                 (703) 589-3848       42
Kitchen Makeover




           www.themodelhomelook.com
                 (703) 589-3848       43
Kitchen Cabinets




            www.themodelhomelook.com
                  (703) 589-3848       44
Kitchen Makeover




           www.themodelhomelook.com
                 (703) 589-3848       45
Kitchen Makeover




           www.themodelhomelook.com
                 (703) 589-3848       46
Kitchen Makeover




           www.themodelhomelook.com
                 (703) 589-3848       47
Kitchen Makeover




           www.themodelhomelook.com
                 (703) 589-3848       48
Kitchen Makeover




           www.themodelhomelook.com
                 (703) 589-3848       49
Kitchen Makeover




           www.themodelhomelook.com
                 (703) 589-3848       50
Bathroom




           www.themodelhomelook.com
                 (703) 589-3848       51
Bathroom Improvement




52
                www.themodelhomelook.com
                      (703) 589-3848
Bathroom




           www.themodelhomelook.com
                 (703) 589-3848       53
Builders have MODEL
HOMES – Why?
TO CREATE SALES



They understand that buyers want a
home in near-perfect ―model home‖
move-in condition where all the buyer
must do is turn the key in the front
door and move in.

                  www.themodelhomelook.com
                        (703) 589-3848       54
Reasons Homeowners
Do Not Invest to Sell
their Home?
• Don’t have the time
• Think it is too costly
• Unsure of which improvements yield the
  highest return
• Believe their personal decoration style is
  appealing to today’s homebuyers
• Believe that a price allowance can be made
  when the home is sold



                       www.themodelhomelook.com
                             (703) 589-3848       55
Fixing Up Your House
  to Sell – Session 2


                 Mike Ford
                 Licensed Home Improvements
                 Contractor
                 Licensed Real Estate Salesperson

(703) 589-3848
What Buyers Want




Highlights from the
NATIONAL ASSOCIATION
OF REALTORS®
2007 Profile of Buyers'
Home Features Preferences
1. What single home
   feature do buyers say
   they want most in a
   new home?
 a)   Walk-in closet in master bedroom
 b)   Central air conditioning
 c)   Backyard
 d)   Fully finished basement


                    www.themodelhomelook.com
                          (703) 589-3848       58
2. What’s the median size
   of homes purchased
   between late 2005 and
   early 2007?
   a)   2,230 square feet
   b)   1,840 square feet
   c)   1,450 square feet
   d)   1,000 square feet

                  www.themodelhomelook.com
                        (703) 589-3848       59
3. Repeat buyers tend to be
   choosier than first-time
   buyers. In particular, repeat
   buyers place much more
   emphasis on these home
   features:
 a)   Fireplaces and air filtration systems
 b)   Bay windows and finished basements
 c)   Oversized garages and master bedroom
      walk-in closets
 d)   Backyards and proximity to entertainment

                       www.themodelhomelook.com
                             (703) 589-3848       60
4. Within three months after
   buying a home, nearly half
   of all buyers remodeled or
   made improvements to
   which part of the house?
    a)   Master Bathroom
    b)   Backyard
    c)   Kitchen
    d)   Home office

                 www.themodelhomelook.com
                       (703) 589-3848       61
5. Which home feature saw
   the biggest jump in buyer
   popularity since 2004, when
   NAR conducted its
   previous buyer preference
   survey?
    a)   High-speed Internet access
    b)   Media room
    c)   Eat-in kitchen
    d)   Oversized garage
                  www.themodelhomelook.com
                        (703) 589-3848       62
6. What three features did
   buyers say they’d be most
   willing to pay extra for in a
   home?
 a)   Proximity to work, a wooded lot, and a
      backyard or play area
 b)   Whirlpool baths, proximity to schools, and a
      deck
 c)   A corner lot, a lawn sprinkler system, and
      high-end kitchen appliances
 d)   Central air conditioning, walk-in closets, and
      hardwood floors


                         www.themodelhomelook.com
                               (703) 589-3848          63
7. A home’s energy
   efficiency is most
   important to which
   segment of buyers?
  a)   Repeat buyers
  b)   Second-home buyers
  c)   New-home buyers
  d)   First-time buyers

                www.themodelhomelook.com
                      (703) 589-3848       64
8. Where do first-time
   home buyers tend to
   purchase a home?
  a)   Rural area
  b)   City or urban area
  c)   Suburb or subdivision
  d)   Small town

                 www.themodelhomelook.com
                       (703) 589-3848       65
9. What’s the most
   common type of home
   purchased?
   a)   Single level
   b)   Split level
   c)   Two levels
   d)   Three levels


                 www.themodelhomelook.com
                       (703) 589-3848       66
10. What did new-home
    buyers most wish their
    home had more of?
   a)   Storage
   b)   Bedrooms
   c)   Kitchen space
   d)   Bathrooms

                 www.themodelhomelook.com
                       (703) 589-3848       67
What single home feature
do buyers say they want
most in a new home?
 a)   Walk-in closet in master bedroom

 b) Central air conditioning
 c)   Backyard
 d)   Fully finished basement



                      www.themodelhomelook.com
                            (703) 589-3848       68
What’s the median size of
homes purchased between
late 2005 and early 2007?
 a) 2,230 square feet
 b) 1,840 square feet
 c) 1,450 square feet
 d) 1,000 square feet


                  www.themodelhomelook.com
                        (703) 589-3848       69
Repeat buyers tend to be choosier
than first-time buyers. In
particular, repeat buyers place
much more emphasis on these
home features:
 a)   Fireplaces and air filtration systems
 b)   Bay windows and finished basements
 c) Oversized garages and master
    bedroom walk-in closets
 d)   Backyards and proximity to entertainment


                            www.themodelhomelook.com
                                  (703) 589-3848       70
Within three months after
buying a home, nearly half of
all buyers remodeled or made
improvements to which part
of the house?
   a) Master Bathroom
   b) Backyard
   c) Kitchen
   d) Home office

                www.themodelhomelook.com
                      (703) 589-3848       71
Which home feature saw the
                 biggest jump in buyer
                 popularity since 2004, when
                 NAR conducted its previous
                 buyer preference survey?
                    a) High-speed Internet access
                    b) Media room
                    c) Eat-in kitchen
                    d) Oversized garage
2/10/2011Mike
                                   www.themodelhomelook.com
Ford
                                         (703) 589-3848
(703) 589-3848                                                72
What three features did
                 buyers say they’d be most
                 willing to pay extra for in a
                 home?
                  a)   Proximity to work, a wooded lot, and a backyard or
                       play area
                  b)   Whirlpool baths, proximity to schools, and a deck
                  c)   A corner lot, a lawn sprinkler system, and high-end
                       kitchen appliances
                  d) Central air conditioning, walk-in
                     closets, and hardwood floors

2/10/2011Mike
                                             www.themodelhomelook.com
Ford
                                                   (703) 589-3848
(703) 589-3848                                                               73
A home’s energy efficiency
                 is most important to which
                 segment of buyers?
                    a)   Repeat buyers
                    b)   Second-home buyers

                    c) New-home buyers
                    d)   First-time buyers



2/10/2011Mike
                                     www.themodelhomelook.com
Ford
                                           (703) 589-3848
(703) 589-3848                                                  74
Where do first-time home
                 buyers tend to purchase a
                 home?
                 a) Rural area
                 b) City or urban area
                 c) Suburb or subdivision
                 d) Small town

2/10/2011Mike
                                    www.themodelhomelook.com
Ford
                                          (703) 589-3848
(703) 589-3848                                                 75
What’s the most common
                 type of home purchased?

                    a) Single level
                    b)   Split level
                    c)   Two levels
                    d)   Three levels



