7 Pro Tips for Buying Your First Rental Property Buying your first rental property is a major financial undertaking and can be a lucrative one. In fact, real estate has produced many of the
Home Repair Projects Bring A Big Pay Off
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By Seth Murphy
We all want top dollar when selling our home, but how much renovating and remodeling is really necessary? Thankfully, the best return on investment doesn’t necessarily mean shelling out $15,000 for a major kitchen remodel. Here are 10 simple home repair projects that don’t require a lot of time or money, but they’ll bring a big pay off when you sell your home.
It all starts with a plan. Before picking up your toolbox, pick up your phone and schedule a home inspection. Having a home inspection before putting your house on the market can save you lots of money. A pre-inspection gives you time to compare prices and treatment options from various contractors. Plus, you’ll know exactly what needs to be repaired and what doesn’t. Why replace a faulty toilet when the actual problem is in your septic system or you may only need a new flapper valve?
Once you have your list of needed repairs, you can then make educated decisions regarding what you can fix yourself and what needs to be contracted. Keep in mind that the National Association of Realtors says that buyers will automatically subtract double the cost of any unfinished projects when they make an offer. Once you’ve repaired all the necessary issues from leaky faucets to that hole in your family room’s wall, you’re ready to focus on the look and feel of your house.
Either roll up your sleeves yourself or invest in getting your house professionally cleaned.
Schedule time for a seasoned realtor to come to your house and provide suggestions on how to make your house more marketable. He or she will be able to give you ideas on the most simple and cost-effective ways to update the look of your home.
Curb appeal. What kind of first impression does your house make? Tidy up your yard by trimming overgrown bushes and buying fresh mulch. Unless you need to replace your front door, grab some sandpaper and a quart of paint and make it a fun, welcoming color that complements your house. Consider putting your house number on the door and adding an attractive, updated light fixture. Depending on the season, add potted flowers or greenery in an attractive planter. It’s probably time to purchase a fresh new welcome mat too.
According to Consumer Reports, the kitchen is the most important room in the house, so you’ll want to focus major attention there. Think update versus renovate. Paint your walls and cabinets and replace outdated hardware. By investing a little time and money, you’ll still reap the benefits of a polished, well cared for kitchen.
The same rules apply for the bathroom. Paint, replace hardware, and make sure your grout is sparkling clean.
Switching out any outdated lighting fixtures goes a long way in adding value and style to your home. Check out conversion kits that allow you to replace boring can fixtures with updated pendant lighting. With these kits, no wiring, tools, or handyman skills are necessary.
Don’t underestimate the value of home staging. According to staging experts, it can improve your sale price by an average of 6 percent, and you could sell up to 50 percent faster.
Another easy DIY project that adds a lot of value to your home is adding attic insulation. For less than $1,500, you’ll be able to enjoy lower heating and cooling bills while still in your home. When ready to sell, statistics show that you’ll recoup an estimated return of 108 percent.
Keep in mind that most homebuyers purchase a home knowing they will be remodeling it themselves. By taking on some or all of the above projects yourself, you can leave the major remodeling to your home’s future owner. With the money you’ll save, you can spend it on your next home. In the meantime, enjoy the remaining time you have in your house, knowing that all your sweat equity will be more than worth the effort.
Contact Trout Realty AK Group, GTK Real Estate
4370 Business Park BLVD Ste H-44
Anchorage, AK 99503