Tips for a Faster Sale at a Higher Price in 2016
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Tips for a Faster Sale at a Higher Price in 2016
Many homeowners today are wondering how to improve the appearance of their property for a faster sale at the highest possible price. With the start of 2016 around the corner, now is the ideal time to consider a variety of fresh and creative ways, both big and small, to achieve the goals of increased functionality, visual appeal and resale value.
Your
kitchen is the most utilized room in your home, a place where families
and friends gather for daily meals and holiday celebrations. The kitchen
space, now more than ever, serves as a central gathering point and an
extension of living and family rooms, the so-called great rooms. It’s
also one of the most important areas that buyers look at when searching
for a home. An updated kitchen is great for resale value.
De-cluttering is another easy step, and makes a big difference in making the home look larger.
Imagine that you are a prospective buyer seeing your home for the first time, and use that critical eye as a guide for getting your property into shape.
If you are unsure of which renovations to make, and where to spend the money, it’s best to get the opinions of professionals. Consult multiple contractors, compare notes and make an informed decision on where to improve, including the areas that aren’t as critical to be updated.
Source: Renovation Realty
Many homeowners today are wondering how to improve the appearance of their property for a faster sale at the highest possible price. With the start of 2016 around the corner, now is the ideal time to consider a variety of fresh and creative ways, both big and small, to achieve the goals of increased functionality, visual appeal and resale value.
1) Make kitchen improvements a top priority.
Your
kitchen is the most utilized room in your home, a place where families
and friends gather for daily meals and holiday celebrations. The kitchen
space, now more than ever, serves as a central gathering point and an
extension of living and family rooms, the so-called great rooms. It’s
also one of the most important areas that buyers look at when searching
for a home. An updated kitchen is great for resale value.2) Make small, cost-effective improvements for a fresh look.
Painting, whether interior or exterior, is relatively low-cost and adds a quick revamp to your home. Another way to improve on a small budget is by cleaning up and trimming landscaping, and adding new, affordable plants. Adding new plants will give your yard a pop of color and won’t break the bank. You want the best first impression and “curb appeal” for your property, and fresh flowers and landscaping will add allure to the outdoor area.De-cluttering is another easy step, and makes a big difference in making the home look larger.
Imagine that you are a prospective buyer seeing your home for the first time, and use that critical eye as a guide for getting your property into shape.
3) Pay attention to market trends.
When looking to make renovations to your home, pay attention to what will also contribute to resale value. For example, modernized bathrooms and showers are important to homebuyers. Also, creating an open floor plan for the living space, and choosing dryscape and water-conserving landscaping can be effective. Pay attention to market trends and any new and important features for homebuyers. This will help make sure you get the best return on your renovation investment.4) Stay neutral.
Keep your color palettes centered on neutral earth tones when renovating, while incorporating some contrast. You want to appeal to the largest selection of buyers, and neutral colors make it easier for buyers to visualize living there. Also, neutral colors can easily be painted over to meet buyer preferences. The most important thing is for the buyer to be able to visualize the home to meet their tastes after they make the purchase. It will be harder for the buyer to picture this with loud and outdated, odd colors throughout the home.5) Look at houses in your neighborhood that have recently sold.
By checking out homes that are for sale and have recently sold in your neighborhood, you can get a better idea of where to improve. Which styles and finishes garnered the best values? Hire a licensed and experienced contractor familiar to the area. Decide which areas of the home are most important and serve as the best areas to spend your money to see the highest return.6) Don’t over-improve.
This is a common mistake among many homeowners, especially when deciding to take on a home renovation project without the help of a professional. If you over-improve and spend money on unimportant remodeling projects, you won’t see a return on your investment, particularly if the work makes your property the highest priced home in the neighborhood.If you are unsure of which renovations to make, and where to spend the money, it’s best to get the opinions of professionals. Consult multiple contractors, compare notes and make an informed decision on where to improve, including the areas that aren’t as critical to be updated.
7) If it’s too tough to DIY, hire a professional!
