Orlando Florida and Central Florida Homes For Sale Tips

Selling Your Central Florida Home

How To Improve The Value of Your Home Before You Sell

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Owning a home has been a strong ingredient of the American dream for generations.  Besides providing shelter, privacy, and the psychic rewards of ownership, housing is the most tax-favored and politically protected investment around.  Homeowners receive tax deductions for interest on mortgage and property taxes.  And, starting in 1977, sellers have been able to pocket huge gains tax-free without rolling them over in a new dwelling.

If you're an empty-nester or planning to retire soon, there may never be a better time to sell and trade down to a smaller house.  Baby-boomers are looking to sell and move into condos,  townhomes and less labor-intensive dwellings.  Thanks to a 1997 federal tax law, up to $500,000 of any gain on a house sale is tax-free for married couples ($250,000 for single filers.) 

And setting the correct price is key to selling your home quickly and profitably.  The longer a house sits on the market, the more it is stigmatized in the minds of buyers.

 

 

On colors to paint your home:  stick with neutrals since they don't date themselves.

On all projects:  Those that add square footage to bring a house up to - but not beyond - community norms pay off the most.  Those that add square footage to your house are those most likely to add value - as long as they bring your house up to the standard of your area.  Those that update styles may make the house sell more quickly, but only if you sell while it still IS in style,  Projects that take priority are those that will protect your home from deterioration and damage; roof replacement, and plumbing, and electrical upgrades.  Although such improvements don't do much to beautify your home, they will help preserve its value.

Don't undertake a big-ticket remodeling project if you plan on moving within a year.  You won't have time to enjoy it, and new owners will most likely want to do something different.  Instead, go for maintenance and repairs,  clear clutter, and paint.

 

The “Cost vs. Value Report,” published each year in conjunction with Remodeling magazine, gives you a city-by-city guide on what various home projects will pay back at resale.

Cost data for the report come from HomeTech Information Systems, a remodeling estimating software company in Bethesda, Md. HomeTech collects current cost information quarterly from a nationwide network of remodeling contractors and employs an adjustment factor to account for regional pricing variations. Construction cost figures include labor, material, sub-trades, and contractor overhead and profit.

Resale values (“cost recouped” in the tables) are aggregated from estimates provided by National Association of REALTORS® members. E-mail surveys containing construction costs and median home price data for each city were sent to more than 20,000 appraisers, brokers, and salespeople, yielding data from more than 1,600 respondents (an 8 percent response rate).

Since 2002 four projects, reported each year since 2002, have shown the greatest return at resale on a national basis. Two of the projects, siding and windows, reflect the importance consumers place on curb appeal and insulation; the others, a kitchen and a bath project, are consistently high performers in most markets.


Minor Kitchen Remodel
Project Description: In a functional but dated 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, leave cabinet boxes in place but replace fronts with new raised-panel wood doors and drawers. Replace wall oven and cooktop with new energy-efficient models. Replace laminate countertops. Install midpriced sink and faucet. Repaint trim, add wall covering, and replace existing flooring with resilient flooring.
 
Minor kitchen remodel
 

Job
Cost
Resale
Value
Cost
Recouped
National Average:
$14,913
 
$14,691
 
98.5%
East Average:
$15,172
$15,316
100.9%
Midwest Average:
$15,426
$13,151
85.3%
South Average:
$13,998
$13,498
96.4%
West Average:
$15,328
$17,209
112.3%
 
Midrange Major Kitchen Remodel
Project Description: Update an outmoded 200-square-foot kitchen with design and installation of a functional layout of 30 linear feet of semicustom-grade wood cabinets, including a 3-by-5-foot island, laminate countertops, and standard double-tub stainless-steel sink with standard single-lever faucet. Include energy-efficient wall oven, cooktop, ventilation system; built-in microwave, dishwasher, garbage disposal; and custom lighting. Add resilient flooring. Finish with painted walls, trim, and ceiling.
 
