If you’re like alot of people nowadays, you may not be able to sell your Hendersonville home right now.  Instead, you are looking at updating your home’s look for the possibility of making a larger profit later.  Here are a few tips on how to get the most bang for your buck in remodeling projects:

Adding crown molding or a chair rail to a room like the dining room makes a dramatic difference in the room's appearance.1. Crown Molding – Easy to install, adding crown molding to the ceiling or a chair rail along the wall can instantly transfer a drab room into a fab room.  You can even dress up a light fixture with a simple medallion.

2. Wood Floors – Are your wood floors looking a little worse for wear?  Refinish them for a fresher look.  If they are completely worn out, opt for replacing them.

3. Light Fixtures – Are you still using fluorescent lights in the kitchen or bathroom?  Recessed lighting or updated light fixtures can increase the warmth and feel of any room for a reasonable price.

4. Entryway/Foyer – If your entryway/foyer area is stuck in a bygone era, you may want to freshen it up with a fresh coat of paint, newer wallpaper, refinished stairway and/or new flooring.

Adding a kitchen island increases your surface area and storage space.5. Kitchen Island – Storage is one of the toughest things to accommodate in a kitchen.  Adding a kitchen island with shelves or cabinets included in the design not only increase your storage capacity, but also your surface area.   Try using butcher block or concrete for the kitchen island’s work surface as an alternative to expensive granite or marble.

6. Pantry – Adding a simple pantry to your kitchen can increase your food storage in a small area quickly and easily.

7. Shower – Simply changing the showerheads in your bathrooms can make a dramatic difference.  One of the more popular fixtures is a large pan showerhead that simulates a rainfall.  Also, you may want to consider adding a multi-head or second showerhead in your master bath.

8. Fixtures – Updating the fixtures for your kitchen or bathroom sinks increase the room’s appeal.  In the kitchen, consider adding a pull-out sprayer with a retractable hose to help clean the sink and reach those pots or pans that are too big to sit in the sink under a traditional faucet.  While you’re at it, update the cabinets and drawers with new handles, knobs or pulls.  If your cabinets don’t include any fixtures, the look can be dramatically altered quickly.

9. Porch – Adding a porch creates a more welcome appearance and brings your living space to the outdoors.  You’ll need to make sure to check the building codes in your area first for setback requirements and obtain a building permit, if necessary.

10. Siding – Check your home’s siding for any damage.  If your siding is in good condition, you can find products at your local home supply store to restore the finish to its original condition.  If it’s time to replace, vinyl siding is the most affordable in a variety of colors and styles.  It’s not your parents’ ugly siding anymore.

These are just a few of the simpler ways to get the most bang for your buck in remodeling projects.  I’d love to hear what projects you have done to increase the value of your Hendersonville home.  What you do now will help you when you decide to sell your Western North Carolina home later.

Don't get a lemon.  Contact Rich Cooke for all your Hendersonville real estate needs.

$8000 Tax Credit Extended

November 12, 2009

The $8000 tax credit has been extended and includes a $6500 tax credit for existing homeowners.The $8000 First Time Home Buyers Tax Credit has been extended both in time and to include a $6500 tax credit for existing homeowners.  Previously, only first time home buyers (those buyers who have not owned a home for at least the three previous years) were eligible for an up to $8000 tax credit based on the purchase price of the home.  This was set to stop December 1, 2009.  However, President Obama has just signed an extension to the First Time Home Buyers Tax Credit that applies to all homes purchased by April 30, 2010.  If you have a signed binding sales contract in effect by April 30, 2010, you have until July 2, 2010 to close escrow.

In addition to the $8000 First Time Home Buyers Tax Credit, President Obama made available a $6500 tax credit for current homeowners looking to purchase a new home.  Existing homeowners must have used their home as their primary residence for at least five consecutive of the last 8 years to qualify for this new tax credit.

Income Limits:

If you are a single home buyer or married filing head of household, you cannot make more than $125,000.  If you are married and file jointly, you cannot make more than $225,000 to receive the total tax credit you are eligible for.  You are eligible for a partial credit if you are single or a head of household filer and make between $125,000 and $145,000 or married filing jointly with an income between $225,000 and $245,000.

Homes That Qualify:

Only a home that is purchased and used as a primary residence is eligible for the appropriate tax credit.  That means that vacation homes, rental properties and commercial properties do not qualify.  Also, the purchase price cannot exceed $800,000

These tax credits do not have to be paid back provided you use your house for your primary residence for at least three years.  However, if you sell your home before the three year time period is up, you will be required to pay back all the tax credit you received.  For more information on the tax credit extensions and how they effect you with your Western North Carolina home, please contact me.

Rich Cooke, your Hendersonville real estate expert

FHA Offers More

July 25, 2008

FHA is offering help to more at-risk homeowners. Homeowners who are experiencing difficulty in making their mortgage payments due to adjustments in their interest rates may be able to refinance their home through FHA’s refinance program: FHASecure.
 
Although, the program was established a year ago, it seems that many homeowners are not aware that they may be able to refinance their home and avoid foreclosure.
 
FHA has temporarily increased its loan limits, which will allow the FHASecure program to help more families keep their homes. Due to the increase in the loan limits, you may still be able to qualify even if  your property has depreciated in value. The increased loan limit is  currently scheduled to end on December 31, 2008.
 
Homeowners at risk of defaulting on their mortgage payments (or currently in default), but have otherwise maintained a good credit history, may qualify for the FHASecure refinance program.
 
Contact an FHA approved lender as soon as possible to make an appointment to discuss your particular circumstances.

FHASecure Facts

FHASecure Questions and Answers

Related article: Homeowners Get Help for Mortgages at Risk

Lake Lure typifies the natural beauty of Western North Carolina real estateLocated in the heart of Hickory Nut Gorge, Lake Lure, North Carolina encompasses all the beauty that Western North Carolina real estate offers.  Originally, a resort was built around the lake, utilizing the area’s natural beauty to “lure” people to the area.  Currently, the lake is now held in trust by the Town of Lake Lure as a benefit for its citizens.  Although no schools actually operate within Lake Lure city limits, students living here attend schools in the Polk and Rutherford County Schools Systems.  Outdoor recreation is key to the Lake Lure lifestyle, with the 720 acre lake providing the primary location for a day’s activities.  Residents enjoy full access to the marina seven days a week for free and everyone is encouraged to enjoy the boating, fishing and waterskiing the lake has to offer.  Horseback riding is a popular pasttime in Lake Lure as well as hiking and biking around Chimney Rock Park, which includes a nature center, picnic areas and a gorgeous waterfall.  One trip to Lake Lure and you’ll see what the “lure” is all about.  Please contact me with any questions you may have about the Lake Lure area.