How more homeowners do their job of existing houses

When Travis Slocum and his partner planned to sell their Washington, D.C., home this spring, they had hopes to upgrade to a higher place. After all, in recent months level national news said falling prices and historically low mortgage rates, the two boon to potential buyers.

But Slocum found disappointing selection. "We really did not find anything on the market who ' seduced"we,"" explains the banker of 34 years. "[Some] could have been more space, but they were not updated, or they were thus of our price range."

[Images: 10 cities where to buy bat location.]

Despite what some housing experts say is the best buyer for the market over the years, house hunters as Slocum are are discouraged by the more restrictive credit criteria and the challenge of the sale of existing properties. Instead of buying a new home, some buyers are considering other options. For example, Slocum and his partner, who is the owner of a House of two bedrooms, two-bathroom, consider adding to their existing property, remodeling or even end their basement to create a separate rental unit and another source of income.

Jay and Stephanie Herbert opted for refresh outside their Alpharetta, GA, home rather than move, adding that artisan-style touches as stacked stone columns and shingles shaker. "It really is that made us to stay in this House," says Stephanie, of 36-year-old housewife. "If we could stay here and have our House paid when our children hit high school, it would be great to not have to worry about the load if my husband had to lose his job."

[See why homebuyers lower rates may not be a bad thing.]

"People want now sell because the market is so depressed," explains Mitch Hochberg, principal in the Real Estate Madden Ventures based in New York. "They feel that the smarter investment would be to put money in their current home that they can hopefully find when the market turns around."

If you are a House Hunter discouraged the search for alternatives, here are a few ways you can adapt your current home to meet your needs:

Room of conversions. If you are converting a bedroom in a home office or a morphing recreation room in a suite of in-laws, re-purposing simply your living space can be one of the most affordable ways to adapt your home to a change of lifestyle needs.

Modernization. The areas of trafficking high such as kitchens and bathrooms are taking a beating over the years. The good news is that on average, owners recover 73 percent of their investment to a minor kitchen remodel and 64% for a redevelopment of bathroom, according to the report the most recent remodeling cost vs. value. Average minor kitchen redesigns cost about $22,000, while modern bathroom will establish owners return on $16,000. "People spend absolutely more renovation and expand their existing homes instead of making the largest investment to buy a new home," said Hochberg. "Someone may be living in an old House and want to implement a new kitchen or bath room, because it was one of the main drivers of move."

[See overcome the Obstacle of the mortgage].

Finishing basements. Although it is one of the more expensive improvements - on average, a fee of $ 65,000 finishing basement - finished basement can add extra life to families feeling cramped in their current home. "This is a fairly easy to do," said Hochberg. "You have to deal with the foundations and the roof."

Lifts outside. Some owners choose from up to the appeal of sidewalk of their homes. While the Herberts has undertaken a more complex project to update the exterior of their home, simply replace the gateway or even a garage door can spruce a facade tired research. A new door garage costs approximately $1,300, on average, but the owners can expect an almost 84% return on their investments. Entry doors return a whopping 102 per cent, on average.

Additions. Major construction projects can be expensive, but if the owners plan remain in their home for some time, they can recover almost two thirds of their investment, on average. Popular additions include solariums and spaces for outdoor living, such as decks and pergolas, according to Jannis Vann, a designer of residence in the metropolitan area of Atlanta. Customers are also expansion suites in-laws, said.