The True Value of Renovating Your Home

More than half of homeowners say that they plan to renovate at some point in the future. Are renovations truly valuable?

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According to a recent study, about 51% of homeowners claim that they plan to do some type of renovation to their house in the future. In light of that, I want to discuss the true value of home renovation and how you can maximize the value of your home.

First, let’s talk about the 51% of people who said they planned to renovate.

In most cases, people who renovate their homes spend a lot of time in the kitchen glazing cabinets, changing countertops, and updating appliances. What value are those renovations actually going to bring to people?

For the kitchen, you’ll most often see somewhere between a 75% to 90% return on investment. The reason why that figure isn’t 100% is that when people renovate, they do so per their own tastes. Other people have their own preferences, and even if they enjoy what you’ve done, they still probably have their own standards and would have picked something different had it been their own kitchen.

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For the kitchen, you’ll most often see somewhere between a 75% to 90% return on investment.

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Many who find this out protest, saying they’ve seen homes on HGTV sell for nearly double their purchase price with renovated kitchens. That might be, but it only works if you buy a home at a discounted price. Homes that are already in fair condition when they’re purchased probably won’t come at a discount.

If you count yourself among the 51% of people who plan to renovate their home or have questions about real estate in general, please reach out to us. We’d be happy to walk you through the process and help determine whether or not your renovation ideas will bring a decent return.

Why You Should Be Wary of Foreclosure Properties These Days

I’m sure you’ve heard of foreclosures before, but do you know how they work? We’re going to take a closer look today.  

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Today I’ll also be answering a common question about foreclosures.

I’m sure you’ve heard of the term “foreclosure” before, but do you know what they are? Essentially, a foreclosure is a bank-owned property and involves a lengthy process for homeowners to go through.

When an owner is behind on their payments by too much, the bank will take possession of the home. Many buyers assume that banks are quick to get rid of these properties and that they’ll get a great deal on them. That’s not always the case.

The key is to be cautious and careful.

In fact, we’ve seen a lot of foreclosure situations where a homebuyer ends up paying full price. However, there are cases where you can find really good deals. The key is being cautious and careful, because most foreclosures are sold as-is without warranties. The seller won’t come back in and improve the property if you find something wrong, so be cautious and be careful.

The best way to do that is to ensure that you’re working with a rock star real estate agent like the ones here at Burch & Company. If you’re thinking about buying or selling any type of home in the future in the Northeast Arkansas area, don’t hesitate to reach out and give me a call or send me an email today. I look forward to hearing from you soon.

These 3 Strategies Will Help You Build Home Equity

Every homeowner wants to build equity in their home, but some methods work much better than others. These three are some of the best ways to increase equity.

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If you want to build equity as a homeowner, some strategies work better than others. The top ways include:

1. Making as much of down payment as you can: Every penny you put down on the front end should come back to you as equity. As the home appreciates, you're essentially putting money back in the bank. If you can put down 5%, 10%, or 20% down, you're in good shape. The myth that you need to make a 20% down payment to buy a home is simply false, but we still encourage you to put down as much as possible to build equity and lower your monthly payment. 
Making one extra payment each year can shave years off the life of your loan.
2. Make improvements to the property: This is as simple as improving a roof that needs to be replaced or bringing the home's siding up to par. When looking for a home, watch out for the kinds of things like that, which will allow you to build equity through improvements. Spending $3,000 to create $7,000 in value is money well spent. 
3. Make bi-monthly house payments: Making bi-monthly payments adds up to an extra mortgage payment each year. Making that one extra payment per year can literally shave years off of the life of your loan. Look at the amortization schedule to see which percentage of your payment goes to interest and what percentage goes to the principal. You want the largest percentage possible going toward the principal, and making bi-monthly payments increases it. 

If you have any questions about how to build equity in your specific home or you're interested in selling your house, give me a call or send me an email. I'd love to help you out!

4 Ways to Effectively Build Equity in Your Home

Updating your home is one of the surest ways to increase your home's value and create some equity. Follow these four guidelines to generate equity in a cost-effective way. 

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Today I wanted to discuss using your home to build equity and the four factors that contribute to the value of your home.

As you probably already know, your home isn't just your shelter, it's a huge investment. If you're looking to spend some money to generate value in your home, focus on these four areas:

1. Kitchen and bathrooms: Anytime you make upgrades in these rooms, it's a big value upgrade—as long as they're tasteful upgrades. Consider granite countertops if you have Formica or painting the cabinets. If you buy granite or quartz countertops, ask the dealer what's the most popular so you can choose one that will appeal to the masses when it comes time to sell your house. 
Updating your kitchen and bathrooms will always add value if they are tasteful upgrades.
2. Adding square footage and additional rooms: If you have a screened in porch for example, you could glass it in and add heating and cooling relatively inexpensively. I don't recommend converting garages because the garage itself is usually a big selling point in the Jonesboro market. 
3. Curb appeal: You want the home to catch someone's eye when they drive by, so consider adding some color. Also make sure there's no deferred maintenance you need to complete and that the outdoor space is neat and clean. 
4. Aesthetics and overall condition: If you have maintenance issues, the longer you wait to take care of them, the more expensive they typically get. Take care of your investment; think of it like changing the oil in your car.

