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In my search to find interesting topics for this column, I recently came across an article in a national news weekly entitled "How To Get More Appreciation." I was certain that I had hit on a gem that I could share with you.
Instead, I discovered that the first step in getting more appreciation was to learn to accept compliments graciously. Only then did I realize that the appreciation I wanted was of a more tangible nature. But the topic is still a valid one for anyone who owns or wants to own real estate, so let’s cover some suggestions.
What, if anything, can you do to cause property values to rise in a particular house? It turns out there are many things:
* Enhance the exterior appearance by painting or decorating, or simply improve the exterior look by keeping the lot clean. Landscaping and keeping the bushes and yard trimmed make a real contribution to a home’s curb appeal, and that has a direct impact on value. This includes cutting bushes and shrubbery to a level at or below the bottom window sill. Shrubs are not appropriately used as privacy devices or, worse, as whole house shades.
* Using the right color combination can also add dollars to your bottom line. A study done many years ago stated that any house painted yellow with white trim and dark green shutters might sell for as much as ten percent more than the same house painted any other color. I am not sure I believe that, but I do believe that some color combinations go together better than others. I also know that most folks have a better eye for color than I do, so I always hire a decorator to help me with color selection.
* An agent friend tells the story of one of his listings that just wouldn’t sell. Everything about the house was typical for the neighborhood except the mailbox post. While other homes in the area sported a 4x4 inch cross post painted white with black numbers attached, this particular house had the old tubular rusty metal pole hammered into the clay with an over-the-hill mailbox barely hanging on. Mind you, this was a half-million dollar house we are talking about. Eventually, the agent paid to replace the mailbox and post from his own funds. The house sold within a week.
* Another sure fire appreciation booster is relatively inexpensive, and it’s attractive. I am talking about replacing the countertops in your kitchen, especially if you have old and worn laminate style left over from the 1960's. Today’s buyer wants to see clean, seamless counters in their kitchen, and solid surface countertops add a fresh updated look without breaking the bank. Some are much more expensive than others, so shop and compare. But here is a way to add a new look in one easy project.
* If your home is beyond the half century mark, consider asking an electrician to give you a quote on an entirely new electrical system. During the late 1950's and early 1960's, our electrical codes went through several major revisions, first replacing fuses with safety breakers, then adding grounding for all outlets and finally a requirement for additional protection in kitchens and baths. During this same time period, the electrical consumption of the average home increased dramatically. While not inexpensive, an updated electrical panel adds a modern look to an older home, and wards off embarrassing questions like "where can I safely plug in my computer?"
* Removing awnings from the house exterior will allow more light into the house, making it feel brighter, larger, and less gloomy. At the same time, if anyone ever installed burglar bars, they should certainly be removed for purposes of appreciation. That’s because outwardly visible signs of neighborhood fear undermine confidence that a prospective homeowner will feel safe in his own home.
* Another way to make your home appear more valuable is to prevent vehicles, yours or not, from parking on the street in front of your house. The theory here is that homes with appropriately sized garages do not need street parking, and that a car on the street is a sign of inadequate parking space.
* One of my favorite ways to "gain more appreciation" in real estate is to be an active supporter of your neighborhood schools, whether or not you have kids in the system. I know this topic generates a lot of heat in the metro Atlanta area, but I believe that a well supported neighborhood school can cause a substantial price differential for the same house in a neighboring district. All parents want their kids in the best school possible, and you can make yours better.
* The same goes for community associations and events. Homes in an active and involved community tend to sell faster and for more money than those in passive areas. In other words, get involved!
I have shared with you my thoughts, but I would like to hear from you. Please share your ideas and experiences with me, and I will put together the best and most creative for another column.
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