Improvements to Make and Enjoy Now That Will Pay Off When You Sell Your Home

Posted on January 17, 2023January 17, 2023 by Living Room Realty

LRR Agent Bobby Curtis lends his expert advice to the Oregonian on remodels and upgrades to make to your home that will increase livability now, and improve resale value down the line. Read the full article HERE.

Portland broker Bobby Curtis can’t count how many times his clients lament making costly home improvements not for themselves but for a new owner to enjoy.

“Why didn’t I do this sooner?” they ask Curtis of Living Room Realty as they are looking at photos of their now-stylish residence readied for the real estate listing.

Don’t wait. There are low- to high-cost ways to upgrade a residential property and increase its livability now that may bump up its value when it’s on the market later.

Another motivation: Putting off repairs could make the situation worse, and perhaps harder, or impossible, to sell the house later.

Unless the structure is a teardown, failing electrical, plumbing, and HVAC systems as well as a bad roof and safety issues have to be repaired to sell a property to a buyer relying on an appraisal to secure a mortgage.

The Oregon Realtors organization also says to repair damaged flooring, water leaks and stains, holes in grout and pet destruction.

A well-maintained home sells faster and for more, say experts.

Then there are enhancements that can have almost their entire expense added to the asking price, if the seller doesn’t overspend.

Rebates for installing energy-saving appliances, double-pane windows and wall insulation lessen upfront costs and the owner benefits from lower monthly utility bills while making a home more appealing to potential buyers.

Replacing an oversized, inefficient oil-fired boiler and furnace in an older home can also free up the basement to be finished as additional living space, increasing the property’s market value and widening its appeal, says Curtis.

Since the pandemic started, home shoppers have been keen on having flexible spaces that can be a work, craft, hobby or wellness area, says Curtis, who calls having a bonus room “the best seller.”

If an owner has the resources, converting underused space in a house into an in-law apartment for extended family members or a lower level with an exterior door into a rentable accessory dwelling unit (ADU) can be rewarding now and enticing to a future buyer.

Biggest rewards

Research shows that sellers get the most bang for their renovation bucks by focusing on the kitchen, bathrooms and curb appeal with a handsome front door and low-maintenance landscaping.

The front yard is the first impression a home shopper sees after liking the property’s online photos and description, says Curtis.

The biggest payoff, however, now and in the future, comes at little cost but big effort: Decluttering.

Clearing floor space, shelves and closets so a potential buyer can visualize living there is key. Current residents also benefit from putting or giving away unneeded objects.

Studies show removing clutter and other distractions promotes creativity and a feeling of being in control, and orderly environments are relaxing and can reduce dust that irritates allergies.

If you plan to move sometime, it’s helpful to start boxing and storing excess objects now, says Curtis.

“Most people can move a third of their possessions to a corner of the garage and still have a livable, workable home,” says Curtis. “Many people instantly see this as an improvement and wonder why they didn’t do it years earlier.”

Timeless upgrades

Real estate agents, interior designers, home stagers and professional organizers can be consulted long before an owner lists a property.

If you plan to move sometime, it’s helpful to start boxing and storing excess objects now, says Curtis.

Real estate agents, interior designers, home stagers and professional organizers can be consulted long before an owner lists a property.

One of his recent listings, which he describes as a “truly unique, tasteful and bold” renovated midcentury modern house in Northwest Portland’s Kings Heights neighborhood, received an accepted offer in four days.

“It’s just not one of those renovations, but it was thoughtful and extensive,” he says.

Trends with wide appeal

Erin Davis of Mosaik Design and Remodeling in Portland says kitchens and bathrooms are the most used spaces in a home and the most sought-after remodeling projects.

“Staying with quality materials and a timeless style is a safe bet that both you and potential buyers down the road will enjoy,” she says.

A custom designed, high-end large kitchen can cost $50,000 or more, according to a 2023 study by Houzz, an online resource with content by more than 3 million home remodeling and design professionals.

Designers with the National Kitchen & Bath Association can recommend alternatives to high-priced products and materials for the latest looks are also available at home improvement stores in standard sizes and popular colors.

Some owners make improvements in phases to stay within a budget, and do some of the work themselves.

Davis has found that these looks appeal to homeowners and home shoppers:

Kitchen

Quartz Countertops
Full height backsplash
Quality flooring materials
High-end kitchen cabinetry

Bathroom

Tile flooring
Zero threshold shower
Good lighting

SE Portland Dreams Come True!

Posted on February 1, 2022 by Shannon Dooley

One of my favorite things about being a Realtor is helping people buy their first home.

It brings me so much joy to see people embark on their journey into homeownership and creating longitudinal wealth.

