Remodels That Decrease Value

It is true that your home is your castle and you can do whatever you like to it to make it perfect for you. Don't be surprised, however, when you go to sell, if buyers don't feel the same passion for your home that you do. Some of the most common remodeling that will either deter most buyers are:

Swimming pools - In the beach areas of of the central coast of California, for instance, most buyers are not looking for a pool since the climate is so mild. Most buyers purchasing along the coast from Ventura to SLO consider a pool costly to maintain and unnecessary. Drive 25 miles north, and it is considered an asset because the average air temperature rises significantly. Converted Garages - Yes, your idea of a conversion to a man-cave or pool room is very cool and may provide you with much enjoyment, but when it comes to sell, most buyers, although admiring what you have done of course, will opt out and buy a home that has a regular garage where they canpark their cars and store their items. Designer colors - You deserve to express your lifestyle in anyway you want inside your home. I have seen some beautiful color combinations and then some that would only be considered beautiful to the present homeowner. Keep in mind that when it is time to sell, it is quite possible that the average buyer is going to factor in the cost of repainting. That factoring usually translates into 3-4 times more than it would cost for you to paint with a neutral color scheme before putting your home on the market.

Landscaping - Too little and too much can work against you when it comes time to sell. It really takes very little to make your landscaping appealing. If you are unsure in this area, pay a few extra dollars to have someone come in who has a creative eye and who will respect your budget. It can make a huge impact on how quickly you sell and also your sales price. Having too much landscaping can also deter buyers. I have been in many homes where the seller spends hours each week in the garden in addition to the gardener who does the mowing and trimming. Yes, the home is lovely, but you may be disappointed when buyers visit your home and gasp with delight, but never make an offer. Many buyers are intimidated by the potential upkeep and translate it into a virtual wasteland in their minds. Many buyers don't have the time, know-how or desire to spend the energy necessary to keep it up.

My advice before you spend thousands of dollars on a remodel is to consult with a real estate professional and get some sound advice. Remember, it is your home and you can and should make it as wonderful for you as you want. Just be sure to factor in how your remodel may affect the sales price when selling.

Nancy Puder is the owner and broker of Signature Properties, a distinguished real estate firm on the Central Coast of California. You may contact her at (805)710-2415 or email Nancy@NancyPuder.com

Buy Now...Mortgage Fees Go Up in April

Buyers are purchasing now to beat the April deadline for increased mortgage fees on Fannie Mae and Freddie Mac backed loans. Currently 90% of new home loans are guaranteed by these two government controlled mortgage buyers.

Although interest rates will remain low for some time according to the latest reports, sometimes the fees can make a big difference in the amount of cash required to close an escrow. My recommendation is that if you are on the fence, this is a good time to jump off and do something now.

My observation and comments about the real estate market gradually turning around was confirmed this week as information released by NAR showed that home sales rose 2% in January of this year. This means that the number of signed contracts in January is the highest it has been in 2 years. Although this recovery is and will continue to be slow, I think we can all agree that it is nice to be pointing in the right direction at last.

Activity in our local CA Central Coast market is already showing a shortage of lower priced homes with many properties receiving 5 or 6 offers on the same day. Buyers who thought they were making s good offer are losing out on the deals because someone else is coming along and making a better offer, often at the asking price and sometimes even higher when a bidding war breaks out. Yes, techically, it is still a buyer's market, however, we can't ignore the facts. This type of situation is typical before prices begin to rise upward.

The truth is that If the property is priced right and marketed properly, it is going to sell in today's market. Don't let anyone tell you that nothing is selling because that is simply not true. My advice is to get your information from a good reliable source and don't depend on the opinion of your neighbor, fellow worker and especially the news channels to make your most important financial decisions. I know that sounds elementary, but that is exactly what I find most people do.

I have found that thr biggest enemy of success is fear of risk and ultimately failure. Don't let the fear monster hold you back! Knowledge is power and you may be surprised that when you connect with a true professional and get good sound advice and create a plan, how easy it becomes to fulfill your dreams and accomplish your goals.

Nancy Puder is the owner and broker of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA. You may reach her at 805.710.2415 or email Nancy@NancyPuder.com. Website: http://www.signatureproperties1.com/. We always enjoy hearing from you!