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Last Updated: Jul 2nd, 2008 - 21:15:22 |
(ARA) – As the nation’s housing slump depresses home sales and prices, more owners look for ways to increase their homes’ value and attract buyers.
One of the best and most popular is remodeling. Owners who remodel often know about high-value areas such as the kitchen and bathroom. But too many forget another value-added secret -- use high-quality materials.
“Homeowners may initially save money with cheaper materials,” says Richard White, an architect who specializes in custom homes. “But in the long run, they are holding down the potential value of their home.”
The difference can be significant, according to a study by Harvard University’s Joint Center for Housing Studies. In homes that increased in value by at least 100 percent, the study found, owners spent 2.5 times more in improvements than in homes where the value increased by less than 50 percent.
Choose Traditionally Popular Materials
White recommends that homeowners choose traditionally popular materials to maintain a home’s appeal to a wide range of buyers through years of evolving fads. “People trust building materials they know,” he says. “If I grew up in a home with Western red cedar siding, I know the qualities of the wood and what it will do for my home.”
Long a traditional favorite, Western red cedar has a number of qualities that make it a preferred, quality material for decking, siding, and the increasingly popular outdoor living spaces that can enhance a home’s value, White says. Natural preservatives in the wood make it very durable for outdoor uses, even in more severe climates, according to Web site realcedar.org. Its texture and coloration give it a rich, natural beauty that enhances interiors as well, in features such as interior paneling, vaulted ceilings, trim and boxed-in beams.
Improvements Counter Downturn
Such improvements are just one example of the ways homeowners can counter the prolonged housing slump. Sales of previously owned homes fell to a five-year low by the end of summer, according to the National Association of Realtors. Home prices dropped 3.9 percent over the past year, according to the S&P/Case-Shiller home-price index measuring 20 U.S. cities. The two surveys were released in late September.
That means there are more homes for sale, and they’re staying on the market longer. Fueling the situation, prospective buyers face higher costs and stiffer requirements to obtain loans. The trend is projected to last into 2008 and possibly 2009, according to both the Realtors and Moody’s Investment Service.
Environmentally Friendly and Other Tips
Here are some additional tips for remodelers to counter the downturn, maximize their home values, and attract buyers:
* Consider building with materials that reduce a home’s impact on the environment, a growing trend that appears to be here to stay. Look at the steps a product had to take to reach your home. Synthetic materials such as vinyl and plastic are manufactured with non renewable materials. Minerals making up cement, stucco and metal are mined from the earth and not replaced.
Woods such as pine, fir, and Western red cedar are a renewable resource, grown and harvested sustainably. The environmental costs of production are also much less in wood products than mineral or synthetic materials. Production of concrete requires 70 percent more energy than wood building products and releases 67 percent more pollution into the air. “That lifecycle is much less damaging to the environment,” says Paul Mackie of the Western Red Cedar Lumber Association.
* Additions must fit your home to increase value. Avoid any addition that would create a sharp contrast to your home’s design.
* Learn about different building styles, says Eric Schnell, design director at the architecture firm Alan Mascord Design Associates. Search online listings of homes for sale, visit real-estate agents’ open houses, and study your neighbors’ homes more carefully as you walk the dog. Whatever you do should be compatible with not only your home but also your neighborhood.
* Be skeptical of the ultra-popular design fads on the cover of home magazines. Today’s hottest designs and materials won’t necessarily be so hot tomorrow. That’s why traditionally popular materials such as cedar are the best choices for whatever project you choose.
Ninety percent of homebuyers believe their homes have high investment potential, according to the National Association of Realtors. The right remodeling enhancements, done with the right high-quality materials, can help any home become more attractive to buyers and sustain its value through conditions such as the current market.
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