Remodeling a home can be stressful whether it includes a room or a full addition. Five distinct stages exist which a homeowner experiences while remodeling: planning, budgeting, demolition, construction and cleanup. If a homeowner stays focused on the goals of a remodel, it is possible to feel less anxious and more excited as each step progresses closer to the end goal.
The main goal when starting out is to stay organized. Remodeling projects and home additions are challenging depending on the size and budget of a project. Start by listing 'must-haves' and stick to the product list to stay on budget and schedule. A minor change can cause delays.
Receive written estimates from licensed contractors, architects and designers. Resist the temptation of going with the first referral. Ask friends, family and others to provide names of people who assisted with similar remodels or additions and what the people paid for the work. Unless cash is set aside, an individual may be looking to pull financing from the home in the form of a home equity loan or refinancing opportunity. Depending on current equity in the home and interest rates, refinancing may be a better option. The project may increase the value of the home by more than its cost.
Remove walls, wiring, carpet and flooring to get started in the demo phase. This remodeling phase is tough, dirty and gritty work but if people do it without help it can save alot of money to go back into the project for other amenities. It may be the shortest phase of the remodeling process but can wreak havoc on the home if a person is ill prepared.
Large projects such as a kitchen remodel or new addition might require a family to move out of the home to complete. Sometimes electricity, heat or water must be turned off to complete projects for a few days. If this does not work, find family, friends or a hotel to stay at while things are completed.
Cleaning up the mess from remodeling can be labor-intensive but doing it without outside help can offset costs. If time is a factor, it may be more beneficial to hire outside contractors for clean up. Once all the dust and debris is removed, decoration can begin on the newly renovated and remodeled home.
It may make sense to consider energy-efficient and eco-friendly products during the remodeling process. Many products such as appliances, windows, HVAC, front entry and garage doors offer tax rebates and savings on utility bills. A wide range of high-quality and affordable products are available. Check efficiency ratings of appliances and light fixtures to see what can be done and consider it a long-term investment into the home.
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Whether a first-time buyer or one with experience, inventory is slim but lots of competition exists which can lead to a frustrating seller's market. Quick, easy sales are best for buyers. Sellers and buyers can benefit from some of the following tips for maximizing home selling and buying and the current competitive market.
The following tips will help any person selling a home or purchasing know what to look for when stepping into the current market.
Seller: Prepare, inspect, disclose and plan ahead. The market is less forgiving if a person makes a mistake. A home which goes 'back on the market' may mean less money in an eventual sale. Holding onto the first buyer is critical. Put issues out front for potential buyer. Be prepared to disclose any issues such as a leaking roof or other defects that may kill the deal before it is sealed.
Buyer: Be ready to move. Buyers are aggressive, motivated and ready to go. To compete with the market, be serious about becoming a homeowner. When a desirable listing pops up, make time to go see the property as it may not be available for long. With a seriously motivated seller, the buyer make work with the seller and take it off the market which leads to disappointment for other potential buyers who missed the boat.
Seller: Have a strategy. Don't move too quickly on an offer if others may come in. Work with a reputable agent who knows going in what to expect from the market (and prospective buyers). It may work to wait a week to 10 days, have more showings then review offers. It may also work to act on the offers that come in. The wrong approach may result in missing a better offer to come or lose momentum of the current (motivated) buyer.
Buyer: Win some, lose some. A few houses will go by the wayside before the right one comes along. Go with the flow to avoid frustration. Missing out can be a motivating factor to up the ante next time.
Seller: Know the competition. A smart seller will hit open houses well before homes hit the market. Pricing is key in a competitive market, especially with today's herd mentality. When someone wants a home, it must be desirable and have value to other people. Well-priced homes that show well grab immediate attention of buyers and sell faster (often for more money).
Real estate is not a cheap investment and the process can be stressful. Sellers and buyers need to be on top of the game to find success. Sellers have the advantage to plan in advance of going on the market. Buyers must be reactive and prepared to move on a dime. It may feel like a wild ride, but the home of one's dreams is worth fighting for in a hot market.
