Selling your home can be a long drawn out process for several reasons. One of the main reasons the selling process can become a hassle is the amount of repairs that your home needs to get full market value. Being a homeowner is not an easy task. Everyone has busy lives and it can be difficult to manage the upkeep of your home.
Home buyers are becoming more picky and want more value for their money, so in most cases that expect certain repairs to be completed upon purchase. When you are selling your home, their is specific places to put your money to add the most value to your home.
There are some variables that effect these repair decisions, such as:
Time of Year
Location of the Property
Market Conditions
Inventory Competition
If you want to increase the profit, strategic home improvements in these 5 categories - will give you the best return on your investment.
Strategic Home Improvements That Add Value
1) A cost effective kitchen remodel - If you talk to anyone involved in real estate, they will tell you that kitchens and bathrooms will sell your home. So it makes sense to put a little sweat and money into your kitchen. An outdated kitchen can be a complete turn off for home buyers, but the good news is that there are a lot of ways to spruce up your kitchen and make it as
inviting as possible. When improving our kitchen, we just want to make a better impression on our buyers. We want to keep in mind that we need to look at this project as an investment. We want to make sure we are going to get a return on the money that we put in. Your specific home location and market conditions will be a big determinant on how you decide to rehab your kitchen.
If you live in a low to middle class area, you may just to need to paint your cabinets, install some new hardware and exchange your counter tops with a new fresh laminate look. If you live in a middle to high class area, you may consider some builder grade cabinets, granite counter tops and stainless steel appliances. Now I know what your thinking, all of these repairs sound pricey. but have a number in mind that you are willing to spend and stay within that budget. Try to find deeply discounted appliances at a "scratch and dent" or find a great sale that will make this rehab less expensive. Be sure to shop around for all of your upgrades and get the best price on whatever you buy.
2) Bathroom Upgrades - As stated previously, you are going to sell your home with upgrades being made in the kitchens and bathrooms. Again your specific location and market conditions will effect the finishes you decide to choose from. A typical upgrade will be to replace your ceramic tile in your bathroom, replace your tub with another plastic tub or with a tiled shower. Instead of changing out the whole vanity you could just change out the faucet. Also, give your
bathroom a good cleaning. Just by giving your bathroom a good cleaning you may be able to make a good impression on your new buyers. Remember we want to make changes that will have maximum cost impact. We plan on getting the money we put in plus some when we make the sale.
3) Fresh Paint Job - The easiest and cheapest way to freshen up a home is to give the inside of your a home a new paint job, especially if you are doing the work yourself. Be sure to stick to neutral colors, since these colors attract the largest variety of home buyers. This also offers a clean palette for your potential home buyers to work off of and make this home their own. Try to dismiss any real dark colors because the idea of priming and painting these walls can be a turnoff. We do not want to make improvements that are not going to attract buyers. You can always ask your local paint purveyor for some tips on neutral colors that are in currently and work off of those selections
4) Landscape Make Over / Paint Front Door - The first impression you give to your potential home buyers is very important. The curb appeal of the exterior of your home has the ability to hook home buyers and make them love your home. This is another addition that is not very pricey but can maximize the profits on your sale. Tangled trees, or unkept landscape can give a negative first impression to any potential home buyer looking at your home. According to a
recent poll by 2,000 brokers " an investment in 400 - 500 dollars can bring a return of 4 times that". For 400-500 dollars, all's you need to do is go buy some new mulch, clean out your landscape and get a fresh new color to paint your door. Nobody likes to spend money, but landscaping is a good area to put some of that hard earned money.
5) New Floors | Carpet - The old saying goes " Fresh Paint, Fresh Carpet = Fresh House". Putting in new flooring/carpet in certain areas of your home where it is needed can really transform your home and create a great impression on your buyers. This can be inexpensive fix also. Putting in new carpet is very manageable to your budget. This is another area where you want to use neutral colors to match your existing home. Whether you are putting in carpet, laminate or hardwoods (depending on your location) choose neutral colors that fit your home well.
Conclusion
No body likes to spend money - especially putting money into a home that you are trying to sell. I want you to look at these improvements as an investment and you should make necessary changes to get your money out of the rehab. Although no one likes spending money, no one also likes watching their home sit on the market and accruing month after month of holding costs. As stated previously, home buyers are becoming more picky and expect more out of the product they are purchasing. So spend your budget wisely, do your research and make improvements where they are needed.
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