To help you in the selling process, we've assembled some world-class resources. And when you're ready to move to the next step, be sure to contact Coldwell Banker Best Realty - We will make all the difference.
Coldwell Banker Offers Tips to Upgrade Your Home for Potentially Increased Property Value
A home is arguably one of the largest financial investments a person will make in their lifetime. While property values over time are determined by national variables, the economy and local market conditions, the care and upkeep of a property is also a crucial element toward achieving a solid re-sell. Whether you are planning on adding more rooms to create extra space, upgrading your kitchen with new appliances or are thinking of putting your home on the market, Coldwell Banker Real Estate Corporation offers some essential home improvement tips that might increase the value of your home.
Kitchen Makeover: Out of all the rooms in the house, the kitchen is the most popular to remodel. According to Remodeling Magazine, money spent to upgrade a kitchen produces the highest return on investment. "Hot" kitchen makeover trends include adding dual sinks, cooking stations, extra-long dishwashers, under-cabinet lighting, warming ovens and wine coolers.
Bathroom Fixer-Upper: Upgrading a bathroom is also a sound choice and will usually provide a significant return on investment. Large bathrooms are typically on the top of the list of priorities for those seeking to purchase a home. Adding skylights, glass block windows, ceiling fans and sunken whirlpool baths are also attractive selling features. If you don't have the room to expand or to accommodate larger appliances, or you don't think you'll be living in your home long enough to enjoy the changes and/or see a return on this kind of investment, stick with neutral, mid-builder level updated cabinetry, refreshed flooring and shower/tub, or a new sink and toilet.
Room to Grow: Adding a room or two, such as a spare bedroom or a study, is a significant home improvement that you will be able to take advantage of every day. In addition to the much-needed extra space, it can also potentially provide you with a good return on your investment when it comes to selling the property.
Landscaping the Lot: A professionally landscaped yard can certainly increase the "curb appeal" or desirability of a home. In fact, beautifying your lawn can be one of the most inexpensive home improvements. Additional simple landscaping projects include trimming and edging the grass, manicuring the trees and shrubs to open up the view of the house, removing any dead plants and planting flowers to brighten up the yard.
Repair Jobs: While many homeowners may want to update and remodel their kitchen, if the roof needs fixing or the chimney has to be reappointed, then they should prioritize these necessary repairs over any cosmetic changes. This applies to both sellers and those who plan to stay in the home for years to come, as these essential repairs must be taken care of before they cause the house to lose value. It is vital to look after the minor problems such as a leaky faucet or a loose cabinet to ensure that your house doesn't undergo any long-term damage. As soon as you notice a problem, fix it since this will help avoid a larger expense later on.
Cosmetic Touch-Ups: A paint job, new double-paned windows and new carpeting will increase the price of a house virtually dollar-for-dollar. Neutral colored paint and eliminating clutter can make a world of difference. However, don't go overboard with home improvement projects that will push a house too much above the current average value of homes in your neighborhood. It is important to make sure that your home has standards that are in-line with the other houses in the neighborhood, but you do not want to price yourself out of the market.
Home Improvement Professionals For Hire: Whether you need an architect, gardener, interior designer or contractor, it is always important to do a background check prior to hiring a professional. Get references from family or friends and interview them - checking is critical. The most important quality to look for is trust, not initial price. Coldwell Banker Concierge?c, offers homeowners referrals to local home improvement professionals.
Funding Options: Coldwell Banker Mortgage recommends a number of options for homeowners looking to upgrade their homes, including a cash-out refinance, a home equity line of credit or a second mortgage. Homeowners can contact Coldwell Banker Mortgage for current interest rates and mortgage prices, repayment options, and for professional mortgage advice. For more information, homeowners can go to Coldwell Banker Mortgage.
If you intend to put your house on the market, a home inspection could identify items that would be called out on a buyer's inspection. This allows you to be proactive in making repairs, thereby putting you house in a more saleable condition. If a buyer knows most or all of the defects up front, the defects take on their proper perspective. Conversely, if the buyer's inspection finds defects, they take on ominous proportions. Suspicion may turn into apprehension and eventually into negations or a deal that falls apart.
