Not all upgrades are created equal—some will add definite value to your home, while you may not recoup the full costs of others. Check out these common upgrades that may cost more than they’re worth. Even if you don’t have the funds or the energy for a big improvement project or remodel, small changes can make your home a more enjoyable place to live, increase its value, and help you command the best possible price when you sell.

PUTTING IN A POOL

Unless you live in an area with year-round warm weather, the costs of routine maintenance and safety concerns for young children may keep buyers from paying top dollar for your home.

HIGHLY CUSTOM DESIGN DECISIONS

Keep upgrades fairly neutral, as no one wants to rip out something that’s been recently renovated because it’s not their style.

PERMANENT BEDROOM CONVERSIONS

Combining two bedrooms to make a mega-closet may be a good idea for your lifestyle today, but going from a three to a two-bedroom house can hurt the value when you try to sell.

INCREMENTAL SQUARE FOOTAGE GAINS

Big changes, like converting a basement, can be a good decision. But smaller additions may create an awkward floor plan and cost more than the added value.

When you’re ready to buy, sell or invest in real estate, you need a trusted local expert. Call me today to arrange a personalized consultation

Home improvement projects that add big value to your home.

Exchange light fixtures for ceiling fans.

A stylish new ceiling fan instantly updates a room and can add value to your home. Choose fans that create a rustic vintage look or add a cool island vibe to an outdoor patio.

Replace your kitchen faucet and sink.

If your sink is chipped and stained, or your faucet is grungy, new fixtures will make food prep and washing dishes more enjoyable. Even a basic but deeper stainless steel basin will sparkle, and a pullout faucet will add a modern touch.

Other simple changes in the kitchen and bathrooms can have a huge impact.

A new backsplash can tie together the colors in your counters, floors and cabinets and can be an easy do-it-yourself project. New drawer and door knobs are a lovely addition. Adding a medicine cabinet or changing the mirror in a bathroom will instantly update the room.

Simple tips like these can create a happier, healthier and more valuable home. Thank you for thinking of me for all of your real estate needs, and be sure to share my contact information with anyone you know of looking to buy, sell or invest in a home.

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There is a very good rule of thumb that will help save you time, money, and heartache when working with a fixer-upper: Everything will cost twice as much and take twice as long as you think it will. Unless you are using a Realtor who understands how to fix and flip properties, if you are, you should heed their advice.

If you have spent any time at all watching the many HGTV shows about fixing up worn down homes, you’ll know problems usually happen during a renovation. There are always two or three calamities that happen to provide drama that keeps us engaged until after the next commercial break.

The market for fixer-uppers is a bit separate from the general real estate market. The rules are a bit different when you’re dealing with homes that aren’t quite ready for the buyers to move on in. In many cases, you have more buying power than you would with a turn-key property. Sometimes you have a lot more buying power based on the condition of the property. This is why you need to ensure you have the help of a qualified real estate professional who can guide you through the process.

You have to make sure that you go into the buying process with as much information as possible. That means inspections. Possibly multiple inspections. And even a walkthrough with licensed contractors who can give you a ballpark figure of what it costs to purchase and install those Shaker cabinets you want in the kitchen. If you go it alone, you might make a mistake. Your Realtor will have all the connections you need to ensure you can fit everything within your budget.

Of course, there is no guarantee with anything in real estate, and the same goes for when you buy a fixer-upper. You need to have a bold vision for what the home can become, but also a prudent financial plan.  Start working with your real estate agent to narrow down your options in terms of location and properties, and you are sure to find the fixer-upper of your dreams.

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Before doing this, you should ask yourself some questions. The very first one should be: “Is this truly my dream home, or is it just a nice house?”

There is a difference, and that can be tough to see when you know many other offers are probably being prepared while you are thinking about what to do. Having a great realtor by your side will help make this thought process a little easier. They will not have the emotional investment in the outcome and will be able to objectively talk you through all the relevant factors.

You need to be honest with yourself about how much you want the house. Sometimes a buyer’s competitive spirit will take over, and they don’t realize that they’re spending more than they want for a home. It goes back to the first question. Is this truly your dream house? Or do you just want to win the competition?

While offering above the listing price is a great way to help your offer be accepted, there are also some possible negative outcomes. First and foremost, it could turn out you had no competition and could have purchased the home at the original asking price. If that happens, you could be paying more than what it is really worth. This could become a mess if you need a mortgage, and the appraisal doesn’t justify the loan to the lender.