2/10/2011Mike
                                        www.themodelhomelook.com
Ford
                                              (703) 589-3848
(703) 589-3848                                                     76
What did new-home buyers
                 most wish their home had
                 more of?
                     a) Storage
                     b) Bedrooms
                     c) Kitchen space
                     d) Bathrooms


2/10/2011Mike
                               www.themodelhomelook.com
Ford
                                     (703) 589-3848
(703) 589-3848                                            77
What Buyers Want




Highlights from the
NATIONAL ASSOCIATION
OF REALTORS®
2007 Profile of Buyers'
Home Features Preferences
National Association of
                 Realtors Survey
                 • Home buyers were asked about 75 features and room types
                   to assess the importance of each
                 • Buyers who didn’t get a feature they desired in the home
                   they purchased, were asked how much extra they would
                   have been willing to pay to get it
                 • The survey examined home improvement or remodeling
                   projects undertaken by recent buyers
                 • The survey is based on 2,530 responses from buyers who
                   purchased a home in between late 2006 and early 2007
                 • The sample was obtained from Experian, a firm that
                   maintains an extensive database of recent home buyers
                   derived from county records




2/10/2011Mike
                                            www.themodelhomelook.com
Ford
                                                  (703) 589-3848
(703) 589-3848                                                                79
What was Important while
                     searching for a home?
                   It was “very important” to find a home with:

                          Central air conditioning                                   74%

                    Garage with 2 or more spaces                               57%

                 Walk-in closet in master bedroom                            53%

                            Backyard or play area                        50%

                          Cable/Satellite TV-ready                     46%

                       High-speed Internet access                40%




2/10/2011Mike
                                                     www.themodelhomelook.com
Ford
                                                           (703) 589-3848
(703) 589-3848                                                                             80
Oversized Garages are
                 The New Big Thing With
                 Buyers
                 • The most significant
                   change between the
                   previous & current survey
                   in what buyers consider
                   very important is oversized
                   garages (up 16 points)
                 • Hardwood floors, granite
                   countertops, and cable-
                   readiness follow


2/10/2011Mike
                                          www.themodelhomelook.com
Ford
                                                (703) 589-3848
(703) 589-3848                                                       81
Change in Preferences
                 in Time
                            It was “very important” to find a home with:

                                                                                                   74%
                          Central air conditioning                                                73%

                                                                                       57%
                    Garage with 2 or more spaces                       41%

                                                                                     53%
                 Walk-in closet in master bedroom                                  51%

                                                                               50%
                            Backyard or play area

                                                                           46%
                          Bedroom on main level                         42%

                                                                             46%
                          Cable/Satellite TV-ready                     40%

                                                                       40%
                       High-speed Internet access

                                                                 28%
                                 Hardwood floors       21%

                                                           23%                               2007 survey
                  Granite (or similar) countertops   17%
                                                                                             2004 survey


2/10/2011Mike
                                                     www.themodelhomelook.com
Ford
                                                           (703) 589-3848
(703) 589-3848                                                                                             82
Age Makes the Biggest
                 Difference in What Buyers
                 Want
                                                          Walk-in closets for
                                                          older buyers
                 Back yards for younger buyers




2/10/2011Mike
                                                 www.themodelhomelook.com
Ford
                                                       (703) 589-3848
(703) 589-3848                                                                  83
Examples of Differences in Desired
                  Features by Age of the Buyers
                    Separate shower enclosure in master bath                                                     Eat-in kitchen


                                                                 59%
                                                                           55%
                                                       47%                                                                                   44%      43%
                                   38%       37%                                                                          35%       35%
                                                                                                               33%
                          26%                                                                    24%
                 20%
                                                                                      12%



                 18-24    25-34    35-44     45-54     55-64     65-74     75 or      18-24      25-34         35-44      45-54     55-64    65-74   75 or
                                                                           older                                                                     older



                                   Backyard or play area
                                                                                                      Walk-in closet in master bedroom
                                                                                                                                                     71%
                            60%      59%
                                                                                                                                     62%
                   53%                                                                                             57%                       58%
                                                                                                                            53%
                                               45%
                                                                                                         44%
                                                          35%                                 35%


                                                                              17%
                                                                    14%



                                                                                              18-24    25-34      35-44     45-54    55-64   65-74   75 or
                  18-24    25-34     35-44     45-54     55-64     65-74      75 or                                                                  older
                                                                              older




2/10/2011Mike
Ford
(703) 589-3848   The 2007 NAR Profile of Buyers' Home Features Preferences                                                                                   84
Energy Efficiency is Most
                 Important to New-Home Buyers




                     As buyers age, this becomes more important


2/10/2011Mike
                                            www.themodelhomelook.com
Ford
                                                  (703) 589-3848
(703) 589-3848                                                         85
How Important was a Home’s Energy
                                Efficiency When Searching for a Home?

                                            ALL BUYERS                  46%                          46%                    8%




                                         First-time buyers           41%                           49%                  10%

                                           Repeat buyers                  50%                            44%                6%

                                    Buyers of new homes                         65%                             31%          4%

                                 Buyers of existing homes           39%                            52%                      9%



                                                    18-24         32%                        48%                      20%

                                                    25-34           38%                            53%                  10%

                                                    35-44            42%                            51%                     7%
   Age of Home Buyer:
                                                    45-54                  55%                             41%               5%

                                                    55-64                     57%                           39%              3%

                                                    65-74                  56%                            37%               7%

                                               75 or older                      63%                            31%          6%

                                                          Very important            Somewhat important            Not important


     2/10/2011Mike
                                                                                    www.themodelhomelook.com
     Ford
The 2007 NAR 589-3848
                                                                                          (703) 589-3848
     (703) Profile of Buyers' Home Features Preferences                                                                           86
Bigger and Younger

                 From 2004 to 2007, the
                 size of the typical home
                 purchased increased by
                 about 100 square feet

                 The median age of
                 homes purchased
                 decreased from 15 to 12
                 years


2/10/2011Mike
                                            www.themodelhomelook.com
Ford
                                                  (703) 589-3848
(703) 589-3848                                                         87
Characteristics of Homes Purchased
                                                      2007                2004
                                                                      Medians
                           Size of home               1,840 sq. ft.       1,730 sq. ft.
                           Age of home                12 years            15 years
                           Number of levels           2                   1
                           Number of bedrooms         3                   4
                           Number of full bathrooms   2                   2
                           Number of fireplaces       1                   1

                           Central air conditioning   83%                 83%
                           Garage                     82%                 N/A
                           Basement                   41%                 N/A

                           Previously owned           71%                 71%
                           Purchase price (median)    $205,000            N/A

2/10/2011Mike
                                                       www.themodelhomelook.com
Ford
                                                             (703) 589-3848
(703) 589-3848of Buyers' Home Features Preferences
 The 2007 NAR Profile                                                                     88
Detached and Suburban

                   Over four-fifths of homes purchased are
                   detached single-family homes

                   More than half are located in the suburbs




2/10/2011Mike
                                      www.themodelhomelook.com
Ford
                                            (703) 589-3848
(703) 589-3848                                                   89
Type and Location of Homes Purchased

                              Detached single-family
                                                                                                             82%
                                     home

                              Townhouse/row house            7%

                             Apartment/condo in 5 or
                                                             5%
                               more unit building

                            Duplex/apartment/condo
                                                             5%                                   Resort/
                             in 2 to 4 unit building                                            Recreation
                                                                                  Rural area,
                                                                                                 area, 1%
                                                                                     10%
                                                                    Urban/                                           Suburb/
                                                                  Central city,                                    Subdivision,
                                                                     15%                                              53%




                                                                       Small town,
                                                                         20%




