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PROFARM Neighborhood Advocates
Remodeling ROI (September 2017)

Whether you’re thinking about modernizing a room in your home or rehabbing an entire house, you’ll want to make sure the money you invest in the project has a positive effect on your home’s value. Before you start tearing up tile, ripping out old plaster or buying that “handyman’s special” you’ve had your eye on, consider consulting a professional real estate appraiser about the economics of your proposed project.

You may receive good advice on questions such as:

  • Is the improvement feasible and marketable?
  • Are neighborhood trends pointing to an upward cycle?
  • How to go about it

When it comes to improving your home, don’t count on a dollar-for-dollar return on every improvement. For example, real estate appraisers have found that remodeling a kitchen or bathroom or adding a room may bring the greatest return on a homeowner’s investment. Some custom installations can actually detract from value, which appraisers call “overimprovements.”

“The latest research shows that home improvements with a relatively low cost are most likely to generate a positive cost-to-value ratio,” says Appraisal Institute President Jim Amorin. “Spending big dollars on major renovations doesn’t necessarily equate to a dollar-for-dollar return. In short: cost doesn’t necessarily equal value.”

Amorin encouraged homeowners contemplating renovation projects to compare the planned improvement to what’s standard in the community. “Projects that move a home well beyond community norms are typically not worth the cost when the owner sells the property,” he says.

Make sure essential repairs are completed before you start improving — a posh sauna won’t make up for a leaky roof. In fact, simple and relatively inexpensive repairs such as plastering and painting could earn a better return on your investment than some major improvement projects. Many buyers can’t overlook tacky paint colors, old or dirty carpet and ugly kitchen cabinets. Start with freshening up what you already have before adding new features to your home.

When deciding what to improve first, take a look around and find out what other homebuyers want. That way, you’ll select those improvements for which the market is willing to pay. Beware of overimproving.

If you do it yourself, do it right. Keep your improvements consistent with the quality of your home and the character of the neighborhood. If you decide that you can’t do the job yourself, be sure to contact a reputable contractor. Pay a fair price for improvements, not an inflated price.

Also be sure to consider energy-efficient improvements. While they may not save you a great deal of money now, as energy costs increase, so will your savings. Many buyers are looking for “green” and “smart” features in homes these days. Even something as simple as installing a smart thermostat can be an attractive bonus to buyers.

Most importantly, obtain any necessary permits to make sure your improvements are legal. Illegal improvements might not add value. In fact, work done without the necessary permits can create problems for you and the new buyer when it comes time to finalize a sales transaction.

I would be happy to discuss ideas and a strategy with you that would be appealing to buyers. Let me know how I can assist you! Thank you.

AnnalisaWeller1@gmail.com, 727-804-6566

 

Sources:

The Appraisal Institute, “Remodeling & Rehabbing: Some Valuable Hints for Homeowners,” © 2014 (http://www.appraisalinstitute.org/assets/1/7/remodeling_rehabbing_web.pdf)

Florida Realtors News, “Top return on investment? Smaller remodeling projects,” April 20, 2017 (http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=351064)

REALTOR Magazine, “Ugly Home Features Buyers Can’t Overlook, “ August 3, 2017

(http://realtormag.realtor.org/daily-news/2017/08/03/ugly-home-features-buyers-cant-overlook)

© 2017 Pinellas Realtor® Organization

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Well, except for the grandkids’ juice boxes, Ernesto García’s baby cokes and my Monty Python’s Holy Ale. Added 3 lemons from my tree just for color.

My heart, hopes, prayers & love go out to Mexico and the many island countries including Barbuda, Puerto Rico, St John, St Thomas, St Croix, Cuba, Dominican Republic, the British Virgin Islands & others that have been hit so terribly by the hurricanes & earthquake.

 

Please join the Pinellas International Council on September 20, 2017 for our International Marketing Session and Technology Tips for working with International buyers and sellers. It is FREE but you must register first. We want to make sure we have enough chairs, wine & appetizers. Hope to see you there!

TechTips 09 2017

Tue, Sept 19, 2017 9:00am – 12:00pm

Brought to you by the Pinellas International Council, this is a morning packed with information given by 3 long-time accomplished REALTORS® working in the commercial/international market. All you need to know – from marketing properties to how to mingle and behave with international clients, selling and buying commercial properties for international clients in the USA, and finding, marketing, selling properties globally – what you need to do, what you need to know.

Commercial 9 2017

You’ll hear from:
Carlos Fuentes – “Commercial Real Estate in the Global Market”
* Local market appeal
* Global presence
* Due diligence items
* CAP rate determination
* How to position yourself

Tina Eloian – “International Real Estate”
* Taipei, Taiwan culture, customs, and traditions
* Taiwanese business etiquette – CCIM Commercial Foundations class
* Business owners, investors and brokers
* CCIM Pitch Session
* Bankers, investors, brokers
* Real estate in Taiwan vs. real estate in the US

Rob Barber – “Marketing Worldwide”
* Personal brand for global
* Attention is all that matters
* Why video is a must

SCHEDULE:  Tue, Sept 19, 2017 9:00am – 12:00pm
8:30 a.m. to 9:00 a.m.: Sign-in, networking, and continental breakfast
9:00 a.m. to noon: Presentations

REGISTRATION:
Pinellas International Council (PIC) Members ($10):
Click here to register.

PRO Members ($15):
Click here to register.

