Getting top dollar for your home

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If you’re thinking of selling your property, here are the places in every home you should be paying attention to.

With the prime summer selling season coming, you may be wondering which areas of my property can give me the best return on my investment if i decide to renovate.

Here are the five key renovation strategies that are time-tested, require minimal effort and provide options for every budget. These improvements are designed to get you the best bang for your buck and top dollar for your property when you sell it.

1. Flooring

Every single person in a household will touch the floor every day in varying degrees, whether it’s the bedroom, living room or kitchen. It comes as no surprise that upgrading the flooring is a key feature that will go a long way to capture a buyer’s attention.

Here are some key tips:

  • Remove outdated carpets (or at the very least, if that is not possible, ensure the carpets are professionally steam cleaned, looking fresh with no stains, rips or tears).
  • Replace old carpets with either laminate flooring, hardwood flooring or ceramic tiles.
  • It’s been proven buyers view non-carpeted flooring more positively, as it’s easier to clean and helps with family members who have allergies.

2. Fixtures and hardware

These may seem small on the surface, but can make quite a difference. Fixtures and hardware include items such as door knobs, handles on doors and closets, entrances and exits, cabinet hardware, bathroom and lighting fixtures, etc.

They are easy to replace, fairly inexpensive, come in many color and design options, and provide great options for anyone on a budget. The best part is that the seller gets a great return on investment for not a lot of money. These are simple and cheap, but definitely a worthwhile improvement to any home.

On the other hand, if fixtures and hardware have not been replaced, it can really date a property and make it appear as if it has not been maintained.

Just remember, everyone has to either touch a door or walk through it!

3. Bathrooms

Without a doubt, any money you spend on upgrading a bathroom will be worth the effort, as it’s considered the second-most-important room in the house.

Key upgrades include:

  • New tile and grout (floors and shower)
  • New faucet and hardware
  • New coat of paint on walls or cabinets
  • Upgrading or replacing cabinets (this can including swiping out new
  • hardware and sanding down old cabinets and repainting them or replacing them completely)

4. Kitchen

This is the most valuable room in the house – if homeowners only have one place where they can opt to do renovations, the kitchen is a sure-fire bet to pay off.

You don’t need to spend a fortune in order to make it look spectacular.

Here are some simple add-ons or improvements:

  • Add in a new deluxe faucet
  • Change out cabinet door hardware with new handles or knobs
  • Upgrade or purchase new appliances (fridge, range and hood, dishwasher, etc.) with a clean look that complements each piece, giving the kitchen a cohesive design
  • Add new lighting
  • Create a backsplash to help jazz up appearance and functionality
  • Rebuild standard cabinetry at half the price (as opposed to custom cabinets or using expensive materials)

5. Add an income-suite

Depending on the city or municipality, if the neighborhood allows for income suites, sellers could potentially add 150 percent to 160 percent of equity into their home by putting in an extra suite.

This allows you the owner to also potentially receive additional income through a tenant that can help pay off the mortgage or as an additional investment. Depending on the specific market or city, demand for double unit homes can rise by more than 25 percent.

Research the market area of the home – if the city is growing, it means more people will move into that city. Also, check if the government and other institutions are planning on investing into that market; for example, are they planning to build hospitals, schools, universities, new transit system, etc.? This may signal that as the community grows, there will be a greater demand for housing, tenant opportunities and increased equity for homes who can support the upsurge.

If you have any questions please contact us, we look forward to talking with you.

Source: Pillar to Post Inspectors

 

 

 

 

 

 

Five interview questions you need to ask your realtor!

interview-realtor

If you’re a first-time homebuyer, you may be wondering how to start the process. After browsing homes online, the next step for homebuyers is often choosing a Realtor.

But how do you find the best ones out of all the available choices?

Here are the five questions to ask your real estate agent:

1. What is your experience working with first-time homebuyers?

Oftentimes, first-time homebuyers will rely on a personal referral from a family member or friend when they start the buying process. While this is a great way to be introduced to a real estate agent, you need to make sure the agent has the skill set and patience to work with a first-time buyer. A real estate agent should take the time to walk through the entire purchase process from loan pre-qualification, a needs analysis (what are you looking for, the area you want to live, commute times, price point, etc), how to look at homes objectively, reviewing the contract with you prior to writing an offer, how a contract will be written to your benefit, funds needed to close, funds needed AFTER closing, closing time lines, etc.

2. How long have you been in the real estate business?

While there are many excellent agents that are new to the business, making sure you have experience working on your side is a key to your success in finding and negotiating a great deal. Working with a new agent or even an agent who has had his/her license for years, but has not closed a lot of transaction may not be in your best interest. Don’t get me wrong, there are some exceptional agents who have not closed a ton of transactions, but you should consider experience over someone you “like.” You want to make sure your agent is knowledgeable about writing offers with the terms working in your favor.

3. Are you working for me and in my best interest throughout this transaction?

Buyers often call on a home for sale from a sign in the yard, and the listing agent wants to show you the home. The listing agent has signed a contract with the seller to work on their behalf. They cannot work for you and the seller at the same time while trying to get both sides the best deal. If you do hire a real estate agent that also works with sellers, ask them up front how this will work if you are to view a home they are selling. Buying at a discount or at terms that work in your favor are extremely important when buying a home for the first time. I like to say that you earn your equity in the purchase of the property, not necessarily when you go to sell the home, but when you buy. Equity is wealth. You will need someone working FOR you and in your best interest.

4. How will you communicate with me?

The right amount of communication from an agent should reassure you that the agent is working hard to find you the home of your dreams. Buyers should hear from their agents without prompting. Agents should communicate often about open houses, new listings, setting up showing times, and changes within the market.

With prices high and inventory low in the current market, there’s likely to be multiple offers on the home you want, and a breakdown in communication could be the difference between an accepted and a denied offer. Ask how often the agent will communicate and what’s his/her preferred method. Will he/she primarily use email or phone, and how does that lines up with what you’re looking for?

5. Are there any fees I need to pay you?

A buyer’s agent is paid by the seller in almost all transactions. However, asking this question is going to be important so you know of any fees you may be responsible for at closing. Some agencies charge a “transaction fee” which may or may not be negotiable.

Source: Kelsey Ramirez, Housing Wire

 

http://www.modernorealty.com/2016/11/16/five-interview-questions-you-need-to-ask-your-realtor/