Home Improvement Projects a Seller Can Do For a Quick Sale
If you are planning to remodel your home, this is a good year to do it. For the past few years, Remodeling magazine found an increase in the return on investment in all of the 35 home remodeling projects it analyzed. Not only will you enjoy these upgrades while you are in the home, but you will also recoup much of the money you spent when you eventually go to sell. Here are several home improvement projects home sellers can do for a quick sale.
Factors to Consider When Fixing Your Home to Sell
Even the most subtle changes can make a huge difference. But before getting into the first home improvement idea you can find, there are certain things you need to consider. Using a real estate agent to help you get your home sold makes good sense. If in doubt, find a good agent (i.e. from friends/family, referrals, internet searches, etc.). They can assist with the 3 items listed below.
State of the Real Estate Market
Just like any investment, there are good times and bad times to sell a home. You may find yourself in a “buyer’s market” or a “seller’s market.” To reach your goal, you will have to make sure to sell on the latter. This is also known as a “hot” real estate market.
You will want to ensure you are selling in a hot market. This is the time where there are more buyers than houses to buy. When the market is sizzling hot, serious buyers are likely more willing to pay more than your original listing to score the deal.
Check for Competing Homes
A comparative market analysis (CMA) is a list of homes currently on sale, pending, sold, expired, or canceled. These listings will give you valuable insight on how to price your home. You will want to come up with a competitive price and not too low to miss a great deal.
Return on Investment
When planning for home renovations, you want to assess if they are worth investing in. Some renovations and repairs may cost more than they pay off when you start selling your home.
When to Sell a Home As Is
There are times when it is not wise to invest in home repairs. Instead, it will be best to sell your house as it is. It is often the case with a property that requires a ton of work. For instance, there are holes in the walls, water stains all over the ceiling, and the entire plumbing system does not work.
When a house seems beyond simple repairs, consider selling your property at a low enough price. This will more likely attract contractors and flippers who are willing to rebuild the home entirely.
Some homebuyers who would consider this offer are likely those who do not qualify for more expensive properties. In some cases, they may even be expecting to profit by giving the house a makeover.
When negotiating with a fixer-upper buyer, note that they may haggle the price of your home for the repairs and the inconvenience it will cost them. After all, most buyers will want a home where they can already move in and require cosmetic repairs.
Essential Minor Fixes before Selling Your Home
Before putting your home on the market, make an inventory of everything that needs repairing. The last thing you want is for a potential buyer to spot these problems while touring your home.
Check these common minor home repairs and see whether they apply to your property:
- Check the roof for leaks and holes and repair if necessary.
- Replace broken bulbs and other light fixtures. You may want to see if ceiling fans are working, as well.
- Replace carpeting that is either stained or worn out. Get dirty carpets professionally cleaned.
- Give the walls a fresh paint job. Make sure to repaint with a neutral color and not white.
- Clean out the gunk and stains from windows and replace old drapes.
- Make sure to fix any code violations. These may include a faulty electrical panel, outdated kitchens and bathrooms, and new installations without permits.
Homebuyers will want to see a fully furnished property to get a feel of its interior. But displaying battered fixtures and furniture will not do as it may detract your property’s value.
Consider getting a new couch or dining table beforehand to entice buyers. Once you have closed the deal, you can always take your new furniture with you when you move out. Of course, make sure the buyers know beforehand the inclusions of the property on sale. If the pieces of furniture are not part of it, be transparent and specify that in the ad listing and contract to avoid trouble later.
5 Most Profitable Home Improvements Before Selling Your Home
Landscaping Your Lawn
Your lawn makes up the façade of your house. Thus, it will create your buyer’s first impression of your property. Because of this, you want to spruce up your yard before putting your home up for sale. Otherwise, your potential buyer may be scrambling to get the tour over with before it has even started.
When landscaping your yard, remove any dead shrubs and grass. Of course, make sure to mow outgrown grass to give the lawn a fresh look. You may want to patch up the grass and define spaces by upping your edging game. You can use flagstone for a classic look or metal edges for easy installation.
