How to Amp Up The Resale Value of Your Home

 

Whether you're putting your home on the market this year or in the next five years, it is a smart decision to start building your home's resale value now. Here are some ways to create a comfortable home while making it easier to put more money into your bank account on closing day.

 

Small Maintenance and Repairs

 

If you think that home maintenance on the weekends is a low priority, think again. The small chores you do around your home prevents it from losing value. Neglecting small maintenance and repairs causes 10% of your home's value to walk out your door and slip through your windows. Most appraisers claim that homes showing little to no preventative maintenance can depreciate from $15,000 to $20,000!

 

Preventative maintenance can also actively increase your home’s resale value — according to a recent study, by about 1% per year! Also, because homebuyers generally notice any repairs needed upon buying a new home, proactive maintenance lets the homebuyer know that he or she will not have to spend extra money to maintain the basics. This makes your home more attractive, and thus more likely to get higher priced offers.

 

Remodeling Ideas and Tips That Work

 

Studies show that a home valued at $150,000 could increase its value between $8,300 and $19,000 with the addition of landscaping. These studies also note that positive landscaping can reduce the amount of time your home spends on the market!

 

Changing out the doors of your home is also generally a smart design choice. Lately, fiberglass and steel doors are a coveted aesthetic by homebuyers. A steel door costs $1,335 but has a whopping 91% return on investment. A fiberglass door, on the other hand, costs about $3,126 with an 82.3% return on investment. Likewise, a new fiberglass or steel garage door distinguishes your home from the rest on your block and provides a 91.5% return on a $1,652 investment.

 

Finally, matte paint finishes will trend in 2016 because of its transitional qualities. With a matte finish, your potential homebuyer can easily match his or her stainless steel or black and white appliances. It’s touches like these that make your home appealing to a wide variety of homebuyers, and that drives up its resale value.

 

Your Needs and Buyers' Wants

 

On that note, if you need to renovate your home, be sure to consider how those changes will affect its appeal to future buyers. 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 intersect, thus increasing your property's resale value drastically.

 

Designers and design websites provide great ideas when you’re brainstorming home renovations. Keep in mind as you research, however, that you don’t want to sacrifice your needs for a comfortable home just for the sake of what you think a future buyer will want!

 

Therefore, before you begin making any changes to your home, consult your real estate agent. Real estate agents, because we are constantly working with new buyer clients, have insider insight into what home buyers are looking for now and in the future. We’ll be able to help you make smart choices when remodeling or renovating your home.

 

If you think you might want to remodel or renovate your home in the near future, or if you are just curious about other ways you can increase its resale value, please reach out to me!



Kevin Leuschen

306-280-7923

kevinleuschen@gmail.com

 

www.Kevinleuschen.ca


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INCREASE IN HIGHER END HOME SALES

Saskatoon continues to hold its own in the face of challenging economic times. Year to date the number of homes that have sold over $700,000 has increased by 18% for a total of 26 units. This has helped to keep the average sale price for Saskatoon at $344,000 which is only 2% below the average a year ago. By comparison, the median price for a home in Saskatoon was up 1.2% Overall unit sales are down 6% year over year from 764 units to 715. March saw a slowing in the pace of the number of homes listed for sale helping to slow the growth of the inventory. At the end of March there were 1,857 properties available for sale in the city of Saskatoon, an increase of 6% over 2015. The number of days to sell a home on average in Saskatoon in March was 46.

The CREA Composite Home Price Index was down 2.7% from last March indicating that there continues to be a very slight decline in housing prices overall. Homes that are sold by Saskatoon REALTORS® are realizing just over 97% of their asking price and are selling in 46 days on average. "Economics tells us that an increase in supply levels will have levelling or declining effect on prices" comments Jason Yochim, CEO of the Saskatoon Region Association of REALTORS®, "Having said that, there are segments of the market that are performing well provided homes are priced properly" he adds "this will generate the interest needed to obtain a strong sale price. A REALTOR® not only has the market expertise but is objective and emotionally detached from the transaction."

The sales to listing ratio is determined by dividing the number of sales for the month by the number of newly listed homes. This ratio for March was 38% which is consistent with last year. A ratio lower than 40% is considered a buyers' market.

By comparison, the market surrounding Saskatoon, which includes rural residential property, the cities of Warman and Martensville and smaller bedroom communities, has experienced a 12% decrease in unit sales year to date. The number of combined first quarter sales in the cities of Martensville and Warman has been declining steadily over the past three years. In 2014 the year to date sales were 134 units, in 2015 107 units and in 2016 the total number of unit sales was 82. The average price for a home in Warman this year is $373,000 compared to $327,000 in Martensville while the median price is $359,450 and $318,759 respectively. In Warman and Martensville the average days to sell was 55 and 59 respectively.
 
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