If you are considering selling your home, you may be wondering what, if any, repairs you should make to increase the chances of getting a good offer. While the answer to that question will depend on the particulars of your home, some renovations provide a more significant return on investment (ROI) than others. And some repairs don’t equate to a specific ROI but increase chances of getting an offer.
Evaluating your home If you are listing your home with a broker, they can help you determine if there are any repairs/updates needed to increase your chances of selling quickly. They might suggest painting, for example, or updating the hardware on the kitchen cabinets. These are straightforward DIY projects that will help things sparkle. Keep in mind, however, that in-depth repairs are best left to a licensed contractor.
Since structural issues are paramount in any real estate transaction, you can pay to have your home professionally inspected (usually costs $500 – $700). The home inspector will provide details about any structural work that needs to be done. Since your ultimate buyer also will likely order a home inspection, having one done before putting the house on the market can help you anticipate any trouble down the road.
Structural work should be done before anything cosmetic. Your potential ROI for a kitchen remodel, for example, will be negatively affected if the home needs a new roof.
Clean, neat, and new will lead to offers Homes get worn down and dirty over time. Paint wears and fades, and carpets absorb odors and stains. One of the most cost-effective methods of getting buyers interested is to present your home as a blank slate, a shell in which buyers can visualize themselves. If carpeting is worn, replace it with a new neutral color. Paint as much of the interior as you can with a simple color as well. If you have rooms, such as children’s bedrooms or bathrooms that feature bright colors, focus on neutralizing these areas first. Another impactful investment is in landscaping. Landscaping ROI varies but can be as high as 300 percent, depending on the neighborhood and the amount of work that is done. Landscaping doubles as a curb appeal generator, so even if your investment doesn’t get directly returned, you will drive in potential buyers, which raises the likelihood of getting offers. You can also increase the likelihood of getting an offer on your home by installing a wood fence because this is a necessity for many families and pet owners. The cost of the job averages $1,674 – $3,985, but this will depend on the length of the fence and type of wood. For instance, pine will cost you between $2 – $3 per 6 feet, while tropical hardwoods could cost as much as $15 per 6 feet.
The highest ROI comes from things buyers won’t see Although it’s essential to make your home as clean and new as possible, the best ROI will come from between the walls and in the attic. New insulation can return up to 150 percent of your investment. The same is the case with other energy-efficient repairs, such as new windows, and efficient appliances. Even swapping out old light bulbs for LED bulbs will likely add value to your home quickly.
Big jobs usually benefit from time Before you rush to remodel your kitchen or bathrooms, realize that most of these types of repairs do not return 100 percent of a homeowner’s investment. Kitchens return about 85 percent, while new bathrooms can significantly add to value, especially if your first floor lacks this feature. Both of these renovations can take some time for the ROI to be felt, anywhere from three to five years. So if you are about to list your home, you may be better off lowering your listing price and saving the renovation budget for your new house.
Home renovations can increase your home’s value if undertaken carefully and with an understanding of your local real estate market. Start with structural repairs, then focus on a neutral color palette, curb appeal, and energy efficiency before thinking about big-ticket remodels, and you’ll have a better shot at seeing a profit.
Article written by Suzie Wilson
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