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Archives for November 2020
If you are thinking of selling your home, this is probably a question you have been asking yourself and your realtor. There is not any hard and fast answer; the path you go will depend on numerous factors, the most important of which are: the condition of your house, the potency of the market in your area, and the possible gain to be made with and without upgrades. These tips can help you decide whether to sell now or later.
Consider your buyer
The words”fixer upper” might actually be a selling point for some buyers who perceive they are getting a deal, who are especially looking for something they can put their postage, or who simply can not afford to purchase something turnkey. The marketing your agent does is key here so you don’t end up with nothing but unacceptable offers.
“In almost any marketing communications enclosing a fixer-upper, it’s important to remain focused on value,” stated ExtraSpace. “Prospective homebuyers are aware that a fixer-upper will market at a lower price point than more contemporary houses on the market. But that does not mean that you have to accept a lowball offer. Rather, highlight the home’s investment possible by reminding buyers of the future sale opportunities after the house was remodeled.”
If your home requires A LOT of work and also you can’t, or don’t want to, put the time, money, and effort into getting it in prime condition, targeting investors could get it sold quickly. “A couple of decades past, a previous customer called to say her next-door neighbors necessary to immediately sell their property. “The home appeared inhabitable. It had holes in the walls all the way to the outside and urine-soaked wood flooring; many of the electric did not work and the bathroom tub had dropped through the joists. Each of the faucets leaked and, in one bedroom, I found a pile of dead rats swept into a pile in the center of the ground. This was not a home that could be readily fixed up. Not even a coat of paint would have helped sell this location. We priced it low enough that it attracted multiple offers and sold with zero days on market.
Since flipping is much more popular than ever, a house that needs work – especially certain kinds of work – may be attractive enough to investors which you don’t have to do any job in any way. “A fantastic rule of thumb: If your home needs toilet or bath remodels, a new roof, or base repairs, there’s an 80%-plus chance your purchaser will be an investor,” Bruce Ailion, a broker and REALTOR® in Atlanta, said on Realtor.com.
Obtain an honest assessment – and be able to hear it
If you’ve lived in your home for quite a while and/or have not kept up with upgrades and fixes, your real estate broker’s assessment of its condition and the recommendations he or she makes to get it market-ready might be eye-opening. They might also make you mad. Try to listen to and keep an open mind, even in the event that you are feeling offended. In the long run, you share the same goal, which is to get your home sold for the best possible price.
Be sensible on pricing
“Finding out your home’s value is not as straightforward as subtracting the cost of repairs from your home. In addition, you have to factor in’annoyance expenses,’ said Ailion. “Quite simply, turnkey homes often sell at a premium to traditional buyers because they do not have to do some work. If your home requires some sprucing up, you’re likely going to get to incentivize buyers to dig in and get their hands dirty.”
It can be that fixing your home up makes the most sense because of the financial upside. In presenting you with comparables, your real estate agent should be able to show you other properties in your area in varying conditions (depending on the amount of active listings or recently sold homes around you). This will help advise the pricing for your house and give you some idea of how much you’d have to put into it to get high dollar.
Choose your updates wisely
A 30,000 kitchen renovation may not be in the budget and may not give you the return on investment you’re looking for, but there are smaller updates you can do to your own kitchen to make it appear fresh (and, you can use the same principles in other important places, like bathrooms). Better Homes and Gardens includes a great collection of upgrades you can make for under $2,000, including hanging a ring which”illuminates the sink region” and swapping out a tired sink for a”farmhouse sink (this ) adds personality to the space.” Also think about painting cabinets and installing new hardware, also, if you’re up to the task, including an eye catching backsplash.
Make necessary repairs
Investors aren’t expecting perfection, and their supplies will be dependent upon the state of your house and the potential profit they can make after it’s fixed up. Non-investor types searching for a deal may not necessarily be scared off by some cosmetic problems, but significant repairs which are required are yet another story. If you’re looking for the smartest place to set your pre-sale renovation dollars, this may be it.
Your home should be your sanctuary, but sometimes it’s difficult to brush off the strain of the afternoon and sink into the serenity. That is particularly true when your house is more chaos than calm. Use these methods to create a space that’s soothing, therefore, regardless of what the day holds, you always have an inviting spot to come home to.
Adding some greenery
Various studies have demonstrated that plants can make your home feel calmer and ease anxiety. Plants such as jasmine and English ivy can improve sleep, lavender and rosemary may lower stress, and other crops have been shown to improve air quality so that you breathe easier.