2/10/2011Mike
                                                                            www.themodelhomelook.com
Ford
 The 2007 NAR Profile of Buyers' Home Features Preferences                        (703) 589-3848
(703) 589-3848                                                                                                                    90
From the Closing Table to the Home
                 Improvement Store

                 Sixty percent of buyers
                 undertook home
                 improvement projects
                 immediately after the home
                 purchase

                 Median amount spent on
                 home improvement or
                 remodeling projects
                 undertaken within three
                 months of the purchase was
                 $4,350


2/10/2011Mike
                                              www.themodelhomelook.com
Ford
                                                    (703) 589-3848
(703) 589-3848                                                           91
Who Did Home Improvement Projects
                        Within Three Months of Purchase?
                                ALL BUYERS                                  59%


                            First-time buyers                              57%

                              Repeat buyers                                 59%

                       Buyers of new homes                     42%
                   Buyers of existing homes                                       65%


                            Buyers who purchased homes aged:
                             One year or less                  42%

                                  2 to 5 years                       50%
                                 6 to 10 years                             57%
                               11 to 20 years                                    64%
                               21 to 30 years                                           71%

                               31 to 50 years                                           72%

                            51 or more years                                             73%



2/10/2011Mike
                                                     www.themodelhomelook.com
Ford
                                                           (703) 589-3848
(703) 589-3848of Buyers' Home Features Preferences
 The 2007 NAR Profile                                                                         92
Which Home Improvement or
                             Remodeling Projects?

                                    Rooms where improvements were undertaken:
                                             Kitchen                                                          47%
                                         Bathroom(s)                                                      45%
                                         Bedroom(s)                                                     43%
                                         Living room                                 31%
                                         Family room                           22%
                                              Garage                     18%
                                         Home office           14%


                                      Features added or replaced:
                                          Appliances                                              39%
                                             Lighting                                             39%
                                     Floor coverings                                        36%
                                        Landscaping                                        35%
                                   Additional storage              15%
                                            Windows          12%
                                             Fencing         12%




2/10/2011Mike
                                                               www.themodelhomelook.com
Ford
 The 2007 NAR Profile of Buyers' Home Features Preferences           (703) 589-3848
(703) 589-3848                                                                                                      93
Very Important Home
                 Features on the Rise
                   60

                   50

                   40

                   30

                   20

                   10

                    0
                        Granite   Hardwood     Cable       Whirlpool closet/master
                                                            bath

                                             2007   2004

2/10/2011Mike
                                             www.themodelhomelook.com
Ford
                                                   (703) 589-3848
(703) 589-3848                                                                       94
Where Buyers will Pay
                 for Key Features
                 60

                 50

                 40

                 30

                 20

                 10

                  0
                      Hardwood Floors   Granite Countertops   Oversize Garage

                                            2007   2004

2/10/2011Mike
                                              www.themodelhomelook.com
Ford
                                                    (703) 589-3848
(703) 589-3848                                                                  95
Improvement Justification

                 When you consider its value at resale, a
                   home improvement project costs only 20
                   cents to 25 cents on the dollar.
                 The other 75 cents to 80 cents spent on a
                   project goes directly back into the home
                   through increased value — not to
                   mention increased owner enjoyment.
                    Kermit Baker, director of the Remodeling Futures Program at
                    the Joint Center for Housing Studies at Harvard University.


2/10/2011Mike
                                              www.themodelhomelook.com
Ford
                                                    (703) 589-3848
(703) 589-3848                                                                    96
What to Expect to Pay for
                 the Improvements
                   •   Kitchens
                   •   Countertops
                   •   Bathrooms
                   •   Flooring
                   •   Painting
                   •   Decks
                   •   Landscaping
                   •   Maintenance

2/10/2011Mike
                                     www.themodelhomelook.com
Ford
                                           (703) 589-3848
(703) 589-3848                                                  97
Kitchens
                  Basic improvements to your kitchen could be
                  the key to getting your house sold. For most
                  buyers, the kitchen is the heart of the house.

                   • Paint the walls and update the floor if
                     necessary.
                   • Replace old cabinet hardware — a low-
                     cost improvement that makes a big
                     difference in appearance.
                   • Be sure to go with a classic design and,
                     if possible, use high quality materials.
                     Replace dingy-looking or dated cabinets.

2/10/2011Mike
                                         www.themodelhomelook.com
Ford
                                               (703) 589-3848
(703) 589-3848                                                      98
Kitchen Cabinet Refacing
Expect to pay $130 to $150 per
 opening. This means every single
 opening in your kitchen... doors,
 drawer fronts and false fronts. Each
 door is an opening. The average price
 for materials and labor, runs
 anywhere from $4,000 to $8,000
 depending on door style, wood
 species, stain choice, and decorative
 trims.
                  www.themodelhomelook.com
                        (703) 589-3848       99
The Downside to Cabinet
Refacing
1. Limited to existing layout
2. Materials limitations - There generally
   are three finish options: plastic laminates,
   rigid thermofoils (RTF) and wood veneer.
3. Other conditions that rule out refacing
   include existing cabinets that are
   beginning to fall apart or aren't well built
   to begin with; metal cabinets that are
   rusting; and larger structural issues, like
   floors that have settled and left cabinets
   out of kilter.
                      www.themodelhomelook.com
                            (703) 589-3848       100
Kitchen – Midrange Major
Remodel

The average amount spent on a
 midrange update in the U.S.
 is $58,897.00.

  Resale Value - $43,456

             Source: Remodeling 2010–11 Cost vs.
                www.themodelhomelook.com
             Value Report (www.costvsvalue.com)
                       (703) 589-3848              101
Kitchen – Midrange
Major Remodel
•   Update 200-square-foot kitchen
•   30 linear feet of semi-custom wood cabinets
•   3-by-5-foot island
•   Laminate countertops
•   Standard double-tub stainless-steel sink with
    standard single-lever faucet
•   Energy efficient wall oven, cooktop, ventilation
    system, built-in microwave, dishwasher, garbage
    disposal
•   Custom lighting
•   Resilient flooring
•   Painted walls, trim, and ceiling.
                       Source: Remodeling 2010–11 Cost vs.
                          www.themodelhomelook.com
                       Value Report (www.costvsvalue.com)
                                 (703) 589-3848              102
Kitchen – Upscale Major
Remodel

The average amount spent on a
 major kitchen-remodeling
 job in the U.S. is $115,436.


  Resale Value - $69,048

             Source: Remodeling 2010–11 Cost vs.
                www.themodelhomelook.com
             Value Report (www.costvsvalue.com)
                       (703) 589-3848              103
Kitchen – Upscale
Major Remodel
• Update outmoded 200-square-foot kitchen
• 30 linear feet of top-of-the-line custom cherry cabinets with
  built-in sliding shelves and other interior accessories
• Stone countertops
• Imported ceramic- or glass tile backsplash
• Built-in refrigerator, cooktop, and 36-inch commercial grade
  range and vent hood; built-in warming drawer, trash
  compactor, and built-in combination microwave and
  convection oven
• High-end undermount sink with designer faucets
• Built-in water filtration system
• General and task lighting including low-voltage undercabinet
  lights
• Cork flooring, cherry trim.


