I just read one of Point2Agent’s blog posts and had to share it with my followers. The post “How Small is Too Small?” is very interesting. Smaller homes are gaining popularity in the market and that is not just in The United States of America. But, as the blog title asks – How small is too small? What do you think? Read the post and tell me if you could live in one of these miniature spaces. I am not sure I can….
Location, Location, Location is the most important factor in home buying or selling, no matter what anyone says. There are other facts that contribute to the value of a house such as school district, size of the lot, etc. All these external factors cannot be changed. However, the improvements that are done by the homeowners are within the control of the homeowner and needs to be curbed, as the monetary value generally does not pay off as much as the emotional value involved in such home improvements.
Here are 4 home improvement that do not increase the value of your home:
#1. Swimming pool
A swimming pool may seem like the best luxury upgrade you can give your home, in reality it is one of the most hindering factors for selling it. This is because home buyers see it as mere expense, more maintenance and increased possibility of law suits as it is viewed and came definitely be a safety hazard for small children.
Swimming pools, as a rule of thumb do not add value.
#2. Exterior walls makeover
Good to remember that changes you make to the exterior of your homes should complement the other homes in the neighborhood. If other homes in the area have wooden wall, I wouldn’t recommend you change your exterior walls using brick. When a specific house looks out of place in the area, it becomes more difficult to sell. Sadly, you are not adding value. Keep your home in harmony with not only the other homes in your neighbourhood, but with the overall ambiance of your own home.
#3. Solar panels
Green homes are becoming very popular. They can add value in the long run. Note, these are all capital expenditures, which cannot be recouped in the current housing market.
A more cost effective way to add value to your home would be to upgrade windows to a double-pane energy efficient window and this less value improvement will appeal to a home buyer.
#4. Adding unnecessary areas
Extra space does not always equate extra value. This is perhaps one of the most important considerations to bear in mind. An extra bedroom or bathroom or even extensive landscaping does not necessarily bring value to your home. For example, when you add a new room and lay expensive marble or granite floors, install rich wooden cabinetry etc., the room will look completely different from the rest of your house, if the other rooms are not also renovated.
Costs will shoot up when you start renovating your home. Start with one room, then the next, add more expensive finishes etc. and you come up with more costs incurred than value to your home. This will cause your home alone to cost more when compared to other homes in your neighborhood, therefore, making it more difficult for you to sell your house. Additional space created and provided will not result in additional value.
If you are planning to buy or sell a home, don’t hesitate to contact me today!
HAPPY NEW YEAR!!
2013 is going to be a great year, I can feel it. Not everyone is feeling the same way in regards to the Canadian real estate market. There is panic of a housing bubble ready to pop. This is NOT the case. I read an article on MoneySense.ca that does a excellent job of explaining what is happening in the Canadian market and I wanted to share it with you. I think this will help clear-up any concerns people should have.
No need to panic!
Are you thinking about buying or selling real estate? Are you working with a REALTOR®? Well, why not?
I would advise that you should chose a REALTOR® to assist you in the transaction. People may question the use of a REALTOR® but they are professionals and experts in what they do, which is to help their clients buy and sell real estate on a daily basis. Why wouldn’t you want to work with a professional when making the largest purchase of your life?
Market knowledge and services provided vary from REALTOR® to REALTOR®. But I would highly recommend that everyone should review the howrealtorshelp.ca website to see the value that a REALTOR® can bring to your next real estate transaction.
By the way, the commercials are incredibly funny!