Not Every Upgrade or Fixture Yields A Positive Return on Investment
Let’s face it, you buy a home to enjoy your domicile and to enjoy life; sometimes you even upgrade your home with the hopes of increasing your homes value. As a rule of thumb, you should always be thinking about ways that you can boost the resale value of your home, through proper maintenance and modernizing the fixtures and necessary amenities. Whether you are planning on putting the home on the market, or simply want to be prepared for the future, there are upgrades that can make your property more desirable. There are also upgrades that will even take away from the value of your home because they would only attract a very narrow market segment. This is OK if you know this before you commit to the improvements to the property. I often see this with the homes for sale in Chandler where some homeowners go over-the-top and put expensive fixtures and other upgrades in their home and the neighborhood cannot justify the cost of these upgrades. Appraisers are in a quagmire and have a dilemma when they value one of these over-done homes because they have to work of recent sales comparables and can only afford a certain dollar amount to each improvement.
Way back in the 1980’s dual pane windows and ceiling fans were most likely going to give you a 1 to 1 return on your investment; today this is standard in every home hence there is no value to adding these to your house except to bring it up to standard to compete with the other homes for sale. Another area I see a lot of is in expensive tiles and counters. Corian counters used to be the “Bomb” and were expensive, they are now dated and will actually devalue your home; if not from an appraisal but from the time it would take to sell such a home.
Give your home the attention it deserves and you’ll be prepared for whatever may come down the line. Secondly when should you improve your home? I had a townhouse that I put new carpet and tile in 5 months before I sold it; this was a bit too late and I could have enjoyed these upgrades. There are some upgrades that you do want to hold off on because you don’t want to wear them out nor do you want them to be dated when it comes time to sell. I am a firm believer that if you are happy with your kitchen – leave it alone if you plan on living in the home for over 5 years because the styles in cabinets and appliances change so much; all of those beautiful updates might be out dated. This is where staying in touch with your Realtor really pays off; if you call me for a consultation before you remodel or do any home improvements I can tell you what seems to be the latest in fashion as well as what you can get your money out of and what will be strictly for pleasure and probably cost you money when you have to replace it to sell the home.
Go Solar With A Home Solar Installation
There’s no doubt that solar power is big in today’s housing market. It’s an excellent resource that will save you money on your utility bills. You could even find yourself in a situation where the power company is actually buying energy from you. It’s also a move that is environmentally-friendly. If you feel a responsibility to the world around you, you will have the peace of mind that comes with reducing your carbon footprint. As energy becomes scarce, solar power is something you can count on. Future buyers will benefit as well. BEWARE: Many solar companies will finance the equipment in with a long term lease and this could encumber the property and create some real reasons to kill a sale. Secondly certain areas in Mesa, Tempe, Chandler, and Gilbert are controlled by SRP Salt River Project and they were able to get some legislation passed where any new solar power will cost the home owner. Instead of selling the excess power back to the utility company as with APS SRP has the right to charge you a monthly fee and I heard this could be as much as $200. Be very careful before you sign any solar power documents and consult an attorney. If you are considering one of the homes for sale in the Ocotillo area or selling your home in Ocotillo; double check all terms of the contract if you have solar power; especially if it has been grandfathered in under SRP if this will transfer to the new owners.
Install An HVAC System That Does It All
When it comes to your heating and cooling, install a system that will meet all of your needs. Keep your home at a comfortable temperature throughout the year at the touch of a button. Choose an energy saver model that uses the most feasible type of energy source in order to trim costs. When you have a modern system with automation capability, you should see a difference in your utility bills. You’ll also have a huge selling feature to show off when prospective buyers come knocking at your door.
Make the Most of Your Existing Space
Take the space that you have and make sure that you utilize it to its full potential. Whether you create an attic bedroom or a finished basement, making better use of your space will increase your home’s appeal. When it’s time to sell, buyers want to see possibilities and appreciate it more when the work has already been done for them. Give them options and let them make the space their own.
Turn to the Experts for Advice
Call your real estate professional today to further assist you with questions and solutions when considering the resale value of your home. You’ll be able to tap into a vast store of knowledge about what works and what doesn’t before investing in any upgrades. These are just a few of the many tips that can save or even earn you thousands of dollars on the resale of your home or cost you dearly. Please call me Ann Adams to discuss the upgrades and home improvements to your home before you hammer a nail! I have a full service real estate package that often entails updating the listings I sell before we take them to market because we can usually improve a property to price for more than we spend on the improvements and also sell if faster which has a definite monetary value as well! Give me a call even if you would like to just discuss your plans for home improvements or how you can maximize the value of your home’s sales price and get it to sell faster. I often consult with clients before we enter any listing agreement so the consultation is of no cost to you! Please read my background, education and experience before you call any other Realtor in Chandler, Gilbert, or Tempe.