Midrange
Major kitchen remodel
 

Job
Cost
Resale
Value
Cost
Recouped
National Average:
$43,862
 
$39,920
 
91.0%
East Average:
$44,659
$42,490
95.1%
Midwest Average:
$45,237
$36,691
81.1%
South Average:
$41,133
$36,329
88.3%
West Average:
$45,242
$45,353
100.2%
 
Upscale Major Kitchen Remodel
Project Description: Update outmoded 200-square-foot kitchen with 30 linear feet of top-of-the-line custom cherry cabinets with built-in sliding shelves and other interior accessories. Include stone countertops with imported ceramic or glass tile backsplash; built-in refrigerator, cooktop, and 36-inch commercial grade range and vent hood; and built-in warming drawer, trash compactor, and combination microwave and convection oven. Install high-end undermount sink with designer faucets and built-in water filtration system. Add general and task lighting, including low-voltage under-cabinet lights. Install cork flooring with cherry trim.
 
upscale
Major kitchen remodel
 

Job
Cost
Resale
Value
Cost
Recouped
National Average:
$81,552
 
$69,194
 
84.8%
East Average:
$82,528
$70,718
85.7%
Midwest Average:
$83,333
$64,586
77.5%
South Average:
$77,786
$65,111
83.7%
West Average:
$83,720
$77,812
92.9%

 

Attic Bedroom
Project Description: In a house with two or three bedrooms, convert unfinished space in the attic to a 15-by-15-foot bedroom and a 5-by-7-foot bath with shower. Include a 15-foot shed dormer, four new windows, and closet space under the eaves. Insulate and finish ceiling and walls. Carpet floor. Extend existing HVAC to new space. Retain existing stairs, but add rail and baluster around stairwell.
 
Attic bedroom
 

Job
Cost
Resale
Value
Cost
Recouped
National Average:
$39,188
$36,649
93.5%
East Average:
$40,735
$39,964
98.1%
Midwest Average:
$41,281
$33,752
81.8%
South Average:
$34,786
$31,319
90.0%
West Average:
$41,244
$43,357
105.1%
Midrange Bathroom Remodel
Project Description: Update an existing 5-by-7-foot bathroom that’s at least 25 years old. Replace all fixtures to include 30-by-60-inch porcelain-on-steel tub with 4-by-4 ceramic tile surround, new single-lever temperature and pressure-balanced shower control, standard white toilet, solid surface vanity counter with integral double sink, recessed medicine cabinet with light, ceramic tile floor, and vinyl wallpaper.
 
Midrange Bathroom remodel
 

Job
Cost
Resale
Value
Cost
Recouped
National Average:
$10,499
$10,727
102.2%
East Average:
$10,978
$11,466
104.4%
Midwest Average:
$11,047
$9,885
89.5%
South Average:
$9,293
$9,596
103.3%
West Average:
$11,025
$12,340
111.9%
 
Upscale Bathroom Remodel
Project Description: Expand an existing 5-by-7-foot bathroom to 9 by 9 feet within existing house footprint. Add another window, bringing total glazing area to 30 square feet. Relocate and replace tub with custom 4-by-6-foot dual shower with top-of-line fittings and full-body-wash shower wall, tile, glass block surround, and glass door. Relocate and replace toilet. Add bidet. Add medium-range stone tops in custom vanity cabinet with twin designer undermount sinks and polished nickel faucets. Add linen/towel storage closet. Include ceramic tile floor, papered walls, and hardwood trim. Add general and spot lighting and a humidistat-controlled exhaust fan.
 
upscale Bathroom remodel
 

Job
Cost
Resale
Value
Cost
Recouped
National Average:
$26,052
 
$24,286
 
93.2%
East Average:
$26,950
$26,211
97.3%
Midwest Average:
$27,423
$21,379
78.0%
South Average:
$23,428
$23,087
98.5%
West Average:
$27,172
$26,778
98.5%

 

Home Office Remodel
Project Description: Convert an existing 12-by-12-foot room to a home office. Install custom cabinets to include 20 feet of laminate desktop, a computer workstation, and wall cabinet storage. Rewire room for computer, fax machine, and other electronic equipment, as well as cable and telephone lines. Include drywall interior, painted trim, and commercial-grade carpeting.
 
