Should We Renovate Before We Sell
Should we renovate before we sell? Eddy Lang, founder and CEO of Housefax, writing at INMAN says, “Baby boomers who are thinking of moving are no doubt wondering how they can get top dollar for their current home. Whether they are retired and on a fixed income or experiencing sticker shock when shopping for a new property in the current market, they need to make every dollar count.
“So one question they’ll be asking is, “Should we renovate before we sell?” It’s something to consider if the house is older and hasn’t been updated in awhile, but the short answer is: “It depends.”
Marine Cole, at The Fiscal Times, suggests several things homeowners can do to upgrade their house and increase the value of their house in case they do decide to sell.
- Installing a steel entry door. Replacing your front door has been a long-time favorite for those who want to boost their home’s value. This is the only project to return more than 90 percent of cost (it returns 96.6 percent.).
- Adding a wooden deck. Building a wooden deck onto your home adds living space as well as an area to host outside. This project returns on average 87.4 percent of the initial cost, though the ratio is more than 100 percent in some 25 U.S. cities, Remodeling magazine said.
- Changing your garage door. If you replace your garage door, whether with a midrange or upscale version, it can usually be done at a low initial cost. It has a strong positive effect on curb appeal, returning close to 84 percent of your investment.
- Remodeling your attic bedroom. With a national average remodeling cost of $49,438, this project has a cost-to-value ratio of 84.3 percent. Unlike building an addition on your home, remodeling the attic bedroom is an inexpensive way to add living space, says Remodeling magazine.
- Kitchens and bathrooms also increase the resale value; kitchens more than bathrooms. Buyers often look for updates in the kitchen and bathrooms, but they can also be turned off by other things that make the property look dated, such as popcorn ceilings, wood paneling, worn or dated carpet, old doors and windows.
First impressions matter. A buyer who walks into an outdated kitchen or a dirty bathroom might not even want to see the rest of the house.
Bottom line, it’s important that agents work closely with clients to let them know what type of updates buyers expect in the neighborhood. They don’t need expensive new flooring or granite countertops if simply upgrading the appliances or installing new windows will be enough to impress buyers.
Maybe, you thought of moving, but are worried that you will have all these costly repairs before you can sell. Why not call JT Integrity Properties? We are here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Give us a call today at 260-202-2222 to let us know what YOU need help with!