9. SELLING:
Will renovating always increase my resale value?
Make conscious decisions when renovating your home.
While newer will entice potential buyers, be cognizant of
what rooms you update and how you do it. While updated
kitchens will increase the value of your home, be sure to
appeal to a wide range of tastes. A good place to start is with
the appliances. Realtor.com states that homes with stainless
steel appliances sell 15 percent faster than those without.
Updated bathrooms are easier to satisfy a wider range of
buyers’ desires for luxury, but be sure to keep the colors
neutral.
10. SELLING:
Don’t spend earnest money!
Many sellers make the mistake of depositing and spending
earnest money before closing day. If the transaction doesn’t go
through or the buyer pulls out due to repair issues, it is up to
the seller to return the cash. It is recommended to have a real
estate agent or broker hold the deposit. Most buyers’ earnest
money will be held in an escrow account until the closing day,
allowing the money to remain untouched by either party.
FUN FACT:
Get the name and numbers.
Just when you think you’ve checked all the boxes for an
easy sell of your house, take a second look at your address.
According to Zillow, street names and house numbers
matter! If you happen to live at 666 Fanny Hands Lane, you
may be out of luck (however that particular street is in the
United Kingdom, so you should be safe). Innuendo-laden
street names tend to not sell as quickly as something more
like Thunder Road. American numerology says that 666
is bad luck and could decrease the value of your home by
2-3 percent. Also, steer clear of the number four, considered
unlucky in Chinese culture. Stick to the number eight, or
include the lucky digits 316 in your asking price!
Before entering the real estate market, educate yourself. The
more you know, the better your chances are for nailing down
the home of your dreams! ■
you’re not seeing everything you want in your price
range. Typically, you’ll need to make some compromises
with your first home. Keep a few non-negotiables in
your back pocket, but otherwise be open to the idea of
putting some of your own upgrades and changes into a
home that may not have everything on your wish list.
4. Home. Don’t get stuck in the mindset that you should
spend every dollar that you qualify for in your mortgage.
This could lead to bigger problems down the road. Look
in the market under your max budget and be creative
when looking at homes for ways to make improvements
or changes that better fit your needs. A little bit of sweat
equity can go a long way and will give the home your
own personal touch.
5. Offer. Once you’ve found a house you want to call
“home,” work with your real estate agent to come up
with an offer the seller can’t refuse. Whether the house
needs some improvements or it’s a hot buy on the
market, your agent can guide you into making a serious
offer to the seller. If you’re feeling passionate about the
home, write the seller a letter explaining why you’re the
best buyer for the home. These touches can sometimes
be the difference between getting the house of your
dreams, or losing it to another buyer.
6. Moving. You’ve done it! You’ve purchased your first
home. Now that you have a mortgage to pay, keep in
mind some money-saving tips, like asking your closest
family and friends to help you move! A little pizza can
go a long way when looking for some extra help. Make
a plan for those personal touches to add to your home.
Test out paint colors in each room to make sure you like
the color in the daylight. Purchase furniture after making
detailed measurements (you don’t want to come home
with something that doesn’t fit!). Add some curb appeal
as a finishing touch and as a way to meet your new
neighbors!
WOODLAND HILLS
❘
SUMMER 2019
17