Saving precious time and money selling your home
It’s all the rage on television – remodeling and renovating when selling or buying a home – Love it or List it, the Property Brothers – all in all, Wikepedia lists 95 shows devoted to home improvement over the years.
Before leaping into a major project take a look at what Realtor.com tells home sellers who are considering taking on a remodeling project and are planning on selling a home within the next year. “According to Remodeling magazine’s ‘2016 Cost vs. Value Report’ you’ll recoup an average of 64% of what you paid for a renovation if you sell your home this year.”
Not what they show on television, is it? Not that you shouldn’t take on some projects that will make your home more attractive, safe or economical. Realtor.com goes on to say the best bang for your buck would be to add more insulation in your attic. For every $100 spent, you can recoup, on average, $116.90. The average cost to insulate runs about $1,268 for a 30’ by 35’ space. According to their report – this is the only renovation that will yield more money than invested. The best return of investment are projects that run less than $3,500 which applies to the top four out of five recommended improvement projects. Here are these next four for the best return of investment projects:
2. Manufactured stone veneer: This is the costliest of the five - $7,519 with a recoup of $6,988 or a 92.99% return
3. A new garage door: Cost to you - $1,652 with a return of $1,512 or 91.59%.
4. A new entry door: $1,335 with a return of $1,217 or 91.19%.
5. An upscale garage door: $3,140 with a projected return of 2,830 or 90.19%.
Not what you might consider the flashiest improvements but they do have an impact on buyers.
Here are the five worst investments, very much akin to what television producers make their audiences drool over:
- The worst pay back of investment is a bathroom addition. A projected cost of $42,233 will only get you $23,727 or a 56.2% return.
- An upscale bathroom addition: For $79,380 you will get a slightly better return of $45,006 or 56.7%
- How about a master bedroom addition on the upscale side? Go all out and invest $245,474 and expect about an asking price bump of only $140,448 or 57.1%.
- OK, what about just doing a bathroom upscale job? For $57,441, the report says you can expect about $39,288 or 57.5% back of the money you invested.
- Then we have a deck addition for $37,943 that will net back $21,877 or 57.7% back.
These figures were derived from a study of contractors from 30 markets who estimated these costs. Then real estate agents were asked to estimate the expected resale value of each improvement at the time of the sale of the property.
To give your home the best viewing sparkle, make sure everything in the home, garage and yard is clean. View with a critical eye and paint any area that needs it. Make sure are the mechanical items (appliances, water heater, furnace, air conditioning, etc.) are in good working order. If not repair it. Take a look at the structural items – do the doors hang straight? Are the electrical plate covers cracked? Is there a loose board on your deck? Do repair those. Then go through the home and clean and de-clutter it.
After you have done all that – go through and clean and de-clutter again. If you have any questions as to what improvements will increase the value of your property and make it sell quicker, do ask one of our real estate agents. They are your partner in the sale of your home and have the experience and information to maximize the sale.