Is it finally time to sell your house? What upgrades help to sell your home?
That’s the question on homeowners’ minds as house prices have increased rapidly — congrats to those no longer “underwater” on their mortgages — even as interest rates remain tantalizingly low. But here’s the catch: Those same higher prices can make buyers very choosy!
A house with a $1,600 mortgage payment last year now has a $2,000 mortgage payment. Buyers are saying, ‘I better like it!'” To increase your home’s “like” quotient, read on to see which upgrades are worth making and which aren’t.
Worth It: A new front door. Strictly in terms of return on investment, a steel one topped the list of Remodeling magazine’s annual Cost vs. Value Report for 2014 — recouping 96.6 percent of the average price. But a fresh coat of paint can work wonders, too!
Not Worth It: A home-office remodel. We know what you’re thinking: With so many more people working from home, wouldn’t it be brilliant to rewire the space for electronic equipment, say, and install commercial-grade carpeting? Not really!
Worth It: Landscaping upgrade. One of the first things buyers will notice. Crisply edged flower beds and a green lawn can be very appealing!
Not Worth It: Major bathroom work. “You could install the most spectacular jetted tub, and it still might not suit a buyer,” says Patsy O’Neill, a sales associate with Sotheby’s in Montclair, NJ. “Meanwhile, you’d have spent tens of thousands of dollars.” That explains why it made Bankrate.com’s list of “6 Worst Home Fixes for the Money” and why you should stick to things like re-grouting the shower.
Upgrades help to sell your home
Worth It: Roofing replacement. There’s a reason this ultimate “curb appeal” enhancer consistently makes Remodeling’s list and is up 11.2 percent over even last year: A roof is the first thing prospective buyers notice even before exiting their cars, and you can kiss that sale good-bye if yours looks like it’s been through hell. Non architectural shingles immediately notify potential buyers that the shingles are dated and in need of replacement or simply replacing for aesthetics.
Not Worth It: Major kitchen renovations. Again, the key word is “major,” and again it’s a “taste” issue. Major kitchen upgrades are pricey and you can’t be guaranteed your choices will appeal to buyers (consult your Realtor).
Worth It: Smaller upgrades are absolutely worth it. Replacing a counter-top or sink, paint, re-grouting, fixture replacement… all can enhance an existing kitchen and bath.
Contact me for more advice about upgrades help to sell your home.