Tag Archives: Margate NJ real estate

5 Renovations That Increase Resale Value

Renovations and home improvements aren’t just for our own personal satisfaction. Yes, we redecorate, remodel, and restyle while we live somewhere to make a home more unique, but sometimes, certain updates can add more to the bottom line when it’s time to sell.

From bathroom remodels to updated kitchens and new decking to extensions, for Margate NJ real estate it’s helpful to know which renovations can boost your selling price when you eventually decide to move.

So, here are the top 5 renovations that will increase the resale value of your home.

1. Loft Conversion

Adding an extra bedroom and en suite with a loft conversion has the potential to add up to 15% to the home’s value.

There are different types of loft conversions available, from light roof conversions (which is the most cost-effective as it requires less structural work) to more expensive mansard conversions, which have one or both roof slopes replaced with a flatter roof.

Most lofts can be converted, but you should always make sure your space is compatible by hiring a builder or architect to check first. You should also always check planning permission with your local authority before planning a loft conversion. While most projects don’t require it, more expensive conversions, like the mansard, generally need permission.

2. Minor Kitchen Remodel

The kitchen is the heart of the home, so it only makes sense that you’ll want to ensure it is up to scratch if you’re planning on selling. However, these remodels are some of the most expensive, with the average homeowner paying $12-35k for the upgrade.

If this scares you off, we don’t blame you. However, you may want to consider a minor remodel instead. Installing a functional and modern-looking kitchen not only creates a warmer and more inviting environment for you and your family but will also add value to your home. A minor remodel has also proven to earn you a return on investment (ROI) of more than 83%.

The kitchen is a social hub, and when potential buyers view your home, they want to imagine their family and friends cooking, drinking, and sharing memories together. If they can see themselves enjoying life in your upgraded kitchen, it will heavily influence their buying decision, even if the remodel is minor.

3. Bathroom Remodel

Bathroom remodels are some of the most popular home upgrades, and they have a great return on investment. If your bathroom furniture and style is outdated, old, or damaged in any way, a remodel can add up to 4% of the value of your home.

According to the National Association of Realtor’s (NAR) 2019 Remodeling Impact Report, bathroom upgrades ranked highest, above kitchen upgrades and complete kitchen renovations.

Depending on the age and state of your bathroom, some of the most popular remodels include upgrading the flooring, adding energy-efficient updates to decrease the water bill, updating the plumbing fixtures, and adding vanity upgrades.

4. Extension

From a conservatory, a single or two-story addition, or a garage conversion, these home upgrades have the potential to add between 5 to 20% extra value to your property.

There are many different types of extensions you can build to increase the value of your home, but again, ensure that you have planning permission before you start.

5. Decking

Everyone loves to have an attractive outdoor space, especially in summer. Adding wooden decking to your yard is a great renovation that instantly increases resale value. Wooden materials are significantly cheaper than marble for a new kitchen or bathroom, so you’ll save money with this project. They are also cheap to construct, making them an ideal upgrade for both you and your family to enjoy and someone else’s in the future.

Increase the Value of Your Home

If you’re seeking ways to put your property on the market and increase its value, these renovations will help you add some extra zeros to your asking price.

So, what are you waiting for? Get upgrading today and reap the rewards when you sell.

Getting Your Jersey Shore Rental Ready for Summer

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woman doing chores cleaning bathroom at home

Can you believe that summer is here already? It seems like only yesterday we were talking about nor’easters and winterizing your home. Whether you’re interested in the nightlife in Atlantic City or the tranquil beaches of Brigantine, summer down the Jersey Shore is a special time of year. Each year, millions of people visit the Jersey Shore, and many will choose to book a week or weekend at one of the many Jersey Shore rentals available.

If you invested in Brigantine or Margate NJ real estate and are the owner of a vacation rental, you have probably already filled up most of the dates for the season already. Now that the booking is done, it’s time to get the rental in proper shape to accommodate your tenants. If the rental is dirty or needs repairs, this will reflect negatively on you and may hinder your income for future seasons. Luckily, most of the work can be quick and easy. Here’s a quick list of things you can do to make your rental ready for summer:

Inspect Your Air Conditioning Unit: Yes, if you are down the shore, you will benefit from those coastal winds. But it can get pretty hot in Atlantic City and other shore towns, which is why you should have your AC united tested if you haven’t done so already. Many times, a major issue can be prevented with a minor fix.

Hire a Professional Cleaning Service: Before you begin renting out your property to people, a major cleaning is a must. While you can clean it yourself if you so choose, it often makes more sense to spend the money and hire a professional cleaning service that can provide the deep cleaning needed. Contact a few in your area to find the best quote.

Make the Rental a Functional Home: While you don’t need to keep family pictures or personal items around, the rental should still look like a home. Make sure the rental is fully furnished and has all of the amenities necessary to enjoy oneself while down the Shore. Also, it wouldn’t be a bad idea to update your linens and kitchen items if you notice they’re worn down or getting older.

If you would like more information, we would encourage you to check out this article published in NJ Monthly last month that goes over what vacationers should look for when choosing a rental. It may give you an idea of how you can present your property to meet your tenants’ needs. And if you are looking for a rental, we encourage you to check out all of our vacation rental listings here.

The Secret to Selling in a Buyer’s Market

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While listing your home in a seller’s market would be most ideal, situations like the need to relocate or downside could force you to list when buyers have the upper hand. Fortunately, there are several things you can do to take control in a buyer’s market. Though your home might not break out in a bidding war the day after it’s listed, these tips will still help you sell quickly, while getting the best return on your investment.

Prep Your Home

Before putting your property on the market, you need whip it into shape. In addition to cleaning your home, you need to clear out the clutter and depersonalize. The key to getting buyers interested is to make your home appeal to them. If your home is filled with junk or personal mementos, then the buyer can’t envision themselves living in the space. Store your personal belonging in storage while it’s on the market.

Also prep your home by making any small repairs and improvements. Smart improvements include painting the walls a neutral color, updating outdated knobs and hardware, and fixing that leaky faucet. If it fits in your budget, hire a professional stager to show buyers how the can really maximize the space. Typically, staged homes sell faster than non-staged ones.

Take Good Photos

For buyers, their home search is likely beginning online. It’s important for your listing to include some great photos and even a video tour to entice buyers to come out and see it in person. Include clear photos of both the interior and exterior.

Offer to Cover Closing Costs or Repairs

Just because you’re selling in a buyer’s market doesn’t mean you have to slash the price. If you have an interested buyer who needs some financial wiggle room, offer to pay for closing costs, moving costs, or repairs. Paying for closing costs is appealing to buyers because it provides them with money they need upfront and will make them more inclined to seal the deal.

Covering the cost of moving or repairs can also help you make a sale. Instead of doing the repairs yourself, lower your selling price to accommodate the repair that needs to be done.

Choose the Right Agent

Working with the best agent can mean the difference between selling your home and having it sit on the market. Choose an experienced real estate agent who has vast experience selling in your community. A good agent will make sure your home is priced correctly, the right upgrades were made, and that it’s up to code. You realtor will also oversee the negotiations to get you the best deal.

If you’re selling your home at the Jersey Shore, call on our leading Margate, NJ real estate agents to assist you: 609.487.8000.