SayEducate

If you are planning to sell your home, then you know that you only have one chance to make a good first impression. If the people pulling up to your home don’t like what they see on the outside, then they won’t be bothered with stepping inside to see what the interior looks like — you’ve already lost a potential buyer.

When real estate agents talk about staging a home, they are referring to arranging the inside of the home in a certain way to maximize its appeal. On the outside, “street presence” or “curb appeal” are two terms commonly used and that is what I’ll cover with you here.

Please read on for some valuable tips that can make a difference for you, especially in a  slow-selling housing market:

Luscious Landscaping — You may enjoy the gardens in front of your home, but a potential buyer may not, especially if what you are growing could mean a lot of work for them. Trim back all unnecessary shrubbery and if that maple tree in the front yard looks sickly, cut it back or remove it.

Paint or Replace Siding — Peeling paint or loose siding can be a drag on any possible sale — you need to make sure that your home doesn’t scream immediate repairs needed when offered for sale.

Update the Garage Doors — If your garage is behind your home, then how it looks isn’t too much of a concern. However, if it is attached to your home and facing the street, what sort of impression do the doors make? Replace that drab, windowless garage door with a contemporary or classic design that includes windows.

Make a Grand Entrance — Your home’s front door and surrounding railings and trim could possibly use some updating. If a door is peeling, then paint it, if lighting is dated, then update it, and if molding is lacking, consider adding it. Thinkflair when redesigning your homes exterior.

Fix Those Fixtures — Broken or drab light fixtures should be replaced. Installing one outdoor post light can have a profound affect on the way your home looks; consider replacing older doorway lights and security lights if they have not aged gracefully.

Replace Gutters and Downspouts — They may not leak and they could still do a decent job of directing water away from the house, but rusty gutters and downspouts can detract from a home’s appearance. If paint won’t do the job, then replace.

Update the Roof, Replace as Needed — Your current roof may pass home inspection, but will it pass the scrutiny of a buyer? The shingles may be fine, but updating the entrance way to incorporate a gabled roof could be a wise move on your part.

Of course, these recommended changes could cost you several thousands of dollars to carry out, but it could be the investment needed to move your home. In a slow-selling market, you need every advantage you can get. Don’t scare off potential home buyers with a home that isn’t attractive to them.

Resources

Home Management Guide

Home Remodeling Center

I had good laugh recently when I came across an article written by a real estate agent who insisted that condos are a “great buy” and that they hold their value in a down market. Tell that to the thousands of Florida condominium owners who can’t get rid of their properties without taking a major loss!

True, in some markets condominium sales are still strong, particularly in downtown markets that are poised for explosive growth. Our nearby capital city, Raleigh, is one area that comes to mind. In Raleigh, new buildings are going up or being converted and the condos are selling at a brisk pace.

For many other areas of the country, it is truly a buyer’s market. Overbuilding, a tight economy, mortgage problems, and hesitant consumers are some of the reasons why condos aren’t selling. Or, if they are, they’re selling at a deep discount.

If you are in a position to buy a condo right now, you could come across a good find. However, even in similar desirable neighborhoods there are some things you should know before choosing a particular condo:

The HOA — An HOA or Home Owner’s Association consists of a group of people who also live in the same condo development and are responsible for overseeing its care. Each HOA has a rule book which you should be familiar with before buying. For example, you may enjoy growing tomatoes on your balcony, but the HOA could forbid this practice. After paying $320,000 for a two-bedroom, two-bath unit with a great view, is this something that you can accept?

Fees — You’ll be paying a monthly fee to the HOA for keeping common areas in order, removing trash, shoveling snow, etc. This fee can add $80 to more than $500 to your expenses each month. You may get “a deal” when buying your condo, but that excellent buy can evaporate once you figure in association fees.

Property Taxes — Thinking that property taxes can’t possibly be all that high, many condo owners are stunned to learn just how expensive their taxes are and how easily they can move up when the city raises taxes.

Insurance — Your HOA fee will cover some of the insurance costs for the building, but you’ll be responsible for insuring your unit and everything in it. Talk with your insurance agent in advance to learn how much you can expect to pay for homeowner’s insurance.

Once all of the related expenses have been determined, you are in a better position to negotiate price. If the market is slow, then you have additional leverage to ask the seller to lower his price. Compare recent sale prices with the unit you are considering to come up with a fair offer.

Finally, there isn’t anything better than a top location to determine if your condo is worth buying. Check out the neighborhood, walk around the condo building, and hang out in the unit you are interested in buying to get a feeling for noise levels, lighting, the ambiance, and more.

With the market in your favor you can choose to be selective and take your time: unloading an unwanted condo can be difficult to do, especially in a tough market.

My neighbors were planning to put their 1975 sq. foot home on the market as it has become a bit tight for their family of five. With two teens in the house, space is at a premium and everyone wants and needs their personal living area.

These days, my neighbors are no longer looking to move, choosing to upgrade their current home by adding a family room. Although the project will cost them just over $30,000, they’ll save on moving, closing, and new financing costs, expenditures they would have had to contend with even if they had moved across town.

Tens of thousands of people will be adding on to their homes this Spring and Summer, choosing to stay put rather than putting up with the hassle of a move and having to familiarize themselves all over again with a new house, different neighborhood, perhaps even a completely different school system.

Most of the cost of adding on to a home can be recouped when you sell it. Over a long period of time that new family room can increase the value of your home significantly, paying you a nice dividend when you choose to downsize.

Before you begin your family room project, there are some things for you to consider:

• Is the property level where the room will be placed. If not, you may have to pay significantly extra to regrade the area where the room will built. Something to think about: If located on a slope, you could gain some valuable storage space underneath via the exposed room.

• Will adding a family room mean that changes will have to done to the adjoining part of the house? Some family rooms are designed to be virtually self contained, while others are more of an extension of the current home.

• How large of a room will you need? Will your new room be in proportion to the rest of the house or will it be a significant add-on?

• Will the roofing materials, exterior siding, interior walls, doors and windows match the rest of the house?

• Can solar panels or skylights be added? This can be a good time to create a highly energy efficient room, particularly helpful in light of today’s high energy costs.

The Construction Process

Will you be hiring a general contractor or overseeing construction yourself? Whether you are doing the work yourself, outsourcing it completely or doing a combination of the two, you will need to find people who can:

• Provide demolition services.

• Grade the property, if needed.

• Pour the foundation.

• Put up the framing, roofing, and walls.

• Install windows and doors.

• Run electricity, plumbing, and heating/air-conditioning.

• Install the ceiling.

• Build shelves, a fireplace, install flooring.

• Install light fixtures.

• Paint or wallpaper the room.

Familiarizing yourself with your town’s building code as getting all of the necessary permits is important. Making sure that your contractors are licensed and insured is also critical.

Finally, consider hiring an interior designer who can help you create a room that maximizes its livability and is enjoyable. Use the designer before construction begins to include ideas which should become part of the final blueprint. Have this person return when construction is done to help you lay out furniture, hang pictures, and add those personal touches to maximize the benefit of your new space.

A family room project can be completed within 2-3 months time, from developing the plans to move in. Pick the time of the year when disruption can be minimized and be prepared to enjoy your expanded quarters when the project is done!

Resources

Planning Your Home Expansion Project

All About Spec Planning

Home Equity Lending

Review House Plans