The Spring 2010 Sentiment Report, a survey of 5,000 homeowners in the U.S. who are considering remodeling, also shows that the recession has had several impacts on U.S. homeowners. These include:
-The most popular projects in the past–remodeling the kitchen and bathrooms–have decreased in popularity, as adding a bathroom has taken the honors of the most popular project. This makes sense since, for many homeowners, updating an existing room can be put off because it is often seen as a “luxury,” while for many, the addition of a bathroom is a necessity due to changes in the needs of the family.
-Interest in do-it-yourself projects, both the actual building as well as acting as their own general contractor, has remained steady throughout the economic downturn.
-Economizing on the cost of materials is growing in popularity at the same time, as fewer homeowners are reporting they will use expensive materials for their remodel. The percentage of homeowners reporting they will use average costing materials remains the same.
-The number of homeowners reporting they are “excited” about remodeling has climbed to an all-time high of 54%, which is primarily due to homeowners who aren’t excited about remodeling choosing to put their plans on hold to wait until the recession is over. This may be a costly choice for homeowners since the cost to remodel now is as much as 20% lower than in 2006, according to a special cost to remodel study published earlier this year. Information taken from RISMedia January 30, 2010
Of course, now is also a time to consider remodeling with the energy efficient rebates that are available or to buy a home since mortgage rates are very low and the housing market in Colorado Springs has many available homes.
I've just lowered the price on this fabulous listing of mine in Black Forest, Colorado Springs. It's now $775,000 for a great horse property on 19.55 acres with 7 bedrooms and 4 baths. You can view more details on my web site. If you are looking to buy or sell a home in the Colorado Springs Real Estate Market, please contact me today.
I found the most concise explanation of what qualifies and how much is being offered per item through the US Department of Energy site. An attractive item is a 30% tax credit on Energy Star Certified items such as AC's, windows, insulation, and roofing with a $1,500 cap. Also enticing is a 30% tax credit with no cap for alternative energy sources such as solar or geothermal through the year 2016. Be sure to check the Energy Star website for a more specific list of items that qualify and how to apply for the credits.
The federal government rolled out a plan that provides funding for rebates on energy efficient appliances. Through the Energy Efficient Appliance Rebate Program, individual states will be able to offer rebates for energy efficient appliances so check this out if you are in need of anything from a new fridge, clothes washer, dishwasher or other appliance. It varies by state so click on your state, it could mean $100's in savings.
According to the HomeGain survey, the top five home improvements that Realtors recommend to home sellers based on cost and return on investment (from highest to lowest ROI) are:
1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI)
2. Home staging ($300 cost / $1,780 price increase / 586% ROI)
3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI)
4. Landscaping ($320 cost / $1,500 price increase / 473% ROI)
5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI)
Go to the article on RISMedia to read more.
If you would like to sell your home, please contact me today.
The Broadmoor Hotel is such a luxurious place to stay. Whether you live in Colorado Springs or will be visiting in the next few weeks, you can enjoy their Valentine's Special Package that runs from February 5 - 19, 2010.
- Standard Guest Room (upgrade option)
- Complimentary Serenity Shower or tub soak with purchase of a spa service
- 15% discount on select retail purchases
- Champagne and chocolates at turndown on night of arrival
- Complimentary access to The Broadmoor movie theater
- 40% discount on suite upgrade
Package prices starting at $98 per person, per night based on double occupancy. Limited availability. Not applicable to groups. Applicable taxes and fees not included. Spa service must be a minimum of $100 in value to receive complimentary shower or tub soak.