A home is not just the place where someone hangs their hat at the end of the day. It is also the largest investment they will make in their lifetime. Home ownership is an exciting step into the world of credit and opportunity. Ask anyone who has owned a home for 10 years or more and they will tell you equity can change your life.
One of the things people can do with equity is use it as a ladder to get into a nicer home. Of course, nicer is a subjective word, so always keep that in mind when you are advising whether to upgrade an existing home or step into a bigger and better home.
Whatever the client decides to do, make sure they maximize the potential sell value of their existing home. Here are seven upgrades they should make to their home whether they decide to stay or go.
A swimming pool will not only add value to a home, with some realtors estimating as much as eight percent, it will add value to life. Not only is swimming great exercise, but a pool adds a beautiful ambience to the backyard. It sets the stage for entertaining, grilling out, or just enjoying a nice relaxing afternoon in and out of the water.
The best thing about a pool is the owner doesn't necessarily have to refinance their home to have one built for their yard. There are numerous options for financing a backyard project, including personal loans and home equity lines of credit. Try a pool financing calculator to help them decide how much they can afford.
One of the worst home features to come out of the 1970s, aside from popcorn ceilings, was hollow core doors. If you have them, you know why, and you probably don't know where to start.
Well, for one, they are easily damaged. How many hollow core doors have you seen with holes on the opposite side from door stops? They're also unattractive. While solid wood doors maintain their beauty and can be painted over numerous times, when you paint over a hollow core door, it still looks like a hollow core door. Another advantage to solid wood doors is they are sound proof.
If you help someone put their home on the market, and a potential buyer sees hollow core doors, that may be enough reason to turn around and not look back. But if the client decides to stay, and replace the doors anyway, they'll be happy they did every time they turn the knob.
Updating the kitchen could be one of the most costly upgrades someone can make to their home. However, an updated kitchen adds significant value to a home. If you ever watch the home improvement shows on HGTV, you know the kitchen is always a deal breaker.
Consider updating not only the countertops, but the cabinets as well. Formica is out. Natural materials are in. Consider whether or not everything needs to be rearranged. Consult with an interior designer to find the best option for a superior kitchen.
Old windows are energy suckers. You could be losing as much as 30% of a home's heating and cooling energy through your old windows. They also look old. Nothing brightens the exterior of a home more than new windows. Windows aren't cheap, but in the end, they'll pay for themselves in a relatively short amount of time.
A new interior paint job can make the house look new and cover old musty smells. Because color palettes tend to age out as styles come and go, the interior of a home should be repainted every three to five years.
Just like the kitchen, formica is out for bathroom countertops. Consider replacing the sink for one that sits nicely under a marble or granite countertop. If the toilet and tub are avocado green or a nice salmon pink, consider replacing those as well, unless the client plans to stay in the home and enjoy the retro-style of the mid-20th century.
If the home still has incandescent lighting, it's past time to convert. There is no reasonable reason the person should still be using more energy than is necessary. Although the manufacture of incandescent light bulbs is illegal in the United States, it is still legal to sell them, and apparently many manufacturers still have stock piles they need to unload.
From the most simple projects to excavating a backyard, there are numerous home improvements you can advise clients to make that will not only increase the value of their home, but they'll make the home more enjoyable for them as well. Now, where should they begin?
Publish Date: August 18, 2020 10:51 PM