How to Increase The Resale Value of Your Oakland County MI Home

How to Increase The Resale Value of Your Oakland County MI Home

How to Increase the Resale Value of Your Oakland County MI Home

As the housing market continues to rebound, amid the pandemic, would-be sellers should think twice before skipping on updating areas of their home in need of serious upgrades. With housing inventory low and demand steadily increasing, Oakland County MI homebuyers are still willing to spend big on homes with quality finishes in sought-after neighborhoods. Whether you are thinking about putting your Oakland County MI home on the market this year or in the next couple of years, it’s a good idea to start building your home’s resale value now. 

Small maintenance and repairs

If you think that home maintenance on the weekend is a waste of your time and energy – well, it’s not. The small chores that you do around your home today actually prevent it from losing value. A little TLC maintenance goes a long way toward warding off expensive repairs. Most appraisers claim that homes showing little to no preventative maintenance can depreciate from $15,000 to $20,000.

A study conducted by researchers at the University of Connecticut and Syracuse University reveals that regular maintenance can boost your home’s value by about 1% per year. However, ongoing maintenance costs offset that value, which means that regular maintenance actually slows down your rate of depreciation. 

Most homebuyers generally notice any repairs needed upon buying a home. Proactive maintenance lets potential buyers know they won’t need to spend extra cash to maintain the basics – making your Oakland County MI real estate more attractive and more likely to get higher-priced offers. Although maintaining the basics can cost you a little money and certainly some effort, there is a way to accomplish this very important activity intelligently.

Many Professional home appraisers and REALTORSⓇ recommend a proactive maintenance schedule that includes keeping enough cash on hand to replace systems and materials; creating and following a maintenance schedule; planning a room redo every year; and keeping a notebook of all your maintenance and repairs.

Landscaping

Landscaping can add tens of thousands of dollars to the value of your Oakland County MI property. In fact, it is one of the few home improvements you can make that not only adds value immediately but also increases in value as the years go by as plants grow fuller and more robust as the years go by. 

A well-landscaped home has a significant price advantage over a home with no landscaping. This advantage ranges from 5.5 percent to 12.7 percent depending on the type of landscaping and the home’s original value. That translates into an extra $16,500 to $38,100 in value on a $300,000 home.

Having a long-term landscaping plan is great if you’re in the house for the long term. However, If you are planning to sell within a year, you can take several immediate steps to dress up your landscape and boost your selling price. For example, cutting fresh edges around your planting beds; having a sharp, well-defined edge between grass and mulch or dirt gives the landscape a professional look.

Replacing Your front (entry) door 

So how much value does a new front door add? According to Remodeling magazine, replacing your entry door has an average ROI of 74.9% With that ROI, you could potentially add three-quarters of the front door cost back into your home’s value. You could even add more value to your home, depending on the type of door you get and other adjustments you make to your home’s curb appeal.

With that ROI, you could potentially add three-quarters of the front door cost back into your home’s value.  A new door adds value in several ways: It attracts potential buyers, replaces an old worn-out door, prevents drafts, and welcomes visitors to your home. 

Popular front door color options include:

  • Black gives your home anything from a sleek and modern look to a more traditional touch. It can also provide the best resale value for your home because it is such a versatile color.
  • White is another versatile shade that goes with classic or contemporary facades. It doesn’t draw as much attention, though, but it would be a safe option.
  • Navy blue can be sleek or traditional, depending on the rest of your home. If a black door wouldn’t complement your home’s exterior, consider navy blue instead.
  • Yellow is a cheerful color that’s sure to attract attention. It’s more of a gamble to go with this color since not every potential buyer will like it.
  • Red is eye-catching. A red front door adds a traditional look to your home, and you can tone it down with a burgundy color if true red seems too bright.

Also consider leaving your front door its natural wood tone, which can give your home a warm and inviting appeal that complements other features of the exterior.

Replacing your garage door 

Initially, you might not think that your garage door increases the value of your home. However, as the largest entryway of your home, the garage door gets noticed first because it’s the focal point of your house. Your garage door distinguishes your home from the other houses on your block. If you want to quickly increase the resale value of your home, you’ll want to make the most of this feature. 

According to Remodeling Magazine’s 2020 Cost vs. Value Report, replacing your garage door has an average ROI of 97.5%, and ranked number two when compared to 21 other home improvements. The report’s data came from across 101 US markets and focused on the ROI at the time of sale. If you are planning on selling your home and have to decide between different renovations, consider a new garage door for the most added value.  

