LAST MONTH I wrote about getting the most out of your springtime remodeling choices when it's time to sell your home. Some projects make your life more comfortable and convenient, and some will also contribute to a higher selling price later.
But let's say you're going to sell in the near future and want to add some updates to further enhance the appeal of your property. What are buyers looking for in today's real estate market?
Buyers' Wish List
The National Association of Realtors recently conducted a survey of home buyers to learn just what features they look for in their search for a home.Topping the 2013 list of features:
- Central air conditioning
- New kitchen appliances
- Large clostes
- Extra storage space
Interesting to note, more than half of home buyers undertook an improvement project within three months of their home purchase, and most of those projects were in the kitchen. Also, nearly half of all home buyers felt that a laundry room was an important feature for a property to have.
The next question to ask yourself: How much to spend to fulfill the wish list?
Keeping Up With The Joneses
On April 28, 2013, USA Today's Samuel Weigley reports in his 24/7 Wall St. column that home buyers are "willing to pay for some desirable extras, but they may not be willing to pay as much as you think."
If your soon-to-be-listed property doesn't already boast the "latest and greatest" amenities, think well on the return you'll get for the dollars you plan to spend. It's important to be competitive with the neighbor's house for sale down the street. If their kitchen has granite counter tops, new or updated cabinetry and stainless steel appliances, you would be wise to swap out your old tile counter, worn out cabinet facings and mismatched appliances for new materials and finishes to create a fresher appeal for buyers. You don't have to spend a small fortune, but you should spend smartly!
Save Those Receipts!
Don't forget: Any major improvements you make can potentially be added to your property's basis, which will help you out at tax time. Save receipts and any other project records, and/or consult your tax professional before you start a project if you have any questions or doubts about how to treat the expenses when it comes time to file.
Feel free to call me if you have any questions about the home features popular right now in Yorba Linda or other areas of Orange County!
Nanette Shapiro
(714) 924-0781
nanette.shapiro4@gmail.com
We all want a nice property for themselves. But I think the price of the property must match the financial situation
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