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Improve Functional Appetite


What it means

A significant portion of the value of a home is driven by its unchangeables, namely the lot, location, square footage, view etc., however, a disproportionate amount of equity value can be unlocked if some of these so-called “unchangeables” are modified strategically.

Functional appetite is market-driven and your real estate professional can help guide you on the key characteristics that buyers are looking for in homes today. Some of the recent themes include creating an open floorplan concept, remodeling the kitchen and family gathering area, and updating the bathrooms, especially the master bathroom. Remember, sometimes a small investment into one of these projects could be the key factor in determining the next step function in the value of your home!

KEY TAKE A W A Y

Anytime you consider a remodel of your home, improve the functional appetite to drive equity value. Small improvements can really pay off!

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Increase Saleabilty 

WHAT IT MEANS

While some factors directly drive equity value, there are some others that play a crucial role in increasing the saleability of your home.

While you may not be ready to sell your home right away, remember when the time comes, having the right “foundation” to do those small projects can be the difference between a home that sees a lot of buyer demand and a home that sits on the market for a long time!

Contrary to what many “flippers” think, after a careful study of homes in different conditions, across price points and across market cycles, our team has found that projects like new flooring and surfaces, windows and finishes etc. play a key role in the value creation at sale, but are not core value drivers of a home.

Even a splash of color to a coffered ceiling and walls and accessories, new lighting, or stacked kitchen cabinetry can change the feeling of a whole space.

KEY TAKE A W A Y

Consider cosmetic projects to improve salability when ready but to drive equity value, invest in functional appetite. Plan your remodel!



Enhance Curb Appeal

WHAT IT MEANS

Curb appeal always wins. Everyone loves curb appeal and this is one of those valuable investments that with a little maintenance can not only increase your home’s perceived value and desirability but also make you a much happier homeowner.

Simple projects like painting the outside and fencing, window treatments, simple landscaping, and creative lighting immediately create a much more welcoming environment which translates to higher desirability. We often suggest our clients take a digital photo of their home in black and white. When the color is removed, the truth comes out!

We have often represented clients who have seen a home while driving down a street and they make the decision that it is the home for them... and the homeowner is often baffled when we contact them to make them an unsolicited offer. The curb appeal tugs on the emotions of buyers as they can start to visualize themselves in that home!


KEY TAKEAWAY

With a minimal investment, an enhanced curb appeal can not only increase desirability and saleability but can also just make you a much happier homeowner.

Hire a Home Inspector

WH AT    IT    MEANS 

A home inspection can be a valuable thing, whether you are considering a sale or not. Most homeowners don’t understand the structural and functional components of their own home, age, and obsolescence of fixtures, or general maintenance. The average homeowner has almost no records of any maintenance or upkeep to the home which is why even if you can hand any sort of maintenance records to a potential buyer it shows significant confidence in how the home has been maintained.


A home inspector can help guide you on the ways in which you can take care of your home, what records to keep, what potential issues to watch for, and to even fix problems much earlier in the lifecycle when they end up costing far less than you will likely spend if you wait.    One of the crucial periods of any real estate transaction is the physical inspection contingency period where a significant amount of money can be made or lost. Being prepared for this well in advance gives you the edge as a savvy homeowner!

KEY    TAKE A W A Y

A home inspector can gauge the health of your home. This can help you make better decisions, pick home projects thoughtfully, and invest in your home with confidence.

WILDCARDS

VALUE WILDCARDS WHAT IT MEANS

Based on the real estate market and the lifestyle of the community that you live in, there are several wildcards that can drive the value of your home. These can be “check the box” items which when not present affect values or unique items when present can lift values.

For example, if there is a general expectation in the community that all the homes have pools, then it becomes a “check the box” item and affects values if it doesn’t exist. While if there is a wine cellar present in the home or say the home has a driveway for an RV, those unique characteristics can enhance the value 

Your real estate professional can help you navigate what are the expected items in your home and if you don’t have those it may be worth considering them as an investment to shore up your value. Additionally, your real estate agent can also indicate unique features of your home that can be accentuated and showcased, which could drive desirability and in turn, value!

KEY TAKEAWAY

Know the wildcards in your neighborhood, especially the “must-haves” and the “X factors” and use your agent to guide you through that process!

Curious if your home could beat my record breaking sale of $635.00 sqft at 606 Majorca

 I am looking for my next record breaking sale.

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