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Home Seller’s Guide To Moneymaking Fix-Ups
Savannah River Realty
Home Seller’s Guide To Moneymaking Fix-Ups
Here’s An Informative Guide To Help You Realize The Most Profit From Your Home, And Avoid Costly Repair Rip-Offs.
“Homes That Sell The Fastest,
Also Sell For The Most Money”
Do you see that quote above? Whether you know it or not, it’s true. Very true!
There’s a little-known dynamic in real estate that can dramatically affect the successful, top dollar sale of your home. See…that statement all boils down to the fact that…
The Elements That Motivate A Home Sale…
Are The Same Elements That Sell Homes For Top Dollar
Each year thousands of homeowners needlessly lose thousands of dollars when selling their home. But they don’t lose the money for reasons you might think. They lose money because they unknowingly left it on the table…for the buyer to pocket…by failing to recognize the hidden profit potential of their home. And those hidden profits exist in two areas.
First, most homeowners never discover that certain small, even inexpensive repairs to their existing home could generate many times their cost in additional home value. But on the other hand, other repairs and improvements can cost you dearly. It’s critical to know what repairs and improvements to spend money on…and which ones to leave alone.
Second, when many savvy homeowners decide to make profitable repairs before selling, they expose themselves to the ruthless world of contractors and their potentially-deceptive schemes that drive up the costs of home repairs.
Between not knowing what to repair for maximum profit, and dealing with the world of contractor schemes, it’s easy to understand how you might become overwhelmed with the whole process. But don’t despair.
That’s Why I Created This Helpful Report
In the following pages, I’m going to reveal to you exactly what areas make sense to fix and what areas to leave alone…not using “opinion,” but real world facts. Then, I’m going to give you a “behind the scenes tour” of the games some contractors play when fixing your home (by the way, not all contractors are sinister – I know many with stellar reputations).
This way you’ll be armed to the teeth with knowledge and strategies to stay one-step ahead of the game…and maximize the value of your home when you sell.
So let’s get going…
How To Select Home Improvements That Pay Dividends:
Generally speaking, there are two ways to go about home improvements. You’re either going to splurge on your home because it’s your palace and you simply want a beautiful place to live, OR, you’re going to take a more logical, pragmatic approach designed to increase your home’s value.
Problem is, you’ll never achieve both. In fact, many homeowners expose themselves to the very problems they’re trying to avoid in the process of home fix-ups.
Take Carol and Tom Jenkins, who four years ago purchased a home for $190,000. Since buying their home, they’ve spent over $60,000 fixing it up and making it the “perfect” place to live. A few months ago, they put the home on the market at $270,000. The best offer they received was only $235,000.
Their mistake? Spending money on amenities and features that were ancillary to the value of the home.
Just because you spend $30,000 on the fix-up of your home doesn’t mean you’re going to get it out when you sell. It doesn’t automatically make your home worth $30,000 more. And that’s exactly why you need to know which fix-ups pay off big, and which ones will cost you potentially thousands of dollars.
Let’s look at the most common areas of fix-up…
Painting Your Home
Time and again, painting proves to be one of the most basic, yet most profitable of home fix-ups. There’s virtually nothing a coat of paint won’t fix, especially if you plan to sell your home within a few years.
According to the National Association of REALTORS, professionally painting the exterior of a home costs an average of $3,250, and recoups nearly 100% of its cost. But that’s not the profitable part of painting.
Studies also show that painting the exterior has a meaningful effect on reducing the time to sell. And reducing time to sell means you’re saving potentially thousands in interest, taxes, and other overhead costs required to maintain your home and mortgage during the “for sale” period.
Rather than spending money on less visible “infrastructure” issues of your home, you’re frequently better off fixing the cracked front steps and painting the entry and front door.
Here’s an area that can mean serious profit when selling your home. Even small, basic improvements to your kitchen can pay big dividends. For most buyers, the kitchen is the heart of the home. And that means it has the greatest profit potential. Here are a few suggestions for improving your kitchen without investing tens of thousands in remodeling costs. In the short term, consider changing floors, cabinets, and fixtures. Consider sanding, staining, or painting dingy looking cabinets. Replacing old cabinet hardware (a low-cost improvement) can make a huge difference in appearance.
