Real Estate Matters
By Elisa Jo Eagan
As we embark on 2025 you may have made some New Year’s resolutions. Perhaps one of them is to “take the plunge” and begin your home search.
There are certainly many things to consider. How many bedrooms and bathrooms do you need? Do you want stairs, or are you hoping for 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?
When you start browsing listings online, you’re likely spending most of your time focused on aesthetics – paint colors, finishes, fixtures and other “shiny objects.” You may also be thinking about convenience, such as a home office, a fenced backyard, or space for a playroom.
While it’s natural to consider personal preferences, a smarter wish list takes into account the “behind-the-wall” items that can add value – or cost you big money. Additionally, consider whether your favorite features will retain their worth if you decide to sell your home in the future.
Create a value-add list
Think beyond paint colors and architectural style when creating your wish list. Include these important elements when imagining your perfect home:
Great neighborhood
There’s a reason real estate professionals emphasize “location, location, location.” The same home in two different neighborhoods can have vastly different prices. It’s essential to understand how the neighborhood affects your enjoyment of the home.
One piece of advice often heard is, “Buy the smallest home in the best neighborhood you can afford.” While you may dream of a fourth bedroom or a bonus room, it could be worth choosing a smaller home in a great area. You might also consider an up-and-coming neighborhood rather than one already established. Homes in newly desirable areas can appreciate significantly over time.
Market-appropriate wish list extras
Do you have any unique features on your wish list such as a pool, outdoor kitchen, or oversized deck? Perhaps you’re considering a large addition or a guest house after moving in. While these are excellent ideas, it’s crucial to ensure they fit the market in your area.
If your improvements or features are too unusual, outsized, or out of step with other homes in the neighborhood, you may struggle to sell the property later – and lose money on the sale.
Maintenance extras
While everyone focuses on granite countertops and hardwood floors, don’t overlook less glamorous elements that add significant value. A new roof, for example, can save you thousands of dollars in repairs. If you must choose between outdated counters with a new roof or stylish counters with an old roof, prioritize the roof – or ask the seller for a closing cost credit to cover it.
Additionally, consider durable outdoor hardscapes and exterior materials that reduce maintenance costs, particularly in areas with heavy rain or snow. These features can save you time and money, allowing you to afford some of those wish list items later.
Updated systems
Modern appliances, HVAC systems and plumbing or electrical updates can save you money on maintenance, replacements and operational costs. Ensure the homeowners have documentation showing when these systems were installed and confirm they’re appropriate for the space. If unsure, consult your home inspector for guidance.
What improvements can you make yourself?
Certain items are worth overlooking if you can add your own value after purchasing the home.
Perfect landscaping
Landscaping is one of the most cost-effective ways to boost your home’s value. According to the National Association of Realtors (NAR), tree care offers a 100% return on investment and adding mature trees is an inexpensive way to enhance your property.
Paint color
Don’t let unattractive paint colors deter you. A house with great “bones” but poor paint choices offers an exciting opportunity. With a fresh coat of paint, you can quickly transform the home’s aesthetics – and make it truly yours.
Finishes and fixtures
Outdated light fixtures, mismatched switch plates, or old faucets can be a turn-off, but they’re easy and inexpensive to update. Whether you make these changes gradually or all at once, they’ll enhance your home’s appearance and increase its value.
Your wish list,
your priorities
Ultimately, your wish list is personal. It reflects what matters most to you and your family. But if you want to make budget-friendly decisions, it’s important to look past the bright and shiny features to focus on the solid and secure.
There are many new opportunities for homeownership in 2025. Start building your smarter wish list today!
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!”
