If you’re thinking about buying or selling a home, a recent report by the National Association of Realtors measured how certain characteristics influence the value of a property. Here are some of the findings:

• A remodel adding an additional 1,000 square feet of living space increases a home’s market value by just 3.3%.

• Adding an extra bedroom adds about 4% to the price while an additional bath can add 24%.

• Houses advertised as “fixers” sell for 24% less than other houses.

• A garage adds about 13% to the price.

• Central air conditioning adds about 12% to the price.

• A basement increases a home's value by an average of 9%.

• A sitting area in the master bedroom increases the price by about 8%.

• Features that add the most value are a family room, a dining room, a whirlpool and a security system.

This information can help determine the return you can expect to see on your remodeling investment as well as to compare property values when you’re shopping for a home.

Did you know that condominiums are one of the fastest growing segments of the housing market? Owning a condo is perfect for those with busy lifestyles, little interest in home maintenance or landscaping chores or who frequently travel. Condos are a fine choice for a first home or when downsizing from a larger house.

Here are some pros and cons to consider:

Condo:

·         Fewer maintenance requirements.

·         Usually less expensive than a single family home.

·         You own the space inside the walls.

·         There can be more security with neighbors close by.

·         The exterior of the building, landscaping, surrounding roads and driveways, and common areas all owned by the condo association, a group made up of all unit owners.

·         Special assessments by the association for painting or repairs can be a substantial added expense.

Single family home:

·         Usually offers more storage space.

·         You own the interior as well as the exterior.

·         You are responsible for all maintenance, landscaping and repairs.

·         You usually don’t have to pay community dues or special assessments.

·         You have room to grow plants, flowers, trees, veggies, etc.

Think about how your household may change over the next few years. Will you still need a larger home or will you have enough space in a condo? Or would you be happier in a smaller house with room for a garden?