Building Equity In Your Home

Ed BedellSpokane Federal Credit Union(509) 323-1309 phoneedb@spokanefederal.com

Preserve equity before trying to build it• Are there any unfinished projects you should finish first?

• Will you be spending the equity you already have on the project? How

much?

• What position are you in? Are you upside down?

• Think twice before you turn 2 bedrooms into 1 or convert a garage into

a family room or even a bedroom!

Don’t over-improveDon’t add granite countertops and marble floors to a house that should

have laminate & linoleum. The improvement MUST fit the environment,

otherwiseyou probably won't even recapture the cost let alone see a positive

return.

Don’t under-improveDon’t add laminate & linoleum if your house requires granite & marble.

Houses that aren’t updated in line with the standouts of the competition don’t

sell as quick (if they sell at all).

Good Rule of Thumb:When it comes time to sell your house, If yours will be

the only comparable with that upgrade, it’s probably not a good

idea.

Easy projects with great returns• Flooring - Laminate, cork, bamboo under $1/sqft

• Countertops - Consider concrete, glass or solid (Corian) all are 1/2 price of

granite

• Front Door - Replace or refinish a weathered, scratched dented entry

door

• Deck - Wood has significantly better ROI* than composite

*Remodeling Magazine, HGTV & frontdoor.com

Money losing projects that might

surprise you• Family room addition

• Master suite addition

• Garage addition

• Bathroom addition

• Home office remodel

• In-ground swimming pool

• Outdoor kitchen

National average cost, midrange 6×8-ft. bathroom addition:

Job cost: $37,501Resale value: $20,569

Cost recoup: 54.8%

National average cost, upscale 10×10-ft. bathroom addition:

Job cost: $70,969Resale value: $39,730

Cost recoup: 56%

Why use a REALTOR

What to look for when buying a home

Thank You! Any Questions?

Ed BedellSpokane Federal Credit Union(509) 323-1309 phoneedb@spokanefederal.com