Home updates that bring the most value
So, you are thinking about putting your home on the market. There is much to…
So, you are thinking about putting your home on the market. There is much to think about and prepare for as you get ready to list your property. It can be stressful as you go through your checklist of what needs to be done. Decluttering, cleaning your house, and making necessary repairs are essential. But what about improvements and upgrades? Is it worth the time and money?
First things first, you should review your budget to see what you can afford for improvements and upgrades. Next, decide if the changes will add to your profit when the home sells or will you break even. It’s essential to stay within your budget and make improvements to add value to your home and money in your pocket at closing.
So, what do buyers look for when home shopping? Statistical information shows that buyers love upgraded bathrooms and kitchens. Upgraded doesn’t necessarily mean you have to spend a lot of money. Changes such as having the kitchen cabinets painted or installing a new light fixture in the bathroom can make a huge difference. Or adding a couple of fresh coats of paint in a neutral color can change the feel of a space. Keeping updates in line with current home decor styles will help make your home look more attractive to buyers. For sellers who have a bit of wiggle room in their budget, installing a new bathroom vanity or new kitchen countertops will definitely catch a buyer’s attention.
So besides adding value and money in your pocket at closing, what is another benefit of doing upgrades and improvements to your home? It is reported that homes with updates sold 30% faster than homes without improvements. Even in today’s market with low inventory, homes with upgrades spend less time on the market than those without. Below is a list of upgrades, their costs, and how they reduced the home’s market time:
Kitchen cabinet repaint – Cost, $1,319; home sold 10 days faster
Kitchen countertop upgrade – Cost, $2,335; home sold 9 days faster
Backslash refresh – Cost, $641; home sold 9 days faster
Bathroom shower remodel – Cost, $1,043; home sold 9 days faster
Bathroom vanity upgrade; Cost, $1,100; home sold 8 days faster
New carpet – Cost, $2,486; home sold 7 days faster
New laminate flooring – Cost, $2,523; home sold 1 day faster
New paint-interior – Cost, $3,667; home sold 7 days faster
New paint-exterior – Cost, $3,307; home sold 6 days faster
Powerwash – Cost, $480; home sold 6 days faster
In conclusion, updates can not only add value and money to your pocket but can shorten the amount of time your home spends on the market.
Marlin Palich is president of Stark Trumbull Area Realtors, which serves Stark, Carroll and Trumbull counties. Visit www.star.realtor for a complete listing of Realtors and affiliate members. If you have any questions or comments on this article, contact Cosgrove at [email protected]