Key takeaways:Median Sales Price is UP 17.5% from July 2017Average Sales Price is $437,696Average Days on Market Until Sale is 22 days (on par from last year)2.2 Months Supply of InventoryThe
Home Renovation Tips Raising Your Homes Value
There are several renovation projects that you do to your home to raise its value, some will be aesthetic and others will benefit the general quality of life of those living there. Before you do beware, it is easy to pick things that will never return the dollars invested, so choose wisely. If you're renovating for your own enjoyment go for it, if you're renovating to improve your home's value, be diligent about what you spend your money on. There are lots of ways to renovate without spending way too much time and money on the job, so again be careful in your choices. Many people will focus on cleaning as a first step, it's easy, think upholstery and carpet cleaning. Here are some guidelines to give you more information you can work with to make a few good decisions:
Kitchens are usually the main focus area of most homes. Kitchen renovation can add value. You can easily put a ton of money in a kitchen remodel so recouping the expense can be a balancing act. You can often improve the kitchen’s usefulness, especially in an older home, but this may involve a lot of work to make it better. Don't go overboard with your expenses, as this may become a serious issue and a financial drain. Having a good balance between form and function will be an important part of your project. Some simple things you can do would be, paint cabinets, change out faucets, cabinet handles and other elements in the kitchen itself. One of the best kitchen renovations I did in my home when we moved in was to open up a wall between the kitchen and living room and put in a beautiful wood countertop that has become a breakfast bar. Ours was more of a window, but it is a vast improvement and give our home that open concept feeling, If you choose to do something like removing or putting windows in walls make sure that you are not cutting into a load bearing wall or you may cause some structural damage. I just saw a home for sale recently where someone removed a load bearing wall and it cause the back of the house to totally collapse.. a huge tragedy and mistake.
Repainting your rooms
Paint can fo a long way toward cheering up a home. You can use a good quality paint with a low VOC factor especially if you are living in the home while painting. You also won’t have to worry about petroleum distillates being an issue while you are handling painting and breathing it paint fumes. Regular paint will work fine, but you will be better off with low VOC paints you will be able to work without worrying about paint odor and worse such as asthma triggers and allergy attacks, if you or your family are suseptible. Make sure you have proper ventilation whenever you paint.
Purchasing energy efficient appliances
Updating old appliances may be a good idea. Using energy star appliances will not only make the look and feel of your home better but it may even lower your electric bill. If it fits your budget you may want to then upgrade cabinets and countertops. but this is where the wise financial decisions are important. How long will you be living there and whether you are thinking of selling will all affect these decisions.
Paint or replace your front door
If you're looking for curb appeal. Look at your front door. Again depending on the condition of the door, you may upgrade with a new coat of paint or go all out and replace the front door, with a new solid core or beautiful but more expensive solid wood door.
Michael was born and raised in Brooklyn NY. He graduated from Brooklyn College with a degree in Mathematics. His first job out of college was as an engineer tracking satellites. His last career before....