Ben Anton, Residential Real Estate Brokerage » Selling a home

All Used Up

benanton — Tue, 03 Apr 2012 20:55:20 +0000

I had a thought today and said to myself I should have a blog and write about that. I guess it has been a while since I “blogged”.

I was asked to value a rental property from the hip. I made some assumptions and with the aid of my spreadsheet I gave a pretty tight range in minutes. Then I walked past it and thought, well, that place is all used up.

One of my assumptions was that the home had been cared for, that is was a healthy asset. This really goes back to my a home is an investment (bucket with a hole in it) that requires maintenance and care both to keep from depreciating (leaking, to fill and to keep full.)

If you own a property, and have milked it of too much value, by collecting rent, living in it care free, not being a good steward, letting things go, then your home may be nearly used up. How much is it worth? How much have you not used up?

Don’t think your short cuts and indifference were decisions made with no cost. Make it a parenting example or whatever is easiest for you to relate to. If you were not a present and active parent, don’t expect your child to put you in the best nursing home, or to cash in on huge gains in real estate. In this market, you’ll be lucky if they go to a good school and move out of the house by the time they are 20.

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Tile or Vinyl

benanton — Fri, 25 Jun 2010 21:04:42 +0000

A recent email with a pretty common dilemma.

Ben- I was given your name from a friend, Bridget N.. I was wondering if you could answer a question for me? We are putting our house on the market in 1-2 years. This summer we are going to update our bathroom. Our biggest question right now is…..ceramic tile or linoleum? I know that ceramic tile is an upgrade, but is it going to make that much of a difference in the resale value of our house if we go ceramic tile vs. linoleum? Our house is under 1,100 square feet, definitely a starter home. Someone else also pointed out that our kitchen is currently linoleum so maybe we do want to stick with linoleum? I know there is no reason for you to be giving me advice, but would greatly appreciate it. Thank you so much for taking time out of your busy schedule!
Kristine

My Reply: Kristine,

That’s a tough one. Installing ceramic in lieu of vinyl will not add
a specific dollar amount to the value of your home. That being said,
it will and can make an impression. If a buyer sees 3 homes and 2
have vinyl and one had ceramic, it is possible that the ceramic along
with other features could elevate your home and give the perception of
quality finishes and fixtures.

That being said, a fresh new, well maintained home also adds an
intangible value. in 1-2 years one would hope that both tile and
vinyl will look fresh and newer. 4-5 years and the ceramic will win
assuming that caulk and grout are kept clean. ( I looked up where you
live) Your home is of a certain age that new tile could help
modernize more than vinyl and approaching 200k in value ceramic is as
much an upgrade as it is expected.

If the bathroom is not off the kitchen, then I would not worry about
not matching finishes. I should add this thought too. I tend to do
most of my own tile work so I always go tile.

I hope that helps. If the market is as tight in 1-2 years as it is
today you will want every bit of leverage you can get. When there are
more houses than buyers it becomes a beauty contest.

I hope that helps. I sell homes as well as pontificate on them, so
feel free to drop a line come those 1-2 years.

Ben

What would you have said?

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Let there be light

benanton — Thu, 13 May 2010 16:49:46 +0000

So I get around a bit, not so much it is a bad thing but I have been in a few houses. When you visit a home unknown to you, you have certain expectations. You walk into a dark room and look to the left and right inside the door for a switch, no switch you look for a lamp, no lamp a draw string. Another expectation might be that if you find a switch, and you switch it, something will happen. If nothing happens I, and maybe the buyer I am with, will suspect something is wrong. I will think that there is a dawn to dusk sensor or there is a bulb burned out, or the fixture is around a corner or outside, maybe just maybe a bad switch, but my buyer thinks there is an electrical problem. My god, who would buy a house with an electrical problem?

When you create your prep-to-sell list of to-do items, make sure you take an inventory of your switches and see that when you switch them, something happens. If nothing happens, fix it, plug something in so something does happen or leave a note as to why nothing happens (exterior fixture, garage light etc.)

While I have your ear, replace all of your older but grounded two prong outlets with three prong. That, to some cries $2.50 and 10 minutes, to others it cries “electrical problem.” and who buys a house with electrical problems.

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I’d Be Happy To Help

benanton — Wed, 12 May 2010 00:09:39 +0000

I would struggle to make something more convincing up. I present for your consideration…

Hi Ben,

I am done messing around with FSBO. Would you be my agent? I have it listed at ——. I need to sell it for —— to pay off the mortgage and pay 6%. The latest tax assessment came in at ——.

Thanks,

T.T.

I almost choked on my English muffin when I read this the first time. I could see the face and hear the voice of the sender as I opened the email and read. She is a new friend/contact but someone I felt I could work well with. We had joked a bit regarding he desire to sell her home on her own when we last spoke. I understand, money is important and best when kept. Even I might try the for sale by owner route first. I am here to help, now or later. That being said, don’t wait too long to try another route should your plan A not go well. The longer you wait to change directions the further from your destination you will be.

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Paying The Piper

benanton — Sun, 11 Apr 2010 18:39:29 +0000

From an early age we learn lessons about our behavior and it’s consequences. Losing allowance for the household treasure you lost or broke, losing your car insurance because you drive like a teenage idiot boy are decisions that cost you money and teach you lessons. Why then is it so hard for people to understand that if you make a poor choice in buying, maintaining, renting, remodeling, or selling a home you may have to pay the price (or often more appropriately lose the money)? Have we been spoiled for so long and treated with kid gloves regarding housing that the idea of losing money in real estate is inconceivable? If there is a potential gain, there is also a risk. We all knew the growth real estate had seen could not last forever. Why then is the final end of the ride so surprising and disruptive?
If your decision turned out to be a bad one, don’t be the victim, address your hurdle and overcome it. If you lose now, you’ll appreciate winning even more next time. Learn from it and move on.
If you are going to buy a home working with a trusted partner, someone who values you and the deal equally, and who will someday proudly help you sell that home will help minimize your risk. It will still be there, but you will have protections and advantages others do not. I can be that guy.

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The New Year

benanton — Tue, 05 Jan 2010 20:22:00 +0000

The new Real Estate year started yesterday, the 4th of January, 2010. The first business day of the year was a cold one, the low temperature was the same as the date, 4. By the days end I would see as many as 20 new listings in the area surrounding my home. These few square miles blossomed like a spring garden even though the sun only shone for 13 hours. What’s the rush you ask? Here is how I see it. The extended tax credit, $8000 for first time buyers and $6500 for move-up buyers, has a sunset of April 30th. That’s just 4 months away and I don’t think any sellers want to miss this opportunity. The new credit it written that there must be ab accepted offer by that date, and the closing will need to happen in the subsequent 60 days. I am certain the first few months of 2010 will be busy ones. My fear is that it will be busy like a be hive is busy, lots of buzzing, bumping, flying, and constant activity. The real story I want to know is how much honey will they make.

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Weekend Perspectives

benanton — Tue, 22 Dec 2009 22:29:16 +0000

Coming to real estate from advertising has several advantages. I learned invaluable marketing skills, how to cut through the clutter, negotiating, the sales process front to back and top to bottom. These are all things I can now use to help my clients achieve their goals. I also get top be on the radio once in a while. Here is a link to my December 2009 radio interview.
Click Here to Listen

A special thank you to Adam Elliot of 94.9 WOLX, Weekend Perspectives host and Ben Anton advocate.

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