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5 Things To Skip Renovating Before Listing Your Home For Sale — Because A Buyer Might, Anyway

by Josh Finigan | Nov 18, 2022 | Home Sellers and Buyers, Selling My House

When you decide to put your home on the market, you want to put your best foot forward in preparing it to look its best for prospective buyers. Besides, the better your home shows, the more offers you’ll likely get, right? Next, you make a to-do list of what things to fix and update around your home, only to realize that the list could go on forever. That’s when you realize: Do I have to do everything?

For starters, all those projects could cost money. Unfortunately, not everything is going to pay off at the closing table. Knowing what to fix – and what not to do when selling a home – can be tricky. Fixes are critical for any issues or defects that affect the intended significant function of a house system. To break it down, you should take care of any leaks, cracks in the foundation, minor electrical or plumbing issues, pest infestations, and other safety issues that could hurt your home’s value and pose imminent risks. But beyond those, especially when it comes to cosmetic repairs, it’s actually up to you.

The last thing you want is to get carried away and pour money, time, and effort into any project that won’t get a return on your investment. So here are some of those fixes or updates you can skip without too many repercussions.

Having state-of-the-art appliances such as a refrigerator, dishwasher, or oven can be appealing and is a nice bonus. But not having them is seldom a deal breaker. Especially in hot seller’s markets, old but working appliances may not need replacing or upgrading. All that you need is to give the appliances a good cleaning.

If your older model appliances are worn, broken, or missing some parts, that’s the time to think about replacing them. However, brand-new appliances can cost a fortune and are not worth buying only to get your home sold. So instead of splurging on top-of-the-line models (that you won’t be able to use much, anyway), consider buying used or floor models that can still add a lot of value to your home without draining your bank account.

Should you renovate the kitchen and bathrooms? That’s probably one of the biggest questions sellers have when they decide to sell.

It’s important to note that a kitchen or bathroom remodeling project can be costly and time-consuming. A kitchen remodel (midrange) will only recoup about 56 percent of the value, while remodeling a bathroom will only recoup about 59 percent, according to the 2022 Cost vs Value Report by Remodeling Magazine. First, you should consider several factors, especially time and budget, before spending thousands of dollars on these projects.

Likewise, your vision of a perfect kitchen or bath may differ from those of a potential buyer. And given all the home decor styles to choose from, trying to second-guess what they want and giving it to them when they visit your home is just plain unrealistic. It’s a risk when renovating these areas because they’re some of the things buyers look forward to when they can finally call it home.

If your kitchen or bathroom looks dated but functional, you only need to ensure it’s clean and clutter-free. Present it as a space with potential that is easily customizable to the buyer’s preferences.

If your home already has hardwood floors, there’s no need to tear out the existing flooring and replace it for the market. What’s important is to have your floors shined and polished before the staging or showing. The next homeowner may rip it out anyway and replace it with their choice of flooring, which could be wood, laminate, vinyl, or even carpet. If you have older carpets, you only need to spend a few bucks and hire a professional cleaning company rather than investing money into replacing them. The only time to consider ripping it all out is if there is a terrible odor from pets or if there are impossible stains that would deter a buyer from submitting an offer.

While improving your home’s curb appeal is crucial in enticing buyers to knock on your door, your home’s exterior needs not be perfect. Do not worry about fixing every small, minor, or insignificant crack in driveways and walkways that do not present any safety risks. They are common, and re-doing the paving of the entire section will cost more than it is worth. Only spend the money on fixing them if the cracks are hazardous for driving or walking.

Trends come and go, even for home colors and fixtures. What looks “cool” now can become dated in a heartbeat, or what may be trendy for a specific slice of the population may be off-putting for others. When you decide to sell, your goal is for a wider pool of potential buyers to come to your showings. By providing them with a blank slate, it’ll be easier for them to envision themselves in your home.

If you’re repainting a room, door, trim, or cabinetry to provide a quick face-lift, pick neutral colors, such as whites, beiges, and light grays. Should you choose to fix any broken or damaged things like light fixtures, faucets, and cabinet hardware, never replace them with something too obnoxious or trendy. Always choose common fixture styles that can appeal to almost all buyers. They’d be happy to do their renovations once the house belongs to them!

