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AnchorageEagle RiverFairbanks
Fort WainwrightJBERNorth PoleWasilla

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5 Things to Remember to Help You Save Money While Renovating

No matter what renovation you are choosing to undertake, you need to set a budget and stick to it. Here are five tips to help you do this.

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Are you ready for a kitchen renovation or a bathroom remodel? Or maybe you want to add office space? No matter what type of home renovation you’re planning, you need a budget for it. That is why today I want to talk about setting a budget and following that budget with five simple tips:

1. Your renovation costs for each room or area should be proportional to the home’s overall value. This means if you’re working on the kitchen that’s worth 10% to 15% of the home’s value, you should spend whatever that 10% to 15% represents on its renovation. We can help you set a budget for the specific room you are working on by doing a comparative market analysis.

2. A home remodeling loan is an option you could take if you are going to do a big remodel. To remodel a kitchen in a $200,000 home, you’re looking at spending about $30,000. If you don’t have the cash on hand for this, it may be smart to meet with a lender and see how they can help you. You may be able to do a refinance or a home equity loan.

3. Get a quote from a contractor. Never get just one quote. Instead, get two or three from different people. Then, throw out the lowest bid. Sometimes contractors may cut corners, which may end up costing you more time or money. Build trust with contractors and get as much detail as possible for the quote so that you see the value.

For a kitchen in a $200,000 home, you are looking at about $30,000 in renovation costs.

4. Stick to your home remodeling plan. Many people like to add little things as they go through their remodeling plan. If you are going to remodel just the kitchen, stick to the kitchen.

5. Remember that there will always be hidden home renovation costs. This is especially true for older homes. If you’re doing a kitchen remodel in an older home, for example, be aware that there will likely be plumbing issues and other things behind the walls that will cost you money. Plan for this by setting aside an extra 10% to 20% for these hidden costs.

If you have any additional questions or are interested in buying or selling a home, please feel free to contact me. I look forward to speaking with you soon.

Stay Informed on Our Market by Checking out This Important Update

What is going on in our local real estate market, and what can buyers and sellers expect in the near future? Today I covered these questions and more in our latest market update.

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 Looking to sell in Alaska? Get a free Home Price Evaluation

The housing market has seen a slow start this year, so today I wanted to bring you some insight as to why this has been the case. It’s time for a market update. 

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:

0:42 - Is our market favoring buyers or sellers right now? 

2:13 - Which areas need the most inventory? 

5:03 - What can we expect from the local market in the future and how should buyers and sellers prepare?

7:01 - How can buyers and sellers learn more about working with our team?

8:43 - Why you should make your move this summer with us. 

If you have any other questions or would like more information, feel free to give me or my team a call or send us an email. We look forward to hearing from you soon.

Is the U.S. Air Force Going to Change Our Housing Market?

The U.S. Air Force is bringing the F-35 to the Fairbanks area and it may affect our housing market.

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 Looking to sell in Alaska? Get a free Home Price Evaluation

Is waiting to buy a new home costing you money? In today’s market in the Fairbanks area, it could be. We have several reasons why it could cost you money which I am here to share with you.

1. Home appreciation. With the F-35 coming to Eielson in 2020, housing prices may increase or may stay stable. If you wait, you may end up buying in a higher price range. However, if you were to buy now, you can take advantage of the home appreciation during the next few years. If the market appreciation grows to 3% to 5% per year, that means equity in your pocket.

2. Interest rates. The Fed has said that they are thinking about incremental increases for interest rates. This will cost you money because it increases the price you'd pay to borrow money to purchase your home. A 1% increase would essentially cost you 10% on your home. 

3. Strong market. The current market is strong, and we have very low inventory. Buyers are competing, but that is because buyers across the board know that now is the time to go out and buy a home. Rates are still good, and because of Eielson Air Force Base expanding during the testing of the F-35 here, there could be fluctuations which we are unable to predict.

It is almost always better to buy than it is to rent. So, put that money back into your pocket and buy a home today.

Buyers are competing, but that is because buyers across the board know that now is the time to go out and buy a home.

If you have any questions about this current market or are interested in buying before the potential market changes, please feel free to contact me. I would be happy to help in any way that I can.