March 23, 2015
If you’re a homeowner considering a move or a real estate agent listing a home, you may be wondering what the home needs. Do I need to renovate the kitchen? Repaint the exterior? Replace the flooring? Before taking on a costly remodel, consider this: these measures don’t always recoup the highest percentages in return. Many sellers have much more success by investing in upgrades that boost their home’s value in the process. The best part? Both sides of the transaction profit.
Consumer Reports recommends completing these updates:
In the grand scheme of things, painting is one of the least expensive ways to freshen up your home for sale, but it can cost up to $300 a room if you’re hiring a pro to do your entire home. Save big by painting just a few select areas: high-traffic rooms, like the kitchen and bathrooms, and rooms with brightly-painted walls. You can save even more by doing the project yourself – a gallon of paint averages about $30.
Your home’s exterior is the first impression for many buyers online and in person. Aside from keeping up with maintenance like mowing the lawn and trimming shrubs, assess the outside of your home for any repair work – a fading front door, cracked siding or a loose step – that needs to be completed before selling. And don’t forget about the roof. If it needs to be replaced, choose an inexpensive but durable option, like standard, three-tab asphalt shingles. They cost approximately $75 per 100 square feet, including installation.
Bathrooms can become a point of contention for buyers if they’re not in tip-top shape. Rather than taking on an expensive renovation, make minor upgrades that have an impact. Caulk the tub, re-grout tile, and install new fixtures. Larger, less costly fixes are also a possibility if you know where to look – a new vanity, for instance, can cost less than $1,000 if you shop around.
Buyers want to be wowed by the kitchen, but that doesn’t mean you have to fork over tens of thousands of dollars to make that happen. Focus on making repairs that cost well under $500, like tightening a leaky faucet or eliminating burn marks on countertops. For a cheap alternative to repainting your cabinets, consider updating your hardware in a modern finish.
Even if the home has been renovated top to bottom, a messy appearance can be the ultimate deal breaker. Fortunately for sellers, de-cluttering and de-personalizing doesn’t have to cost a dime. A short list that will help buyers visualize living in the home:
– Vacuum, dust and wipe all surfaces regularly while your home is on the market.
– Pare down closets to the bare essentials.
– Replace family or otherwise personal photos with neutral wall art.
– Cut clutter in cabinets and on bookshelves.
– Keep counter and tabletops clear, especially during an open house.
If the project is overwhelming, consider hiring a professional cleaning service or organizer to cut through the chaos. A pro can cost anywhere from $600 to $2,500.
Source: Consumer Reports
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