You can get more dollar for your home and sell it faster by focusing on key areas of your home. Experts say sprucing up specific areas of your home will likely lead to a quicker sale for more money. In the bathroom, things as simple as a new mirror or updated lighting can go a long way in making a room more attractive to buyers.
In the kitchen, updating appliances, counter tops and adding a center island are always a way to enhance the room’s attractiveness. If your home’s floors are hardwoods consider ripping up the carpet and finishing the wood to give your rooms a larger feel. Built-in organizers like bookshelves or entertainment centers are popular with buyers. Add them to large open wall spaces to enhance your home’s appeal. Finally, don’t forget that first impression. A neatly mowed yard and well-kept garden will make your outdoor space more attractive.
Cost-Versus-Value: Minimum Improvements for Max. Return
For sellers trying to maximize final sales price with a minimum out-of-pocket, that is the message of the “Cost vs. Value Report” (www.costvsvalue.com), which bases its conclusions on data gathered from nearly 3,900 Realtors®, appraisers and agents, together with cost estimates by RemodelMax, a publisher of estimating tools for remodelers.
Why curb appeal? To state the obvious, a home’s exterior is usually the first thing buyers see when shopping for a home. Why risk making a bad impression when making a good one is much easier, and cheaper than you might think.
According to the report, “Historically, exterior replacement projects have always achieved a higher overall cost-value ratio than discretionary projects, and that is once again the case. The average cost-value ratio of all 14 replacement projects in our report is 67.6%, almost 8 points higher than that of the 21 discretionary projects, which together average 59.7%.”
But “exterior improvements” encompasses a whole range of home improvements, such as facade, shutters, lawn and landscaping, driveway, etc. Turns out, replacing your front door with a steel door is #1 exterior improvement you can make out of a possible 35 midrange and upscale remodeling projects, with sellers realizing an average 86% return on investment at closing. This is in large part due to the low cost; expect to pay around $1,137 for everything.
Other “midrange” improvements that yielded high returns included a deck addition (wood), garage door replacement, minor kitchen remodel, window replacement (wood). Among the top “upscale” improvements were siding replacement (fiber-cement), grand entrance (fiberglass), major kitchen remodel, and bathroom remodel.
You have several options for funding home renovations. The Millennial Housing Association says lenders prefer home equity loans or unsecured consumer loans. They’re easier to manage than home improvement loans, which are often spent irregularly and usually require inspections.
Mike Woods is the broker/owner of msWoods real estate, LLC. Staffed with over 40 agents, msWoods assists buyers in search of Indianapolis real estate. In his spare time, Mike Woods blogs on various topics related to the city of Indianapolis Indiana.