So you’ve done some of the small things like caulking, painting, some landscaping and cleaning to get your home ready to go onto the market. But is it enough to get the house sold?
There’s a good percentage of buyers out there who want a property that’s in move-in condition — meaning updated kitchens and baths, new carpets, and freshly refinished hardwood floors. But these things all cost money — a lot of money. You need to decide where to allocate your money to be sure you see the return on your investment.
In most cases, homes that have updated kitchens and bathrooms typically sell faster and attract more attention, beginning with the moment they hit the market. So how do you skate the fine line of doing and spending just enough, but not too much? You have to look at the expense of remodeling a certain room and decide if that is something you want to take on. In other words, if you remodel a bathroom and it costs you $5000, or you spend $15,000 updating your kitchen (not to mention the inconvenience of dealing with the work involved), will you get it back? The answer is yes.
Initially, it will absolutely increase the value of the property. Secondly, there is real value to limiting the amount of time your property spends sitting on the market. It’s expensive. Mortgage payments, taxes, insurance, maintenance and upkeep add up quickly. The quicker it sells, the better.
Typically, if a buyer needs to do a bunch of updating, your property is going to be less appealing — particularly when you consider that most first time home buyers are putting all of their money up just to be able to buy, and they are not likely to have a lot left over for renovations, so you want the house to look updated and at its best at the start. The trick is to complete updates inexpensively, without sacrificing quality. One great way to do that is to break down a project into its parts.
Some kitchens have great, well-built original cabinets that may just need refacing, which is a much cheaper alternative to installing all new cabinets. Some baths have great original tile in perfect condition, but the vanity needs changing because it’s run down or out of style. Often, small upgrades can change the whole feel of the bathroom.
Of course, the ability to do this depends on your individual property, so your first move should be to meet with your real estate agent to get an honest opinion of what really needs to be replaced, and what could simply be updated.Add to favorites