Just a few years ago selling your real estate almost as quickly as your purchased it was the best way to make a buck. Now, of course, times are different. The current housing market does not support the idea of buying a fixer-upper, and flipping it as fast as possible. This means there are many people who bought real estate at the tail end of the housing bubble and now find themselves stuck. So what should you do? Create the dream home you were planning on moving into after your sale, with the home you currently find yourself stuck in. But, the first order of business may be to get your home appraised by a reputable real estate appraiser who can tell you what the current value of that piece of property is worth.
You may not want to invest in something like an addition to your piece of real estate, if the housing market in your area is worth a lot less than it warrants. In other words, fixing up your home can add value, but what the homes are selling for around you is a bigger variable. True, some homeowners spent hundreds of billions of dollars renovating their homes during the boom times. But many saw those renovations simply as a necessary step to get their homes ready to trade in. So now remodeling your home is more about creating a happy atmosphere for you and your family, since you may have to stay there a while. You may consider refinancing, in order to get the money to do your renovations, but be very careful. If you chose this option make sure you go through a reputable lender and get your home appraised for the fair market value by an appraiser.
Ok, so now that you’ve gotten over the shock of being stuck with real estate you thought you could easily get rid of, here are some ideas that may ease the pain. Why not give your house the features you wanted the next one to have, from a luxe breakfast bar to a spa bathroom. Don’t fixate on each improvement’s immediate payback. When you get around to selling after the housing market improves, you’ll probably recoup most (though not all) of the costs – and maybe you’ll find you’ve been liking the place so much that you don’t want to move after all.
According to many real estate agents out there, there is one main thing homeowners want most, space, and a bit of pampering (ok that’s two). The good news is that there are ways you can go about getting them with the home you are in right now, without having to consume yourself with what the housing market is doing.
1. If it’s more space you’re looking for, try taking unneeded doors off their hinges. I’m not talking about bedroom or bathroom doors, I’m talking about doors that separate the living room from the dining room…etc, it helps give you the illusion of space, according to designers.
2. Do some heavy-duty spring cleaning, whether it’s spring or not. This will help clear out a lot of clutter, and you may find yourself with an entirely new room to use. Maybe you can turn that cleaned out basement into a bar area, or an entertainment room. Or maybe you’ll finally get to turn your patio into that trendy neighborhood party spot like you always wanted. Whatever you decide, cleaning up can bring you a lot of benefits.
3. Take down unnecessary walls. Ok this one is a biggie, but if you have the money, or can pull the money out of the equity of your home by refinancing, it is well worth the price. But remember, you definitely want to get your home re-appraised by an experienced real estate appraiser, if you go this route. An appraiser researches the housing market in your area, in order to asses the current value of your home.
Go ahead: Pamper yourself a little. “As long as you keep the improvements in line with the scale of the house, harmonious with its styling, and no more than a baby step fancier than the other houses on your block, you’ll get your money back once the market stabilizes,” say reputable real estate appraisers.
Don’t let yourself become another victim of the housing market, this is your piece of real estate so take back your control and turn it into the dream home you always wanted.
Please visit us at www.iappraiseforyou.com for all your appraisal needs.