With homes lingering on the market, and selling for well below the asking price. Sellers need all the help they can get. One way to help improve the likelyhood of selling your home is renovations.
Even though the amount that homeowners are recouping from renovations is shrinking, it mays still pay to upgrade your home in order to get it sold faster and avoid future payments.
Still, some improvements practically pay for themselves or, at the very least, gain more attention from prospective buyers than others will. For example, putting an in-ground pool in the backyard or building a two-story deck with a gazebo, is not going to appeal to a broad scope of buyers. Yet, cleaning up the exterior of the home or adding more storage space, on the other hand, will prove much more appealing.
While the amount you recoup may not be as high as it once was, projects like these will help sellers sell their homes faster and for better prices than those that are not renovated.
Here are some great improvements to consider.
Replace Roofing and/or Siding
Roofing and siding replacements aren't cheap. they'll set you back an average of 10000 to 20000 dollars, but you'll likely recoup 60-80% of those costs come selling time. You'll also save yourself time and headaches later, by addressing these problems before they're discovered in the home inspection.
Add an Extra Bedroom
Increasing bedroom count always increases value your home's value.
Do not knock down walls or add onto your home, working with what you have. For example, convert a spacious attic into a bedroom. Costs average 20000 to 40000 dollars, but can increase a home's selling price by 25000 to 100000 dollars.
Increase Closet Space
Extra closet space is also a big hit. Generally, you can use a portion of a large bedroom to expand an existing closet. Costs range from 500 to 1000 dollars, but on average you will recoup around 50% or the expense and increase saleabliity.
Update the Bathroom
Updating the bathroom is essential in order to captivate buyer's attention. On average this may cost 10000 to 20000 dollars, but you will likely recoup around 75%. Still, to alleviate some of the expense, consider a partial renovation instead.
Update and Upgrade the Kitchen
Outdated appliances, fixtures and decor no longer appeal to today's buyer's. So, focus on smaller, more visible upgrades, such as installing new granite countertops and stainless steel appliances. Another option is a minor kitchen remodel, which on average costs 20000 dollars, but you will likely recoup around 80% of its costs.
Make Your Home Energy-Efficient
Yes, homeowners pay a premium for green upgrades, but you will not likely see much return. Still, it's energy-efficient upgrades are important to home buyers For example, if your windows need replacing, install energy-efficient windows, which cost an average 250 to 400 dollars, which willlikely boost your bottom line by at least 50%.
Curb appeal is one of the most powerful selling tool. Minor landscaping touches, like planting some flowers and mowing the lawn, are enough to make a yard attractive to buyers.
So, on you next home sale consider these options, and you will likely sell your home faster and for a higher dollar amount.
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