Making Your House
More Marketable
Renovations that
Fetch a Higher Price
for Your Home
If you're thinking about making
major changes and renovations
to your home -- and
determining when and if they
should be made at all – think carefully. If you fix up your home up too much, you might not get the price you’re asking for when you go to sell your house. And, and you may not recoup the money you spent on the renovations.
If you don’t fix it up, though, you might not attract a buyer for your house. Even if you don’t have your house on the market, you do want to make sure that it’s a marketable home because something may happen that causes you to have to sell. What’s a homeowner to do? That all depends.
Making your house marketable – and keeping it that way – requires you to be knowledgeable about your neighborhood and city. In many areas of the country, the real estate market varies widely, particularly regarding improvements and additions, and then again, as it relates to particular neighborhoods. This requires you to be aware of your own real estate climate and knowledgeable about your subdivision or area.
Be knowledgeable about additions
In my search of information on improvements that raise home values and marketability, a few things stood out. Additions shouldn’t be attempted if they’ll make your home significantly different (such as much larger, with five bedrooms when most only have three, etc.) than every other home in the neighborhood. But, if all the homes in your neighborhood have two and a half baths, and yours only has one and half, then adding the other bath might be a good idea.
Bringing your house up to the standards of other houses in your area is also a good idea because it will keep your house marketable in the long run. However, if you’re thinking of making major changes in order just to sell a house, think again. That’s because extensive changes might not be necessary to sell your house and you might not get the money you put in back out. A Realtor can advise you based on your particular home and neighborhood, so get advice before you begin renovations because it could save you thousands.
The top two renovations that pay for themselves
Some home renovations will bring a return on investment and others won’t. According to Remodeling Magazine’s annual Cost vs. Value Survey, minor kitchen and mid-range bathroom remodels were in the top three renovations in 2004. Prospective buyers want to see a home that’s been kept up to modern standards and doesn’t look dated. This includes paint, tile, wallpaper, countertops, fixtures, and cabinets versus whole room renovation or additions. So, if you can keep your bathrooms and kitchens looking current, then you’ve gone a long way toward making your house more marketable.
Kitchen and bath makeovers good investments
Associate broker, Fred L. Sanchez, CRB, GRI with Coldwell Banker The Ron Brown Company in Victoria, Texas, agrees. He cautions, though, that renovations should stay in line with the price of the home. “If your home is modest, then a kitchen renovation with new linoleum and laminate countertops would probably be a better choice than more expensive solid surface counters and marble floors.” Sanchez also recommends that homeowners do complete renovations. An example is a new kitchen re-do that didn’t replace dated vinyl. This is a case where the value of the renovation won’t be realized, says Sanchez, because there’s still work left to do.
It all starts out front
The street is where potential buyers view your home, so it’s critical to put time into curb appeal. The truth, Sanchez says, is that it won’t matter how beautiful your new kitchen looks if the exterior of the house isn’t appealing. Plants and landscaping are always a plus. “No one wants to look at the raw edge of a foundation slab,” said Sanchez. Put a reasonable effort into creating an attractive exterior with landscaping, an attractive front door, porch light, paint, mail box, etc., and you’ll create enough interest to draw potential buyers into the house.
Keeping your home marketable and appealing to buyers often stacks up to making changes to kitchens and baths to keep them looking current, and concentrating on curb appeal. That means large renovations and major redesigns aren’t usually what it takes to draw in buyers and keep your investment in your home maintained. But, if you do decide to make renovations, check with a local expert if you have doubts about whether or not it will help or hurt your home’s value.
In short, keeping your house in good condition, with current trends and neighboring homes, while emphasizing curb appeal, means you’ll have a very marketable residence -- and a secure investment.
© 2007 Kathryn Weber, all rights reserved
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Kathryn Weber is the publisher of the Everydayclean.com Cleaning Calender, that calender that puts you in control of your home by ending the power struggle. For more information log on to http://tinyurl.com/d9rh5.
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©2001-2007 Kathryn Weber
All rights reserved.
