5 Inexpensive Home Improvement Tips To Improve Your Homes Value

20230526051448_6470404819b05.webp

Depending on your home's value, your market and comps in your neighborhood, you could consider making renovations in your home before listing. In a place like New York, however, where houses are being snapped up fast and prices are over the roof, renovating your house for sale might be a crazy idea. But in suburbs with high inventory, your house needs to measure up.

 

When selling, you wouldn't be looking through the same eyeglasses as a new homeowner. Your calculations and priorities will be much different. The most important thing when you have to consider value is return on investment. What renovations will make my house sell fast and at the same time give good return on investment? Before you embark on gutting your circa 1990 kitchen, the first thing you might need to do is consult an experienced realtor who knows what works best in your particular neighborhood.

 

You might find out that minor cosmetic upgrades will get more buyers through the door. And yea, the door is important. Instead of spending money on pricey renovations like adding a deck or basement revamp, Remodeling magazine’s 2015 Cost vs. Value Report says that replacing your existing front door with a new steel door will net you a 101.8% ROI for a minimal replacement cost of $1,230. Knowing which areas to spend on will help save you a lot of money when making renovations. Let's look at five low-cost ways to increase your home's value.

 

        Inexpensive Home Improvement Tips to Improve Your Home’s Value

 

1. Consider curb appeal. Nothing says 'welcome to this lovely house' to a prospective buyer as a nicely mowed lawn, a few shrubs here and there and a well-swept walkway. The first impression buyers have as they drive to your home is truly important. So, it's necessary you set the stage right. Hiring a good landscaper will be worth the money. Not only will your home appeal to prospective buyers, your neighbor would also love the effort.

 

2. Have a cohesive kitchen. Kitchen plays a big role in home improvement. Many Realtors call it the heart of the home. Indeed it is; since an average American homeowner spends at least 37 minutes daily in the kitchen. Sprucing up your kitchen demands that you create the impression of a clean and updated kitchen. One way to achieve this impression is creating cohesiveness, especially with color. Mix and match kitchens are not the best. If your kitchen appliances don't match, consider ordering new doors, e.g new cabinet doors or face panels for them.

 

3. Work on your bathroom. Next to the kitchen, bathrooms are important to potential home buyers. You can make a difference in your bathroom at a low cost by adding new toilet seat and a pedestal sink. These are also pretty easy for homeowners to install on their own. One thing you may not be able to do on your own but which will add value to your bathroom is replacing an old, discolored, bathroom floor with vinyl tiles. Bright, energy efficient lighting will also improve your bathroom's appeal.

 

4. Update closets. Cramped storage spaces are not attractive to potential buyers. You can step up your storage by adding a do-it-yourself wire and laminate system to bedrooms and pantries.

 

5. Check the mechanics. Having a minor inspection and working on existing faults in your home like faulty outlets, loose wires and water leaks give the impression that someone has really taken care of the home.

 

 

 

Previous Post

Who Else Wants to Move Abroad? 5 Tips for Moving Abroad

Next Post

3 Types of Content Real Estate Agents should consistently Blog About

Related Posts

20230526054120_64704680b6940.webp

Buying Property Abroad

  • 07, January 2023

BUYING PROPERTY ABROAD: HOW TO CURTAIL RISK WHEN MAKING OVERSEAS PROPERTY INVESTMENTS

Many people are buying property abroad today because of the investment potential. The price of foreign property can be especially attractive when exchange rates tip the balance in favor of a prospective buyer’s currency. Imagine buying a beachfront house in Brazil for $50,000 when you’d spend $400,000 for the same house in a place like Orange County. Buying property abroad is a way to get actively involved during retirement.

If you don’t want a hands-on management, this type of investment would still generate passive income for you, an income not depending on the US dollar, denominated in another currency. There are reputable property management companies that can help you take care of your new investment and help you make consistent rental income from your investment. The fact that many Americans are not preparing adequately (or even preparing at all) for retirement means many Americans are not living out their dreams after retirement. “About 60% of Americans have no savings in retirement accounts like 401(k)s or IRAs,” reports Business Insider. The Employee Benefit Research Institute (EBRI) estimates the shortfall in retirement savings to be at $4.13 trillion for heads-of-households aged 25 to 64.