                           Source: Remodeling 2010–11 Cost vs.
                              www.themodelhomelook.com
                           Value Report (www.costvsvalue.com)
                                     (703) 589-3848              104
Countertop Types
                  Type                           Price Per Square Foot

                 Granite                         $49.00 to $100.00 +
                 Corian®                         $40.00 to $85.00
                 Laminates                       $15.00 to $30.00
                 Engineered Stone (Silestone®)   $70.00 to $120.00
                 Marble                          $69.00 to $79.00
                 Limestone                       Approximately $100.00
                 Soapstone                       $55.00
                 Polished Concrete, Glass        Approximately $80.00
                 (Icestone)
                 Volcanic Lavastone              Starts at $250.00

2/10/2011Mike
                                            www.themodelhomelook.com
Ford
                                                  (703) 589-3848
(703) 589-3848                                                           105
Countertop Types
                 Granite                    The most popular choice. Durable and lots of
                                            color choices
                 Corian®                    Not too popular in the Northern Virginia
                                            market. Has a ―plastic look‖
                 Laminates                  Low end countertop

                 Engineered Stone           Gaining popularity! More color choices than
                 (Silestone®)               in the past
                 Marble                     Italians have been using it for years. Not as
                                            durable as granite
                 Limestone                  Looks great, but not very durable
                 Soapstone                  Looks Great – Scratches easily
                 Polished Concrete, Glass   Glass (Icestone) – Requires more
                 (Icestone)                 maintenance

                 Volcanic Lavastone         Very Expensive

2/10/2011Mike
                                                   www.themodelhomelook.com
Ford
                                                         (703) 589-3848
(703) 589-3848                                                                              106
Bathroom – Midrange
Major Remodel
 A midrange full-bath
  remodeling job in the U.S.
  has an average price tag of
  $17,167.
 Resale Value - $12,052

             Source: Remodeling 2010–11 Cost vs.
                www.themodelhomelook.com
             Value Report (www.costvsvalue.com)
                       (703) 589-3848              107
Bathroom – Midrange
Major Remodel
•   Update an existing 5-by-7-foot bathroom
•   Replace all fixtures
•   30-by-60 inch porcelain-on-steel tub
•   4-by-4-inch ceramic tile surround
•   Single-lever temperature and pressure-
    balanced shower control
•   Standard white toilet
•   Solid-surface vanity counter with integral
    sink
•   Recessed medicine cabinet with light
•   Ceramic tile floor
                      Source: Remodeling 2010–11 Cost vs.
                         www.themodelhomelook.com
                      Value Report (www.costvsvalue.com)
                                (703) 589-3848              108
Bathroom – Upscale
Major Remodel
The average amount spent on a
 major upscale bathroom
 remodeling job in the U.S. is
 $55,398.

  Resale Value - $32,547

             Source: Remodeling 2010–11 Cost vs.
                www.themodelhomelook.com
             Value Report (www.costvsvalue.com)
                       (703) 589-3848              109
Bathroom – Upscale
Major Remodel
•   Expand an existing 35-square-foot bathroom to 100 square feet within existing house footprint. Relocate
    all fixtures
•   42-by-42-inch neo-angle shower
•   Ceramic tile walls with accent strip
•   Recessed shower caddy
•   Body-spray fixtures
•   Frameless glass enclosure
•   Customized whirlpool tub
•   Stone countertop with two sinks; two mirrored medicine cabinets with lighting
•   Compartmentalized commode area with one-piece toilet
•   Humidistat controlled exhaust fan
•   Color fixtures
•   Larger matching ceramic tiles on the floor, laid on the diagonal with ceramic tile base molding
•   General and spot lighting including waterproof shower fixture
•   Custom drawer base and wall cabinets for a built-in look
•   Extend HVAC system
•   Electric in-floor heating and heated towel bars.




                                           Source: Remodeling 2010–11 Cost vs.
                                              www.themodelhomelook.com
                                           Value Report (www.costvsvalue.com)
                                                     (703) 589-3848                                     110
Flooring
                   Hardwood Floors    $7.00 to $12.00 per
                                      square foot
                   Ceramic Tile       $6.00 to $10.00 per
                   Floors             square foot
                   Carpet             $18.00 to $30.00 per
                                      yard
                   Laminate Floors    $6.00 to $12.00 per
                                      square foot
                   Vinyl Floors       $18.00 to $30.00 per
                                      yard


2/10/2011Mike
                                     www.themodelhomelook.com
Ford
                                           (703) 589-3848
(703) 589-3848                                                  111
Paint
                 For most exterior paint jobs, labor makes up about
                   75-85% of the cost of painting your house, while
                   actual paint and supplies makes up only 15-25%.

                 Do not skimp on paint quality when choosing your
                   paint. Paying a few extra bucks per gallon might
                   add $200 to the total job, but if your paint lasts
                   for 8 years instead of 4 years, that is a pretty
                   minor expense to incur.



2/10/2011Mike
                                         www.themodelhomelook.com
Ford
                                               (703) 589-3848
(703) 589-3848                                                          112
Paint
                 Costs typically average $1,500-$3,000
                  for an average single-story, three-
                  bedroom home, but easily run $3,000-
                  $5,500 or more for a multi-story or
                  multi-level larger house.




2/10/2011Mike
                                  www.themodelhomelook.com
Ford
                                        (703) 589-3848
(703) 589-3848                                               113
Inexpensive Tip #6
                 • Adding crown molding, wainscoting
                   and coffered ceilings can have an
                   immediate impact on your home.

                 • Replacing baseboard, casing and chair
                   rail can have a dramatic effect as
                   well.

2/10/2011Mike
                                   www.themodelhomelook.com
Ford
                                         (703) 589-3848
(703) 589-3848                                                114
Decks
                 Installing a deck may be the most cost-
                   efficient way to add square footage to
                   your house, and of all the outdoor
                   home improvements except painting,
                   it may be the most reliable value.
                   Deck additions average $14,728



2/10/2011Mike
                                    www.themodelhomelook.com
Ford
                                          (703) 589-3848
(703) 589-3848                                                 115
New Space
                 As a rule, improvements that increase the
                   functional space of a home hold their
                   value longer than ones that just make a
                   house look better. It's also significantly
                   cheaper than adding an addition to your
                   home.
                 Converting an attic into a bedroom, for
                   example, usually costs about $35,960


2/10/2011Mike
                                       www.themodelhomelook.com
Ford
                                             (703) 589-3848
(703) 589-3848                                                    116
Basement
                 Turning your basement into a room
                  for socializing will set you back,
                  on average, $56,724




2/10/2011Mike
                                 www.themodelhomelook.com
Ford
                                       (703) 589-3848
(703) 589-3848                                              117
Landscaping
                 Fancy gardens — which will require time and
                   money to tend — usually won't add to the
                   offering price.
                 • In general, landscaping is for your own
                   enjoyment. It may be a $40,000 investment,
                   but it will not add $40,000 to the value of
                   your house.
                 • The same goes for expensive fences and
                   stone walls. They look nice, but buyers
                   don't pay up for them.

2/10/2011Mike
                                      www.themodelhomelook.com
Ford
                                            (703) 589-3848
(703) 589-3848                                                   118
Home Maintenance
                 It may not be all that enjoyable, but it's the basic
                    improvements that may have the greatest return on
                    your home's value. "You could have a beautiful
                    new kitchen, but if your roof is leaking, you have a
                    real problem. So if you're thinking of putting your
                    house on the market in the next year or so, be sure
                    to tackle any problems with the home's structure or
                    mechanical systems before you, say, install that
                    hot tub you've always dreamed of.




