If you're a first-time buyer or a seller, resale value of your home is an important factor to consider. Buyers are more interested in homes that have been fully renovated and are ready to move into. They expect high-quality countertops and a well-designed roof. Also, homeowners should keep in mind that today's families have more stuff than ever. So, you might want to consider making improvements such as putting in a new kitchen or converting an old one.
When choosing a location for your home, consider the resale value of nearby homes in your area. Properties in desirable areas are more likely to sell and attract more buyers. If you live in a less desirable area, your home's value will likely drop as you are not able to attract as many buyers. A new window or appliance will make your home more attractive to potential buyers.
Another important aspect to resale is the proximity to schools. Even if there are no children, you can increase your home's resale potential by making it easily accessible to commuters. Good schools are likely to attract more buyers than a home located far from them. Families with school-age children will be more inclined to buy a house near one of these schools.
Besides its location, storage space is an important consideration for resale value. A large closet and garage are both essential for a larger family. Bonus points include a basement and attic. A spacious garage can also be a benefit to any home. Basements and attics are also great places to store things. These features can dramatically increase your home’s value. The above factors are important in increasing resale value of your home.
Another important aspect of the resale price of your home is its location. A desirable location will attract a large pool of potential buyers. However, a less desirable place may attract fewer buyers and result in a lower selling price. While it is impossible to predict the resale value of your home, it's important to keep in mind the factors that influence it. Your home's location is not the only important thing. It is also vital that you maintain it well.
Like other properties, the location can have an impact on the resale price. It is more likely that a property will sell if it's in a sought-after location. It will not sell well if it isn't in a desirable location. A home that is located in an unattractive area may have a lower resale cost. The resale worth of your home is a key factor in determining the value of your property.
FAQ
How important does it matter to be pre-approved before you apply for a loan
Pre-approval for a mortgage loan is essential. It will give you an estimate of the amount you will need. This will help you decide if you are eligible for a loan program.
Are permits required to renovate my home?
Yes, you will need permits before starting any home improvement project. In most cases you will need to have a building permit along with a plumber's permit. You might also require a zoning permission depending on which type of construction is being undertaken.
Do I need an architect or builder to help me?
You might find it easier to hire someone to do your home renovations. An architect or builder is a good option if you plan to buy a new house.
Statistics
- A final payment of, say, 5% to 10% will be due when the space is livable and usable (your contract probably will say "substantial completion"). (kiplinger.com)
- They'll usually lend up to 90% of your home's "as-completed" value, but no more than $424,100 in most locales or $636,150 in high-cost areas. (kiplinger.com)
- The average fixed rate for a home-equity loan was recently 5.27%, and the average variable rate for a HELOC was 5.49%, according to Bankrate.com. (kiplinger.com)
- Rather, allot 10% to 15% for a contingency fund to pay for unexpected construction issues. (kiplinger.com)
- Design-builders may ask for a down payment of up to 25% or 33% of the job cost, says the NARI. (kiplinger.com)
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How To
Do you prefer renovating exterior or interior?
Which one should you do first?
When choosing which project to begin with, there are many things to take into consideration. The most important factor to consider is whether the building has been around for a while. There are many factors to consider if the building is older, such as its roof, condition, windows, doors and flooring. If the building is new, then there are many different aspects to think about such as the location, size, number of rooms, style, etc.
If the building has an older roof, it is worth looking at the roof first. If it looks like the roof could collapse any minute now, you may want to start on the renovation. You can proceed to the next step if the roof is in good condition. Next, examine the windows. Next, inspect the windows and make sure they are clean. After this, go through the doorways and make sure that they are clean and free from debris. If everything looks good, you can start to lay the flooring. Make sure that the flooring is solid and sturdy so that no matter how hard you walk on it, nothing breaks. Once these steps are done, then you can move on to the walls. Examine the walls carefully to determine if there are any cracks or other damage. If the wall is fine, then you should proceed to the next step. Finally, once the walls are inspected, you can work on the ceiling. Make sure the ceiling is sturdy enough to withstand whatever weight you place on it. If all is well, then you are ready to move on to the next phase of your renovation.
If your building was constructed recently, you might want to look at the exterior. First, examine the outside of the house. Is the house well-maintained? Is it free from cracks? Is it in good condition? You should fix any exterior problems. It is not a good idea to make your home look unattractive. Next, make sure to check the foundation. Repairing the foundation is a good idea if it appears weak. Also, make sure to inspect the driveway. It should be flat and smooth. If it's not, it should be fixed. Also check the sidewalk when you are checking the driveway. You should replace the sidewalk if it's uneven.
Once these areas are checked, you should move on to the inside of the house. Begin by inspecting the kitchen. Is it well maintained and clean? If it is dirty or messy, you need to clean it up. Next, inspect the appliances. These appliances should be in top shape and functioning properly. If they aren't, then you should either buy new ones or fix them. Check the cabinets after this. If they are stained or scratched, then you should probably paint them. You can then move on to the bathroom if they are in good condition. Here, check the toilet. If it leaks, it is time to get a new one. You can wash it if it is just dirty. Next, take a look at all of the fixtures. Check that the fixtures are clean. They should be cleaned if they are dirty. Finally, make sure to inspect the countertops. If the countertops are cracked or chipped, you might want to repaint them. You should seal them if they are shiny and smooth.
Last, check the furniture. Make sure that none of it is missing or broken. If you find something missing, it's best to fix it. If something is broken, then you should probably repair it. Once everything is checked, then you can move back outside and finish the job.