Jim Valentine on Real Estate
As prices adjust once again property owners wonder what they can do to hold or bolster the value of their property. Since value is established by what a willing buyer would pay and a willing seller accept, the first thing to do to increase value is to figure out what would stimulate a buyer to pay more. As you look at your options understand that some will bolster your value beyond this market.
Quick and easy efforts include deep cleaning and painting. It is a quick and relatively affordable way to give an attractive fresh look to your property. Outside you can clean up the leaves and trim back the bushes for a groomed look. These steps will appeal most buyers consciously, or subconsciously.
Small repairs often get overlooked while you live in a property. Maybe a downed fence, broken gate latch, cracked window in the garage. All those little things that you’ve lived with should be fixed because the next owner just might not want to live with them. It’s time to take the vice grip off the bathtub faucet that lost its handle five years ago and replace the handle. Look around at your duct tape repairs… and repair them.
If you’ve thought about doing a lot line adjustment with the neighbor now is the time. Get it done and resolve the issue, or enhance your property, whichever is the motivation for the action. Circumstances change so be sure to get it done while you are dealing with the same healthy neighbor that has an inkling to cooperate with you. Maybe it’s time to formalize an access easement that you’ve been casually using but not legally. That way you know what you are selling, and the buyer knows what they are buying.
Some properties are large enough to be parceled. If you aren’t selling right away but want added value and flexibility, start the process to divide your land. It is a good idea in case the powers that be in your local government get an idea to stop you from doing what you want with your land and make it difficult for you to divide in the future. You will have enhanced value in your portfolio and flexibility when selling or distributing your estate. You might pay more taxes along the way for the divided parcels, but your overall financial status will be a substantial gain from the added value of the created lots.
Converting the basement to living space, sheet rocking the garage, changing the light and other fixtures, updating appliances, refreshing the flooring, adding on a room, building a shop, etc. all are ways to use what you have and freshen, enlarge, update, or otherwise improve it for your pleasure and/or that of your successor in interest. You can also look for things that you can do to lower your insurance rate or make your home more energy efficient to increase value to a buyer.
Buyers are looking for a deal these days. What makes a deal is unique to the individual, but many of the things we’ve discussed are generally appealing and will help in most circumstances to increase the perception of value in a buyer’s eyes. If you don’t sell right away, you will be able to enjoy your home with the changes you’ve made for the duration you live in it. Not a bad accessory to added value.
It's time to get separation in the market again. No more are buyers clamoring to pay too much foregoing inspections. Today’s buyers are treading with caution, but they are active and wanting to buy so cater to them.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, BS.3481, 775-781-3704. dpwtigers@hotmail.com