Another 2018 industry study examined real estate agents’ estimates of perceived home value based on exterior appearance. Respondents were also asked if garage door appearance made a difference in the listing price they would assign to a house. The study indicated that a new garage door could result in up to a 4% increase in a home’s perceived selling price, which is an $8,000 bump on a $200,000 home.

 A few interesting things being done with garage doors include:

  • Increased Size: Bigger garage doors help homes stand out more, and homeowners can do more creatively with them.
  • Bold Colors: Bright and bold colors now can complement the color of your home, or you can build a concept around the color of your home.
  • Faux Wood: You can install fiberglass or steel garage doors that look like wood garage doors. This gives your home a new level of sophistication.
  • Windows: Large Windows on your garage door improve the aesthetic of your home, and provide light into your garage so that it’s no longer a dark space

Installing fiberglass attic insulation

While energy efficiency is still not the sexiest selling point of your home, installing fiberglass attic insulation saves energy and provides a big payback on your investment. According to Remodeling Magazine’s Cost vs. Value top trends report, fiberglass attic insulation gained the top return on investment among the 30 projects in this year’s report. 

The national average ROI in the U.S. for a fiberglass insulation upgrade is a whopping 116.9%, meaning this upgrade more than pays for itself. The average national cost of installing blown-in insulation in an attic is $1,268, and the average of a home’s retail value increase for this project is $1,482, according to Remodeling Magazine’s Cost vs. Value report.

Replacing your windows

Replacing your windows is another way to save energy and increase your home’s resale value. Window replacement is consistently listed as a top ten home improvement project that increases home resale value. If you spend $15,000 to replace your home’s windows, your home could rise in value by $11,000, which is an ROI of 74%. Replacement windows offer homeowners the chance to update the look of their homes.

You might consider investing in some custom window shapes to add architectural interest or amp up the natural light. The options and ability to customize with replacement windows are endless. Replacement windows will also increase your overall energy efficiency. From Low-E glass to UV and solar blockers, window technology is continuously evolving to make homes look good while saving on energy costs. According to HGTV, you will see a reduction in your utility bill from 7% to 15%.

Replacing the windows can help your Oakland County MI home stand out in the market and increase your home’s value before you list it. And since most buyers are looking for houses that are not only move-in ready but updated with modern amenities, new windows can help improve your home’s resale value and marketability.   

Remodeling your kitchen

Since the kitchen is central to the home and commonly used by families, it’s one of the first things many house hunters look at. Whether you’re renovating your kitchen to help your home sell or to create the kitchen of your culinary dreams, there’s some planning and budgeting you’ll want to do first. Remodeling your entire kitchen can get expensive, but small renovations can make your home more buyer-friendly.

According to HomeAdvisor, the average cost of remodeling your kitchen ranges from $13,343 – $37,701. How do you know what a realistic budget is for your kitchen renovation? A good rule of thumb is to spend 5% – 15% of your home’s total value on your kitchen renovation. For example, if your house is valued at $200,000, a decent kitchen renovation budget would be 10% of that value, so about $20,000.  

Bathroom addition or remodel

When thinking about selling, many homeowners consider areas in their home that might need a little pre-listing TLC, and bathrooms are commonly on the list. In fact, 26% percent of sellers make some sort of improvement to a bathroom before selling, according to the Zillow Group Consumer Housing Trends Report 2018.

Remodeling a bathroom before resale can help attract more buyers, but getting every dollar invested back at the time of resale is not guaranteed. Zillow data shows that bathroom remodels yield the biggest returns in terms of boosting your home’s resale value. For minor cosmetic changes, you’ll see a $1.71 increase in home value for every $1 you spend. This includes things like painting and refinishing cabinets, swapping out the mirror, or upgrading hardware. In most cases, a renovation will be cheaper than an addition.  

The cost for adding a bathroom can vary widely based on a number of factors. The lowest cost is going to be around $3,000. This is a good estimate if you’re taking an area that you already have all marked out that has all the necessary components. If you need to add an entirely new space totally from scratch, the cost will be closer to $25,000.

It’s important to note that you’ll get diminishing returns in terms of value if you already have a house that is among the highest in value of any other on your street. The conventional wisdom on this is that you’ll add about a fifth to your house’s value, in general, if you add a full bath. If you add a half bathroom, then you’ll get about a tenth of the value added on.

The takeaway

No matter if potential buyers view your Oakland County MI property in-person or virtually, you’ll want to make sure it’s in top condition when it comes time to sell. If you want to get the most return on your investment, focus on features that most home buyers really want to see. Knowing design trends will give you the opportunity to make changes to your home based on where your needs and your potential buyer’s desires come together – greatly increasing your home’s value. 

