When thinking about selling, homeowners often feel they need to get their house ready by making significant renovations to make it more appealing to buyers. However, with so many buyers competing for available homes right now, remodeling may not be as crucial as it would be in a more normal market.
Before investing time and money into remodeling your home to sell it, contact a local real estate professional to see if it’s the best course of action. You may find out that putting your house on the market as-is will help you sell quickly, and it may result in the best return on your investment.
When we think about remodeling, we often think about interior renovations, but according to the release by Zonda of the 34th annual Cost vs. Value report finds exterior improvement projects continuing a multiyear trend of providing the greatest return on investment (ROI) for homeowners. In fact, 11 out of the 12 projects with the highest ROI were exterior improvements, such as deck additions, vinyl siding replacements, and stone veneer.
When speaking to your real estate agent, ask how much ROI a project is likely to bring and if it’s worth the price for the market you are in. You may be surprised to learn how much interest there is in your home as-is in a seller's market.
As Hanley Wood explains:
“The 2020 Cost vs. Value report shows a predictable increase in costs for all 22 remodeling projects but a consistent dip in the perceived value of those projects at the time of home sale, as estimated by real estate professionals in more than 100 metro areas across the U.S. This results in a slight downturn on the return on investment for nearly all projects relative to the trends we saw in last year’s report.”
So, what should you invest your efforts and dollars in before selling?
Curb Appeal
A 2018 NAR survey notes that 17% of Realtors believe a landscape maintenance project recently resulted in a sale. Some landscape revamps don’t break the bank. Think about adding a pop of color with flowers, pressure washing, trimming the trees, painting trim, and cleaning gutters.
Clean and Clear
Invest in a deep cleaning – think the works! Floors, windows, baseboards, and remove debris. Declutter your living areas and closets. This is a great time to reassess what will be going with you and what needs to go. Much can be boxed up and stored even if you plan to take it to your new home. Potential buyers love to see space and storage.
Paint the Walls
Adding a fresh coat of paint to your home will help cover the walls’ imperfections and convey a blank slate to potential buyers. Start by painting over those bright walls with neutral colors. Stick to whites, light grays, and light beiges. These shades will make your home appear bigger, brighter, and more welcoming.
Bottom Line
Talk with a trusted local real estate agent today to determine which repairs and improvements are worth spending your time and money on before you sell.
