I always advocate contacting me before you update your home. There are so many important factors to consider. Your home is one of the largest investments you have, so you should always consider the value of any changes or updates. The recent Cost vs Value report showed you the return on investment for the most popular upgrades. But as outlined in a recent article on MarketWatch, some renovations can actually decrease the value of your home.
The four following renovations can often result in a decrease in value of your home:
- Removing Bedrooms – While you might see larger rooms as a plus, generally, the more bedrooms that are in your home, the higher the price it can demand. You will also likely reduce the amount of buyers interested in your home, since most buyers start their search based on number of bedrooms.
- Removing Closets – While you might enjoy a larger bathroom, the large majority of buyers will demand closet space. It can be a large selling point for a home.
- Turning the Garage into a Living Area – As good as this can sound to give you another living area, most buyers consider a garage a necessity. Not only are you removing a parking area, but you are also removing valuable storage space, from the buyer’s perspective.
- Wallpaper – While it is possible to remove wallpaper, it can be a difficult job (and expensive if you have someone do it for you). Buyers can generally overlook paint colors that can be changed, but having to remove an overabundance of wallpaper can be a definite deterrent.
Ready to renovate your home? Call me! 972-824-6466
For the full article, click HERE.
Is 2016 your year to sell? It’s important to know which home improvement projects will bring you the most return on your investment. Visit the 2016 Cost vs Value Report (see Dallas specific info here) which compares the 30 most popular remodeling projects and the value those projects retain at resale. If you’re making updates or just thinking about selling, let’s talk about how it will affect the value of your home!
The Cost vs. Value report is an annual collaboration between Remodeling magazine and REALTOR® Magazine, which breaks down the estimated cost of various remodeling projects and the estimated return on investment for those projects by region and by city, as well as by midrange and upscale projects.
The 2016 report shows some noticeable changes from last year’s report – showing energy efficiency and curb appeal to be two driving factors. But the report still boasts that less is more, with four of the five top ranking projects costing less than $5000. According to the report, the average is around a 64% return on investment, which is up from last year. The top spot, though, belongs to attic insulation – which shows a 100% return!
(Below is an excerpt of midrange improvements from the Dallas-specific report from remodeling.net)
Ready to make some updates on your home before selling? Call me at 972-824-6466 and let’s discuss the best changes to make. I can also help with contractor referrals! The market is still hot and 2016 is a great time to sell!
It might be tempting to sell your own home. You might think you are saving by not paying an agent’s fee and only have to hold an open house and deal with some paperwork. However, statistics have shown that sellers tend to make more money when they hire a Realtor. According to the National Association of Realtors®, an agent-assisted home sale has a 13 percent higher sales price than a FSBO (For Sale By Owner).
Here are a just a few ways you save with an agent.
1. The price is right
Pricing your home is one of the most challenging parts of selling. A Realtor is highly experienced in this area and can help you avoid pitfalls. For instance, over-pricing may leave your home languishing on the market and if you start dropping it, you can be seen as desperate and bring in low-ball offers. On the other hand, if you price too low, you’re leaving money on the table that could be in your hands – something you probably don’t want to do when selling your most valuable asset.
Let’s face it, you have to spread the word about your property. Paying for online listings, mailers and signs can be expensive. Most Realtors already have a plan in place for marketing as well as the connections to spread the word quickly and efficiently and usually at no added cost. This can also relieve a lot of stress off the seller.
No matter how well your home is priced, you will likely find yourself negotiating with the buyer. This is where an agent’s skill and experience will really help you get a fair price. Not to mention the fact that most buyers think they can negotiate a real deal if you are selling the home yourself. Do you know what your home is really worth in the current market to back up your price?
4. Time is money
Let’s face it, life is busy. Adding tasks like creating marketing materials, arranging showings, finding contractors, negotiating, reviewing documents, etc will cost you both time and money, as well as add a lot of stress. Let a Realtor that performs these duties daily and has resources at his/her fingertips do the work for you and help you open your schedule and sell your home faster.
Reconsidering your FSBO status? Contact Gwen at 972-824-6466 or firstname.lastname@example.org
— article adapted from ABOVE, The Re/Max Magazine —