Look at your counter tops and other surface areas that draw the eye. Granite is the most popular now days. Also, look at the kitchen sink and fixtures. If they’re old and worn, replacing them with contemporary fixtures and a new sink can make a world of difference…not just in aesthetics, but in hard dollars. In some cases, spending $4,000 on a cosmetically outdated kitchen can add as much as $15,000 in extra value of the home.
Adding New Space
Generally, improvements that increase the functional space of a home are good profit centers. For example, one homeowner had a storage area that was accessed from the outside, and bordered the laundry room. The homeowner knocked out the wall in the laundry room to the storage area, eliminated the outside door to the storage area, and added over 100 more square feet in storage and usable space, which is now accessed from the inside, not the outside.
The repair, which cost only about $1,500, increased the home value an estimated five times it’s cost to perform. Converting an attic into a bedroom suite can instantly make your four bedroom home a five bedroom home, and a much greater value. Waterproofing and improving a basement for additional storage (a job that costs about $4,000) can recoup well over its cost once the house goes on the market.
Look around your home for areas that can easily be expanded, refurbished, and functionally added onto to increase the number of bedrooms, baths or usable square footage and you’ve found a great profit center.
Enclosed Decks And Patios
Most outside improvements don’t fare well from a profit standpoint, but here’s a great way to increase the overall square footage of your home and its value. Consider installing a redwood deck or enclosed patio off a living area. This not only increases the aesthetics of your home, but its usability.
Decks and patios can range in cost between $4,000 to over $10,000, and in most cases recoup at least 90% of their cost in extra home value – especially if you’re going to be living in the home for a few years.
Adding An Extra Bathroom
According to Remodeling Magazines 2011 survey, adding an extra bathroom will, in most cases, pay for itself. The average cost of a bathroom addition is about $17,000, which includes all the trimmings – granite vanity top, molded sink, ceramic bathtub and commode, and custom tiled shower. Here’s another profit-pointer: a second bath to a home will add more value to a home than a third bath. And when adding baths, make sure you use skylights, windows, and other ways to bring in the natural light.
Now, here are a few areas you want to avoid…
Replacing Windows And Doors
Even replacing windows and doors with energy-efficient models is generally a bad idea. According to the National Association of REALTORS, investments in windows and doors will return only about 36% to 53% of their cost, while $1,280 worth of caulking and insulation can return over 71%.
If your windows are old and leaking, however, you should replace them. Consider using standard size windows, rather than custom cut models. The savings in your utility bill might pay for them alone. “The minute you get into customizing windows, with fancy shapes, bays and bows you can’t see from the street, you’re throwing your money down the drain.”
Standard, lower-priced, double-hung windows are usually your best bet. But all that depends on the neighborhood in which the home is located. In more pricey neighborhoods, buyers may spot windows and doors replaced “on the cheap.” When people look at $150,000 homes, they ask, “Are those Thermo-pane?” When people look at $300,000 homes, they say, “Are those windows Anderson or Pella?”
Swimming pools have different value levels depending on what part of the country they’re located. The Sun Belt climates tend to place a larger value on pools simply because of the number of days they can be used out of the year. But in either case, there’s generally little resale value. The main reason pools turn-off more buyers than they attract is that they require expensive, time-consuming upkeep. Running a close second is the fear of liability by having a pool. Pool accidents are a quick way to wind up in court as the subject of a negligence suit.
The verdict? Be very careful before you go spending money on a new pool. If you don’t live in the Sun Belt, you could end up losing tens of thousands of dollars when it comes time to sell your home.
Gardens, Walls, and Fences
Fancy gardens and extensive landscaping is generally another big loser. The same goes for big walls and fancy fences. Homeowners can spend tens of thousands on making the grounds of a home beautiful, but rarely get their money out. Why? Because unless you’ve got a horticultural buyer looking at your home, most buyers look at the required time and money to maintain lavish landscaping. However, that’s not so say that your home shouldn’t have pleasing grounds. The same situation can work against you if your home is perceived as the “weak link” of the neighborhood because of its landscaping.
The secret is to make your landscaping compatible with other homes in your area. If that requires spending a little money, so be it. But don’t expect to get it out from the sale price.
