Posts Tagged ‘real estate’

Should A Homeowner Invest In Their Home Before Selling?

Before you put your home on the market, you will probably have to spend some money painting or generally sprucing up the property. In some cases, however, you may have to invest some money in upgrades to make your home competitive in the current real estate environment. It is a delicate balancing act between the amount you may need to spend on your home and what you can expect as a return on investment (ROI).

The Roof

If your roof is not in good shape, repairing or replacing it before putting the home on the market is vital. For many homebuyers, an older roof that leaks or has leak potential proves a deal breaker. They certainly know they will end up having to replace it themselves sooner or later, and might demand a considerable reduction in the selling price.

Although the price of a roof varies according to the size of the home and materials used, it does provide a reasonable ROI. Another advantage –a contractor can put repair a roof in just a matter of days, as long as the weather is good. That’s not usually an issue in Hawaii. Although there are some inconveniences for the residents while the roof is replaced, it is just a short-term issue.

Kitchen Remodels

Many buyers look at the kitchen first and foremost when making a home purchase decision. If your kitchen is less than stellar, that does not necessarily mean you must go through a major remodel. Often, a smaller remodel in the kitchen will help sell the house without the high price and huge inconvenience –possibly months or a year or more –of a full remodel.

For example, a minor remodel has an ROI of as high as 80 percent, while the ROI for a complete remodel hovers around the 60 percent mark. One caveat: If you decide to go with the full remodel, never spend more than 15 percent of the house’s value on the project. You will not recoup those funds.

Bathroom Remodels

Updating a tired bathroom or adding a new one helps sell your house and usually provides a good ROI. Sometimes, replacing the fixtures and redecorating, as well as tile recaulking, is all that is needed to make the bathroom more appealing. If you decide to renovate totally, go with a mid-range rather than an upscale renovation for best ROI.

Considerations

A home that doesn’t require much, if anything, in the way of repairs is much more attractive to buyers. If you want to sell your house as-is, expect not only to receive less money for it, but those attracted to it may look specifically for a fixer-upper they can purchase for as little as possible.

On the other hand, you do not want to put so much new money into your home that you receive little or nothing in the way of ROI. Your real estate agent can advise you on the best type of upgrades for your particular dwelling, and what they may add in value in the present market.

Contact Us

If you’re looking to buy or sell a home or find a rental property, you need a knowledgeable, experienced realtor familiar with every aspect of the Hawaiian real estate market. Contact Island Realty Group LLC at 808-689-7407 or IslandRealtyGroup@irghi.com.

Filed under: Blog by Freddy
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Renting vs. Buying in Today’s Market

The current Hawaiian housing market remains fairly strong, although condo sales are down slightly in some areas. The state’s population continues growing, and foreign buyers make up a large percentage of those purchasing Hawaiian properties. The demand for Hawaiian housing still far outstrips the supply, and it remains an expensive place to live. Housing is priced at historic highs, and Hawaii is considered the least affordable market in the nation.

However, home prices did not rise by much in 2019, and are not expected to rise a great deal this year. Keep in mind that there are differences in market conditions and home values depending on the area.

The Argument for Buying

If you are considering relocating to paradise, whether renting or buying in today’s market is the best choice depends on several factors. Right now, mortgage rates are still low, so even though house prices are high, borrowing funds is relatively cheap. If you opt for a fixed-rate mortgage, you know what your monthly payments will entail for the next 15 to 30 years, or the life of your loan. Economic conditions could cause mortgage rates to rise in the near future, so locking in a low rate now is a smart move.

If the housing market remains strong, you are building equity in a dwelling that is likely to pay off handsomely when you sell, as long as you intend to live there for a significant period of time. For example, if you purchased the average-priced home in the state back in 2009, you would have paid $514,550. Sell that same property ten years later, and you would have received $733,125. During that period, the average price did decline for several years due to the effects of the Great Recession, so if you had to sell a few years after the purchase, you would have lost money.

The Case for Renting

Although mortgage rates are low, if you do not have a substantial amount for a down payment, preferably around 20 percent of the purchase price, you will end up paying higher rates and fees. Due to the expense, potential first-time homebuyers in Honolulu often find the dearth of affordable properties makes renting a more viable option.

With a rental, you do not have to worry about making repairs to the property or even to appliances, should they break down. That is the landlord’s responsibility.

Renting makes more sense for anyone who isn’t sure whether or not they want to stay in Hawaii. Moving is much simpler for renters than for anyone owning a home, although it is possible to rent out a home in Hawaii fairly quickly if you hire a good property management company. If you think you will stay in Hawaii for less than five years, renting is the better bet.

Contact Us

If you’re looking to buy or sell a home or find a rental property, you need a knowledgeable, experienced realtor familiar with every aspect of the Hawaiian real estate market. Contact Island Realty Group LLC at 808-689-7407 or IslandRealtyGroup@irghi.com.

