If you want to sell your home quickly and at the best possible price, consider investing some time and money into renovation projects. Although there may be a prospective buyer waiting in the wings who would gladly take on updating and repairing your home, these purchasers are elusive. Your chances are much higher when you present your home as a clean, depersonalized, and structurally sound buying opportunity.
Not all repairs provide a return on their investment, and many require some time for them to “season” in your home — that is, to earn back some of their value through appreciation. So, it’s crucial for sellers to choose repairs carefully and follow a well-thought-out marketing plan.
Popular Home Remodeling Projects
Some popular home repairs and updates include kitchen and bathroom remodels. More than any other room in the house, a kitchen mirrors trends. This is likely because kitchens are central hubs in our homes. It is where we prepare and eat meals, where children do their homework, and where families gather every day. There are also several functional components of a kitchen, from appliances to cabinets.
A kitchen remodel can pay back its investment, but usually only after housing value appreciation kicks in, which can take three to five years. Kitchen renovations can also be quite expensive, with minor remodels averaging around $20,000 and major remodels averaging closer to $62,000. If you are looking to sell your home now, the money you spend might not get reflected in an offer. As an alternative, it may be best to focus on other remodeling projects.
A bathroom remodel may be slightly less expensive than a kitchen redo, but it also is unlikely to return the investment in the short term. Recent studies indicated that a new bathroom recoups only 70 percent of its cost.
Projects That Add Value
The jobs that tend to translate into the most value are often ones aimed at curb appeal. A freshly painted or replaced front door, some updated exterior lighting fixtures, and cleaned-up flower beds are jobs that bring in multiples of their cost. Landscaping is relatively inexpensive but highly impactful. Mulch is cheap, at about $40 to 50 per cubic yard, and can make even the oldest home look sharp and new.
A new roof is another vital project to increase curb appeal and value. Especially if the existing one is damaged or nearing the end of its useful life. Your — or your potential buyer’s — insurance may require extensive damage to be fixed anyway since an unstable roof is a threat to the property. Make sure to use a local, reputable, and well-recommended roofing contractor. This will ensure you have someone to contact if problems arise with the roof down the road.
Turning our attention to the interior, one project that could add value to your home is replacing your countertops with engineered quartz. Not only is it durable, but this option — which you can use in kitchens and bathrooms — is attractive and in high demand. However, this upgrade will cost you some money. For a 30-square-foot quartz countertop, most homeowners can expect to pay around $3,750 in total. Keep in mind, this figure can fluctuate depending on demand and tariffs on materials. On average, before installation fees, budget for at least $75 per square foot.
Some of the renovations with the highest return on investment aren’t even visible. New insulation and updating furnaces and air conditioning units to energy-efficient models provide value for many years in the future. Buyers appreciate this kind of recurring savings and will provide offers that reflect energy efficiency.
Cleaning and Staging
Of all of the possible home repairs, cleaning and decluttering are almost universally necessary. A fresh coat of paint can go a long way in neutralizing and depersonalizing your home. Buyers don’t want to see how you live in your house. Instead, they want to project themselves into a blank slate. The optimal way to present your home as a blank slate is through staging, which aims to showcase your house like a furniture showroom combined with a builder’s model home.
Find The Best Listing Agent
A good listing agent understands staging and the value of renovations in your market. Finding the perfect agent for your home and situation requires asking the right questions. When interviewing an agent, have a list ready; What other similar homes they have sold? How many listings they usually have at a time? Are they are part of a team? Experience in your market is an absolute necessity. As is having a local agent who knows your neighborhood and may have vendor resources for local repairs and cleaning.
The right agent can help steer you in timing your sale, pricing your home competitively, and telling you which parts should be cleaned, repaired, and staged. A finely tuned marketing plan will promote your home online and through word of mouth amount agent networks.
Selling your home often means doing repair and cleaning work. An experienced real estate agent can help you identify what buyers want and show your home in the most favorable light.
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