November 20, 2015

What you can do to add value to your home

The critical thing you need to remember when you looking at adding value to your home is looking at the sold properties in your area.  Make sure the square footage is the same and the amount of bedrooms and bathrooms are also the same.

Look at the upgrades that they had in the property that you are comparing your home with. What is the best way to get your information on the Sold Properties? Your local Realtor has the best information and can send you a CMA report that will show what home have sold for in your area.

When you get that report it is very important to look at the pictures of each home to see the interior of that property.  You want to especially look at the kitchens, bathrooms to see what type of upgrades that property has to get the price they had.  You also want to keep in mind any other upgrades that might effect the price of the home.  Example would be a finished basement if it has one.  Guest House, How big is their garage verses yours, Lot size and any other upgrade that is on the listing.

You want to be careful and not look at homes that are listed.  They are not  sold yet so they may or may not get the price they are asking.  So be careful there and make sure that the property is sold.  That means that the home is gone and the buyers have moved in.

When you understand why the homes sold in your area and the price, then you can add those options to ensure you get the top price for your home.  A quick example would be some properties that I looked at with some clients in the $350,000 range. The properties that had their paperwork on repairs and upgrades sold quickly usually in under 30 days.  The ones with outdated updates and cheap looking kitchens, bathrooms etc did not sell for top dollar and stay on the market a lot more than the upgraded ones.  They usually sell after they drop their prices substantially.

There you go.  If you want a professional to look at your home and give you a list price please call Brett 216-703-5740 Howard Hanna   






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