Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 11/2/2017

People often talk about boosting the value of their home with various improvements. But it is seldom that you hear anyone talk about the unforeseen factors that devalue their home. Furthermore, there are some fluctuations in a home's market value or appraisal value that are out of the homeowner's hands. In this post, we'll break down some of the broader aspects of home value and determine which "improvements" will serve you best in the long run. We'll also point out the red flags that are sure to devalue a home on the market.

Location

Few things so greatly affect the value of your home as location. If you happened to buy a house in Brooklyn Heights a couple decades ago its value has probably gone up exponentially since then due to the high demand of living in a trendy part of New York. Aside from living in the hippest neighborhood, people choose their home based on other location factors. Schools, hospitals, shopping centers, vicinity to highways or public transportation may all play a big role for many people. Location factors that will negatively affect the value of your home are high or increasing crime rates, economic decline (boarded up stores aren't very appealing to home buyers), a high incidence of registered sex offenders nearby, and neighbors that have unkempt homes or hoard junk in their yards. Other location factors are harder to sniff out. With the exception city dumps or waste processing centers--which you won't have any trouble smelling--having undesirable places like power plants or noisy freeways in your neighborhood can also devalue your home.

Inside the home

Home improvements are a great way to increase the value of your home--as long as those improvements meet a few criteria. Any changes you make should be legal and up to code. Potential buyers do not want the liability of illegal home improvements, nor can they ensure that the job was safely done and doesn't put them and their family at risk. Your improvements should also be up to social standards and changing tastes. Yes, we all have our own preferences when it comes to paint colors and home decorations. But when trying to sell a home it's important that it doesn't look like a time capsule from the 70s, rife with wood panels and shag carpets. When it comes to home repairs many homeowners elect to put off big projects because they are daunting and time consuming. Instead they focus on surface level improvements that might not do much to improve the value of their home. If you have plumbing that needs to be replaced, deteriorating flooring, or faulty heating and ventilation, make sure you take care of those before putting your home on the market.

Ask the pros

If buying or selling a home is in your foreseeable future, one great way to get a jump on your research is to consult a real estate agent and a building contractor to learn more about your area's own unique market values. This will give you a head start on making changes to your home and will tip you off on what to look out for when home hunting.





Posted by Collins & Demac Real Estate on 7/2/2015

As an individual's taste changes, there often comes the need to make some adjustments to the environment in which they live. Making changes to the home is typically where one starts. Home renovation projects can range from a complete overhaul, to changing out dated decor and appliances, to simply repairing or replacing furnishings and accessories. The most important factor in fixing up your home is that the end result reflects your personal taste and style. Another reason for renovating a home is for the purpose of expansion. Additional rooms may become necessary when children are born, or relatives move in. The decision to add a tenant to your home will also results in the need for renovation and expansion. The correct balance of living space and occupants is key in maintaining a happy home. A home can also be renovated to increase its value. Homeowners often decide to fix up their house when they are preparing to sell. Home improvements typically increase the value of the property, as well as improve its general appearance. Prospective buyers are attracted to houses in excellent shape as opposed to those in need of repairs. Government assistance programs can also assist individuals in need, such as the elderly and disabled with renovating their homes. Taking on projects that improve the living condition of the home as well as raising their standard of living. Renovations to an older home may include the replacement of a heating system, upgrading a bathroom and installing safety accessories, or simply applying fire resistant paint or wall paper. Their main focus being placed on providing a safe living environment. The following factors should be considered prior to starting a renovation project: Budget The home owner must first decide how much they can afford for home improvements, then base the extent of the renovation accordingly. Setting a strict budget will help guide the choice of materials to be used, and determine whether the job will need to be done by the homeowner or a professional can be hired. Materials The choice of materials, equipment and accessories to be used for home improvement projects is very important. Substandard materials should not be used. This is where the advice or services of professionals comes in handy. It is also advised that a professional accompanies the home owner when purchasing the materials to ensure their taste is also taken into consideration. Government Policy There could be a local authority directive on materials, paints and structure restricting how homes in a particular areas should be renovated. Thus, the owners have no choice but to follow the government’s directives. Skills For projects that are not very big and where the owner has the required skills, time, tools and equipment, they can go ahead and do it themselves. However, when the renovation project is large, requiring multiple skills, the services of licensed professionals is mandatory. Always be careful with who you hire, do your research to ensure they will provide the services you need at a competitive price.  







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