Hide the electronics
“Nobody wants to stare in a tangle of wires,” said Houzz. “Thankfully, we’ve got more choices than ever for maintaining our tech apparatus hidden away. When possible, choose wireless, smaller devices that look less obtrusive even when left out in the open. Tie up cords in a network center so they are not visible, and devote a single drawer to storing all your chargers, power cords and small tech devices when they are not being used.”
Get a dog
Or a cat, a bird, or even a turtle, for this matter. Yes, having a pet can mean more noise and more mess. But, there are a myriad of studies that show that using a pet lowers stress. “Researchers found that pet-owning patients with high blood pressure could keep their blood pressure reduced during times of psychological stress than individuals without pets,” stated AnimalSmart.org. “Another study indicates that pet owners may also have increased odds of living for at least a year after having a heart attack”
Clear the mess
Going all Marie Kondo on your home can have surprising effects on your mental state. “Clutter can play a substantial role in how we feel about our homes, our offices, and ourselves,” said psychologist Sherrie Bourg Carter in Psychology Today. “Messy houses and work spaces leave us feeling stressed , helpless, and overwhelmed.”
Tone down the harsh colours
There’s something to be said for moving daring, but soft colours can bring on a calming feeling. If you want a deeper color, consider shades of greens and blues –two colors that are known to be more serene than, say bright yellow, orange, or reddish.
Clean up your entryway
It’s the very first place guests visit, and while you probably don’t pass through or by front entry all that often in the event that you park in the garage, maybe it does not feel as welcoming as you would like when you do.
Soften the light
Harsh overhead lighting can make you feel like you’re becoming interrogated, and can also be tough on your eyes. Should you need to keep it because the distance will be too dark differently, a dimmer will give you some control over just how bright it is, and permit you to create a mood with lower light as needed.
Limit the patterns
“Elect for solids and subtle patterns,” explained Houzz. “Busy patterns have their place, however if you’re aiming for calm, then solid fabrics are your friends.
Buy some new flowers
Make your master bedroom a zen zone
Getting excellent remainder is critical, and there are numerous ways you can make a relaxing area. Keeping the colors calm is vital, and so is a good mattress. Loading the bed up with soft textures may also help.
Looking for some ways to increase the value of your home? Whether you are thinking about listing your home for sale, or you’re interested in putting a fresh face on your home you proudly own, consider these ways to increase your home’s value:
1) Repaint your front door. A fresh coat of paint can add personality, hide scuffs and dirt, and give your home an entirely NEW curb appeal. This weekend project is inexpensive and a great way to increase your home’s value!
2) Spread some fresh mulch in your front yard. It’s an inexpensive and high-impact way to improve the look of your landscaping. Cover up the gray, weathered mulch covering your shrubs now – it will do wonders.
3) Paint your kitchen cabinets. Are your cabinets needing a fresh stain or paint? This can do wonders for the overall color of your home – painting old cabinets a light cream color can have a brightening affect on your whole house.
4) Update (or paint) your hardware in bathrooms, kitchens, on door handles, light fixtures… think dark on white, modern paired with rustic.
5) Add crown molding… this gives a home a warmth and some character. Consider crown molding in your living room – the difference it makes can be shocking.
6) Turn any room into a bedroom by adding a closet. If you have an opportunity to create a true “closet” in an office or spare room, DO IT because adding a closet to a room means adding a bedroom to the total bedroom count of a home. This expands your reach on search engines and can draw in an entirely new group of buyers.
7) Add visible storage. Floating shelves in the kitchen, bathrooms, laundry rooms can be a simple weekend project that turns out to be “so worth it” and not just for re-sale purposes. Chances are, you have something on the floor in your laundry room which could be hung up.
9) Go for neutral paint colors if you are planning on re-painting -light, airy colors that go with anything. Avoid anything evoking one certain season (rich reds of winter, dark browns of autumn) and remember to paint your trim something complimentary.
10) Update window frames. Consider adding crown molding to the tops of your window frames; this has a HUGE visual impact and costs less than adding crown molding across your entire ceiling.
11) Add mirrors to your wall decorations, this makes the space feel bigger, plus mirrors are neutral and sure to please anyone’s tastes.
12) Rather than removing an older bath tub, consider painting the one you currently have. This less expensive alternative LOOKS like a new bathtub (especially if you update hardware).
Hopefully these ways to increase your home’s value proved helpful! Call our Real Estate Team, Preferred Properties of Texas, for more information about listing your home for sale. 254-965-7775