Fall 2004
One of the benefits of military life may be the opportunity to buy and sell real estate at a profit. After all, you need a place to live wherever you relocate and, knowing you will move again in two to three years, why not treat it as an investment? And with any investment, the key is knowing how to maximize your profit.
First, before purchasing the home, make sure you are buying something that other people will like when it is time to sell. A good choice might be a fixer-upper in a good neighborhood close to top schools. Once you fix it up, buyers will come running. A bad choice includes anything in a poor location, such as the corner of a busy street - no matter how good the house looks, no one wants to hear traffic noise or risk the danger of a car hitting a child. Also, ask your realtor how long your prospective home and other homes in the neighborhood have been on the market. Being military, you need a quick sell, so don't buy something that may take more than six months to sell.
Second, make sure you keep the house in top condition and ready to sell at any time. You never know when orders will change. If you plan to fix up the house, do as much of the fixing in the early months and years of ownership so you can enjoy the house later.
A warning on fixer-uppers: (1) Don't buy one unless you have the handyman skills to do most of the work yourself, and (2) stick to homes that are structurally sound but need some cosmetic surgery. A home with roof problems or moldy walls will require expensive professionals costing thousands of dollars - and they still might not be able to fix the problem. A better choice may be a solid home with 1960s décor. You may hate the avocado-green and orange wallpaper and matching light fixtures but, in many cases, you can repaint and install new light fixtures for a minimal amount.
The interior design and landscape of a house are critical to its resale, so the investment of improvements and renovations is worth a thoughtful cost-benefit analysis. For example, cheap carpet wears out within two or three years - just when you probably will put the house on the market. Your real estate agent may insist that you replace the carpet in order to attract buyers, meaning that you will spend up to $3,000 without ever enjoying the improvement. Better to spend $300 extra up front on carpet that may last as long as five years, and let the new owners replace it.
Also, stick with neutral interior colors. Buyers need to visualize their furniture in a prospective home, and their fuchsia sofa may not match your purple wall paint. Similarly, be sure to patch up walls, touch up scuffs and give the house a good cleaning before resale. Nothing turns off a buyer more than grime and clutter.
Since landscaping represents a buyer's first impression of your house, make sure it is lush and beautiful by planning and planting from the moment you move in. Otherwise, you'll be stuck trying to sell a stark and boring house. The reason you must plan landscaping early in your homeownership is that plants take time to grow. Plants native to your local area are more likely to grow quickly while costing less, so ask your neighborhood nursery about appropriate choices. When purchasing trees - which may prove quite expensive - avoid slow-growing, expensive palms and opt for fast-growing trees such as pear and live oak. If you're really ambitious, you may be able to dig up your own tree for free in a new construction area where the builder is clearing the land.
If you think you will receive orders and sell the house in spring, be sure to plant early-blooming bulbs such as tulips. Plant winter rye during the previous autumn to ensure thick green grass surrounds the for-sale sign. If you think you'll sell in winter, plant evergreen shrubs that will look green and fresh under twinkly holiday lights. Always fill in dead spots with colorful but inexpensive annuals such as pansies during cold weather or petunias during the summer. Gladiolas and cannas also are terrific perennial bulbs that quickly fill in spaces and create a lush tropical feel.
Finally, be sure to eliminate clutter in your backyard, including your kids' trampoline, the above-ground swimming pool or the car you've been meaning to fix. Give buyers an expansive view of your lot that will make them feel right at home.
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Meredith Leyva is the author of "Married to the Military" and the founder of CinCHouse.com, a non-profit organization and the Internet's largest community of military wives, girlfriends and women in uniform.