Dear Michael: For this coming summer our kids are asking for an in-ground swimming pool. A few neighbors have them, but most nearby houses do not. It would cost at least $35,000. Do you think a swimming pool would be a good investment and add value to our home?
Answer: No. You would be very fortunate if the swimming pool adds as much market value to your home as it costs. Unless, of course if you live in a hot climate such as Palm Springs where most homes have swimming pools. My best advice is to tell your kids to make friends with kids who have pools at their homes. In fact, swimming pools can sometimes be a detriment when you decide to sell your home. Many families with small children refuse to consider buying a house with a swimming pool because of the dangers from drowning. Also, pools and equipment can be very expensive to maintain especially with the current cost of water. Building a pool should not be looked as an investment, but more as a benefit for your family to enjoy.
Dear Michael: My husband and I have decided to sell our home. How should we prepare our house for sale? We obviously want top dollars!
Answer: First and foremost, put all your energy in your house so it is in the best possible showing condition. This means taking care of any major repairs that could deter buyers (such as replacing any broken windows or replacing a leaky roof). Next, work on your home’s curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weeds in the garden beds. Plant flowers near the entrance or in pots to be placed by the door. Here are other quick fixes that won’t cost much and can help you get top dollar for your home: Clean the windows inside and outside and make sure the paint is not chipped or flaking. Clean and freshen up rooms, furnishings, floors, walls and ceilings. Make sure the kitchen and bathrooms are spotless. Organize closets. Make sure the basic appliances and fixtures work. Replace leaky faucets and frayed cords. Eliminate any bad odors, such as pet odors. Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting. Invest in a couple of vases of fresh flowers to place around the house and next to any information about the house you have prepared for potential buyers. Most importantly, paint in areas where needed. If the complete house needs a fresh coat of paint and you can afford it, don’t fringe out. A fresh coat of paint is the best return on your money.
Dear Michael: After looking for months, we finally found a home we can afford. Unfortunately, the home inspection revealed a number of repairs that weren’t apparent at the time we agreed to buy the house. While we have the right to walk away without penalty, we prefer to work out a solution. What is our option?
Answer: Though sellers must disclose all known material facts to buyers, there are circumstances where the seller did not know of the defect or the defect wasn’t visible. Since you mentioned you want to work out a solution, your first step will be to review your home inspection report. Prioritize the major repairs. Second step is to solicit several bids from contractors on the cost of repairs. Third step is to request a credit for the amount of repairs or request that the seller make the necessary repairs. As with the initial purchase negotiations, you may receive a counter to the credit request proposal from the seller. Whether the seller agrees to pay for the items you request may depend on the terms of the contract and the current market and price of the property. If you cannot come to an agreement with the seller, I suggest you just move on to another home.
Michael Kayem is a Realtor with Re/max Estate Properties serving Culver City and the Westside since 2001. You can contact Michael with your questions at 310-390-3337 or e-mail them to him at: homes@agentmichael.com