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Tips and Trends March 22, 2012Thank you for joining this REALTOR® Magazine webinar. You should hear music beginningat 2:40 p.m. Eastern Time, and the webinar will start promptly at 3 p.m. Eastern. Theaudio is being streamed, so if you’re having trouble hearing, try adjusting the volume onyour computer. Typically, there are two places to adjust volume: (1) on your monitor or(2) using the Control Panel. Mac users: Use the audio function keys on your keyboard.
Sponsor Justin Smith •Senior specialist, Lowe’s Program for REALTORS® •Lowe’s representative for more than five years
Tips and TrendsSpeakers Sal Alfano Todd Wood Editorial director •REALTOR® for more Hanley Wood Business than 25 years; owner Media of RE/MAX Realty •Remodeling Services, Bethesda, •Replacement Contractor •The Journal of Light Md. Construction •Owner of Castlewood •Coastal Contractor Custom Builders •Professional Deck BuilderHostsStacey Moncrieff and Brian SummerfieldREALTOR® Magazine
What is it?• 35 remodeling projects – midrange (M)and upscale (U)• 80 U.S. cities• National and regional data publishedeach year by Remodeling magazine andcovered in REALTOR® Magazine.• Current and archival city data availableonline at www.costvsvalue.com
Where we get the numbersCost estimatesHomeTech Information Systems,www.hometechonline.comResale value estimatesNational Association of REALTORS®members, www.realtor.orgSurvey instrumentSpecpan, www.specpan.com
Top 51. Fiber-cement siding (U) Replace 1,250 square feet of existing siding with new fiber-cement siding, factory primed and factory painted. Include all 4/4 and 5/4 trim using either fiber-cement boards or cellular PVC. Siding % Cost Job Value Rank Recouped Cost at Sale 1 Siding replacement, fiber cement (U) 78.0% $13,461 $10,493 10 Siding replacement , foam-backed vinyl (U) 69.6% $14,274 $9,937 11 Siding Replacement, vinyl (M) 69.5% $11,729 $8,155
Top 5• Fiber-cement siding (U)• Entry door replacement, steel (M) Remove existing 3-0/6-8 entry door and jambs and replace with new 20-gauge steel unit, including clear dual-pane half- glass panel, jambs, and aluminum threshold with composite stop. Door is factory finished with same color both sides. Exterior brick-mold and 2.5-inch interior colonial or ranch casings in poplar or equal prefinished to match door color. Replace existing lockset with new bored- lock in brass or antique-brass finish. Entry doors % Cost Job Value Rank Recouped Cost at Sale 2 Entry door, 20-gauge steel (M) 72.7% $1,238 $903 21 Grand entrance, fiberglass (U) 60.7% $7,488 $4,554 27 Entry door, fiberglass (M) 56.1% $3,536 $1,990
Top 5• Fiber-cement siding (U)• Entry door replacement – steel (M)• Attic bedroom (M) Convert unfinished attic space to a 15-by-15- foot bedroom and a 5-by-7-foot bathroom with shower. Include a 15-foot shed dormer, four new windows, and closet space under the eaves. Insulate and finish ceiling and walls. Carpet floor. Extend existing HVAC to new space; provide electrical wiring and lighting to code. Retain existing stairs, but add rail and baluster. Bedrooms % Cost Job Value Rank Recouped Cost at Sale 3 Attic bedroom (M) 72.5% $50,148 $36,346 21 Master suite addition (M) 59.7% $106,196 $62,874 34 Master suite addition (U) 50.5% $227,178 $114,822
Top 5• Fiber-cement siding (U)• Entry door replacement – steel (M)• Attic bedroom (M) In a functional but dated 200-square-foot kitchen with 30 linear feet of cabinetry and• Minor kitchen remodel (M) countertops, leave cabinet boxes in place but replace fronts with new raised-panel wood doors and drawers, including new hardware. Replace wall oven and cooktop with new energy-efficient models. Replace laminate countertops; install mid-priced sink and faucet. Repaint trim, add wall covering, and remove and replace resilient flooring. Kitchens % Cost Job Value Rank Recouped Cost at Sale 4 Minor kitchen remodel (M) 72.1% $19,588 $14,120 16 Major kitchen remodel (M) 65.7% $57,494 $37,785 25 Major kitchen remodel (U) 57.4% $110,938 $63,731
Top 5• Fiber-cement siding, upscale• Entry door replacement – steel (M)• Attic bedroom (M)• Minor kitchen remodel (M) Remove and dispose of existing 16x7- foot garage door and tracks. Install new• Garage door replacement (M) 4-section garage door on new galvanized steel tracks; reuse existing motorized opener. New door is uninsulated, single-layer, embossed steel with two coats of baked-on paint, galvanized steel hinges, and nylon rollers. 10-year limited warranty. Garages % Cost Job Value Rank Recouped Cost at Sale 5 Garage door replacement (M) 72.1% $1,512 $1,087 6 Garage door replacement (U) 71.0% $2,994 $2,129 26 Garage addition (M) 57.2% $57,842 $33,089 32 Garage addition (U) 52.1% $86,347 $44,987
EnergyStar.gov (search “tax credits”) •$500 tax credit for energy- efficiency improvements expired 12/31/11. •Credit for geothermal heat pumps; residential wind turbines; and solar energy systems remains in effect through 12/31/16. 30% credit with no upper limit Existing homes and new construction Principal residences and second homes (rentals don’t qualify)
• Home remodeling tips: HouseLogic.com• The data: CostvsValue.com. Study the data and figure out what’s relevant to you. Make it the starting point for a conversation with clients and customers. Counsel customers with a long timeline. Blog about interesting data points with a link to costvsvalue.com Tweet interesting data points. Hashtag: #cvv Copyright warning: Send clients to CostvsValue.com to download the data
Resources2011-12 Cost vs. ValueData for 80 cities + downloadable PDFshttp://costvsvalue.comREALTOR® Content ResourceHouseLogic’s free content resource on improving,maintaining and protecting the value of your homehttp://houselogic.com/membersStyled, Staged & Sold blogIncludes coverage of the International BuildersShow, January 2012http://styledstagedsold.blogs.realtor.org/Lowe’s Program for REALTORS®http://LowesRealtorBenefits.com
Questions?Next Hot Topics Webinar:“Court Side: 6 Recent Cases and What They Mean for Your Business”•April 19, 2012, 3 p.m. Eastern•http://REALTORMag.REALTOR.org/webinars