Probably one of the most frequently asked questions I get from home owners, and from buyers as well, is what should I do to my home to make it worth more. The terms sweat equity refer to the do it your self repairs and modifications that you can make to your home that will increase its value. The number one item is shockingly cheap. Make it look pretty. No kidding. It is often said by Realtors that real estate sales is a beauty contest. If your home has nice looking landscaping, nice newer, clean looking carpet, a fresh coat of paint (neutral colors), it will not only enhance the ability to sell it faster, it will actually add value. This is because of the comparison shopper mentality. Shopping for a home is not really different than shopping for a car. If you look at a car that needs a lot of work, has a bad paint job and new tires, you will probably pass on it. But if you look at a car that has been well maintained, even an older model, with a clean interior, an engine that looks like no oil has leaked, and good tires, you automatically make the assumption that it is a better car. For all you know, the rings and valves are shot, and the cam shaft has a crack in it. But you will buy it faster and pay more for it, just because it looks better. Buyers do the same thing with houses. New roofs and I would add new heating and air conditioning (the big ticket items for repair) are definite pluses. These are the most expensive things that a buyer will have to face in the initial years after buying a home from someone else (new homes, not so much). So, these types of items are obviously going to play well for a buyer. Here in Austin, hardwoods and tiles are big. Because of our heat, carpet is harder to cool in the summer, and is higher maintenance for the most part, so tile has become very popular. This has always been the case for "wet areas" such as bathrooms and kitchens and utility rooms. Get rid of linoleum in favor of tile, and add value. For backyards, decks and patios ESPECIALLY covered, and maybe even screened in rooms are definitely a value added proposition. You will see a lot of your dollars back on this sort of repair. No matter what you do, you can never expect to get every dollar you spend back. Generally, you can get from 5% to 35% of the cost of your upgrade, depending on what it is, back when you sell your home. Covered patios are probably on the upper end of the scale, for instance. The other thing that makes a big, big, big (did I say BIG) difference is what is common in your neighborhood. While you may LOVE granite counter tops, if you put them in and NO ONE in your neighborhood has them, you are going to see less of that money back on your sale. That is what is called "over building." Over building is when you put in an improvement that is not common to the area and thus actually does not add value because it is not "expected" in that area. It may make your home more attractive, but it will probably not net you more money. Pools are an awesome example of this. If you want a pool, put one in because you will enjoy it, but do not expect it to bring you any money. Not everyone wants a pool; they are a lot of work, they are a hazard for small children, and they can be expensive to maintain. If you ever have any questions about what sorts of improvements you should make to your home, as a real estate professional, I would be happy to meet with you and look at your neighborhood sales to determine what would be a value added, and what will not add value. I can give you some advice on how to make your home more valuable, and easier to sell for the future, or if you are looking to sell soon, we can work on making it ready for the market to net you the max dollars we can! just email me at firstname.lastname@example.org,
Author:Frank Minogue Phone: 512-629-0585 Dated: July 6th 2017 Views: 152 About Frank: Frank Minogue practiced many types of law including contract law, environmental law for 25 years. He...
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