Simple steps like using energy-efficient light builbs, spiffying up your landscaping, or remodeling your bathroom and kitchen can add value to your home, whether you want to sell or stay a while.
HI, MY NAME IS DAN KORMAN, BROKER OWNEROF ALPENGLOW PROPERTIES, WELCOME BACK TO ANOTHER EPISODE OF THEDURANGO COLORADO REAL ESTATE UPDATE. INSTEAD OF JUST BLASTING YOUWITH STATISTICS FOR 4 MINUTES THIS MONTH, I’D LIKE TO TELL YOUABOUT MY FIVE FAVORITE WAYS TO ADD VALUE TO A HOME. WHETHER YOU’RELOOKING TO SELL YOUR HOUSE IN THE NEAR FUTURE OR HAVE NO INTEREST INEVER MOVING AGAIN, THESE TIPS WILL ASSIST YOU WITH MAXIMIZING ONE OFYOUR GREATEST INVESTMENTS, YOUR HOME. NOW, THIS IS NOT A FULLYCOMPREHENSIVE LIST, BUT I’D LIKE TO GO THROUGH MY TOP FIVE IN ORDEROF COST, THEN YOU CAN DECIDE WHAT TYPE OF UPDATE WILL FIT YOUR BUDGETAND TIME TABLE. NUMBER 1, CHANGE ALL OF YOUR LIGHT BULBS. THIS MAYSOUND RUDIMENTARY BUT ENERGY.GOV STATES THAT IF YOU JUST REPLACE FIVEOF THE MOST USED LIGHTBULBS WITH ENERGY STAR RATED BULBS, YOU’LLSAVE $75 IN A YEAR. NICE NEW BULBS CAN USE UP TO 80% LESS ENERGY THANTRADITIONAL INCANDESCENTS AND CAN LAST UP TO 25 TIMES LONGER! SO, IFYOU’D LIKE TO MAKE YOUR MONEY BACK ON AN AFFORDABLE UPDATE TO YOURHOME, MAKING IT FEEL MORE MODERN, LIGHT AND BRIGHT, I SUGGESTREPLACING ALL OF YOUR BULBS WITH SOME ENERGY EFFICIENT LIGHT BULBS…AND WHILE YOU’RE AT IT, GO AHEAD AND CHANGE THOSE WORN OUT MANILLAFACEPLATES TOO. NUMBER 2, LANDSCAPING. YOU CAN SPEND BEAUCOUP BUCKSON EXTENSIVE LANDSCAPING AND LANDSCAPING ACTUALLY HAS ONE OF THESMALLEST ROIS DOLLAR FOR DOLLAR BUT, THE PERCEIVED VALUE CAN BEIMMENSE. FOR ALL INTENTS AND PURPOSES OF THIS TOP FIVE LIST, IBELIEVE THAT SOME MINIMAL SPRUCING UP IN THE FRONT OF THE HOUSE CANHIGHLY ENHANCE YOUR HOME’S CURB APPEAL WITHOUT BREAKING THE BANK.IT DOESN’T TAKE MUCH TO REALLY CHANGE THE AESTHETICS OF YOUR HOME,AND IT’S A KNOWN FACT THAT BUYERS AND NEIGHBORS ALIKE WEIGH HEAVILYON THEIR FIRST IMPRESSION FROM THE OUTSIDE. IF YOU ARE INDEEDATTEMPTING TO SELL, IT’S LIKELY THAT IN THIS DAY AND AGE BUYERSWILL EVEN DRIVE BY YOUR HOUSE BEFORE CALLING A REAL ESTATE AGENT JUSTTO SEE IF IT’S WORTH TAKING A PEAK INSIDE. SOME EASY AND AFFORDABLEUPDATES TO THE FACADE INCLUDE RAISED PLANTER BEDS WITH FLOWERS, NEWFRONT PORCH LIGHT FIXTURE (OR AT LEAST CLEAN OUT THE 42 MOTHS IN THEEXISTING ONE), POWER WASH AND/OR PAINT THE PORCH, NEW DOOR KNOBS, ANDIF YOUR FRONT YARD IS TOTALLY KAPUT, MAYBE YOU GO THE EXTRA MILE ANDDO SOME XERISCAPING WITH A MIX OF MULCH, STONE AND DROUGHT TOLERANTPLANTS. NUMBER THREE JUMPS UP IN PRICE A LITTLE, BUT YOU KNOW WHATREALLY ADDS A LOT OF VALUE TO A HOME, GOOD WINDOWS. YOU CAN SPENDANYWHERE FROM $200 TO $2000 PER WINDOW THESE DAYS BUT A GOOD