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Top Five Tips for Building Value in Your Home

Aired May 16, 2003 - 10:26   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


DARYN KAGAN, CNN ANCHOR: With all of the volatility on Wall Street, many Americans see their home as their biggest investment. In an effort to build more value into their homes, a lot of folks are taking on big renovation projects, but not all of the renovations pay off.
Joining us to talk more about this is our CNNfn contributor, Gerri Willis from "SmartMoney" magazine.

Gerri, good morning.

GERRI WILLIS, "SMARTMONEY" MAGAZINE: Hey, Daryn. Good to see you.

KAGAN: And I think it was about a week ago you and I were talking about big projects, like tens of thousands of dollars, adding rooms, redoing bathrooms. Now, we're talking about doing little things.

WILLIS: Under $1,000 is what we're looking at. And people want to spend just a little bit of money if they're selling their house this spring. The first thing to look at here: landscaping. You want to make that front door look terrific. It's all about the curb appeal. You know, add in some potted plants and just focus in on your front door, because that's what people first see when they start looking at your house.

KAGAN: OK, we got a little sneak peak at No, 2, and that's go for a kitchen island.

WILLIS: Right. You know, people on average spend $70,000 redoing their kitchen. If you don't want to spend that much and you want to do something really quick, spend $700 on a kitchen island. You can add a granite countertop to make it really fancy, and don't forget to put in ceramic tiles if you've got that old-fashioned linoleum. Buyers don't like that linoleum at all.

KAGAN: Oh, linoleum is out. My kitchen and a kitchen island would take up the whole kitchen. OK, how about let's move into the bathroom.

WILLIS: Right. Well, people spend on average about $9,700 to redo the entire bathroom, but if you want to spruce it up just a little bit, spend $30 for some apoxy glaze. Re-glaze your bathtub. It will make the place look lots better. And that's not much money to spend, right?

KAGAN: No, that sounds like a very good tip. How about down in the basement?

WILLIS: Right. Well, you know, people want to know that they can redo your basement if they want too. They don't necessarily have to have you to do it for them. The big thing, just make sure that your basement isn't wet, and you can do that by making sure the grading around your house is even and that your gutters are clean. It's just housekeeping 101 really to make the basement a more attractive place for buyers.

KAGAN: And just real quickly, if people want more tips, there is a good Web site they should check out, Corner Hardware.

WILLIS: Corner Hardware.

KAGAN: Yes. Tell us about that site.

WILLIS: Cornerhardware.com and doityourself.com can give you some great tips on things you might want to invest in at a low cost.

KAGAN: Very good. Gerri Willis, thanks. Good tips. Perhaps people can get some projects as they head into the weekend, especially a lot of these places being very rainy.

WILLIS: Well, it will keep your busy.

KAGAN: Very good. Appreciate it.

WILLIS: Thank you.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.







Aired May 16, 2003 - 10:26   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DARYN KAGAN, CNN ANCHOR: With all of the volatility on Wall Street, many Americans see their home as their biggest investment. In an effort to build more value into their homes, a lot of folks are taking on big renovation projects, but not all of the renovations pay off.
Joining us to talk more about this is our CNNfn contributor, Gerri Willis from "SmartMoney" magazine.

Gerri, good morning.

GERRI WILLIS, "SMARTMONEY" MAGAZINE: Hey, Daryn. Good to see you.

KAGAN: And I think it was about a week ago you and I were talking about big projects, like tens of thousands of dollars, adding rooms, redoing bathrooms. Now, we're talking about doing little things.

WILLIS: Under $1,000 is what we're looking at. And people want to spend just a little bit of money if they're selling their house this spring. The first thing to look at here: landscaping. You want to make that front door look terrific. It's all about the curb appeal. You know, add in some potted plants and just focus in on your front door, because that's what people first see when they start looking at your house.

KAGAN: OK, we got a little sneak peak at No, 2, and that's go for a kitchen island.

WILLIS: Right. You know, people on average spend $70,000 redoing their kitchen. If you don't want to spend that much and you want to do something really quick, spend $700 on a kitchen island. You can add a granite countertop to make it really fancy, and don't forget to put in ceramic tiles if you've got that old-fashioned linoleum. Buyers don't like that linoleum at all.

KAGAN: Oh, linoleum is out. My kitchen and a kitchen island would take up the whole kitchen. OK, how about let's move into the bathroom.

WILLIS: Right. Well, people spend on average about $9,700 to redo the entire bathroom, but if you want to spruce it up just a little bit, spend $30 for some apoxy glaze. Re-glaze your bathtub. It will make the place look lots better. And that's not much money to spend, right?

KAGAN: No, that sounds like a very good tip. How about down in the basement?

WILLIS: Right. Well, you know, people want to know that they can redo your basement if they want too. They don't necessarily have to have you to do it for them. The big thing, just make sure that your basement isn't wet, and you can do that by making sure the grading around your house is even and that your gutters are clean. It's just housekeeping 101 really to make the basement a more attractive place for buyers.

KAGAN: And just real quickly, if people want more tips, there is a good Web site they should check out, Corner Hardware.

WILLIS: Corner Hardware.

KAGAN: Yes. Tell us about that site.

WILLIS: Cornerhardware.com and doityourself.com can give you some great tips on things you might want to invest in at a low cost.

KAGAN: Very good. Gerri Willis, thanks. Good tips. Perhaps people can get some projects as they head into the weekend, especially a lot of these places being very rainy.

WILLIS: Well, it will keep your busy.

KAGAN: Very good. Appreciate it.

WILLIS: Thank you.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.