Shawn Sullivan, Broker Associate, CRS's Blog
Many of us will move home several times throughout our lives. Whether it’s relocating for work, needing a bigger house for children, or a quiet place to retire to, it’s likely that the home you live in now won’t be yours forever.
As a result, many homeowners wonder what they can do to ensure their home will have a high resale value when the time comes to move on.
The good news is that there are a lot of things you can do now that will give you a good return on investment when it comes to selling your home later. However, there are a few factors that affect a home’s valuation that are out of your control. We’ll talk about all of those factors below. So, read on for a list of the factors that affect your home’s resale value.
The age of your home
Your house may not complain about it, but it isn’t getting any younger. Homes tend to slowly decrease in value over time. A home built in the late 1970s, even if it’s well taken care of, most likely won’t sell for the same price as a 15-year-old home.
There is one exception to the rule, however, and that is historical houses. Homes that are a century old can sell for top dollar because of the craftsmanship and history that the house contains.
Admittedly, this is a niche market, as many people just want a safe and efficient home to live in. However, there are some homebuyers who will put in a bit of extra work around the house for the chance to live inside of a piece of history.
When you’re upgrading your house it’s important to remember how that upgrade will pay off years down the road. Some renovations will almost always give a good return on investment such as a finished basement or attic and improving efficiency via added insulation or replacing windows.
Renovations that match a very specific decorative taste or style could come back to haunt you. This includes bathroom sinks, kitchen cabinets, countertops, and other expensive projects that are subject to the next owner’s taste. While these upgrades can give a good return on your investment, they’re more likely to be successful if they fit the current trends of style and craftsmanship.
Neighborhood and town
One of the factors of home valuation that you have little control over is the town and neighborhood the house is located in. If there are closed down businesses, foreclosed and deteriorating homes then potential buyers might be turned off to the neighborhood.
Similarly, the town you live in has a lot to do with how much people are willing to spend. If you have easy access to interstate highways and large cities, highly rated schools, and good local infrastructure, then buyers are likely to take these into consideration when making an offer, as the average cost of a home in your town is likely higher than some surrounding towns.
What room gets some of the most traffic in your home? The bathroom. It’s one of the most used places in any house by both residents and guests. Nowadays baths and showers are as well-decorated as any other room in the house. Many homeowners are making their bathroom stylish, and one common way of doing so is by installing a bathroom vanity.
A bathroom vanity comes in an endless variety of styles - single or double sink, traditional or on-trend, and so much more. Making a choice can be a very daunting task. If you can honestly answer the questions below, then you are on the right path a to installing bathroom vanity you will enjoy for a very long time.
What is your bathroom style?
The first thing to do when looking for a bathroom vanity is sorting out the kind of style you need. Do you want a sleek and minimalistic design or are you the type that is on the trend? You need to be clear on the kind of style or design you want if you want a bathroom vanity that you makes you happy.
How much space do you have?
Get a measuring tape and take note of the amount of space in your bathroom you will be working with. Consider the width and depth of your vanity top especially, it is vital. Your vanity drawers and cupboard should be easy to open, and there should be plenty of space to move around.
What are your needs?
Your bathroom vanity should be stylish as well meet all your needs. Plan your budget and know the cost. If your bathroom is likely to be for the whole family, you should consider an extra bench space and a double sink. Do you need sockets for handheld appliances in the cabinetry? If you have a young family, choose a material that is durable and easy to maintain.
Which material do you like?
The materials you will use for your bathroom vanity depends on your personal preference, your needs, and your budget. Stone top, marble, plastic, laminate, and timber are common materials for bathroom vanities. Stone tops have a long-life span; laminate is excellent for practicality while a timber vanity can offer a classic look.
Where would you place it?
Once you've chosen between a single or double basin, think about where to position your countertop. Your sink can be mounted on the wall, above the cupboard or placed as a stand-alone vessel. Remember to set your vanity where it will be most functional.
If you’re ready to get started on your bathroom renovation, Get in touch with your local interior designer to help you choose a lovely bathroom for your home.
It sounded like such a good idea, right? Update the kitchen, do some painting, some new fixtures, maybe some landscaping and then you can sell your home for top dollar or create the home of your dreams. As the days turn into weeks, then months and your bank account slowly drains down, that perfect home starts to seem like just a pipe dream. You've fallen victim to the most common renovation problem: scope creep.
Scope creep is the general term for when your project gets expanded beyond its original borders either through intentional decisions or unintentional discoveries or mistakes. Once you’re down this path, the time and cost can start to grow exponentially.
You Don’t Have to Be a Victim
Even the best-laid plans can fall to the wayside when the unexpected happens, but you can prevent scope creep from happening to you by planning for a variety of eventualities and getting help from professionals. First and foremost, pick what you want and stick with it. Mid-project changes nearly always increase the costs more than you think they will. Your builder will have budgeted for your original plans including pre-ordering fixtures and materials, finding ways to group orders together for better costs and planning for what’s best available in a particular season. When you change your mind after you place those orders or allocated any extra funds elsewhere, you can cascade your pricing up. You also lengthen your construction time, since you may have to wait for new fittings or materials to ship before completion of the work. This delay can push you into a new season, which can cause its own problems.
In addition to the problems you can cause, there are many factors out of your control. Remember that even if you have the most professional and realistic builder, any project estimate is just that: an estimate. They are guessing based on research and experience. That can come back to bite you when their regular suppliers are out of stock or have increase prices. Weather, even on the opposite side of the country, can affect the pricing and availability of materials, fixtures, and more, so keep that in mind when making your plans. The most dangerous unavoidable problem is the weather. Unexpected rain can slow or stop work even change how paint or grout dry and causing cracks in addition to delays. Nearly every pricing delay is also a budget increase and vice versa.
Use a Professional
While some things you can DIY, for large projects on a specific timeline, you’re best off getting the right help. An experienced builder is familiar with scope creep and should warn you about any changes you request and what they will do to your timeline and budget. Choose your builder near to when they make the bid so they can put in purchase orders and get the prices they quoted you. Spend some time thinking about what you want and be sure about your plan before getting estimates. Once you decide on that plan, stick to it. No matter how good your builder, they will still be giving you’re their best estimate, so always add at least 20-25% to both the time and cost estimates you receive.
Want to know the best renovations for your property? Ask your real estate professional for a recommendation!
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