Denver Real Estate Blog

Updated bath incorporates natural stone, neutral tones. Photo courtesy of HGTV.

Looking for a weekend project that won’t cost you an arm and a leg, but will improve your home’s value and maybe make your mornings a little easier?  The bathroom is a perfect place to start!  Even if you aren’t thinking of selling right now, resale potential should always play a part in your decision-making process, so try to keep current trends in mind, and add your personality with easily replaced items like artwork, towels, shower curtains, and rugs.

The National Kitchen & Bath Association has compiled what it sees at the year’s dominant bathroom renovation trends. They are:

In With the Old, Out with the New - Traditional will be the most popular design style in bathrooms in 2010, as contemporary designs will be a distant second, followed by the Shaker style as an even more distant third. Beiges and bones will be the most common colors used in bathrooms, followed by whites and off-whites, and then by browns, indicating a somewhat subdued color palette this year.

Ceramic and Granite - Ceramic and porcelain tile will be the dominant flooring materials in bathrooms this year, while natural stone will continue to prove popular as well. Though increasingly popular in kitchens, hardwood flooring won’t become common in bathrooms in 2010. For vanity tops, granite will remain king, with quartz and marble also proving popular options.

Simple Fixtures - Perhaps more than ever, the most common color for fixtures will be white. Bisque and off-white will be the only other fixture colors at all common in new or remodeled bathrooms. For sinks, simple undermount models will be most popular, followed by integrated sink tops, drop-in sinks, vessel sinks, and pedestal sinks.

A Nickel for Every Finish - Faucet finishes in the bathroom are similar to those used in current kitchen designs, with brushed nickel continuing to lead the way in 2010. Polished chrome and satin nickel will also be incorporated into many bathrooms, just as they had been throughout 2009. These faucet finishes will be followed by bronze and stainless steel.

Keep in mind your home’s value when tackling DIY and remodeling projects.  If your property’s market value is around $200,000 - it doesn’t make sense to spend more than a couple thousand dollars on a bathroom update - it’s money that you won’t get back on resale.  But, there are some things that are worth the investment, and that buyers tend to look for when looking for a new place:

Real tile.  I know that the peel and stick products on the market right now are sometimes really tempting - they are super easy to install and you can trim them with scissors - in most cases you can find a cermic tile for a comparable price and with a little extra time and effort, you will add value with the real thing.

Jetted tubs.  Most people love a relaxing bath, and in some cases they might never have had one, so it’s a coveted item.  If you are going to have to replace your tub anyway, spring for the jets - you will see that money come back at resale, and you will have it to enjoy in the meantime!

Framed mirrors.  Nothing looks cheaper than those frameless mirrors attached to the wall with those little plastic tabby things.  Framed mirrors can be found at any craft or home decor supplier for a minimal imvestment.  Hobby Lobby and Target often have them on clearance, and thrift stores usually have them as well.  Painting an old frame is a great  way to update and reuse a found item.

Wondering what you need to do to get your home ready for sale, or which improvement projects are worth the investment?  Contact me, I would love to help you out!

Looking for a way to freshen up a space without investing in new wood floors or carpet?  Do a little investigating to figure out if painting the floors might be an option.  There isn’t a better way to bring color to a space - and anyone can do it, unlike installing wood flooring or carpet, which is a more serious commitment, including product cost and installation.

No matter what era your home was built in, there are ways to make color work on the floor - and because paint is one of the lowest cost, easiest materials to work with, it’s no big deal if you don’t love the result - simply paint over it or go with a more traditional product, like tile, carpet, or wood.  But it’s worth a shot, because you just might love it.

If you are thinking of putting your house on the market, also consider painting outside spaces such as patio, porch and walkway surfaces - it’s a great way to freshen up ragged old concrete without replacing it.  If surfaces might become slippery, mix some light sand into the paint before applying - you will find this in little packets next to the outdoor paint in any supply store.

Make sure to check with your HOA if you have one - some place limits on color pallettes for outdoor use.  If you don’t have an HOA to limit your selection, don’t be afraid to go bright and cheerful, and try to complement it with a memorable door color as well!

