Maximizing Your Home’s Value

by | Jan 28, 2019 | Blog | 0 comments

Whether you’re thinking about selling or not, don’t you just love seeing your Zestimate go up each month?

Even though this isn’t a very accurate measurement of a home’s value, it definitely brings a smile to my face when it shoots up 10% because my neighbor just sold a similar home down the street!

Recently I’ve been doing some minor upgrades to my home and I’m doing this for multiple reasons:

  1. Comfort – When I first bought my condo, it had a very old feel to it. Old paint, dirty walls, gross carpet, outdated features, weird curtains, old cabinets, you name it! Now that I’ve made a few minor updates and received tons of welcomed design assistance from my girlfriend, it feels like home and I’m not embarrassed to have friends over.
  2. Value – Although I’m not particularly interested in selling, I do love seeing my Zestimate shoot up each month. And I like doing actual Comparative Market Analyses on my condo occasionally, so I have a more accurate understanding of what similar homes are selling for in my neighborhood. We do that for free by the way, just shoot me or any of my team members a message from the About Us page if you’d like one for your home.
  3. Future Goals – I might not want to sell now but in no way is it a good decision to allow any piece of real estate, whether it’s your home or a cash flowing investment go-by-the-wayside. We should continue doing small improvements as we live in it or as we hold onto our asset.
    1. This prepares us for either renting it out for market rents in the future or for receiving maximum value if we ever decide to sell. 
    2. It keeps costs more manageable for when the time comes and we have to pull out our wallets for the big-ticket items. We call these Capital Expenditures (cap ex) in real estate investment lingo.

 

What if you hate DIY projects and don’t know where to start?

So, you’ve waited years and let the projects stack up, don’t freak out! I did the same thing and I’m slowly improving areas of my home one project at a time. This year my theme is FOCUS, and that goes for my home improvement projects, career, investment goals, and even my reading and audiobook content. Write what your goals are and then break them up into bite-sized pieces. That’s how you eat the elephant, as they say, one bite at a time.

 

Good News

We have loyal partners that we’ve used to help us with homes of our clients prior to selling, to resolve home inspections, and in emergency situations. They are all incredible and I encourage you to reach out to them if you have any questions.

Easy Upgrades

Here’s a list of easy and effective updates for your home. Not only will it feel more like home, but you won’t have to scramble at the last minute to improve the showability of your home if you decide to list with us during the upcoming selling season.

 

Painting

Huge impact for a small investment. You’ll be surprised how much a few coats of fresh paint can change the vibe of a room. I recommend sticking to neutral grays and blues inside your house and maybe the same or a pale yellow for the outside. There are tons of articles with data explaining why you should choose these colors for resale value and what not, I’ll leave that up to a Google search. A professional paint job for the interior of your home will run you a couple thousand dollars.

 

 

Lighting

Brighten up your home and save $$$. Not only are there psychological benefits to a well-lit living space, but it also makes your home feel larger. You can do an LED upgrade to your entire house and start receiving returns on your investment each month on your energy bill.

Recessed lighting is another beautiful upgrade that buyers and renters will both love. We have partners that can help with anything from a small electric job to a brand new luxury build on a lot of your choice. Just let us know how we can serve you and we’ll steer you in the right direction.

 

Flooring

Yes, shoes off at the door. 1 out of 10 people seem inconvenienced, but if you do a little research on the bacteria you’re stomping into the house, you might join the club. I replaced my carpet throughout the condo last year and it was the best decision I made. I bought one of the cheapest carpets combined with the most expensive padding and it feels incredible for about 50-75% of the cost. If you’re going to be renting your home out in the future, have pets, or have children, I’d recommend something more life resistant like luxury vinyl plank or waterproof/scratchproof laminate.

 

What are your real estate goals in 2019?

I hope this article has provided some value to you and I would love to hear what your home improvement or real estate goals are for 2019. Just leave a comment on our blog or on our Facebook Page.

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