What Factors Affect Home Resale Value? Simple Home Improvements To Increase Your Home’s Value

It’s never too early to start thinking about selling your home, and many real estate experts say that the best time to start is before you even buy it. If you’re buying a new home, chances are you’re going to be selling it in five, ten, or twenty years from now. While reselling may be far from the top of your priority list, there are a few interesting facts to keep in mind. Some attractive features of your new home might turn out to be investments that don’t pay off when it comes time to sell, while other features that you overlook now could have a positive effect on your home’s value over time.

When looking for a new home, your top priority should still be your own needs and desires, but it can’t hurt to have “resale value” in the back of your mind. After all, a home is a huge purchase, and it can turn out to be a great investment.

All features of a home will essentially be built into the price. If you do your best to learn about the true value of these features, especially their effects on the value over many years, you will have a better idea of how much you should be paying initially.

Features that add to your home resale value

Good location
Real estate experts agree that a good location is the biggest factor in adding value to a home. The home should be in a growing community; close to freeways and commercial areas, but not so close that the neighborhood is too noisy or congested. It’s also a good idea to check city records for any proposed land use action that will affect the area. The neighborhood may look peaceful now, but the city could be planning on tearing down the green space to build a new freeway. Planned city action could drastically change the value of the house over time, positively or negatively.

Large kitchen
The kitchen is one of the most important rooms in the house. It’s a central location for gatherings, and it’s a room in which you spend a great deal of time. Large kitchens that are open, accessible, and adjacent to dining and family rooms will add substantially to your home resale value.

Three or four Bedrooms
Bedrooms provide room to spread out, secluded workspaces, or extra space for a growing family. As far as the home resale value is concerned, three or four bedrooms is ideal. If the house has five or more bedrooms, make sure they’re not inflating the price too much. You shouldn’t be paying much extra for more rooms, as they won’t add significantly to the resale value. Also, if the home has less than three rooms, your pool of buyers will be limited and you could have a harder time selling in the future.

2.5 Bathrooms
One bathroom in the master bedroom, one shared bathroom, and a half bathroom for guests is ideal. If the house has more than 2.5 bathrooms, make sure it’s not inflating the price, as more bathrooms will do little to increase the resale value. Two bathrooms is also an acceptable number, but any less than two will hurt the value of the home.

Large, rectangular lot
Most buyers are looking for a fair sized, rectangular, level lot. Small yards, odd shapes, or sloped lots will decrease the home resale value. There should be enough space in the front and back yards for a person to consider them accessible. Enough room for decorations or activities is a huge plus.

Closet space
A walk-in closet for the master bedroom is a very desirable feature. Aside from the master bedroom, a home should have enough closet space scattered throughout. A lack of closet space can alienate certain buyers, and depreciate the value of the home.

Two-Car garage
Depending on the location of the house, a two-car garage is most desirable. If the house is surrounded by other homes with larger garages, it might be best to consider a larger garage size to match. In general, two is the magic number. More or less could affect the home value in undesirable ways.

Hidden, main floor laundry room
A laundry room should be out of sight to avoid becoming an eyesore, and it should be located on the main floor of the house. An easily accessible laundry room can cut back on trips up and down stairs. Remember, even if an inconvenient laundry room isn’t an issue for you, it could be an issue for your potential buyers, and it could hurt the value your house.

House size vs. surrounding houses
The size of the house can either increase or decrease its value, depending on its location. If the house is a large luxury house surrounded by smaller homes, the surrounding houses will drag down the value over time. On the flip side, if the house is small or medium and it’s surrounded by larger homes, the value could increase over time. If you’re looking at a home, compare its value with the values of the surrounding homes, keeping size in mind.

Surprising Features that don’t add to home resale value

A view
While a pretty view is easy on the eyes, it doesn’t do much for the value of a house, and it could be costing you a lot of money. Compare the price of the house that has a view with another comparable house in the area that doesn’t have a view. Is the price inflated because of the view? Chances are, when it comes time to sell, you won’t be getting the extra money back from the sale.

