How to Increase Your Home's Value - Thinking of Selling Soon?
While upgrading your home is essential, ask yourself this.... "Am I investing to improve my home for my enjoyment or to sell for the highest price in my Neighborhood"?
If you are thinking of creating open space because you are now at a time in your life where you like to entertain and your lifestyle needs a bit more space :). Well that is great! If you are taking on an improvement to sell the home within 5 years, let's chat.
There are ways to increase your home’s value for resale that are bit costly (major remodels and additions) to free (tidying up the front yard). We’ll look at the whole range, noting how much value is added when possible. This way you will not increase your tax bill too.
Remember, that you are investing in your home to get the most buyers and to secure the highest price in your neighborhood. So, you don't want to be the "shiniest bulb on the tree". If your home is over improved, the value of your improvements is greater than the other homes in the neighborhood, it is unlikely that you will recoup the cost of improvement. Here is a great rule of thumb to consider - the value of your property should no greater than 15-20 percent of your neighborhood average. Ask your Realtor. for a list of ten removing projects and the value for resale.
The following figures appeared in the November, 2001 issue of Realtor Magazine. They list the top ten remodeling projects undertaken to increase a home’s value in the United States and what percentage of your remodeling investment is recouped at resale.
Here are some tips for improvements:
1. Remodel by remembering that you are appealing to a large population of buyers. Remember to use neutral and soothing colors.
2. Invest in quality materials. Buyers really can tell the difference and will not pay for poor quality materials.
3. Keep the flow going... Keep from making your home look choppy with different flooring or architectural nuances.
4. Kitchen and Bathroom remodels remain the top choices. Don't over invest.
Here is a Rule of Thumb - invest in the improvements that reduce your tax bill and increase the value of your home. These improvements can include: a fence, driveway, swimming pool, deck, built in appliances, insulation, new heating/ cooling systems, a new roof, landscaping, etc.
One of the easiest ways to interest buyers to visit your home is to create curb appeal that screams "I am pretty inside too".
Its easy to make your home the prettiest on the block. Powerwash you exterior and fences. Wash the windows and keep cobwebs and bugs away, replace broker window screens, trim hedges, cut and edge the lawn, sweep the walkway. Plant pretty flowers. The home that is most appealing will always with "SOLD at the highest price in the neighbor"