To Remodel - Or Not To Remodel?
September 8, 2017
Does the remodeling of certain rooms help sell your home, and do you recoup the cost? The former, obviously yes – the latter not so much.
If you are intending to continue to live in your home and need to remodel to keep up with changing needs (and styles), go ahead! However, do not look at it as making an investment. Seldom does any money put into a property bring in a return - other than owner satisfaction. If you are looking to move within five to seven years, be careful not to ‘upgrade’ too much. When the time comes to sell, it can easy to be caught in the trap of overpricing your home in the neighborhood in an attempt to gain some of that money back.
A good Realtor will give you the right guidance on appropriate pricing, but it may not be what you want to hear! On average, you will be rewarded with an average of 60-70% return for money put into your home, post purchase.
To sell, what I always recommend is taking care of deferred maintenance. In place of any remodeling, this is the better route – and typically a whole lot less expensive. In addition to fixing some roofing, exterior paintwork and tidying the yard to add as much curb appeal as possible, there are many cost-effective items to address indoors that will keep your buyer engaged past the seven-second rule. (That is how long it takes to put your home on the top two list - or knock it off completely.)
So, what to do to keep the budget down and catch the buyers interest?
- Declutter! (This one is the biggie.) All that should be on the kitchen counter is your coffee machine and your bowl of fruit. Stow away family photos and knickknacks.
- Clean carpets and clean windows to create a sense of light and spaciousness.
- Consult with your experienced Realtor on interior paint colors and accents that help sell.
- Replace grout to give an impression of newer flooring or bathroom tiling.
- Buff out any stains in natural stone finishes.
Contact me for a no-obligation consultation on the best use of your money to get your home sold.