Blog Post: 4 Ways to Tell if You Can Add Value to a Home

I have seen many changes in the California real estate market over my years of being a Realtor. Right now, for instance, there are few homes "Active" and available to purchase in the Conejo Valley, but we have an abundance of buyers.

The interest rates are amazing and often can make mortgage payments even better than renting and they understand it is a great time to buy a home. Many of these potential purchasers seem poised waiting to scoop up new well-priced listings the moment they are are put on the MLS (Multiple Listing Service). As in years past, we are seeing multiple offers on many of these properties within days of them going on the market.

Buyers also have become very savvy to the market, the prices, and to using all of the available tools online to search for homes. However there still is the tendency to step away from the homes with deferred maintenance, and sometimes these homes have the potential to be the best purchase. The ugly duckling can often turn into a swan if just given the chance.

Before you put your home on the market or you decide to jump into your car to drive by a listing your Realtor just told you about, learn to spot the easier fixes:

Deferred Maintenance: Small repairs and the general neglect of a home can make it appear less appealing than it really is. Don’t be detracted by deferred maintenance; instead, perform a home inspection to eliminate the risk of serious problems, and then use the condition as a negotiation tool.

First Impressions: More than one home has suffered from a bad first impression. Overgrown shrubs, faded paint, lack of window coverings and stained concrete walkways make any home look tired and dull. Fortunately, first impressions are fast and affordable projects; landscaping, pressure washing and a new doorknob quickly turn a tired entrance into an inviting space.

Lights and Appliances: Upgrading light fixtures and appliances might be one of the best ways to add value to any home. Energy-efficient appliances and beautiful LED lighting not only provide a modern, up-to-date appearance but are quieter, easier to operate and more dependable than older models.

Cosmetically Challenged: Some homes simply suffer from poor taste, Horrid carpets and personalized paint choices may have been the pride and joy of the original owner but don’t translate well into the general market. The wild colors of carpet and bathroom fixtures used in decades past are sometimes hard to overlook when a buyer is walking through a home. As a buyer, rather than succumbing to the “shock and awe” when encountering a cosmetically challenged home, focus on the structure and surroundings instead. As a seller, think about bringing a few friends by and walk through your home, and ask each of them to write down the five things that they think a buyer might not like about your home. Friends can often be brutally honest and give you a new perspective. Review what they have listed, and if there are any cosmetic fixes on their lists find out what the cost is to repair them. If the price is something you can manage, consider getting the work done before you begin showing your property. Cosmetic fixes often result in the largest “bang for the buck” when it comes to adding value to the price of a home.

Pamela Blankenship
Century 21 Adobe Realty
5627 Kanan Road, Agoura Hills
DRE #00690066

(818) 874-1234   home office
(818) 879-1888   cell

Pambi@Century21.com

www.PamelaBlankenship.com