The Best 6 Steps to Take to Increase Resale Value

Everyone who is getting ready to sell wants to make the most money possible in the process. While you may see a great deal of value in your home, that love you’ve created doesn’t always translate to financial gain. The best way to actually increase the value of your home and therefore your potential profit is by improving and updating the things in your home that buyers are looking for.

While there may be projects that you would prefer to do or may seem easier, It’s important to focus on the renovations that will net you the highest ROI. We have complied a this list for you to reference for their ability to produce high ROI. If you are looking to boost your resale value, check out the steps

KITCHEN REMODEL

Real estate experts will always tell you that the highest ROI renovating your home can undergo is in the kitchen. People really want nice kitchens and it seems to be a major focus for a lot of homebuyers. The biggest priority when renovating your kitchen should be the layout. Have a functional space that can easily be updated is key. Once your space has ‘good bones’ you will want to find materials that have a high quality look without a big price tag. You can make a space update a space and make it look great without having to use marble or granite.

BATHROOM UPDATES

Not far behind kitchens, bathrooms are the second place buyers place a great deal of value. Thankfully, bathroom updates don’t have to drain your savings. Primary bathrooms are the most important and should be your focus if you only want to update one bathroom.

FIX PLUMBING

The biggest concern of potential buyers is structural concerns. You can have a beautiful home that can turn into a disaster if structural issues aren’t addressed. Replacing old piping with a newer plastic solution is a huge selling point and can calm some of the potential fears that come with buying a home.

GET RID OF STUCCO/PANELING

Wood paneling and Stucco are common in many older homes. Not only do these things tend to be unattractive to buyers, but they also show potential buyers that you likely haven’t made other efforts to update your home. If they have to worry about what is going on with what they see, they are likely to worry about what they cannot.

REPLACE SIDING

Curb appeal plays a major role in getting people in the door of your home. It makes sense to focus on how the outside will appear to potential buyers, so having yellowing siding that used to be white is unlikely to attract buyers. For those on a budget, you can also try power washing – it can bring better results than you might expect and it barely costs anything!

If you’re looking to list your property, call Advantage Real Estate in Moberly MO. Our knowledgeable and friendly agents can guide you with ideas to help increase the resale value of your home. We’re here to help you whether you’re buying or selling in Randolph and surrounding counties. 660-263-3393

The What + Why For Home Warranties

If you’ve only ever rented before, the necessity of a home warranty may be unknown to you. As a renter, you are used to a landlord who will fix any issues you run into – but that all changes when you become a homeowner. Now, when a water heater breaks or the fridge starts to leak on the new floors in the kitchen, there is no landlord to call. So what do you do now? You may have a friend or family member who can handle the smaller fixes, but when it comes to the big issues that will end up emptying your pockets, a home warranty can save the day.

A home warranty is similar to insurance, as it covers some or all of the costs of replacements or repairs when a system in your home malfunctions or stops working altogether. They range in annual costs of $300-$900 and remove the middle man in the fixing process. Instead of finding someone to fix an issue, you will directly contact your warranty provider and they will set up the repair or replacement with the appropriate vendors. Your premium usually covers all costs, with the exception of a co-pay which is typically around $50. 

If you’re wondering who should buy a warranty, they are usually recommended for first time home buyers who have rented up until that point. When you are used to having a landlord, a home warranty can fill that role in a different way. Home warranties are great for homes with both members in the work force outside of the house or just busy family members who can’t always be home to wait for the repair person window or find the time to even get quotes for the best repair shops in the area. Home warranties aren’t just for first time buyers, though. If your appliances are nearing the end of their life expectancy, now would be a great time to get a warranty. If all of your appliances were purchased in the same time frame, you don’t want to face the costs of them all failing at the same time. Warranties can save you time and money, especially in the first year of ownership.

Whether you’re buying your first home or your fourth, purchasing a home warranty may be what you need. Our agents can guide you in the direction that would work best for you. Call Advantage Real Estate in Moberly MO and let us help you! 660-263-3393

What Is A Short Sale?

An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale?

A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.

As a general rule, lenders lose money when they foreclose on a property. Consequently, they would rather not have to foreclose if it can be avoided. A short sale represents an opportunity to cut their losses because a short sale usually allows them to recoup more of the cost of the loan than a foreclosure process would.

However, don’t think that a short sale is an easy thing to accomplish. In order to get permission for a short sale, you must provide documentation showing a genuine financial hardship. And don’t think that the decision for accepting a short sale is solely in the hands of the lender. Sure the lender must first agree, but this is not the final word. If there is mortgage insurance involved, this company also gets input on the decision. If there is an investor backing the mortgage, they also get input as to whether to accept a short sale.

The transaction process for a short sale can be rather cumbersome as well, whether you’re on the buying or selling side. Many short sales fail due to additional demands by the lender, such as requiring the broker to reduce his or her commission and/or that the seller signs a document requiring him or her to pay back the shortfall.

If you’re on the selling side of a short sale, consider having your agent or other experienced professional negotiate with your lender for a better deal. And remember, if the lender does accept a short sale and forgives part of your debt, that is considered taxable income and you must declare it as such to the IRS.

Advantage Real Estate, in Moberly MO, serves in Randolph & surrounding counties. Our friendly and knowledgeable agents are here to help with all of your real estate questions and needs. 660-263-3393

HOW TO DECIDE IF YOU SHOULD REMODEL OR MOVE

After living in a home for several years, it can be easy to discover things you may not be crazy about. While some things can be a quick fix, there may be major changes that make you wonder if it is worth the investment. At this point, you’re probably asking yourself if you should remodel or just find a new home. As you have probably realized, this isn’t always an easy choice. There are many factors that go into this decision. Here are some things to consider when deciding what will work best for you.