Functional an Structural Improvements
Here’s a sad paradox: Many of the improvements that have the most value for you as a homeowner end up being the worst-performers as far as resale value is concerned. And usually those improvements are from a functional or structural standpoint.
For example, adding a new plumbing system, or putting in a new air conditioning system or furnace will definitely make your life in your home more comfortable, but they’ll fail to recoup their costs in added home value – again, unless you live there for some time. Unfortunately, when certain functional items fail, you have no choice but to fix them. This includes water heaters, HVAC units, plumbing, and foundational problems. But be careful where you spend your hard-earned dollars. As the saying goes, “If it isn’t broken, don’t fix it.”
How To Dodge Repair Rip-Offs When Improving Your Home
Now, by this point you’ve probably identified a number of areas you could improve on your home and start reaping extra dollars in value. But there’s still another hurdle to overcome. And it’s an important one.
Each year hundreds of thousands of consumers complain to their state’s attorney general about home repair rip-offs. The National Association of Consumer Agency Administrators says home repairs are second only to car repairs on the nation’s “rip-off” list.
Here’s the inside story on the most common games played, plus a number of tips to help you avoid becoming another contractor victim.
The key to a great paint job isn’t necessarily in the painting, but in the prep work. And this is the area where you’re going to either get “taken” or get a great job. If you own a two or three story home, it’s difficult to climb up a ladder to make sure every inch has been properly scrapped, sanded, patched, and primed.
But taking the time and effort may pay off big dividends. Here are a few tips to make sure you’re getting your money’s worth out of your painter:
Here’s the “inside scoop” on plumbers: you won’t pay much for the “parts” they use; they make their money on labor and “mobilization charges.” Frequently plumbers will charge you a minimum of one hour regardless of how much time they spend actually doing the work.
So if you’re paying a plumber a minimum fee just to show up anyhow, why not ask him to do other work involving plumbing: fixing disposals, pool or lawn sprinkler work, leaky faucets, or washers that need replacing. Use up the minimum he is going to charge you anyhow with fix-up projects. Plumbing problems are very difficult to estimate. To help you in the process, here are a number of tips to consider:
Electricians register the fewest complaints from consumers, probably because they have the most stringent national standards to meet. Before hiring an electrician, make sure he/she is a member of the National Electrical Contractors Association or a local electrician’s trade union.
You should also check (along with all tradesmen you consider) that: 1) he’s licensed and insured; 2) he has no complaints with the Registrar of Contractors in your area; 3) he’s driving a truck or van with a painted-on sign and logo; and 4) he’s willing to write you an estimate on his own printed invoice, which should reveal a street address rather than a post office box.
If you’re looking for an affordable electrician, consider checking your local Penny-saver publication. You can also drive by new housing developments, since builders try to find the best deal when building their homes.
But electricians can easily rip you off on parts. A cheap electrical switch costs your electrician 29 cents compared to $2 for a longer lasting one. When getting parts from your electrician, make sure he’s using “specification grade or better” products – a standard set by the National Electrical Manufacturers Association.
State attorneys general have their files stuffed with stories of roofers who ripped-off consumers and skipped town.
If you’ve got a leaky roof, chances are it’s a flashing problem. This is the material, usually copper or galvanized steel or aluminum, that joins your roof to the chimney with a black sticky substance called asphalt cement. If you need flashing fixed, plan on spending about $30 to $50 per hour to have it fixed correctly.
Be wary of the roofer who gazes up at your roof and announces “your roof is 15 years old and it’s gonna leak soon if you don’t replace those shingles.” The only way to determine whether or not you need a new roof is to get up there and look. Worn out shingles, which have lost their oil and thus water repellency, look brittle, curl up at the edges, and often crumble into powder when broken.
A new asphalt shingle roof should cost $30 to $50 per “square” (a roofer’s square is 100 square feet), depending on the quality of the shingles and the slope of your roof. A shingle roof should last 15 to 20 years.
If you plan to move out of your home soon, you might want to consider a “second coat” of shingles. This will avoid having to strip off the first layer, and should save you about 20% in labor.
Selecting HVAC Specialists
The most common rip-offs with HVAC (acronym for “Heating, Ventilation, Air conditioning, and Cooling”) include substituting used parts for new ones and replacing parts that simply don’t need replacement.