Here is an article from House Beautiful that features several different designers talking about how they have used painted floors to transform different types of spaces.

As you are writing out your New Year’s Resolution list this year, you might find yourself adding “Sell this house and Buy a new one” to the list - and it would be great timing if you did.  With the Tax Credit extended to existing homeowners, and with a shortage of great properties on the market, early 2010 might just be your opportunity to Move Up to that bigger home, better neighborhood, etc.  Or, it might be a smart move to Move Down the property ladder, consolidate your stuff and move to a smaller place in a more walkable area.  Whichever way you are looking to go, there are going to be buyers looking for a place like yours, so now is the time to get it ready and get it on the market.   We are expecting a rush of new business at the start of the new year - especially because properties must be under contract by April 30 in order to qualify for both the First Time Buyer and Existing Homeowner Tax Credits.

Here is a list of small projects that will improve your property’s value - allowing you to get top dollar and pull the most equity out of your current home to put toward your new place:

1. Tidy up kitchen cabinets.

Potential buyers open kitchen cabinets and look inside, so make it look like there is plenty of space for all of their dishes and cooking supplies.

 2. Add or replace tile.

By retiling, you make a room look way nicer than it was, and you can do it on the cheap - many stores, including Lowe’s and Home Depot have $1 to $2 tile, so it’s very affordable to add a new kitchen backsplash or bathroom floor without breaking the bank, and it makes a huge impact on buyers.

3. Add a breakfast bar.

When a wall separates a kitchen from a family room try cutting out an opening to create a breakfast bar. Buyers will be looking for open floorplans and great spaces for entertaining.  So take a look at the walls dividing your rooms - if they don’t need to be there, get rid of them.

4. Install granite tile instead of a slab.

Granite kitchen countertops have become a necessity, even in lower priced homes, but slabs can be really expensive.   As an alternative, install 12-inch granite tiles with very tight grout lines - you will create a similar look and feel for a fraction of the cost of slabs.

5. Freshen up a bathroom without retiling.

An outdated bathroom is easily updated by installing a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300. Instead of replacing the tile, consider simply applying new grout - it can make ugly tile appear new again.  There are also tile paints that can cover seriously outdated colors in a fresh coat of white.

 6. Freshen up the basement.

If you have cement block or poured concrete walls in the basement, fill in cracks with hydraulic cement and then paint with waterproofing paint, then add a top coat to add color. You can also paint the basement floor with a good floor paint, which will really clean it up. The basement may not be finished, but it also shouldn’t be a damp dungeon.

 7. Add a room.

Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. As long as there is a window and  a closet in that new space, you have added a ton of value for very little investment.

 8. Spruce up cabinet fronts.

Update tired-looking kitchen cabinets. Paint or stain old cabinets for a fresh new look and feel in the kitchen.  Install new hardware as well - you will be shocked at the difference, and buyers will be able to focus on the counter space and layout rather than the ugly old oak.

9. Replace light fixtures.

Especially in the foyer and in bathrooms and kitchen, replacing the lighting is a very easy and inexpensive project that can change the entire look of the home.  Installing recessed lighting, especially when ceilings are low, and pendants over the kitchen island also add a lot of bang for just a few bucks.

 10. Tech-up the garage.

Replace the garage door opener with a remote touchpad entry system - makes any system feel high-end.

The door and wall leading to the basement, before.

Holy moly, I have really been neglecting this blog.  It’s been a bit crazy in Stacieland, though I am beginning to see the light - and the closings.   We are also remodeling our basement, and although it’s sort of hands-off for us this time as we have a great team of contractors working around the clock to get it finished in time for holiday guests, it has still created a bit of havoc around our house!

Even though it’s not quite done, I wanted to post some pictures and detail the work that we are doing - and estimate the value that it might add to our home, especially as we are considering selling sometime in the very near future.

Before:  Our basement must have been finished sometime after the house was originally constructed, which was 1986, but it was definitely stuck in the 80’s, with light wood panelling, mismatched carpet, and flat white paint throughout.  The dropped ceiling was glued to the drywall above it, and the boxed flourescent lights were not very flattering, to say the least.  The worst part was the huge bathroom/laundry room combination space - yuck.  The basement, no matter how many times I tried to organize it or make it appealing as a playroom, had really turned into a giant storage space with a laundry room where I hated to do laundry, and it really was not being used well at all.