Filed under: Blog by Freddy
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How to Make Your Small Hawaii Home Look Bigger

You can’t add square footage to your small Hawaiian home, but there are ways to make a modest dwelling seem much larger. If you are selling your house, you want to give potential buyers the idea that, for a small house, there’s a lot of space.

All About Staging

Proper staging makes a big difference in how quickly your home sells. Staging accentuates the positive and minimizes the negative aspects of any property. Your real estate agent can recommend a professional stager, but many people can perform these tasks themselves.

Any room benefits from as much light as possible. Hawaiian homes are usually light and airy, but you can make your home even lighter and airier – and larger looking – with the right staging and s little in the way of window treatments.

Painting Contrasts

It’s always a good idea to give your interior walls a coat of paint before putting the house on the market. In some rooms, such as the kitchen or bathrooms, create the illusion of a larger space by using a bright white paint contrasting with a darker paint. The resulting depth created by the white and dark contrast makes the space look bigger.

Furniture to Scale

Furniture out of proportion to the room dwarfs it. You probably know someone who put a large bed in a small bedroom, leaving little room to walk around. If that’s the case in your home, replace the bed with a smaller version until you find a buyer. Put the bed as far away from the door as possible to make the room feel larger.

Look around your own home and see if there is any large item making a room look even smaller than it is. For many people, a giant TV in a small space is their favorite choice for entertainment, but it’s wise to replace the screen with a smaller version until your house sells.

Decorating a small space to make it appear larger means making some adjustments. For example, rather than purchase a sofa for the living room, consider buying a love seat. Not only it a love seat less expensive, but its proportions fit a small room. When furniture shopping, look for other proportionate pieces. Another tip: Consider furniture fabrics the same color as your walls. This makes the furniture blend in, giving a sense of a larger space.

The Mirror Effect

The right use of mirrors makes any room look larger. Placing a mirror across from a window reflects light and provides visual depth. Another way to create depth is by choosing a focal point in the room and angling a mirror toward it. A large mirror over the sofa is often effective. For best results, use a large mirror or two rather than a lot of small mirrors.

Contact Us

If you’re looking to buy or sell a home or find a rental property, you need a knowledgeable, experienced realtor familiar with all aspects of the Hawaiian real estate market. Contact Island Realty Group LLC at 808-689-7407 or IslandRealtyGroup@irghi.com.

Filed under: Blog by Freddy
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DIY Landscaping Ideas to Boost the Value of Your Home

Good landscaping makes a huge difference in a home’s appearance, and plays a role in a buyer’s decision to make an offer on a house. Professional landscaping often proves expensive, but there’s no reason a homeowner with a bit of a green thumb can’t employ some effective DIY landscaping ideas.

Trimming and Pruning

Before getting started with landscaping, take a good look at your current situation and see if there are bushes or trees requiring removal. After getting rid of dead or dying plants, trim and prune any overgrown varieties. If you aren’t sure how to trim or prune a particular tree or bush, you can likely find a video with instructions on YouTube.

Choose Native Plants

Whatever your landscape plans, choose native Hawaiian plants to fulfil. Not only are native plants suitable for local soils, but they also provide food and shelter for native wildlife. The right native plants for your property are also easier to maintain than non-native species. Native landscaping favorites include:

• Acacia koa
• Beach vitex
• Hawaiian soapberry
• Hawaiian tree fern
• Heliotropium anomalum (hina hina)
• Hibiscus
• Kou
• Ohi’a
• Pandanus

Make you decision on which plants to include in your landscape not only on aesthetics, but also on the right growing conditions for each species. For example, a shady area near your house won’t support plants requiring full-day sun, but plants enjoying full or partial shade should thrive.

Get Creative with Paving

Landscaping is about more than plants. Paving also plays a major role in landscaping. While you don’t want to spend thousands of dollars for paving when you are planning to sell your home, a few hundred dollars’ worth of pavers in a style you feel appropriate for the setting is a good DIY investment for an afternoon’s worth of work. While it’s fun to get create with paving, don’t overdo it. That’s because when you are selling your home, you want conservative landscaping appealing to every demographic.

The Back Yard

While curb appeal rests primarily on your front yard and the section of your house facing the street, don’t neglect the back yard landscaping. In Hawaii, the back yard so often become a home’s outdoor room that warm, welcoming landscaping is absolutely essential to entice buyers. If you have a pool, add containers full of flowering plants to add color and complement the blue water and green grass. Palms and banana trees in containers give the pool area a cool, relaxing feel.

Again, using native plants in the back yard can aid in creating a natural, low-maintenance landscape. For the DIYer, another advantage of native plants is that you don’t need to install an extensive – and expensive – hardscape with these plants, as you do with plantings requiring strict beds to look their best.

Contact Us

If you’re looking to buy or sell a home or find a rental property, you need a knowledgeable, experienced realtor familiar with all aspects of the Hawaiian real estate market. Contact Island Realty Group LLC at 808-689-7407 or IslandRealtyGroup@irghi.com.

Filed under: Blog by Freddy
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