One of the reasons why many Americans lack sufficient retirement savings is that the traditional means of saving are unreliable, according to USmoneyreserve.com. If protecting your retirement is important to you, buying property abroad can help you get the ideal retirement and offer the kind of security that other asset classes cannot provide.

Moreover, there are wasteful aspects in some markets that haven't worked themselves out yet, and those inefficiencies can work further bolstering your good fortune. For example, there are some markets in the world with restricted wellsprings of capital where people need money. Without access to easy credit, they frequently offer their property at a much lower cost to have fast access to money.

Furthermore, when you spend money on overseas property you do not just get the benefit for those market inefficiencies, you additionally have the advantage that a lot of shareholders are so concerned about risk that they create no real hazard, nor create any competition. But even though overseas properties offer a chance to diversify your investment and can help you get the retirement of your dreams, there are some risks. Here are some tips to help you curtail risk when buying property abroad.

 

1.     Read the books.

The key to successful property investments overseas is to do your homework and not cut corners. By all accounts, read books about the country you are considering buying an international investment property and read relevant forum posts online but do not get sucked in by the sellers and never overlook the power of local knowledge. Even a simple walk around the area can give you a great insight into the events and settings that take place on a daily basis, giving you a real feel for the place.

2.     Beware of overseas investment property in "emerging markets".

This term can be used to dress up areas of neglect. Look around for signs such as closing shops and boarded up houses, as these may suggest a struggling economy. If you come across something else that you do not feel at ease with, do not go with the property investment. Foreign buyers should feel 100% safe in the area before taking the plunge. Likewise, if you look at a series of new developments that are beginning to emerge, this could be a sign that the real estate market in the area is about to take off.

3.     Do not leave yourself at the mercy of the laws of the country when buying property abroad.

Buying investment property on foreign soil requires the advice and guidance of a local lawyer. Before you sign on the dotted line, make sure you are accredited and credited as well as fluent in English and the language of the country you wish to purchase.

4.     Don’t take the risk of using cash.

Using a bank with an office abroad to conduct large transactions is always the best. Foreign investment properties and those that sell them must be approached with caution and due diligence.

It’s normal to be apprehensive when buying property abroad for the first time or trying anything new. And yes, the risks are there but to be successful in property investing, you mustn’t let that hold you back.

By Bebuzee Admin Read More
20230526052825_64704379e6848.webp

Buying a Property Abroad Tips for Investors Entering the Foreign Property Market for the First Time

  • 01, June 2023

It's easy to see why many people dream of buying a property abroad. You can retire on a sea front property or a beach house on one of the popular European costs. Some people have a lifetime dream of living in an alluring resort villa abroad.

As a traveler, it's easy to fall in love with a particular place so much that you develop an ambition to buy a house or an apartment there. If your job requires travelling a lot and you have the means and the courage to buy a property in one of the cities you frequent, why not? This would be a home you can return to on your next business trip.

You can also make a living off renting out foreign property. If you have an investment unit in a tourist location, you'll be getting big returns. This becomes more profitable as currency exchange rates tip in your favor. Exploring foreign housing opportunities is good but here are some things to consider if you're going in for the first time.

Factors You Need To Consider When Buying a Property abroad

1. Purpose of Purchase and exit strategy.

Why are you buying property abroad? Whether you're buying to live in it, for future retirement, for a family member who might be living or working there, perhaps to rent out or to resell at a higher rate, going in with a clear purpose will give you direction and keep things in perspective.

Having an exit strategy is also important. If things don't go as planned, what are the prospects of selling? Knowing your exit strategy before you make a purchase is key. You need to check the attractiveness of the location and the expected demand for housing as well as any renting or selling restriction on foreign property.

2. Growth prospects of the location's economy

You'll want to purchase a house that is situated where there are flourishing businesses or there are forthcoming growth potentials.

3. Land Regulations.

Unlike the purchase of local property, buying a house abroad is not so simple. This is because the laws of foreign ownership differ from country to country. Foreign buyers tend to have more hoops to jump through the purchase of land and face a more complicated buying process.

