Tuesday, August 29, 2017
"Projects that take a home significantly beyond community norms are often not worth the cost when the owner sells the home," says Scott Robinson, president of the Appraisal Institute. "If the improvements don't match what's standard in a community, they'll be considered excessive." Lifestyle website CheatSheet.com highlights a few renovation mistakes that could inadvertently lower a home's resale value.
1. Letting minor damage go unfixed. To better protect your investment, touch up chipped paint, repair leaky faucets, and remove carpet stains. "Your home has to look better on the day of the open house than it's ever looked before," says Steve Clark, a real estate professional in Los Angeles. "If the back door is covered in scratch marks from the dog, you have to fix that."
2. Failing to remove trees that pose safety hazards. Though trees can be a selling point, they need to be well-maintained and planted in the right spot in order to boost the value of a home. Trees planted too close to a house could pose a fire hazard, or the tree's root systems could damage the home's foundation. A tree planted in the right spot could not only be aesthetically pleasing but also potentially lower energy bills.
3. Garage conversions. A quarter of Americans say their garage is too cluttered to fit their car inside, according to a survey by Gladiator Garage Works. So some homeowners may decide to convert the garage into a bedroom or den - but that could be a big mistake at resale. While it may earn extra square footage, these spaces tend to be poorly insulated. Also, buyers may prefer the covered parking space instead.
Article posted in Realtor Mag from the National Association of Realtors.
Do you need advice on what to do before selling your home? Kohan & Associates have decades of experience and would be happy to answer your questions. Call us today at 727-565-1658. www.Suncoasthome.com
Thursday, August 10, 2017
Are you one of those people who needs proof that it is a Seller's market? Sellers in the second quarter of 2017 took in, on average, an additional $51,000 per sale over what they originally paid for their homes! According to a recent report from ATTOM Data Solutions, this is the highest return the housing market has seen in the last 10 years. These sale prices equate to about 26% more than owners spent on their property. In 2007, according to study, an average $57,000 increase was pocketed.
Even so, since 2000, homeowners are tending to stay in their homes an average of 8 years nationally. This may be in part because while it is easy to sell a home now, it might not be so easy to find the next purchase. With limited homes on the market it might be your best time to make a move. Kohan & Associates would love to help! Visit us at www.suncoasthome.com today.