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Remodeling a home, even in minor ways, can increase a family’s comfort and enjoyment. But whether or not they’re planning to sell, many homeowners considering an upgrade wonder how much the planned project will increase the value of their home.
Surprisingly, design experts say, sometimes not as much as the remodel might cost. Certain home improvements always net more bang for your buck than others—and they’re not always the most expensive projects.
For example, according to Remodeling Magazine’s annual Cost vs. Value Report last year, a new front door adds an average 96.6 percent of the amount you spent on the door to the actual value of your home—and sometimes, simply painting your existing door can bring almost as much value.
Similarly, replacing windows and/or siding with attractive energy-efficient materials is often worth more in terms of increasing a home’s value than larger projects such as a room addition.
Also leading the list in terms of cost vs. value are kitchen and bath renovations. The report found that kitchen projects yielded a higher return than bath projects, and that even a minor kitchen remodel can add 82.7 percent of the project’s cost to the home’s value.
That’s because, remodelers note, smart shoppers can do a kitchen remodel for less money than many people assume it might cost. The average cost of a minor kitchen remodel—new cabinet doors, appliances, countertops, sink, faucet, paint and hardware—is under $20,000 nationwide, about half what surveyed consumers guessed.
A rule of thumb for maximizing value, the experts added, is to spend about 25 percent of the home’s value on a kitchen remodel, and 12 to 15 percent on a bathroom upgrade—and realize that where your home is located can make a difference. An added swimming pool, for example, will likely add more value in Los Angeles than in Chicago.
Other home improvements most likely to increase your home’s value include:
Wood deck addition
Attic bedroom conversion
Garage door replacement
Master suite enlargement
Sunroom or home office addition
Hope you enjoyed this information! Contact me for more tips and tricks.
As new homeowners will learn, borrowers need to provide their lender with proof of homeowners insurance for the full value of the property (usually the purchase price) in order to be approved for the loan.
Typically, the standard insurance policy protects your new property and some possessions against damage or theft. But what, specifically, will it cover?
Limited Damage to the Home’s Interior and Exterior
Your insurer will compensate you for repairs or rebuilding costs resulting from fire, hurricanes, lightning, vandalism or other covered disasters. Damage that is the result of floods, earthquakes and/or poor home maintenance is generally not covered unless you have purchased ‘riders’ for that protection.
Loss or Damage to Personal Belongings
Clothing, furniture, appliances and most other home contents are covered if they are destroyed in an insured disaster. You can even get “off-premises” coverage that enables you to file a claim for lost jewelry, for example, no matter where you lost it. But there may be limits on the amount of protection.
According to the Insurance Information Institute, most insurance companies provide coverage for 50 to 70 percent of the amount of insurance you have on the structure of your home. If your house is insured for $200,000, there might be $140,000 worth of coverage for possessions. If you own expensive art or jewelry, and provide proof of their value, you can purchase a ‘floater’ policy to fully insure them.
Liability coverage protects you from lawsuits filed by others. If your dog bites your neighbor, your insurer will pay her medical expenses. If your kid breaks her expensive vase, you can file a claim to reimburse her. And if the neighbor slips on the broken pieces and successfully sues for pain and suffering or lost wages, you’ll be covered for that, too. Experts recommend having at least $300,000 worth of coverage.
Lodging During Repair or Rebuilding
This coverage reimburses you for hotel rooms, meals and other costs you incur while waiting for your home to become habitable after a covered damage. Most policies impose daily or total limits unless you purchase additional coverage.