Scot Ulmer Real Estate

All about Scot Ulmer's experience with Real Estate!

Menu Close

Tag: home

Home Renovations That Will Increase Your Property Value

As winter turns to spring, you may be considering not just a cleaning, but a renovation of your home, either in preparation for a sale or for improved livability. Here are some general steps to home improvement that will ensure your efforts are adding value to your home, wherever it is.

 

Fixer-Upper

Be sure to address basic maintenance and repairs as the first step of any renovation effort. The essential functioning of your home is, aside from the major outside appearance, its most significant selling point. Ensure the house is adequately insulated, especially if it has an attic. Inspect and if necessary repair the furnace, septic system, and other plumbing, including the gutters. Maintain the lawn or garden plants — basic weeding improves the look of a house significantly.

 

A New Door

The most significant value-adding renovation is a new front door for the house. Any house benefits from a positive first impression, and a new door ensures that everyone from the new neighbors to potential buyers gets a good first look at your home.

 

Make a Plan

The next most valuable improvement is an open floor plan between the kitchen and living room. Buyers and visitors value space in this core interior part of the house, and a few hundred dollars can provide that feeling for your home. The goal should be to create a more spacious kitchen in a way that does not conflict with the existing decor of the room.

 

Put Some Light on the Subject — and Go Green

Especially if you take the opportunity to switch to LED or other eco-conscious lighting such as sub tubs and dimmers, which are both increasingly popular, upgrading your house’s lighting can brighten the mood and add significant appeal to your home. In fact, a general upgrade of your house’s energy systems to make them more efficient and eco-conscious nets considerable savings, potentially 30-40% on the heating and cooling systems alone.

 

Under Your Feet

Real estate professionals overwhelmingly recommend assessing and devoting some money to improving your flooring. Simply repairing broken tiles or damaged floor boards, and definitely removing wall-to-wall carpeting could recoup their cost twice over. If complete floor replacement is necessary, engineered hardwood holds the best value.

 

These basic steps are straightforward ways to improve the look and mood of your home, which will add value if and when you wish to sell.

 

Thicker Than Water: Why More Young Adults Are Living With Parents

A few decades ago, returning home to live with Mom and Dad for an extended period of time after college was not without a certain stigma attached. Young adults were expected to be independent and self-sufficient in older generations, and while that is still largely the case, more and more young Americans are choosing to live with their parents to save money until they have the financial means to provide for themselves.

According to the Washington Post based on data from real estate tracker Trulia,  the percentage of American young adults living with their parents is at a 75-year high, with nearly 40% of the millennial generation (young adults between the ages of 18 and 34) living with their parents or other family members in 2015. This is the largest percentage since 1940.

Even with recent job growth since the economic recession, this trend has been on the rise since 2005, when the number of young adults living with relatives was only one in three. In previous periods of recession, the number of young people living with their parents dropped off as economic conditions improved, but that is not the case anymore, as this all-time-high rate demonstrates.

As a result of more millennials returning to live at home than ever before, millennials are occupying a much smaller share of the housing market than would be expected for the largest generation in U.S. history. According to research from the Harvard Joint Center for Housing Studies, the number of adults under the age of 30 has increased by 5 million over the last decade, but the number of households for that group did not rise in proportion, growing by just 200,000 over the same period. This could be due, in part, to the fact that the barriers to owning a home are much steeper than they used to be. Even with the job market gradually improving, housing prices are not. Rent prices are on the rise in many cities and mortgage-lending standards are stricter than they used to be.

Additionally, millennials as a whole are getting married and starting families later in life than previous generations. Without a combined income to work with, homeownership is out of reach for many millennials. The Harvard Joint Center found that of those aged 25 to 34, only 40% of those earning less than $25,000 headed their own household. The rate is at 50% for those earning between $25,000 and $50,000 and 58% for those earning more than $50,000 in annual income. These statistics just go to show how inextricably linked income and homeownership are. Even as the millennial generation is expected to double its number of households by 2025, it still begs the question of what the long-term consequences of delayed homeownership will be.

Selling Your Home

Buying and selling a home is an exciting venture. With the housing market improving from its titanic crash, selling your home isn’t the painful experience it once was. If you’re preparing to sell your property, or just curious about what it would take when the time comes. These tips will surely help you make the most of your home.

    When preparing your home for market, you want to ensure that it looks the best it can. Staging your home is the best way to show newcomers the potential of your space. When you do, remember to focus on areas that receive the most traffic. The living room, kitchen, and master bedroom should be your focal points when preparing a home for staging. Not only does it help your rooms feel alive, it encourages potential buyers to feel at home in the space they’re considering.

    In this modern age, you’re open to a bevy of options that weren’t available when your parents were selling their homes. Keeping a visual record of the work you’ve done using a digital camera is a great way to show that a home has been well taken care of. Home improvement projects are excellent ways to illustrate not only your dedication to maintaining your property, but that more than a little elbow grease went into keeping your home as beautiful as it is.

    Light is your friend when beautifying your home. Open blinds, replace bulbs, and if necessary, install new fixtures. Bringing brightness into the house is a surefire way to add life to a space. While doing so, check walls for fading or chipping. If necessary, tidy up your rooms with a fresh coat of paint. You’d be surprised how quickly your home can appear brand new with some minor touches.

    Preparing your home for market can be nerve wracking, but following these simple steps will keep it from wasting your time and money waiting to be sold. Simple, affordable and available to any homeowner with the time, these tips will surely bring your home to the top of anyones “to buy” list.