Listing Courtesy of KELLER WILLIAMS REALTY
In Rehoboth Beach’s competitive housing market, shrewdly targeting which (if any) renovations to make prior to listing your home can sharply affect not only its DOM (days on market), but the price it ultimately brings. After making any obviously needed repairs any that would be standout deficiencies left untended you must still decide, what else?
Of the welter of possibilities you could choose before your property appears in the Rehoboth Beach listings, recent studies show some renovations have the greatest impact on selling prices.
An inviting outside entertainment area is a significant plus for many prospects, so the addition of a wooden deck heads the list. A deck is relatively quick and easy to install, so when Remodeling Magazine reports a 77% return at sale, being able to add “entertainment deck” seems an economical way to add appeal to any Rehoboth Beach listing. If you already have a deck, you might consider expanding or improving it.
Since the kitchen is the heart of a home, even a modest improvement like freshening up cabinets or upgrading an appliance or two can make a dramatic impact on salability. If your home is already priced at the high end of the market, simply adding granite countertops is an investment that's not likely to add significantly to the bottom line...whereas the return on minor kitchen improvements is measured in the neighborhood of 75%.
For an older home, changing out questionable windows with new, environmentally advanced ones can create a listing feature that's adds appeal to utility cost-conscious home buyers. Window replacement is a quick fix; and if you already have newer windows, an upgrade to siding can add one fewer thing potential buyers find to worry about...and one more reason to choose your offering.
Such easy fixes are ways to increase the instant appeal of your Rehoboth Beach listing without severely denting your pocketbook. Being conscious of the way your listing compares with others in town will put you ahead of the pack. Savvy shoppers; don’t sit on the sidelines, Another way: for more ideas to make your Delaware home an irresistible buy, Call/text 302-228-7871or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.
At some point while weighing the pros and cons of buying a new home in town, you begin to mentally fix on a price range. If you are able to depend on a family income that’s fairly predictable, the issue is simplified. If not (small business owners, entrepreneurs, and many sales professionals frequently find themselves in this category), finding an appropriate price range takes careful deliberation.
Sometimes the issue can be decided for you. In most cases, buying a home will involve a mortgage, so lenders get to weigh in. Since it’s a good idea to seek preapproval from a Rehoboth Beach mortgage lender early on, you can let their professional opinion help with the price range.
Let’s say the Martins have been preapproved for a $260,000 home loan. They have $20,000 set aside for a down payment, and are certain to clear another $20,000 once they sell their current home and retire its mortgage (it’s in very good shape in a nice neighborhood, but just too small for their growing family). So it’s good news: they can buy a $300,000 home!
It’s at this point in buying a home that the Martins can also decide to make a decidedly atypical decision. That decision would be to pick a number below their peak eligibility as the top figure in “their” price range, and to shop accordingly. Most folks don’t wind up doing that.
Maxing out your budget and purchasing the most expensive home you can afford is undeniably appealing. The math might tell you that you can afford the monthly mortgage payment, even if buying your new Rehoboth Beach home puts you at the top of your price range. It can mean you get the space and features you've always dreamed of. However, there are some sound reasons why buying a home at the top of your price range might not be your best choice—
1. Additional Expenses
That mortgage amount alone does not take into account the other expenses and financial obligations that come with being a homeowner. Homeowners' insurance and neighborhood association fees can add to your regular monthly expense, as will property taxes—a considerable figure. If you are moving to a larger property, any maintenance and utility expenses that you’ve grown accustomed to might be greater. If you plan on buying the most expensive home you can, those extra bills might be budget-busters.
2. Room to Renovate
Even if you're buying your dream home, chances are very good that you'll want to make a few changes to the new place. From fresh coats of paint to changes of carpets, appliances, or countertops, changes are a normal phenomenon after buying a home. Even if you're pleased with the existing aesthetics, you might need additional furniture if the move is into a bigger space. Purchasing at the top of your price range can limit your ability to make needed changes.
3. Emergency Fund Savings
An emergency fund is a stress-relieving must for homeowners. When the refrigerator fails, the furnace needs to be replaced, or a busted pipe floods the bathroom, you’ll be relieved to have the extra cash. Even true do-it-yourselfers need to call for professional help occasionally. When you purchase a more affordable home, you'll have extra cash to set aside for emergencies.
One of the greatest benefits of buying a home in Rehoboth Beach is the sense of stability and security it brings. Working with a group of experienced professionals is the surest way to achieve your home buying goals…as well as a sound reason to give me a Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestate.com