"...if you're planning to sell soon despite the market conditions, how can you help your home stand out from the crowd? Upgrades and renovations can make all the difference to a potential buyer who has many homes to choose from, experts say. With the recession keeping many people from spending on home improvements, now might be the perfect time to find a great deal...
When considering renovations that pay off, the money you can make when selling the house is only part of the story. When you make certain improvements that increase your home's energy efficiency, you could be eligible for a tax credit as well.
For example, you can get a tax credit of 30 percent of the cost, up to $1,500, for buying certain windows, doors, insulation and roofs through the year 2010. Likewise, you could be eligible to get tax credits for 30 percent of the cost of major upgrades such as solar panels, solar water heaters and geothermal heat pumps.
These improvements will also pay off in energy savings, and any home that has energy-saving features is bound to be a hit with cost-conscious buyers, Lupberger says.
Even if a remodeling job you'd like to do isn't popular with buyers or if you don't plan to sell soon, you can take advantage of the market to make home improvements for your own enjoyment. You could also benefit from waiting to sell your upgraded home in a better real estate market for sellers.
"There are two ways to look at it," says Lupberger. "One is the return on my investment. That's a financial calculation. The second calculation is what you enjoy. Ideally, a good addition accomplishes both. There is something you enjoy and at the same time, you get a return on your investment by making your home more saleable."
Of course, other factors also come into play when a buyer decides to buy a house, Molony says. "The home's overall condition, availability and condition of surrounding properties, location and regional economic climate are all factors that influence value in real estate."
The bottom line is buyers pay for what they like. By making renovations that will appeal to the broadest range of people -- yourself included -- you can make the most of your home while positioning it as the one buyers want to have no matter what the market is doing.
When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. Dave Edwards - Greenville, SC Realtor and Accredited Consultant in Real Estate (ACRE)- makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.
Based on sales by GGAR members and CRS data.