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Thursday, July 10, 2008
Homeowners Want to Know How to Build Value -- Cheaply
3:25 PM :: 166 Views :: 0 Comments :: Around the Neighborhood
 

 

Around the Neighborhood By Charlie Clark, Licensed Appraiser
Presented by
CASi
Clark Appraisal Services Inc.
 
Homeowners Want to Know How to Build Value -- Cheaply
 
One of the most often asked questions of appraisers, this one any way, is "What can I do, that doesn't cost very much, to increase the value of my home?"

First, keep in mind that when talking about what is for most of us, our most expensive possession, just about anything we do is going to cost more than what we'd like for it to.

Second, do not expect a dollar for dollar return. A new $14,000 roof is no guarantee of a $14,000 increase on the value of your home. Buyers expect a non-leaky roof. And if other houses in your neighborhood have good looking roofs, you may just be getting up to par with that fix.

AOL recently offered up a list of the TOP 5 Cheapest Ways to Boost the Value of Your House. It's not a bad list.  http://money.aol.com/top5/realestate/cheap-ways-to-boost-home-value

Here it is in a nutshell, with a few qualifying notes of my own:
No. 1 Paint. Freshen up the interior, one room at a time. Spackle & sand any cracks or blemishes. A couple of gallons will cover a standard room. Also stain the trim. One of the best points -- if you're planning to sell, stay with neutral colors.
No. 2. Basic Maintenance. Plumbing problems, dead electrical outlets, broken windows are obvious. If you suspect, but aren't certain of other problem areas, hire a professional home inspector to help you find them.
No. 3. Energy-efficiency Upgrades. A lot has changed in the last few years. If your 20-year-old house has the same windows it was born with, they are not equal to today's energy savers. And buyers like the idea of lower energy bills. After the fix up enjoy your own lower utility bills & show them off to potential buyers so they can see the difference. You may also benefit tax-wise. Check out the Tax Incentives Assistance Project for details about projects that qualify.
No. 4. Install New Fixtures. Faucets, light fixtures, door knobs, cabinet handles, etc. Small, but impressive when new, of good quality and modern.
No. 5. Landscaping. Also known as curb appeal. A good lawn is hard to beat. Add some flowers, shrubs and new trees in the right place, and you're on the way to a great first impression.

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