Friday, June 16, 2017

Upgrades that Actually Add Value to Your House

                                      Upgrades that Actually Add Value to Your House

In recent years, the state of the real estate market has made it harder for homeowners to put their house on the market. Afraid of sales falling through or paying hefty fees with no results, many decide to stay put in hopes their house will be more desirable down the road. Whether or not you are planning on selling your home soon, adding a few upgrades can increase the curb appeal and market value of your home. Try out some value-boosting upgrades that really do work!

Add a Fresh Coat of Paint

If you are looking for a quick fix on a small budget, fresh paint can markedly improve the appearance of your home. A new coat of paint can cover up dirt and grime for a fresh look and make your house look newer. Pick light, neutral colors over bold ones to appeal to a wider market. Giving wood trim and doors a touch-up with stain can have the same effect. Consider painting the outside of the home as well, if you have paintable siding, as your home’s exterior makes the first impression on potential buyers.

Install Energy-Efficient Fixtures and Appliances

 Energy-efficient components range in price, but they are all worth the investment. They can help you save money on energy bills now, and increase the amount you could get when selling your home. Start small with energy-efficient CFL or LED lightbulbs and low-flow faucets and shower heads. If you are willing to spend a bit more, look for Energy Star appliances like dishwashers, ovens, and refrigerators. Not only will all of these upgrades help with energy efficiency, they can also make your home look more modern.

Remodel the Kitchen

 Kitchen remodels can cost a pretty penny, but they can improve the value and desirability of a home a great deal. HGTV estimates you can gain 60 to 120 percent of your investment back from a kitchen remodel. Make sure the style of the kitchen remodel goes along with the aesthetic of the home. For example, a rustic ranch home should not have a contemporary-style kitchen. This may disappoint or confuse potential buyers looking for continuity. Consider the practicality of the kitchen layout, as well. A hard-to-reach microwave or awkwardly placed sink could deter otherwise interested buyers.

 Try some or all of these upgrades and see what effect they have on the interest your home gets on the market. Ask your real estate agent for further advice about popular remodel trends in your area.

















Tuesday, June 13, 2017

What to Consider with a Real Estate Investment

                                       What to Consider with a Real Estate Investment


Investing in real estate is a very exciting and fulfilling decision, but there are some things to consider when you’re making plans for your money. Here’s what you need to keep in mind.


Location of the Property


You’ve probably heard a thousand times that location is the most important part of buying property. Well, the old expression isn’t wrong. Even the most beautiful and modern home in the world wouldn’t be worth a fraction of its potential if it’s in the wrong neighborhood. When you’re looking to invest, think carefully about the area you’re choosing.


Are you close to entertainment, shopping, and interstates? Is there a big tourist attraction nearby such as a raceway, state park, or beach? The closer the property is to “civilization,” the more value it’s going to have.


Other homes near your property can have a big impact, too. If your home is near college rentals where there is little upkeep, it will reflect poorly on your home. This can be especially crucial if you plan to flip a home. You can never get a proper return on your investment – or your sweat equity – if you put a lot of money in a home that’s too expensive for the neighborhood.


Appraised Value


Even if the property you’re looking at has endless potential, the actual appraisal value is very important, primarily because this number is what’s going to determine your financing options. Remember, you should always be able to keep the purchase price and renovation cost at or below your total budget (which should be less than the finished appraisal price). Many investors make the mistake of putting too much into renovations and cut down on their own profits.


Investment Purpose


Be clear about what you intend to do with the property before you purchase it. Your budget and timeline will all depend on your end goal. Regardless of whether you’re going to use it yourself, rent it, lease it, sell it in the short term, or sell it in the long term, you must make a decision from the outset.


The Numbers


The actual cost and profit margins are crucial. Once you have everything else lined up, you still need to make sure the risk is reasonable before you sign anything. Carefully consider all your numbers and make sure you leave some wiggle room for unpleasant surprises. If it won’t work, don’t force it. It’s better to wait for the right opportunity than risk your financial future now.