How much will it cost?
Landscaping does not come cheap, especially if you are working on a poorly maintained lawn. It can cost from $500 to $3,000, and even higher if you plan on removing trees. The cost will also depend on whether or not you’ll hire a professional service.
Is there a cheaper alternative?
You can do the landscaping work yourself if you have some talent in gardening. It’s pretty simple to pull out dead weeds, plant grass seeds, water, and mow your lawn. To liven it up a bit more, you can plant bright flowers up front or place them in pots along your pathway.
Landscaping will make your property feel more liveable and inviting in an instant. Do not sleep on this home renovation if you plan on scoring a quick sale.
Painting
Before selling, repainting your home is one of the easiest and cost-effective ways to increase its current value. Like many other things, first impressions play a significant role. The buyers will experience those as they go down their car and see the house’s exterior until every room they enter.
Paint is therefore crucial for the overall aesthetic and visual feel of the house. It adds value to the property and could be the deciding factor between that closed deal and months of waiting for another potential buyer.
How much will it cost?
On average, painting the interior would cost about $900 to $1,000, which offers a value increase of about $2,000. On the other hand, the exterior costs about $1,400 and yields $2,176 ROI (return on interest).
Is there a cheaper alternative?
You can save on a new paint job by doing the work yourself. Make sure, though, that you know what you are doing to avoid fixups that will cost you more later. And secure personal protective equipment, such as a paint suit, a respirator, and solvent-resistant gloves to avoid injuries and infections while painting your property.
Making a good first impression can still be done if a paint job is not possible. A popular alternative is installing wall-length curtains on your walls to make the room appear airier. You can also buy temporary wallpapers you can attach to the walls instead of paint. Choose beautiful ones with neutral colors too or those with eye-pleasing patterns.
Another cheap alternative is hanging existing pictures on the walls. You can use this to cover portions of the wall that needs a paint job. Paintings and other forms of artwork that can be hung on the wall will work as well.
If you don’t have much to show, using shelves is a great option. It serves as an added design and as storage spaces or pedestals for other more miniature furniture.
Flooring
From the moment your buyers set foot on the house, the feel and look of the flooring adds weight to their final decision. It’s one of those things that can make or break the sale. Without a doubt, it’s one part that you need to improve when selling a house.
Worn-out carpets should be replaced. Your buyers would not want to have that on their floor once they move in. If the existing floor is made of hardwood material, it does not need to be replaced entirely. It’s already a good selling point to most buyers.
Refinishing your flooring with neutral colors will do the job. The house value will likely evaluate when surfaces project a good impression in the buyer’s eyes.
How much will it cost?
The cost of your flooring work will depend on several factors, such as the type of flooring and the floor area. You will most likely need to hire a contractor for it. It’s not one of those things that you can DIY at will.
Nowadays, flooring can cost between $1,500 to $4,500 and, on average, about $3,000 to cover a 500-foot area.
Is there a cheaper alternative?
For alternatives, one that has been around for quite some time now is the floor laminate. It is cheap and offers different on-trend designs that buyers will most likely love.
On the other hand, porcelain tiles make a good alternative for carpets. They are less expensive than vinyl and wood and immensely durable.
Concrete floors and countertops make decent and cheap flooring too. They are simple, neat, and give buyers a pretty good option of customizing once the deal is closed.
Lighting Fixtures
Not many people are fond of living in dim and dark places. Moreover, broken lights make an impression of a poor home condition.
When selling a house, doing an audit of the lighting in every room will take you further in making the property attractive for buyers. Do this especially if natural light does not enter most places in the house.
You also need to know that not all potential buyers may have the time to check the house in broad daylight. Thus, it is vital to show them how warm and cozy the property can be no matter the time of day.
How much will it cost?
Aside from the materials, costs for installation of lights comprises most of the labor work. Licensed electricians are highly recommended for this and can cost about $500 on average. This ensures safety and ensures that the wiring job all around the house is updated to the current wiring code.
