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How To Build Home Equity FAST!

October 21, 2014 by Bostedo Appraisal Services - the Pittsburgh Appraisers

One of the best ways to increase the market value of a home is to make structural improvements or add features such as a deck or an extra room. I do want to emphasize, if your plan is to enlarge your home, there are some things you may want to consider in your planning. Make sure to read the AMERICAN NATIONAL STANDARD FOR SINGLE-FAMILY RESIDENTIAL BUILDINGS – SQUARE FOOTAGE–METHOD FOR CALCULATING: ANSI Z765-2003. This consists of the correct ways to add square feet to your home without being penalized. The last thing someone wants is to make improvements to their home only to find out that due to certain circumstances they will not get credit with additional square feet. Other than that, here are some ideas.

A home is usually the single largest investment someone can make. So why not try to improve your home to increase the equity that may be building. Through home improvements, most home owners will see the value of their home increase. Some of the best ways to increase the market value of a home is to make structural improvements or add features such as a deck or an extra room.

To find out how much of the cost of a remodeling project can be recovered at resale, check out the Remodeling magazine’s “Cost vs. Value Report” 2013-2014 This annual report are samples of current conditions in 35 markets on the REALTOR® website. Although a few years old, still holds true today.

For less expensive improvements, you may want to consider what we have detailed below. These tips not only will get an appraiser ‘s attention if refinancing, but will help if you are considering selling your home. Not to mention the increased quality of life you will fell even if you are considering none of the above.

Click on our link for a list of some Yearly Maintenance Reminders & Tips.

Begin With The Exterior!

Your yard, and the exterior of your house, is the first impression that potential buyers have of your home.

Yard. Keep your lawn neat and well trimmed, with well-proportioned shrubs. Consider replanting flowers or creating a flower bed to enhance the appearance of your yard. If it is the fall, make sure the lawn is raked at all times. And in the wintertime, clear snow from your driveway and walkways.

The Front Door. Make sure your door is tightly on its hinges! Furthermore, the door should be neat and clean. Paint it if it needs it. If the door is in poor shape, consider replacing it. Finally, a holiday ornament on the door, like a wreath, ads a nice touch. Consider adding an inviting “welcome mat”.

Home Exterior. Check for flat-fitting roof shingles, straight lines on gutters, shutters, windows, and siding; solid caulking around roofs and seams. Apply fresh paint where it needs it. Also, make sure the windows are crystal clear; potential buyers often peer through the windows.

Next The Interior!

Lights. During the evening, or whenever you have potential buyers in the home, make sure ALL of the lights are on. This makes rooms look more inviting and spacious. Also, make sure curtains are always up to let as much sunlight in as possible.

Smell. I recommend using a vanilla air freshener that applies directly to your air filter. This gives your home that “new model home” aroma. Remove Excess Furniture. Remove as much furniture as possible. This can make your rooms look dramatically larger.

The Living Room. Strive for lived-in, cozy feeling. Discard worn, chipped, frayed furniture. Add lamps if it is dark. Open curtains. Set out fresh flowers.

The Kitchen. Many buyers judge the house keeping by the oven and stove. Appliances should be spotless and everything works perfectly. Replace or repair anything that sticks, squeaks or drips. Clear clutter from counter tops.

The Master Bedroom. This is the second-most appealing room to a buyer (after the kitchen). Remove excess furniture to make it appear larger. Show the true size of the closets by removing or packing items that can be stored elsewhere.

Bathrooms. Make sure bathrooms are always neat and clean. Remove clutter from sink counter tops. Make sure showers are free of scum and tile grout in good shape. Most buyers pay close attention to this!

Basement. If possible, make the basement look like a “living area.” Clear out as much clutter as possible (consider moving it into storage). If you have an extra sofa or love seat and coffee table, consider creating a living area.

When You Let The Appraiser Or Potential Buyers In The Door!

Make sure that the exterior and interior are both in order! Furthermore, appeal to the appraiser or potential buyers’ senses (not so much the appraiser): make sure the lights are on, the home has a vanilla aroma, and perhaps soft classical or jazz music playing on the stereo.

Additional Information.

Several Internet sites offer home-improvement information, from remodeling tips to financing. If you are looking to pump up the price of your home, you may want to first visit one of the following:

411 Home Repair Select Home Improvement to access resources, calculators and how-tos.

Federal Consumer Information Center It has insights on home maintenance, hiring help and financing repairs.

Homestore.com This site contains advice on a wide range of indoor and outdoor home-improvement topics.

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