Homeowner Tips • Sellers • February 19, 2024

Make It Nice – But Not TOO Nice!

by Darren Upp

Most homeowners don’t realize that you can actually make your home TOO nice! This may be the most important article you’ll ever read regarding home improvements and the “money drain” that they can cause.

The real estate term “over improvement” is something most people are shocked to find out about long after they’ve spent all of their hard-earned money on what they thought was a “good investment”.

We all love new upgrades or even something as simple as a fresh coat of paint in the house. It’s new and exciting and can make things nice and bright. But what would be considered an OVER improvement?

A recent episode on HGTV showed that most homeowners think they will get 200% to 300% more than the money they invest on improvements but in reality, you’ll rarely get even 100%.

As an example, if you were selling your house today and you wanted to tear out the back and add a new deck, there’s a very, very good chance that you’ll never get anywhere near the amount of money you spend to do it. However, if you put that deck on 5 years ago at $4,000 and you enjoyed it for all that time, it’s still good to get $2,500 or $3,000 more for the sale of the home even though it cost you money in the long run. I think you’ll agree, most homeowners mistakenly believe they’ll get $10,000 more because they’ve spent that money.

In my experience, I’ve never seen someone spend $35,000 on a room addition and get anywhere near that amount back in resale value. Can you get $15,000 more? Yes. But never $35,000 or a multiple above that. It simply doesn’t happen.

If you are thinking about making improvements so that you can further enjoy your home, it may make sense to invest the money. But if you are doing it to increase the overall value of the home, it’s likely a bad investment.

The big three improvements that will always prove to do well for you are as follows: · Fresh coat of paint · New carpet or flooring · Basic maintenance needs. We’ve found that you really can’t go wrong with those replacements or improvements. Not only can you get your money back here in resale value, but the home can also sell faster since it’s considered turn-key condition.

It’s important to consult with us (your real estate advisor) before you make any improvements or additions. We can usually discuss it by phone and of course we provide this advice to our clients free of charge with no obligation of any kind.

So, sit back for a moment and think about what you’d like to see different within your home. Would it make sense to do improvements? Maybe move to a different home that already has those additions? Ultimately, the decision comes down to whatever makes you comfortable rather than thinking you’ll get 100% of your investment back (or more) in the long run. No sense in setting yourself up for disappointment when you go to make a move. Give me a call and we can discuss anything you’ve been considering.

Building Wealth • January 20, 2024

Building Wealth Through Real Estate

by Darren Upp

One of the things I always advise my real estate clients on is the development of wealth through the ownership of a couple rental properties.

It surprises me how many people think they need to have perfect credit or lots of cash to buy a rental property or two. That’s simply not the case. When you go about this the right way, you can acquire a rental house and the monthly rent pays the mortgage plus a little bit of profit to boot! Additionally, the tax benefits can be outstanding due to depreciation! You’d be surprised how many people start with the purchase of just one investment property, then make it two and grow from there. Best of all, it doesn’t take tons of money to make it happen and regular people do it every day!

This can be a great “retirement fund” for the typical family that would love to own a few houses outright sometime down the road.

Inside a mastermind group I belong to, we have a gentleman that acquires two more houses every year (one for each of his kids) so whenever he passes on to the next life, each of his children will own a portfolio of rental houses that are owned free and clear by that time. The best part about that story is that his children have no idea he’s been doing this so it will be one heck of a surprise for them several decades down the road!

If you’ve ever given a consideration to owning an investment property, we have a Dream Team that can help you along the way which includes property management and more. That way it’s truly a PASSIVE investment, handled by state licensed professionals and requiring none of your own time to create wealth!

This video tells it all – Click Here

I’d love to have a conversation with you, with absolutely no obligation of course. Many times we can find out a little bit about what you’d like to accomplish and some of your long-term goals. I talk to people all the time that had no idea they could create a small portfolio of properties with the entire mortgage being paid down by high quality tenants. Interested in more info???

