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The Fine Lines of Home Improvement

By
Real Estate Agent with Keller Williams Realty The Woodlands

Here at the Brownstone Group, we talk constantly about our booming economy and flourishing real estate market.  And although the rise in business gives Sellers more power in the market, they must not take this power too lightly!  It is very important to prepare your home for selling.  We'll give you six tips regarding  remodeling for sales-driven home improvement:

1.  Don't Exclude With Your Improvements
When making improvements for potential buyers, it's easy to make assumptions and generalizations that can steer you in the wrong direction.  Alex Veiga uses the example of a pool as a possibly unwise renovation.  Richard Borges, president of the Appraisal Institute, a professional association of real estate appraisers, agrees stating that a pool carries maintenance costs that some buyers do not want to hassle with.  The pool's uncertain safety hazards for small children may also drive a buyer away.  Another reason to avoid pool additions and like projects is that costs may never be recovered in a sale.  Large projects may take up too much time and too much money to be worth the change, especially if you're messing with the structure of the house.  It is always safest to consult your local real estate agent on big changes that will be well accepted by the market.

2.  Where To Draw The Line
When improving, there's no need to get wild and crazy.  A couple of renovations to brighten a home and make it seem newer are all that's needed.  Don't forget the clichéd advice "Less is more," especially when it comes to your wallet.  You don't want to make so many changes that you lose money on the deal itself.  Be wary and avoid "overimprovement" when preparing your house for the market.

3.  1 Print, 2 Prints, Red Prints... Don't Change The Blueprints!
Just like with large projects, making serious change to the structure of a house may not be the best idea.  Adding a room or tearing down walls may sound like a good idea to appeal to sellers' tastes, but the costs and the room for both error in judging potential sellers' tastes as well as excluding other target sellers should warn you away for good.  Leave those kinds of improvements to the buyers once they move in.  They'll know better what they like and what works for them than you do, and you'll save yourself the labor and money.

4.  To Do Or Not To Do
The above three tips talk about what you as a seller should not be doing, but how then do you know what you should actually do to improve your home?   Consider planning out a budget for improvements, one that you are certain will be recovered within the sale of your house.  Veiga suggests:
remodeling magazine's latest cost-value-study, which is based on surveys of real estate agents, and can help provide a ballpark reference. You can find it here at www.remodeling.hw.net/2013/costvsvalue/national.aspx.

5.  So Now You've Got A Budget
Now what?  It's best that you begin to prioritize what needs to be done to make your house livable followed by improvements that simply better the sale of a home, at your profit of course.  And don't forget about your curb appeal.  Judging a book by its cover, potential buyers will gain a first impression of your home from the outside.  Making sure that everything in the house works and that the outside is both sturdy and welcoming should be your top priority when looking to renovate and improve.

6.  Need Help: Who You Gonna Call?
Your local real estate agent of course!  We always highly recommend using an expert within your buying or selling journey.  They know the market inside and out, have a good handle on the target customers, and keep an eye on trends.  These people are your most valued resource when entering the real estate industry. 

 

Looking for more tips and tricks on home improvement for the real estate market?  Check out another Brownstone Group blog, Making Your Home More Appealing For Today's Seller's Market, here: http://activerain.com/blogsview/3783019/making-your-home-appealing-for-today-s-seller-s-market

 

Article citation: Veiga, Alex.  (August 16, 2013).  6 tips to weigh the best resale home improvements.  Yahoo! News.  Retrieved August 20, 2013 from: http://news.yahoo.com/6-tips-weigh-best-resale-home-improvements-131913480.html

 

Picture citation: http://marshaskinner.com/home-improvement-projects/

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