Consumer tastes can vary by region, so be sure to consult with your Oakland County real estate agent to find out which home features are in high demand in your area, advises Dr. Jessica Lautz, vice president of demographics and behavioral insights for the National Association of REALTORSⓇ. Your agent will be able to help you make the most informed choices when it comes to remodeling or renovating your home.  

When you’re ready to list your home, contact Oakland County REALTOR – Tom Gilliam to help you navigate the competitive Oakland County MI real estate market. Tom can help determine the value of your home and also make suggestions on how you can command a higher asking price.   

Partner With one of the Most Trusted REALTORS® in Oakland County MI – Tom Gilliam 

Tom Gilliam is proud to be one of the top-rated REALTORS® in Oakland County MI, offering his guidance and expertise to home buyers and sellers for over 20 years. Tom understands that buying or selling a home is a significant financial and life decision and that you are looking for someone you can trust. As your agent, Tom will protect your interests, advocate for you, negotiate on your behalf, and will always go the extra mile to ensure the best results possible. Get the process started today by contacting Tom at (248) 790-5594 or you can get in touch by email.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578 

Holiday Home Selling Tips That Can Sell Your Home Fast

Holiday Home Selling Tips That Can Sell Your Home Fast

Christmas Holiday is just around the corner and we give you the green light to go a little crazy on the decorations, if you are planning to sell your house during the holidays. The more festive you are, the higher the attention your house will get. You are probably wondering how to spruce up your house during holiday season, the busiest month of the year but the good news is, buyers hunting for a house right now will appreciate your efforts if you play your cards right. In fact, we guarantee that if you pay special attention to staging, you will be sitting in your new house before Christmas.

So, how should you tackle this holiday season sale?

Let us educate you:

Make Sure the Online Listing Is Accurate

From pictures to the summary and other major details about your home for sale in Oakland County, Michigan should be mentioned on the listing. People are very busy running errands during the holiday season and you do not want to waste their time by promising something and then showing them something else.

Take Advantage of the Holidays

So, the Christmas light are probably going to go up, right? This is the time to use every decoration piece in your attic boxes and light up your house. Make the place look cozy by paying more attention to the fireplace, guestroom and the staircase. If you are willing to spend a little extra, then light up the tree too.

Be Flexible In Booking House Tours

As mentioned earlier, this is going to be a busy, so try to accommodate as many buyers as you can for the viewings. Try to work with their schedule and make sure when they arrive, you are there to greet them at the door.

The Home Should Be Move-In Ready

Buyers will be looking towards making a quick deal, so get the home inspection out of the way early. Do not leave boxes lying around in your home for sale in Oakland County, Michigan because it might give buyers the impression that you are still in the stage of moving. This way, when the buyer will step foot in the house and you will hand them home inspection report, they will be more interested in exploring the house. To sweeten the deal, offer them incentives such as paying the closing cost and warranty for some of the big appliances.

Pay Attention to the Curb Appeal

This goes without saying that the more beautiful your house looks from the outside, the more offers you will receive. So take out those sheers and start clipping the overgrown hedges.

Do place some cookies and eggnog on the kitchen counter for people to enjoy. Even a small things such as this goes a long way in making up the buyers’ minds. Looking for a real estate agent to help you put up your home for sale in Oakland County, Michigan? Visit Homes2MoveYou now and get yourself a real estate agent for the right listing.

5 Home Improvements That Waste Your Money

5 Home Improvements That Waste Your Money

Home Improvements to Avoid When Selling Your House

Home improvements a bang for your buck? Don’t go out just yet with your tool kit, expecting those YouTube DIY tricks to work out perfect. It rarely happens!

The problem is many sellers believe that taking on home improvement projects themselves will help them save on repairs and insurance. When you are targeting something major, first think about how much the repair or renovation will impact the value of your home for sale on Oakland County, Michigan.

Some projects yield high ROIs, which are easy to do on your own such as painting the interior, while others are difficult such as roof repairs and extensive plumbing installations. In the end, you might be looking at a costlier repair than the small patch that could have been fixed for $100 by a professional.

Even if you are making a new addition to the house, think long and hard before doing so. Do your research and make sure that the features you’re planning to add to your house are present in houses across the neighborhood. If they’re not, and you still proceed with your plans, you could potentially lose all your money.