2/10/2011Mike
                                           www.themodelhomelook.com
Ford
                                                 (703) 589-3848
(703) 589-3848                                                             119

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acecoursefixinguptosell

  • 1. Fixing up and Staging Your House to Sell Mike Ford Licensed Home Improvements Contractor Licensed Real Estate Salesperson (703) 589-3848 www.TheModelHomeLook.com mike@themodelhomelook.com
  • 2. Course Outline – 1st Session • Introduction • Reasons for Improving • Improvement Options • Buyer Expectations • Group Discussion • Case Study www.themodelhomelook.com (703) 589-3848 2
  • 3. Who is Mike Ford Northern Virginia Native Bachelor of Sciences degree in Business Administration from Old Dominion University. Licensed Real Estate Agent - Coldwell Banker Residential Brokerage. Corporate Experience – Fortune 500 Companies – Motorola Communications & McKesson Healthcare, National Healthcare Trade Association Entrepreneur – Owner of The Model Home Look Community Volunteer – Youth Sports, Home Owners Association www.themodelhomelook.com (703) 589-3848 3
  • 4. The Evolution to Non-Real Estate Clients We don’t want to sell our house, but would like it to look like a Model Home. Can you help us? YES! www.themodelhomelook.com (703) 589-3848 4
  • 5. A New Approach Home Improvements & Real Estate Sales We offer our real estate clients the opportunity to make improvements that make their homes more appealing to prospective home buyers. We help all of our clients identify the home improvements that will have the biggest impact on their home’s values. www.themodelhomelook.com (703) 589-3848 5
  • 6. The Model Home Look – Real Estate Knowledge is Key Our clients have been particularly pleased with our knowledge of real estate, and appreciate the guidance to improvements that provide the most significant returns when the time comes to sell their homes. www.themodelhomelook.com (703) 589-3848 6
  • 7. Understanding Home Values – Trade License www.themodelhomelook.com We help all of our clients identify the home improvements that will have the biggest impact on their home’s value. www.themodelhomelook.com (703) 589-3848 7
  • 8. The Importance of Project Management Many of our clients believe Project Management is one of the most valuable services that we provide. The Project Management Professional (PMP®) designation is the profession’s most globally recognized and respected credential. We handle of every detail of getting homes ready for sale! www.themodelhomelook.com (703) 589-3848 8
  • 9. Student Expectations www.themodelhomelook.com (703) 589-3848 9
  • 10. Course Objective In this course, we’ll discuss the importance of making cost effective improvements to improve chances of selling in today’s difficult real estate market. www.themodelhomelook.com (703) 589-3848 10
  • 11. Reasons for Improving Your Home • Pure Enjoyment • Maintenance - Small problems often lead to large expenses • Increase probability of selling • To appeal to homebuyer expectations • To replace the low quality ―builder grade‖ fixtures & amenities www.themodelhomelook.com (703) 589-3848 11
  • 12. Avoid Costly Mistakes • Missing out on big money by not making the proper upgrades. • Ignoring simple repairs often lead to big problems. • A job done right the first time is always less expensive. www.themodelhomelook.com (703) 589-3848 12
  • 13. Improvement Discussion • Kitchens • Baths • Paint • Flooring • Exterior & Landscaping • Furnishing • Staging www.themodelhomelook.com (703) 589-3848 13
  • 14. Minimum Expectations of Today’s Homebuyers Reoccurring Buzz Words in Real Estate Advertisements • Updated Kitchen & Baths • Granite Countertops • Stainless Steel Appliances • Hardwood Floors • Open Floor Plan • New Carpet • Fresh Neutral Paint • Show’s Well • Great Curb Appeal • Finished Basement www.themodelhomelook.com (703) 589-3848 14
  • 15. Minimum Expectations of Today's Homebuyers What Sellers Can Control • Keep a very clean house • Eliminate pet or food odors • Remove clutter • Maintain the lawn and landscaping • Keep bushes and trees trimmed • Make sure your furniture fits properly in the rooms • Clean windows and remove screens • Turn on lights • Open blinds & curtains before every showing www.themodelhomelook.com (703) 589-3848 15
  • 16. Did you you Know? Within 15 seconds a buyer has developed an opinion of the property they visit. Buyers must say ―Wow‖ when they enter a home! • Must reflect today’s homebuyer’s tastes. • Must capture the buyer’s emotions! www.themodelhomelook.com (703) 589-3848 16
  • 17. Public fascination with Interior Design! The world is fascinated with interior design. If you have any doubt, you need only tune into HGTV, or visit Crate & Barrel, Restoration Hardware and other retailers. www.themodelhomelook.com (703) 589-3848 17
  • 18. Kitchen When remodeling your kitchen for resale, steer clear of highly personalized looks and outrageous color schemes. What to look for: • Traditional Materials • Quality Cabinets • Commercial-look Appliances • Natural Wood or Stone Floors • Granite Countertops www.themodelhomelook.com (703) 589-3848 18
  • 19. Bathroom A bath remodel may be a sure-fire investment, often returning the highest percent of the cost. • Must be clean, with no visible signs of water of mold. • Caulk and clean grout. • Replace pink or blue fixtures • Remove wallpaper www.themodelhomelook.com (703) 589-3848 19
  • 20. Tip Tub & Tile Re-Glazing A fairly inexpensive way to update a bathroom is to re-glaze the tub and wall tiles. Re-glazing a typical tub and shower will cost less than $1,000.00. www.themodelhomelook.com (703) 589-3848 20
  • 21. Paint Buyers spend more time than you would think staring at ceilings. They are looking for signs of a leaky roof, but what you don't want them to see are stains from water, grease or smoke and ceiling cracks. Same for walls. www.themodelhomelook.com (703) 589-3848 21
  • 22. Paint It's the most cost effective improvement you can make! • Fix nail pops & cracks • 3-color with neutral paint color Hire a professional. A bad paint job will turn off prospective buyers. www.themodelhomelook.com (703) 589-3848 22
  • 23. Wallpaper It's not that all buyers hate wallpaper. They hate your wallpaper - because it's your personal choice, not theirs. And they hate all dated wallpaper. Get rid of it www.themodelhomelook.com (703) 589-3848 23
  • 24. Wood Paneling Even if your wood paneling is not real wood but composite, you can paint it. Dated paneling must go. Older wood paneling such as walnut, mahogany, cedar and pine, it's all gone out of style. Paint it a neutral and soft color after priming it. www.themodelhomelook.com (703) 589-3848 24
  • 25. Textured Ceilings Older popcorn ceilings with the "sparkles" often contain asbestos and if disturbed are health hazards. Say goodbye to it. But even recently sprayed ceilings turn off buyers. www.themodelhomelook.com (703) 589-3848 25
  • 26. Hardwood Flooring & Carpeting Hardwood Floors If your home has hardwood floors, that's what buyers want, and it would pay to have the carpeting removed and the floors refinished. Carpeting If your sub-floor is plywood, then replace the carpeting with light tan. Neutral carpeting is your best bet for resale. •Worn or outdated carpet should be replaced •Dirty carpet should be cleaned www.themodelhomelook.com (703) 589-3848 26
  • 27. Tile – Ceramic & Porcelain The options are truly endless with respect to color, texture and style of ceramic and porcelain tiles. The hardest part is deciding which one best fits with your space! The best option for wet environments and durability www.themodelhomelook.com (703) 589-3848 27
  • 28. Roof & Exterior If your home needs a new roof, bite the bullet and do it. Even though most roofing tear-off jobs take one to two days, buyers shy away from buying a home if the roof needs to be replaced. • Patch cement cracks in sidewalks • Resurface asphalt driveways • Plant flowers • Caulk windows and doors • Replace doorknobs and locks • Fix or paint fences www.themodelhomelook.com (703) 589-3848 28
  • 29. Landscaping If people drive by your home and are not impressed they’re not going to walk inside. • It’s all about curb appeal! • Fresh Mulch • Mow the Lawn • Trim Bushes • Weed www.themodelhomelook.com (703) 589-3848 29
