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Nov 21 2007

Net Worth of Property Upgrades

Published by jallen at 3:38 pm under Market Uptick, Selling

Yes, this title is a bit vague, but when selling a home, and preparing to show it, it is important to utilize your funds in as profitable way as possible. There are many things you can do to a home that will help increase its value in a downtrodden market.

  1. Make sure your lawn is well manicured, and that little to no maintenance will be required by the new owner upon purchasing the home. This makes your home seem like less of a project, and will likely allow for an increase in asking price. Of course, if it is winter, snow may cover the lawn and it would be good to allocate the funds to a different area.
  2. New plumbing fixtures. If your home is older than 15-20 years and you have never replaced your plumbing fixtures, this will be a huge dividend for you. Updated plumbing means higher value to your home, and less the new owners will have to fork out upon taking possession of your place. (yes the next one is the other mechanical)

  3. Update your electrical fixtures. There are some relatively inexpensive fixtures that you can buy that will make your house look more up to date and in return, more money will be coming your way upon closing. Try to stay away from Bright brass ceiling huggers (unless that matches your door hardware). The popular finishes right now are patina, and oil rubbed bronze. Ceiling hugging fixtures are fine as long as they are some what decorative, and aren’t the bid plain white dome light. I know at Menard’s (Midwest’s equivalent to Home Depot or Lowe’s) you can purchase a 2 pack of 15″ lights for under $15. You will definitely get the money back.
  4. Paint your home inside and out. (unless you have maintenance free exterior) A fresh coat of paint gives people the image that the house is well taken care of and a feeling of being newer. Throw this into the mix with new Electrical fixtures (which should be installed after painting), and you will have a fairly new look to an old home.
  5. A lot of people will disagree with me on this one, but new builders grade carpet is better than an allowance to replace it. If someone sees a torn up smelly, cat urined carpet, immediately they will consider the house dirty and old. New carpet gives the appearance of cleanliness, and that you want you house to sell quickly. An allowance says that you didn’t have the money or the time to do the project. Expect a lower offer if your carpet is in bad shape.
  6. Exterior issues should also be brought up in that make sure you have your home power washed or hand washed to create a clean look. If you have a leaky roof, an allowance is acceptable, but make sure you have estimates on hand that validate the allowance. Make sure your deck or patio is cleaned and there are no obstructions as to show the size better.
  7. This is not an upgrade or update, but money may be involved here. Make sure your rooms are not cluttered with toys, clothes, shoes, movies etc. Keep the walk ways clear and keep anything that is not pertinent to getting a feel for a house, out of the picture. A suggestion I have is to rent a storage unit and box as much up as you can to make your house look bigger. The more clutter you have in a home, the smaller it looks. Pay the $40-90 a month and see the return or sale of your home come quicker.
  8. If you are aware of a viewing of your property, have soft music in the background and burn some light scented candles. Bake some cookies just before you leave, leave a welcoming, homely feeling to your place, giving the illusion acceptance by aroma.

One issue that tends to raise concern is that women have the tendency to see family pictures and immediately feel as though the house cannot be theirs because it is not their family in the picture. They cannot then imagine themselves in the home. For men this is not an issue, but to fix the problem, put very few family pictures up and try to focus more on artwork that complements your furniture and the feel of the house.

The saying goes, your home never looks better until its getting ready to be sold. Although sad, this is very true. Make sure your home is inviting and be active in having open houses and inviting your neighbors for a neighborhood walk-through. If they like the house, they’ll tell their friends. This gives your neighbors the opportunity to choose who lives there. They would rather it be their friends vs. a stranger. Make sure you are actively involved in promoting your home, networking its availability where ever possible. I can promise you, you will see the benefits.

2 Responses to “Net Worth of Property Upgrades”

  1. The Right Agent | easyclickhomes.comon 28 Nov 2007 at 6:56 am

    […] addition to getting your house ready for sale, finding a good real estate agent is important. The Boston Globe has an interesting article on […]

  2. oilwell drillingon 15 Dec 2007 at 9:43 am

    I Googled for something completely different, but found your page…and have to say thanks. nice read….

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