Selling one's home can sometimes be a long waiting game. It is important to go through a list on what would work best when putting up your real estate on the market. New York Post gave out some tips in selling your home. These tips aren't the traditional ones, and they do come in handy. Listed below are 3 tips from the NY post which was taken from "The New Rules of Real Estate". It was written by Stan Humphries, a Zillow economist and the CEO himself Spencer Rascoff.
The Starbucks Effect
He then stated that "one should consider buying a home near Starbucks". Take two identical homes sold in 1997. The one near Starbucks would have sold for an average $137,000 compared to the one who only sold for $102,000 which is away from the coffee shop. As per 2015's statistics, the average US home appreciated more than 60-65 % which would normally cost around $168,000. The property near Starbucks however increases more than 96% in the amount of $269,000.
Avoid Renovations
Renovation can be costly, and most of them are unequal. As per the website, the greatest return of investment is a mid-range bathroom remodel which would only cost around $3,000. Having a mid-range bathroom can give you a return of $1.71 for every dollar that was spent on the renovation. Remodeling the kitchen and finishing a basement however is not advisable. A high class kitchen can cost about $22,000 and you would only be able to get $.50 per every $1 you spent.
Use the Right Words
Using the right words in putting one's home in a real estate listing is very crucial. As per Zillow, using the word such as "unique, TLC, investment, and potential" could lower the prices for as much as 7%. Words like "luxurious and captivating" could increase the home's value by 8.2%.
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