NEW YORK (CNNMoney.com) -- The granite countertop's glory days might be over.
During the housing boom, updating a kitchen with high end materials like cherry wood cabinets and a Viking stove was a sure bet to boost a home's value. Homeowners often recovered about 80% of the cost when the house was later sold.
But with so much more inventory on the market for buyers to choose from, they just aren't as impressed with the bells and whistles. Now most upscale renovations are returning less than 70% of their cost, according to a recent survey from the National Association of Realtors (NAR).
"Pay-back for high-end projects has declined over the past few years," said Kermit Baker, chief economist for the American Institute of Architects (AIA). "People planning to sell shouldn't over-improve," he said. "They won't get the money out if they sell in the next two or three years."
NAR's survey revealed that returns on investment for a wide range of high-end interior redecorations dropped in 2007. An upscale bathroom renovation cost an average of $50,590, nationally, but only added $34,588 to house value - a 68.4% return. In 2006, a high-end bath renovation returned 77.4% of its cost.
Adding a brand new bath didn't pay off as well either, earning just a 69% return in 2007, compared with 72.8% in 2006. High-end kitchen remodels held up better, adding value equal to 74.1% of the cost, compared with 75.9% in 2006.
Many owners simply went too far amidst the mania, over-improving their homes beyond what the local market would bear, according to Darius Baker, a veteran Sacramento, Calif., contractor.
In the past his clients were more likely to opt for expensive redos even if they were planning to move, since they knew they'd recoup most of their costs.
"I definitely saw a lot of tract houses built in the 1970s, in developments with three basic floors plans, get expensive renovations," he said. "We did a lot of radical projects, moving walls around, installing granite counters instead of Formica and cherry wood cabinets instead of oak."
The numbers made sense. In 2005, a fancy kitchen renovation on the West Coast returned an average of 93% of its cost. Even if the owner got only a year or two use of it, the close-to-break-even return made it worthwhile. By 2007, the return had declined precipitously to 74%.
Today, people who are moving out soon, Darius Baker said, "are not looking to make the place a Taj Mahal." They're just doing enough to make the house presentable.
In the current environment, owners are cutting back on upscale renovations, according to Fred Ugast, chief operating officer of HomeTech, which supplies cost statistics for NAR's annual Cost vs. Value index report.
"We're seeing a lot of pull-back in the high end," he said.
A separate report from the AIA also found demand for luxury features waning in 2007 according to the AIA. The popularity of high-end appliances declined from 65% to 47%. Demand for larger pantry spaces went down from 64% to 51% and wine refrigerators fell from 53% to 49%.
Still, people are willing to spend on their own comfort. Most of the high-end jobs that Darius Baker is getting are for clients staying put for a long time.
"They're saying, ''I'm not concerned about the price because I'm not leaving until they carry me out,'" he said.
And returns for high-end exterior renovations are still holding up, according to the NAR report, with better pay-offs than interior work.
For example, sprucing up a home's look with expensive fiber-cement siding, which looks like wood but is more durable, returns 88% on investment, more than any other renovation NAR evaluated.
"It could indicate that curb appeal is even more important than in the past," said NAR spokesman, Walter Molony. "It might get the home more serious looks from buyers."
Mick De Giulio, of Chicago-based De Giulio Kitchen Design, also senses a downshift in the market. "The high-end is still strong, but there's something in the air," he said. "I just finished jobs for two very high-end clients. We put kitchens in their new homes, but they can't sell their old ones."
VISIT WWW.PROPLAYERSREALTY.COM FOR ALL OF YOUR TALLAHASSEE, FLORIDA REAL ESTATE NEEDS!
OR
CALL (850) 942 - SOLD TO SPEAK WITH ME, JOHN, PERSONALLY!
John Stehmeyer Realtor/Broker Buyers Specialist First Time, Move Up and Luxury Consumer Resources Advisor Graduate Realtor Institute Investors Consultant Property Marketing Expert Remodeling Renovations Coordinator Seniors Real Estate Specialist 850-CALL-942-SOLD! ProPlayersRealty.com John will make your best deal buying and selling! Values God, Family, Work At Pro Players Realty you are family and You come before work! This message is not intended as a solicitation to any individual whose property is listed exclusively with another broker.
At Turf Works, we take pride in our level of service. We spend more time on your lawn and do the little things that keep it looking its best.
Besides keeping your house from sinking into some dark abyss, your lawn is an important component in our environment. Here are some tips for making your lawn better:
Established lawns should be watered deeply, but infrequently. Deep watering once a week encourages deeper root growth, while frequent, shallow watering produces a limited root system. When watering, make sure you moisten the top three to four inches of soil, which covers the root zone. Although watering frequency depends on the type of grass, your soil, and the weather, most grasses require about one inch of water each week for healthy growth.
The best time to water is in the morning. This conserves water that would evaporate if you were to water later in the day, but also allows grass to dry before evening. Grass that remains wet for long periods of time is more susceptible to disease development. If you’re using a movable sprinkler, let it run in one spot just until the water begins to run off the surface, then move to a different area of the lawn. Monitor your underground irrigation or sprinkler system to ensure that you moisten the lawn’s entire root zone without over-watering any sections.
