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Common Renovation Mistakes

Common House Renovation Blunders

House renovation projects, big or small, can be unexpectedly complex. Television shows make projects appear so quick and easy that you may not fully realize what is needed to achieve your goals. Whether you attempt it yourself or hire someone, here are some common house renovation blunders to avoid with your next endeavor.

Not Properly Prepping

Getting your home prepped for repair work can help save you some time later on. Dirt will travel farther than you realize during house renovation. For instance, failing to cover doors may make your whole house dirty.

Using Cheap Options

If you are deciding to dedicate resources to repair your property, why not make it last? Many homeowners make the mistake of opting for inferior materials with short life spans. There are ways to save money on a renovation project other than using low quality materials.

Going Too Far With Demolition

Proper house renovation does not necessarily require that you demolish to the studs. You can ultimately make more work by doing so and adding unnecessary expenses. Carefully plan your repair and evaluate what you can salvage before starting demolition. Retaining particular features may require a more careful demolition, so you do need to know this prior to starting.

Using A Design That Does Not Make Sense

You want your home to be contemporary, but going too far with your design can impact the resale value of your property. Additionally, think about the existing elements of your property and ensure that the new design compliments it. Remember all of this when selecting hues, materials, etc. for your house renovation.

Setting An Impossible Budget

It is critical to stay within your target budget, but that is only achievable if you set a realistic one to start. It is also not uncommon for unexpected issues to arise during construction. Try to incorporate a buffer just to be safe.

Staying Away from Common House Renovation Blunders

It is simply too easy to make common house renovation blunders. Being aware will help you dodge them. Assess your space, use an appealing design and enduring products, carefully plan before starting, and set a feasible budget and schedule in which to complete it. This will result in a stress-free project with nicer and longer lasting results.

Home Renovations Cost Vs. Value

New Hampshire Home Renovation Costs Versus Value

New Hampshire homeowners should check the possible improvement in property value compared to the expense of particular renovations prior to performing any work. Some repairs are more profitable than others. The following is information on New Hampshire home renovation costs versus value.

Many people think that they will regain every dollar spent on a repair, or perhaps even more, in increased property values. This is an expected expectation, however it is not generally what occurs. Different home repairs offer different returns, and that increased value can differ depending on the area. To obtain an overview on home renovation costs versus value, here are a few nationwide averages.

Averages

The figures below were obtained from the Remodeling Magazine Report.

Improvement

  Expense 

   Increased Value        

Cost Regained

Basement Room Addition   

  $63,378

         $42,338

       66.8 %

Garage Addition

  $57,824  

         $33,089

       57.2 %

Bathroom Addition

  $40,096

         $20,455

       51 %

Minor Kitchen Upgrade

  $19,588

         $14,120

       72.1 %

Entry Door Upgrade

  $3,536

         $1,990

       56.3 %

 

Assessing Home Renovation Costs Versus Value

Another factor influencing the value of renovations is whether it is a mid-range or up-scale improvement. Kitchen renovations, for example, can be performed in varying price ranges resulting in a different ending value. So, not only might you evaluate the type of renovation but additionally the quality. For a comprehensive list of home repairs and up to date New Hampshire home renovation costs versus value, visit http://www.costvsvalue.com.

First Time Buyer Guide

Getting Ready to Buy

Find a Local Mortgage Company

Interview a local mortgage company and request a pre-approval. Keep in mind that banks might offer different alternatives than other lenders. Evaluate the options and settlement costs to determine the best option. Get an estimate of up-front costs and recurring payments. This also helps determine your maximum purchase price.

Select a Real Estate Broker

Find a real estate broker to assist with your property purchase. Choose someone that understands your needs. Experienced agents can help identify properties, prepare contracts, and facilitate a smooth transaction. This expertise can be essential to first time buyers.

During the Purchasing Process

Real Estate Showings

Only consider listings within your budget. This prevents the heartbreak of wanting real estate that you cannot afford. Home viewings can be time consuming, so keeping to your limits will also preserve valuable time.

Agreements

Real estate brokers may offer advice on offers and negotiating them, but they do not practice law. If you require a legal opinion, consider hiring a local real estate attorney to interpret legal jargon and add any desired terms. Do not sign any contracts that you are not fully comfortable with.

Real Estate Inspections

Do not use inspections to renegotiate price or alter purchase terms as they sometimes do not identify any problems at all. Also stay away from negotiating clearly visible issues. Such strategies are not usually successful and lead you to lose the inspection costs. In situations where problems are uncovered, sellers may offer to address defects, give closing concessions, or be unwilling to do anything. Try to be reasonable with your demands and sellers may be more willing to accommodate them.