Homeowner Tips • January 15, 2024

Making Your House A Home

by Darren Upp

There’s no better feeling than putting your own touches on the house you live in. It truly makes it feel like “home” with all of the personalization and creature comforts that make it warm and inviting for your family to enjoy.

I’ve always loved to see the enjoyment our clients feel when they’ve added a patio or a deck and sometimes even do a full home renovation. It can feel great to come home and have dinner on the patio for a quiet evening enjoying the sounds of the outdoors.

Financially, we get a lot of questions about the economic sense it may make in doing additions or improvements. And those are smart questions.

After all, you don’t want to sink $10,000 into your home if you are only going to get an additional $2,000 in resale value right? Believe me, we’ve seen worse. Not too long ago there was a gentleman that invested over $30,000 into renovations that he wanted to put his own “flair” into the property and make it feel like home for him, but it actually DECREASED the overall value because it didn’t appeal to a maximum number of people.

You’ve heard before that when it comes to colors, you want to keep things as neutral as possible. The same is generally true in quality of flooring, countertops, cabinets, landscaping and more.

It’s fine to paint the dining room a bright red or the kids room a fun pink or baby blue, but just know that you’ll need to paint it again (possibly two or three coats) to neutralize it before you’d ever want to sell it sometime down the road. That’s not to say you shouldn’t personalize your home, but know that the things you put your own touches on may need revamped again in order to appeal to the maximum number of people. This is true even if you think you have incredible, unique style that everyone will love the way you do. Trust me, they won’t!

For the bigger projects that require general contractors, electricians, plumbers, landscapers and more, it’s always wise to check with your real estate advisor before you move forward with the work. I can give you my professional opinion as to what it will do for the value and marketability of the home in the long run. Additionally, an additional set of eyes and ears may allow us to forwardly predict any issues that may come up as a result of the improvements or additions.

Being that your house is many times the largest investment of your life, you don’t want to go making major changes without professional real estate advice. A quick chat on the phone is sometimes all it requires, while other times, we may stop out to take a look and get a better feel for what you have in mind. Of course, we always provide this opinion free of charge as a service for our most trusted clients.

Have you considered some additions or changes? Do you need a professional opinion about it? Would you like us to refer you to some good quality professionals that can do a good job for you? Give me a call and let’s chat! That’s what I’m here for!

Client's Corner • October 19, 2023

BEST BUY GIFT CARD GIVEAWAY!!!

by Darren Upp

Enter Our Black Friday Giveaway

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Building Wealth • Client's Corner • September 19, 2023

Is It Time To Rescue Your Retirement?

by Darren Upp

Most of my real estate clients have been very happy with the increase they’ve seen in the value of all their investments over the past few years. When the economy is strong, nearly everything is going up in value. Stocks, bonds, real estate, 401k and more just seem to keep climbing and climbing.

Do you consider this good news or bad news?

As of right now, it’s great news right? But we all know what happens when the economy goes back down within it’s normal cycle. Yes, the market will drop again and there will be a major market correction. This is normal and healthy. But if you leave your investments where they are currently and that drops 30% or 40% or even 50%, things can get a little stressful because you immediately lose all of the gains you’ve experienced in the past.

I’ve lived through several of these market and economic cycles and I’ve seen it over and over.

I’m certainly not an investment advisor and I only specialize in real estate but I can certainly tell you what I’ve seen personally since we deal with so many families and the finances they are working with.

Personally, I like taking money out of particular markets when it appears it’s at a peak just to go into a safer and more stable investment. Preservation is key during down-turning markets.

I’ve seen lots of home buyers cash out their 401k to redirect it over to housing. They use it as down payment on real estate which stays MUCH more stable during down-turning markets.

While most people think that they have to pay some kind of big penalty if they cash out their 401k, they find that there’s actually no penalty if it’s used towards a home.

Of course, I’d recommend you check with your financial advisor or professional to get their advice because everyone’s situation is unique. And with what we are seeing from the national economists, it looks like real estate will REMAIN on a slow creep up, even during the looming recession. Their specific words say that real estate will likely NOT see any reduction in value as everything else begins to slow.

