Greater Boston Real Estate Chatter

Remodeling Your Home By The Numbers

Maybe you've been feeling the need for more space, less space or just different space.  You've been wondering-which solution will give me what I want with the least financial hit?  Here's one gauge to use: Expect moving to cost about 10% of your home's current value.  If your remodeling project can be done for less than that, stay and do it!! But plan it with an eye on the potential resale value.  Read on for ideas and tip that will help you take the lead in plotting your home remodel.

So what should you remodel??  Here are a few suggestions from industry experts for the Interior of your home:

Kitchen

Add usability with dual sinks and cooking stations. Add aesthetics with commercial-quality and stainless steel appliances, stone or stainless steel countertops and ceramic tile back splashes.  Add space with a breakfast nook or walk-in pantry.  Add livability with a computer desk, mudroom or hobby area.

Bathroom

Add light with skylights and glass blocks without losing privacy.  Add space with a walk-in dual shower, vaulted ceiling, recessed medicine cabinet or curved shower curtain rod. Add functionality with twin sinks or vanities. Add aesthetics with ceramic tile or stone florring, stone countertops and heated towel bars and floors.

Look out for my next post on suggestions for remodeling the exterior of your home, as well as how to maximize your remodeling dollars!

Economic Update 4/14/10

The Institute for Supply Management reported the monthly index of non-manufacturing activity rose to 55.4 in March from 53 in February. A reading above 50 signals expansion. Economists had anticipated a reading of 53.3. The reading was the highest since May 2006.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 8.2% in February after a revised 7.8% decrease in January. The February reading was the largest gain since October 2001.

According to the Federal Reserve, consumer credit debt fell in February by $11.5 billion, an annual rate of 5.6%. Economists had forecast that consumer debt would rise by $500 million. Consumer credit rose in January by $10.6 billion, ending a record 11 consecutive months of decline.

Sales at U.S. retail chains rose 9.1% in March. It was the largest monthly jump since recordkeeping began in 2000. Economists had anticipated a 6.3% increase.

Initial claims for unemployment benefits unexpectedly rose by 18,000 to 460,000 in the week ending April 3. Continuing claims for the week ending March 27 fell by 131,000 to 4.55 million.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending April 2 fell 11%. Purchase volume increased 0.2%. Refinancing applications fell 16.9%.

The Commerce Department said wholesalers increased their inventories by 0.6% in February following a revised 0.1% rise in January. Sales at the wholesale level rose 0.8% in February, marking the 11th straight monthly gain.

Upcoming on the economic calendar are reports on retail sales on April 14, the housing market index on April 15 and housing starts on April 16.

Homebuyer Tax Credits Expire Soon!!

The Homebuyer Tax Credits Expire Soon

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Don't miss out!  First time homebuyers will want to take advantage of these tax credits, and they must act fast. The tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between December 1, 2009, and April 30, 2010. Buyers have until June 30 to close on their new home.

In addition to offering the $8,000 first-time homebuyer tax credit, the new law also allows a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more.

There is an $800,000 price limit on all homes eligible for the credit. The income limits for all buyers are $125,000 per year for individuals and $225,000 for married couples. The first-time homebuyer credit is available to those who have not owned a home in the previous three years. The credit does not have to be repaid unless the home is sold or ceases to be the primary residence within three years.

If you have any questions about how the federal tax credits may benefit you, please call me today.

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor.

Welcome to the Greater Boston Real Estate Chatter Blog!

Welcome to my Blog! I decided to start a blog on the Real Estate market in the Greater Boston/North Suburban area.  I know, I know, some of you may be thinking" BORING"...I assure you, it won't be. I will give you updates about the Real Estate market, of course, but will also frequently talk about home improvement projects, as well as money and time saving tips when it comes to your home.  I hope to have a little something for everyone.  And I figure I get to combine some of my favorites things: Real Estate, Home Remodeling, and Writing. 

I also welcome the opportunity to educate people in the Boston and North Suburban areas on how great the Real Estate market is doing in our area.  All the scary stuff you hear on the news really doesn't apply much to us.  Yes, home prices have dropped some, but not as much as all other parts of the country. People are still buying and selling.  You may also hear, "It's impossible to get a loan".  Not true!! Getting a loan may be a little tougher, but it's not even close to how impossible the media will make it seem.  Good credit is VERY important in lending these days, so it's not that they wont lend, they just are more careful in being sure to lend to those with a good, strong credit history.  I'll give you tips on getting and maintaining a good credit score as well!

So if you have any questions you would like answered, please feel free to contact me.  That is what I am here for!  Also, feel free to give any suggestions on what you'd like to read about.  In the meantime, Enjoy!!