Many people are considering buying fixer-upper homes as a sort of an investment. This is because they can be a good source of profit.
The fixer-upper homes may not be the mansion that paparazzis feast over. However, the fixer-upper homes can still have a good market out there, especially if the there is an eager and dedicated seller to give the house a good boost.
Some Tips to Improve the Resale Value of the Fixer-Upper Home
1.Be committed in making the house valuable. Give it enough time and effort to make it a beauty. Don't rush on this project and just make sure that any plan is carefully implemented.
2.If the fixer-upper home to repair is still being scouted, make sure to find a good location. This is an important matter to most buyers. Ensure also that the house is at a reasonable condition, that minimal repairs will only be required, not a complete overhaul.
3.A building inspector is sure to inspect the house. Make sure that you get important feedback, especially the wrong aspects that must be addressed to know what to repair.
Once the repairs and refurbishments are done, make sure to get the affirmative reports. This will be a good assurance to your prospective buyers.
4.Be sure to get rid of any pests that may have infested the house like mites, mice or roaches. These are the undesirable elements that must not be forgotten.
5.Check out the roof, ceilings, and walls for any problem. Any cracks, even if just in the aesthetic level, may turn off potential buyers.
6.Scout for painting, carpeting and flooring services that are competitive yet affordable. These aspects are what meet the eye of the buyers. Thus make sure to give the house a good and lasting impression to the buyers.
7.When selling the house, make sure that there is proper timing. The appreciation of the value of the house can get a good estimate when the real estate market is booming.
Conclusion
The fixer-upper home is a good business venture for people. With just a few repairs and redecorations, a simple house can be turned into valuable real estate.
Just stay true to the goal of the venture. Make the proper renovations to improve the resale value of the house. Give value for the money of the potential buyer. Profit will necessarily follow.
Resale Value Of Homes
Any major renovation project is as much of an emotional investment as it is a financial investment. While it is only natural to want to put your own personal taste and design style into a project, many home owners don't consider what too much personal style will do to the sellability of their home. If a potential buyer comes in and sees a kitchen or bathroom that is completely opposite of their own personal tastes, they will start thinking about the added expenses required to fix what you just built. This is why it is important to add some personal touches to make your kitchen unique, but to still keep it neutral enough to appeal to the masses. Homeowners who care about the resale value of their home should choose a neutral palette for floors, countertops and cabinets, using easily changeable paint and always use accessories to infuse personality.
While you should be careful about add personal touches, you should also be careful about how much you spend on your renovation project. Someone who spent an average $10-$15,000 refacing cabinets, replacing countertops and installing new cook tops would recoup an estimated 98.5% of the cost on an average if the home sold within a year, whereas someone who spent $81,552 on an upscale tear-everything-out-and-replace-it remodel, would recoup 84.5% on an average. Prior to starting your project, make sure you do some research on houses comparable to yours that have recently been sold. While a $81,000 kitchen renovation on a $900,000 home may be justified, spending the same amount on a $300,000 house may mean that you are throwing money out the window when it comes time to sell your house.
Another important tip to follow with any remodeling project is to consistently use materials of the same quality. If you are doing a higher end remodel, installing laminate countertops would just detract from look of the kitchen. Along those lines, don't install really expensive fixtures in a budget remodel... you will never see the return on your investment. Potential home buyers will have specific expectations for different home price ranges. It is important to know what the market is looking for and modify your project to those expectations. I real estate agent can be a great resource to find out how your remodel will be received by home buyers.
Both Sarah Miller & Jason Delmar are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Sarah Miller has sinced written about articles on various topics from Family, Home Improvement and Mortgage. The above article was written by Sarah Miller on behalf of a buzzing online Home Improvement community where homeowners easily and painlessly find the right contractor for. Sarah Miller's top article generates over 49500 views. Bookmark Sarah Miller to your Favourites.
Jason Delmar has sinced written about articles on various topics from Bathroom Vanity, Kitchen Renovation Ideas and Kitchen Home Improvement. I have been remodeling house for 15 years, and I have the secret to getting high qualitykitchen cabinets at an affordable price. Interested in finding out my secret. Jason Delmar's top article generates over 49500 views. Bookmark Jason Delmar to your Favourites.
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