What Renovations are Worth Your Money When Selling Your Home?
What Renovations are Worth Your Money When Selling Your Home?
You’re about to sell your home and wondering whether or not you should make some improvements. Some improvements have better return on your investment than others, but it makes a lot of sense to spruce it up at the very least. If you have issues with your home, you might wind-up having to fix them anyway if the buyers home inspection company finds a problem. Also, if you don’t fix up the problem areas, the buyers are likely to offer a reduced price. Most repairs are simple things you can do yourself for very little money that will help your home sell faster.
Paint, repair cracks and holes in walls, leaky faucets, put away the clutter and give the fresh year a freshly groomed look are easy, inexpensive, and make a huge difference to potential buyers.
The following is a list of the many things you can do to your home that don’t cost much but will help you sell faster:
• Do a thorough cleaning – windows, floors, bathrooms, clean carpets, wash or paint walls.
• Clear the clutter – remove kid’s toys, newspapers, magazines, countertops, closets, get rid of knickknacks, and even unnecessary furniture.
• Lighten it up – Open drapes and make sure you up date to higher watt lightbulbs and keep the light on during a showing.
• If your hardwood floor looks dingy you can often spruce it up with an product you can purchase at a hardware store to give it a new shine.
• Replacing an old toilet is easy to do and you can do it for less than $100
• Give your yard a well maintained look.
Many improvements are more costly like remodeled bathrooms, kitchens, new hardwood floors, finished basements, new windows, siding and roofs. Which of these improvements pay off the most can depend on what the buyers are looking for. Some buyers will be more interested in things like plumbing, heating, air conditioning and roofing. These repairs could be costly and need immediate attention. It’s great when a seller maintained the basic home systems, but they won’t always get you the best return on your dollar.
Here are examples of major improvements that will give you a good return on you money:
• Kitchens – Kitchens are the heart of the home and families spend a lot of time there. Buyers focus a lot on kitchens and bathrooms, and upgrades in these areas will always pay off. You can go simple or all out, but the average return of a major renovation investment can be from 80 – 100%
• Bathrooms – Like kitchens, buyers will be looking carefully at this room. Updates can vary in price. A full bathroom makeover could cost you thousands of dollars but the return on bathroom remodeling is over 70%. Even minor repairs like replacing light fixtures and faucets will create the same return.
• Finished Basements – The best thing potential buyers see in a nicely finished basement as an additional living area. A clean, dry basement that is livable, creates an excellent return on investment.
• Vinyl Siding – New siding serves two purposes; it improves appearance and helps insulate the home. Be careful to choose a neutral color that will appeal to most people and this improvement could net you an 80% return on your money.
• New Windows – Like siding, new windows improve the look and energy efficiency of your home. New windows are one of the top things buyers are looking for and are willing to pay for. New windows will return over 72% of their cost back to you.
• Outdoor Deck – People love decks as an extension to their living area in the months where one can enjoy the outdoors. The return on this investment is good and can vary depending on the quality of the material and workmanship. You could see a range from 68% to 81% on this popular improvement.
Some improvements that don’t pay off are things like:
• Swimming Pools
• Super expensive, high end appliances and countertops
• Rooms that don’t have a general purpose – Not everyone needs a wine room, a photography studio or meditation room.
• Expensive Carpet – Carpet is just no longer something people care for. Allergies and the fact that it’s hard to keep clean have caused people to turn towards hard woods and laminates.
• Beautifully and elaborate landscapes – They are great to look at but unless you’re a gardener or can afford one, you won’t get a great return on your money of you’ve spent thousands to have the best yard in the neighborhood.
• Upscale Roof Replacement – You might like it and enjoy it while you’re living in the home but you will get back less than half of your return of investment if you go with anything “higher end” for your roof.
Keep in mind that if you haven’t already done the major updates, the best things you can do to sell quickly at the best price are the quick and inexpensive ones. Show that you have cared for your house by making it shine. Remember too, that the value of your home is going to depend mainly on the cost of surrounding homes in your neighborhood and not the swimming pool and wine cellar in your basement.
Ken Carlson Realty can help you find the home of your dreams. If you are looking for home for sale in Northern Michigan, call Ken today at 989.240.0970. Ken Carlson Realty is your source for Higgins Lake Real Estate and beyond.
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