All too often I am speaking to clients about listing their home, and the client is convinced that they are sitting on real estate GOLD. Unfortunately, most times this is not the case.
Why the disconnect? The home was great when it was built it or when they bought it 15 years ago. But time marches on and you must keep up with the latest real estate trends, changes and styles.
Today’s buyers are looking for quality and a home that is move-in ready. They are willing to pay for it, but it has to be quality, not ‘Do it yourself’ grade work.
I strongly recommend home owners take a page from the condo world. If you own a condo then you pay a maintenance fee of $400.00 to $700.00 per month. In most cases this is for your utilities and repairs. So let’s say a third of it is for utilities, but what about the remainder? That money is for the reserve fund that will cover future repairs. Condos know they can’t avoid repairs or upgrades so they bank the money every month in anticipation. This is a very good strategy.
Homes owners should be putting aside $200.00 to $400.00 dollars a month so that the bathroom can get updated or the kitchen renovated. I’m sure you know the list could be long! You have to be putting money back into your home on a regular basis. It is the only way to create real interest and show real value when it comes time to sell.
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