How to Raise The Value of Your Home

valueIf you are considering selling your home, you may want to find ways to raise its value before putting it on the market. There are plenty of renovations and changes you can make to do this, but you’ll want to be sure to check the cost before deciding. Dean Graziosi understands the difference between necessary repairs and adding value, and has provided this information for you to consider.

There’s a big difference between necessary repairs and adding value to your home. Some repairs need to be made before the house ever goes up for sale, while changes made to actually increase the value of your property are used to get you more money. So what raises the value of a home these days?

Bonus rooms are a big hit. This doesn’t mean you should necessarily build one, but it does mean possibly reinventing space you already have in order to accommodate modern amenities. For example, a small bedroom would make a great office or study while a rarely used den could be turned into a game room. Outside areas can be enclosed and equipped with outdoor kitchens or other options for entertaining. It’s all in how you want to create the space so be creative.

If you aren’t sure what to do about some extra space you are not using, leave it empty. Prospective buyers can use their imagination to determine how they would effectively use it.

Update your kitchen. As an article on bankrate.com points out, the kitchen is a critical room in the home. It’s where a lot of activity takes place. Nice large ones can be equipped with islands, bars, or tables, but smaller rooms can still have a lot of appeal. While you probably can’t actually enlarge the room itself, you can make some simple changes that will make all the difference in the world.

Take a look around your kitchen and assess the need for updates. How old are the appliances? Could they use replacing? Should you also replace cabinetry and hardware? What about the floors? Sure this can get pricey, but you won’t need to do it all at once. If you plan far enough in advance, you should be able to make all the necessary changes before it is time to even consider putting your home on the market.

Have you considered a swimming pool? While pools are a lot of work to maintain, they do add value to the home, especially if they are in-ground.

What about a storm shelter? Depending on where you live, this may be a very relevant renovation to consider since it can actually help save lives.

There are many projects that can raise the value of your home. Before tackling any, obtain costs and know just what they will entail. You can learn more about this and other real estate topics by visiting Dean Graziosi’s website.

Things Sellers Should Not Do in Today’s Market

As the real estate market begins to show signs of improving sellers must be prepared to do whatever it takes to get their home sold.  The market is not as great as it was in previous years, but as it continues to grow the possibility of your home selling quickly has increased.  And it can increase even more if you avoid making some of the most common mistakes made by sellers.

The first thing you should avoid doing is not taking your first buyer seriously.  In most cases your first buyer is your best buyer.  The potential home buyer who makes the first offer on your home is generally more motivated than other buyers looking at your home.  While this first buyer may submit an offer that is lower than your asking price, that is all part of the negotiation process.  You may choose to wait for a better offer, but with so many homes on the market you may end up regretting your decision to wait for a better buyer.  By the time you realize your mistake the first buyer who submitted an offer on your home has most likely moved on and already purchased a home.  Never ignore the offer of the first buyer, you may regret it later.

The next most common mistake made by seller is to offer buyers credits for work that they would prefer not to do themselves.  Many buyers do not want to have to deal with repairs or maintenance on a home they are selling.  While they are often aware of these problems, they are ready to move on.  This leads many sellers to offer credits to buyers instead of performing the necessary work on the home.  Instead of having to offer credits to buyers, it is recommended that you invest some money into your home before you even list it.  This will help your home sell faster and you can benefit from a higher asking price.

Another common mistake that many sellers regularly make is pricing their home too high.  Choosing to price your home at a high price does not fool anyone.  Knowledgeable buyers know what homes in the area are selling for, and if they don’t their agents do.  If you price your home too high it may end up sitting on the market without receiving any serious offers.  After you home has been sitting for a while you may be forced to reduce the price, in many cases this may be done more than once.  While your price may now be lower, buyers take into consideration how long your home has been listed.  If they feel that it has been on the market too long, they may overlook the listing and choose a newer listing over yours.  Listing your home at a reasonable asking price from the beginning can save you months of waiting for a serious offer to be submitted.