Tips

Weighing the Costs of Home Remodeling Projects vs. Moving ??

Did you get a chance to get to the Home Show at the fairgrounds? Each year, I walk the show with grand visions of home improvement projects that I want to tackle. And then POOF 💨 I am hit with the reality that it takes more time ⏱️ and money 💰 than I have (or willing to spend). Who’s with me???

It’s no surprise that home remodeling projects can be costly, so before jumping in, it makes sense to consider which upgrades are likely to give you the biggest bang for your buck when selling your home 🏠. Remodeling Magazine recently released its 2020 Cost vs. Value Report, which looked at 22 home upgrades that offer the best value. I took a snapshot of Indianapolis and this is what I found as decent projects to tackle that can recoup over 90% of your costs.

Entry Door Replacement
Bath Remodel (in the midrange)
Deck Addition
Minor Kitchen Remodel (in the midrange)
Garage Door Replacement
Siding Replacement

So before you tackle that home improvement project, give me a call at (317) 625-0655 to discuss specifics! I offer a free Room By Room Analysis with “No Strings Attached”. Which means is that I walk the property (inside and out) and give my two cents on repairs/improvements that could be done to yield a quick home sale as well as sell for the most $$$. Who’s in?

2019 Land Sales in Hamilton County

20 Acres

There were 7 sales ranging from 20 to 61 acres, and from $7,924 to $22,000/Acre. The average price per acre was $14,298.

10-20 Acres

There were 17 sales in total, but those properties in the southern area of the county were excluded from this analysis. 14 sales were reviewed, ranging in size from 10 to 20 acres, and from $100,000 to $513,760. The average size was 13.37 acres and the average price per acre was $17,978.

5-10 Acres

There were 14 sales in total, but again, those properties in the southern area of the county were excluded from this analysis. 11 sales were reviewed, ranging in size from 5 to 8 acres, and from $120,000 to $450,000 in price. The average size was 6.06 acres and the average price per acre was $28,702.

1-5 Acres

There were 24 sales in total, but those properties in the southern areas of the county and those surrounding Morse Lake were omitted from this analysis. 16 sales were reviewed, ranging in size from 1.48 to 4.97 acres, and in price from $45,000 to $179,000. The average size was 2.83 acres and the average price per acre was $35,028.

So, no surprise, as the volume of acres decreased the price per acre increased (and substantially so). If one had a big enough wallet, 13 acres could be bought for half the cost per acre of someone buying just 3 acres. And someone could have bought 30 acres for half the cost per acre as someone buying 6 acres.

There are a lot of factors that go into determining the value of a piece of ground; with just one of those factors being the total number of acres being purchased.

Well, that’s a wrap for 2019. What will 2020 bring? Time will tell. If you are looking for a piece of land, give me a call at (317) 625-0655. Let’s talk specifics. Let 2020 be the year!

Planning to Purchase a New Home in 2020? A Must Read

If you’re on the hunt for a new home this upcoming year, you don’t have to wait for the ball to drop – you can start prepping for one of the biggest purchases of your life! Below are some tips if your goal for 2020 is to become a new homeowner.

Pinch Those Pennies
Saving for a down payment on a new home is one of the most critical parts of the homebuying process. It’s essential to plan out your savings now if your goal is to purchase a new home in 2020. In addition to the down payment, many buyers are surprised at the other costs involved, like the closing costs, prepaid expenses, HOA adjustments, etc. These often run $3-7,000.

Check Your Credit
Make sure there are no surprises on your credit report. One of the first things your mortgage lender will do is check your credit to determine your debt-to-income ratio to determine how much of a mortgage loan you qualify for. If your credit needs clean-up, start working on it now so that your score is up to par before you start the pre-qualification process.

Lock in Your Pre-Approval
In today’s crazy competitive housing market, it is not uncommon for a seller to receive several offers on their home. Having a pre-qualification letter in hand could be the difference in your ability to purchase the house you desire. This also proves to the seller that you are serious about moving forward and provides you with bargaining power.

Hold Off Hefty Purchases
Now that Christmas has passed, curb any shopping sprees you may have planned. Big purchases like a new car or a family vacation before buying a house can affect your debt-to-income ratio and can affect how much money a lender is willing to lend to you.

Working with the right real estate agent who has experience can make all the difference. I have spent 17 years in the mortgage biz and continue to help people buy the home they really want. Call me!