Category: Sellers

Is Remodeling Worth the Effort for Resale?

At some point during the chaos of every remodel, one question is asked. “Is it worth it?” Is it worth the upheaval? Is it worth the cost? Most important, is it worth the effort when it comes time to sell? The answer: it depends. It depends on where you live and what you choose to remodel. For example, the West Coast sees a higher return than does the Mid-Atlantic, according to CNBC. With regard to specific projects, the 2018 cost-vs.-value report from Remodeling Magazine shows that smaller upgrades vs. larger remodels get you the most bang for your buck. According to the report, those who remodel on a massive scale should expect a return of 56%. This is less than the steady return of 64% over the past two years. Why the drop? Craig Webb, editor of Remodeling Magazine, believes it is because some real estate professionals suspect their local market may be reaching its peak. He explains, “Consequently, spending a lot of money does not automatically mean your house will just ride the escalator up and be worth a lot more.” So, if you are planning a remodel in 2018, the rule of thumb is to keep it simple. Forgo a major kitchen overhaul for a simple upgrade that could recoup you 81.10% vs. 53.50%. Instead of building that addition to the master suite (ROI 48.3%), consider something with more curb...

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Prepping Your Home for Sale: Get the Most Bang for Your Buck

Every seller wants to maximize his or her profit. Partnering with a real estate agent is a great start. Homeowners can further increase their bottom line with a few simple steps. To get the most out of your house, complete the following before you list. Hire your own home inspector. If a buyer’s inspector finds issues with your home, you can expect your profit to shrink. Stay one step ahead by hiring your own home inspector to unearth any potential issues. Invest in repairs. In addition to addressing any trouble the home inspection reveals, it’s a good idea to have cosmetic issues addressed. Prospective buyers notice things like cracked tile, chipped baseboards, or a squeaky floorboard, and this will be reflected in their offer. Upgrade where it counts. You don’t have to renovate your whole house to turn a healthier profit. Make small, impactful swaps, such as switching out lighting, cabinet hardware, or shower heads for cleaner, more contemporary options. Add a few new accessories. Fresh flowers and potted plants go a long way in making a room feel inviting. For a cozier living room, drape a cable-knit blanket over the couch. String Edison bulb lights over a patio and put an Adirondack chair on the front porch. These small touches add major warmth. Treat it like a model home. To sell your house quickly and for the most...

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Attention Sellers: What Buyers Want

Today’s television lineup is packed with shows about property ownership. From remodeling to purchasing to flipping homes, HGTV and other similar channels have inundated homeowners with ideas about real estate. As a result, many buyers now have high expectations as they search for a potential home. They’ve seen the magazine-worthy houses on TV and that’s what they want to find when they view a home. Things should be picture perfect to grab their attention. Fresh paint, new kitchens and bathrooms, neutral décor, and modern conveniences top the lists of many buyers. It’s important for sellers to keep these standards in mind as they prepare to place their homes on the market. To get that coveted buyer, sellers must give buyers what they want. If they are looking for a picturesque setting, then give them one. Invest in upgrades for outdated interiors. Allow a professional to stage the home. Take the time to boost curb appeal. Ask a real estate agent for recommendations to decide what changes would make the best investment. As sellers make these changes, one concept is essential to keep in mind: location. While upgrades can help sell a home, it’s important that sellers not price themselves out of their neighborhood. Remodeling and redecorating should be appropriate for the location. If a seller builds an addition and updates a kitchen with all the bells and whistles, the...

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Negotiation: There’s More to it Than You Think!

When you think of real estate negotiations, what comes to mind? For most buyers and sellers, price tops the list. While this is certainly an important part of any real estate deal, did you know there are at least six others areas of potential negotiation? Closing costs: In addition to the price of the home, buyers must pay closing costs that cover lender fees and other charges. Buyers may ask sellers to help pay for these costs with a flat dollar amount or a percentage of the fees. Closing date: Do you need to close on a home quickly? Perhaps you need a little more time to search for your next home. There are also different advantages to closing at the beginning and end of the month. Personal property: What will be included with the four walls and roof? Negotiations will be worked out on whether the seller includes the washer and dryer, kitchen appliances, and even items such as living room furniture or that pool table in the basement. Contingencies: Many real estate contracts are contingent on financing or other home sales. The buyer may need to complete their lender requirements by a certain date or complete their current home sale before the contract is in full force. These details must be worked out and agreed to up front. Home repairs: Most contracts include a stipulation that the...

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