Make sure to hire a professional before taking on a project that’s too tough to do it yourself (DIY). The last thing you want is to spend the money to start a home renovation project before realizing that you are in over your head, and need to spend additional funds and time hiring a professional to correct your mistakes. Before starting a project yourself, be 100 percent confident that you can finish the job correctly on your own. If not, you will save time and money by hiring a licensed contractor.Source: Renovation Realty
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For More Information:
Kim Kroner Realtor - Associate Broker
Top Producer - NVAR Multi Million Dollar Sales Club
Member - Long & Foster Chairman's Club
Long & Foster Christie's International
kim@kimkroner.com
(703) 946-2526
(800) 961-1328
www.kimkroner.com
309 Maple Ave W. Vienna, VA 22180
USEFUL INFORMATION ABOUT REAL ESTATE TRANSACTIONS
REALTORS®
are real estate licensees who, as members of the National Association of
REALTORS® as well as the state and local Associations of REALTORS®, have pledged to the
public and to each other that they will adhere to a strict code of ethics and high standards of
professionalism, integrity and competence. REALTORS® are providing you with this
information in order to assist you in making informed decisions when purchasing, selling or
optioning real estate.
SERVICES:
Regardless of whom they represent, REALTORS® can provide a variety of
information and assistance to all parties in a real estate transaction. For example, REALTORS®
can assist customers by performing ministerial acts such as supplying information about
available properties and sources of financing, describing and showing properties, assisting in
preparing and submitting purchase offers or counteroffers, or providing information about
settlement procedures. REALTORS® acting as standard agents are required by Virginia law and
by their Code of Ethics to treat all parties honestly and not knowingly give them false
information, promptly present all written offers and counteroffers, disclose any adverse material
facts actually known to them concerning the physical condition of a property, and offer
properties without regard to race, color, religion, sex, handicap, familial status, elderliness,
sexual orientation, national origin, or gender identity as well as any other classes protected by
Virginia and applicable local jurisdiction.
LEGAL REQUIREMENTS
Virginia law requires that in order to be enforceable, all contracts
for real property must be in writing. There is a recommended contract form that can be shown to
you and that may be modified in any way to accommodate the needs of the parties. You have the
opportunity to consult legal counsel concerning the contract as well as any other questions you
may have about the various laws concerning real estate transfers that are referenced in the
suggested contract form.
FINANCING
Mortgage rates and associated charges vary with financial institutions and the
marketplace. Purchasers have the opportunity to select the lender and to negotiate terms and
conditions of the loan. Such terms may be subject to seller’s approval and lender’s requirements.
Borrowers also will be required to obtain a lender’s title insurance policy. Purchasers may wish
to obtain owner’s title insurance coverage and may consult an attorney concerning this choice.
INSURANCE
The lender may require purchasers to buy a hazard insurance policy from the
insurance company of their choice, subject to the lender’s approval. Purchaser should be aware
that many factors affect the availability and cost of hazard insurance on the premises. Depending
on the insurance company, these factors may include past insurance claims filed on the premises,
past insurance claims filed by purchaser, and purchaser’s credit history. In addition, flood
insurance may be required on the property. Purchaser should contact an insurance agent at the
earliest opportunity to arrange for hazard insurance and, if necessary, flood insurance on the
property.
The seller should inform the purchaser and settlement agent of possible withholding under FIRPTA prior to settlement date. The settlement agent may require the seller and the purchaser to execute certain IRS forms, which may include the seller’s and the purchaser’s tax identification number (social security number), and submit the required withholding on behalf of the purchaser. Both the seller and the purchaser should seek competent legal, tax, and/or financial advice concerning these matters in advance of the settlement date.
PURCHASER AND SELLER DUTIES UNDER FIRPTA
Section 1445 of the Internal Revenue Service (IRS) Code (the Foreign Investment in Real Property Tax Act or “FIRPTA”) may impose a duty on a purchaser to withhold a percentage (minimum 10%) of the gross sales price when the seller is a “foreign person” for purposes of U.S. income taxation and when the property is located within the United States. A foreign person includes, but is not limited to, nonresident aliens, foreign corporations, foreign partnerships, foreign trusts, and foreign estates.The seller should inform the purchaser and settlement agent of possible withholding under FIRPTA prior to settlement date. The settlement agent may require the seller and the purchaser to execute certain IRS forms, which may include the seller’s and the purchaser’s tax identification number (social security number), and submit the required withholding on behalf of the purchaser. Both the seller and the purchaser should seek competent legal, tax, and/or financial advice concerning these matters in advance of the settlement date.
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