If you have any other questions about adding value to your home or you're thinking about selling, don't hesitate to give us a call or send us an email. We're always happy to help.

How to Prepare Your Jonesboro Home to Sell This Spring

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Today we are just going to take a few minutes to answer the question, “What do you need to do to prepare your home for the spring market?” There are many things you can do to entice buyers into purchasing your home, here is where we suggest you get started. 

Curb appeal is essential to a successful home sale. You don’t have to spend a ton of money on renovating your yard or your front porch, but adding a pop of color here and there and making sure everything looks good goes a long way. If anything is torn, tattered, or broken, fix or replace it. You want the buyers to see a pristine home on the outside, so they will be more likely to visit and examine the inside of your home. 

We specialize in getting your home ready for sale and would be happy to give you a honey-do list of sorts of things you can do to be ready. It’s usually nothing too big, and sometimes nothing at all, but there are a lot of ways to add value to a home and we like to do our due diligence.

If you have any specific questions for us or want more advice on getting your home ready to sell this spring, give us a call or send us an email. We'd love to hear from you!

What Are Your Goals for Your Jonesboro Home in 2016?

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Happy New Year! I know you guys have hit the ground running just like we have. We have our BHAG, or Big Hairy Audacious Goals, all set for 2016. We're going after 500+ transactions this year and over $70 million in production. The team is stoked!

So, what can you do to meet your goals for your home? Make sure you change your smoke detector batteries. You've just got through the holiday season with a roaring fireplace, so make sure you and your family are safe in the New Year.

Additionally, ensure you change out your air filters. We had a buyer walk through a house a couple of days ago, and they were concerned about the air filters covered with dust. When that happens, buyers wonder how well everything else has been maintained. Even if you're not selling your house, air filters can seriously affect your HVAC system, so make sure you change them out.

Again, we hope you had an amazing holiday season. If you have any questions, give us a call or send us an email. We look forward to hearing from you!

How Aggressively Should You Pay Off Your Mortgage?

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How aggressively should you be paying off your mortgage? This answer will differ depending on your given financial situation, but we can still offer you some good advice.

We're big fans of Dave Ramsey, and he always suggests that you should pay off your smallest debts first. This may be a credit card, a vehicle, or a student loan. Once you have paid these off, then take that money and roll it over into your mortgage payment.

I would also suggest building up an emergency fund. If done correctly, you should be able to collect enough to get you through 6 months if an emergency occurs.

Some of the things that may take away from you paying off your mortgage are retirement accounts and college funds. Paying off your mortgage is important, but planning for retirement is also valuable.

If you'd like a copy of Dave's book, I'd be more than happy to give you a copy. It's full of a lot of great advice, and it's what we turn to when we have questions about these things.

As always, please don't hesitate to reach out to me if you have any questions about this issue.

Are Lockboxes Risky in Jonesboro?

There are many great Jonesboro area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 870-847-7653 for a FREE home buying or selling consultation to answer any of your real estate questions.

 Today, we discuss something many homeowners are very concerned about: lockbox safety. 

Our lockboxes are from a company called Supra. These state-of-the-art lockboxes have an app to open them, and the MLS office monitors them electronically every single day. Whenever a lockbox is opened at one of our properties, we are notified immediately! We are also notified when the box is closed again, so we know the exact amount of time someone spent inside the property. 

Every agent who has access to our lockboxes has had an FBI fingerprint and background check. Additionally, if you ever feel uncomfortable about the state of a lockbox, we can shut them down at any time. It's a very secure and safe system - in the last 8 years, we haven't heard any stories of lockboxes being tampered with.

If you have any questions about lockboxes, or if you would like assistance getting your home ready for the spring selling season, don't hesitate to reach out to us. We would love to help you in any way possible!

How to Keep Your Jonesboro Home in Good Shape this Winter

There are many great Jonesboro area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 870-847-7653 for a FREE home buying or selling consultation to answer any of your real estate questions.

The fall is here and winter is right around the corner. With the cold comes a host of potential problems, so preparing your home for the worst is a good way to ensure it makes it through the winter in great shape. Here's our advice:

1. Clean your gutters: After the leaves have fallen, it would be wise to get on a ladder and clean your gutters. Blockage can result in water pooling by the foundation, which is never a good thing.
2. Check the roof: Get on the roof, or have someone do it for you, and check the vent pipes. Make sure the boots and seals are in good shape, so ice doesn't pile up around sensitive areas and cause leakage.
3. Freshen up your air filter: If there is dust around your AC filter or if it hasn't been taken care of, your home may be difficult to sell down the road. You need to change and update them regularly. When we're looking at a home with interested buyers and the AC filters are in bad shape, it makes us and the buyer nervous. Go out and buy a bunch of filters and take care of it regularly.

By doing these easy things around the house you can rest assured knowing your home will be in good shape in the spring. If you have questions about what else you can do to prepare for the cold weather ahead, give us a call. We'd be happy to assist you!