Make the most of Your Home in tough Economic times
Make sure your home retains its value as the housing crisis eases. Find our out inexpensive projects that will not only brighten up your place, but keep up with the market and appearances, put a little extra cash in small projects if you decide to sell.
Sometimes details have a positive impact on home value, sellers can significantly increase their chance of attracting qualified buyers willing to pay a reasonable asking price.
Statistics (National Association of Realtors source) show that median existing home prices are down 7.1% from last year — and aren’t expected to recover until late into 2009. Make the most of your hard earned dollars and focus your remodeling efforts on renovations that will boost the home’s value and your bottom line, hopefully and you can achieve that with little money.
Keep these tips and projects that will help you achieve your value goals:
- Plumbing: is it in good conditions?, is the dishwasher working well. faucets dripping? shower running properly?
Buyers will often bargain down your asking price, if they notice something that is not in tip-pot shape. Before aesthetic upgrades take care of the maintenance projects.
- Electric: make sure no area or building on the property is in a great need of an electrical upgrade. Or if so, it’s worst investing the time and money to resolve that – lately most outlets have to be 3 prongs, I know I asked for that upgrade before I bougth the historic inn, my business now.
Retain value with little spendings
The way to ensure your home retains its value is to hire an inspector; that will help you prioritize your projects and determine if there is a problematic area you should address first. Discuss the most cost effective home improvement with a professional and determine whether a home equity loan might achieve your home value goals.
- Creating a positive first impression is crucial/critical. The curb appeal speaks for a thousand words.
By focusing on the visual, you increase the value of the home and the asking price. Take the time to evaluate the areas that have the biggest buyer’s impact, start with the kitchen an bathrooms, (those should be the cleanest and most attractive in the house, just because they usually get the dirtiest and hold most bacteria on the long run) – maintenance is a must.
On average, a kitchen and/orbathroom remodel will yield a return on investment of 8% or more. Consider updating your home’s look with the following quick and inexpensive projects:
- Paint – Give your home an instant face lift with a fresh coat of neutral color paint. Paint, along with a little sanding and caulking, will eliminate any imperfections caused by daily wear and tear.
- Energy Efficient Appliances – Replace your old, clunky washer and refrigerator with energy star efficient appliances. This simple fix not only improves the overall look of your kitchen, but also helps cut your energy bill by quite a bit. The best of both worlds! Mention the word “green” – which means saving money – and people will listen to you.
- New Fixtures – New hardware can freshen-up an outdated home. New, modern door knobs, drawer handles and faucets can inexpensively and quickly transform a kitchen or a bathroom into a great, attractive living space.
Clutter A free and easy way to spruce up your surroundings is to get rid of clutter.
Remove any unused appliances and tools from counter tops.
Eliminate any plant overgrowth or junk in the front and backyard.
Organize everything in a storage place. If you don’t have one create some space in the garage for that or the more expensive alternative is to have a shed installed in the backyard, they are quite spaces and hold lots of things.