Madison WI, Real Estate and Residential Rental.
Posts tagged Home Maintenance
All Used Up
Apr 3rd
I had a thought today and said to myself I should have a blog and write about that. I guess it has been a while since I “blogged”.
I was asked to value a rental property from the hip. I made some assumptions and with the aid of my spreadsheet I gave a pretty tight range in minutes. Then I walked past it and thought, well, that place is all used up.
One of my assumptions was that the home had been cared for, that is was a healthy asset. This really goes back to my a home is an investment (bucket with a hole in it) that requires maintenance and care both to keep from depreciating (leaking, to fill and to keep full.)
If you own a property, and have milked it of too much value, by collecting rent, living in it care free, not being a good steward, letting things go, then your home may be nearly used up. How much is it worth? How much have you not used up?
Don’t think your short cuts and indifference were decisions made with no cost. Make it a parenting example or whatever is easiest for you to relate to. If you were not a present and active parent, don’t expect your child to put you in the best nursing home, or to cash in on huge gains in real estate. In this market, you’ll be lucky if they go to a good school and move out of the house by the time they are 20.
Tile or Vinyl
Jun 25th
A recent email with a pretty common dilemma.
Ben- I was given your name from a friend, Bridget N.. I was wondering if you could answer a question for me? We are putting our house on the market in 1-2 years. This summer we are going to update our bathroom. Our biggest question right now is…..ceramic tile or linoleum? I know that ceramic tile is an upgrade, but is it going to make that much of a difference in the resale value of our house if we go ceramic tile vs. linoleum? Our house is under 1,100 square feet, definitely a starter home. Someone else also pointed out that our kitchen is currently linoleum so maybe we do want to stick with linoleum? I know there is no reason for you to be giving me advice, but would greatly appreciate it. Thank you so much for taking time out of your busy schedule!
Kristine
My Reply: Kristine,
That’s a tough one. Installing ceramic in lieu of vinyl will not add
a specific dollar amount to the value of your home. That being said,
it will and can make an impression. If a buyer sees 3 homes and 2
have vinyl and one had ceramic, it is possible that the ceramic along
with other features could elevate your home and give the perception of
quality finishes and fixtures.
That being said, a fresh new, well maintained home also adds an
intangible value. in 1-2 years one would hope that both tile and
vinyl will look fresh and newer. 4-5 years and the ceramic will win
assuming that caulk and grout are kept clean. ( I looked up where you
live) Your home is of a certain age that new tile could help
modernize more than vinyl and approaching 200k in value ceramic is as
much an upgrade as it is expected.
If the bathroom is not off the kitchen, then I would not worry about
not matching finishes. I should add this thought too. I tend to do
most of my own tile work so I always go tile.
I hope that helps. If the market is as tight in 1-2 years as it is
today you will want every bit of leverage you can get. When there are
more houses than buyers it becomes a beauty contest.
I hope that helps. I sell homes as well as pontificate on them, so
feel free to drop a line come those 1-2 years.
Ben
What would you have said?
Let there be light
May 13th
So I get around a bit, not so much it is a bad thing but I have been in a few houses. When you visit a home unknown to you, you have certain expectations. You walk into a dark room and look to the left and right inside the door for a switch, no switch you look for a lamp, no lamp a draw string. Another expectation might be that if you find a switch, and you switch it, something will happen. If nothing happens I, and maybe the buyer I am with, will suspect something is wrong. I will think that there is a dawn to dusk sensor or there is a bulb burned out, or the fixture is around a corner or outside, maybe just maybe a bad switch, but my buyer thinks there is an electrical problem. My god, who would buy a house with an electrical problem?
When you create your prep-to-sell list of to-do items, make sure you take an inventory of your switches and see that when you switch them, something happens. If nothing happens, fix it, plug something in so something does happen or leave a note as to why nothing happens (exterior fixture, garage light etc.)
While I have your ear, replace all of your older but grounded two prong outlets with three prong. That, to some cries $2.50 and 10 minutes, to others it cries “electrical problem.” and who buys a house with electrical problems.
Environmentally Friendly Features
Mar 22nd
Every time I list a house I have to fill out a profile sheet. This data is what becomes the MLS sheet with all its dimensions and numbers. I usually skip over the part for noting the “Environmentally Friendly Features.” I sell mostly older homes. Homes built before it was cool to be green (yet oddly built in very green ways with far more locally sourced and natural materials). Some of the choices are Certified Green Built, Energy star certified, or that you have energy star certified appliances. As far as I am concerned these are all a bunch of hooey. My old house has an exceptionally low fuel usage because we are responsible, have made updates and try to be efficient. The irony is that the homes that can boast these features are often in car centric new subdivisions carved into farm fields on the cities periphery. Shouldn’t I get to list a green feature like, can walk to get beer, or dinner, a show, the market. At what cost are we discarding or devaluing the old so we can save the environment. To test another “green” aspect of your home, check you address at www.walkscore.com. I got an 83.
Damn Ice Dams
Mar 7th
I spent just a moment talking about Ice Dams in my most recent newsletter, but who wants to read about ice dams. I have been looking for a good cut-away or diagram and have yet to find one. I thought a picture of an ice dam might help but we have all seen them. Its the underside and the damage they cause that is important. One would think the recent warm weather would mean the end of ice dams and the problems they cause. In reality the warm weather has brought on the final insult. Once the ice dam is finished pushing water up under your shingles it will eventually melt. When it does it will often slide of the roof. I have heard stories and seen damage to A/C units and cars parked near a home, but I have never seen in person damage like I have seen these last two days.
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- The worst yet. This one actually pulled away some of the roof and sheathing.
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- Just a few doors down on Dunning.
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- Here the ice has pulled the gutter, soffit and fascia from the home.
I suppose the lesson we are learning is first try not to get them. Proper insiulation and attic venting can help. If you cannot avoid them, then you need to manage them. A roof rake can help clear snow at the eaves. If you can’t do any of that then at least try to control the when and the how of the fall.
