10 TIPS FROM THIS WEEKENDS SHOW ON RETURN ON YOUR HOME IMPROVEMENTS

The truth is that most home improvements don't increase the value of your house as much as they cost. If you are getting ready to move and want to make home improvements that actually increase the value of your house, HERE IS YOUR TOP 10

1. Clean / de-clutter - 973% Average Return on Investment: Remove clutter by storing items in basement, attic or friend's home. Rent a storage space or sell excess items, if needed. Keep every room very clean during open homes. Do pre-open house cleanliness inspections.

2. Lighten and brighten - 865% Average Return on Investment: Replace any burnt-out bulbs and use higher wattage bulbs, if possible. Have defective electrical components repaired or replaced. Make sure skylights are clear and keep drapes open during the day.

3. Yard - 426% Average Return on Investment: Store away personal effects from front yard. Hire gardener or landscaper to trim back the overgrowth and maintain yard. Make sure that your lawn has a healthy green appearance.

4. Plumbing and electrical - 260% Average Return on Investment: Consider repairing or replacing any defective plumbing or electrical items in your home. Make sure you have the right person for the job by getting several estimates.

5. Staging - 251% Average Return on Investment: Buy some fresh flowers, live plants and other decorations to liven up the home. Dispose of old furniture or other large items. Consider renting furniture or hiring a staging consultant.

6. Update kitchen and bath - 168% Average Return on Investment: Update kitchen and baths by resurfacing cabinets or painting with neutral color. Replace toilet seats, dated fixtures and drawer/cabinet handles. Freshly caulk and redo grout in countertops, sinks, tubs and showers.

7. Paint interior - 148% Average Return on Investment: Repair any damaged interior walls by patching all chips, holes and cracks; then touch up or repaint interior walls with neutral color.

8. Carpeting = 104% Average Return on Investment: If carpets are only lightly soiled, shampooing and/or spot removal should suffice. If there are rips, fading, heavy wear, smells or deep stains, replace with neutral color.

9. Flooring - 101% Average Return on Investment: Repair and refinish damaged floors, or cover with neutral-colored wall to wall carpet and note damage in your disclosure.

10. Paint exterior - 76% Average Return on Investment: Repaint or resurface the outside walls of house, as needed. Patch and repair any damaged areas.

Foreclosure and Redemption Question on the Show

Q: I listened to your radio show last Saturday. My home has been foreclosed on and I am selling it in the redemption period. You mentioned a difference in selling a foreclosed home as far as funds needing to be somewhere seven days ahead of time verses one day on a normal sale. I didn't catch the whole conversation but I am concerned all the parts won't come together on the sale. My agent has called the mortgage company for the necessary paperwork but he hasn't worked with this type of sale before.

A: Borrowers have redemption rights in Missouri only if the buyer at the sale was the lender, but not if the buyer was anyone else. Does that make sense? However, the redemption requirements are so cumbersome that most borrowers do not take advantage of this right. First, the borrower must give advance notice of their intent, either at the sale or 10 days prior to the sale. Second, the borrower must post a bond within 20 days after the sale, which provides an amount equal to the following: the mortgage interest, any secondary loan interest, and taxes that will accrue for one year after the sale; foreclosure expenses; legal fees; damages; plus 6 percent interest. If able to meet these requirements, the owner can redeem the property within one year by paying off the amount owed plus any fees.

Here is a link that you may find helpful

http://www.foreclosureuniversity.com/studycenter/foreclosurelaws/missouri.php

Door 2 Door with David Van Noy Jr. on Hot Talk 1510 Saturday mornings 10am-11am

The Real Estate Term of the Week

Deed In Lieu Of Foreclosure- first lieu means "in place of" or "instead of"

A potential option taken by a mortgagor (a borrower) to avoid foreclosure under which the mortgagor deeds the collateral property (the home) back to the mortgagee (the lender) in exchange for the release of all obligations under the mortgage. Both sides must enter into the agreement voluntarily and in good faith.


A deed in lieu of foreclosure has advantages for both a borrower and a lender; mainly the avoidance of time consuming and costly foreclosure proceedings. In addition, the borrower avoids some public notoriety, and may even be able to lease the property back from the lender.
The lender needs to assess certain risks which include, among other things, the risk that the property is not worth more than the remaining balance on the mortgage and that junior creditors might hold liens on the property.

What we talked about on the show this weekend

The Sites I promised that will allow you to check and see if your home needs improvements

To help, Energy Star recently released an online tool, the Energy Star Home Advisor, which can help homeowners decide which improvements to make by entering in information including zip code, how the home is heated and the type of water heater in the home. A link to the tool can be found on the Energy Star Web site, www.energystar.gov.

Remember, too, that some projects are eligible for federal income tax credits if they're done before the end of the year.

The maximum tax credit is $500. There are qualifications and rules for each improvement; homeowners can get a credit for 10% of insulation materials, for example. Other improvements eligible for credits include exterior window and door replacements. See www.ase.org/taxcredits for more details.

The BLOG is a great place to talk Real Estate

The blog is all about the Kansas City real estate market as well as the radio show tips that we may not be able to fit in the show. What I do throughout the week in preparing for the show on the weekend is to read anything and everything I can pertaining to realty and mortgage news. I thought that if there was a radio show/real estate blog that brought ALL the hot topics to one spot that it would be a great palce to visit on a regular basis. I love real estate...Learning about it, talking about it and most of all working individual deals for my clients. I hope that you find it interesting and please fell free to call or email with any questions or topics that you may want to talk about on the show.

Stay tuned for TIPS, tricks, and helpful resources like articles and websites.....everything you need to be totally informed.

davidv@prukc.com

Leawood Kansas, Overland Park Kansas, Kansas City Missouri, Lee's Summit Missouri, Belton Missouri, Raymore Missouri