Final Walk-Thru

Shortly before the closing, you will have the chance to view the property one more time. It is a good idea to schedule this for after the homeowners have removed their belongings. If any issues arise during this visit, you may negotiate them prior to completing the closing.

The Closing

You must have proper ID for the closing. Bring acceptable funds for any amounts due. Have your checkbook ready in case there are any final corrections. Upon closing, the real estate belongs to you!

Dangers of Overpricing

What Overpricing Your Portsmouth, NH Real Estate Listing Might Cost

Home values are improving, which is welcome news for home sellers. Inclining prices improve home buyer confidence, which results in more buyers and greater competition. This situation commonly causes overpricing, which is a bad idea at any time. Here is what overpricing your Portsmouth, NH real estate listing might cost.

How Home Price Influences Marketing Timeframe

It is well known that list price and marketing time are linked. Overpriced properties sit longer for a few different reasons. First, the higher in price you go, the fewer the buyers. Secondly, overpricing your property makes lower-priced alternatives appear a better deal. So, overpricing essentially assists your competition. Thirdly, potential buyers are more scrutinizing as the price increases. Higher prices must be warranted by substantial upgrades or home buyers will ignore it.

Longer Days on Market Affects Sale Price

Another known fact is that the price for which a home sells will decrease the longer it remains listed. Buyers negatively view houses that are listed for longer than usual. They assume that things must be wrong with the house (and not necessarily that the price was the issue).

Additionally, sellers usually lower the price as time passes. Even if you reduce the price to the proper range, the damage will have already been done. Buyers interested in the property will often submit lower offers than for a newly listed property. In the end, your listing will sell for less because you overpriced.

What Overpricing Your Portsmouth, NH Real Estate Listing Might Cost

What overpricing your Portsmouth, NH real estate listing might cost is both time and money. It is that simple. Even if the market is on an incline and listings are receiving above asking price, it is not a good idea to overprice. It is always critical to begin at the optimal price point. That produces the most interest, improves demand and gets you the highest price. Contact an experienced real estate broker who understands the market and proper pricing approaches to ensure that you do not make the mistake of overpricing.

Portsmouth Voted #9 Happiest Seaside Towns in the Country

Portsmouth came in at number 9 this year for Coastal Livings annual "America's Happiest Seaside Towns". Portsmouth has a population of just over 21,000 people and is a major tourist city for the Seacoast. Located at the mouth of the Piscataqua River, people from all over New England and beyond come to visit this Port Town and it's plethora of restaurants, bars, and shops packed into a charming downtown.

Portsmouth is known for its friendly and laid back residents and is also very rich in history. This town offers daily harbor and river cruises, a multitude of theaters and art galleries, an incredible scenic park right on the river, an annual film festival and much, much more. Come get a feel for this iconic town and see what Portsmouth has to offer to people of all ages.

How NOT to Negotiate a Home Purchase!

When you are looking at buying a home there are don'ts you should be aware of. Many times the handling of the negotiation can mean the difference in huge amounts of money. This is why it is vital to have an experienced agent on your side. Here are just a few common pitfalls to avoid.

Not doing your homework

Doing your homework is important in such a large purchase. Ask your agent for a list of comparable homes recent sale prices. Look to see how long comparable listings have been on the market and what the average sale to list price ratio is. This will give you the information you need when making an offer and negotiating a final sale price.

Not understanding the seller

Try to look at the deal from the opposite side of the table. A sale is typically emotional for a seller. When making an offer try not to insult the seller, offering a fair and realistic offer to purchase will typically get you further in the negotiations. If you know the seller's motivations for selling you may also be able to offer terms that might be more attractive like a quick close or inspection.

Showing your cards

While you want to know as much about the seller as possible divulge as little about yourself in the negotiation as possible. Any knowledge the seller has about your motivation can be used as leverage in the negotiation.

Getting your heart set

Buying a home can often be an emotional process. Identify several properties you'd be happy with as well. Be careful not to get your heart in the way of your head as it can sometimes hinder the deal.

Trying to win

In a sale there needs to be two ingredients: a seller who wants to sell and a buyer who wants to buy. Try not to getting caught up in the game. Ultimately it is about buying a home and not winning a negotiation.

Low Home Inventory on the Seacoast!

Low Home Inventory! Do you know what that means? 

That means your home might be worth more than you think. That means your home could sell quickly.