Non-PRO Members ($15):
Click here to register.
PInellas Realtor Organization, 4590 Ulmerton Road, Clearwater Florida

Contact: Jan Dean
Email: JDean@tampabayrealtor.com
Phone: 727-216-3004

Listed here are just a few things to do and see to celebrate this Labor Day weekend in the St Petersburg area. Enjoy!

Friday, September 1st, 2017

St. Pete Shuffleboard Club  7pm    559 Mirror Lake Drive N, St. Petersburg.

Family-friendly shuffleboard with all equipment provided. Instruction available. Well behaved dogs welcome.

Lil Wayne, A Milli and Fireman rapper   Jannus Live  7:30pm

200 First Ave. N, St. Petersburg, Starting at $75.

An Evening of Improvised Music  Studio@620, 620 First Ave. S, St. Pete

Featuring St. Petersburg‘s Sean Hamilton, Infinite Third and Crux. $10.

Maxwell-Mahaffey Theater, 400 First St. S, St. Pete 8pm

R&B and soul, $45-$300.

Bourbon and Bluegrass-Renaissance Vinoy Resort & Golf Club 9pm

501 Fifth Ave. NE, St. Pete. The third annual dinner and concert series features five dining stations, full bar, bourbon and live music, through Sept. 9. $38 prix fixe menu.

Saturday, September 2nd, 2017  

License-Free  Saltwater Fishing Day    12:01am       Skyway Fishing Pier State Park

4905 34th St. S, St. Pete. Free fishing day providing an opportunity to introduce everyone to fishing. License requirement waived for all recreational anglers. All other rules apply.

Morning at the Museum  9:30am

Dali Museum, 1 Dali Blvd. (Bayshore Dr SE & Fifth Ave SE), St. Pete

Families with children ages 6 to 12 can privately explore the galleries before the museum opens. Reservations required and regular admission applies.

Canopy Tree Climbing  10 am, 1310 22nd Ave. S, St. Pete

Climbers ages 6 and older can climb into the canopy of a live oak tree using harnesses and a rope pulley system. $10.

The Holocaust & the Book of Fire, Florida Holocaust Museum,

55 Fifth St. S, St. Petersburg

Opening day for an exhibit of paintings, drawings, prints and artist’s books. Remains on display through Dec. 31. Included with admission. $16, $14 seniors, $8 ages 7-17, military/USF students/ages 6 & younger free.

St Pete Indie Market, State Theatre, 687 Central Ave., St. Pete  11am

Indoor market with more than 50 artists selling their artistic creations.

CraftyFest at ARTpool Gallery (Saturday and Sunday) 11-5pm
Crafty Fest Market is ARTpool’s buy local, handmade & vintage fabulous monthly event! ARTpool Gallery, 2030 Central Ave.

Brocante Market (Saturday and Sunday)  9am
St. Pete’s first permanent monthly vintage market. Housed in a 15,000 square foot former piano factory. Open the first weekend of each month. 9am-7pm Saturday and 9am-5pm Sunday. Brocante Market, 2200 2nd Avenue South.

2nd Annual Crab and Music Festival at Albert Whitted Airport 1-10pm
Live music and all the crab and seafood you can eat hosted by 95.7 The Beat’s Queen ‘B’ and BET Comicview and Atlanta’s Own ‘Tiny.’ Tickets are $20. Albert Whitted Airport, 480 Bayshore Dr SE

September 5th, 2017


The Melting Pot Presents Uncorked 2017

Five notable wines made by women who are making their mark on the wine industry today. September 5th. The Melting Pot, 2221 4th St N.

Flood the Capitol

 

The National Association of REALTORS (NAR) needs your help to send messages to Members of Congress urging them to support a comprehensive re-authorization of the National Flood Insurance Program (NFIP).

Reauthorization will make a number of critical improvements to the NFIP including increased funds for mitigation activities, caps on overall premium increases, improved claim and mapping processes, as well as removing hurdles for more private market participation in the flood insurance market.

Reauthorization of the NFIP will help over 5 million homeowners in 22,000 communities around the country, so it is critical Congress acts now.

If Congress fails to take action to reauthorize the NFIP, it will expire by September 30, 2017.

More information:
NAR Flood Insurance Portal

from the computer on a rainy day?

Why, bake fresh basil beer bread, of course!! And watch football 🏈

Please join the Pinellas International Council on September 19, 2017 to learn about the international client investing in the US, and how to partner with commercial professionals to grow your international business.

Three highly respected international commercial real estate professionals will share their insights and expertise while keeping the International buyer and seller in mind.  We welcome the return of Carlos Fuentes and Rob Barber, who both have given us invaluable commercial information in past years and are looking forward to having Tina Eloian join them. All three of these speakers have their CCIM. 

CCIM stands for Certified Commercial Investment Member. Members must have completed advanced coursework in financial and market analysis, and demonstrated extensive experience in the commercial real estate industry. CCIM designees are recognized as leading experts in commercial investment real estate.

You must register in advance for this event. Thank you.

Tuesday, September 19, 2017 9 am-12 noon at Pinellas Realtor Organization, 4590 Ulmerton Road, Clearwater, Florida

Please register on PinellasRealtor.org, Education and Events Calendar.

http://pinellasrealtor.org/education-and-events-calendar/

 

Go Global with Commercial Sept 19 2017

Annalisa Weller, Realtor®, Certified International Property Specialist

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