Home improvement is a challenge that is faced by almost everyone who participates in real estate – the seller, buyer and especially those who want a bargain to fix and flip.
It’s often assumed any remodeling will automatically add to the value of a property. As your neighborhood real estate agent, I know that can be a dangerous assumption.
The issue is not how much you spend on the property but what prospective buyers value – and that’s where advice from an agent can prove invaluable.
Large-scale upgrades can fail to deliver a return on your investment when the amount of money you’ve spent on a remodel cannot be covered by the price buyers are willing to pay.
Even small-scale improvements, such as landscaping, could be a waste of money when the buyer trend is focused elsewhere.
Investing in an upgrade is a sound strategy only if the cash is spent in the right areas. As an expert on buying trends in our neighborhood, I would be happy to advise you on which improvements will deliver the best return when it’s time to sell.
Meanwhile, here are six tips I’m seeing now that will help maximize the value of your home.
- Fix the basics – Nothing drives down an asking price faster than problems that have to be fixed by the next owner. Leaking roofs, rusty gutters and old downpipes are used as weapons of negotiation by the buyer. So, get the basics in good shape. That includes walls, floors, and window frames, which all must be in good repair. If you don’t do this work, expect haggling over price to be tough going.
- Go for curb appeal – First impressions are vital. If your home is a little on the shabby side, then it’s time to repaint. Also, fix up the front garden. Weed and mulch the beds, use fertilizer for greening the lawn. Consider installing trees or hedges to enhance privacy. A smart front door, perhaps painted in a gloss prime color, adds a little sass.
- Stroke of genius – Repainting the interior will give your home a fresh feel. It’s a relatively straightforward task that you can make a DIY project if you need to contain costs. Opt for neutral colors, as they enhance the light and help make each room feel a little bigger. Strong colors risk inciting objection from buyers who might not care for your favorite shade of green or red on the feature wall.
- Prioritize the kitchen – This is where the family congregate, and so buyers see this as the most important room. Consider replacing doors, drawers and the countertop rather than ripping everything out and starting again. New, matching appliances from the same manufacturer will pay you back handsomely if your budget can stretch to that.
- Bathroom bonus – Relatively inexpensive items such as a new vanity and full-glass shower screen can revitalize a bathroom. Double basins are popular with buyers right now.
- Finesse your faucets – New, modern faucets in the kitchen, bathroom and laundry always leave a favorable impression and can be installed quickly and relatively cheaply.