| Your
Home's Value
Property values are determined by a number of factors.
Local market conditions, buying and selling trends,
and the general economy all play a part in determining
your home’s market value. Purchasing and maintaining
a home is often the largest financial investment people
make in their lifetime. When it comes time to sell,
you want to get the most value for your investment.
Increase the value of your home with maintenance
and makeovers.
The care and upkeep of a home and property is crucial
to getting the best return on your investment. Making
timely repairs will go far to ensure that your home
will command a selling price that pleases you. Performing
upgrades can increase the value of your home, and
potentially increase its selling price as well.
When it comes to repairs, prioritize.
Upkeep is crucial, not only to the buyer, but for
the sake of your home’s market value. If the
roof needs repair, put it at the top of your list.
If pipes or faucets leak, fix them next. Tighten any
loose fixtures around the home. Replace broken or
cracked window glass. Make sure the chimney is solid.
Timely upkeep of your home will ensure its value for
years to come.
What you see is what you see.
Perceived value is a fact of life. If your house is
rock solid, but the doorknobs are loose, it may be
enough to turn away a potential buyer. Do a thorough
visual inspection, then do another one, hands-on.
Do the ceiling fans jiggle when in motion? Level them.
Are there burned out bulbs in that beautiful bathroom
fixture? Replace them. Is the screen door in disrepair?
Re-screen it. Small changes can bring big rewards!
While you’re at it, consider some upgrades.
A hot new kitchen, complete with dishwasher, wine
cooler, dual sinks, granite countertops and under-cabinet
lighting will go a long way toward adding value to
your home. A kitchen remodel should represent 10-20%
of your home’s value. You’re likely to
recoup around 80% of your kitchen remodeling expenses,
and the new look could be the deciding factor to convince
buyers that yours is the home of their dreams.
Adding on can add up.
An extra room is a significant addition that will
immediately increase your home’s value in the
eyes of the buyer. Imagine a den or spare bedroom
where none existed before. Take advantage of the additional
room while you’re waiting for a buyer to fall
in love with your home.
When the big stuff is done, think small.
Even relatively small changes can produce big results.
Add some ceiling fans. Update the bathroom cabinet.
Install a tub liner. Put down some new flooring. Replace
those yellowed switch plates. Add some complimentary
throw rugs. Place fresh flowers in every room. Eliminate
clutter. Lay down a fresh coat of paint. Wash the
dishes! Make sure everything is spotlessly clean and
in good working order.
Celebrate that first impression.
When potential buyers walk up to your home for the
first time, they are taking everything in. Will they
like what they see? Trim and edge the lawn grass.
Tidy up the shrubbery. Weed the flower bed and remove
the dead plants. Put the kids’ bikes in the
garage. Wash the car – it may not sell with
the house, but it's still part of that all-important,
partly subliminal initial reaction. When it comes
to first impressions, every element counts.
Add the finishing touches.
Invest in some new accessories to enhance the look
and feel of your home. They might turn out to be the
finishing touches that determines who your home's
next owner will be, and how soon the transition will
take place. Some colorful throw pillows will add warmth
to the family room. Fresh fruit in a bowl can introduce
positive concepts like good health and wholesome living.
Do it, but don’t overdo it!
Large improvements can greatly increase the value
of your home, taking it far above the current average
value of homes in your neighborhood. Be sure that
your home meets or only slightly exceeds the standards
of other houses in your neighborhood. You do not want
to price yourself out of the market! |