As a homeowner or investor, it's easy to want to upgrade and improve your home to the highest possible quality and standard. It only seems logical that using the best materials, finest finishes, or top-of-the-line upgrades should get you the most bang for your buck. But in reality, some renovations won't justify the cost when it comes time to sell.

Whether you're a homeowner doing some home upgrades or an investor rehabbing an investment property, learn what it means to over-improve a property and ways to avoid it.

Over improving a property means the total cost of the improvements exceeds the value the improvements add to the underlying property value. Essentially, the property owner is unable to recoup the money spent when it comes time to sell the property.

There is no denying that certain improvements can increase property value, but the extent of the renovation, the type of finishes, or the size of the renovation job can add or detract from the total recoupable value.

It's fairly common for homeowners to over-improve their homes because they're upgrading to their preferences and taste and likely desire the best quality and features they can achieve for their money. This may be nice while you live in the home, but the cost of the improvement may not be justified in the long run when it comes time to sell. Below are some of the ways investors and homeowners can avoid over-improving their homes and make sure they get the most from their renovation dollars.

While features, upgrades, and improvements are one factor in a property's value, location also plays a key role. Real estate, especially residential real estate, is largely valued by comparing the subject property to similar properties in the immediate market, which are called comps. Home buyers are expecting to pay within a general price range to obtain a certain quality of housing for that neighborhood. So when a home has exceeded those standards, especially to a large degree, there will be limited comps to justify a dramatic increase in price or value.

Before starting a renovation, property owners should first look at the quality of upgrades and type of features other homes in their immediate neighborhood have, and then aim to match the standards of the market. For example, if no one has a pool in your neighborhood, spending $30,000 on a pool installation could cost more than the value it will bring. However, if 75% of the homes in your neighborhood have a pool and people shopping for homes in that area want or expect that, it likely would increase your property value in the long run.

Marble or quartz countertops may be top of the line or a trending kitchen feature, but if you live in a neighborhood where most kitchens have laminate counters, it's highly unlikely that this upgrade will be repaid in the long run.

If all of the homes surrounding your property are between 950 square feet and 1,200 square feet and you decide to build a home addition that brings your home up to 2,000 square feet, there will be limited comps to justify an increase in value.

Matching the market is key. Being the nicest home on the block rarely brings your personal property value up, as the greater neighborhood dictates values for the area.

Some improvements have a higher return on investment than others. For example, installing a new roof if yours is on its last legs is a worthwhile investment. Small improvements, in most cases, produce the greatest return, especially if you're preparing your home to sell. Painting walls may not seem like a big upgrade, but changing your multi-color walls to a more neutral color that matches current decor trends will be more appealing to buyers and is a low-cost upfront investment. Painting your kitchen cabinets or adding a new backsplash may be a relatively cheap improvement that will get you a greater return than a full kitchen remodel would bring.

It can be challenging to know which upgrades are worth the cost and which aren't. Enlist the help and advice from a Realtor in your area. They can help advise you on what improvements would be valued in your market or what would be an over-improvement.

In the end, don't forget that you're the one living in your home. While it's wonderful if you can add value to your property and create equity through improvements, how long you plan to be in the home and the level of comfort you're trying to achieve also comes into play. Just make sure you're comfortable with the cost and are aware of how much value an improvement will bring once completed.

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Over Improving Property: What it Means and Why You Should Avoid It - Motley Fool

David and Victoria Beckham recently submitted plans to the West Oxfordshire District Council in order to make some renovations to their Cotswolds home. One such addition to the property is a gatehouse and security hut, which includes 24-hour guards. However, their neighbors have voiced opposition to these planned changes.

According to The Sun, one of the neighbors said that adding the gatehouse would ruin the upscale neighborhood. They reportedly believe that the changes would ruin the ambiance of the area. One neighbor, John Walsby, said that "Farms and agricultural buildings do not have gatehouses and security huts." He said that these efforts are totally out of keeping with the area.

The current plans and objections are in the councilors' possession. They will review the materials and make a determination about whether or not to allow the new renovations. They could make a decision in the coming weeks.

One reason for the proposed security hut is a violent incident involving Tottenham Hotspur midfielder Dele Alli and his girlfriend. Two men in black balaclavas broke into Alli's North London property on May 12 and held them at knifepoint. The robbers took several items including jewelry and watches before fleeing the scene.

The Beckhams currently have two full-time security guards on their staff. These guards would spend 24 hours a day in the hut, provided officials approve the plans. The Beckham's also said that the hut would "improve security for occupants" of the mansion and the surrounding grounds.

