Remodeling? How Much to Spend? |
 Recently, two of my clients called to ask the same question: “We’re going to re-model the house but how much should we spend?” This is very smart thinking because it is easy to go beyond what a home is worth regardless of how much granite, tile, new bathrooms, new windows, or stainless appliances you put into the project.
In both of the above cases I provided my clients with an in depth CMA, (Comparative Market Analysis). Result: Both wanted to spend a considerable amount more than what could actually be realized if their homes were sold in the current market.
Buying or remodeling a home is not always about the money. It is also about pleasure, pride in ownership, and the absolutely immeasurable benefit of having a personally rewarding sanctuary. So, one school of thought says, “We don’t care how much it’s going to cost, we love our house, we love our neighborhood, the kids have good friends and love their school, we’re not going anywhere, and we now have everything we have ever wanted”. This is pure and simple joy, the value of which is not to be underestimated.
The other school of thought says, “We are going to move in a couple of years and we’d better mind our budget or we will loose a lot of money if we over-spend on our project.” This makes good sense as well.
Both schools of thought have real value, but it is always important to know exactly where you stand when contemplating a remodeling project. Are you going to remodel your home soon? If so, call me, I’ll be happy to discuss options, choices, and the ramifications of your decisions.
I am at your service, and devoted to excellence in real estate transactions.
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Is Your Contractor Insured? |
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There are numerous qualified and licensed contractors in town, but are they adequately insured? For your protection, your contractor must have general liability and workman’s comp insurance. Insist that each contractor provide you with the name and phone number of their agent. Then ask that agent to send you a certificate of insurance for each policy. Do not accept any paperwork showing proof of insurance directly from any contractor, they are far too easy to falsify. So, before hiring any contractor, make sure they are properly insured because your homeowners policy ususally does not provide this type of coverage. If the job goes south, or there is an injury on the job, an adequately insured contractor will help prevent real problems.
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Now Is A Great Time To Buy! |
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Now is the time to buy the house you really want because in the not too distant future you will reflect on these times and say one of two things, “Boy, am I glad I bought my house then”, or, “Darn, I missed the boat.”
Think about this: Interest rates are low and home values are at their lowest in years. But then what happens? Inevitably, the market comes back and home prices will rise to new levels that will once again boggle the mind.
If you are renting and in a position to buy, do it now. If you have the financial strength to sell your current residence and buy that more expensive home of your dreams, don’t wait. In many cases, the more expensive the home, the greater the devaluation; thus the current math will work in your favor. Now is the time to buy!
Don’t miss the boat!
Recent SalesAll Information Approximate
Uptown:
1448 Nashville 3537 sf, 3bd, 3.5ba, 648K, 15/mos to sale
2315 Palmer 2100 sf, 2bd, 2.5ba, 335K, 8/mos to sale
2326 Audubon 2910, 5bd, 2ba, 338K, 2/mos to sale
5927 Laural 2300 sf, 3bd, 2ba, 565K, 8/mos to sale
1461 Webster 2670 sf, 3bd, 2.5ba, 591K, 12/mos to sale
River Ridge:
4 Kinder Ln 3550 sf, 4bd, 3.5ba, 625K, 12/mos to sale
312 Berclair 1655 sf, 3bd, 2ba, 225K, 5/mos to sale
Garden District:
1410 Third 3094 sf, 4bd, 2.5ba, 778K, 6/mos to sale
Mid-City:
312 S. Genois 3bd, 2ba, 2034 sf, 271K, 6/mos to sale
3314 Grand Rte St. John 3043 sf, 3bd, 2.5ba, 526K, 31/mos to sale
English Turn:
8 Forest Oaks Dr., 4405 sf, 4bd, 3.5ba, 690K, 17/mos to sale
Metairie:
217 Wagner 4632 sf, 6bd, 4.5ba, 570K, 9/mos to sale
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