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A homeowner who desires a property to stand out from the competition must view everything as a business transaction. Emotional attachment to a home can impact potential buyers and make it difficult to detach from the property. Sellers who transition away from emotional connection into investment mode reap more financial rewards. Learn what potential buyers are looking for and how to make an existing property for sale more marketable.
Homes sell quickly that have desirable features on a buyer's wish list. Retailers work to understand this market and corner it for profit. The same goes for selling a home. Mentioning the top features in a listing description can net a premium in how fast the home sells and the final sale price. Features such as 'barn doors' or 'subway tiles' can net as much as 13 percent more than expected and nearly 60 days faster than homes without the features. Carefully worded listings have an impact on a person's impression of a property.
Some of the following features are on the top of buyers wish lists in the current market:
Barn doors: homes with this description net 13.4 percent more than expected. Rustic sliding doors can be found in craftsman-style homes, in bedroom closets or kitchen pantries.
Shaker cabinets: homes featuring this item sold for 9.6 percent above expected value and 45 days faster
Farmhouse sink: homes with the trendy but functional kitchen sink net a nearly 8 percent sales premium
Subway tile: the added aesthetic and design feature of subway tiles catch a buyer's eye and sell for nearly 7 percent more than expected and 63 days faster.
Quartz: typically found on kitchen or bathroom counters, listings with the word 'quartz' sold for a 6 percent sales premium while homes with 'granite' only saw a 4 percent sales price boost.
Buyers in today's market prefer turnkey homes to renovations, updates and bells and whistles. The more features to entice a potential buyer, the better.
Two of the biggest spaces in a home that have potential to sell a property are the kitchen and bathrooms. If a kitchen or bathroom is outdated, modest upgrades can really add value to the home and overall appeal to potential buyers. Splash some white paint on the cabinets, freshen the look, buy some stone countertops and replace old faucets with shiny, new ones.
Certain features help sell a home more quickly. Even with time at a premium, it is beneficial to hire contractors to come in and do some minor upgrades to help sell a property with features from a buyer's wish list. Subway tiles in the kitchen or bathroom, barn doors and craftsman features have a proven track record of selling homes faster. Play up the features to help sell property in today's market.
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People are visual when looking at homes. Curb appeal begins with most homes by looking at garage doors and spaces. If a garage door is in poor shape or is not well maintained, a home's appeal can go up rather quickly with a few adjustments and updates to suit any budget and style.
Replace garage doors during warm, dry weather. Hire a pro to help get the job done within a few hours.
A garage door professional will have the most experience and expertise to fit and install the garage door and do the work needed to make it look nice.
A reputable pro will be able to say whether a permit is needed or not for the work. Contact the city or county government agency in the home's area to find out regulations and requirements before starting work.
The following are some materials which will be needed to get the job done:
Wood offers the widest range of options for design and works well in all climates. Cost is higher for wood than other materials.
Steel is less expensive than wood but can also rust and is not recommended in coastal areas.
Aluminum costs more than steel but does not rust. Coastal homes often benefit from the use of this material.
Tempered glass in an aluminum or wood frame can be well suited to modern and contemporary homes.
Fiberglass and vinyl are budget-friendly options which do not rust but may offer limited design options. Materials may also crack in colder weather.
Several types of doors exist to fit any style or budget:
Sectional doors are the most common type. The doors typically roll up and down on tracks
Sliding doors are also known as barn-style doors that require a wider garage wall to accommodate the door once open
Swing-out doors are double doors that swing out when open. This style is not a good fit for cold climates with snow drifts that may block the doors from closing.
Expect doors to run anywhere from $300-$10,000 depending on the type of material and installation costs associated with having a professional remove, dispose of and install the new doors.
Match the style of the new doors with the home, keeping in mind architectural features, materials and colors. Some tips to follow include:
Update Spanish colonial with a wooden garage door with iron hinges
Add rustic barn-style door to the farmhouse
Add a wooden garage door with rectilinear windows and trim to a Craftsman home
Match a modern home with a glass-paneled garage door
Follow these tips to get started on revamping the garage:
Browse photos online for ideas
Ask for recommendations from friends, neighbors and professionals
Get more advice on all the creative ways that you can revamp your garage.
