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Smart property in a down market
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Regardless of all the lending and foreclosure panic we hear in the news, real estate is still changing hands. Buying a home has become more about location and appearance than ever. A home must be a completely finished property with the perfect combination of amenities and finishes or either a real bargain fixer upper to sell. With high fuel prices, being close to an urban center or a university, will make a property more desirable. In the burbs, it’s important to be close to a rail network, with a short commute time. Look for suburbs with a sense of community and a traditional town center. Sprawl and unincorporated areas have become far less attractive in a shrinking economy.
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I find most of my real estate clients are looking for, a vintage home that has been completely rebuilt or a very unique contemporary house. Character properties are much more desirable than cookie-cutter properties. As a buyer, it’s important to look for a property with a good balance of detail and modern function. Look for a property with rooms that properly serve their intended use. Vintage properties that have been modernized properly will appear to be seamless in combining the old and new. A home with details like, real wood flooring, high-end appliances, copper gutters and cedar shake roofing will make a property show well, last longer and appeal to a larger number of buyers in the future.
A huge but often overlooked area is, landscaping. I see it all the time, a house that has been completely refurbished and the contractor skimps on the trees and shrubs. There’s nothing worse than seeing a home with lawn going right up to the foundation or fast food restaurant styled plantings. Landscape can make or break the total appearance of a property. Proper landscaping isn’t cheap and should be taken seriously. Make sure to hire a landscape designer with a formal education to plan and supervise the project. The results will be far more successful than letting a landscape contractor just wing it. A landscape constructed properly will include a balance of hardscaping that fits the architectural style, along with perennial plants, shrubs and trees to finish the space. The idea is to create outdoor rooms, which add more living space to a home. Expect to pay close to 10% of the real estate’s market value on the landscape. By doing it right, you will be adding a great deal of value to the property.
There are many ways to improve the overall appearance of a home to suit different budgets. Always remember quality over quantity. External factors can’t always be controlled but the temptation to buy a newer or larger home further away from civilization, isn’t the smartest choice in a tough real estate market. Make sure to buy for location and then go for quality and uniqueness.
For more info: Dwell, Hartong International Landscape, Rubloff North Shore, Arclinea, Gaggenau, Crate&Barrel, Sub-Zero, Salvage One, Frank Lloyd Wright Building Conservancy, Chicago Botanic Garden
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