In today's market, dwindling or stagnant home values may be causing some homeowners to wonder if it's at all possible to increase their property's value. According to Connie Ray, President/Owner of Coldwell Banker Platinum Partners, there are steps you can take to build equity despite current market conditions.
"To elevate the value of your home, a detailed and specific assessment of your home and the homes it will compete against in the market is necessary," says Ray. "A professional home inspection, especially for those who are not planning to sell their home soon, can help determine exactly what needs to be done to increase your home's value and can help you plan for expenses if there is work to be done."
Having your home professionally inspected well before putting it on the market has a number of advantages, says Ray. For a relatively minor investment, homeowners will have an opportunity to review an objectively prepared assessment of the condition of their home's structure, systems and amenities. By fixing any outstanding repairs, you can ensure a higher list price on your property, and hopefully, a higher closing price as well. The inspection report should be consistent with the report prepared by a buyer's inspector, which will virtually eliminating any surprises when the home officially hits the market down the road.
By having an inspection done while the home is not on the market, owners are provided with the luxury of deciding whether to do the work themselves or to have the work contracted at their convenience and without the pressure of a deadline. Even better is that the decision to repair vs. replace will be at the homeowner's discretion, not a prospective buyer's. This places homeowners in a much stronger negotiating position in the future.
"By taking this proactive approach to home inspections, homeowners can increase their home's value instantly, giving it a strong competitive edge in the market," says Ray. "By addressing major repair/replacement issues now, homeowners diminish competition from newer and better-maintained homes on the market."
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