Living In Las Cruces- Spring/Summer 2008

HOME IMPROVEMENT

By Anela Borrego

First of all, whether or not you're planning to sell your home in the near future, you want to ensure whatever remodel project you choose improves the value of your home. A job in a different city, needing to be closer to family or wanting a change of scenery may have you selling your home sooner than you ever expected. By choosing value-boosting remodel projects you simply put yourself in the best position possible -- a position to receive the highest rate of return on your investment.

Prior to starting a remodel or renovation project, homeowners should also familiarize themselves with the average property value and the typical floor plan for the neighborhood in which they live. Local Realtor Ryan Fancher, and owner of Desert Springs Construction, says taking a look at your neighborhood can give you great insight as to what remodel projects will help your home rise to the standards of the neighborhood -- any project that helps your home meet those standards is a good investment. The listing price of a home is usually reflective of several factors; one of which is the home itself, but also what similar properties are being sold at. Those market comparisons are usually pulled from homes in your area --that is why knowing your neighborhood is so important.

"You want to be very cautious not to over build or over renovate for your neighborhood," Ryan says. Doing renovation and remodel projects that cause your home to surpass the average property value and exceed the
standards of the neighborhood will likely equate to dollars lost. If you meet, not exceed, the standards of your neighborhood (which will likely be redefined over the years) you will most likely reap the rewards.

Identifying what spaces are most important to buyers will also help you choose what remodel projects you should do. Choosing to remodel spaces that buyers are most interested in is just another way of yielding the greatest return on your investment. Ryan shares with us what remodel projects he sees as being the most profitable.

Kitchen
The kitchen is often referred to as the heart of the home and that is one of the main reasons it is such a big ticket item with buyers. Buyers are often willing to pay a little more for the "kitchen of their dreams." Depending on the standards of your neighborhood, you may need to do a complete overhaul or just some minor work to bring your kitchen up to par. According to Ryan, one of the ways you can revamp your kitchen is by upgrading your appliances. Stainless Steel appliances seem to be the front-runners in terms of what buyers are most interested in.

Bathroom
Buyers are no doubt in the market for a beautiful bathroom. Real estate agents claim an attractive bathroom is usually a main selling point for buyers. Many buyers in today's market are looking for granite or marble countertops, fine custom cabinetry and up-todate fixtures.

Landscape
Outdoor spaces have really become an extension of the home and therefore have become increasingly more important to buyers. Buyers want to see wellmaintained landscapes that are conducive to their environments. They also want to see that these outdoor spaces are family-friendly. Most landscape projects under $5,000 are recouping 100 percent of cost at the time of sale.