In addition to the hut, the proposed plans include other significant changes to the property. The Beckhams want to build an escape tunnel that will run from the main house. It will end in the wine cellar underneath their garage. They also want to add three more bays to their garage, increasing the total to seven.

While the majority of plans focus on their home security, the Beckhams also submitted a proposal for a "granny flat. This detached outbuilding would provide visiting guests with a place to stay during their visits to the Cotswold mansion. However, this will not be a simple guest suite.

"David and Victoria want their version of a granny flat," a source told The Sun. "But far from this building being on the side of your house with a small kitchen, bedroom and bathroom, they're going all out. The fancy building is being built in the same materials as their main house and will have a swanky kitchen, bathroom and bedroom for guests."

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David and Victoria Beckham's Neighbors Are Fuming Over Their Latest Home Renovation Plans - PopCulture.com

From tomorrow, all types of renovation work, including new and previously suspended projects for non-residential premises, will be allowed to submit applications to start work, said the Building and Construction Authority (BCA) yesterday.

The resumption of renovation works for home owners will be dependent on the companies' availability of manpower and supplies.

If companies employ construction work permit and S Pass holders, and if these workers were not listed in earlier approved applications to restart suspended residential renovation works, companies should also submit applications to BCA to seek approval for the workers.

Previously, only construction projects that had been suspended during the circuit breaker period could apply to restart work.

More than 19,000 suspended home renovation projects have received approval to resume since the circuit breaker period ended on June 1.

The BCA has also approved the resumption of work for more than 300 construction projects. The authority is working closely with construction firms on another 250 projects to help them meet the requirements necessary for their projects to resume safely.

In a Facebook post yesterday, Second Minister for National Development Desmond Lee said some renovation contractors whose workers are residing in dormitories that have not yet been declared clear of the coronavirus by the Inter-Agency Taskforce will have to wait for clearance before the workers can resume work.

He said: "We are also aware that some workers may still be in Malaysia and cannot travel to Singapore. There are contractors who may be unable to secure certain materials due to supply chain disruptions. For these reasons, there may still be delays in the renovation works even after approval has been given."

The BCA has worked with trade associations and chambers, including the Singapore Contractors Association and the Micro Builders Association of Singapore, to develop guidelines for companies resuming construction work.

Companies can assess their readiness to resume work by filling in an online self-assessment form at this website to find out if a project has met the required criteria to resume.

Based on the results of the self-assessment, companies that are ready to resume a project will receive an e-mail with a link for them to apply for approval to restart work.

Upon receiving approval from the BCA, construction workers residing in private residential properties and Housing Board premises can start work.

Workers residing in dormitories will be able to work only after their dormitories have been cleared.

All construction workers who are work permit or S Pass holders will subsequently need to undergo regular Covid-19 testing after they start work. The BCA will assist companies with scheduling these tests.

Local interior design firm TBG Interior Design managed to have all 12 of its suspended home renovation projects resume work earlier this month. The firm's director, Mr Michael Ong, said he has five new projects that have been on hold.

He said: "The home owners are very eager to start on the renovations. But it will not be so easy as manpower is tight."

He currently has 15 available workers, with another eight who are either residing in dormitories that have not been cleared, or stuck in Malaysia or India.

He said: "It will be tough to manage all the projects since manpower is spread thin."

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Coronavirus: All types of renovation projects can apply to start work - The Straits Times

BCA noted that the resumption of renovation works will depend on the companies availability of supplies and manpower.

The Building and Construction Authority (BCA) on Saturday (13 June) announced that over 19,000 suspended home renovation projects have been given the approval to resume work.

New home renovation works as well as new and previously suspended renovation projects for non-residential premises can resume from 15 June.

BCA noted that the resumption of renovation works will depend on the companies availability of supplies and manpower.

It added that companies can submit their applications to BCAif their workers are Construction Work Permit and S Pass Holders and if such workers were not listed in earlier approved applications to restart suspended residential renovation works.

Upon receiving BCA approval, workers residing in HDB premises and private residential properties can start work. Those residing in dormitories, however, can only start work once their dormitories have been cleared of Covid-19.

All construction workers who are Work Permit or S Pass holders, will subsequently need to undergo regular COVID-19 testing after they start work. BCA will assist companies with scheduling these tests, explained BCA.

Companies conducting renovation works also have to comply with BCAs COVID-Safe Workforce and COVID-Safe Worker Accommodation and Transport criteria, as well as the Ministry of Manpowers (MOM) Safe Management Measures at workplaces.

Aside from renovation work, BCA revealed that it has also allowed over 300 construction projects to resume work. It added that it is also closely working with construction companies on another 250 projects to help them resume work safely.

