Posts Tagged ‘home improvement’

Consider Some Renovations When Planning On Selling Your Home

August 11, 2016

It can be hard to set a budget and stick to it when it comes to renovating your home.  If you are planning on selling your home soon, you should go ahead and do a few renovations that may need to be done. But do the ones that don’t cost a lot of money.  Of course if your home has some issues and you feel you can get a lot more money out of your home if you make those renovations now, you may want to go ahead and do so.  Below are a few tips on what exactly you should consider when renovating your home to prepare it for sale.  One of the best ways to prepare your home to sell is by renovating your walls and floors. You can add paint to the walls of your home for a quick “pick me up” that will help your home appear newer than it is.  Refinishing hardwood floors or pulling up carpet to reveal hardwoods is also a great way to spruce things up around your home.  Be sure if you are painting to do so with neutral colors that will be pleasing to everyone’s pallet.  Likewise if you are putting down carpet, be sure to choose a neutral color.  If you are refinishing hardwoods, be sure to stay away from natural light finishes that may turn some buyers away.  Consider the Jacobean stains that are popular now. Doors are another place you may want to consider during your home renovations. Replacing your front door with a steel door adds a great deal of value to your home.  Adding some new garage doors may help to add value as well.   Keep in mind you don’t have to spend a ton on these types of things, just replacing old with new will likely be enough. If you don’t have the money to redo your entire kitchen, try upgrading by replacing old worn out drawer pulls or cabinet knobs. You may also want to put a little paint on your old cabinets to lighten and brighten things up a bit.  Keep in mind if money is not an issue that kitchen renovations  can sometimes make or break the sale of your home.  If you need to” bling it out” and you have the funds to do it, go for it. Any and all renovations you do to your home in an effort to get more money out if it during a potential sale is a good thing.  Don’t go crazy spending a lot of money for cosmetic fixes but ‘DO’ do your best to make your home look like a shiny new penny!  MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.  Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.  ChicagoCityHomes, RE/MAX Exclusive Properties  2951 North Lincoln Avenue Chicago IL 60657 Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email  We know Chicago Real Estate!  Call us today!

It can be hard to set a budget and stick to it when it comes to renovating your home.  If you are planning on selling your home soon, you should go ahead and do a few renovations that may need to be done. But do the ones that don’t cost a lot of money.  Of course if your home has some issues and you feel you can get a lot more money out of your home if you make those renovations now, you may want to go ahead and do so.  Below are a few tips on what exactly you should consider when renovating your home to prepare it for sale.

  • One of the best ways to prepare your home to sell is by renovating your walls and floors. You can add paint to the walls of your home for a quick “pick me up” that will help your home appear newer than it is.  Refinishing hardwood floors or pulling up carpet to reveal hardwoods is also a great way to spruce things up around your home.  Be sure if you are painting to do so with neutral colors that will be pleasing to everyone’s pallet.  Likewise if you are putting down carpet, be sure to choose a neutral color.  If you are refinishing hardwoods, be sure to stay away from natural light finishes that may turn some buyers away.  Consider the Jacobean stains that are popular now.
  • Doors are another place you may want to consider during your home renovations. Replacing your front door with a steel door adds a great deal of value to your home.  Adding some new garage doors may help to add value as well.   Keep in mind you don’t have to spend a ton on these types of things, just replacing old with new will likely be enough.
  • If you don’t have the money to redo your entire kitchen, try upgrading by replacing old worn out drawer pulls or cabinet knobs. You may also want to put a little paint on your old cabinets to lighten and brighten things up a bit.  Keep in mind if money is not an issue that kitchen renovations  can sometimes make or break the sale of your home.  If you need to” bling it out” and you have the funds to do it, go for it.

Any and all renovations you do to your home in an effort to get more money out if it during a potential sale is a good thing.  Don’t go crazy spending a lot of money for cosmetic fixes but ‘DO’ do your best to make your home look like a shiny new penny!

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

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Ways To Calculate the Real Value Of Home Improvements

May 1, 2015

The value of home improvements has two primary considerations:

  • the tangible dollar value that is added to your home compared to costs
  • the intangible value of your enjoyment of the improvement

home improvementMost homeowners focus primarily on the costs, and whether they are adding dollar for dollar value to their home for resale. Those are legitimate concerns. Let’s break them down…

The tangible costs of a project have many components to consider:

  • The first advice to seek is from a Realtor you know and trust. Ask them for some free advice. You want to know what is the likely increase in value you can expect from a project based on what “comparables” are available. You also want their professional opinion about how the buyers in your market are likely to value the improvement. Lastly, you want recommendations about builders you should talk with.
  • The next step is to talk with at least two builders/remodelers. Ask them to meet at your home. Describe what you are thinking about doing. Ask for suggests they have and for an estimate of what it is likely to cost. Also ask if they do design work, or do you need an architect?
  • Here are some general considerations to think about:
    • usefulness of the improvements to a future buyer will effect the value
    • if the house is older consider replacing electric wiring and plumbing
    • make sure everything is done professionally, even if done by the homeowner
    • badly done home improvements can actually detract from the home’s value
  • Lastly, be very careful about re-purposing a bedroom. It should be able to be re-converted back to a bedroom later. The number of bedrooms has a large impact on the value of a home.

The intangible value of your enjoyment is very important. Try to put a dollar amount on your enjoyment value. What benefits will you and your family gain? How long do you anticipate living in your home? What is your enjoyment worth to you in dollars?

Now you’re in a position to add to the tangible cost estimates you have. Add to the tangible costs the dollar value you place on your enjoyment of the benefits. Then compare that total improvement value to what your Realtor has estimated you can get back at resale. You’re now ready to make a decision whether or not to make the improvements.

Information courtesy of Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!