VINYLREPLACEMENT WINDOW WILL BE AROUND THE $500 MARK INSTALLED. NEWWINDOWS NOT ONLY ADD VISUAL APPEAL TO THE PROPERTY, BUT THEY CANREDUCE YOUR ANNUAL UTILITY BILL UPWARDS OF $500/YEAR WHEN REPLACINGSINGLE PANE WINDOWS. ANYONE WHO’S EVER LIVED IN AN OLDER DRAFTYHOME CAN TELL WHEN THE WINDOWS HAVE BEEN REPLACED. NUMBER FOUR GETS ALITTLE MORE TECHNICAL BUT IF YOU HAVE THE SKILLS AND/OR THE MONEYSAVED UP, REMODELING A ROOM OR TWO IN THE HOUSE IS ONE OF THE BESTWAYS TO ADD VALUE TO YOUR HOME. THE HIGHEST RETURN ON DOLLARS SPENTWILL BE FROM REMODELING YOUR KITCHEN AND/OR BATHROOMS. IF YOU HAVE TOPICK ONE, GO WITH THE ONE YOU USE THE MOST, OR HATE THE MOST, BECAUSEWHILE YOU ARE INDEED LOOKING TO ADD VALUE TO YOUR HOME, YOU ALSODESERVE TO MAKE IT MORE FUNCTIONAL AND ENJOYABLE FOR YOURSELF. A LACARTE KITCHEN UPDATES INCLUDE BUT ARE NOT LIMITED TO PAINTINGCABINETS, REPLACING COUNTERTOPS, NEW LIGHTING, UPDATING APPLIANCES,INSTALLING MODERN BACKSPLASH TILE, REPAINTING OR INSTALLING NEWFLOORING. A FEW OF THE HOTTEST TRENDS IN BATHROOM REMODELS INCLUDECONVERTING THE OLD TUB INTO A LARGE WALK-IN SHOWER, ADDING A VANITYSO YOU CAN BRUSH YOUR TEETH IN PEACE, AND REPLACING FLOORING,COUNTERTOPS, OR LIGHTING… AND IF YOUR’E REPLACING FLOORING, HOWABOUT INSTALLING SOME IN FLOOR RADIANT HEAT FOR THOSE WINTER TOOTSIESHMM? NUMBER FIVE IS THE MOST COSTLY UPDATE BUT COULD POTENTIALLYRETURN OVER 100% OF THE COST. WHAT’S THIS MAGIC YOU ASK? THAT’DBE ADDING SQUARE FOOTAGE. WHETHER YOU BUILD A DECK ONTO THE BACK OFTHE HOME OR POUR A FOUNDATION FOR AN ADDITION, ADDING SQUARE FOOTAGETO YOUR HOME CAN ADD SUBSTANTIAL VALUE. A POPULAR WAY THAT PEOPLE AREADDING ON TO THEIR HOME IS BY BUILDING AN ADU, OR ACCESSORY DWELLINGUNIT. THIS UPDATE NOT ONLY ADDS SQUARE FOOTAGE TO THE “HEATEDSPACE” OF THE HOME, BUT YOU NOW HAVE AN INCOME GENERATING ASSETTHAT CAN YOU CAN LEVERAGE AGAINST YOUR MORTGAGE OR PROVIDE SPACE FORFAMILY AND FRIENDS. IN DURANGO THERE ARE ZONING REQUIREMENTS FOR ADUSSUCH AS LOCATION, MINIMUM LOT SIZE, AND THE UNITS THEMSELVES CAN’TBE MORE THAN 550 SQ. FT. IF YOU HAVE MORE QUESTIONS ABOUT THIS I’MALWAYS AVAILABLE TO DIVE DEEPER AS THERE ARE MANY WAYS TO ADD VALUETO YOUR HOME, AND NOT ALL ARE CREATED EQUAL. WHAT YOU DO SHOULDDEPEND ON THE STYLE, AGE AND LOCATION OF YOUR HOME AS WELL AS THEBUDGET AND TIMELINE IN WHICH YOUR GOALS ARE ASSOCIATED. IF YOU’DEVER LIKE SOME IDEAS ON SPECIFIC WAYS TO ENHANCE YOUR HOME, FEEL FREETO CONTACT ME VIA EMAIL AT DAN@ALPENGLOWPROPERTIES.COM OR ON ANY OFTHE SOCIAL MEDIAS ON THE HANDLE @DURANGOBROKERS. AS ALWAYS IT’SBEEN A PLEASURE SHARING MY DURANGO CO REAL ESTATE UPDATE WITH YOU.THANK YOU FOR WATCHING, STAY WELL, AND BE KIND TO EACH OTHER.
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