Show off your home’s potential

Don’t get overwhelmed by the idea that you need to fix everything you think is wrong with your house to get more offers. You’ll only waste valuable time and money on unnecessary upgrades that you could use to cover closing costs. You aren’t going to get a return on your investment if your house becomes “too much for the neighborhood” and yours is the only one that stands out. Aim to show your home’s potential instead of trying to achieve perfection. And if you’re still in doubt about what kind of repairs to make before listing your home, consult with your real estate agent so you’re guaranteed to make the most out of your home sale.

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5 Ways To Improve Your Outdoor Living Space

by Josh Finigan | Nov 17, 2022 | Home Ownership Education, Selling My House

Here are some ideas for you to improve your outdoor space so you can soak up a lil’ bit more sunshine or simply enjoy the nightlife just outside your front door.

A hammock or any swinging chair is a simple way to update your backyard. They take up less space, and there are plenty of designs and styles to choose from that will work in almost any setting. It’s also a great choice if you want to achieve that beachy vibe using a decorative accessory. Whether you put it on your porch, terrace, or patio, a hammock’s easy swinging motion is calming and it can be a relaxing way to end your day.

One way to embrace outdoor living and make your space an extension of your living room is to invest in additional lighting. Luminous decorations, such as floor or table lamps and lanterns, will not only brighten up your backyard but will also add interest to it. Just make sure to choose lamps that are designed for the outdoors and are weatherproof. Another brilliant idea is hanging pretty string lights across an entire space or along a fence to give your yard a rustic vibe..

According to Zillow’s 2019 Outdoor Living Trends, there’s no need to rely on matching patio sets to upgrade your space. Instead, you can mix and match your seating options to achieve that curated, eclectic look that continues to gain popularity. Pull together benches, chairs, pint-sized stools, and ottoman for a unique look. You can even add floor pillows and poufs to create extra seating in your lounge area because, who doesn’t love that lovely Bohemian feel?
You’ve got more choices than ever, and everything could potentially add some style to your patio. It’s also great if you love collecting individual pieces of furniture or if you just want a homey, vintage look. Just make sure to arrange the pieces and patterns in a way that they won’t look cluttered.

Adding textiles, such as rugs and fabrics, is an affordable update you can make to enhance texture and complement the color scheme of your outdoor space. You can also add new accent pillows, cozy floor cushions, and slipcovers to reinvigorate the area. When designing exposed spaces, remember to always check for inclement weather to make sure that any items that could get damaged make their way into storage. When possible, choose outdoor fabrics that can withstand the sun’s rays and also dry quickly once weathered.

In creating your perfect outdoor oasis, it should not only be stylish, cozy, and comfortable, but also functional. It’s where you would love to curl up at night with a good book and a glass of wine, or where your family will have dining al fresco on the summer days, so why not equip it with amenities that will encourage activity. In the Zillow research, fire features and outdoor kitchens are particularly popular options.

Elevate your outdoor space by installing a fireplace or fire pits, depending on your space and budget. Aside from the unlimited s’mores, a fireplace will also make your patio usable even on colder months. An outdoor kitchen is also amazing for all the summer barbeques you want to have with your family.

3 Home Improvements That Add the Most Value in North Carolina

by Josh Finigan | Nov 9, 2022 | Blogs and Tips, Home Ownership Education, Selling My House

You’ve been thinking about selling your house and moving to a new one for a while now. With the kids out of the house and an empty nest on your hands, you’re ready for a change of pace. And, let’s be honest, that home you bought 30 years ago just doesn’t suit your needs anymore. But before you put your house on the market, you want to make sure you do everything you can to increase its value. After all, you want to get the most money possible out of the sale.

So, what adds the most value to a home in North Carolina? Here are three of the best home improvement investments you can make:

1. Kitchen Remodels
A kitchen remodel is always a good investment, regardless of where you live. Because kitchens are such an important part of any home—it’s where we cook, eat, and entertain guests—a beautiful and functional kitchen will go a long way in increasing your home’s value.