Again, check with your advisors and see what they recommend you do with your nest egg. But personally, I’m not going to let it sit where it is much longer. Why lose it?

Sellers • February 21, 2023

When Is The Best Time To Sell???

by Darren Upp

If you’ve ever considered selling your home, you’ve likely procrastinated about it for months and sometimes even years. It’s a big step.

Is now the best time? Will the market change? Where would we move to? These are all questions that likely pop into your head. It can be too much to consider and as we know, the confused mind says “NO!”.

A new study was recently released by Zillow which showed that they did extensive research on the very BEST time to sell a home nationwide. The results are very revealing to say the least…

The researchers found that selling a home before May 15th not only allows it to sell faster, but also sell for a lot more money. As a matter of fact, those homes were sold for one percent more than those sold after May 15th. Coupling that with the fact that they also sell 18 days faster (on average) and this means it’s a far better option to get the home sold and closed prior to that mid-May date. Nationwide, a full 1% more for your home can mean thousands of dollars in additional profit as well as a much quicker sale time.

While this was a national study (rather than local) it certainly shows some facts you will want to consider when looking at a possible move.

One of the most important things noted within their research was marketing time. It reveals that it can take 45 to 90 days to find the right buyer for your home, so you’ll need to allow your agent some marketing time in order to get the property “in contract” and finally closed prior to that magic May 15th date revealed in the study.

Obviously, waiting until April or May to list your home may be too late as there’s little chance it would close by that time.

We’ve always known that price is a function of supply and demand. With so many of your neighbors listing their home for sale during late Spring and once children get out of school for the Summer, it simply drives values down due to the flood of homes available. If you’ve considered selling, be sure you beat the rush!

General Info • September 26, 2022

Is It Time To Rescue Your Retirement?

by Darren Upp

Do you consider this good news or bad news?

As of right now, it’s great news, right? But we all know what happens when the economy goes back down within it’s normal cycle. Yes, the market will drop again and there will be a major market correction. This is normal and healthy. But if you leave your investments where they are currently and that drops 30% or 40% or even 50%, things can get a little stressful because you immediately lose all of the gains you’ve experienced in the past.

I’ve lived through several of these market and economic cycles and I’ve seen it over and over. I’m certainly not an investment advisor and I only specialize in real estate, but I can certainly tell you what I’ve seen personally since we deal with so many families and the finances they are working with.

Personally, I like taking money out of particular markets when it appears it’s at a peak just to go into a safer and more stable investment. Preservation is key during down-turning markets. I’ve seen lots of home buyers cash out their 401k to redirect it over to housing. They use it as down payment on real estate which stays MUCH more stable during down-turning markets.

While most people think that they have to pay some kind of big penalty if they cash out their 401k, they find that there’s actually no penalty if it’s used towards a home. Of course, I’d recommend you check with your financial advisor or professional to get their advice because everyone’s situation is unique. And with what we are seeing from the national economists, it looks like real estate will REMAIN on a slow creep up, even during the looming recession. Their specific words say that real estate will likely NOT see any reduction in value as everything else begins to slow.

Again, check with your advisors and see what they recommend you do with your nest egg. But personally, I’m not going to let it sit where it is much longer. Why lose it?

Probate • August 25, 2022

Probate “Must-Have” Information

by Darren Upp

Click on the links below to view and download this valuable information.

Executor’s Duties

The Probate Timeline

Bonus:

Glossary of Probate Terms

Schedule a call or zoom with Darren at your convenience: Click Here

Make It Nice – But Not TOO Nice!

Building Wealth Through Real Estate

Making Your House A Home

BEST BUY GIFT CARD GIVEAWAY!!!

Enter Our Black Friday Giveaway

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$250 Best Buy® Gift Card | 12 Winners

Click HERE to ENTER

Is It Time To Rescue Your Retirement?

When Is The Best Time To Sell???

Is It Time To Rescue Your Retirement?

Probate “Must-Have” Information

Click on the links below to view and download this valuable information.

Bonus:

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