October 2011

Found 14 blog entries for October 2011.

Adding a bathroom to your Santa Cruz home may not only improve the quality of your life, it may also increase the value of your home. Although in today’s market you’re not guaranteed to get back the cost of adding a bath, in the long term, it typically boosts your home’s value by about 20 percent, according to the National Association of Home Builders.

How many bathrooms does a Santa Cruz home need?

Most home buyers want an equal number of bedrooms and bathrooms. So, if you have fewer bathrooms than bedrooms, you’ll get a good return on your investment by adding a bath.

Buyers also prefer at least one bathroom on each floor of a house. To get a good return on your investment, add a bath to the second floor of a home without one. Have a finished

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Home improvement shows tell you that you can add 20 to 40 thousand dollars to the value of your Santa Cruz home by doing a simple remodel on virtually any room or outdoor space.  While you can get a return on your investment for most remodeling projects, the increase to your home value is not always as high as the home improvement shows claim.

Myth #1:  If you put 20 thousand dollars into a kitchen remodel, your home’s value will increase by 40 thousand dollars.

Fact:  The average kitchen remodel costs 40 thousand dollars.  This is on a mid-range remodel, not a high-end remodel.  The average return you can expect is 80 to 95 percent or about 36 thousand dollars on a 40 thousand dollar remodel.

Myth #2: Updating a bathroom can add as much as 20

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When a buyer makes a short sale offer on your Santa Cruz home, it’s impossible to know for sure if the offer will be accepted by the lender.  Even when you’ve negotiated the offer with the buyer and come to an agreement that meets both of your needs, there’s still no guarantee that the lender will say yes to the short sale.

Here are three tips to help get short sale offers on your Santa Cruz home accepted by the lender:

1. Convince the lender that you have a legitimate hardship. Submit a hardship letter, pay stubs, bank statements, monthly budget and profit and loss statement to demonstrate that you cannot make your monthly payments and have no disposable income. Here are examples of hardships to mention in your letter:

a. lost your job
b. reduced

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In the recent downturn of the economy, many homes nationwide as well as homes in Santa Cruz have taken a dive in value. As a result, they may not be the nest eggs that potential retirees were hoping for. Now, retirees need to know their options and what to do with their homes in Santa Cruz.

If you find yourself in this predicament and aren’t sure what to do, speak with your financial expert and review the following options for your financial future so that you can retire on time — and enjoy it!

• Wait it out. Most retirees want to try this tactic and are hoping that the housing market will rebound. However, if your property’s upkeep costs, such as taxes, insurance and utilities, continue to rise, you might need to consider other options.

• Pay

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