  • 30. Tip Mulch Dye Applying mulch dye, which can be purchased from a specialty landscape supplier, is a low cost way of making the mulch look new again. Expect to pay about $80.00 per gallon. www.themodelhomelook.com (703) 589-3848 30
  • 31. Tip Your home must be clean! To achieve this level is usually only feasible by hiring a cleaning crew. In fact, having a cleaning service return weekly while your house is for sale is probably a pretty good investment. Get your windows professionally cleaned inside and out too. www.themodelhomelook.com (703) 589-3848 31
  • 32. Tip Eliminate Clutter Clutter makes homes seem smaller and disorganized. Have you ever noticed that the really expensive stores seem to have an expansive, clutter- free layout, while "cheap" stores are often a jumble of merchandise? www.themodelhomelook.com (703) 589-3848 32
  • 33. Tip De-Personalize Remove objects that your potential buyers won't be able to identify with. For example, political and religious items may turn off whole groups of buyers, because they cannot "imagine" your home as their home. Buying a home is an emotional decision, and you want potential buyers to make an emotional connection with your home by being able to "see" themselves in it. www.themodelhomelook.com (703) 589-3848 33
  • 34. Staging Staging is what you do after you've cleaned, de-cluttered, painted, made repairs; it's all about dressing the house for sale. www.themodelhomelook.com (703) 589-3848 34
  • 35. Basement Makeover www.themodelhomelook.com (703) 589-3848 35
  • 36. New Countertops & Wall Tile www.themodelhomelook.com (703) 589-3848 36
  • 37. Granite Countertops www.themodelhomelook.com (703) 589-3848 37
  • 38. Countertop & Paint © 2005 Interior Makeovers © 2005 Interior Makeovers www.themodelhomelook.com (703) 589-3848 38
  • 39. Basement Improvement © 2005 Interior Makeovers © 2005 Interior Makeovers www.themodelhomelook.com (703) 589-3848 39
  • 40. Formal Living Room www.themodelhomelook.com (703) 589-3848 40
  • 41. Home Office www.themodelhomelook.com (703) 589-3848 41
  • 42. Hardwood Floors www.themodelhomelook.com (703) 589-3848 42
  • 43. Kitchen Makeover www.themodelhomelook.com (703) 589-3848 43
  • 44. Kitchen Cabinets www.themodelhomelook.com (703) 589-3848 44
  • 45. Kitchen Makeover www.themodelhomelook.com (703) 589-3848 45
  • 46. Kitchen Makeover www.themodelhomelook.com (703) 589-3848 46
  • 47. Kitchen Makeover www.themodelhomelook.com (703) 589-3848 47
  • 48. Kitchen Makeover www.themodelhomelook.com (703) 589-3848 48
  • 49. Kitchen Makeover www.themodelhomelook.com (703) 589-3848 49
  • 50. Kitchen Makeover www.themodelhomelook.com (703) 589-3848 50
  • 51. Bathroom www.themodelhomelook.com (703) 589-3848 51
  • 52. Bathroom Improvement 52 www.themodelhomelook.com (703) 589-3848
  • 53. Bathroom www.themodelhomelook.com (703) 589-3848 53
  • 54. Builders have MODEL HOMES – Why? TO CREATE SALES They understand that buyers want a home in near-perfect ―model home‖ move-in condition where all the buyer must do is turn the key in the front door and move in. www.themodelhomelook.com (703) 589-3848 54
  • 55. Reasons Homeowners Do Not Invest to Sell their Home? • Don’t have the time • Think it is too costly • Unsure of which improvements yield the highest return • Believe their personal decoration style is appealing to today’s homebuyers • Believe that a price allowance can be made when the home is sold www.themodelhomelook.com (703) 589-3848 55
  • 56. Fixing Up Your House to Sell – Session 2 Mike Ford Licensed Home Improvements Contractor Licensed Real Estate Salesperson (703) 589-3848
  • 57. What Buyers Want Highlights from the NATIONAL ASSOCIATION OF REALTORS® 2007 Profile of Buyers' Home Features Preferences
  • 58. 1. What single home feature do buyers say they want most in a new home? a) Walk-in closet in master bedroom b) Central air conditioning c) Backyard d) Fully finished basement www.themodelhomelook.com (703) 589-3848 58
  • 59. 2. What’s the median size of homes purchased between late 2005 and early 2007? a) 2,230 square feet b) 1,840 square feet c) 1,450 square feet d) 1,000 square feet www.themodelhomelook.com (703) 589-3848 59
  • 60. 3. Repeat buyers tend to be choosier than first-time buyers. In particular, repeat buyers place much more emphasis on these home features: a) Fireplaces and air filtration systems b) Bay windows and finished basements c) Oversized garages and master bedroom walk-in closets d) Backyards and proximity to entertainment www.themodelhomelook.com (703) 589-3848 60
  • 61. 4. Within three months after buying a home, nearly half of all buyers remodeled or made improvements to which part of the house? a) Master Bathroom b) Backyard c) Kitchen d) Home office www.themodelhomelook.com (703) 589-3848 61
  • 62. 5. Which home feature saw the biggest jump in buyer popularity since 2004, when NAR conducted its previous buyer preference survey? a) High-speed Internet access b) Media room c) Eat-in kitchen d) Oversized garage www.themodelhomelook.com (703) 589-3848 62
  • 63. 6. What three features did buyers say they’d be most willing to pay extra for in a home? a) Proximity to work, a wooded lot, and a backyard or play area b) Whirlpool baths, proximity to schools, and a deck c) A corner lot, a lawn sprinkler system, and high-end kitchen appliances d) Central air conditioning, walk-in closets, and hardwood floors www.themodelhomelook.com (703) 589-3848 63
  • 64. 7. A home’s energy efficiency is most important to which segment of buyers? a) Repeat buyers b) Second-home buyers c) New-home buyers d) First-time buyers www.themodelhomelook.com (703) 589-3848 64
  • 65. 8. Where do first-time home buyers tend to purchase a home? a) Rural area b) City or urban area c) Suburb or subdivision d) Small town www.themodelhomelook.com (703) 589-3848 65
  • 66. 9. What’s the most common type of home purchased? a) Single level b) Split level c) Two levels d) Three levels www.themodelhomelook.com (703) 589-3848 66
  • 67. 10. What did new-home buyers most wish their home had more of? a) Storage b) Bedrooms c) Kitchen space d) Bathrooms www.themodelhomelook.com (703) 589-3848 67
  • 68. What single home feature do buyers say they want most in a new home? a) Walk-in closet in master bedroom b) Central air conditioning c) Backyard d) Fully finished basement www.themodelhomelook.com (703) 589-3848 68
  • 69. What’s the median size of homes purchased between late 2005 and early 2007? a) 2,230 square feet b) 1,840 square feet c) 1,450 square feet d) 1,000 square feet www.themodelhomelook.com (703) 589-3848 69
  • 70. Repeat buyers tend to be choosier than first-time buyers. In particular, repeat buyers place much more emphasis on these home features: a) Fireplaces and air filtration systems b) Bay windows and finished basements c) Oversized garages and master bedroom walk-in closets d) Backyards and proximity to entertainment www.themodelhomelook.com (703) 589-3848 70
  • 71. Within three months after buying a home, nearly half of all buyers remodeled or made improvements to which part of the house? a) Master Bathroom b) Backyard c) Kitchen d) Home office www.themodelhomelook.com (703) 589-3848 71
  • 72. Which home feature saw the biggest jump in buyer popularity since 2004, when NAR conducted its previous buyer preference survey? a) High-speed Internet access b) Media room c) Eat-in kitchen d) Oversized garage 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 72
  • 73. What three features did buyers say they’d be most willing to pay extra for in a home? a) Proximity to work, a wooded lot, and a backyard or play area b) Whirlpool baths, proximity to schools, and a deck c) A corner lot, a lawn sprinkler system, and high-end kitchen appliances d) Central air conditioning, walk-in closets, and hardwood floors 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 73
  • 74. A home’s energy efficiency is most important to which segment of buyers? a) Repeat buyers b) Second-home buyers c) New-home buyers d) First-time buyers 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 74