If you decide to offer over the asking price, determining just how much over can be challenging. It is possible to lose the property with an offer as little as $1 more than yours. And you would have no way of knowing until it is too late.

Unfortunately, there is no magic formula. It would depend on the market and how much you are comfortable buying the home for. Your Realtor can help you come up with a competitive offer, but they also cannot know with 100% certainty what the other offers will be. At the very least, they are the ones who truly understand the market and how quickly you could locate a similar home.

Ultimately, if this is truly your dream home and a place you plan to stay for the rest of your life, it is likely worth doing what is necessary to secure the property. Work with your real estate agent to take a big step back and try to see the bigger picture—and consider that maybe it isn’t just about price. The seller, for example, might want a strong buyer who can close escrow quickly. Your Realtor will have the experience necessary to help you navigate this.

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So is the home inspection required?

The short answer is no. Inspections are generally not required when using a mortgage to buy a home you intend to live in. Lenders almost always require an appraisal before they will approve a home loan, in order to determine how much the house is worth. The lender doesn’t care about nuisance issues you may run into on a daily basis—they care about their investment. And a mortgage is an investment in you, backed by the property that they will take away from you if you do not meet your obligation.

So a home inspection isn’t required, but it is necessary. The inspection is to ensure you are getting a hazard-free property, making a good investment, and that you won’t have an overwhelming amount of repairs to make before moving in.

When you don’t require a home inspection, you’re trusting the seller to honestly disclose everything that’s wrong with the house. Some sellers may have no idea that the cast iron sewer pipe is pitted and a few months away from bursting in your basement while causing tens of thousands of dollars’ worth of damage. Other sellers may know, and that’s why they put the home on the market, but they don’t want to tell you because it would lower the sale price. This is why it is so important to have an impartial expert come in and evaluate the house. They will give an honest, informed opinion.

With that being said, a home inspection is not a guarantee that you’ll uncover every problem. A home inspector will focus on the condition of the property and all of the installed systems. They will also keep an eye out for any potential health and safety issues.

For example, you probably didn’t go into the attic or crawl spaces while you were at an Open House, but the home inspector will. They will carefully search these areas for structural damage or signs of pests such as mice or termites. You do not want to buy a house and discover you are sharing it with a family of raccoons that live over your bedroom, or that the electrical box isn’t wired to code and is a fire hazard.

It is entirely possible they will miss something, and if they do, there is no recourse. However, the best home inspectors have a long track record of Success and can save you thousands of dollars. Your Realtor has probably worked with many throughout their career and can recommend one to you who they trust. You will receive a report at the end and can present the items you want to be fixed to the sellers. They will agree with some and disagree with others. Often you can negotiate the cost of the repairs into the sale price of the home, then have your own professionals come out and do the work.

A home inspection is all about reducing the risk in your investment. Make sure you insist on one.

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The first thing you should do is select a Realtor to represent your interests as a buyer. Having an advocate on your side will ensure each step of the process goes smoothly, and that you select a fantastic home. He or she will ask you to go to a lender for a Pre-Approval. This will ensure you know what your budget is and will get you a pre-approval letter that shows the sellers what you qualify for.

Next comes the fun part-time to go shopping! The home search process should begin with making a list of your ‘must-haves’ and sharing them with your Realtor. You will review a number of homes electronically and attend a few open houses and showings until you locate the right one.

Once you have found the right home for you, talk to your Realtor about what a fair price would be. Everyone wants a good deal, but you need to weigh the pros and cons of each part of your offer. A quality real estate professional will submit an offer on the home and will negotiate terms you are willing to accept.

After the offer is accepted, Normally you have three days to deposit escrow to the Title Company. You also have a specific period to get an inspection completed. This step is critical because it tells you exactly what condition you are buying the property. This will also give you a chance to let the sellers know what you want to be fixed. There may be some renegotiation here as the sellers could be willing to fix some things but not others.

While this is going on, an appraisal will be scheduled by the lenders to ensure the home is worth its purchase price. Stay in close contact with your lender here so that they receive all requested documents in a timely fashion. If they do not, they will reschedule your closing.

The final walkthrough is generally scheduled just before closing to ensure the home is in the same shape it was when you put the offer in. You want to look for damage before moving to the closing carefully. All of the seller’s belongings should have been moved out, and the floors swept.

Finally, you will get to the big moment—closing! After all the fun and hard work of finding the perfect property, you sign the final paperwork and receive the key to your new home!

There are several steps to this process, but it really isn’t too bad. Your Realtor will be with you throughout the entire process. Work closely with them, and you will be closed before you know it.

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