Fancy lighting such as chandeliers usually run as high as $2,200, while small light fixtures run as low as $75. Once you have all these factors accounted for, it’s easier to know and adjust the cost for the fixture.
Is there a cheaper alternative?
Lamps make an excellent alternative for illuminating dark areas, especially when the sun is down. You also don’t require a lot of them so long as they are strategically placed.
They are also portable, so you can hang them, place them on top of furniture, or bring them with you once the sale is closed. You can also opt for fairy lights, which will make the place look playful and unique. It is one brilliant way of lighting the area without much cost.
Bathroom
Bathrooms sell homes. And if your bathroom has much fixing and improvements left to do, then it will not be that appealing to buyers. From the floor and wall tiles to the faucets and toilet seats, the bathroom is one of the places in the house that often receives more scrutiny than others.
The bathroom needs to shine once potential buyers tour your home. Bathroom improvement is essential, and it will not require most eggs in your basket to do it.
Opt to change drop a sink into a refinished piece of furniture or only do a pricey border tile in the shower so you can save money in other places. Spending extra for deluxe features, like a spa tub or heated floors, can increase your return on investment even more.
How much will it cost?
Fixtures for your bathroom start at $5,000 and can average to about $10,800. Fifty percent of this usually accounts for the labor cost. Choices for small to upscale remodels and the size of the bathroom usually impact the cost.
The type and brand of the main bathroom components, such as the shower, sink, and toilet, will also matter.
Clean and presentable flooring and walls should add to the cost if it needs some fixing. However, you can opt for a partial bathroom remodel, which starts at $3,000 if there’s not much to fix in the bathroom.
Is there a cheaper alternative?
There are few affordable tweaks you can make for bathroom fixtures. Covering chipped and stained walls with photos and artwork is a good alternative instead of a repaint job. Ceramic tiles can replace your flooring, which is cheaper and also looks elegant.
Shelves work perfectly in bathrooms too. They’re suitable for storing toiletries and towels. For toilets, bathtubs, and sinks, some companies refinish them. It’s a great alternative instead of replacing those with new ones.
Bonus Home Improvement Tips
These bonus home improvement tips should be analyzed on a case-by-case basis to determine if they make sense as you prepare to get your home ready for the local real estate market.
Replace the Garage Door
A new garage door improves the look and feel of your home and boosts its resale value. The typical garage door replacement costs $1,500, and returned over $1,100 upon resale of the house, according to remodeling’s website. While this project probably is not high on your wish list, it is easy to tick off in a weekend and can boost your lackluster curb appeal. This can be a great place to start with home remodeling, as you’ll see an immediate impact.
Replace the Windows
Replacing windows can improve your home’s insulation, which improves your four-season comfort level. Replacing vinyl windows costs an average of $13,000+ and returns over 75 percent of this value. Replacing wood windows costs roughly the same but returns just over 71 percent of your investment. Nice new windows will also boost your home’s curb appeal and the look and feel of interior rooms.
New Siding
If your home has siding, replacing your home siding returns nearly 80 percent and over 70 percent for vinyl siding. If your existing home siding is old, worn, stained or moldy, replacing it is absolutely necessary. If people see siding that has seen better days, they will immediately begin to wonder what else is wrong with the house and could walk away. Replacing old siding can also lower your utility bills and improve your comfort in the winter, as it has an insulating effect.
Home Renovation Takeaway
Do not worry too much about the cost you have to pay with every repair and remodel. In the end, this will elevate your property’s total value. The devil is indeed in the details, but once dealt with, your house can offer you a heavenly price.
Home improvement goes a long way when selling your pre-loved house. The buyers want to call this piece of property home as much as you did during your stay.
For those selling their home soon, there are many more things to be done aside from listing their property. To make it more appealing for potential customers, you need to ensure your home is livable and functional. But if you want to make the sale ASAP, consider doing some renovations and improvements to your home.
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For additional tips on low cost home improvements, follow the link and get 11 options that may fit your budget, especially if you are at least a novice DIYer.