 

 

4. Potential Property Performance.

Any person buying a property abroad expects to earn from their investment. Before signing any agreement, be sure to ask for evidence to substantiate the projected returns, either through supporting investment reports or external surveys from credible sources.

Tips for New Foreign Property Buyers

1. Thoroughly research the market.

Although global trends in property prices occur, real estate markets in different countries will likely go through separate cycles of rise and falls. If real estate values ??are increasing in London, that doesn’t mean that they are also increasing in Italy or Spain. For those who buy to invest, it is important to pay attention to these trends - the ideal is to buy near the bottom and sell close to the top of a cycle.

2. Use a real estate agent.

Buying directly from an owner can sometimes be a big deal. However, if you are not familiar with the foreign real estate market or struggle with the local language, buying through a real estate agent or a reputable real estate developer can provide a useful guide and help you avoid a number of pitfalls.

3. Have your documents translated.

Before signing any documents related to a potential purchase, make sure that you have translated them professionally. It is essential that you understand any document you will be signing.

By Bebuzee Admin Read More
20230526052910_647043a6600d1.webp

How Much Should I expect To Pay in Stamp Duty Fees When Buying Foreign Property?

  • 20, May 2023

When you hear stamp duty, don't run for cover! Stamp duty fees are only applicable in the Commonwealth of Nations countries, Singapore, Australia and a few states in the US. It is a tax that arises from the transfer of property, usually, you pay when you sell. In this case, there will be a transfer of documents. Stamp duty legally requires that these documents are stamped, this shows the amount of tax paid. This means you’re actually paying for government stamp. Where enforced, stamp duty is placed on transfer of lands, homes, buildings, copyrights, patents and securities.

Facts About Stamp Duty fees

Stamp duty can be one small additional cost to your home, especially if you're dealing with a second home or investment property. Here are some things you should know about stamp duty:

* In the UK, the government levies stamp duty tax on all share transactions, currently at 0.5%. This generates £4bn for the treasury.

* In the European Union, Germany, Sweden, Luxembourg and the Netherlands have no stamp duty.

* France charges stamp duty only for transactions above £5,000. In the US, stamp duty is more or less insignificant, only 0.003 percent is charged.

* When you deal with really big money, it becomes a problem. Stamp duty is the reason why influential fund manager, Fidelity, moved half of its £6bn UK special situation fund offshore in 2016.

* Stamp duty came into being 200 years ago in the UK and some people believe that it was the sparking flame for American Independence Movement. When it was introduced to the American colonies in 1765, it was met by protests.

* Stamp duty is only paid on brick and mortar of the house. It shouldn't feature fixtures and fittings, white goods or items of furniture as they are exempt. You pay stamp duty on land and property purchases.

* You also pay the stamp duty when you buy shares valued at more than £ 1,000, although it is a different system, and the rates are different as well.

* You do not pay it on properties in Scotland. Instead you have a Land and Buildings transaction tax on properties costing more than £ 145,000.

* In the UK, just because your property is below £ 125,000 does not mean you can ignore Stamp Duty. You still have to submit a Stamp Duty land tax return.

 

* Even though your lawyer usually takes care of it, it is your responsibility to make sure that the return and payment are shipped on time. If it is late, you will pay a fine of £ 100, plus any interest.

* If you are transferring a portion of your home to an ex-partner after divorce or separation, or if you are giving the deeds of your house to someone - as a gift or in your will - you do not have to pay stamp duty.

How Much Stamp Duty Should I Expect To Pay?

In the UK, there are several price bands for Stamp Duty. The tax is calculated by the part of the purchase price of property that falls within each band. For example, if you buy a house for £ 275,000, the tax on the stamp duty (SDLT) you owe is calculated as follows:

0% on the first £ 125,000 = £ 0

2% on next £ 125,000 = £ 2,500

5% in the final £ 25,000 = £ 1,250

Total SDLT = £ 3,750

In this case you pay £ 3,750. This will not be the case in other countries. So, it is important that you contact a lawyer in your destination country who’d give information on how stamp duty is calculated.

By Bebuzee Admin Read More