"My husband and I bought our first home this year"
My husband and I bought our first home this year and Jeff was our Realtor. Since this was our first time purchasing a home we had no idea what to expect or what some things meant. Jeff took the time to teach us about what was going on and why. He never made us feel like we were bothering him. He was always more than happy to explain and guide us through. We are a young family and had some very specific likes and dislikes for our future first home. Jeff never showed us a house that was over our asking price nor had less than what we'd asked for. Jeff didn't try to just sell us on any ole' house, he wanted to make sure it was what we wanted and that our family could grow there. We started looking in December and had a few hoops to jump through with our loan but were able to sign and close on our dream home (at a price below what we'd expected) the beginning of March. Jeff made home shopping and buying more than just a pleasant experience but a great memory that we'll have forever.
The Jenkins
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Pricing >Value Added Features A recent study conducted by the National Center for Real Estate Research evaluated the features of a home based on what each contributes to the selling price.
According to the study, the feature that can most dramatically increase the value of a home is an additional full bathroom, upping the selling price by a remarkable 24 percent. Installing an extra half-bath can add 15 percent to the selling price. A garage, a fireplace and a central air conditioning unit each add a little more than 12 percent to the home's market value. A laundry room located on the main floor of the home increases its value by 15 percent, while a basement laundry room can potentially reduce the home's overall value. Homes with raised or vaulted ceilings sell for 6.2 percent more than identical homes with standard ceilings. Each extra bedroom increases the price by 4.1 percent. A family room adds 7.3 percent, and a dining room is worth 6.2 percent. A view of the water adds 7.8 percent, but a golf course view is better at 8.1 percent. A home built on the waterfront is worth 18 percent more than the same home in a landlocked location.
Every real estate market is different, so consult your real estate agent regarding the resale value of your home's special features.
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| Q |
What economic factor can make the purchase of a home an excellent long-term investment?
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| A |
Home price appreciation can result in a substantial return on the buyer's investment as a house increases in value over time. |
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