improvement (3)

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To replace a gas water heater in your home, you need to follow a five-step plan. It is very important, first of all, to consider hiring a licensed and experienced contract to do the job.
The first stage is to get the old gas water heater off the wall or remove it from its current position in the home. Before you even attempt to remove the old water heater, you must shut off the gas using an open end wrench that can be adjusted to fit the valve.
Make sure that no gas is leaking by looking closely at the pilot light. If you have successfully shut the gas off at the valve you will see the pilot light die out (this is a slow process and does not happen instantly). Then smell the area and satisfy yourself that there is no small of gas in the area.
Turn the pilot light switch off and take off the exhaust duct which you'll see at the top of the water heater unit. Next you will need to close off the water valve (often positioned beneath the kitchen sink) then release the water from the heater into a large bucket or bowl. While waiting for this to drain, use a wrench to disconnect the gas from the heater.
Then connect the new parts of the flex pipe for the hot "in" and cold "out" before connecting a new flexible gas line. You will need to secure the gas line connections with strong putty over the fitting. Make sure you get the old fitting removed on the incoming gas supply using a wrench.
The next stage is to connect the new gas water heater to the water supply. Use sand paper or an emery cloth to shear off the ends of the pipes. You have to solder the segments of pipes using a propane torch. Now your new valve unit is ready and you must apply strong tape over the new fitting to allow a clean connection to the cold water flex-pipe. Next, you will need to solder a new connection between the valve assembly and the supply pipe that allows incoming water.
Once you have established the cold water connection, you need to attend to the hot water system. Solder a fitting to the outgoing pipe and then fill the heater with water. Turn the mains water stop cock on and then connect the gas flex pipe. Once the water has filled, open up the gas valve and ignite the pilot light.
From here you can set your desired temperature and begin using your new gas water heater.
It is always recommended that you hire a licensed and experienced contractor to replace your water heater.
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These home renovations tend to not pay back your investment.

photo credit: Jeremy Levine Design via photopin cc
photo credit: Jeremy Levine Design via photopin cc

Home investors have to walk a very thin line in their prospecting and repairing.  They want to find a home that others have ignored due to necessary repairs and updating.  However, they don’t want to waste money on improvements that simply look nice but fail to increase the home’s overall price.  Here are the top renovations that do not add much value to the home.

Grandiose Landscaping

Potential buyers will appreciate a well-kept lawn and may be somewhat attracted to a nice flower bed by the front door, but elaborate landscaping will not add to the home’s price.  Even worse, if the prospective buyer has no inclination to spend hours in the yard weeding, fertilizing and replanting then you may actually scare off a few buyers.  A simple lawn with low maintenance bushes are the best bet for most homes.

Pool

A new pool is extremely expensive and you may not recover even half of your investment when the property sells.  The average home buyer looks at the pool as a major expense and a potential problem in the form of injury or a lawsuit.  Some contracts in recent years have actually been structured to include filling in the pool with dirt and sod just to avoid potential problems.

Carpet throughout the Whole Home

It can be rather expensive to replace the carpet in an entire home.  Additionally, styles and preferences change over the course of time and homeowners may wish to have a more updated look in the home.  The need to replace a large amount of carpet sometime in the next 3-5 years would likely be daunting for most homeowners.  A better bet is to have hardwood and tile in the home.  They are easier to clean and most people appreciate the simple upkeep. Although the initial investment in hardwood or tile is more expensive, you are more likely to get a greater amount back when you sell the home.

More Home than the Rest of the Neighborhood

One of the fundamental basics of flipping homes is to search for a property that conforms to the neighborhood.  Never buy the absolute biggest home or the smallest home in the neighborhood.  They will be harder to sell.  Along the same thought process, never add more to a home that will make it vastly different from the neighborhood.  If all the properties on the street are single story homes then it makes no sense to tack on a double story addition.  Stick with the norm for the neighborhood in order to be able to move the property quickly.

Expensive Cosmetic Features

Some people like to brag about the Italian tile in the kitchen or the gold chandelier in the dining room when they are working on a remodel.  However, these expensive items add little to the value of the home.  It is better to make sure the home has plenty of lighting, has ample space and that the closets and cabinets are well organized.  Those expensive add-ons can be purchased by the next owner.

Basically, the best improvements you can make to an investment home are the ones that add function and space.  Anything else will simply be for show and potentially cost you too much in the long run.

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Home Prices in Wisconsin are Stabilizing

Amidst the turmoil and problems of the year, there was some good news about Wisconsin home values in the year 2011; prices have stabilized. Based on a year-end report conducted by the Wisconsin Realtors® Association (WRA), the number of homes sold was slightly better than for the year 2010. And the price drop from 2010 to 2011 has been minor, signaling that we may have found the bottom of the price bubble.

Home MortgageNot Unexpected

However, this trend is not a surprise to seasoned real estate agents. The Federal Homebuyer credit that was so popular during the year 2010 was projected to have a negative impact on the first six months of 2011. This prediction came true. Even more importantly, the latter half of 2011 saw a strong increase in home sales that were higher than the same point from 2010.

Small Signs of Economic Improvement

The best news is the fact that the number of homes selling has increased. While different parts of Wisconsin have seen varying degrees of improvement, the entire state has benefitted from improvements made in the economy. While government has shown a loss in jobs, the private sector is increasing enough in new jobs to offset the government loss. This has led to a drop in the total state unemployment number, down from 7.6% to 7.1%

Lower Prices Main Reason for More Sales

Obviously, when the price of goods drops it usually signals more buying from consumers. The same is true for homes across Wisconsin. Historically low mortgage rates, paired with lower home prices, have enabled more families to buy that first elusive home. While the average home price is roughly 25% to 30% lower today than it was in 2006, the recent trends are promising. Prices will rise with increased demand. As long as unemployment continues to drop and people continue to purchase homes, the prices will eventually rise again.

Everything moves in Cycles

Keep in mind that the state economy is like a giant organism. When something affects one part, another part is affected as well. Case in point, apartments are beginning to see a good recovery. A large number of people have chosen to rent a place for the short term while they make their plans to buy a home. As this trend continues, the price to rent an apartment or single family home will rise. When the price to rent becomes higher than the monthly payment on a typical mortgage, more people will look to purchase a home.

The last few years have been tough on a lot of people. Loss of jobs, drop in home prices and a general feeling of despair have been quite common. However, times are improving, if only slightly. Now is the time to get our financial houses in order and push forward to take advantage of the great home ownership opportunities that lie before us.

Original Post - Home Prices in Wisconsin are Stabilizing

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