Tag Archives: buyer

Will Upgrades to my Home Increase its Value?

Not always.  And some housing upgrades may not be worth the expense.  When contemplating a major investment in your home, it is always wise to consult your Realtor® who will know what excites buyers and what doesn’t.

Don’t over-improve your home relative to your neighborhood.  Kitchens, for example, may not return all the money you have invested in them.  If the homes in your neighborhood don’t have granite countertops, stainless steel appliances and all new cabinetry, these upgrades in your home may not return what you invest in them if other homes have more moderately priced appliances and finishes.  They will make your home more marketable and sell faster.

Consider the maintenance involved in your proposed upgrade.  Buyers weigh the time, energy and expense involved in maintaining a home, especially today when downsizing to smaller homes is more appealing to buyers.  A swimming pool, for example, is both a costly and a high-maintenance feature that will limit the number of buyers for your property when you’re ready to sell.

It’s also possible to make your home “too personal.”  A décor with dramatic colors, a specific theme taken to extremes or an awkward room configuration may turn off buyers whose tastes are different and who cannot envision themselves living in your home.  Instead, they may see your home as a mass of work to change the décor to one of their liking.  Improving your home with a particular flair runs the risk that when you do sell, your improvements may not lead to additional dollars for your home.

The Cost vs. Value Survey, an annual survey by Remodeling Magazine, in conjunction with REALTOR Magazine, suggests remodeling projects that attract buyers and offer sellers the biggest returns at resale.  Topping the list is Entry Door Replacement with a steel door followed by Garage Door Replacement.  Both of these involve nominal cost and minimal upheaval.  Third on the list is Siding Replacement with fiber cement siding.  More costly than the first two, buyers will see the long term value of this improvement to your property.  Nationally, sellers recoup 80% of their cement-siding investment.

The final two projects are Minor Kitchen Remodel and Wood Deck.  “Minor” changes in the kitchen include replacing cabinet fronts and drawers and adding all new hardware.  A new energy-efficient stove and mid-priced sink and faucet combined with mid-priced counter tops and new resilient flooring complete your upgrade.  Repaint the trim and walls.  The national average for a minor kitchen remodel was an initial cost of $21,700 that recouped 72.8% or $15,800 at resale.

In my experience, sellers seem quite surprised that they won’t recoup 100%+ on their improvement.  So I remind them that buyers expect homes to have a roof, hot water heater, stove and furnace.  They are willing to pay more for a home where these are newer, but not the entire expense.  When contemplating an upgrade to your home, make certain that you and your family will enjoy it, and also look at its potential for attracting your future buyer.  Call your Realtor®, ME, for suggestions.

My goal is helping you maximize the value of your home for your personal enjoyment and for future resale.  If you or anyone you know has questions about upgrades, please call me.  Check out all current listings on my website,www.JudyMillerRealEstate.com.  This is an excellent market for buyers, so be sure you call me and move forward – now.

Selling Your Home

Detach yourself emotionally

Buying real estate is an emotional decision, but the opposite needs to be true for selling real estate. Emotions can get in the way of selling your property. The more attached you are, the harder it will be to convince a potential buyer to see themselves as the new homeowner. Try to get used to the idea that the home will no longer be yours. Think of it as a product to be sold. Visit every room and say “good-bye.” Visualize yourself handing over the keys.

First impression

Outside:

Curb appeal can create a good first impression. Cut the lawn weekly while showing your home. Keep the lawn edged, fertilized and watered. Trim the bushes, prune trees and shrubs, remove weeds from the garden. Consider planting seasonally appropriate plants to add color. Plant shrubs to fill space where needed. Keep the yard tidy. Rake the leaves in the fall. Keep the walkways clear of snow in the winter. Store lawn equipment, toys, or any other large objects that my obstruct walkways.

Pressure-wash the siding or add a fresh coat of paint. Use neutral colors such as white or off-white. Repaint or replace the shutters or gutters as needed. A contrasting color is a nice touch. Add a new doormat. Repaint or replace the front door. Make sure the front door opens and closes securely and locks easily. Make sure the house number can easily be read (replace faded numbers and remove obstructions).

Inside:

Paint walls in a neutral color to appeal to a wide range of buyers. Replace burned out light bulbs. Replace carpeting or flooring that is worn out or dated.

Create an impression of order around the house (shirts in the closet facing the same way, coffee mugs in the kitchen with handles pointed in the same direction). Dishes should be put away or stacked in an orderly fashion.Towels should be freshly clean.

Keep the home bright. Open all blinds, drapes and curtains to let in maximum light. Turn on as many lights as possible, including appliance lights and closet lights.

Removing clutter

After years of living in your house, clutter collects everywhere. Removing it is a challenge since you are attached to some of these objects. You may not even be aware how much you’ve accumulated. Bring in another set of eyes such as a friend or neighbor to help point out areas that appear cluttered. Your agent can also help with this.

Remove as many personal items as possible – you want the buyer to visualize themselves as the homeowner and your personal effects could inhibit this process. For example, remove any family photos, books from the bookcases, and accoutrements from tables and shelves. Sell, donate or throw away items you no longer want or need. Rent a storage space to keep kick-knacks, photos, extra furniture, and other personal items. Essential items can be placed in a box and stored in a closet.

Create an open environment , free from clutter. Remove any extra furniture or objects blocking access to closets or cabinets. Keep walkways clear. Create as much space as possible. Allow the buyer’s imagination to flow freely.

*Useful tip: Remove built-in appliances and fixtures you want to keep. It could be a deal breaker if the buyer learns they are not included with the home.

Limit expenses

Fixing up your home for selling need not be an expensive proposition. Focus on the major issues, such as fixing broken windows or a leaky roof. Fixing a leaking roof is less expensive than having a buyer negotiate a new roof.

When inspecting a home, prospective buyers will often “kick the tires.” They’ll play with anything that has a handle or switch, turning on and off the faucets, flicking the lights, opening and closing doors, cabinets and drawers. Replace or polish handles, door knobs, light switches and faucetfixtures. Apply grease to squeaky doors. These are some inexpensive ways to create a good first impression.

Eliminate odors

Smoking and pets are a source of unwanted odors. If you’re a smoker, you may want to move your smoking outside while showing your home.An air neutralizer such as an ozone spray can help eliminate smoking odors while not leaving behind the scent of a masking odor. If you are a pet owner, you may have become desensitized to the odors your pets leave behind, but others are not so immune. Cat owners should change the kitty litter daily and hide the litter box when showing the house. Shampoo the carpets. Use a carpet freshener periodically. Invite a third-party such as a friend or neighbor to assess your efforts.

Air out the house just before a visit from a potential buyer. Fill the home with inviting smells, such as scented potpourri and fresh flowers. Baking cookies, cinnamon rolls or home-made bread adds a warm and inviting atmosphere to your home. Starting a fire in the fireplace is also a nice touch.