Not Selling? Start Targeting Home Improvements in 2009

Let’s face it: Homes have not been selling like we all hoped they would. So, what can homesellers do in the meantime?

A recent real estate industry poll shows that over 55% of homeowners are more likely to undertake a home improvement project in 2009 due to the possibility of lower labor and material costs. And, 65% indicated they will likely undertake a minor remodel as well as repair projects.

Taking advantage of the positives in the current market can get you more comfort at a lower cost. In a sagging housing market and rough economy, more families (especially the growing ones) are planning to stay put and add-on to or update their existing homes, rather than take a chance at selling their home and financing a larger place.

There are kitchen & bathroom remodels to consider; or home additions that would help families needing more space without selling their current home. Perhaps new decks, new windows, new AC Units...but what do you really want? While I can't answer that, I can tell you what others are going to be doing.

What are the most common projects for homeowners?
• Bathroom Remodels • Room Additions
• Kitchen Remodel • Multi-Room Remodel
• Garage Remodel /Addition • Lanai / Deck Remodel /Addition

I break down my Remodeling Top Six:
6. Extra Bedrooms — If you're looking for a home remodel that adds space and value, adding extra bedrooms is the way to go. New bedroom additions are always an option, as is making use of otherwise neglected space, such as converting an old attic into bedrooms, or including a few bedrooms in a larger basement remodeling project. Converting a den to into a full-time or extra bedroom can be done inexpensively and very effectively with a Murphy bed wall unit. This is a great use of space for both a den use and a bedroom for guests.

5. Home Office — Millions of American workers are helping their bosses save money and perhaps simplifying their own lives by shifting all, or part, of their work-week to a home office. Employers now know by moving workers to a home office, everyone can save money on taxes and at the pump, since employees who work exclusively from a home office can enjoy substantial tax write-offs for their home office expenses (NOTE: be sure to walk a straight line as a claiming home office deductions can make you a prime target for an IRS audit. Talk with your tax preparer).

Of course, the success of a home office often relies upon having a tailored space where you can actually get work done, which is why the home office remodel makes our list of hot remodels to consider this year.

4. AC Unit Updates / Solar Efficiencies — We've mentioned some very basic remodels already in our list, but there's a lot more going for these popular home remodels than just adding a few extra rooms, etc. Solar Energy use across the nation are fast becoming the focus in American homes, feeding cheap energy to home theaters, wet bars, game rooms, and exercise areas, just to name a few add-on options. Even better, cutting edge green lighting and ventilation solutions have transformed many additions from the “added energy” costs of times past, into “hey, it not only pays for itself, but I can lower my monthly bills as well” enjoyment.

3. Kitchens — Talk to any REALTOR worth their salt and they'll tell you that kitchens and bathrooms still sell houses, no matter how low the real estate market has sunk. They're also two of the most exciting rooms to remodel in your home; rooms where cutting edge designs in countertops, cabinetry, fixtures, sinks, and tile, are the rule rather than the exception. And finally, few rooms in your house have more green potential than the kitchen and bath. From low-flow faucets to Energy Star appliances, going green in the kitchen and bath can play a big role in cutting your annual energy costs.

2. Bathrooms — Dito from above. The most used rooms in the home need to be attended to a bit more often than some homeowners would have you think. And the updates are like that of a computer; they have new, different and efficient models which get updated and re-styled each 6 months. No time to waste though. Plan now as lead-times on some of the better stuff still takes time.

1. Decks — When it comes to getting the biggest bang for your buck, few projects pack a punch like a new deck or lanai. It's seemingly the equivalent of adding anywhere from a couple hundred to a few thousand square feet of useful living space onto your home, at a fraction of the cost of what a similarly-sized home addition would cost. Also, a new deck is also a great place to go green, whether choosing to build with certified woods, or the durability & long life of new composite building materials made from recycled plastics & other materials.

Finally, add to all that the fact that decks are one of the most enjoyable home additions to be shared by the entire family, a place equally as suited to kicking back with a good book as it is for hosting a 4th of July cook-out. Plan ahead as it's never too early in the season to get your new deck addition project started!

Making changes, updates, upgrades and additions to your home should not be taken lightly. While there is a grand opportunity to get the labor cheap due to the competitive economy, remember to make the project more energy efficient, which could save you big bucks in the long run.