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Featured article in Long Island Press
http://www.longislandpress.com/main.asp?Search=1&ArticleID=1439&SectionID=23&SubSectionID=72&S=1
Home Improvement: Getting Your Money's Worth
Weigh The Value Of Improvements Before Remodeling
Brenda Protz
The current house is too small. The kids are getting older and need more space. Many families faced with these facts are torn by the idea of moving to a bigger house or remodeling their current home. When making such a decision, several factors should be considered.Jan Creasey of Creasey Construction says one of the first questions he asks homeowners is if they intend to sell their current home any time soon. If they plan to sell, then he tries to advise them on the best moves to gain space or other conveniences they desire."If it's something small or simple like finishing off a basement or redoing a kitchen, that really wouldn't have much bearing if you are going to move," Creasey says. "Those are things that could add value to a house."But if it's something more extensive, Creasey thinks homeowners should take into account the idea of moving later."You need to know if you are going to be overbuilt for the area," Creasey says.Realtor Bonnie Wabner agrees. "You need to know current sales of your particular area," she says. "And don't make your home the most expensive in your area if you plan on selling."Wabner suggests having a market analysis done, which any licensed real estate agent can do, to get a good feel for the market in your area. That will tell you how much houses similar to yours are selling for. And it would help in deciding if adding on or selling is the better idea. Wabner says that if major renovations are made and a homeowner stays in the home for a while, eventually they could gain money back."The two most important rooms to most homes are the kitchen and the bathroom. They add the value to the house," explains Ray Accettella, president of Jarro Building Industries, Corp. in East Meadow. "Usually, today's living requires people to renovate a kitchen that's going to meet their wants and needs."On Long Island, the affordable-housing situation has created a whole new nice for the home-improvement industry."There are a lot of people coming to us now because of the affordable-housing shortage, where people are putting on extensions, because the children who can't afford houses on Long Island and are moving in with the parents," says Accettella. "Or the parents can no longer afford to live on their own and are moving in with the children, and that becomes a situation where we put a second story on."Creasey's 25-year-old business hasn't seen any difference in the numbers of new builds or renovations from previous years. But if people just want more space, they probably could get more for their money in a home that is already built, as opposed to buying a lot and building."A lot that might have cost $20,000 a year ago is now costing $40,000," Creasey says. "So if a family wants a 2,000-square-foot home, they might want to buy something already built, rather than trying to find a lot and build."Creasey also notes some families decide to make changes to their current home for emotional reasons."Some just get attached to their homes-it's like another family member," he says.
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