Water the lawn once grass begins to discolor and wilt. If you can’t keep the grass green, water your lawn with at least one-half inch of water every seven to 14 days, which will keep the plants alive even if they are dormant. Once your lawn has turned brown and lost all color during drought dormancy, it will take several weeks of steady watering to spur re-growth from the crown area of the plants.
Here are a few tips on proper mowing technique:
Letting grass grow tall and then removing more than 1/3 of the leaf blade is called "scalping" and can damage the lawn. Mowing grass extremely low can also damage the lawn by cutting into the crowns of the plants.
Make sure your mower blades are sharp in order to cut cleanly. Dull blades can shred grass and cause discoloration at the tips because frayed grass blades lose moisture easily. Sharpen the blades of rotary mowers several times each growing season. Reel type mowers usually only require sharpening once a year, but adjust them to ensure they cut cleanly. Some grass species have tough blades, which causes blades to wear quickly.
Raise the mower height a notch or two when mowing a lawn that's recovering from drought, insect damage or disease.
Recycle grass clippings to reduce water loss, lower soil temperatures, and return nutrients to the soil. Plus, you'll save the trouble of bagging and keep clippings out of our already-clogged landfills. In fact, many communities will no longer accept grass clippings in household trash.
Avoid cutting wet grass, which can cause brown spots because clippings clump together and smother your lawn. Cutting wilted grass, particularly during the hottest part of the day, can also cause severe damage to your lawn.
The best guide for mowing frequency is the growth of your grass. Plan to cut less than one-third of the grass blade in one mowing. During periods of rapid growth, lawns may require mowing as frequently as every three to four days. Of course, sometimes we just don't have time to mow as often as we'd like. If your grass has grown too high, reset your mower to its highest cutting level. Three or four days later, reset the mower to cut at the normal height and mow your grass again.
All of this great information was originally posted on turfworks.com
VISIT WWW.PROPLAYERSREALTY.COM FOR ALL OF YOUR TALLAHASSEE, FLORIDA REAL ESTATE NEEDS!
OR
CALL (850) 942 - SOLD TO SPEAK WITH ME, JOHN, PERSONALLY!
John Stehmeyer Realtor/Broker Buyers Specialist First Time, Move Up and Luxury Consumer Resources Advisor Graduate Realtor Institute Investors Consultant Property Marketing Expert Remodeling Renovations Coordinator Seniors Real Estate Specialist 850-CALL-942-SOLD! ProPlayersRealty.com John will make your best deal buying and selling! Values God, Family, Work At Pro Players Realty you are family and You come before work! This message is not intended as a solicitation to any individual whose property is listed exclusively with another broker.
VISIT WWW.PROPLAYERSREALTY.COM FOR ALL OF YOUR TALLAHASSEE, FLORIDA REAL ESTATE NEEDS!
OR
CALL (850) 942 - SOLD TO SPEAK WITH ME, JOHN, PERSONALLY!
John Stehmeyer Realtor/Broker Buyers Specialist First Time, Move Up and Luxury Consumer Resources Advisor Graduate Realtor Institute Investors Consultant Property Marketing Expert Remodeling Renovations Coordinator Seniors Real Estate Specialist 850-CALL-942-SOLD! ProPlayersRealty.com John will make your best deal buying and selling! Values God, Family, Work At Pro Players Realty you are family and You come before work! This message is not intended as a solicitation to any individual whose property is listed exclusively with another broker.
| 15 Year Fixed | 5.275% | 4.718% | 0.557% | graph |
| 30 Year Fixed | 5.717% | 5.003% | 0.714% | graph |
| 1 Year ARM | 3.907% | 3.996% | -0.089% | graph |
| 3/1 Year ARM | 3.936% | 4.036% | -0.100% | graph |
| 5/1 Year ARM | 4.141% | 4.091% | 0.050% | graph |
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VISIT WWW.PROPLAYERSREALTY.COM FOR ALL OF YOUR TALLAHASSEE, FLORIDA REAL ESTATE NEEDS! OR CALL (850) 942 - SOLD TO SPEAK WITH ME, JOHN, PERSONALLY!
