How Can I Improve the Value of My Property?

by Dan Faires
www.danfaires.com

"The biggest factor outside of a homeowner’s control is market conditions. But other issues -- including the condition of the property, specific home improvements and neighborhood stability and safety -- can influence property values. The greatest rise in home prices occurs when the economy is strong and the number of home sales is increasing. Though markets vary, that has occurred several times in recent history -- including the early 1970s, late 1980s and late 1990s. Specific home improvements can increase the value above the cost of the improvements. According to Remodeling magazine, which publishes an annual "Cost vs. Value" remodeling report, a remodeled bathroom returns 81 percent to the owner, a bathroom addition, 89 percent and a master bedroom suite, 82 percent. Remember, quality pays. Well-planned and well-executed remodeling jobs are a good investment while bad work seldom enhances value or livability. The safety and security of a neighborhood can affect property values, too. If you live in a high-crime area, an organized community watch program not only will lower the crime rate but give home values a boost, too."

There are also many ways to update your home and increase the value of your investment. With the sky rocketing prices in recent years; homes are becoming increasingly more unaffordable. However the dream is still attainable. I recently previewed two town homes in the same complex. Built in 1994, one was completely original while the other had only updated cabinet handles through out the home. Which do you think my buyer preferred? This simple change separated the two homes and as a result the one we chose sold faster. It's a competition and you want to do whatever it takes to win.

Craigslist, Ebay, and the newspaper are a few examples of places to find inexpensive materials to use in your updating. Once you have the materials; the Internet is a great resource to gain the knowledge it takes to finish the job. Everyone can update their homes. Time and energy, combined with the know how are the essentials to furthering your investment. Also visit new homes around your area to learn and stay current with current trends or attend open houses when you have time. Another great way to save money is visiting a granite and marble retailer. Most will have a few pieces of pre-cut slabs that clients either didn't want of couldn't afford, and are usually willing to sell that piece at a lower price. Undertaking an update doesn't have to be a complex remodel and the simple updates can go a long way to increasing the value of your home.