home improvement bucks county, pa

Home Remodeling Cost vs. Value REPORT

Valuable information for buyers and sellers.
According to Remodeling magazine’s 2013 “Cost vs. Value Report,” Realtors consider exterior home improvement projects among the most valuable. In fact, a majority of the Top 10 projects in terms of value recouped at resale are exterior replacement projects. This makes sense given the importance of curb appeal in attracting homebuyers.
Based on interviews with real estate professionals throughout the country, the Remodeling report found that the top project is steel entry door replacement, which typically recoups 85.6 percent of costs. Making this project an even better investment is that it is also the least expensive to complete. In addition, three different siding replacement projects and two other door replacements were among the Top 10.
When it came to improvements to a home’s interior, there were two projects ranked in the Top 10. Ranked fifth, a minor kitchen remodel is expected to return 75.4 percent of costs, while adding an attic bedroom and bathroom came in tied for eighth with 72.9 percent of costs recouped.
The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings. Click here to access the “Cost vs. Value” website, where you can download data for all regions of the country.
1. Entry door replacement (steel)
Estimated job cost: $1,137
Return on investment at resale: 85.6%
2. Deck addition (wood)
Job cost: $9,327
ROI: 77.3%
3. Garage door replacement
Job cost: $1,496
ROI: 75.7%
4. Minor kitchen remodel
Job cost: $18,527
ROI: 75.4%
5. Window replacement (wood)
Job cost: $10,708
ROI: 73.3%
6. Attic bedroom
Job cost: $47,919
ROI: 72.9%
7. Siding replacement (vinyl)
Job cost: $11,192
ROI: 72.9%
8. Window replacement (vinyl)
Job cost: $9,770
ROI: 71.2%
9. Basement remodel
Job cost: $61,303
ROI: 70.3%
10. Major kitchen remodel
Job cost: $53,931
ROI: 68.9%

Thinking about remodeling your Bucks County home? Here’s a local excellent company that can help you with your project www.BucksCountyMasonry.com

-Ann
annrealtor@ymail.com
www.newhoperealtor.com

Myths and Facts About Home Appraisals

Consumers tend to have some misconceptions about the appraisal process

 Each property is unique, and the appraiser relies on his or her general expertise and specific research to arrive at an opinion of value. Appraisals are an infrequent experience for most consumers, who consequently tend to have some misconceptions about the process and the results.
Home Appraisal

Home Appraisal

Here are some myths and facts:
Myth: The primary purpose of an appraisal is to make sure the buyer doesn’t pay too much for the house.
Fact: An appraisal provides valuable information for the buyer and the seller, but the appraiser’s primary mission is to protect the lender. Lenders don’t enjoy owning overpriced property any more than they relish lending money to irresponsible borrowers. That’s why the appraisal takes place before the lender grants final approval of the buyer’s loan.
Myth: Appraisers use a specific formula, such as one using the price per square foot, to figure out exactly how much each home is worth.
Fact: Appraisers weigh the location of the home, its proximity to desirable schools and other public facilities, the size of the lot, the size and condition of the home itself and recent sales prices of comparable properties, among other factors.
Myth: Good housekeeping can improve a home’s valuation.
Fact: Appraisers aren’t interested in dirty dishes or dusty dressers, but they do notice such signs of neglect as cracked walls, chipped paint, broken windows, torn carpets, damaging flooring and inoperable appliances.
Myth: Anyone who has a clipboard and business cards can be an appraiser.
Fact: Federal law requires states to establish minimum standards and licensing practices for real estate appraisers. In Pennsylvania, for example, trainees must take several courses, pass an examination and complete hours of supervised experience.
Myth: Appraisers have no obligation to reveal home defects to buyers.
Fact: If the buyer is applying for a mortgage that will be insured by the Federal Housing Administration (FHA), the appraiser must survey the physical condition of the home and disclose potential problems to the buyer. No such obligation exists for non-FHA mortgages.
Myth: An appraisal is identical to a home inspection.
Fact: The FHA disclosure requirement notwithstanding, an appraisal isn’t a substitute for a professional home inspection. The appraiser formulates an opinion of the property’s value for the lender, while the inspector educates the buyer about the condition of the home and its major components.
Myth: If the appraiser’s opinion of value is lower than the purchase price, the buyer won’t be able to purchase the home.
Fact: A transaction can sometimes survive a “low” appraisal if the seller reduces the purchase price, the buyer makes a hefty downpayment or a separate escrow account is set up to fund repairs that will increase the value of the home. On rare occasions, an appraiser will reconsider his or her opinion if new evidence supports a higher valuation.
There are ways to appeal the appraisal and I have resources and knowledge on helping you with this step of the appraisal process.
Contact me for more information.