1. Determine which is more cost-friendly

While both options will have costs, one will have more than the other depending on your situation. Some of the costs of selling include agent commissions, moving costs, minor repairs, the costs of a new home, and potential upsizing costs. The costs of remodeling can include permits, architectural plans, materials and labor, and any other additional costs incurred in the process. 

2. Look into the current housing market

Depending on whether your local real estate market is hot, it might make more sense to just sell if houses are selling quickly around you. By talking to a real estate agent, you can find out what to expect in terms of days on market, average sales price, and other important factors when it comes to selling a home.

3. Decide if your roots are deep 

Is your home more than just a home to you? If you and your family are actively involved in the community, remodeling may work best for you. On the flip side, if there are better schooling or job opportunities in a different neighborhood, or you already spend hours a day traveling to those locations, selling may be a better option.

4. Decide if a renovation can solve your problems

Take the time to decide if the problems with your home are fixable. Is it really the house, or do you dislike your neighborhood? Do you have to spend an hour driving one way to work? Do you need a lot more space? If your answer to questions like this make you realize renovations won’t solve your problems, consider that it may just be time to put your home on the market. 

5. Consider the ROI on your remodel

Calculating your return on investment will help you determine two things – first, if a remodel will cost you less than selling your home. It will also help you determine if you will be able to make your money back on a remodel if you choose to sell in the future. Look into the Cost v. Value Report for the last year, which can guide you on the most and least cost-effective improvements.

If these considerations make you realize it is time to sell your home, call our Advantage Real Estate office in Moberly MO today! 660-263-3393

3 TRICKS TO MAKE BUYERS HAPPY

When selling your home, your first thought may not be keeping potential buyers happy. With all the moving parts of home sales, it can be easy to forget that the little things truly do count – especially when it comes to the happiness of potential buyers. Yes – your home can probably sell itself as-is, but going the extra yard to boost interest in your home is worth it. You can start by putting together a home binder and include the following items for potential buyers to check out:

Home Guide

When a buyer is touring your home, they are going to be curious about the condition of the various parts of your home, from mechanics to appliances. By giving this information up front, you can avoid a lot of back and forth in the future. Included appliance manuals/warranties, smart home tech how to’s, a list of updates, home maintenance (ie: last time your HVAC was serviced), and age of mechanicals, roof, and appliances.

Vendor List

Create a master sheet of who you use for all of your homeowner needs. From landscapers to handymen, plumbers, and pest control. Try to include your recommendation for maintenance for any features your home has.

Local Favorites
What made you love where your home is? Include pamphlets from your favorite restaurants, info about local parks, or any neighborhood features that made your location so great. If you have kids, be sure to include things they loved about the area.

Whether you’re buying or selling, Advantage Real Estate wants buyers AND sellers happy. Our knowledgeable agents can assist you with all of your real estate needs in Randolph and surrounding counties. Call our office in Moberly MO with any questions you may have! 660-263-3393

MAKE YOUR HOME STAND OUT THIS SUMMER

As May comes to a close, school ends and the summer officially begins, that means one important thing – home selling season is upon us. With the kids home from school and vacation time accumulated, both buyers and sellers are ready to enter the market as the weather heats up. As the market begins to grow, you may wonder how to make sure your home stands out among all the others trying to sell during the summer months. Here are a few tips to make sure you can catch the eye of potential buyers during busy season!

1. Tour Other For-Sale Homes

Check out other homes for sale similar to yours that are also on the market. As you are preparing to list, use these tours to see what decor and design-types are attractive to you and potential buyers. If there are things you notice that you do not like, be sure to remove those features from your own home if you have them. Sometimes stepping out of the box (or in this case, your own home) will allow you to look at your home through the lens of a potential buyer.

2. Complete Your Home Inspection Up Front

The home inspection can be a dreaded part of the closing process. Instead of waiting for a buyer, complete your home inspection ahead of time. The goal is to set your home apart from the others on the market, and an easy way to do so is letting those potential buyers know that your home is not just for sale, but it is already inspected. If you repair any issues found by the inspector, you’ll be one step ahead and gives potential buyers peace of mind.

3. Completely Remove Clutter

Decluttering and cleaning is always the first step on the list when you are preparing to list your home, but often we don’t take the clutter ‘removal’ part as seriously. Instead of just moving clutter from a room to a closet, completely remove the clutter from your home. Whether that means donating, storing, or just tossing those items, removing clutter will allow potential buyers to picture themselves in every part of your home, including your closets and garages – rather than just picturing your clutter stashed away there.

4. Curb Appeal Is Key

With spring quickly transitioning to summer, your yard may need a little love. Spring rains and warmth might’ve left your lawn a little overgrown. Take the time to remove weeds, mow your lawn, and add new plant life around the outside of your home. The outside will be the first thing potential buyers see, and you want them to be drawn in by your yard, not turned away by it.

5. Use Refreshments To Your Advantage

Whether you’re a baker or just love buying baked goods, open houses are the perfect opportunity to draw potential buyers in with sweets. With rising temperatures, a thoughtful treat with a glass of lemonade or ice water adds a personal touch to your open house that will, at a minimum, guarantee that potential buyers cross the threshold of your home. Sometimes, getting them in the door is all you need.

The market is hot! If you’re considering selling or purchasing your home, Advantage Real Estate agents are here and ready to assist you in all of your real estate needs! We serve in Randolph and surrounding counties in Missouri. Call our office in Moberly, and let us earn your business. 660-263-3393