Fancy landscaping
Unless you are thoroughly impressed with the fancy landscaping, don’t pay extra for it. Landscaping can be the sign of a hobby or investment made by the previous owner. If you can’t imagine yourself enjoying the landscaping in the future, let the seller know. If it doesn’t interest you and you’re not willing to invest the same amount of time and money as the previous owner, the landscaping will eventually deteriorate, and you won’t get your money’s worth when it comes time to sell.

Swimming pools
Houses with swimming pools were very popular a few years ago, but with the recent awareness of dangers and injury statistics, families with children are steering clear of them. Unless you want a pool for your own recreational use, make sure you’re not paying extra for it, as you won’t be seeing a return on the investment.

Multiple stories
In the past, multi-story homes were very popular. Recently, the market has made a surprising shift, and now single-story homes are far more desirable. The exception is single-story homes surrounded by multi-story homes. In most cases, a single-story home will pay off more in the end.

Fireplaces
Though they are quaint and comforting, fireplaces do little to increase the value of a home. Let the seller know that you’re indifferent to the fireplace, and you don’t see it as an additive feature of the house-at least not one that’s worth paying for.

Home Improvements That Increase Home Resale Value

While you’re looking for a home, or if you’ve already moved in, you can always think about ways to increase the resale value. Here are a few tips to keep in mind:

Home improvements
While you’re browsing homes, look at any “less than desirable” features as an opportunity to make some home improvements. Any ideas you have, from paint color to new furniture, could go a long way toward increasing the home’s value. Assess your own skills, or form a relationship with a contractor, and view the home from the perspective of a restorer. If the lot is sloped, could a new terrace or porch do the trick? If the home only has two bathrooms, could a new half bathroom be added in? Can you turn the home’s imperfections into assets?

Kitchen & bathroom renovation
If you’re checking out a new house, and the kitchen or bathrooms appear uninviting or cramped, consider the cost of renovating these rooms compared with the money saved from purchasing the house in such condition. Even do-it-yourself fixes, like new tiles, new cupboards, or a new coat of paint can increase the value drastically. Keep in mind that most buyers scrutinize the kitchen the most, with the bathrooms a close second, followed by the master bedroom. If you see beauty potential in these rooms, you could turn that potential into profit.

Remove wallpaper
Most buyers don’t like wallpaper. The design is often dated, and buyers don’t want to have to remove it themselves. Here’s where you can turn a hindrance into an opportunity. If you’re willing to put in the effort to remove the wallpaper yourself, you can significantly increase the home’s resale value. When the wallpaper is removed, make sure to paint the walls a neutral color, as this allows a wider range of buyers to essentially project themselves into the home and imagine their lives within its walls.

Your house is your home

While these facts represent the opinions of many real estate experts, thinking about home resale value is still a guessing game. You’re betting that today’s valuable features will retain their value in the future. There are many proven trends, and it’s always a good idea to educate yourself on the local markets and neighborhoods in which you plan on commencing your search. While your house is a large investment, it’s also simply a home. You need to find a house that you can see yourself living in for many years. Keep these tips in the back of your mind, begin your search with confidence and optimism, and when you’ve finally found a new home it will be a positive financial investment, as well as an investment in the future of you and your family.

Quality Home Improvement Ideas for Budget Bathroom Remodeling

When homeowners want to start a home improvement project around the home, whether it’s in the kitchen or it’s a major bit of bathroom renovation, they tend to get sticker shock once the research begins. Budget remodeling is key, but that’s doesn’t mean you have to settle on the cheapest goods, materials and labor. It just means smart home improvement. You can use some tried and true home improvement tips to shave money off the cost of your next remodel that will still turn a simple bathroom into something truly unique.

