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 

Setting The Asking Price For Your Home-Whats It Worth

Setting The Asking Price For Your Home-Whats It Worth

Setting The Asking Price For Your Home-Whats It Worth

As the seller, you are often going to have trouble with setting the asking price for your home. If it’s over priced, it will sit on the market for too long and if it is under priced, you might not get any money back on the renovations you just made.

This is why it is important to consult a real estate agent before proceeding with any sort of real estate decisions. They have all the resources, which you don’t have access to and they can easily find any information they need. There are many factors that you need to consider before setting the asking price for your home and you can do so easily with a real estate agent by your side. You see… the first thing buyers notice when they see the listing is the price of the house. If they find it too high, they don’t even bother to look at the pictures of the house.

Following are two things that you need to do before posting an ad online of your home for sale in Oakland County, Michigan:

Get Free Evaluation

There are hundreds of websites that will give you an accurate estimate of your house based on its details such as square footage, number of rooms, location and more. A free evaluation gives you an idea what your home for sale in Oakland County, Michigan is worth. You can get as many evaluations as you like and then compare the prices. This will give you a solid idea regarding the prices in your neighborhood .

Let’s assume that your neighbor just sold his house. The location and the square footage of the neighbor’s house put your house at equal footing. So, you decided to sell your house at the same price. Months go by and many buyers tour the house. However, none of them come back with an offer. Why?

This brings us to our second point:

Look at the Comps

Comps refer to comparable houses that you can look at to set the asking price that suits your home for sale in Oakland County, Michigan. House that have been sold last month and were identical to yours with no additions can be used as compass. The good news is, a real estate agent has a whole database of comps, which makes it easy for him to help you set the asking price. You can find information on your own too by taking with the locals and other neighbors in your area. In the end, regardless of what the real estate agent recommends, you will have the last say on the asking price. However, it is better to trust the agent because they have sold dozens of houses, which is what makes them experts at their job.

Sometimes, your house might be valued at a lower price than you expected. It’s hard to not get emotional in such a case, but it is also important to think practically in such situations. This is where a real estate agent comes in because they have an unbiased perspective. Looking for a real estate agent to help with your house sale? Visit my website Homes2MoveYou now and contact me for a free evaluation of your home to get an appropriate asking price for your home.

Listing: Open House Modal

 

Oakland County Home Sellers-Now Playing

Oakland County Home Sellers-Now Playing

An Award-Winning Script For Your Oakland County Home Sale

Here’s a secret. Every moment of every day before and while your Oakland County home is up for sale, we will write the script together for your ideal home-sale movie.                                  Oakland County Home Sellers-Now Playing

That’s right. Selling your Oakland County home now is about focusing on everything that will produce your ideal home sale for you—the script, the cast of characters, the virtual trailer, curb appeal, admission price, the launch—everything. Together we’re the writer and the director, and your Oakland County home is the star of the wonderful production called YOUR  OAKLAND COUNTY HOME SALE. Want a bigger, better blockbuster sale? No problem. Write a bigger, better script. As you change your script, you change your box-office results for all Oakland County home buyers.

Start with timing. It’s always hard to time a smash home sale in which you sell high and simply walk away with high profits. Yet there are many  signs in Oakland County that now is a good time to produce a year-end home sale.

One sign? Buyers in Oakland County whom are out home shopping right now are serious. Nothing will stop some of them, especially the ones who lost out on some Oakland County homes earlier due to waiting. They are keenly aware that the improving signs in the economy could mean higher prices and higher interest rates next year in Oakland County MI. When prices and interest rates increase and the number of spring buyers grows, today’s buyers know their money won’t go as far as it once did.

Want to know more about why now is a great time to sell? Keep reading. Then call me for a story conference with any home-selling—or homebuying—questions.

Oakland County Supply Is Smaller
During the winter, fewer homes are up for sale in Oakland County. This means more buyers have fewer homes to choose from and yours will likely get more attention than at other times of the year.

Demand Is Higher In Oakland County
In areas where the supply of available homes has shrunk, prices have risen as buyers compete for a suitable home in Oakland County. If your home is move-in ready and priced right, you’ll attract qualified buyers quickly.

Serious Buyers are In Oakland County
Today’s home shoppers are serious buyers, undeterred by cooling temperatures and impending holiday events. Keep in mind some buyers may prefer to contract now, yet plan a move-in date for after the holidays.

Low Interest Rates
Historically-low interest rates make buying a home an affordable proposition. As rates start to creep upward, buyers’ purchasing power declines, meaning they can’t pay as much for homes like yours. Motivated local buyers want to secure a home now to stretch their dollars.

New Construction Is Back
In the recent past, many sellers haven’t had to contend with their homes competing against many brand new homes in Oakland County. With the improving economy, new home construction is starting up again, meaning your resale home may have more shiny new homes to compete against if you wait to sell, especially next springs market in Oakland County.

Quicker Sales In Oakland County
If your Oakland County home is in move-in condition and priced right, your home will sell faster. This means less hassle for you—especially as we enter the busy holiday season—as your home will not only be ‘holiday ready’ but its model-home shape will make it look like an award-winner in the eyes of local year-end home buyers in Oakland County.

