Skyler provides his Phoenix Market update for December 2015, what to watch for in 2016, and what to expect now that the Fed has finally raised interest rates.
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So you have heard over and over how great a tax advantage owning real estate is, but what does that really mean? Senior Partner at Myriad Real Estate, Skyler Irvine, explains:
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Spring Project Breakdown: Understanding Costs of Home Updates
(Family Features)—As a kickoff to home improvement season, there are many home updates homeowners are undertaking. But before you grab your toolkit or enlist the help of a professional, do your wallet a favor, and conduct a little research.
To help homeowners budget for home projects, HomeAdvisor's True Cost Guide provides the average cost of more than 350 projects coast-to-coast based on data reported by real homeowners.
"When completing home projects, a common concern among homeowners is not knowing how much a home project will cost," said Leah Ingram, HomeAdvisor's personal finance expert.
In fact the True Cost Report, released from HomeAdvisor, found that 38 percent of homeowners don't know how much it will cost to hire a professional for home projects, and nearly 70 percent are concerned about overpaying as a consequence of not having reliable cost information. As a result, almost half of homeowners put off projects or attempt to complete them on their own.
The top five spring projects include:
* Repairing the roof: Maintaining the roof protects a home from the elements and can raise property values. Small repairs keep a roof in good shape for several years and help avoid costly damages. Most homeowners assume repairing a roof can be costly. In fact, according to HomeAdvisor's True Cost Guide, the average roof fix only costs $550.
* Remodeling a kitchen: Kitchen remodels boost a home's resale value and add functionality to the most utilized space in a home. Many factors go into remodeling a kitchen including flooring, plumbing, appliances and electrical. Homeowners in New York hire more pros to remodel their kitchen than any other state in the U.S.
* Remodeling a bathroom: Homeowners can choose from different types of bathroom remodels, depending on style preferences, and budget. The average cost of remodeling a bathroom is $9,000.
* Painting the home's exterior: Painting the home's exterior not only boosts its curb appeal, but it also acts as a home's primary defense against weather, insects, and other damage. Boston homeowners spend the most money hiring a pro to paint their home's exterior and Albuquerque homeowners pay the least to have a pro paint their home's exterior.
* Installing landscaping: Landscaping can dramatically change the look of a house and property. Adding landscaping such as an outdoor patio, flowers or shrubs can increase the value of a home. The average cost of installing landscaping is $2,938.
By Barbara Pronin
Buying an older home can net you lots of charm and character, often at a more affordable price than you’d pay for a newer model. But, say home improvement gurus, a few strategic renovations can go a long way toward making it more comfortable and efficient.
Renovation expert Bob Vila, host of TV’s popular “This Old House,” suggests the top six projects new owners may want to plan for when they move into an older home:
New front door – Replacing a decades-old front door will do more than improve your home’s curb appeal. A high quality new door will enhance energy efficiency and provide more dependable security.
New windows – Old windows are drafty and hard to operate. Replacement windows that meet Energy Star® guidelines are not only beautiful and easy to open but will save you hundreds of dollars a year on heating and cooling bills.
Updated electrical system – Modern life involves a lot of gadgets. If you are experience tripped circuits, buzzing noises, or dimming lights when you turn something on, a licensed electrician can update your system to make it safer and more compatible with today’s electronics.
More open floor plan – Older homes were built with smaller, boxed-in rooms that were fairly easy to heat. If you long for a more open floor plan, a licensed contractor can remove barriers and design a brighter, airier, more inviting arrangement of space.
Floors worth a second look – Owners of older homes often find the happy surprise of hardwood flooring under worn linoleum and carpets. If that’s the case, think about refinishing. In any case, check it out before installing new tile or carpeting.
Cook’s kitchen – An older kitchen can be a cheerful and homey gathering place. But if you’re not happy with the old cabinetry and countertops, replacements for both are a great investment – not just for you, but as a draw for new owners when and if you decide to sell the house.
1 Bedroom 1 Bath Condo offered at only $85,000
Walk to Fashion Square Mall, Scottsdale Stadium, or Old Town Bars and Restaurants
Community includes spa, pool and tennis courts.
Washer and Dryer in unit!
Move in Ready today, or remodel and customize to your preference! Great second home investment or Fix & Flip opportunity.
Contact Skyler@MyriadAZ.com for more information or to schedule a private showing.