After: We opened up the walls from the main floor all the way down to the basement, and removed the door entirely.  The idea is to integrate the 1,300+ SF in the basement into the rest of our home, and to make it truly usable space, which we desparately need.  We kept the 2 bedrooms which were existing, because the layout isn’t bad and the last thing we want to do is decrease value by turning 6 legal bedrooms into 4 or 5.  We installed recessed lighting throughout the space, drywalled the ceiling, removed the hideous wooden panelling and textured the walls, which will be the same creamy latte color as the rest of the house.  The baseboards and mouldings will match in white, and the carpet is a neutral speckled short pile - which we thought would be cozier than a berber or loop-style rug, but still stain-resistant and forgiving of our busy and often messy kiddos. 

Bathroom/laundry room, before.

The main room will house a living space with comfortable couches, a large flat-screen TV and the wii.  There will also be a game/poker/crafts table and a treadmill. 

There is now a wall and door separating the full bathroom and the laundry room - yay!  With ceramic tile, fresh paint, and a new vanity and mirror, as well as shelving in both spaces, I think this area alone will represent the biggest monetary return.

There is still plenty of storage under the stairs, but instead of 3 rough cut-outs for access, we installed built-in shelving in one space and closed off the other, leaving one access door for the storage area, which is located behind the bathroom door.

So, to break it down project-by-project, here is my estimated cost vs. value add sheet:

-Removing upper walls and door between main floor and basement:  Cost: $900    Value Added:  $4000

- Installation of recessed lighting and new ceiling:  Cost $2000  Value Added:  $3000

- Construction of wall and door between bathroom and laundry room:  Cost:  $300   Value Added:  $5000

Wood panelling, dropped ceiling, ugly cabinets and carpet, before.

- Cosmetic Improvements - tile, paint, texture, carpet:  Cost   $4000  Value Added:  $5000

- New bathroom vanity, mirror, hardware, and sink:  Cost $300   Value Added:  $1000

- Built in shelving:  Cost  $100   Value Added:  $500

Overall, I think this remodel will not only improve the value of our home for resale, it will also help it to sell more quickly.  For a basement to have a real impact on purchase price or days on market, it has to be done with a tight budget, and with the overall value of the property in mind.  Don’t dump $100K in to a basement if the entire house is only worth $200-300,000.  But, Colorado buyers are certainly looking for usable space in the basement in most neighborhoods, and if you can add value by making simple cosmetic improvements, it’s a good investment for sure.

(I will post more pictures as soon as it’s totally done!)

I’m working with a lot of First-Time Homebuyers right now - not surprising since the $8,000 tax credit for first-time homebuyers is getting ready to expire, and even those that probably would have sat on the fence a bit longer otherwise have decided that $8K goes a long way when buying your First Place.

There are a couple of different kinds of First Time homebuyers:

1. The Recovering Renters - this is a long-term Renter who has moved a lot, who is used to managing their own finances and who knows a good deal when they see it.  This type of Buyer usually calls me already pre-qualified, with a list of potential homes that they have found and researched online, and they are ready to unlock some doors and make a decent offer when a home meeting most of their wish-list items comes along.   The Recovering Renters realize that they won’t live here forever, and they aren’t looking for perfect - they are usually just happy to stop throwing money away on rent and not have to ask a landlord permission to paint the walls!

2. The Determined - These Buyers have been thinking about buying a home for so long, they are determined to find THE ONE.  They are timing the market, waiting for bottom, and are determined to get the deal of the century - and sometimes they do.  They look at dozens of homes.  They want to see everything on the market, and they write really low offers with the hope of getting 10% or more off the list price.  Every once in a while, the Determined turn into Dreamers…

3. The Dreamer - The Dreamers are looking for their dream home.  They practically move their furniture into every house they look at.  They spend hours figuring out where they would place the flat-screen TV, where the nursery would go if they ever had a baby, where their future grandkids would sleep on overnight visits…you get the picture.  The Dreamers are looking for their Forever house on their Today budget, which isn’t always easy to find, and it’s not very realistic, or even necessary.

