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September 22, 2006     Barnstable Patriot
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September 22, 2006
 
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Improvements and f inancing to nikethe value o f your home By Jack Mason jmason@barnstablepatnot.com ' he National Association of the J[ Remodeling Industry (NARI) estimates that over one million homes per year nationwide under go maj or renovation or remodeling. Nonetheless,some Cape Cod homeowners have be- come hesistant about undertaking remodeling projects as they view higher interest rates for financing, a more competitive sellers ' market,and perceived slower home value increases on the horizon. Given all this,is now a good time to remodel? Are there still home improve- ments that can add value to their homes? The experts speak out We posed these questions to a number of veteran lo- cal area experts,including two home improvement spe- cialists,two realtors and two individuals in the financial services industry. John Falacci, is President of Home Im provement Specialists of Cape Cod, Inc that is based in Hyannis and has been serving area homeowners for thirty years . John was quick to cite several remodel- ing/renovation projects that he believes can add retrievable,value to your home. If your home has only one bath- room,for ex- ample, adding a second bat hroom is an important upgrade. John, as well as several realtors,views a significant number of Cape homes that have outdated kitchens and bathrooms appliances and fixtures- that are just screaming for make-overs. Adding a garage, Falacci points out can also value to a home. Falacci in his work frequently sees older homes in need of improved structural integrity and safeguards against moisture and termites. A leaky roof or faulty win- dows are home improvements,for example, that need to be corrected, regardless of the direction of the real estate market and will add value. Kitchens, Falacci mentions, have become increas- ingly important centers for homeowners entertaining their family and friends. Seconding this notion is Sta- cey Ducharme owner of Coastal n' Counters in Mash- pee. Over the last several years Stacey has noticed the strong interest that Cape home owners have in kitchen updates particularly towards installing granite,and Cori- an kitchen counters. Many homeowners have been opt- ing for an engineered stone for their counters because it has the qualities of the "real thing", but is non-porous so it won't stain. Corian counters are popular as they are relatively affordable and also warm and seamless. Someone with kitchen remodeling needs would seem to be on safe ground re-doing counters along these lines. Consider current trends In planning to renovate/remodel always think about the resale value of the house- you might consult with a real estate professional to find out what improve- ments buyers in your neighborhood tend to be looking for. Are buyers in your neighbor looking for four bedrooms- kitch- ens with islands- breakfast nooks- and high quality cabinets- granite countertops? We asked Chuck Tuttle, a real- tor for Realty Executives in Hyannis, to consider what improvements he observes needed for homes that are entering the market for sale. Once again, kitchens and bathrooms are mentioned - where owners may not re- alize how outdated kitchen appliances,counters and cabinets are outdated. Similarily, showers,toilets,sinks and tile may need to be replaced in bathrooms. In a real estate market,where the buyers have many options from which to choose, it makes sense that buyers would like to buy a home where kitchens and bathrooms have at least been reasonably renovated. After all, buyers are usually being asked to pay high prices for most homes. Adrienne Siegel, owner of Strawberry Hill Real Estate in Hyannis agrees that kitchen and baths remodelings add value to homes,but identifies updating carpets and flooring as renovations that have helped market several homes more expeditiously. David LLewelyn, principal of Cape Wide Construction and Consultants in West Yarmouth observes that many homeowners opt for lifesyle remodeling projects. These projects could entail, for example,adding sunrooms , converting basements into offices, adding family rooms. Homeowners should prioritize enjoying their home- as opposed to concentrating on "adding value" to their continued on page 4 A leaky roof or f aulty windows are home im p rovements, f or examp le, that need to he corrected, regardless o f the direction o f the real estate market and will add value.