Historically, if a buyer is unaware of a defect prior to making an offer, the natural tendency is to negotiate the price once the defect becomes known after their home inspection. With prior knowledge from the seller's home inspection report, the defect instead is taken into consideration before the offer is made and there is less leverage for re-negotiations.
The seller's strongest position is at the time the buyer first presents an offer to purchase. If negotiation starts subsequent to the buyer's home inspection, the seller is mentally set for a sale, but perhaps more inclined to give concessions to avoid the deal falling apart. With prior knowledge a seller can either:
a) offer the house "as-is"
b) repair the defect using their contractor of choice
c) downgrade (e.g. remove a rotted deck or underground storage tank)
Above all, the seller's inspection report gives a fixed point of reference for everyone involved to work from before the sales agreement is signed.
How do I find a good home inspector?
Not all inspection companies are alike, and selecting the wrong company could cost you thousands of dollars in repair and replacement costs. Consider the following when shopping for home inspection companies.
- Experience: How much experience do the inspectors have and how long have they have been in the business? The best home inspectors have been in business for years and have seen thousands of homes.
- Home Inspection Training: Have the inspectors gone through any extensive home inspection training? In many states inspectors can simply call themselves home inspectors without any training or licensing.
- Association Membership: Is the inspector a member of a professional home inspection organization? Companies that are affiliated with professional organizations are serious about what they do, and know about all the new developments in their fields. Some well-known trade associations are: American Society of Home Inspectors (ASHI) and National Association of Home Inspectors (NAHI). Inspectors in your area can be located through these associations.
- Liability Insurance: Does the inspector carry Professional Liability Insurance (Errors and Omissions Insurance)? If you ever need to collect on a legal judgment, an inspector without insurance my not be able to pay your claim.
Below are questions to ask yourself when preparing your home for sale to ensure it looks the best it possibly can in the buyer's eyes.
Exterior
- Does your yard look well maintained?
- Are the trees and bushes trimmed?
- Is your lawn mowed and edged?
- Is your lawn free of weeds?
- Are the decks and patios clean?
- Does your house need painting?
- Are there any exterior holes or cracks?
- Are your walks and porches clean and in good repair?
- Does your roof leak or sag?
- Are any shingles or tiles missing?
- Is your chimney in good shape?
Carpeting/Walls/Ceilings
- Are your carpets clean and in good condition?
- Do your carpets need stretching?
- Are there any pet or smoking odors?
- Do your walls have any cracks or holes?
- Do your walls need painting?
- What about that wallpaper?
- Do your ceilings have any water stains, cracks or peeling?
- Do your ceilings need painting?
Kitchen
- Are your appliances clean and in good working order?
- Are your cabinets in good condition?
- Are your countertops in good condition?
- Is your tile grout clean?
- Is your sink stained, chipped, or in need or re-calking?
Bathroom
- Do your faucets shut off completely?
- Do your sinks drain freely?
- Are your toilets in good condition?
- Are your shower doors shiny?
- Do your tubs need caulking?
- Is your floor in good condition?
- Are your vanities and mirrors in good condition?
Living Room
- Is your fireplace clean?
- Is the fireplace screen in good shape?
- Are all drapes, shutters and shades clean and working properly?
- Are any window screens bent?
- Do all the windows open and close easily?
- Are the windowsills clean?
- Are your doors in good condition?
- Do any doors sag or stick?
- Do the locks work?
- Is the paint in good condition?
- Do the doors seal tightly?
Basement/Attic
- Is your basement/attic organized?
- Are they well lit?
- Are they clean?
- Are the stairs in good repair?
- Do the doors open and close easily?
- Are there any signs of insects or rodents?
Garage
- Is your garage organized?
- Is it well lit?
- Is the floor swept?
- Are there oil spots or other stains on the concrete?