Increasing the value

Ok I've asked about big things we can do to increase the value of the house, but what about little things? I've been watching those home TV shows this weekend and saw that adding new light fixtures, painting, etc. adds a little bit of value to your house. I forgot what else, but spendinga couple hundred dollars doing something adds a couple thousand on to your house, things like that. Anyone have any ideas? Thanks! Again, this is a house built in 1979 so some light fixtures, hardware and painting I definitely want to do, I just didn't know if there were other things that we can do that will add up. Thanks so much for all your help!

Re: Increasing the value

Are you actually selling your house? I am confused as to what your goal is when you say you want to increase the value. Sometimes you speak about having it reappraised so you can refinance, sometimes you talk about selling it. I think it would help to know what your goal is....

Re: Increasing the value

Honestly, I think those shows on HGTV where they paint the wall and put up new light fixtures is a bunch of crap. It may make your house sell faster, but I don't think it adds value.
You have to do big things to add value - like redo the kitchen/bathrooms, put in hardwood floors, etc.

When I am looking at a house - if I like the paint color it is not going to make my offer any higher than if I hated the paint color. And I don't even notice light fixtures because I assume the sellers would be taking them.

You may get more offers if you can showcase your house's potential, but it proably won't make the offer any higher. For example - we saw a house this weekend where the tiny master bedroom had huge furniture and you couldn't even really see what the room looked like.

A clean house is the most important thing to help it sell more quickly. I do get very turned off when I walk into a house that is a disaster.

Re: Increasing the value

Big seller for buyers (in no order!):

- Fence
- New windows (if you had really old one)
- Siding
- clean landscape
- kitchen (updated appliances and countertop)
- Bathroom (updated)
- Fireplace (but don't build one if you don't have one)
- Make sure the colors are "neutral" so buyers can see themselves in your house.

AND CLUTTER/STAGING of your house.

Message edited 1/29/2007 11:39:03 AM.

Re: Increasing the value

Sorry... at one point I was thinking of refinancing with a different type of loan to save money until we can sell it. We don't plan on being there much longer. My goal is that I want to sell the house ASAP, for many reasons now, but it used to be because of the robbery, but the problem I'm having is that we took out a 2nd mortgage over the LTV that my house is worth so we need to increase the value so it will appraise for more so we can sell it for more. We basically need to cover the 2nd mortgage otherwise we can't sell it. We knew that taking out the 2nd mortgage wasn't the greatest thing to do, but for us at the time and what we needed it was the right thing to do. Then 5 weeks later, we were robbed. I wouldn't of taken out the loan if the robbery had taken place beforehand. The thing is that it's an older house in an older neighborhood so it doesn't appreciate like other houses do. I live in NC and most of the market here is new houses. Like I said at the time it was the perfect house for us, but now because of the robbery, 2nd baby, not big enough, hate where we live, we need something else. But since the loan is more than what the house is worth we're stuck! I'm just looking for inexpensive ways to increase the value so we can sell it for what we need to pay off the 2nd mortgage. (Sorry so long!)

Re: Increasing the value

I have said this to you before- but I think you should contact a local real estate agent before you do anything

let them tell you want the house could be sold for - and what if any improvments can be made to increase the asking price

those shows on HGTV can be very misleading

Re: Increasing the value

this is what i would do if i were in your shoes. I would repaint in nice clean neutral colors. If you have any old or dingy carpets, replace them with an inexpensive berber. if you have hardwood floors underneath old carpet - expose them. If you can afford to, rent a sander and sand and restain them yourself. Then, clear out any clutter, and make your house as clean and organized as you can. Finally, call a realtor. they will have a good idea what your house can sell for. if you list it and then get an offer - it will end up appraising at the amount of the offer.

Re: Increasing the value

Just out of curiousity - have you called a realtor yet?

Re: Increasing the value

MY MIL recently put in new counters, appliances and floors in her kuitchen(kept the cabinets.) it is like a new room. It looks great and you may want to consider that.

Re: Increasing the value

Re: Increasing the value

I'm also in NC, not Research Triangle though.

I think that it is important to remember when watching the shows on HGTV, etc. that they are *usually* in very different markets - buyers markets, where people are bidding a lot of money etc.

In lots of areas of NC, all of the things that you just posted may help it sell a little quicker just from appearance, but are not going to increase your overall value of the house, but get you what the market is bearing.

Re: Increasing the value

Posted by CaidensMommy

Posted by Beth1210

I have said this to you before- but I think you should contact a local real estate agent before you do anything

We are still working on this. The problem is that my mom is a real estate agent and I don't want to offend her by bringing in someone else. If we sell the house she will be the one to sell it. But I want to get someone else to look at everything because they can look at it in a different way. My mom sees my house too much to be able to give me fresh ideas. She's told me things to do, but I would really like to get someone else's opinion who hasn't seen the house. Should I call around and get someone and not tell my mom?

Thanks again ladies!

Re: Increasing the value

Does your mom work in the area that you live in? If not I would suggest getting a local real estate agent.

If she does work in that area, has she told you what your house is worth? is it still below your combined mortgages?

Re: Increasing the value

I have an idea - why dont you post pictures of your house and maybe we could give you some tips on what we think might help you out.

Re: Increasing the value

Re: Increasing the value

Re: Increasing the value

I've said this before, I don't think you should waste any more money in your house. The minimal changes that you can't afford to make, will not give you the big pay off you need.

You may be able to do things that will help it sell faster, but before you do ANYTHING, you should find out what similar houses are selling for, so you have a better understanding of your financial situation.

from what you've said, you cant afford the mortgage payments & selling it wont pay off the loan

have you considered bankruptcy or foreclosing? obviously not ideal, but when you owe significantly more than the house is worth...

you need more professional help than we can give. You keep asking the same questions and getting the same answers.

Re: Increasing the value

Posted by CaidensMommy

Sorry... at one point I was thinking of refinancing with a different type of loan to save money until we can sell it. We don't plan on being there much longer. My goal is that I want to sell the house ASAP, for many reasons now, but it used to be because of the robbery, but the problem I'm having is that we took out a 2nd mortgage over the LTV that my house is worth so we need to increase the value so it will appraise for more so we can sell it for more. We basically need to cover the 2nd mortgage otherwise we can't sell it. We knew that taking out the 2nd mortgage wasn't the greatest thing to do, but for us at the time and what we needed it was the right thing to do. Then 5 weeks later, we were robbed. I wouldn't of taken out the loan if the robbery had taken place beforehand. The thing is that it's an older house in an older neighborhood so it doesn't appreciate like other houses do. I live in NC and most of the market here is new houses. Like I said at the time it was the perfect house for us, but now because of the robbery, 2nd baby, not big enough, hate where we live, we need something else. But since the loan is more than what the house is worth we're stuck! I'm just looking for inexpensive ways to increase the value so we can sell it for what we need to pay off the 2nd mortgage. (Sorry so long!)