Improvements that Work!:
There are a number of factors that go into determining how well a project
will pay back. Payback value depends a lot on the current
market conditions in your area. If the market is hot and
homes are selling fast, you can expect a higher payback
value than you would get in a slow market.
Typical
payback for the most popular remodeling projects (Summary of
several Sources).
●
Kitchen remodeling
– 90%
● Add
a bathroom – 90%
● Install
central heating – 90%
● Bathroom
remodeling – 80%
● Install
central air – 75%
● Add
a deck – 70%
● Replace
windows – 70%
● Add
a room – 55%
● Build
a pool – 45%
● Finish
a basement – 40%
One of the most important things for you is to revisit your mind set. You decided to put your house up For Sale. And YES the majority of homeowners love their style and have fallen in love with a specific area/part of the house. But right now is the time to say goodbye and let go…What you love is not necessarily what sells!
Listed below are the top
improvements that generate the highest return on investment:
I. Curb Appeal
The curb appeal of your home plays a big role in the sales process, this is your chance to make the best first impression of how your home looks from the street. Roof, gutters and windows should be clean and clear. Inspect the front door, is it inviting and in good shape? Consider power washing the siding, deck or porch.
II.
Lighten and Brighten
Fresh paint on your house, inside and out in key areas, is
usually the one thing that pays off the fastest. Using light
and neutral colors like a light beige/brown on interior
walls seem to resonate best with buyers.
III.
Clean & De-Clutter
De-personalize your house, remove all clutter
and nick knacks, deep clean your home and remove all
unnecessary furniture. Make it look light, roomy and as
inviting as possible. Your potential buyers will open
drawers, cabinets and closets when they come to see the
homes so make sure they are well organized.
IV.
Landscape & Trim
Inspect the yard; determine if your flower beds need an upgrade. Are plants neatly pruned? Are the beds clear of weeds and properly mulched? Keep the lawn neatly groomed, free from weeds and grass clippings. Groom trees and shrubbery.
V.
Decorate / Stage
Buy some fresh flowers/plants and other decorations to liven
up the room, Dispose old furniture or other large items. For
empty homes: At a minimum, decorate in all key areas:
kitchen, bathrooms, living room/fireplace and if possible
add some basic furniture in key eye catching areas.
VI.
Kitchen &
Bath
Update Kitchen and bath by resurfacing cabinets or painting
with neutral color. Replace or refresh countertop if needed.
Replace toilet seats, dated fixtures and drawer/cabinet
handles. Freshly caulk and redo grout in countertops, sinks,
tubs and showers.
VII.
Repairs
A percentage of older homes (+10 years and
older) tend to fall through during the home inspection
phase. A pre-sales inspection can help you to determine the
key issue areas – and take care of the major repairs needed.
This will help you secure your buyer and sell the house
quickly. Repair any defective area in your home.
Kitchen
For many
potential buyers, the kitchen is the most important room in
the house. Since the kitchen has the power to make or break
an offer, focus on the key areas as outlined.
Clear and Clean
all the counters and drawer of all clutter, take everything
you do not need out of drawers and shelves and move it to
storage. Potential buyers should see this as an inviting
spotless kitchen with plenty of space to entertain.
Cabinets -
if not in good condition or outdated (what sells in your
neighborhood?), paint is always the most profitable
improvement. Or put new, modern looking hardware on them to
give them a fresh look.
The Sink
should be absolutely free of stains. If your faucet looks
old and outdated, consider replacing it with a new one, it
will go a long way towards improving the look of the whole
kitchen, for very little money.
Buyers immediate recognize any shortcomings
in the kitchen. Do everything you can do in your budget to
freshen up your kitchen and give it a new, open, larger
look.
Dining
Even
though very few people actually use there dining room, they
always picture their families and friends gathering around
the table for a home cooked meal. Elegant dining room
furniture, art work or china cabinet create a nice ambience.
A perfectly set table with a centerpiece creates a vision of
potential memories in the buyer’s mind.
Bath
Followed
by the kitchen, bathrooms, specifically the master bath has
high importance in the eye of a potential buyer.
Ideally,
the master bath should be large, spacious, clean and
inviting. You can paint the walls in neutral/light colors
and unclutter to make it appear larger than it. Floral
wallpapers are a definite no-no in today’s market.
Remove
everything from the sink and countertops so it looks clean
and open.
Get bath
tub and showers professionally cleaned to remove all stains.
If you have bright color tiles, consider getting them
whitewashed or put in new ones.
The floor
should look spotless and new. A cheap and easy way is to
install new vinyl flooring.
Living Room / Entryway
First
impressions do count! When you enter a home, it should look
inviting, good smelling and open. Although you cannot change
the floor plan of your home, there are a few things you can
do to welcome your guests into your home.
Do not
leave coats, shoes, purses, or any items lying around on the
entry way. Keep coat closet stored to a minimum. Paint the
foyer in a warm color. Light good smelling candles. Hang a
nice picture or put some flowers in a vase in the entryway.
The living
room must have enough furniture to make it look spacious yet
cozy. Having the right number/size of pieces, arranged in a
proper way, will do this trick. Again, remove all clutter
including personal items, books, magazines, toys, etc. Think
about this-if you are going to have guests over in a minutes
notice, are you ready?
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