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One of the reasons people search for investment property in Ohio is to gain financial freedom. Financial independence is possible with an investment property if a person knows how to go about finding the right home and the ins and outs of putting money into an additional place. There are many benefits to purchasing such an investment in Ohio, especially Indian Lake, as prices are low and demand is going up for homes by the water. To increase cash flow, an investment property can be leased or rented out and eventually sold for profit. The appeal of injecting cash into a property which can build equity and profit later is possible. Follow these steps to get started.
An LLC is a private limited company which is a designated business structure. This is ideal for smaller businesses because it limits and shield's an entrepreneur's personal liability risk by the enterprise's liabilities. Any individual who uses an LLC does so to protect their rights as business owner against legal issues.
A good real estate agent can find out immediately if a property will be a worthwhile investment. They will know the area and market values to help make the best choice. When a property is selected, cash will need to be available on hand for a 20% deposit. A good lender is key to help process the loans in a timely fashion. Choice Properties has excellent trained, qualified real estate agents available to help in the selection of an investment property in Indian Lake, Ohio and beyond.
Homes are prone to wear and tear and investment properties are no exception. As years go by, a property will need upkeep as it may not be well taken care of by tenants. Damage is an inevitable part of owning a home so keeping a fund available for leaky roofs, new heating units and more is a consideration.
Be selective when choosing renters for a property. Rent arrangements need to be covered in a contract. Failure to outline this in a written agreement may result in difficulties later if the need to evict a tenant arises or if other issues come up.
Patience is important when searching for investment property in Ohio. Indian Lake is an area with lots to offer but it will take time to locate the best property. It is time consuming to search for contractors and good renters. Taking time now will save a headache later so be patient, take time and do it right from the start.
Do not let renters get away with anything. After all, an investment is part of one's financial portfolio which can affect the quality of life. It is better to kick out a poor tenant for non payment or other issues than let the issue linger and risk losing money.
Choice Properties has agents ready to speak with you about investment properties in Indian Lake, Ohio. Don't wait, call today at 937-842-2244 to discuss the options and get started!
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Want to give your home a face lift but don't have a magically refilling wallet? With a budget of about $5,000 and a solid game plan, you can get a fresh new feel for your home this winter!
When working with limited funds, it's best to focus on the kitchen and bathrooms. These are the areas which are used the most, and if there's a chance you'll be selling your home anytime in the future, these are also the areas that buyers will show the most scrutiny over. With some finesse, you can even look at adding living space by enhancing your available outdoor areas.
A functional kitchen is a beautiful kitchen so start by assessing your cabinet situation. How practical are they? Could you use deeper cupboards? Taller? Wine-racks and spice storage might be beneficial, as well as a walk-in pantry to not only make better use of the space, but give you better control over your food supplies. Knowing what you have on hand will ultimately help out your grocery bill!
If you're happy with the cabinetry, other areas you can consider upgrading/updating are lighting and plumbing fixtures. Again, look for replacements that are not only 'pretty' but have 'green' benefits. These will eventually pay you back in utility bill savings, not to mention you can claim eco upgrades on your taxes. Win-win: help the environment AND put money in your pocket.
Carry the green theme into your bathrooms. Update lighting and plumbing. While you're at it, consider giving the outdated tub/shower a facelift. Nothing says luxury like a tiled shower area, complete with a bench and a shelf area to house your assorted soaps and shampoos.
Create an outdoor living area to give your usable living space a boost. Actually building on new rooms can get quite costly, but a few dollars can go a long way toward turning a bland patio into an oasis. Things you'll want to keep in mind when creating your outdoor escape:
granite, pavers, or flagstone for the 'floor'
mulch landscape beds for visual appeal (if you don't have landscaping, consider a few potted plants)
provide shade by building a pergola or installing a retractable awning
if in a hot climate, consider installing outdoor fans and/or a misting system
water features will help with temperature as well, and can provide an audible escape
If you're looking to bring some life and energy to your home, a $5,000 budget can add quite a bit of flair and improvement to your house. Homes in Logan County are always beautiful but the upgrades keep them fresh. If you've recently updated your home, let us know! Send us a picture and we'll feature it on our blog!
For more tips on how to upgrade your home with the buyer in mind.
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