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Posts Tagged ‘renovations’

What Buyers Don’t Want to See in Your Backyard

Wednesday, October 28th, 2015

When you put your home up for sale, you want it to look its best to potential
buyers. That’s why you clean, tidy and de-clutter every room.
Some sellers, however, miss the backyard. You need to pay just as much
attention to that space as you do to the interior of your home. The backyard
is as important a living space as the family room. To some buyers, even
more.
Buyers want to see an attractive backyard space, with the grass cut and the
hedges trimmed. The more neat and tidy you can make it, the better. Be
sure to sweep walkways and wipe down patio furniture.
Also, watch out for the following things that buyers do not want to see:
• Bags of garage and other waste.
• Doggie do-do. (Be sure to stoop and scoop!)
• Rakes and other tools piled in the corner.
• Cluttered and disorganized storage sheds, pool huts and other
backyard structures.
• Weeds in the flower beds.
• Items stored underneath the deck.
• Hoses not stowed neatly.
• Electrical outlets and water faucets that don’t work.
These are not difficult issues to fix. Doing so will positively impact the
impression the buyer gets of your backyard.
Do you have a backyard that shows particularly well in the summer? Here’s
a tip: Take pictures. Those photos will help buyers be able to appreciate
how it looks should you list your home in the winter.
Want more tips on making your home show well so that it sells fast? Call
today.

Upgrades That Hold Their Value

Friday, May 29th, 2015

Do you have a renovation project in mind – and wonder how much value it
will add to your home? Remodeling Magazine recently did a study of
renovation projects, comparing costs to added value. Here are some of the
results:
Replacing a main entry door has a return on investment of over 95%. After
all, the entrance to a home is one of the first things a prospective buyer
notices.
Adding a new deck also adds a lot of value. Depending on the materials
used, you can expect to get back three-quarters of the money invested.
Another high-payback project is the garage door. This once again
demonstrates the importance of a home’s “curb appeal.”
If you’re tackling a big project, such as a basement renovation, you’ll be
glad to know that, according to the study, a project like this adds a lot of
value.
Finally, minor improvements to bathrooms and kitchens – such as adding
new countertops or cupboards, can also be good investments that mostly
pay back when you sell your home.
Of course, these figures are averages and can vary widely depending on
location, type of property, and other factors.
Need help determining how a particular home improvement might impact
the selling price? Call today.

Your Home at a Glance

Monday, January 5th, 2015

Have you ever driven up to a restaurant and your first impression was
disappointing? Perhaps the windows looked dark and gloomy, the façade
was worn and unattractive or for some other reason it just didn’t look like a
tempting place to eat.
It could still be a fantastic restaurant – a real gem. But, your first impression
has soured your anticipation. If you still walk through the front door, it will
likely be with the expectation of being disappointed.
This scenario often plays out in the real estate market as well.
A buyer drives up to a home for sale and quickly forms an impression based
on what he sees “from the curb”. That’s why you’ll hear real estate experts
talk about the importance of “curb appeal”. It’s one of the most important
selling points of a property.
If you plan to put your home on the market, you obviously want your home
to look as attractive as possible from the street. Fortunately, there are many
simple things you can do to improve curb appeal.
For example, you can trim shrubs and hedges, plant flowers, clean the
walkway and driveway, paint the front door and garage door, and clean the
exteriors of the windows. All these projects are relatively easy and
inexpensive. Yet, each can make a dramatic improvement to how your
home looks at first glance.
Don’t be like the great restaurant that’s hidden behind an unkept façade.
Make sure your curb appeal reflects the overall value of your property.
Looking for more advice on selling your home quickly and for the best price?
Call today.

Flipping Houses

Thursday, March 24th, 2011

This is the first in a series of blog posts where I want to focus on flipping properties. I define flipping as buying homes, renovating and then selling for a profit. There are good profits in this activity, but there are also a number of pitfalls and I hope that these posts will help some would-be flippers avoid problems, prevent loss and increase profits. Since I began working in the real estate industry, my life has taken a number of turns; I have experiences, both good and bad, and have learned many lessons along the way. Through research and an understanding of the business, I have built on my knowledge and I feel that I can help people by sharing what I have learned.

At the start of my quest in real estate I visited with a very successful businessman who made his living flipping and renting homes he had renovated. Unfortunately, I walked away from that opportunity for an education thinking I would be OK just finding a property and fixing it up. Had I paid closer attention to what he was doing, I would have been more successful on my first attempt.

My expert has about 20 homes in his possession at any one time and lives at the edge of his line of credit. From the outside looking in, it looks risky, but he is able to mitigate his risk by sticking closely to the basic principle I am going to share with you in this post. If you pay attention to this lesson, you will make more money flipping houses!

Before you begin down the road to fun and profit, you need to define what it is you are going to do. Today’s blog is all about the word “SPECIALIZE”. There are many different avenues you can follow when you flip properties and by focusing on a specialty you will learn exactly what you need to do to make money, then profit many times over from that knowledge.

Going back to my expert, he specializes in single family homes in a specific price range that are in a certain group of neighbourhoods. He knows how and when to buy and how much profit can be realized from each home before he buys it. He understands the buyers’ needs and wants in his neighbourhoods, the best price range for maximum profits and which streets are better choices. He has become so familiar with his product that he has all but eliminated his risk of loss.

When you have specific knowledge of a niche market and understand the needs of the buyers in that market, you will significantly reduce the risk of errors and increase your profits. If you are flipping in a neighbourhood that does not have hardwood floors as a standard in most homes, you will not profit from putting hardwood in your renovations. In fact, those hard wood floors will end up costing you money and eating into your profits. Likewise, if top of the line appliances are not an expectation in your neighbourhood, you would be wasting money putting top appliances in your renovation package. The list goes on and on. You could be spending money unnecessarily in your renovations and losing out at the time of sale. On the other side of the coin, your neighbourhood may demand hardwood, completely modernized kitchens and baths as well as open concept living. If you don’t provide these in your renovations, you homes will take longer to sell and sell for less money. Knowing and understanding your buyers helps you achieve the maximum profit from each project.

I know of a home in an estate area that has been sitting on the market now for several months. It is on an incredible view lot with a stunning mountain view. Based on its size and location, it is priced right for the neighbourhood. I believe it is not selling because the owner decided to cut costs on the renovation. Laminate floors, some obvious DIY finishing and low end appliances all contribute to the problem. Buyers are looking for hardwood floors, top craftsmanship and high end appliances in this estate area and are immediately disappointed when they walk in the door. No matter how great the view is, they can’t get past the poor quality of the floor they are standing on. In the buyer’s mind all of these deficiencies bring into question the quality of the home in general.

So many people decide they are going to flip a house and do not realize this most basic principle. They buy a home and go to work renovating without any understanding of the market they are working in. They cut corners in their spending or put too much time and money into their projects. I did my first home this way and paid the price. In order to realize the maximum profit in a flip you have to know and understand your buyer. You have to know when it is necessary to spend on the upgrades and when certain features are not an expectation of the buyer. When you reach this level of understanding, you will truly profit from your efforts…. learn before you earn.

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