Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

3 Things About Your Home You Had No Idea Made it Appealing to Buyers

by Luke Fields

What do you think makes a home appealing to buyers? If you guessed top-of-the-line appliances, lots of square footage, and being located in a quaint country setting, you guessed wrong. If you're considering selling your house, read on for 3 surprising things that just might make for a super speedy sale.

It's Small

Gone are the days when the size of a house was viewed as a status symbol. Today's home buyers are smart shoppers who know that the smaller the house, the more affordable it will be to maintain. Sure, there are still some markets where large houses are in high demand, but in general, houses smaller than 1,100 square feet spend less time on the market than their bigger counterparts. 

If you've got a small house, don't assume that it will sit on the market for months because it lacks multiple bathrooms or grandeur open spaces -- your home is actually more apt to sell.

It's Near a Coffee Shop

Never underestimate the value of a hot cup of coffee. If you've got a coffee shop within a quarter of a mile from your home, your house might be worth more than you think. One study revealed that homes with coffee shop neighbors appreciated 96 percent over the course of 17 years. Homes that weren't adjacent to coffee shops yet were still close enough to walk to them appreciated by 65 percent over the same amount of time.

If you've lived in your home long enough to see java house erected nearby and assumed the new construction would lower your house value, you've got it all wrong and it's time to sell.

Coffee shops aren't the only thing that will boost the value of your home, though. The more centralized your home's location is in town, the more value it has. Quiet country settings used to be desired by home buyers, but now they want the convenience of being able to walk to schools, town centers, shops, and work. If your home is located in a busy urban location, you can expect it to be worth at least $82 more per square foot than a similar house in a country setting where driving is a must.

The Kitchen Is Outdated

A lot of house stagers advise that you should focus your efforts on your kitchen when staging your home to sell because first impressions are important and the kitchen is one of the first rooms potential buyers will see.

This advice is only true to a certain extent. Yes, you want your kitchen to look presentable when selling your home, but there's no need to go all out and completely renovate it to make for a fast sale. Kitchens are personal; someone who constantly eats on the go has no need for state-of-the-art convection ovens and massive refrigerators. If you go ahead and install the best new appliances on the market, you'll be limiting your buyers to only those who value those new appliances enough to fork over the extra money for them.

Make sure your kitchen clean and functional when selling your home, but steer clear of major renovations. Your buyers will be happier to pay a little less for your house and spend those savings on creating the kitchen of their dreams—not yours. 

If you're considering selling your home, you might just be surprised at what characteristics of it are appealing to buyers. Contact a local real estate agents like Fair Property Buyers to see what buyers in your area are interested in and to find out just how fast and profitable your house sale can be.


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.