The solution? Always ask to see the old or broken parts before they’re replaced and examine the packaging and documentation of any new parts that are used.
And here’s another tip: try to have any HVAC repairs performed off-season. Air conditioning and heating work is up to 10% less expensive during the off-season.
Also, stay away from extended payment plans. There’s no free lunch and it’s assured you’re paying for the costs of money somewhere in the job. And if you buy a service contract, make sure your contractor details everything that will be performed under the contract, and he has the most up-to-date equipment to do the job.
And if you need to replace an air conditioner or furnace, eliminate the bidder who estimates the job off-the-cuff, without measuring your windows, asking what type of insulation you have, looking at the direction your home faces, and then plugging all this information into a form or computer called Manual J. This calculates heat loss and gain of your home, and ensures the correct size air conditioner or furnace.
Should You Get A Written Contract?
Written agreements certainly help keep a tradesman to his word, so long as they’re detailed enough. But a piece of paper doesn’t protect you from getting ripped-off.
If you get “duped” by a licensed contractor, you can complain directly to your local Registrar of Contractors or other local or state licensing board, and request a hearing or arbitration. If you’re dealing with an unlicensed tradesman, your regional Better Business Bureau may help in arbitrating the situation, but if the contract was large enough, you may be forced into the courts for satisfaction.
Whether or not you get a contract, make sure at the completion of work you receive a written statement stating all work performed has been paid in full. Or, better yet, when you submit your final payment, write that statement in yourself and ask the tradesman to sign it as well.
How To Get Expert Advice And “Hand Holding” Guidance In Getting The Most Value Out Of Your Home…
There’s no question about it, getting top dollar out of your home can be tricky. One false move can cost you thousands.That’s why I created a proprietary program meant specifically for homeowners looking to get a top dollar sale. I call it my…
Maximum Home Value Audit… And it’s completely different from what any other real estate agent can provide for you.
If you’re considering selling soon, here’s what Savannah River Realty will provide for you, absolutely FREE, and without obligation whatsoever:
And you won’t get anything like “I have a buyer right now who’s interested in your specific home, and if you list with me, I’ll bring him by right now.” With Savannah River Realty, you’ll get NO pressure. No arm twisting. Just a real world, honest, fact-filled analysis.
When selling your home, the LAST thing you need is added pressure. That’s why we’ll answer all of your questions. And give you one less thing to worry about during these hectic times. Incidentally…do you remember the old riddle that goes, “What do you call the person who graduated dead-last in their medical school class?”
Well, it’s the same with real estate agents. Someone with vast experience and extraordinary professionalism usually costs the same as someone with little or no experience, or with compromising standards. You need to know how to tell the difference up front. Bringing competence and experience into your transaction may mean the difference between a higher negotiated sales price and losing money, selling in less time or in more time (costing you potentially thousands in added interest), and experiencing problems and hassles or a problem-free transaction. Our community is loaded with agents who are wrong for you, your area, and your home. Some agents are in business part-time for a little extra cash. Others are subsidizing other businesses or careers. And then there’s your “cousin Harry,” who you may feel obligated to because he “really needs your business.” Or those who think by calling themselves “Realtors” are somehow more qualified. Selling your home is probably the most important financial transaction you will ever make. That’s why we take our business so seriously. It’s also why we have developed customized home marketing programs meant specifically for Savannah lakes Village.
BUT…WHY Savannah River Realty?
Find out why you should consider our services to market your home. On the surface, it may seem there are many real estate agents from which to choose. But just because there are lots of Realtors out there doesn’t mean they can all do the same job for you…
All Agents Are NOT The Same!
By Not Acting Now, You Could Lose Thousands of Dollars
So call now at 864-443-2220 and we’ll immediately arrange a convenient time to meet, and share with you our [Maximum Home Value Audit.] It’s Free. It’s FAST. There’s no obligation whatsoever. And it could save you thousands on your home sale. Sincerely yours, Savannah River Realty. P.S. Once you have read this report completely, make a list of areas you would like to discuss. Call 864-443-2220 to schedule your [Maximum Home Value Audit.] Our exclusive audit could save you thousands of $$$’s! And it’s Free, and without obligation, pressure, “pitches,” or games. So before you get distracted, call now!