This is necessary to prevent another COVID-19 outbreak among construction workers, who account for the majority of COVID-19 cases in Singapore, it said.

Looking for a property in Singapore? VisitPropertyGurusListings,Project ReviewsandGuides.

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, emailvictorkang@propertyguru.com.sg

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More than 19000 suspended home renovation projects given green light to resume - PropertyGuru Singapore

We are just beginning to rebuild Europe after a period of unprecedented economic, social and personal turmoil. With this spirit of renaissance in our hearts, there has never been a better time to rethink and renovate the buildings that shelter us. Creating a renovation wave in Europe now is key to any economic recovery and will be central to getting the EU back on its feet.

Presenting proposals for a Recovery Package and revised EU budget to address the immediate economic and social damage brought by coronavirus, the European Commission said this was Europes moment. EU spending must be rethought in order to repair and prepare for the next generation, the Commission said.

This is the mindset we need for the coming weeks, months and years. Repair and prepare. Renovate. Make buildings fit for the future and the challenges it will hold: including climate change and energy poverty, along with the need for a healthy indoor environment, made only too clear by the long days spent at home to reduce the spread of the virus.

As Chairman of Eurima, the European Insulation Manufacturers Association, I was glad to hear the Commission state that investing in a large-scale renovation wave has enormous potential to get Europes economy growing, as part of the economic recovery package.

EU leaders are due to hold high level talks about the proposal at a summit meeting (online, of course) later this week. I hope they will take the opportunity to acknowledge this renovation potential.

Renovating buildings has the potential to positively impact every EU inhabitant and business. It supports local jobs and develops competitive EU business practices. Buildings including hospitals, schools, and houses, which have been pushed to the front of our minds by recent events, all need to be built or renovated to the highest energy-efficiency, health and comfort standards.

Together with my colleagues in the sustainable building sector, we were sorry not to see any clear renovation fund so far set out in proposals for economic recovery. Dedicating money to help the 50 million EU citizens who live in leaky houses that they cannot afford to heat or cool properly must now be a priority for the detailed Renovation Wave proposals the Commission has scheduled for September.

Europe must make financing quickly and easily available to deeply renovate some millions of the unhealthiest buildings across Europe over the next two years. That also means swiftly agreeing a supportive and coherent regulatory environment, one that enables coordinated national actions and clear data on buildings and renovation rates and costs.

Deep renovation can steer Europe towards a more sustainable and resilient economy. Introducing minimum energy performance standards is needed to help the EU hit both a renovation target of 3 percent per year while, at the same time, delivering its 2050 Climate Neutrality target.

It remains true that we need to keep flexibility in our renovation policies: there is no one size fits all template for every building and strategies need to be adapted at the local level. But agreeing now on specific, implementable, straight forward EU action can help us to avoid losing momentum while arguing about who does what.

This means setting milestones for different sectors of the existing building stock, in order to encourage market players and investors to support a highly energy-efficient and decarbonised building stock by 2050. At the same time, we need to agree on specific measures for the sectors where demand can be increased more quickly, such as public buildings and in particular hospitals, schools and affordable housing.

Eurima, as part of the Renovate Europe Campaign, has set out the case for the creation of a Renovation Fund for all Europeans to address inequalities in building stock and ensure that energy renovation of buildings plays a central role in getting Europe back on its feet [add link or footnote https://www.renovate-europe.eu/about-the-campaign/renovation-fund-for-all-europeans/ ] Eurima has also published guidelines setting out the case for an EU-level scheme for minimum energy performance standards for existing buildings and explaining why they should become the cornerstone of an EU Renovation Wave [add link or footnote https://www.eurima.org/uploads/ModuleXtender/Publications/185/Eurima_Renovation_Wave_MEPS_4-pager_31_03_2020.pdf%5D.

Creating a renovation wave in Europe is key to any future economic recovery package, not only for the current generation but also for future generations. Expectations are high and needs are great, but the solutions are there. As we begin to tentatively move out this unprecedented health crisis, let redesign and renovation lead us to a brighter future.

Pascal Eveillard is the Director for Sustainable Construction of the Saint-Gobain Group, and the Chairman of Eurima, the European Insulation Manufacturers Association.

https://ec.europa.eu/commission/presscorner/detail/en/QANDA_20_935

Originally posted here:
Rebuilding Europe: Deep energy renovation should be the heart of EU economic recovery - EURACTIV

The green recovery and next phase of planning the Oxford-Cambridge Arc have created the perfect opportunity to realise all of these benefits, and the Natures Arc principles show how, says the Woodland Trust | Credit: Woodland Trust

Some of the UKs leading nature conservation charities have produced a blueprint for how plans for up to a million new homes can include nature to create happier and healthier communities for people and wildlife.