  • 75. Where do first-time home buyers tend to purchase a home? a) Rural area b) City or urban area c) Suburb or subdivision d) Small town 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 75
  • 76. What’s the most common type of home purchased? a) Single level b) Split level c) Two levels d) Three levels 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 76
  • 77. What did new-home buyers most wish their home had more of? a) Storage b) Bedrooms c) Kitchen space d) Bathrooms 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 77
  • 78. What Buyers Want Highlights from the NATIONAL ASSOCIATION OF REALTORS® 2007 Profile of Buyers' Home Features Preferences
  • 79. National Association of Realtors Survey • Home buyers were asked about 75 features and room types to assess the importance of each • Buyers who didn’t get a feature they desired in the home they purchased, were asked how much extra they would have been willing to pay to get it • The survey examined home improvement or remodeling projects undertaken by recent buyers • The survey is based on 2,530 responses from buyers who purchased a home in between late 2006 and early 2007 • The sample was obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 79
  • 80. What was Important while searching for a home? It was “very important” to find a home with: Central air conditioning 74% Garage with 2 or more spaces 57% Walk-in closet in master bedroom 53% Backyard or play area 50% Cable/Satellite TV-ready 46% High-speed Internet access 40% 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 80
  • 81. Oversized Garages are The New Big Thing With Buyers • The most significant change between the previous & current survey in what buyers consider very important is oversized garages (up 16 points) • Hardwood floors, granite countertops, and cable- readiness follow 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 81
  • 82. Change in Preferences in Time It was “very important” to find a home with: 74% Central air conditioning 73% 57% Garage with 2 or more spaces 41% 53% Walk-in closet in master bedroom 51% 50% Backyard or play area 46% Bedroom on main level 42% 46% Cable/Satellite TV-ready 40% 40% High-speed Internet access 28% Hardwood floors 21% 23% 2007 survey Granite (or similar) countertops 17% 2004 survey 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 82
  • 83. Age Makes the Biggest Difference in What Buyers Want Walk-in closets for older buyers Back yards for younger buyers 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 83
  • 84. Examples of Differences in Desired Features by Age of the Buyers Separate shower enclosure in master bath Eat-in kitchen 59% 55% 47% 44% 43% 38% 37% 35% 35% 33% 26% 24% 20% 12% 18-24 25-34 35-44 45-54 55-64 65-74 75 or 18-24 25-34 35-44 45-54 55-64 65-74 75 or older older Backyard or play area Walk-in closet in master bedroom 71% 60% 59% 62% 53% 57% 58% 53% 45% 44% 35% 35% 17% 14% 18-24 25-34 35-44 45-54 55-64 65-74 75 or 18-24 25-34 35-44 45-54 55-64 65-74 75 or older older 2/10/2011Mike Ford (703) 589-3848 The 2007 NAR Profile of Buyers' Home Features Preferences 84
  • 85. Energy Efficiency is Most Important to New-Home Buyers As buyers age, this becomes more important 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 85
  • 86. How Important was a Home’s Energy Efficiency When Searching for a Home? ALL BUYERS 46% 46% 8% First-time buyers 41% 49% 10% Repeat buyers 50% 44% 6% Buyers of new homes 65% 31% 4% Buyers of existing homes 39% 52% 9% 18-24 32% 48% 20% 25-34 38% 53% 10% 35-44 42% 51% 7% Age of Home Buyer: 45-54 55% 41% 5% 55-64 57% 39% 3% 65-74 56% 37% 7% 75 or older 63% 31% 6% Very important Somewhat important Not important 2/10/2011Mike www.themodelhomelook.com Ford The 2007 NAR 589-3848 (703) 589-3848 (703) Profile of Buyers' Home Features Preferences 86
  • 87. Bigger and Younger From 2004 to 2007, the size of the typical home purchased increased by about 100 square feet The median age of homes purchased decreased from 15 to 12 years 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 87
  • 88. Characteristics of Homes Purchased 2007 2004 Medians Size of home 1,840 sq. ft. 1,730 sq. ft. Age of home 12 years 15 years Number of levels 2 1 Number of bedrooms 3 4 Number of full bathrooms 2 2 Number of fireplaces 1 1 Central air conditioning 83% 83% Garage 82% N/A Basement 41% N/A Previously owned 71% 71% Purchase price (median) $205,000 N/A 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848of Buyers' Home Features Preferences The 2007 NAR Profile 88
  • 89. Detached and Suburban Over four-fifths of homes purchased are detached single-family homes More than half are located in the suburbs 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 89
  • 90. Type and Location of Homes Purchased Detached single-family 82% home Townhouse/row house 7% Apartment/condo in 5 or 5% more unit building Duplex/apartment/condo 5% Resort/ in 2 to 4 unit building Recreation Rural area, area, 1% 10% Urban/ Suburb/ Central city, Subdivision, 15% 53% Small town, 20% 2/10/2011Mike www.themodelhomelook.com Ford The 2007 NAR Profile of Buyers' Home Features Preferences (703) 589-3848 (703) 589-3848 90
  • 91. From the Closing Table to the Home Improvement Store Sixty percent of buyers undertook home improvement projects immediately after the home purchase Median amount spent on home improvement or remodeling projects undertaken within three months of the purchase was $4,350 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 91
  • 92. Who Did Home Improvement Projects Within Three Months of Purchase? ALL BUYERS 59% First-time buyers 57% Repeat buyers 59% Buyers of new homes 42% Buyers of existing homes 65% Buyers who purchased homes aged: One year or less 42% 2 to 5 years 50% 6 to 10 years 57% 11 to 20 years 64% 21 to 30 years 71% 31 to 50 years 72% 51 or more years 73% 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848of Buyers' Home Features Preferences The 2007 NAR Profile 92
  • 93. Which Home Improvement or Remodeling Projects? Rooms where improvements were undertaken: Kitchen 47% Bathroom(s) 45% Bedroom(s) 43% Living room 31% Family room 22% Garage 18% Home office 14% Features added or replaced: Appliances 39% Lighting 39% Floor coverings 36% Landscaping 35% Additional storage 15% Windows 12% Fencing 12% 2/10/2011Mike www.themodelhomelook.com Ford The 2007 NAR Profile of Buyers' Home Features Preferences (703) 589-3848 (703) 589-3848 93
  • 94. Very Important Home Features on the Rise 60 50 40 30 20 10 0 Granite Hardwood Cable Whirlpool closet/master bath 2007 2004 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 94
  • 95. Where Buyers will Pay for Key Features 60 50 40 30 20 10 0 Hardwood Floors Granite Countertops Oversize Garage 2007 2004 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 95
  • 96. Improvement Justification When you consider its value at resale, a home improvement project costs only 20 cents to 25 cents on the dollar. The other 75 cents to 80 cents spent on a project goes directly back into the home through increased value — not to mention increased owner enjoyment. Kermit Baker, director of the Remodeling Futures Program at the Joint Center for Housing Studies at Harvard University. 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 96
  • 97. What to Expect to Pay for the Improvements • Kitchens • Countertops • Bathrooms • Flooring • Painting • Decks • Landscaping • Maintenance 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 97
  • 98. Kitchens Basic improvements to your kitchen could be the key to getting your house sold. For most buyers, the kitchen is the heart of the house. • Paint the walls and update the floor if necessary. • Replace old cabinet hardware — a low- cost improvement that makes a big difference in appearance. • Be sure to go with a classic design and, if possible, use high quality materials. Replace dingy-looking or dated cabinets. 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 98
  • 99. Kitchen Cabinet Refacing Expect to pay $130 to $150 per opening. This means every single opening in your kitchen... doors, drawer fronts and false fronts. Each door is an opening. The average price for materials and labor, runs anywhere from $4,000 to $8,000 depending on door style, wood species, stain choice, and decorative trims. www.themodelhomelook.com (703) 589-3848 99
