Who is your main Home Improvement Competition, how can you maintain the quality of your home so that it will always be one of the top homes in your area and how can you become confident in the rising value of your home.
These are all vital questions, especially with the constant ups and downs and uncertainty of inflation rates on both sides of the Atlantic.
You don't want to move, not yet anyway, but you do want to maintain and improve your home to assure the financial security of what is for most of us, the biggest investment of our lives.
And when the day comes that you do want to sell your home, you want to make sure that any buyers looking in your area view your home as the best value for money, EVEN if it is higher priced than other nearby properties.
Let's take a look at ways that you can check out your home improvement competition to make sure that any home improvement and financing projects you take on are strategic ones that both improve your home and hone in on the best value per investment.
Remember, (unless you are looking for a quick sale) like most things in life - your home only has the value that a buyer is willing to pay for it. Checking out the sales value of your current home improvement competition will give you the best insight.
Neighborhood Home Improvement Competition
We are going to focus in this article on family homes and homes for the older and wiser to show the contrasting requirements that these buyers look for.
Home Improvement Competition
- for Family Homes
If you own a family home and are looking into home improvement and financing ways to increase your investment you should study (over a period of time) a number of similar homes in your area that are up for sale - and compare them to what your home presently offers - really get to know your local home improvement competition.
Be aware of current buyers trends to see what people are actually looking for in your neighborhood.
Are homes offering any of the following flying off the real estate books while leaving other properties stuck on offered for sale lists.
Have any of the homes which sold quickly in your area - benefited from the type of home improvement remodeling that could help enhance your home:
Families looking at your home and your local home improvement competition properties will prefer a nice lawn for the children to play on and while a swimming pool sells in southern climates a fish pond which is popular with home owners who don't have children is considered a health risk for families and they will have to include the cost of filling in a pond into the purchase cost.
Outdoor living is still very popular in many of the warmer areas and a deck or stone tiled surface with a porch extending the living area out from the house is expected in some neighborhoods.
Try getting advice from a friendly real estate agent in your area to help you determine where to focus any future investments in your home, many are happy to help, especially if they feel you will return to them later if you should decide to sell.
Home Improvement Competition for Retirees
While many family homes are multi level structures to make optimum use of the build size permit over the available plot, downsizing once the children have flown the nest often means looking for a single level home.
Older and wiser buyers at this stage look for a home that is easy to live in now and that can easily be remodeled to suit future needs. This does not necessarily mean a smaller space as many of us still require spare bedrooms to accommodate visiting family members.
Up to date wiring, home insulation and energy efficient heating methods are higher on requirements lists, as is a well lit interior and exterior.
Your investment would probably be appreciated if it included a central vacuum system to help reduce housework or double glazing to keep the house warm and the cost of heating low, or perhaps the widening of all interior doors for easier movement through the home.
If home sales in your neighborhood are more directed to older couples, you are less likely to get a good return on your investment if you were to take on projects like an attic conversion or a basement development.
Decking may be the easiest and quickest way to build up an outdoor living area but in this case these buyers may view the wooden planks as a potentially risky - slippery surface - it's just not what they are looking for, although I don't think that there would be any complaints about a well built and attractive "maintenance free" gazebo in the garden.
The garden and direction that the garden faces can play a much more important role in a buyers decisions. A well presented front entrance and a manageable back garden with hobby gardening potential will be important.
Home Improvement Competition Tips
Tailoring your home improvement project to to the requirements of potential buyers looking in your area is essential to securing the value of your home in the future.
Whether it be home improvement remodeling, building an addition or very importantly fully maintaining all aspects of your home, an uncertain housing market and unstable rates should force us to take a closer look at where investments in our home should be spent.
Know your Home Improvement Competition and make sure your home is always one of the best and most desirable properties on the block.
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