John Stehmeyer Realtor/Broker Buyers Specialist First Time, Move Up and Luxury Consumer Resources Advisor Graduate Realtor Institute Investors Consultant Property Marketing Expert Remodeling Renovations Coordinator Seniors Real Estate Specialist 850-CALL-942-SOLD! ProPlayersRealty.com John will make your best deal buying and selling! Values God, Family, Work At Pro Players Realty you are family and You come before work! This message is not intended as a solicitation to any individual whose property is listed exclusively with another broker. |
| All content originally found on www.MoneyCentral.msn.com | |||
By Insure.com You're moving into a new apartment and you have a lot to do: setting up telephone and cable service, letting people know your new address, deciding how to arrange your living room -- the last thing you're thinking about is insurance. If you live in a condominium or rent an apartment, your landlord's or condo association's insurance should cover damages to the building -- meaning the structure itself. But such a policy only covers their building and not your belongings. That's why you should have renter's insurance. Regardless of whether you live in a house, condo or apartment, replacing your stuff or defending yourself against a liability lawsuit can take a big toll on your bank account. It's a perilous business Basic home insurance policies are generally known by their number. Both the HO-4 (for renters) and HO-6 (for condo owners) policies cover losses to your personal property from 17 types of peril:
One thing you want to look at when you shop for insurance is whether the company will be writing "actual cash value" (ACV) or "replacement cost coverage." As the name implies, ACV coverage will pay only for what your property was worth at the time it was damaged or stolen. So, if you bought a television five years ago for $300, it would be worth significantly less today. While you'd still need to shell out about $300 for a new one, your insurance company will pay only for what the old one was worth, minus your deductible. Replacement cost coverage, on the other hand, will pay for what it actually costs to replace the items you lost. Usually, you'll have to pay out of your own pocket to replace your damaged items and submit the receipts to the claims adjuster for reimbursement. Even so, you'll still get a bigger chunk of change back than if you bought ACV coverage. In some places, most companies write ACV coverage. In others, they'll quote you replacement cost coverage by default. Replacement cost coverage will cost you more in premiums, but it also will pay out more if you ever need to file a claim. Make sure you also let your agent know about any particularly valuable items you have. Things like jewelry, antiques and electronics may be covered up to a certain amount, but if you have some items that are unusually expensive, like a diamond ring, you'll probably need to purchase a separate rider. If you don't talk to your agent about an expensive item when you buy the policy, you probably won't be able to recover the loss. Footing the bill when your home is unlivable If your apartment becomes unlivable due to a fire, burst pipes or for any other reason that is covered by your policy, renter's insurance will cover your "additional living expenses." Generally, that means paying for you to live somewhere else, such as another apartment that is in a similar price range as your original place. This coverage has a limit of about 30% to 40% of the total value of the policy. So, if you're insured for $100,000, your "additional living expenses" limit will be $30,000 or $40,000, depending on your individual policy. Your insurance company will continue to pay while your home is being repaired or rebuilt, or until you permanently relocate. However, sometimes 12 months is the longest an insurance company will continue paying. Other times, you're limited to what the insurance company considers a "reasonable length of time." Additional benefits Renter's insurance has additional benefits that might not immediately come to mind. For example, if you own a waterbed, a waterbed liability provision is standard in most policies, according to Mike Binns, personal lines underwriting manager for Farmers Insurance Co. If your waterbed bursts and the water ends up in the apartment below yours, renter's insurance will cover the damage. Liability protection is also standard with most renter's policies. This means that if someone in your apartment slips and falls, you're covered for any costs, up to your liability limit. And if this person should choose to sue you, you're covered for what they win in a court judgment up to your policy's limit, along with legal expenses, too, because, according to Binns, your insurance company agrees to defend you under your liability protection provision. What's this going to cost me? Just like any other insurance policy, your premium depends on a number of factors: where you live, your deductible, your insurance company and if you need any additional coverage. However, if you don't need any extra coverage for expensive jewelry or computers, and you shop around, you probably will pay somewhere between $150 and $300 per year for coverage, according to Jayna Neagle, a spokesperson for the Insurance Information Institute. That will get you about $30,000 to $35,000 worth of coverage for your personal possessions and somewhere between $100,000 and $300,000 worth of liability protection. Keeping your premium low Renter's and condo policies usually cost less than homeowner's policies. While some factors will be out of your control -- where you live or what your building's made of -- there are still ways to keep your premium low. Increasing your deductible (the amount you pay before your coverage kicks in) is one way to keep your costs down. However, be sure that you'll be able to afford whatever deductible you choose. If you're thinking about getting a dog, you may want to think twice. Some insurance companies are skittish about writing policies for owners of certain breeds: Rottweilers, pit bulls, and Doberman pinschers might make getting renter's insurance hard, especially if they've bitten people in the past. Other available discounts will depend on your insurance company -- be sure to ask what discounts it offers. Most companies offer a discount for having "protective devices," including smoke and fire detectors, burglar alarms and fire extinguishers. Some companies may offer a discount to policyholders who are over 55 and retired. Other companies may offer a discount if you get a combined auto-renter's policy. |
VISIT WWW.PROPLAYERSREALTY.COM FOR ALL OF YOUR TALLAHASSEE, FLORIDA REAL ESTATE NEEDS!
OR
CALL (850) 942 - SOLD TO SPEAK WITH ME, JOHN, PERSONALLY!
John Stehmeyer Realtor/Broker Buyers Specialist First Time, Move Up and Luxury Consumer Resources Advisor Graduate Realtor Institute Investors Consultant Property Marketing Expert Remodeling Renovations Coordinator Seniors Real Estate Specialist 850-CALL-942-SOLD! ProPlayersRealty.com John will make your best deal buying and selling! Values God, Family, Work At Pro Players Realty you are family and You come before work! This message is not intended as a solicitation to any individual whose property is listed exclusively with another broker.
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