4 Remodeling Myths

Myth #1: Any remodel is a good one.

Some people think that any improvement is a good one, but not all home improvements are created equal. For example, a homeowner had a concert hall of his very own in his ranch-style home. Unless the next homeowner is an opera singer, they may not want a balcony in the house. Keep in mind that you might want to sell the place one day.Myth

#2: I can do it myself.

You may be convinced that you can do it just as well as a contractor, but news flash! You can't. You may just have an unrealistic idea of your "knack" for remodeling. Doing it yourself can sometimes save money, but you need to know your limits. Don't be afraid , ask for help.

Myth #3: Pools add value.

A lot of people think that adding a swimming pool and/or a hot tub is a sure seller. That's not always true. Location is extremely important. If every day is summer in your climate and it's a pool-friendly region, that's one thing, but if you live in a cooler climate, it could be different story. In most areas of the country, adding a pool is a scary proposition. It's a big liability and can be a lot of work to maintain in the off-season.

Myth #4: Follow the latest design trends.

Many homeowners think it's a good idea to follow the latest design trends. Not true. For instance, peach textured wallpaper went out in the '80s. Features like that must go before a house goes on the market. Neutral colors or palettes have more of a timeless feel and will appeal to far more people. brighten, consumers are about to face a new financial burden: a sustained period of rising interest rates.
For the complete article, visit: HGTV.com

6 High Impact, Low Cost Updates

1. Tidy up kitchen cabinets.
Potential buyers do open kitchen cabinets and look inside.
2. Add or replace tile.
Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash, add a new one or update bath tile.
3. Add a breakfast bar.
When a wall separates a kitchen from a family room, cut out an opening to create a breakfast bar & add light to the room
4. Install granite tile instead of a slab.
Home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money.
5. Freshen up a bathroom without retiling.
Put in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300.
6. Freshen up the basement.
With cement block or poured concrete walls in the basement, have a contractor fill in cracks with hydraulic cement and then paint with waterproofing paint, then add a top coat to add color. Also paint the basement floor with a good floor paint, which spiffs it up. The basement may not be finished, but it’s no longer a damp dungeon.

Be wary if you build, remodel a home

This is a great article published in the Free Press for those who are considering doing some updating or remodeling to their home.

Thousands of Michigan consumers who build or remodel a home could face higher costs and a greater risk of legal problems because of the insolvency of a little-known Michigan fund.
The Michigan Homeowner Construction Lien Recovery Fund has operated since 1982 to protect homeowners from having liens slapped on their property for work they've paid for. The fund pays subcontractors for work they've performed when a developer or general contractor doesn't pay his or her workers.

With the nationwide real estate crash, many developers and general contractors have gone broke, leaving subcontractors unpaid. Those subcontractors in turn have swamped the state fund with claims to the point where the fund is broke.

With no way to get paid for past work, subcontractors either will make consumers pay more up front or slap liens on consumers' homes -- which means a homeowner could face a bill of several thousand dollars that already was paid to the general contractor. Moreover, the house can't be sold until the lien is taken care of.

Claims exhaust builders fund

Lumber dealer Robyn Beckett of Warren has gotten squeezed by the depressed real estate market just like thousands of other suppliers and subcontractors in the state. Not only are sales down, but she's not getting paid by many longtime customers. "I have 6-foot-2 guys sit at my desk, crying. They say, 'I know I owe you the money and I want to pay you, but I have no work,' " she said.

Over many years, a State of Michigan fund cushioned such hardship for suppliers and subcontractors by paying for work when a developer or general contractor stiffed his or her workers. The fund protected consumers, too, because subcontractors didn't have to slap liens on homeowners' property for work the owners had already paid for.

But now, the Michigan Homeowner Construction Lien Recovery Fund is broke -- a victim of too many claims stemming from the nationwide real estate crash.

The result of the fund's insolvency: Even more construction industry contractors and suppliers are likely to go bankrupt, and more liens and lawsuits are likely to be filed. Both outcomes could further chill Michigan's already depressed real estate markets.