Real Estate Matters
By Elisa Jo Eagan
There are so many things to think about when doing a home search. How many bedrooms and how many bathrooms do you need? Do you want stairs or are you hoping to have everything on one level? Of course, there are the all-important questions of flooring, countertops and light fixtures. But what else should you be thinking about and how can you build a smarter wish list that really adds value?
Getting started
When you start perusing listings online, you are probably spending most of your time looking at aesthetics such as paint color, finishes, fixtures and other “shiny objects.” In addition, you are probably thinking about conveniences like a second home office, a fenced backyard and space for a playroom.
It is natural to think about those personal preferences when choosing a home, but a smarter wish list takes into account those “behind the wall” items that can either add value or cost you big money. In addition, you will want to consider whether your favorite wish list items will be worth the cost when and if you decide to sell your home in the years ahead.
Neighborhood
Think beyond paint color and home style when creating your wish list and include the following elements in your calculations of the “perfect” home.
There is a reason that the mantra for real estate professionals is “location, location, location.” The same home in two different neighborhoods can fetch two wildly different prices. It is important to make sure that you understand the impact of a neighborhood on your enjoyment of the home.
One piece of advice that you may have heard is, “Buy the smallest home in the best neighborhood that you can afford.” While you may be yearning for a fourth bedroom or a huge bonus room, it may be worth it to choose a smaller home if the neighborhood is ideal.
In addition, you may want to consider an up-and-coming market rather than one that is already filled with amenities. Owning a home in a newly desirable neighborhood may mean big appreciation over the next few years.
Market-appropriate extras
Do you have any unusual features on your wish list? Maybe you are longing for a pool or extensive exterior spaces like an outdoor kitchen or oversized deck. Maybe you are thinking of adding a large addition or a guest house once you close on your ideal property. Those are all great ideas, but will they fit the market you will be living in?
It is important to make sure that any improvements you plan or unusual features you require are in keeping with other homes in your neighborhood. Otherwise, you could find yourself trying to sell a home that is so unusual, outsized, or downright odd that you will turn off potential buyers and lose money on the sale.
Maintenance savers
We know everybody’s focused on granite countertops and hardwood floors, but it is a good idea to think about all of those less flashy elements that add value to your home. A new roof can cost you thousands of dollars, so if you have to choose between the ugly kitchen counters with a new roof or the gorgeous granite with an old one, take the new roof or ask for a closing cost credit towards a new roof from the seller to be given at the time of at time of settlement if possible.
In addition, look for easy-care outdoor hardscapes and exterior materials to save on maintenance costs, especially if you live in an area where you experience a lot of rain or snow. By focusing on elements that are heartier and easier to maintain, you will save time and money year after year – more than enough money, in fact, to pay for some of those fancy wish list items.
Updated systems
Similarly, new appliances, HVAC, electrical and plumbing systems save you money on maintenance, replacement and the cost to operate. Just make sure that the homeowners have all of the paperwork so that you know when the systems were installed and that they are the right size and quality for the space. If in doubt, talk to your home inspector for additional information and insights.
Improvements
you can make
What items are worth overlooking in order to add your own value to the home? Here are some wish list items you can cross off in favor of making your own easy fixes after closing.
What is one of the lowest cost, highest-return investments you can make in improving your home’s value? According to the National Association of Realtors (NAR), tree care offers 100 percent return on investment and adding mature trees is a low-cost way to boost your home’s value. In fact, a great lawn and an upgraded exterior door are among the most cost-effective, highest return on your investment (ROI) improvements you can make.
Paint color
You have seen those HGTV homebuyers complain about the paint color and rolled your eyes, right? If you find a house that has great bones but a terrible paint job, get excited! You can quickly improve the home’s aesthetics and value with new paint. And the best part? You can pick out the colors yourself to exactly in what you want.
Finishes and fixtures
Outdated light fixtures, mismatched switch plates and old-fashioned faucets are definite turn-offs. However, if the home has been well-maintained otherwise, these easy-to-swap features give you the opportunity to add big value at a low cost. Take a weekend and switch up everything or make the changes a little at a time. Whichever works for your budget and timeline, you will experience a sense of accomplishment and a hefty return on your investment.
Your wish list is just that: yours. It is up to you to decide what matters most to you and your family. But if you are looking to make budget-friendly decisions, it is important to look past the bright and shiny to the solid and secure.
Home is where you and your family share love and make treasured memories together that will last a lifetime. Making the right decisions in the beginning can pay dividends into the future.
Happy Veterans Day
Happy Veterans Day in honor of all our military men and women who honorably serve or previously served and sacrificed for our country. May God bless them all and their families. And God bless America, especially my son, U.S. Air Force Master Sgt. Michael P. Kelly II, currently serving as an active duty guardsmen with our own AC Jersey Devils, the 177th Fighter Wing of the New Jersey Air National Guard.
We are grateful that he and his team returned safely from their deployment to Saudi Arabia earlier this year and that they are home safe here with us to celebrate Thanksgiving and the holidays this year with family and friends. May God continue to protect and keep them safe as they serve our country.
For real estate information and advice, contact Elisa Jo Eagan, the “Real Estate Godmother,” at 609-703-0432. Learn more at www.therealestategodmother.com.
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