  • 100. The Downside to Cabinet Refacing 1. Limited to existing layout 2. Materials limitations - There generally are three finish options: plastic laminates, rigid thermofoils (RTF) and wood veneer. 3. Other conditions that rule out refacing include existing cabinets that are beginning to fall apart or aren't well built to begin with; metal cabinets that are rusting; and larger structural issues, like floors that have settled and left cabinets out of kilter. www.themodelhomelook.com (703) 589-3848 100
  • 101. Kitchen – Midrange Major Remodel The average amount spent on a midrange update in the U.S. is $58,897.00. Resale Value - $43,456 Source: Remodeling 2010–11 Cost vs. www.themodelhomelook.com Value Report (www.costvsvalue.com) (703) 589-3848 101
  • 102. Kitchen – Midrange Major Remodel • Update 200-square-foot kitchen • 30 linear feet of semi-custom wood cabinets • 3-by-5-foot island • Laminate countertops • Standard double-tub stainless-steel sink with standard single-lever faucet • Energy efficient wall oven, cooktop, ventilation system, built-in microwave, dishwasher, garbage disposal • Custom lighting • Resilient flooring • Painted walls, trim, and ceiling. Source: Remodeling 2010–11 Cost vs. www.themodelhomelook.com Value Report (www.costvsvalue.com) (703) 589-3848 102
  • 103. Kitchen – Upscale Major Remodel The average amount spent on a major kitchen-remodeling job in the U.S. is $115,436. Resale Value - $69,048 Source: Remodeling 2010–11 Cost vs. www.themodelhomelook.com Value Report (www.costvsvalue.com) (703) 589-3848 103
  • 104. Kitchen – Upscale Major Remodel • Update outmoded 200-square-foot kitchen • 30 linear feet of top-of-the-line custom cherry cabinets with built-in sliding shelves and other interior accessories • Stone countertops • Imported ceramic- or glass tile backsplash • Built-in refrigerator, cooktop, and 36-inch commercial grade range and vent hood; built-in warming drawer, trash compactor, and built-in combination microwave and convection oven • High-end undermount sink with designer faucets • Built-in water filtration system • General and task lighting including low-voltage undercabinet lights • Cork flooring, cherry trim. Source: Remodeling 2010–11 Cost vs. www.themodelhomelook.com Value Report (www.costvsvalue.com) (703) 589-3848 104
  • 105. Countertop Types Type Price Per Square Foot Granite $49.00 to $100.00 + Corian® $40.00 to $85.00 Laminates $15.00 to $30.00 Engineered Stone (Silestone®) $70.00 to $120.00 Marble $69.00 to $79.00 Limestone Approximately $100.00 Soapstone $55.00 Polished Concrete, Glass Approximately $80.00 (Icestone) Volcanic Lavastone Starts at $250.00 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 105
  • 106. Countertop Types Granite The most popular choice. Durable and lots of color choices Corian® Not too popular in the Northern Virginia market. Has a ―plastic look‖ Laminates Low end countertop Engineered Stone Gaining popularity! More color choices than (Silestone®) in the past Marble Italians have been using it for years. Not as durable as granite Limestone Looks great, but not very durable Soapstone Looks Great – Scratches easily Polished Concrete, Glass Glass (Icestone) – Requires more (Icestone) maintenance Volcanic Lavastone Very Expensive 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 106
  • 107. Bathroom – Midrange Major Remodel A midrange full-bath remodeling job in the U.S. has an average price tag of $17,167. Resale Value - $12,052 Source: Remodeling 2010–11 Cost vs. www.themodelhomelook.com Value Report (www.costvsvalue.com) (703) 589-3848 107
  • 108. Bathroom – Midrange Major Remodel • Update an existing 5-by-7-foot bathroom • Replace all fixtures • 30-by-60 inch porcelain-on-steel tub • 4-by-4-inch ceramic tile surround • Single-lever temperature and pressure- balanced shower control • Standard white toilet • Solid-surface vanity counter with integral sink • Recessed medicine cabinet with light • Ceramic tile floor Source: Remodeling 2010–11 Cost vs. www.themodelhomelook.com Value Report (www.costvsvalue.com) (703) 589-3848 108
  • 109. Bathroom – Upscale Major Remodel The average amount spent on a major upscale bathroom remodeling job in the U.S. is $55,398. Resale Value - $32,547 Source: Remodeling 2010–11 Cost vs. www.themodelhomelook.com Value Report (www.costvsvalue.com) (703) 589-3848 109
  • 110. Bathroom – Upscale Major Remodel • Expand an existing 35-square-foot bathroom to 100 square feet within existing house footprint. Relocate all fixtures • 42-by-42-inch neo-angle shower • Ceramic tile walls with accent strip • Recessed shower caddy • Body-spray fixtures • Frameless glass enclosure • Customized whirlpool tub • Stone countertop with two sinks; two mirrored medicine cabinets with lighting • Compartmentalized commode area with one-piece toilet • Humidistat controlled exhaust fan • Color fixtures • Larger matching ceramic tiles on the floor, laid on the diagonal with ceramic tile base molding • General and spot lighting including waterproof shower fixture • Custom drawer base and wall cabinets for a built-in look • Extend HVAC system • Electric in-floor heating and heated towel bars. Source: Remodeling 2010–11 Cost vs. www.themodelhomelook.com Value Report (www.costvsvalue.com) (703) 589-3848 110
  • 111. Flooring Hardwood Floors $7.00 to $12.00 per square foot Ceramic Tile $6.00 to $10.00 per Floors square foot Carpet $18.00 to $30.00 per yard Laminate Floors $6.00 to $12.00 per square foot Vinyl Floors $18.00 to $30.00 per yard 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 111
  • 112. Paint For most exterior paint jobs, labor makes up about 75-85% of the cost of painting your house, while actual paint and supplies makes up only 15-25%. Do not skimp on paint quality when choosing your paint. Paying a few extra bucks per gallon might add $200 to the total job, but if your paint lasts for 8 years instead of 4 years, that is a pretty minor expense to incur. 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 112
  • 113. Paint Costs typically average $1,500-$3,000 for an average single-story, three- bedroom home, but easily run $3,000- $5,500 or more for a multi-story or multi-level larger house. 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 113
  • 114. Inexpensive Tip #6 • Adding crown molding, wainscoting and coffered ceilings can have an immediate impact on your home. • Replacing baseboard, casing and chair rail can have a dramatic effect as well. 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 114
  • 115. Decks Installing a deck may be the most cost- efficient way to add square footage to your house, and of all the outdoor home improvements except painting, it may be the most reliable value. Deck additions average $14,728 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 115
  • 116. New Space As a rule, improvements that increase the functional space of a home hold their value longer than ones that just make a house look better. It's also significantly cheaper than adding an addition to your home. Converting an attic into a bedroom, for example, usually costs about $35,960 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 116
  • 117. Basement Turning your basement into a room for socializing will set you back, on average, $56,724 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 117
  • 118. Landscaping Fancy gardens — which will require time and money to tend — usually won't add to the offering price. • In general, landscaping is for your own enjoyment. It may be a $40,000 investment, but it will not add $40,000 to the value of your house. • The same goes for expensive fences and stone walls. They look nice, but buyers don't pay up for them. 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 118
  • 119. Home Maintenance It may not be all that enjoyable, but it's the basic improvements that may have the greatest return on your home's value. "You could have a beautiful new kitchen, but if your roof is leaking, you have a real problem. So if you're thinking of putting your house on the market in the next year or so, be sure to tackle any problems with the home's structure or mechanical systems before you, say, install that hot tub you've always dreamed of. 2/10/2011Mike www.themodelhomelook.com Ford (703) 589-3848 (703) 589-3848 119