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Fix Minor Cracks Before They Require Costly Repairs
(ARA) - Buying a home is the single largest investment most people make, so maintaining its value and physical appearance is important. With the average median sales price of nearly $160,000 for existing single-family homes in 2002, according to...
Getting Raw Land Not A Raw Deal
There is more to buying raw land than meets the eye and more than a few individuals have wished they’d had a second chance upon finding themselves duped, conned, misled, ill-advised, uninformed, oversold, undereducated and often unprepared. They...
High Profit Real Estate Investing--make A Good Deal Every Time!
Knowing what a Good Deal is – Is the Key to Success in Real Estate.
Knowing and being able to negotiate good real estate deals every time is the key to real estate investing success. What to look for, and how to calculate your profit, cashflow...
How Big A Hole Do You Have In Your Wall?
(NC)-Imagine punching a hole in one of your home's outside walls and feeling the cold, dry winter wind rush into your house. Now imagine what all that cold air will mean for next fall's heating bill.
The equivalent of such a hole is...
Think about your Rear, Dear when you are looking for a chair!
There is furniture that is very cool, but if you do not like sitting on it, I have one question. WHY? My wife and I differ greatly on this subject. I do not know how many times my wife has drug me to a furniture store (one of my least favorite...
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Five Tips To Improving Your Home’s Value
Are you one of thousands of Americans who are thinking about improving your current home or buying a “fixer-upper” home? Before you take the leap, here are five things you should know before you start spending your money.
1) Life Style Home Improvements such as kitchen and bathrooms consistently impact a home’s value for the better. As a result, these are always your best investment. Fans of TV home improvement shows have been trained to expect the best; so not only are life style improvements a good investment, but they will help your home’s value increase. Other lifestyle improvements include master bedroom suite, media rooms and today’s trendy “outdoor rooms.
2) Maintenance improvements are necessary, but don’t expect the value of your home to go up as a result. Buyers expect systems and maintenance to be adequate and up to date. Exterior paint jobs may help increase the “curb appeal” of your house, but since maintenance is a part of home ownership, don’t expect a $5000 paint job to translate into $5000 more in home value. But do note failure to maintain your property will make the value go down by the cost it will take to repair the damage or implement necessary maintenance. Think of maintenance improvements as a way to protect your home’s value from going down.
3) Cosmetic improvements have a neutral effect on a home’s value. Jobs like wall paper stripping or painting are improvements most homeowners can do themselves, so the perception of their value is less. Jobs such as repainting on the interior will have less impact on the value of your home. If you can, try to do most cosmetics yourself and
build sweat equity instead of paying someone else to do the work.
4) Beware over improving, especially if you plan to sell within 2-5 years, you may want to approach all improvements cautiously. Before you commit to any big projects, understand whether a three car garage or a pool is out of character for your neighborhood— you may be consigning your house to an oddity status. If your house is improved beyond all the neighborhood that surrounds it, it is likely that the value of your home won’t be realized when it comes time to sell.
5) Stay Informed. Keep up with home values. Realtors use home sales information on comparable sales (comps) to put a value on a home. The best way to assess value is to look at home sales of properties that are similar to yours. If you know 15 Hedge Lane sold for $325,000 with a new kitchen, you can get an idea of your home’s value with a new kitchen if your home is comparable to 15 Hedge Lane. Looking at comps gives you the best idea of your home’s value. You can look at exact home sale prices online and keep track of values in your neighborhood by visiting Web sites like or http://www.domania.com.
About the Author: The editorial staff of Domania lives and breathes home values. Find more advice and real estate tools at http://www.domania.com
Source: www.isnare.com
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