ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL - 07/25/2011 PM VERSION
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Value-engineering a home is a tricky operation, since it is easy to remove critically important features and amenities that could be deal-breakers for potential buyers. Here are some ways to value-engineer your home to cut prices down while keeping design standards high.
1. Bring the fireplace inside. Historically the wood-burning fireplace was a brick chimney located on an outside wall extending to the roof. As the fireplace evolved into a gas or electric appliance, projecting the firebox outside the wall can only be justified if the room becomes too small by not doing so.
2. Larger pantries. In the kitchen, drywall pantries are less costly than cabinetry pantries, and larger, walk-in pantries can justify much less cabinetry. Wire shelving is far more cost-effective than cabinetry for storage of kitchen supplies.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE
3. Smaller porches. People love having a porch in front of their house, but (evaluate the costs of) two or three porch sizes -- small, medium or large.
4. Master bath options. The oversized soaking tub takes up a lot of space, and many buyers would prefer to do without it. The most common solution is to include a 42-by-60-inch tub-shower combo with a separate shower as an option -- although vice versa can work as well. The extra space (could be used as) a linen closet.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE
5. Foundation alternatives. We are seeing slab foundations creep north into traditional basement markets. By adding storage space over the garage and in attic roof trusses, storage space can be delivered more cost-effectively.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA
6. Straight-up walls. By minimizing foundation jogs and covering most or all of the first floor with second-floor space, the cost per square foot will be minimized. Eliminate two-story and vaulted space and minimize second-floor setbacks, except to provide interest in the elevation.
7. Option the powder room. This is aggressive cost-cutting, but we are seeing this more often even in mid-price models. Use the space as a closet, and rough in the plumbing for a future installment as a home improvement project.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE
8. Straight-run stairs. During the heyday housing market almost all stairs had at least one turn or angle, generally with a landing included. Straight runs are more cost-effective and can turn at the base or top of the steps with a one-step landing for interest.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA
9. Simplified roof systems. Try to reduce the number of roof truss profiles to two or three, and keep roof pitches reasonable for transport and assembly costs. Use bearing walls where possible to avoid large girder trusses.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA
10. Window count and placement. (Evaluate whether the home design is) over-windowed. Do secondary bedrooms have one or two windows? Does the master suite have two or three? Given a choice of locations, windows on the front wall/street facade will add perceived value.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL - 07/25/2011 PM VERSION
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