Of course the best way to eliminate budget problems is to plan appropriately. Nothing will blow your home improvement budget faster than going at it without a plan. A general contractor will help you plan accordingly but if you’re doing it alone you definitely need to take the time to develop a game plan for your bathroom renovation and remodeling. Get the big problems drawn up first, figure out your dislikes and target those things that you’d love to update. Here are some great tips to update your bathroom without breaking the bank:

Home Improvement Design Challenge One – Ditching the same tired color scheme

Updating the colors in your bathroom is easy, and there’s really no cheaper way to go about giving your bathroom a new look during the home improvement process. Too many bathrooms are a drab white or come with contrasting “safe” colors that contractors use in the building process. The problem with stark white or contrasting blacks & whites is that they don’t often match the personality of the homeowner. Use softer tones, earth-tones and other simple palette choices to quickly transform your bathroom into a room you’ll find most comfortable.

Home Improvement Design Challenge Two – Shrinking the Vanity

The vanity is the focal point for most bathrooms. It’s not uncommon to have a lot of counter space in master bathrooms with plenty of storage. A small vanity is common in smaller bathrooms. If you can get away with it, don’t replace this with another big cabinet system. Instead, purchase a pedestal sink and open up the floor plan. The style and extra space will definitely enhance the comfort of the room.

Home Improvement Design Challenge Three – Originality in the Flooring

This is where a lot of homeowners try to save money by installing cheaper material like a vinyl floor or cheap replica tile. Instead of getting cheap on the material, do something a bit more unique. If you decide to splurge in one area, this is where you should do it. You want your floor to be durable and last, while also standing up against the moisture. A great idea (and easy to install) is a pebble floor using smooth natural stones or larger glass beads.

Bringing Your Bathroom Remodel Together

If you’re concerned with how budget remodeling will look in your bathroom, remember that decorating and some additional improvements can really accent the remodeling you do in the rest of the bathroom. Custom moulding isn’t expensive, especially in a small bathroom space and it can really flesh out your color in the paint. Likewise, linen shower curtains can help the reach of your linen curtains. It doesn’t take much to create a beautiful new bathroom and you can still get a custom, luxury look even on a budget.

Strategies for Your Home Improvement Project

A few simple and basic strategies can help you complete your home improvement project on time and on budget. By adhering to a strategy and approaching your home improvement endeavor the same way a professional project manager might manage a major project, you’ll be setting yourself up for do-it-yourself (DIY) success.

First, what are the objectives of your home improvement project? Do they include making money, or rather improving your living environment for your family or both? By having clarity why you’re taking on this renovation, you’ll be less likely to go off course and find yourself building a new back deck when all you really wanted was to add a patio door and bring some extra light into the living room. So, your first strategy is to know your objective and remain focused.

If your overall goal is increasing the home value, focus on that. If it is to have an updated design or foundational structures and wiring, focus on those. By keeping your attention rivoted on your core renovation purpose, you significantly increase your likelihood of staying on track, on budget, and on time.

The next strategy includes research and planning. The more planning you do, the better prepared you’ll be to tackle your project. Remember the old carpenter’s adage that you should “measure twice and cut once.” This age-old advice will save you both time and money.

By planning out the phases and details your project, you’re less likely to overspend on unnecessary materials or find that you need to backtrack over already-completed work. Planning prevents mishaps such as needing to stop work and call a plumber because you forgot to verify whether there were pipes running where you wanted to put in that door. Planning also decreases overspending, such as buying three cans of paint when you only needed two.

Meanwhile, researching your project will help to avert the more costly mistakes. By reading books, watching relevant DVD’s or researching online information about the project you want to tackle, you’re less likely to botch a job and more likely to complete it with a professional finish.

Finally, the last strategy is to stay on target. Set a realistic timeline for yourself and push yourself to meet that deadline every day. Even if you can’t do everything on your list for a particular day, always try to do as much as possible. If you’re waylaid by a tardy electrician, for example, get started painting the next room while you wait. By tackling your DIY home improvement project the way you’d tackle any big project at work, you’ll see results fast.