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When you work with a professional, finding your dream home is an attainable goal. VeeAnne advises clients to ask plenty of questions, be willing to look at enough properties to get clear about what you want, and to be patient. Sometimes the house you've been looking for presents itself early on. Sometimes, it takes longer. When you've done your homework, along with the help of your Realtor, then you are more likely to know your house when you see it. This means you've scoped out the market, and seen a number of comparable properties in
your price range in the specific geographic area you've
selected. So when the right property appears, you know
it right away.
Improving Your Existing Home
Before you can find your dream home, chances are you'll choose to list your existing home for sale. As such, you'll want to make important improvements that will enhance your home's value. A good real estate broker is well-versed on what can give you the best return on your investment. What you do and how much you spend are up to you. Yet, basic improvements are almost always advised before listing your home. You most likely will have to fix anything that's broken, and it's best to have your house shown with its best foot forward.
Some caveats about getting carried away are in order: On the subject of overimproving, the following section has been edited from an article in The Charlotte Observer by Allen Norwood.
In the 1980s, nobody thought the stock market would burst, leaving real estate as the most attractive investment option for baby boomers. And who could predict these same homeowners, lured by the cheapest interest rates in 40 years, would find granite countertops and his-and-her master baths irresistible?
Yet that's precisely what has happened. Back in the 1970s, the average home was 1,700 square feet with three bedrooms and one-and-a-half baths. Today, it's about double that and chock-full of amenities, leading some economists, including Mark Zandi of the Website economy.com, to wonder: Are we overimproving our homes?
"At the moment, it's cheap and easy to get mortgage credit," he says. "That increases the risk that people [who renovate] are overdoing it." Zandi is particularly cautious because he believes we won't necessarily see the same returns in real estate over the next five years as we did the past five. How can you keep your spending appropriate for your house?
Remodeling Magazine releases an annual cost vs. value survey of common home improvements and their expected return (remodeling.hw.net). Carefully study its pages of tables and you'll notice the numbers rarely cross the 100% return mark. "A lot of what people do to their houses is idiosyncratic," Zandi says. "To some degree, it fits them specifically, which narrows the market for future buyers."
Ask Questions
When you work with a professional, finding your dream home is an attainable goal. VeeAnne advises clients to ask plenty of questions, be willing to look at enough properties to get clear about what you want, and to be patient. Sometimes the house you've been looking for presents itself early on. Sometimes, it takes longer. When you've done your homework, along with the help of your Realtor, then you are more likely to know your house when you see it. This means you've scoped out the market, and seen a number of comparable properties in your price range in the specific geographic area you've selected. So when the right property appears, you know it right away.
Bradley Inman, CEO of HomeGain.com, says that when you improve your home, you get value in two ways: the economic value that comes when you sell that home, and the quality-of-life value you get now. You may want to spend the money anyway, but realize you likely won't get a buyer to pay you back the $8,000 you spent on the hot tub for your deck, unless they share your enthusiasm.
Go neutral to maximize your take. Some improvements rarely pay off: elaborate gardens, chic paint colors, for example. A blue living room — even if it's well done — will turn off some buyers. Some people think a swimming pool will drive away the maintenance — or safety-conscious. Yet out here in the desert, a swimming pool is typically a strong selling point and amenity. "The more esoteric the improvement, the worse the return," says Nicolas P. Retsinas, Director of Harvard University’s Joint Center for Housing Studies. White walls and a plain but impeccable lawn won’t stand in anyone's way of imaging his own castle.
Know the difference between
improving and maintaining
As stated above, there are certain items that must be kept up-to-date and functioning for a house to hold its value. That's why it's essential to maintain anything structural - plumbing, electrical, roofing, landscaping and the water system. Ignoring problems, experts say, is a mistake.
Smart Home Projects
If you want to increase your home's value and selling price, there are many improvements to undertake, both large and small. In general, the following improvements are basic endeavors that can offer you a lot of "bang for the buck."
Lighten and brighten: This typically means paint, lighter fabrics and window treatments, allowing more light to enter a room. Wherever possible, replace obviously "dark" areas with lighter, brighter background colors and accents.
Clean and de-clutter: Almost nothing does more to enhance your home's appearance than a thorough, and we mean thorough, cleaning. Absolutely edit out everything unless it is an impressive accessory or piece of art. Allow some surfaces to remain blank, completely empty of all decoration. This enable a potential buyer to imagine their own decorative accessories in the environment. Plan to do a yard sale, estate sale or rent a storage space. Decluttering will also make the space feel "lighter" and feel better, summoning the benefits of Feng Shui.
Fix plumbing and electrical: When your plumbing and electrical are in top-notch, working order, it says your house has been well-maintained and cared for. If anything is left unrepaired, it might send the message that you've been remiss with upkeep as a homeowner, and could cause a potential buyer to wonder what else may not have been maintained properly.
Landscape and trim: The saying First impressions last is never more true than with a home's curb appeal. The first thing potential buyers see is the landscape and trim. So, this is definitely a great opportunity to maximize your home's initial image. Make sure landscaping is beefed up, trimmed where necessary and redesigned if appropriate. Sometimes taking out a huge row of hedges right in front of your home can literally "open it up" making it both more accessible and larger. You may want to consult a landscape designer on these changes; yet even something like planting a bed of beautiful blooms out front can add to your home's attraction.
Paint interior walls: Paint is the fastest, most inexpensive way to change the look of a room. Light colors, well chosen, are effective not only in lightening a room but also in making it feel bigger than if you had darker colors on the wall. Color experts can explain the psychological impact of certain colors, but in general, when it comes to widening your home's appeal, the more neutral the better. Flat paint takes out the shine, but "eggshell" or satin finish makes cleanups a little easier; for a shine, you can always use semi-gloss. Use glossy paints sparingly, as in a small space, like a powder room, where you can take some liberties with color. But remember, the more neutral the better.
Paint exterior walls: Needless to say, like landscaping and trim, painting exterior walls will give your home an instant face-lift and more curb appeal. Remember the Neutral is Nice maxim, and don't overdo it; use common sense or enlist the help of a professional.
Replace carpeting: Next to painting, carpeting is a very effective way to improve your home's overall appearance. This particularly applies to homes with older, more worn-out carpeting or dated colors that make the space feel stagnant. A light, well-chosen neutral carpet can instantly update your rooms and increase your home's perceived value. (See articles on How to Buy Carpet, How to Select Tile. )
Source: HomeGain.com
USA Weekend
October 17-19, 2003
By Jean Chatzky and Brian Reid
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