In fact, most first-time buyers only keep that first place only 4 or 5 years, if that long, before a major life change persuades them to move up the property ladder - relocating for a new job, getting married, having a baby, getting divorced…you get the picture. 

So, instead of looking for your long-term, forever, perfect-for-retirement place, look for a house that suits your lifestyle right now.  As long as you buy in a neighborhood that is going to go up in value, and as long as you don’t make changes that are going to ultimately reduce the resale value (like turning a 2-bedroom into a 1-bedroom or cementing in the entire backyard) you will benefit from all of the advantages of home ownership and be able to build enough equity to have a decent down payment on your Next Place - and then, someday, that Dream Home will be yours.

I showed homes all day yesterday to first-time buyers looking to get the tax credit that is about to expire.  I love first-timers - they are so enthusiastic and excited about their purchase, and they love the challenge of the search.  And it is definitely a challenge - I don’t want to show them short sales, because if they don’t close before November 30th they won’t get the credit.  But there is a serious pricing situation in Denver’s popular neighborhoods, making it really hard to predict what the heck we are going to find when we pull up to each curb. 

For example, I have a buyer who would love to live in Northwest Denver, and he has a firm price limit in mind.  He also wants to be able to rent out some rooms to subsidize the rent, and he wants to be near the action - restaurants, bars, and the city within walking distance.  The first house we saw was a nightmare - a pre-foreclosure situation that had 10 people living in it - and they were all there during the showing.  Yuck.  I thought my byuyer would walk away right then, but he hung in there - I think he was more curious than hopeful.  Surprise, for the exact same price, 3 blocks away, we walked into a gorgeous remodel - granite countertops, stainless steel appliances, staged to perfection.  Hmmm.   Same square footage, same lot size, same price, same neighborhood, and a world of difference.

So which pricing was off?  The third house we saw was in a bit rougher hood, was a little bit bigger, and was a lot more expensive than either one.  I’m pretty sure my buyer thought that I was crazy at this point, but he hung in there.  10 houses and 10 TOTALLY different situations later, I still didn’t have an answer - all I can say is this is the way the Real Estate game is going right now.  There is no Scientific Equation that can be used to pop out the perfect price for each home.  I wish there were!

It would go something like this:  $/square foot X neighborhood + granite counters - pink bedroom + garage - small yard = PERFECT PRICE

Do you see what I mean?  My best advice is always the same:  You have to figure out what the property and everything it has to offer is worth to you.  You have to write your own equation, and then make an offer based on your perfect price.  It’s different for everyone, but eventually the market does determine the price.

What I do know is this.  If you are a first-time buyer and you want the $8,000 tax credit that the government is offering right now, find it quick, make an offer, and get it under contract so that it will close before November 30! 

Yes, I am here to tell you, it really does.  Just like moving 29 times between high school and my first home purchase sucked.  But it is just part of life - and unless you want to live in the same house for the rest of your life, it is something that you are going to have to deal with. 

There are, however, some things that you can do to make it easier on everyone - you, your family, your Realtor, your prospective buyer…you get the picture.

1. Every showing could be THE ONE.  Even if your home is shown 50 times, you only get one chance to make an impression on each prospective buyer.  As Buyer’s Agents, we TRY to give sellers as much notice as possible when we are going to show your home, but sometimes, we are driving by and our client asks to see a home at the last minute - if this happens, please allow the showing, even if it is inconvenient.

2.  Leave the house looking like it is Open House Day - every day.  You never know when a prospective buyer is going to pop in, and you might not have time to go home and tidy up before.  So, make the beds, do the dishes, and keep the dog somewhere else, every time you leave.

3. Speaking of dogs.  Please, I know that you love your dog, but not everyone does.  Please consider keeping Fido somewhere else, anywhere else, while your home is on the market!!

4. Stage your home.  If you can’t do this effectively, find someone who can.  You might love playing ping-pong in the dining room and having your home office on the kitchen counter, but if a prospective buyer can’t picture their stuff in your house, they are not going to buy it.

