Home Improvement 4 House Value; Mistakes Part Seven
It's been a great week, and was talking with two clients that having bought a home are in the full throws of remodeling and "making it their own" with updates and changes. Who doesn't want to add their personal touch to their own home? Interestingly, both of these clients intend to sell in 5-7 years. One of these great clients is quite reasonable and the other, though a great client, I believe is making some tactical errors with DIY projects. Let's talk about that.
You wouldn't wear tennis shoes with a tuxedo at a formal event would you? I have to laugh sometimes, but that statement gets this post off on the right foot. My past client is installing a lot of ultra modern and contemporary permanent elements throughout the house including some unusual cabinets and counter-tops in the kitchen, and ceiling lights more befitting a dance or disco room. These features, while cool for him, are going to be quite expensive to undo. Just like next to no one would wear tennis shoes with a tuxedo at a formal occasion, if you intend to sell for profit, consider your choices carefully.
Changing a Home's Original Style
Take the photo shown here of these ceiling lights; these are more tasteful than what he's shown me that he intends to do. I had a long talk with him about his goals and he conceded that maybe his ideas are perfect for him but not the best idea looking down the road for a return on his real estate investment. I like to talk about "universal appeal" and again, this blog series is for those that intend on living in the home for some time, but then selling down the road so they can upgrade to a better home. My client knows I'm writing this post with his home as the scenario, and he's ok with it. He's a good chap all in all.
If the home is a traditional style of let's say country flavor, you don't want retro or ultra modern features do you? Changing the style of the home (outside of furniture, throw rugs and other decor) can cost you more down the road than you think.
If you must do a little something here and there to add your flavor, do it with furniture and decor, and things that can be easily changed out or replaced. Make sure that more permanent items are going to have universal appeal, or at least consider the cost of both installing the desired features, removing and restoring the home to something with universal appeal because these can eat away your profit. What's trendy today may be out tomorrow, keep that in mind and you'll do well with your investment.
In the future when you're selling a home, keep in mind the buyers that will be interested most will come across the house in the first 6 weeks. Many make mistakes like the ones were discussing above, and after not getting any offers, or very low offers, then decide to change it up to something more appealing to a broader market. The problem with that is your would have been interested buyers have moved on, and now you incur more cost to remedy the situation, diminishing your profits.
If you're considering Southern Ohio real estate for a home purchase, flip or multi-family property, I suggest talking with Marty Snyder, a 50+ year resident of SW Ohio he knows these markets extremely well, and professional buyer representation doesn't cost you but can save you money. Marty is adept at protecting his clients in a transaction and why I chose him for a business partner.
Did you miss parts One through Six?