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Pros and Cons of Adding Onto Your Home

by The Jamey Kramer Group

New addition on house construction

With the housing crunch so many are experiencing, you might be wondering if it's a sound investment to add on to your existing home instead of looking for a bigger house.

This can seem like an especially good option if you like your neighborhood and your schools. Who wants to move if they can help it? There are many good questions to ask yourself if you're looking into this process, but here are just a few to get you started.

Is there a financial gain to adding on to my house?

If you're thinking about adding onto your house, it's probably because you would like to stay there, not because you want to sell it. However, it's good to keep in mind whether you'll ever be able to recoup the cost of a major remodel like a home addition if you do eventually sell it.

According to the data available for 2018, the value of the two most popular home additions for this year - a bathroom addition and a master suite addition - are just over 50% of the original cost. That means it's not a total wash when it comes to resale value.

It also means it's not something you should do to your house just to sell it. Doing a master suite addition or a new bathroom addition should be about what you want from your home.

In addition, it may make more sense in the current market if you can finance an addition for less than it would cost to find a new house with the equivalent square footage you would have after adding on to your current home. When you factor in how much it costs to move and the costs involved in closing on your current and new house, an addition may look on paper like it makes more financial sense.

What are the potential financial losses to adding on to my house?

However, there are many other considerations to a new home addition. Your energy costs will go up when you are heating and cooling a new space. Then there are the extra windows, floors, and gutters to clean and higher property taxes.

All this means that you will almost certainly not recover the full cost of your addition when you sell. If that's not why you're contemplating a new addition, it probably won't deter you. However, another thing to consider is the potential disruption of your life.

Will adding on to my house be as disruptive as buying and selling?

There's no getting around the fact that selling your house, buying a new one and moving are all significant disruptions to your life. It can be stressful even to contemplate. You have to clean, stage, pack, and keep everything in order. Then you have to keep the house ready to show at a moment's notice.

However, you may not realize the cleaning and vacating involved in new construction. Depending on how much house you are adding on, you may lose much of the function of your home for quite a bit longer than you may have thought.

Any new construction will involve a lot of dust getting everywhere in your house and workers in and out at all hours of the day. You may even have to leave your house while the work is being done. Compared to the hassle of selling and moving, adding on to your home may be about the same or more.

Could other potential losses be involved in adding on to my house?

A new addition could bring you the much-needed space you're looking for without having to change schools or neighborhoods. That's the good part; the reason you are thinking about taking the plunge.

You can expect to regain most or half of what you spent in resale value without paying as much as you would for a bigger house. That's another piece of good news. Besides losing your privacy and the function of at least portions of your home for an untold amount of time, you may also have to sacrifice valuable yard space.

If your kids are young, you know that's a big deal. It may not be worth it when it's all over. You could also be sacrificing the sanity of your relationship and your family, so you really have to plan ahead and get some real-life stories from other families who made this choice.

Conclusion

Building a home addition may sound like a good option in a tight housing market with few new homes for sale. However, it's best to take into consideration all the costs associated with this decision before you opt for that over selling your home.

If you have any questions about the resale value of home additions in your area, we would be happy to help. 

248-348-7200
 

 

Labor Day 2018 Weekend Events for Novi and South Lyon, Michigan

by The Jamey Kramer Group

Michigan State Fair

Even though school has started for some and will be starting soon for others, it's always fun to look forward to Labor Day weekend as a time to rest, relax, and gear up for the start of fall and the return of all the school-year activities. If you live in the Novi and South Lyon, Michigan area, be sure to mark your calendar for the upcoming events.

Michigan State Fair

  • Suburban Collection Showplace
  • 46100 Grand River Avenue, Novi, Michigan between Novi and Beck Roads in Novi, MI.
  • This facility can be accessed from I-96 at the Novi and Beck Road exits.
  • Labor Day Weekend
  • Thursday, August 30th - Monday, September 3rd
  • Hours: Thursday – Sunday: 10 a.m. to 10 p.m. Monday: 10 a.m. - 5 p.m.  

This Labor Day weekend is home to one of Michigan's best attractions, right here in Novi - the Michigan State Fair! Let summer’s last hurrah be celebrated in style with everything Michigan has to offer -

  • Live exhibits of Michigan's rich agricultural scene and animal husbandry
  • A farmer's market with all the fresh Michigan produce you could ever want, right at the peak of growing season!
  • Live music on two different stages, featuring local Michigan artists and those with strong ties to Michigan, including a superstar contest and a gospel music festival
  • Baby animals
  • Dog and Horse shows
  • Live Cooking Demonstrations
  • Tons of shopping
  • Unique attractions for the youngest and oldest
  • A carnival midway with rides and games for every age
  • A Shrine Circus
  • Much, much more

To view a full list of all the events and shows, the carnival hours and general information, including ticket pricing, visit the Michigan State Fair website.

South Lyon Labor Day Bridge Walk

  • Date: Registration begins Monday, September 3, 2018, at 8:45 a.m. and the walk begins at 9:00 a.m.
  • Location: McHattie Park, 400 Dorothy Street, South Lyon, Michigan.