2. Bathroom Remodels
Like kitchens, bathrooms are also important spaces in our homes. They’re where we start and end our days, so it’s important that they feel like a relaxing oasis. If your bathroom is outdated or in need of repairs, consider doing a full remodel before putting your house on the market. You’ll be surprised at how much value a new bathroom can add to your home.

3. Outdoor Living Spaces
In North Carolina, we love spending time outdoors—whether we’re taking a hike through one of our many state parks or relaxing by the pool with friends. Because we enjoy spending time outdoors so much, homes with beautiful outdoor living spaces are always in high demand. If your backyard could use some work, consider adding a patio or deck, planting some flowers or trees, or installing an outdoor kitchen. These additions will not only make your backyard more enjoyable for you but also increase your home’s curb appeal and value.

Home improvements are a great way to add value to your home before selling—especially if you live in North Carolina. Buyers are looking for homes that have been remodeled and updated to fit their needs. So if you’re thinking about selling your house soon, consider investing in a kitchen or bathroom remodel or adding an outdoor living space to increase its value. With these simple improvements, you can make sure you get top dollar for your home when it goes on the market!

The Big Question: Should You Move or Renovate?

by melissaclarkdesigns@gmail.com | Oct 18, 2021 | Home Sellers and Buyers

The last 18 months changed what many buyers are looking for in a home. Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for Q3 2021. The survey reveals the following:

70% of respondents want more outdoor living space
69% of respondents want a home office (48% wanted multiple offices)
46% of respondents want a multi-function room/flexible space
42% of respondents want an au pair/in-law suite
39% of respondents want an exercise room/yoga space

If you’re a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like:

A possible desire to relocate
The difference in the cost of a renovation versus a purchase
Finding an existing home or designing a new home that has exactly what you want (versus trying to restructure the layout of your current house)

In either case, you’ll need access to capital: the funds for the renovation or the down payment your next home would require. The great news is that the money you need probably already exists in your current home in the form of equity.

Home Equity Is Skyrocketing

The record-setting increases in home prices over the last two years dramatically improved homeowners’ equity. The graph below uses data from CoreLogic to show the average home equity gain in the first quarter of the last nine years:

home equity

Odeta Kushi, Deputy Chief Economist at First American, quantifies the amount of equity homeowners gained recently:

“Remember U.S. households own nearly $35 trillion in owner-occupied real estate, just over $11 trillion in debt, and the remaining ~$24 trillion in equity. In inflation adjusted terms, homeowners in Q2 had an average of $280,000 in equity- a historic high.”

As a homeowner, the money you need to purchase the perfect home or renovate your current house may be right at your fingertips. However, waiting to make your decision may increase the cost of tapping that equity.

If you decide to renovate, you’ll need to refinance (or take out an equity loan) to access the equity. If you decide to move instead and use your equity as a down payment, you’ll still need to mortgage the remaining difference between the down payment and the cost of your next home.

Mortgage rates are forecast to increase over the next year. Waiting to leverage your equity will probably mean you’ll pay more to do so. According to the latest data from the Federal Housing Finance Agency (FHFA), almost 57% of current mortgage holders have a mortgage rate of 4% or below. If you’re one of those homeowners, you can keep your mortgage rate under 4% by doing it now. If you’re one of the 43% of homeowners with a mortgage rate over 4%, you may be able to do a cash-out refinance or buy a more expensive home without significantly increasing your monthly payment.

First Step: Determine the Amount of Equity in Your Home

If you’re ready to either redesign your current house or find an existing or newly constructed home that has everything you want, the first thing you need to do is determine how much equity you have in your current home. To do that, you’ll need two things:

The current mortgage balance on your home
The current value of your home

You can probably find the mortgage balance on your monthly mortgage statement. To find the current market value of your house, you can pay several hundreds of dollars for an appraisal, or you can contact a local real estate professional who will be able to present to you, at no charge, a professional equity assessment report.

Bottom Line

If the past 18 months have refocused your thoughts on what you want from your house, now may be the time to either renovate or make a move to the perfect home.