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Thinking Smart about Home Improvements

by Nancy Heim-berg

If you decide to put time, effort, and money into making improvements on your home, you might want to take some time to consider whether or not those improvements will increase your home's value. Someday, you might decide that you want to see your home, and home improvement projects that will increase your home's appeal to potential buyers ensure you that you're thinking smart about home improvements.

When determining which home improvement projects will increase your home's value, there are quite a few different factors to consider. You want to make sure you don't cause your home to become overpriced for the local market in which it is located. If you create an expensive home in an inexpensive neighborhood, you might find it hard to get any return on investment on the improvements you've made. Of course, you should also concentrate on getting the most out of your money. Opt for the least expensive projects that will lead to the largest increases in home value. 

Another thing you can do if you want to maximize the ROI on your home improvement investment is research projects that are known to increase appeal among buyers. The following are all possible home improvement projects that regularly prove to be useful in terms of thinking smart about home improvements:

  • Enhance the look of your home's exterior - Curb appeal has a huge influence on potential buyers. Consider landscaping work, gutter cleaning, replacing or repainting siding and windows, and more.
  • Increase your home's energy-efficiency - Concern for sustainability and minimizing a home's carbon footprint is gaining consciousness among the general public. Increasing your home's energy-efficiently will not only make your home more attractive to future buyers, but it will also save you money on energy costs in the meantime until you decide to sell your home. 
  • Redesign interior spaces - You should be taking advantage of all of the space in your home. If you have a room that you're not using, consider creating a convenient purpose for it. For example, you can create a home office from an unused extra room or you can create a media room if you have a dining room that you never use. 
  • Re-facing your old fixtures - Although it can be expensive to completely remodel your kitchen or bath, you can significantly improve the appearance of these rooms by simply making small replacements of parts such as appliances, cabinets, and countertops.

Winning a Bidding War

by Nancy Heim-berg

It can be frustrating and stressful to deal with a bidding war once you've fallen in love with a particular property and would be devastated to lose it to another buyer. However, bidding wars are not uncommon at times when there is low inventory out on the real estate market.

If you find yourself in a bidding war, you need to come up with ways to make your offer the most attractive to the seller. Winning a bidding war is not always about offering the most money. Below are a few tips on ways you can come out victorious with the home of your dreams after a cut-throat bidding war with other would-be buyers:

  • Be ready to buy right away- When a seller is eager to get to closing, they might be inclined to sell to whoever can get the process wrapped up the quickest. It's best if you are already pre-approved for a mortgage loan before you start viewing homes.
  • If you really like the property, let your offer show it- Avoid making lowball offers on a home that you really like. Don't waste your time making unrealistic offers on homes that are out of your price range.
  • Be flexible- Remember that you can use more than money to entice a buyer into accepting your offer. If you're flexible regarding factors such as the seller's move-out date or home inspections, a seller might be more tempted to accept your offer than other offers that are a bit higher.
  • Anticipate the counteroffers- You can anticipate the counteroffers of other buyers by considering how you can surpass them with an offer that is more appealing to the seller. Think about how much you can afford to offer, what kind of monthly payment you can afford to make, and what the home is really worth to you. The more prepared you are to respond to counteroffers the more likely you will be to succeed in winning a bidding war. 

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Heim-Berg Team
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