Your Situation
If you need to move—or know someone who does—there is no time to lose. That new job won’t wait, that plan to be near family is important, the divorce is final, children have moved out or are moving back in. Life events often mean that the home needs to be sold now—and I can help write your ideal home sale movie right now.

If you are looking for a home in Oakland County, Michigan, you need to find a Realtor who knows the community. Tom Gilliam currently lives in the Greater Oakland  County Area and is very familiar with the market, neighborhoods, schools and community issues. Located into the heart of Farmington Hills, Tom is ready to help families find homes in the Oakland County area including: Farmington Hills, Birmingham, Troy, Rochester Hills, West Bloomfield, Bloomfield Hills, Ferndale, Royal Oak, Northville and the Metro-Detroit area (specifically Canton and Novi)

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Oakland County Marketing Tips For Home Sellers

Oakland County Marketing Tips For Home Sellers

Oakland County Marketing Tips For Home Sellers

My Marketing StrategyOakland County Marketing Tips For Home SellersOakland County is a great place to Sell or Buy a Home if your in the considering Southeast Michigan as a place to call home. Oakland County is composed of 61 cities, townships,villages, and is part of the Detroit-Warren-Dearborn, MI Metropolitan Statistical Area. The city of Detroit is located in neighboring Wayne County, south of 8 Mile Road. Oakland County is among the ten highest income counties in the United States with populations over one million people. It is home to Oakland University, a large public institution that straddles the Auburn Hills and Rochester Hills border.

Marketing Tips: How To Sell Your Home

If you want potential home buyers in Oakland County to fall in love with your house, they first have to know it’s for sale.  This is where a strong marketing plan comes into play, which not only publicizes your property but gives people a preview of your home before they get there.

A Picture Is Worth A Thousand Words

Regardless of whether your Oakland County home is to be featured online, in a REALTOR’S® publication or paid advertisement, quality photos are a must.  You must capture your home’s best qualities in each image.  Take a photo of the front and back of the home, along with interior photos of every room.  Try various angles and lighting situations, which gives you the opportunity to choose the best shots. So many Oakland County Home Buyers are disappointed once they see a home that looks nothing like its pictures.

When photographing any part of your home, make sure that it’s spotless.  Home buyers, especially those with children or pets, would love to see a yard.  If your house has a lot of room to run, showcase it in photos.  If you live in a condominium or townhouse in Oakland County, emphasize nearby activities that offer family fun.  This may include a swimming pool, recreation center, tennis court, etc. Oakland County also has many parks a recreation some highlights of Oakland County Parks include a nature center, five golf courses, wedding and banquet facilities, an action-packed BMX race track and two waterparks to name a few.

When you present your photos to the REALTOR®, he/she will use them to pique the interest of potential buyers.  If a buyer likes the photos, their next step will be to schedule a tour of the home.  Hence, the right photos are invaluable when selling real estate in Oakland County.

 Sign Here

Believe it or not, one of the best marketing strategies is free to the Seller.  By placing a sign in your yard, you will let anyone driving by know that your Oakland County home is for sale.  Even if you live in an area that does not get a lot of traffic, a passerby may notice the sign and tell someone they know who is in the market for a new home.  Your REALTOR® will likely provide you with a sign, which should be placed in a visible area of your lawn.  You can also place a sign in your window or on your front door if in a Condominium. Be sure to check with your local community association, if applicable, regarding placement and permission for this type of sign.

Paid Advertisements

Many REALTORS® advertise their listings in local Oakland County real estate publications, their business Web site and even the occasional ad in the newspaper.  Depending on the terms of your listing agreement, you may be able to continue advertising the home independently.  Check with your REALTOR® about their commission policy if you sell the house yourself.

If you decide to advertise yourself, try the local newspaper first.  People looking to move into your area will likely be browsing the newspaper for real estate ads.  Keep in mind that it’s not just newcomers who may be looking to buy a new home.  Perhaps an empty nester is looking for a smaller abode or a growing family is looking to upgrade to a larger house, so don’t discount locals as potential buyers.

Hold An Open House

If you want potential buyers to fall in love with your home, invite them in to see what it has to offer.  An open house allows for anyone to simply drop in, with or without an appointment, to tour the home.  In some cases, a successful open house may result in an offer or possibly multiple offers that same day.  You can advertise an open house with signs in your yard, posting a notice on local bulletin boards and by utilizing free or paid ads online and/or in your local newspaper.

In most cases, your REALTOR® will schedule the open house and will help answer questions from potential buyers.  If you are still living in the home, the date and time should be convenient for you, but also a day that would be convenient for others.  For most, the weekend is a good time and most open houses are an all-day event.

For the best approach at a successful marketing strategy, confer with your REALTOR®.  Successful agents know their markets and what will likely be the best approach to selling your home.  Don’t be afraid, though, to offer your input and ask questions as you develop your marketing plan.

My Marketing Plan Rules! Please See Video Below and How I Dominate the Competition when Selling Your Oakland County Home

http://youtu.be/HMD3LLleq_o

Search All Homes For Sale
Homes Close to Where You Work
Avoid Foreclosure
What is Your Home Worth?
Agent Image
Tom Gilliam
ReMax Classic
248-790-5594
[email protected]
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