Meet Corey. I’ve known this lovely human for about 15 years and he has often thought about buying. Even though he has a great job he wasn’t convinced it was possible to do on his own. Working with a local credit union Corey was able to secure a zero down loan. It’s not the easiest thing to have a zero down loan accepted in this competitive market, but we were able to get into contract with our second offer. After inspections and negotiations we also got a new roof and enough credit to cover ALL off his closing costs and a home warranty!

Today we picked up the keys, went inside and immediately pulled up some of the carpet to inspect the beautiful hardwood floors hiding underneath. With a little bit of sweat and some paint this house is going to be completely transformed from grandma’s house to a stunning midcentury ranch. The large yard will be the perfect oasis for Hank, the very strange little cattle dog, and the perfect place for outdoor hangouts this summer.

I’m so excited to watch this journey and filled with gratitude that time and time again I am trusted to help people start their next chapter.

What’s up with Cosmetic Fixers?

Posted on November 11, 2021 by Mel Marzahl

What’s up with cosmetic fixers? What are they? What’s the difference between a “fixer” and a “cosmetic fixer”? Here is a quick guide to cosmetic fixers. I’ll answer these questions and talk a bit about how buying one could be the best way to get into a busy market and what to look for.

What are they?

First, let me explain what I mean by a “cosmetic fixer”. These are homes that structurally and mechanically are in good shape but look outdated, dirty, or generally unattractive. Cosmetic fixers can be condos, townhouses, single-family or multi-family homes.

What’s the difference between a “fixer” and a “cosmetic fixer”?

In short, a fixer is a property that needs A LOT of work and may not even be livable (lacking heat, missing flooring, open walls, mold/mildew, etc). They are priced significantly under the average price for a similar property in the same area that is “move-in ready”. Fixers often require cash to purchase the home as lenders may not provide financing for them. A cosmetic fixer is a home that has “good bones” meaning its main systems are functioning well and it’s livable, but it may need a deep clean and some minor t0 significant updates to the cosmetics. Cosmetic updates might include things like carpet, paint, countertops, cabinetry, fixtures, tile, and the list goes on… It can also generally be financed as well because while it may need a deep clean and updating it is still in liveable condition.

What to look for

If you’re looking for a cosmetic fixer, you will need to look past a home’s popcorn ceilings, chipping vinyl floors, or dirty, threadbare carpeting and take a good look at the functional aspects of the home. The structural components of the home, like the roof, gutters, siding, windows, and doors should be in generally good to average condition. The mechanical components of the home, like the furnace, ac, plumbing, electrical panel, and ventilation should also be in good to average condition. Your realtor can point out things to take note of and share their experiences, but you should always rely on the expertise of a home inspector and/or trusted contractors to verify the condition.

Is a cosmetic fixer right for my budget?

Whether you are a first-time buyer looking to get into the market, someone looking to buy a second home, or an experienced investor, there are some things to consider first. Mainly, does your budget allow you to make the needed repairs? If you’re getting a loan to buy the house, you’ll want to look at the funds you have available after your downpayment and closing costs. Do you have enough money to make the repairs you want to do? How big is the home?

If you only have enough to cover new paint, some new hardware for cabinets, and an appliance or two, maybe a “light” cosmetic fixer or a more modest-sized home is best. If you have enough cash to replace all the cabinetry, re-do the bathrooms, replace light fixtures and flooring, you’ll have more options.

A way to stretch your budget as a first-time buyer, or someone who intends to live in the home as they fix it up, is to prioritize your repairs. Decide what needs fixing or replacing before you move in, what items you can do in the first year, and what things you can live with for a few years while you save up for the next project. Does the carpet need replacing or does the asbestos popcorn ceiling need to be removed? You might decide to do these items before you move all your stuff in and live with the 1970s kitchen for a while. If you go this route, keep in mind that you’ll also have regular home maintenance things to budget for as well. You may be saving for a new bathroom, but don’t forget to put a few dollars away to re-caulk and touch up paint the exterior next fall or to have your ac and furnace serviced regularly.

Is buying a cosmetic fixer right for me?

Well, if you’ve read this far, I think it could be! Deciding to buy a cosmetic fixer means that you have the vision for what a home could be with some TLC. It also means that you’re committing to a bit of a project. Cosmetic fixers can work for many types of buyers. Maybe you’re handy, you like a DIY project and plan to live in the home as you fix it up. Or maybe you’re planning to hire someone to do all the updates right away so you can move in and enjoy the freshly updated space. You might have an eye for design and see a cosmetic fixer as an opportunity to choose your own finishes and make a space your own vs buying something in great shape that doesn’t match your style. Maybe you see it as an investment opportunity and plan to fix it up to be more desirable to more people and sell it for a profit. Whatever your plan is, cosmetic fixers can be a good option for lots of buyers!

If you’re ready to start shopping for a cosmetic fixer in Portland or the surrounding areas, give me a call. I’ll happily show you homes with potential that just need a little TLC. I love a design project and can discuss how to meet your goals and make a place your own.