Cove Real Estate



Posted by Cove Real Estate on 11/28/2014

If you are looking for ways to increase the value of your home, then there are some simple guidelines to follow, as well as a few projects you may want to consider avoiding altogether.  Depending on the region, a particular home remodel has the potential to make or break a potential sale. Swimming Pools - Homes with swimming pools generally do better in the warmer states, where they can be seen as a welcome addition during the hottest months.  However, a home in New England that has a pool is increasingly likely to be viewed as a headache.  Maintenance costs, family safety, and seasonal accessibility make this addition one that is in reality more likely to hurt the chances of being able to sell your home quickly.  Not to say that you shouldn't have a pool if you have your heart set on it.  Just don't count on it making your house more appealing.  If you already have a pool, then try to sell your home in the spring or summer, when the pool is in use.  This will help potential buyers see the benefit of the addition, without reminding them of the headaches associated with upkeep. Koi ponds and indoor aquariums - These items, while beloved to a homeowner, may turn off a buyer who isn't interested in being a pet owner.  There aren't a lot of uses for an aquarium installed in a wall for someone who doesn't like the idea of having fish.  Similarly, koi ponds on the property have the capability of turning off an owner that doesn't necessarily want to have a portion of their backyard dedicated to a project that they have no interest in taking over. Converting garages and second bedrooms - While these renovations generally arise from necessity, they can hurt your resale value in the future.  Garage space is fairly desirable these days, and especially so in cold climates that deal with large amount of snow.  Converting a garage in New England isn't generally a good idea unless you absolutely need the space.  This is also true in the cases of converting second and third bedrooms into office spaces.  While a new buyer may consider at a later date to convert an extra bedroom into an office space, they may not want to have the option forced on them.  Most of the time, a two-bedroom house with an office will remain on the market longer than a three-bedroom house. Fireplaces - They can be beautiful, yes, but fireplaces are quickly falling out of favor with buyers, and are increasingly being seen as a messy addition to a home.  In 2009, a consumer preference survey from the Nation Association of Home Builders ranked fireplaces as No. 1 on a list of what NAR called “Home Fads That Are Falling Out of Style.”  Not to say that fireplaces don't have a market.  Many people are still looking for homes that contain one or even two.  But installing a fireplace in an existing home can be very expensive, and the return on your investment wouldn't be that great.





Posted by Cove Real Estate on 9/27/2013

Have you noticed the number of new construction homes going up lately? A recent report by The U.S. Census Bureau and US Department of Housing and Urban Development (HUD) showed single-family home building permits up almost 5%. The process of building a new home can be stressful; there are lots of decisions to be made and obstacles to overcome. Here are some useful tips to keep stress at bay when building a new home. 1. Get pre-approved for a loan. Make sure that you do all the steps necessary to put the proper loan in place. You will need to fill out a mortgage application and provide the necessary documentation to check your financial background and credit rating. This process will let you know exactly how much you can afford to spend. You will also need to make sure your lender knows you are planning on purchasing new construction. 2. Do your homework. Check the reputation of your builder. You can search for information online, contact the better business bureau or ask your friends for recommendations. If you are building in a subdivision you may want to ask some neighbors who have already moved in about their experience. 3. Watch you budget. The advertised price of a new home is rarely the final price. The price can escalate quickly when you start upgrading the standard flooring, cabinetry or lighting. Plan on how much you can afford to spend before you start upgrading and budget accordingly. 4. Don't forget about resale. You may love the upgraded plumbing and light fixtures but know that those things rarely bring in a good return. You will not be the last owner of your home. Be mindful not to add so many upgrades that you overprice your home for the neighborhood. 5. Keep the lines of communication open. Communicate with your builder, ask questions and make sure you know where your money is going. You may want to keep a running list of quotes for extras and upgrades. Be comfortable asking even the simplest questions. 6. Be prepared for delays. Building a home can be a long process. Depending on the size of your home it can take anywhere from three months to a year or more. Get an estimate of when the building of your new home will be completed and plan accordingly.