By Melissa Dittmann Tracey, REALTOR Magazine
When upgrading, home owners often seek features that aren’t only desirable to them but also what will add value to the home when it comes time for resale. Certainly, the annual Cost vs. Value survey can be one of your biggest assets in helping to advise clients. The annual survey by Remodeling Magazine, in conjunction with REALTOR Magazine, reveals specific remodeling projects that offer the biggest returns at resale.
But what is some more general advise to help guide home owners when it comes to upgrades? An article at Bankrate.com from 2008, we feel still offers some practical advice that applies today when determining how to upgrade a house and add value–not lose value. Here are a few general tips from the article about judging housing upgrades for resale that may or may not be worth the expense:
Too high maintenance. Many buyers aren’t looking for homes that require too much upkeep and maintenance (hence, part of the reason behind the small-home, downsizing movement). The article notes in-ground swimming pools as a prime example of a high-maintenance feature that may turnoff many buyers as they look at the upkeep of it as too costly and too much work. (See: Are Pools Worth the Expense?)
By Melissa Dittmann Tracey, REALTOR Magazine
Kelly O’Ryan, an office manager for Coldwell Banker in Lexington, Mass., recently highlighted several tips of what home owners shouldn’t do when trying to sell their home in an article at RISMedia. Here are a few don’ts that made it on their list, see if you agree!
1. Don’t slack off on home maintenance. Houses in need of TLC often attract investors or property flippers, which are known for submitting low-ball offers. To attract offers and the highest bids, sellers should attend to any upkeep and maintenance issues before putting the house for sale.
2. Make sure the home isn’t being overshadowed outside. Nothing kills curb appeal more than a home you’re selling that you can’t even see. Be sure to trim trees or bushes to ensure they aren’t blocking any windows or the exterior of the home. Continue reading »
By Charlene Storozuk, Dezigner Digz
Recently, I was called in by a local real estate professional to do a “walk and talk” home staging consultation. In the great room of this gorgeous, open concept home, was a super-sized, orange leather sectional couch. It was situated across the width of the room with its back facing the foyer–not the first thing you want potential buyers to see when they walk in the door.
Given that only a small section of the couch was actually against the wall, the fireplace was cut off from view and the space had lost its feeling of openness.
Attention stagers and real estate professionals: Do you have a great example showing how you transformed a dated, cluttered fireplace into a hot selling feature? Please send before and after photos of your simple fireplace staging solutions to writer Melissa Dittmann Tracey at mtracey@realtors.org to be considered for a future article in REALTOR® Magazine.
Every year, REALTOR® Magazine teams up with Remodeling magazine to provide the Cost vs. Value Report–an annual report that reveals which remodeling projects offer the biggest returns at resale. They are now collecting data for the 2011-2012 report and need your help! Brokers, sales associates, and appraisers are encouraged to participate in the survey, which asks you to estimate the resale value of 35 remodeling projects. Those eligible to participate must live in one of the 80 metro areas evaluated.
To take the Cost vs. Value survey and learn more, visit: www.specpan.com/costvalue
Complete the survey by Sept. 30, and you’ll also be entered into a special drawing to win one of three $500 gift cards.
Also, visit REALTOR® Magazine online to check out previous Cost vs. Value surveys to help ensure that your clients spend their remodeling dollars wisely.
From REALTOR® Content Resource:
Sellers heading out of town? Not so fast. Make sure they don’t come home to a looted listing by emailing free info on how to do a home security check from the REALTOR® Content Resource.
That’s just one of five free, ready-to-go articles on keeping their home safe that are available through the REALTOR® Content Resource, and which you can email (or post to your blog, Facebook, or Twitter; add to your website or e-newsletter; or brand, print, and hand deliver). Send articles on other hot topics by doing an easy search of the REALTOR® Content Resource by keyword or topic.
By Melissa Dittmann Tracey, REALTOR® Magazine
A “minor” kitchen remodel will cost home owners, on average, $21,695, according to the Cost vs. Value survey, an annual report by Remodeling magazine, in cooperation with REALTOR® Magazine, that reveals the top remodeling projects offering the highest returns at resale. Home owners stand to recoup about 72 percent (or $15,790) of that investment from a kitchen remodel when it’s time to sell too.
So the kitchen can offer some big payback at times of resale, but for the average home owner, $21,000 nowadays may be too much for their budget. So what should you do when a dated kitchen is still in desperate need of some TLC? Continue reading »
By Melissa Dittmann Tracey, REALTOR® Magazine
Purchasing a home is often the biggest financial investment your customers will make, so opting to have a “background check” conducted on a property before deciding to buy is becoming more commonplace.
Databases and companies have been surfacing in recent months that set out to give buyers a full picture of a home’s history or area around it. Continue reading »
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