5. The outside is just as important as the inside.  Consider borrowing a lovely patio set if you don’t have one, and place some pots of beautiful flowers or evergreens strategically to make the most of your outdoor space, no matter what time of year it is.

But, and this is the most important thing, when people want to look at your house, LET THEM.  Don’t cancel or reschedule showings - this not only tells the buyer that your house isn’t always perfect, it also tells the Buyer’s Agent that you are going to be difficult to work with throughout the purchase process.  They are going to assume that you are going to be inflexible with inspection issues, that you are going to be tough to negotiate with, and that you are going to find a way to make the deal difficult, and they are going to nudge their buyers in another direction.  If you don’t really WANT to sell your house badly enough to let people see it, then they are not going to want to sell it, bottom line.

Selling your house sucks.  Getting a call from the showing service at 8:09 a.m. for a 9 o’clock showing on a Saturday morning when the kids are actually sleeping late for once bites.  Being forced out on a snowy Sunday afternoon so that your house can be shown blows.

But suck it up and deal with it, because even the most inconvenient showing could be THE ONE that sells your place!!

2617 W. 37th Ave. - 2 BR in Sunnyside $315,000

This classic bungalow has a lot of upgrades, including a new kitchen with slab granite countertops, and a sunroom addition that leads to a perfectly private backyard. 

With a full basement that’s only half-finished, there is plenty of space and head-room to add another bedroom space and bathroom downstairs.

What makes it special:

- The neighbors.  What a great block, and only a few houses away from The Lumber Baron Inn and Gardens.

“I love sitting on the front porch with my next-door neighbor, enjoying a glass of wine and watching a bride arrving for her wedding in a horse and carriage…it’s really magical.”

- The location.  Only a few blocks from the fab restaurants at 32nd and Zuni, the Pedestrian Bridge to Lower Downtown, and Highland Square. Favorite spots include Red Trolley, Litte Man Ice Cream, Duo, Pasquini’s, Gallop Cafe, and Root Down.

“I can walk or ride my bike anywhere in just a few minutes.  I love being able to “go out” without going far!”

- The potential.  This lovely home is priced to sell quickly, but with a little TLC the equity will be immediate.

“I hate to sell my house.  I love living here, and would stay forever if I could.”

Price Recently Reduced/Sod Allowance Available

Want to check out 2617 W. 37th Ave. in Highlands?  Contact me!  Stacie - call/text - 720-299-6635 - stacie@liveurbandenver.com

It seems like the Tax Credit that is available now to First Time Buyers (and those who have not owned a home in the last three years) is widely misunderstood. 

I had a potential buyer ask me the other day, “If my daughter uses the tax credit to buy a condo now, will she be able to use it again to buy a HOUSE in a few years?”  Ummm…no. 

I had another buyer sitting at the closing table with her co-signer, who owns several properties, ask me if she would still get the tax credit.  Umm…no.

Here is a great resource that lays out the boundaries and guidelines of the tax credit - http://www.federalhousingtaxcredit.com/2009/index.html

One of my favorite lenders, Scott Mulvany with Cherry Creek Mortgage, also sent out this reminder the other day:

$8000 TAX CREDIT REMINDER:

I wanted to post a quick reminder for you to be sure you are talking with first time homebuyers who are looking for the $8,000 tax credit.   The summer is racing by and Nov. 30^th will be here before we know it.  

BUYERS MUST PLAN ON BEING UNDER CONTRACT NO LATER THAN OCT 15^TH to safely close before the tax credit expires on Nov 30^th.   (45 day contract)

Many first time buyers take 3 months to complete their search so……….THE TIME IS NOW. 

If clients wait until the last minute to get homes under contract there will be no guarantee we can close them on time.   I’m expecting a large volume of procrastinators and $8,000 is enough to get some clients very steamed if we cannot close them.  

Please start warning all buyers of this date and make sure we are working with them on a mortgage plan right away.

Well, I can’t say it more clearly than that - so, if you are thinking about taking advantage of the Tax Credit, get out there and start looking! 

This just landed in my inbox…