Are improvements worth making after the housing market bubble Burst?

Are improvements worth making after the housing market bubble Burst?


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Randy and Kelly Sikora were living two blocks from the Ocean in 2000, when they dreamed of living somewhere with a larger yard and plenty of children. They managed to sell their Boca Rivera home for $345,000, $140,000 more than they paid for the property. Call it luck, but the couple found exactly what they were looking for in a tennis-minded, Palm Beach county neighborhood. In two years, the home they paid $345,000 in Boca Raton, increased in value to $650,000.

 

The couple did not know Florida’s housing market would crash beginning in 2011, in Fort Lauderdale. Home values, that increased 183 percent from 2000 to their peak, were down 54.8 percent from the peak of the housing boom to 2014. Home values in Fort Lauderdale, for example are 60 percent of their former value. Floridians found themselves unable to sell their homes, as prices fell, unemployment rose, and people defaulted on their mortgages.

 

Loss of jobs, means slow recovery and fewer home Improvements

 

The Fort Lauderdale-Deerfield metro area is slowly recovering from the housing bubble collapse, with unemployment the third-lowest in the state. At 6.2 percent, the unemployment rate is down 1.6 percent from a year ago. But, Fort Lauderdale’s recovery will take time. Should homeowners attempt home improvements, if they plan to sell in the next year or two? Some home improvements may benefit Fort Lauderdale residents.

 

Homeowners and property owners should be careful, as not every improvement will add value or be a selling point for a home. Here is a look at some great improvements homeowners can make that will save money.

 

  • Add a garage – A study at the University of Florida found a regular-sized garage had a 13 percent effect on a home sale. Floridians like having a place to park their car and in some areas of Fort Lauderdale, parking may be at a premium.
  • Minor kitchen remodels can add value to Fort Lauderdale What minor kitchen updates can add as much as a 79 percent increase in the value of your home? Replacing dated faucets sinks, and cabinet hardware may be one way to bring a space into the 21st century and modernize. Concentrate on the basics: laminate countertops and a new, fresh flooring design.
  • Vinyl Siding replacement – However, instead of using any old vinyl siding, using foam-backed siding is said to increase your return by roughly 77 percent. Couples and families may gravitate toward homes with vinyl siding because they are easier to care for. They don’t need painting and do not scoff easily.

 

It is also important to realize what may decrease the value of your home. For example having a color scheme in every room may not necessarily help you see your home. Buyers may consider it too much work to repaint and may be more interested in buying a turnkey home. Don’t be so quick to get rid of the spare room. Some buyers may appreciate having the extra space, as to the openness. If you need to hire a professional for a job, do so. A poorly done do-it-yourself job may sink a potential home sale in Fort Lauderdale. Keeping in mind all these things will help you choose the best home improvement projects to pursue.

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