An article in The Hallmark Abstract Sentinel yesterday, ‘Tips for negotiating the purchase your first new home!‘, presented some tactics for first-time home buyers to use when trying to negotiate the best price with the selling home owners!
But what about some strategies that the current homeowner can use to maximize the value of their house whether they are selling next month or next year.
Very often a discussion about home improvement or renovation will center around the subject of whether the amount of money a homeowner plans on spending to fix-up their house will be recouped or possibly even exceeded when it is time to sell.
For example, in a dark home with few windows and small rooms that create a closed in sensation, a renovation will increase its value and desirability if more windows are added to bring in light and walls come down or ceilings are vaulted in order to create a more open feel. A homeowner would also want to try and make improvements that provide ‘curb appeal’ for the home so that prospective buyers are wowed when they drive up.
On-the-other-hand, if a homeowner ‘overbuilds’ the home by making improvements that would price the home well above anything else in the general market area, those are renovation costs that will likely never be recouped. For instance if the neighbors have basic kitchens and master bedrooms with simple bathrooms and a homeowner goes overboard with marble countertops, Sub-Zero refrigerators and steam showers, that money will likely never be gotten back.
From Good Housekeeping this video summarizes what to think about if you are doing work in anticipation of selling your home.