Small changes, big impact

BY LORI LABARGE

Even with all the challenges of this economic environment and housing market, now could be the right time to invest in some renovation projects for your home. When you consider that interest rates are at record lows and the federal tax credit is available to qualifying remodeling projects through the end of this year, 2010 is on track to see a surge in home remodeling projects.

Choosing the right remodeling projects can make your home more saleable in the future while allowing you to live better today. According to the 2009 Cost Versus Value Report outlined in Realtor Magazine, eight of the top 10 remodeling projects that provided the greatest value were exterior projects costing less than $14,000. They included opportunities to make your home more energy-efficient while creating more curb appeal.

Exterior projects included: adding wooden decks, with an 80 percent return on cost recouped at sale; steel entry door replacement, 128 percent return; siding replacement, 79 percent return; and energy-efficient wood or vinyl windows, 76 percent return. And two of the top 10 interior projects included an attic bedroom addition, returning 83 percent of the cost, and a minor kitchen remodel, coming in at about 78 percent return.

If you’re one of the many homeowners trying to sell your property in a tough real estate market and you don’t want to invest in a larger scale remodel, there are a variety of big impact, low-cost updates you can make. Some ideas:

• Tidy up your kitchen cabinets with rollouts and organizing trays
• Add or replace tile to a backsplash or small bathroom floor
• Freshen up a bathroom with a new light fixture, medicine cabinet or vanity
• Freshen up the basement by having a contractor fill in cracks with hydraulic cement and paint with waterproofing paint
• Spruce up kitchen cabinet fronts with hardware and reconditioning oil
• Replace outdated light fixtures

All of these projects can provide opportunity to give your home an updated look, energy-efficient way of life and a more desirable property for sale. Of course, spending money on any remodeling project still only makes sense when you have the cash or equity and steady stream of income. If you’re not ready yet, just try rearranging the furniture. ■

Lori LaBarge is co-owner of LaBarge Homes, providing building, engineering, and real estate services. She can be reached at (508) 432-6360 or lori@labargehomes.com.


Published in Cape & Plymouth Business March 2010