Nature must be at the heart of plans to build new houses.

With plans starting to take shape to build up to a million new homes in what is known as the Oxford-Cambridge Arc, conservationists are asking the Government to look at this as the perfect opportunity to invest in nature, improve peoples lives and realise the green recovery by building the new nature friendly towns and communities everyone wants to see.

This year the importance of being able to get out into nature and discover wildlife where we live has become clear, and this has been underlined by figures released last week by the RSPB that showed widespread public support for investing in and increasing nature and natural greenspace in our recovery from the coronavirus crisis.

To show how this could be done, the Wildlife Trust for Bedfordshire, Cambridgeshire and Northamptonshire (WTBCN); Berkshire, Buckinghamshire and Oxfordshire Wildlife Trust (BBOWT); the RSPB; and the Woodland Trust have jointly published a set of principles for protecting and restoring nature and tackling climate change as part of growth and development proposed for the Oxford-Cambridge Arc.

The Natures Arc principles emphasise the importance of access to nature and natural greenspace for the health, wellbeing, wealth and resilience of people and communities.

Using these principles, Government can make a commitment to a new standard for sustainable development that will benefit wildlife, tackle climate change and build healthier neighbourhoods for people.

Investing in nature and increasing and enhancing the regions green infrastructure its parks, trees, woodlands, nature reserves and other natural green spaces would benefit local people, the economy and the environment, making the Arc a better place for people to live and work, and for businesses to invest.

The greenrecovery and next phase of planning the Oxford-Cambridge Arc have created the perfect opportunity to realise all of these benefits, and the Natures Arc principles show how.

Matt Jackson, Conservation Manager at BCNWT said: Recent months have underlined just how vital nature and greenspaces are for our wellbeing.

"We each have concerns about the impacts on nature from the growth arc, but we share aspirations for the area too. By putting nature first as the Arc evolves, people can benefit too - a thriving natural environment that supports healthy and sustainable lifestyles is achievable if these three steps are taken.

This could be a model for development that respects, protects and restores nature, in particular vulnerable natural heritage like ancient woodland.

Matthew Stanton, Head of Planning, Policy and Advocacy at BBOWT said: Given the nature and climate emergency we are in, business as usual for new development is not an option. Restoring our natural environment needs to be at the heart of plans for the arc.

"This is a once in a lifetime opportunity to create a landscape in which people can benefit from a thriving natural environment that supports healthy lifestyles. Where growth is given the go ahead, the needs of nature must be a priority.

RSPB Operations Director for Central England, Jeff Knott: The importance of nature during the Coronavirus crisis and support for a green recovery have made the need for growth and development to help restore nature clearer than ever.

"This is a huge opportunity to do things differently. For the Oxford-Cambridge Arc to play its part in a green recovery it needs to have world leading ambitions to increase nature that match and underpin its aspirations for economic growth. The principles set out by our organisations show whats needed for the Arc to deliver for nature, for people, and for the economy too.

Jack Taylor, Lead Campaigner at Woodland Trust said:People have been connecting, or re-connecting, with nature so much more as a result of the Covid-19 pandemic.

"Theyve found comfort and strength from daily walks in green spaces, rediscovering the joys of trees, woods and the wildlife within them. Our response to this crisis must take this into account.

The Oxford Cambridge Arc is still in its infancy. Theres a real opportunity here for Government, local authorities and developers to put nature first so it can be delivered without damage.

"This could be a model for development that respects, protects and restores nature, in particular vulnerable natural heritage like ancient woodland.

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Oxford to Cambridge Arc: a chance for housebuilding to support a green recovery by protecting and restoring nature - PoliticsHome.com

HGTV Home Town fans, this ones for you!

Last week, Home Town featured not one, not two, but three firsts for the Laurel, Mississippi-based home renovation show, including its first 90-minute episode, first loft apartment renovation, and first Airstream renovation.

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While were excited for all of the firsts, its that last one that grabbed our attention the mostespecially since weve been nothing short of obsessed with Airstreams since Miranda Lambert added one to her fleet.

But it wasnt just the Airstream that made us watch in wide-eyed wonder. It was the fact that the shiny silver automobile was gifted to Home Towns husband-wife duo Erin and Ben Napier by country singer Chris Stapleton and his wife Morgane.

During the episode, Erin and Ben gave the Stapletons a virtual tour of the rebuild, to which they were as delighted as we were.