Home office remodel
 

Job
Cost
Resale
Value
Cost
Recouped
National Average:
$13,143
$9,569
 
72.8%
East Average:
$13,688
$10,211
74.6%
Midwest Average:
$14,120
$8,610
61.0%
South Average:
$11,500
$8,444
73.4%
West Average:
$13,738
$11,395
82.9%

 
Deck Addition
Project Description: Add a 16-by-20-foot deck using pressure-treated SYP (southern yellow pine) joists supported by 4-by-4 posts set into concrete footings. Install composite deck material in a simple linear pattern. Include a built-in bench and planter of the same decking material. Include stairs, assuming three steps to grade. Provide a complete railing system using either a matching system made of the same composite as the decking material or a compatible vinyl system.
 
Deck addition
 

Job
Cost
Resale
Value
Cost
Recouped
National Average:
$11,294
 
$10,196
 
90.3%
East Average:
$11,366
$10,879
95.7%
Midwest Average:
$11,585
$9,869
85.2%
South Average:
$10,588
$8,731
82.5%
West Average:
$11,873
$11,814
99.5%

 
Family Room Addition
Project Description: In a style and location appropriate to the existing house, add a 16-by-25-foot room on a crawl space foundation with vinyl siding and fiberglass shingle roof. Include drywall interior with batt insulation, prefinished hardwood floor, and 180 square feet of glazing, including windows, atrium-style exterior doors, and two operable skylights. Tie into existing HVAC. Add electrical system to code, including 12 recessed ceiling lights.

 
Family room addition
 

Job
Cost
Resale
Value
Cost
Recouped
National Average:
$54,773
 
$45,458
83.0%
East Average:
$56,464
$48,690
86.2%
Midwest Average:
$57,599
$41,842
72.6%
South Average:
$48,778
$40,239
82.5%
West Average:
$58,081
$52,820
90.9%

 

When Selling a Home

When selling your home there are no guarantees that a buyer will simply walk through the front door. In many cases you may have to bring your home to the buyer. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing and able buyer. The appearance of your home, a buyer's first impressions, and other considerations can also affect the sale of your property. Be sure to explore tips for increasing your home's value. Have you considered that home prices in your neighborhood and the value of your property are also factors used for pricing your home?

 

Increasing The Value of Your House

When you're preparing your house for sale, remember the importance of first impressions. The market isn't the only factor that influences whether you get your asking price. Appearance and overall condition play a major role. Here are some easy things you can do to make your home more appealing to buyers. It is estimated that more than half the houses are sold before the buyers even get out of their cars. So stand across the street from your house and review its curb appeal.

Outside:
* Sweep front walkway.
* Remove newspapers, bikes and toys.
* Park extra cars away from the property.
* Trim back the shrubs.
* Apply fresh, clean paint throughout.
* Clean windows and window coverings throughout.
* Keep pet areas clean.
* Keep plumbing and all appliances in working order.
* Maintain all sealant (window, tub, shower, sink, etc.) in good condition.
* Make sure roof and gutters are in good condition.  Mow the lawn more frequently and plant flowers.

Inside:
* Kitchen and bathroom should shine.
* Quick once-over with the vacuum; carpets should be clean.
* Place fresh flowers in the main rooms.
* Put dishes away, unless setting a formal display for decoration.
* Make beds and put all clothes away.
* Enhance the spaciousness of each room.
* Open drapes and turn on lights for a brighter feel.
* Straighten closets.
* Put toys away.
* Turn off television.
* Play soft music on the radio/stereo.
* Keep pets out of the way and pet areas clean and odor-free.
* Secure jewelry, cash, prescription medication and other valuables.

Important Reminders
* Potential buyers usually feel more comfortable if the owners are not present.
* If people unaccompanied by an agent request to see your property, please refer them to your real estate professional for an appointment.
* Leave a number where you can be reached if you are leaving town, even for a weekend.

 

To find out what your home is worth Click here for a FREE Market Analysis

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