Home Improvements May Wind Up Costing You In The Long Run

Here are a few such features that require extensive research before being added to mitigate risks of losses:

1. Swimming Pools

Unless the buyer demands a swimming pool and agrees to your asking price without demanding insurance for repairs, this improvement might work in your favor. An in-ground swimming pool can cost somewhere between $20,000 and $60,000. It might sound surprising but many rational homebuyers and investors might not prefer swimming pools due to the high maintenance costs involved.

2. Sunrooms

Beautiful, right? High ROI? No! A sunroom does not even guarantee a 60% ROI. You will be better off building a deck in the backyard and furnishing it with chic furniture. The ROI on a deck is much higher and is an improvement that is loved by all buyers, especially those who have a big family.

3. Home Office

A home office is yet another feature you need to think about twice. You can never be sure that the next owner would be an entrepreneur or would use the space to work from home. A home office costs around $20,000 and rarely pays even half of the value on your home for sale on Oakland County, Michigan.

4. Garages

If you already have a garage, then don’t add extra space to it. The buyer might not want the extra space and can refuse the offer on the basis of it. Since, you will be adding a large margin to the asking price; buyers might not find it realistic.

5. Master Suite

This is an improvement you need to think on when you buy the house. How long do you plan to live in the house? More than 20 years? No? Then, you better stay away from this improvement. Master suit only promise a 40% on the sale of your house.

Keep the improvements to a minimum and limit them to the kitchen and bathroom because these are two rooms that are used the most. Before putting your home for sale on Oakland County, Michigan on the market, why not get it appraised by experts. Visit Homes2MoveYou now and get yourself a real estate agent like myself  to help you every step of the way.

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One Simple Trick to Increase the Value of Your House

One Simple Trick to Increase the Value of Your House

There are many ways to increase the value of your house and if you are one of those people who judge people by the state of their home? Admit it, at one point or another, you have done it and thought to yourself, “Don’t these people clean their house?” Now that you are putting up your home for sale in Oakland County, Michigan, are you prepared to handle the feedback on “your” house?
Do you wish to know that one simple secret that can truly make a difference in how the potential buyer’s view your property and increase the value of your house?

Buyers See The Value of Your House

Buyers like to see the house spotlessly clean when they come for a tour. If you have kids, then you are bound to find some slimy gunk when you will start packing. The truth is, not every buyer will swipe their finger on a surface to find out if it is clean or not. However, you never know what is playing in the buyer’s head while they are touring your house. So, to be on the safe side, we have come up with a few cleaning tips that will help you not just convince the buyer that the house has been well maintained but also increases the value of your house:

Light Fixtures

Do the bulbs cast a weird and small shadow when you turn them on? It’s probably because of the dead bugs that have gathered in the light fixtures. The good news is that these are easy to clean. All the bulbs need is a good wipe and the fixture can be emptied with a feather duster.

The Toilet

Moving on to perhaps the dirtiest room in your home for sale in Oakland County, Michigan, bathroom is that one place that can change the buyer’s mind completely. Of course you clean your bathroom daily but what about the dirt that surrounds the bowl, the yellow line that has been in the bowl for years, and the chipped tiles around the toilet? A good scrub with a DIY solution of water and vinegar will help you get rid of all the stains, even the ones on the wall. As for the chipped tiles, why don’t you reset them using 9 Second Chip Fix?

Mirrors and Glass

Smudges on windows and other glass screens are the biggest turnoff. Cleaning the glass with a rag dipped in water will never make them spotless. Plus these signs show the buyer how careless you are. They might even imagine that if you don’t care about cleaning such a small surface then what other surprises will they encounter in the house.

Dust Collectors

Places such as where the TV is mounted, computer printer is kept, picture frames are hung, etc, collect a lot of dust. They give off a dirty appearance from far and make the buyer feel uncomfortable. You are probably thinking that a wipe with a cloth will do the trick but the dust will be back in just a few minutes. So, use the same DIY solution of water and vinegar, and clean such areas with a microfiber rag. Vinegar is not electrostatically charged, which means you don’t have to worry about the dust returning.

Cleaning and decluttering your house is a part of staging and inviting a buyer without any preparation is a sure way to tank the deal before it even begins. So, make sure that you clean the house all over the weekend and then do the finishing touches a few hours before the buyer arrives. Your next step is to find the perfect real estate agent, who knows how to market your home for sale in Oakland County, Michigan to the best. Visit Homes2MoveYou now or call me directly at 248-790-5594 and lets discuss the value of your house today!

Listing: Open House Modal

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