Considering a bathroom remodel? Estimating your costs up-front can help you choose between a painting update, a renovation or a remodeling job down to the studs.
And if you’re remodeling with a return on investment in mind, you may want an idea of how much of your investment you’ll recoup.
With a minor investment in paint and some sweat equity, painting a bathroom is a quick, easy and inexpensive way to update a bath. The cost may total a few hundred dollars, more if you hire someone to do your painting for you. But for under $400 (depending on the size of the bathroom), you will probably recover your financial investment.
As your project gets more complicated and more costly, the return may be less predictable. A renovation typically involves the removal of old plumbing fixtures and the installation of contemporary ones. Usually included are a new floor and new paint. ThiS level of work can cost approximately $10,000, according to UpscaleRemodeling.com.
For a total bathroom remodel, costs can range from $15,000 to as high as $30,000, depending on the level of fixtures and amenities. It will probably be necessary to hire a contractor to handle the various stages of the job, including electrical, plumbing, carpentry, tile and drywall. New materials could include a shower enclosure or bathtub spa, ceramic tile, new toilet, Sink and vanity, or perhaps a steam shower.
What return on investment can a homeowner expect? The rule of thumb has been that bathroom and kitchen upgrades do increase the value of a home, and may help its marketability. Homeowners often achieve a return of close to 85 percent when renovating a bathroom. But location, geography, market conditions and a buyer’s preferences will all have an impact on that figure.
An important consideration in proceeding with any construction project is who may eventually buy the home. Couples with children typically want a bathroom with a tub, while older people may prefer a shower enclosure that can be accessed without stepping over a barrier. Most couples also want to have two sinks in the master bathroom. It may be hard to determine in advance who may purchase the home, but your neighborhood may dictate its desirability for families or those ready to retire.
City codes are also an issue and electrical and plumbing systems may need to be brought up to code. And keep in mind, all outlets within a few feet from a water source, such as faucets or a tub, should have a ground-fault circuit interrupter (GFCI outlet).
While weighing a variety of factors, don’t leave out your own considerations. Are you creating a master bath, children’s bath or guest bath? Do you want to create a separate shower and bathing area? What range of activities will take place in the bathroom such as make-up and hair care, showering, bathing, dressing, relaxing? How many outlets will you need and for what appliances? While you may not want to over-spend on your project, it pays to create a room the entire family can enjoy.
Post courtesy of:
Advantage Inspection Service
Phone: (602) 864-8331
One of the most difficult concepts to grasp in the Credit/FICO world is “What is the difference on my Credit Report if I choose to do a Short Sale compared to a Foreclosure”. Well I am here to give you my interpretation.
In Short it Depends
If you are currently going through a Foreclosure or a Notice of Trustee Sale, then you must be at least somewhere between 90-120 Days Late on your Mortgage currently. That means you have already done the same amount of damage to you Credit as that of a Short Sale. Even if you have had perfect Credit your entire life, the day that Credit Report shows that you are 30 Days past due on your Mortgage your FICO score probably dropped between 50 – 100 points. As you go 60 and then 90 Days past due it continues to drop. This is going to take about 2 years to work its way out of your credit score, regardless of what you do from this day on. A Short Sale will have the same effect on your Credit as the aforementioned scenario time and score wise. Even if you have some big Windfall (Lottery, Inheritance, etc.) and you pay off all your debt; your Credit will still remain the same as it is today because you were past due on your mortgage within the last 2 years.
What If I Just Let The Bank Foreclose?
If your Home goes to Foreclosure, meaning the Bank Auctions off the property, your actual FICO score should be effected about the same as would a Short Sale. It is however, the “How Long it Will be affected” that you have to worry about. There are 2 sections of your Credit Report:
#1 – your Trade Lines (Your Mortgage, Car Loan, Credit Cards, etc.)
#2 – your Public Records, where a Foreclosure reports. This would also be where Bankruptcies, Tax Liens, Judgments and Collections report. From my experience a Foreclosure on your Public Records will stay there from anywhere between 7 and 10 years. Meaning, this could be a burden on your Credit Score and your for close to a decade.
Keep this in mind as well, if you are applying for a job and they want to do a background check on you, many companies may pull your credit report. Do you think they care that you had a Late Payment on something or do they care about what is in your public records? My guess is that they would be looking at your Public Records.
The long lasting effects of a Foreclosure on you Credit Report can not only influence whether you will get a Mortgage sometime in the near future it can also affect your Credit Card Rates, your Car Insurance Rates and whether you get that new job that you are vying for. A Short Sale can be a very good solution for someone in this day and age. 2 years compared to at least 7 years is a big difference. Make sure you weigh all your options and make the decision that is going to be right for you and your family.
All information I have written is based on my opinion and experience from my years working as a Real Estate Agent as well as a Wholesale Mortgage Account Executive with companies such as Bear Stearns and Fremont Investment & Loan.
Mike Jones
RAUKOV,LLC
Director of Sales
(480) 747-2835 – direct
Guardian Realty & Investment Group
Realtor
No, could that be true? I thought we were in this recession – heck, I thought we were headed to the next Great Depression just a few months ago. Well folks not yet, not now. We are experiencing a serious frenzy here in the Valley. From first time homeowners to savvy investors we are seeing it all, however nobody expected to see prices go up! We saw lender owned property price per sq.ft rise by 2.2% after hitting a bottom in April. All of the buyers I am working with will find a property they like, and by the time we decide to put an offer in it is gone in a matter of days. Is this the end of this long housing slump? Most likely not, well not even close. We have a ton of pent up demand, but the inventory has dried up (for now). Word on the street is the banks will be seeping the inventory back in to the market, in the coming weeks and months. I have found some great leads on properties that haven’t hit the MLS where you can still get a good margin, and some cases a great margin.
So How Do I Find A Great Deal?
Luckily there are a few ways you can do this. 1st, call me, and I can walk you through the details.
At the end of the day, it all depends on what you are trying to accomplish. Are you a first time homeowner trying to jump in, a small time investor looking to get some cash flow going or are you a whale looking to move the market? Let me know, because I have an answer for you and a dedicated team willing to help you reach your investment goals.
Alexi T. Mavrellis
Guardian Realty & Investment Group
mobile: 480.245.0184