If you grew up in Michigan, you might have heard about the Mackinac Bridge walk which takes place every Labor Day. Up to 65,000 participants walk the "Mighty Mac" every year to celebrate its construction, and typically Michigan's governor leads the way. One year, even President George H. W. Bush participated in the walk.

If you can't make it all the way up to the "top of the mitten" this year, you can bring the kids and participate in South Lyon's bridge walk. Come to celebrate community and help further Michigan's pledge to "Get Michigan Moving."

This event is meant to link communities together through a shared healthy activity. It's a free event running along the beautiful Huron Valley Rail Trail. As with the Mackinac Bridge event, the full route is 5 miles, but participants have the option of walking only 2.5 miles - which is perfect for a young family!

The meeting spot for this event is near the parking lot on the north side of McHattie Park near the pavilion and the tot lot. South Lyon asks that participants leave pets at home for the safety and comfort of all walkers.

Pre-register with South Lyon Recreation online at www.slrec.net, over the phone at 248-437-8105 or in person at 318 W Lake Street, South Lyon, Michigan.

Visit the City of South Lyon website at www.southlyonmi.org for more information.

Takeaway

Whether you would like to attend the Michigan State Fair or participate in a 5-mile run, you won’t be disappointed with what Novi and South Lyon, Michigan have to offer.

 

Top Kitchen Fixes For Mass Appeal

by The Jamey Kramer Group

Top kitchen fixes

Kitchens sell houses. It is as real now as it's ever been. You can expect to get offers up to $10,000 higher with an updated kitchen. You can also expect to get back about 85% of your original investment if you upgrade.

However, not just any new kitchen will sell a house fast and for more money. It has to have mass appeal. The last thing a prospective buyer wants to see is a new kitchen they can tell cost thousands of dollars, but which is not neutral.

The truth is, people have different taste. Your Moroccan-themed mosaic backsplash may make your heart flutter, but if a future buyer doesn't like it, she will see a hassle in her future.

What Most Buyers Want In A Kitchen

You may look at the numbers above and think it's not worth updating for a mere 85% return on your investment, but hold on. It's not always necessary to gut everything and start from scratch to make your kitchen the main selling point of your home.

Consider doing a few of these most critical fixes:

Wood Floors

One of the most essential surfaces for buyers in your entire home is the floor. Wood floors sell homes too, but especially wood floors in the kitchen. If you live in an older house, consider checking to see if a wood floor may be hiding under layers of linoleum. If you don’t have wood floors, and you don't have the budget for real hardwoods, ceramic or vinyl tile might be in your future.

There are so many wood-look products on the market that are durable, beautiful and easy to install. This one change could make a massive impact on prospective buyers.

Granite Countertops

What was once considered a luxury item is now regarded as standard in most homes. Yes, granite countertops do come at a higher price. Solid surface countertops - like Quartz - can come at an even higher price tag. But the truth is that Formica countertops just won't cut it. A prospective buyer looks at those cheap counters and mentally adds up the expense of switching them out. He or she is much more likely to accept the cost of the counters being included in a higher price for the house.

One other tip: neutral granite counters are always a huge selling point. No matter how beautiful you think it is, don't pick something flashy that a buyer won't want to accept.

Painted Cabinets

Good news: you don't have to replace your cabinets to get a return on your money. Painting them can go a long way. Paint doesn't cost nearly as much as granite countertops, but it can really transform a dated kitchen. Crisp white cabinets in place of dated and dingy - or just builder grade - make a kitchen look new.

Paint the Walls

This is an often-forgotten solution for the kitchen since most of a kitchen is covered in cabinetry and tile, but don't forget the walls! Paint the walls a beautiful color to offset the cabinets and countertop. It will give your kitchen the extra-new feeling it needs to sell your house.

New Cabinet Hardware & Sink

What if your cabinets are not dingy and they aren't builder-grade? It might not make sense to paint them if the wood is beautiful, especially if they were custom-built for your kitchen. You might consider changing your woodland-themed knobs to something updated and neutral. Brass knobs and pulls are a modern choice with a classic look.

Neutral Backsplash

A tile backsplash is such a personal choice. Maybe your prospective buyers absolutely hate white subway tile, but chances are much higher that most of them won't. You want something that makes your kitchen look new, clean, and neutral. So consider replacing the themed backsplash as a way to make your kitchen sell itself.

Updated Lighting

Does your kitchen feel like a cave? Is it too dark where it counts the most? Chances are good that if you don't have enough lighting there, your buyers will notice it. Consider updating and adding more lighting where your kitchen needs more.

Stage & Clean

The very best, and free, way to make your kitchen sell itself? Stage it like the rest of your house. Clean all the corners, nooks, and crannies. Take away most of the stuff you have sitting on your counters. Yes, that includes the appliances. If you have to, put them in a storage bin and hide them away. You want just enough out to make buyers feel like they could live there. They don't actually want to see you living there if you know what I mean. A bowl of fruit and a few props should be all you need. Your real estate agent can give you some helpful pointers.

Conclusion

With a couple of small - or maybe one significant - changes to your kitchen, you may be on your way to selling fast and for more than what you were hoping for!

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