Here on the Seacoast we have QUALIFIED buyers actively looking for their new home. We just do not have enough homes to show them.

According to the Seacoast Board of REALTORS® April Press Release, "Real estate sales activity in the 13 Sample Seacoast Towns registered modest monthly gains in March as record low inventory levels limited the spring market to a sluggish start." 

Last week, we called neighbors and previous clients with homes that met our buyer's desires to see if they would consider selling their home.  

In our office, we have personally seen recent bidding wars, multiple offer situations, and homes going under agreement within 24 hours of listing.

Based on NNEREN MLS reports, for the months of March and April (to date) Great Island Realty's closings in the same 13 Seacoast towns, have a 99% of list to sell price with an average of 16 days on the market!

So while you may be waiting for the warmer weather to get your spring clean on and yard work done, buyers are out looking for homes. So call Great Island Realty today to have one of our amazing agents come tell you what your home is worth. 

 

Happy Earth Day 2015!

There is a lot going on around the Seacoast to celebrate Mother Earth today and throughout this month! Shopping at the local farmer's market, participating in a beach clean up and attending Solarfest at UNH all help contribute, do you know that there is a lot you can do at home to become more green?

According to the National Association of Realtors® 2014 Profile of Home Buyers and Sellers, in New Hampshire Heating and cooling costs, energy efficient appliances and energy efficient lighting are all considered "very important" factors when purchasing a new home. Especially when building a new home.

There are simple steps to start with to make your home more "green":

  1. Switching to energy efficient light bulbs. While LED bulbs might be more expensive up front cost, their long life and energy efficiency will save you money in the long run
  2. Change to programable thermostats. The new Wi-Fi thermostats quickly learn your heating schedule and reduce the amount of time your heat is running
  3. Install water saving shower heads
  4. Upgrading appliances, doors and windows to ENERGY STAR® rated items

Be sure to check out NHSaves.com for rebate and discount information as provided by your utility companies. There may be ways to save money on the items to help turn your home into a more desirable home with energy efficient features and lowered utility costs!

At Great Island Realty we will be focusing on being more green as well: Using less paper, more recycling and unplugging our computers at night!

Enjoy this beautiful Earth Day! 

Check out our Pinterest Board: Going Green for more tips and tricks! 

 

 

 

Town Spotlight: Rye, NH

Town Spotlight: Rye, New Hampshire

Rye was the first New Hampshire settlement by a group of Fisherman at Odiorne Point. Rye was formally known as Sandy Point which indicates what is is best known for, a stunning coastline. 

Located directly on the Atlantic Ocean, Rye boasts the longest coastline in New Hampshire and Odiorne Point is now a state park that is the largest undeveloped land on the 18 miles of New Hampshire coastline. Rye is also home to four of the nine islands known as the Isles of Shoals and several beautiful beaches, including Wallis Sands and Jenness. 

Almost all of the commerce in Rye stems from local  businesses. 

Real Estate in Rye, NH

Rye's real estate has a wide variety of homes for sale. On the beach cabins to ocean front mansions, inland  starter homes to new construction lots. The current residential listings range from $174,900 to $3,950,000 further outlining the wide range available. 

Home buyers flock to this town because of the beautiful scenery, historical presence and great commuter location being approximately an hour from Boston and minutes from Portsmouth.

Click here to search for homes for sale in Rye, NH

Number of Homes on the Market TODAY -51

Average LIST Price in the Last 60 Days - $800,756

Average SOLD Price in the Last 60 Days - $3,950,000

Number of Homes Sold in the Last 60 Days - 9

 

Restaurant Week Portsmouth & the Seacoast!

Restaurant Week Portsmouth & the Seacoast

One of our favorite Seacoast events is the Portsmouth Chamber of Commerce's Restaurant Week! It's a sure sign that spring has arrived in New Hampshire and is a great reason to try out someplace new!

If you are new to the area, a visitor or a local you are sure to see some amazing menu items and take advantage of the pre fixe pricing ($16.95 for lunch and $2295 for dinner.)

The 2015 Spring event lasts from this Thursday April 9th to  Saturday April 18th.

If you are from out of town, this is a great way to see what the Seacoast has to offer!

We are certainly looking forward to a few extra nights out on the town!

Call Great Island Realty today if you want to coincide a property tour while making your dinner reservations! 603.433.3350

 

Follow Great Island Realty on Facebook and Twitter for up to date details and pictures of where your favorite real estate agents are dining! #RWPortsmouthNH #GIRoutandabout

For more details please visit: 

http://www.portsmouthchamber.org/restaurantweek.cfm