On Tuesday, May 26, Erin took to Instagram to share her gratitude for the gorgeous renovation. After thanking the Stapletons and all of the expert teams who worked to rebuild, reupholster, and re-design the camper, she went on to share how her little family is putting it to good use.

Weve taken 3 camping trips since quarantine began and have 4 more scheduled before summers end, she wrote. We have had our sweetest memories as a family to date inside this little airplane without wings and I cant wait to show Helen the USA as she grows up.

If you missed the episode, head over to HGTV.com or download the HGTV app.

New episodes of Home Town air on Monday nights at 9 P.M. central time.

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Erin and Ben Napier Renovate an Airstream on 'Home Town' - Erin and Ben Napier's Airstream Makeover - countryliving.com

A Norwegian couples home renovations have revealed what archaeologists suspect is a 1,000-year-old Viking grave, reports David Nikel for Forbes.

The pair were pulling up the floorboards of their house near Bod in northern Norway when they discovered a glass bead, an axe head and several other iron objects, report Preben Hunstad and Sondre Skjelvik for local newspaper Bod Nu.

Experts recruited to identify the artifacts dated them to the ninth century A.D.close to the beginning of the Viking Age, which lasted from roughly 800 to 1100 A.D. At the time, Norway was beginning to adopt Christianity and become a unified kingdom, Nordland County archaeologist Martinus Hauglid tells Bod Nu.

The Vikings were a war-like, seafaring Scandinavian people known for raiding and pillaging sites across Europe, according to Encyclopedia Britannica. Also called Norseman or Northman, the Vikings were mostly Danish, Norwegian and Swedish.

Mariann Kristiansen and her partner discovered the glass bead after removing dirt and sand from beneath their floorboards. Kristiansen tells Truls Naas of Norwegian broadcast station TV 2 that her partner initially thought the bead was part of a toy.

It wasnt until later that we realized what it could be, says Kristiansen to Andreas Nilsen Trygstad and Benjamin Fredriksen of Norwegian state broadcaster NRK. We first thought it was the wheel of a toy car.

Once the couple realized the significance of their find, they phoned local authorities. Archaeologists from the nearby Troms Museum arrived to investigate the next day, reports Forbes. If the artifacts are definitively dated to the ninth century, they will be automatically preserved, as Norwegian law mandates the safeguarding of any artifacts or monuments that show traces of human activity prior to 1537.

Hauglid tells the Local that the iron axe head likely dates to between 950 and 1050 A.D. The dark-blue glass bead is likely just as old. The couple found the array of 1,000-year-old funerary items beneath stones that probably represent a cairn, or mound of stones erected as a memorial or landmark, says Hauglid.

The house-turned-archaeological site is now being fully excavated; the glass bead and iron artifacts have already been taken to the University of Troms for closer inspection, according to Forbes.

Viking burial sites are not uncommon in Norway, but as University of Troms archaeologist Jrn Erik Henriksen tells NRK, This is the first time I have experienced something like this [that] appears under a house.

Excavations have already yielded several new artifacts, including unidentified bones and an iron arrowhead. Henriksen tells NRK that he thinks the site may be a waste pit of the type often found near Iron Age burial mounds.

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Home Renovations in Norway Unearth Viking Burial | Smart News - Smithsonian.com

Restoration Hardware has released a copy of chairman and CEO Gary Friedmans annual letter to shareholders addressing what he sees as the next phase of the companys development including housing and international initiatives.

Friedman declared that fiscal 2019 was an outstanding year for the team at RH, with revenues up 5.4% over the year earlier to $2.65 billion, adjusted operating margins reaching 14.3% and adjusted diluted earnings per share increasing 49% to $11.66. The company, he stated, also generated $330 million of free cash flow in 2019 and achieved return on invested capital of 35.3%.

Under the influence of the COVID-19 pandemic, Friedman noted that RH had deferred new business introductions and capital spending, while reducing costs to navigate through the short-term challenges of the crisis. He added, though, that RH is well positioned to take advantage of the many opportunities that present themselves during times of dislocation particularly due to the means most of the companys customers can tap at a time when they may be considering their domestic spaces whether on their own or through interior professionals. He asserted that the company strategy of opening new design galleries in every major market will unlock the value of a vast assortment, generating revenues of $5 to $6 billion in North America and positioning RH to become a $20 billion dollar global brand.

Friedman asserted that the company envisions:

Friedman added that the entire business ecosystem will come to life digitally as the company transforms its website into The World of RH, a portal presenting products, places, services, and spaces. He asserted that the ecosystem RH plans to create can expand globally, multiplying the market opportunity to $7 to $10 trillion.

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Friedman: RH Ready For Business Transformation - HomeWorld Business

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