What's My Home Improvement R.O.I.??

5 Home Improvements Which Actually Impact Sales

Are you looking to update your home before a potential sale?
Not all renovations pay for themselves at the closing table.

If you’re in the process of selling your home, or just thinking about it; one of the first considerations is usually – should you do any home improvements before listing. 

Is that kitchen countertop outdated? Should you buy new carpet? What improvements should you make to ensure you get the best possible sales price when you list?

Guessing about the improvements, renovations or upgrades that make the biggest impact in sales price is really just a gamble. Design trends change so quickly that what is popular today could be dated tomorrow. Fortunately there are some timeless changes you can make to help present your home in the best possible light.

5 Improvements which provide the best return-on-investment

1. Green Energy - The "Green" movement is here to stay. Consider upgrading to energy efficient appliances and systems. Gardens which are water-friendly and low maintenance are also great investments.
2. Painting - Fresh paint, inside and/or out, is also a great way to spruce up the home. Designer magazines are filled with new palates and while a soft green might not appeal to every buyer, if it compliments your décor, it will show off the home in a modern light.
3. Spa Bathrooms - 2018 was considered the "Year of the Spa" in designer circles. Soft lighting, fresh colors, and a clean and welcoming bathroom are definitely a plus for today's home buyer.
4. Outdoor Living - While building an outdoor kitchen might not be in your budget, section an area of the yard where family and friends can gather for a meal or relax by the pool. Showcase Florida's warm indoor/outdoor lifestyle!
5. Bonus Rooms - If you have a spare bedroom or loft, consider converting the space into a media room. From home theaters to simple gaming/family spaces, bonus rooms are more popular than ever.

Selling your home is a big decision! Before you spend extra time, money, and energy on home improvements, make sure the home is clean, maintained, and decluttered. Then if you want to take it to the next level, consider a few updating projects to take it there!

Have you thought about any of these renovations? From
small and simple, to large-scale, you'll see some of your
best R.O.I. if you make any of these updates!

Why Did My Home Insurance Cost Increase?

Two Problems Hiking Your Home Insurance, and One Legislature with the Ability to Stop It

Ryan Papy, President of Keyes Insurance

The purchase price of a home is not the only cost associated with being a homeowner. You are also on the hook for property taxes, closing costs, and (importantly in Florida) home insurance. 

If you have bought a home or renewed your insurance policy recently, you likely saw the cost increase over previous policies. There's a reason behind that. 

Our guest writer this week is Keyes Insurance's President Ryan Papy, who explains why the current Florida Legislative Session might be ready to finally fix the problems that caused your increase. 

The Florida State Legislature is now in session. As an industry, we are waiting to see if they decide to look at two main policy items that currently affect our state’s homeowners and their property insurance costs.

The first, which has been the main driver of increased insurance costs, is the assignment of benefits issue regarding property damage and repairs. Assignment of benefits is the policy holder’s ability to pass their insurance benefits off to a contractor who, in turn, makes the necessary repairs to a damaged home before suing the insurance company for a much larger sum. That action hurts the profitability of the insurance company, which passes on those costs to the community as a whole by driving up rates.

The second issue is Florida’s one-way attorney fee policy. According to Florida Statute, this “loser-pays” system works in only one direction. If an insurance company fights a claim from an insured, whether for alleged fraud or other reason, and loses, they are obligated to pay the attorney fees for both parties involved in the case. Precedent has been set where settlement of a claim also constitutes a verdict in favor of the insured, meaning that the insurance company is forced to pay any attorney fees. The statute is meant to discourage insurance companies from contesting valid claims but has also given rise to potential fraudulent claims. In turn, insurance companies in Florida have raised rates to balance this uneven distribution of rights.

Both of these policies affect insurance rates. We have seen recently that, in order to help get mortgage approval for new business transactions, we have had to look for ways to cut insurance coverage. The industry is at a point where we can’t cut more cost from policies without leaving homeowners vulnerable. We hope the legislature will pick up these two policy issues and help stabilize the rates offered to policy holders. Stay tuned!

Have questions about your coverage? Want to shop around and see if you can get a better rate? Email us for a FREE quote at: Quote@KeyesQuote.com