Showing posts with label selling. Show all posts
Showing posts with label selling. Show all posts

Tuesday, June 7, 2011

Just don’t do that. Some over-the-top renovations won’t help sell your home or impress buyers.

Selling a home usually means some updating, possibly remodeling a few areas. Kitchens and bathroom renovations reap payback at closing time, but a word to the wise: don’t over improve. You’ll set yourself up for a yield of diminishing returns.

The smartest way to increase your home’s value is to bring it up to neighborhood standards. Leaping ahead of the Joneses will only stall your sale, especially in a market where buyers are cautious and want to see solid value. Always consider your neighborhood and research comparable properties before you jump into renovation projects.

Here are some don’ts and do’s.

Don’t assume more space means more profit. Depending on your neighborhood, over-the-top improvements can be a real turnoff for buyers, especially if it means that additional maintenance isn’t worth the effort. For instance, kitchens catch a buyer’s eye, but if you’re dead set on a chef’s kitchen, take a step back and think about it. Sprucing up a kitchen is a good move, and a nice makeover can be done with minimum investment.

Don’t turn a bedroom into an office space when you’re ready to sell. Buyers want bedrooms and want to see rooms as bedrooms. If you already have a home office, which most of us do these days, upgrade that space with attractive storage units to reduce clutter, and maybe a new desk that you can take with you to your next home.

Do think long and hard about installing a swimming pool, unless you plan to stay where you are for a long time. Buyers can see a pool as a major headache and safety issue if they have small children. Heating, skimming, repairing, balancing the acidity level and winterizing are a lot of work for buyers moving into a new home. Instead, take some of that money to create a beautiful landscape with perennials–a lot less work.

Don’t install that media room with theater seating. As buyers downsize, that’s one recent improvement that is no longer enticing. A family room is a better value, but so is a clean, waterproof basement for storage and an efficient laundry space.

The way you look at your living space is very personal. If, indeed, you want an Italian wine cellar with imported stonemasons, by all means do that should you plan to stay for a while. But, that wine cellar isn’t going to add bottom line value to your home if you want to sell now.

Monday, August 17, 2009

Follow these tips and have a great experience with home improvement professionals

Spiffing up your home before you sell can reap financial rewards. Finding the right contractor or tradesperson to help is a crucial step.

You’ve decided to put your home up for sale and move on, or you are staying put and want a fresh look. However, a few things need to be addressed before you plant that FOR SALE sign in the front yard. Homeowners can handle small fix-it projects, but other projects may call for an expert. That means the search for a reliable, honest contractor is next on your agenda.

Word-of-mouth is one of the best ways to find a contractor or tradesperson. Ask friends and colleagues for referrals, but make sure what you need matches with who is recommended. You may need your deck resurfaced, but your friend’s wonderful painter wouldn’t be the best choice. Even if you chose a friend’s recommendation, check it out with the St. Louis Better Business Bureau. Ask the contractor for a list of recently completed projects and call the homeowner to discuss the work. Grant Hickman, SCHNEIDER Realtor, is another excellent resource for recommendations.

Once you’ve found a good fit, make sure your contractor has the proper insurance, liability and bonding, and is licensed to perform the work you want. Ask the tradesperson to show you this documentation, and obtain copies for your files.

Get it in writing. The contract stage is crucial to a successful job completion. Include every detail possible for the job in addition to an estimate. Include the start date, schedule, completion date, any variables you would anticipate and the payment schedule. If your contractor or tradesperson is reluctant to include any of this information, beware. This might not be a good match. Everyone involved in your project must have copies of all paperwork.

And finally, do you like each other. Really, personality conflicts or different work styles can mean your project could be an unsatisfying experience. When all is said and done, both you and your contractor want to show pride in the workmanship and part on good terms.