In this Knoxville Insider Issue…

🌤️ Real Estate Edition - How to Increase Your Home's Value
 

How to Increase Your Home's Value

As a savvy homeowner, I’m sure you see your home not just as a living space, but also as a key investment. With the power of home appreciation (where property value increases over time) recent sellers have enjoyed impressive returns, selling their homes for a median of $55,000 (29%) more than their purchase price.

Enhance Curb Appeal

First impressions matter, and curb appeal is your first chance to impress potential buyers. The exterior of your home should be inviting, making buyers eager to step inside. At a minimum, maintain the landscaping; a neglected yard can deter buyers and suggest poor upkeep. Simple DIY projects, such as adding flower beds, borders, hardy ground cover, and easy-to-grow flowers, can make a significant difference.

Update the Kitchen and Bathrooms

While a full-scale renovation might not be necessary, updating your kitchen and bathrooms can significantly boost your home’s value. Focus on modest improvements that enhance functionality rather than luxury overhauls. On average, a minor kitchen remodel can recoup 86% of its cost in added value. Similarly, a midrange bathroom remodel, including new flooring and updated fixtures, can deliver a 67% return on investment.

Replace Major Components

Replacing essential components, such as the furnace, water heater, or even the roof, before putting your home on the market can reassure prospective buyers and potentially fetch a higher price. Buyers appreciate knowing that significant maintenance tasks have already been taken care of.

Improve Cleanliness and Maintenance

Investments that make your home easier to clean and maintain can also increase its value. Consider replacing easily stained carpets with hardwood floors, which are both appealing and practical. Make sure your home is free of animal or smoke odors, as these can significantly reduce the value of your home.

Incorporate Energy-Efficient Features

Energy-efficient features not only help lower utility bills but also make your home more attractive to buyers. Real estate professionals report that windows, doors, and siding are among the green home features most important to clients. Other options include added attic insulation, LED lighting, and energy-efficient appliances.

By focusing on these key areas, you can increase your home’s value and ensure it stands out in the competitive real estate market. Whether you're planning to sell soon or just looking to enhance your investment, these improvements will pay off in the long run.

Ask a Realtor😀 

Question 1: We have been extremely dissatisfied with last couple home inspections. Both have missed very expensive fixes and both inspectors were recommended by the realtor representing us. Hearing from others that its a bad decision to go with inspector recommended by realtor as its a win-win deal for both. Then to top it off, our realtor refused to help us in getting any help from inspector. How to avoid? (submitted by Penny)

Realtors frequently suggest vendors with whom they have established connections. However, you should never feel pressured or forced to use any vendor based on Realtor recommendations. I always strongly suggest researching and choosing the vendor you feel is most qualified. The inspection is between you and your inspector as you are paying for that service. The Realtors role is to complete the Repair Proposal/Amendment with the requests made by the buyers (based on the results of their home inspection). Your Realtor should be open to discussing the inspection results and addressing any missed issues, working with you and the inspector to find a solution.

Question 2: Can you ask for the seller to pay closing costs if it was not asked for when you had put an offer in on the house? (submitted by Jeannie)

The best time to request that the seller covers closing costs is in the original purchase and sale agreement. If an inspection period is available, you can ask the seller to contribute a specific amount towards buyer closing costs, although this is usually done "in lieu of repairs”. If life takes an unexpected turn and your circumstances change, don't hesitate to discuss it with your Realtor. Additionally, if you need to make any financial changes to your deal, consult with your lender to avoid any surprises.

This Real Estate Edition Issue brought to you by Barbara Newton

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