Stop Throwing Your Money Away!!
Stop Throwing Your Money Away!!
When selling your home, the conversation about “improvements” usually always comes up. However, this could mean that the improvements could be small like repainting a wall or it could be a bigger improvement like ripping all the carpet out of your house and putting in hardwood flooring. I offer a complimentary evaluation to help you. Stop Throwing Your Money Away!! Call Me today and I will be happy to help you!
Curb appeal had a major impact when seeing the return on your home sale. In Remodeling Magazines article Cost vs. Value Report, most of the projects you will see the highest ROI from are outdoor.
When thinking about the greatest ROI (return on investment), according to the Cost vs. Value Report.
Manufactured Stone Veneer (95.6% ROI)
Average Cost: $9,357
Average Resale Value: $8,943
Garage Door Replacement (94.5% ROI)
Average Cost: $3,695
Average Resale Value: $3,491
Minor Kitchen Remodel (Midrange) (77.6% ROI)
Average Cost: $23,452
Average Resale Value: $18,206
Siding Replacement (Fiber-Cement) (77.6% ROI)
Average Cost: $17,008
Average Resale Value: $13,195
Siding Replacement (Vinyl) (74.7% ROI)
Average Cost: $14,359
Average Resale Value: $10,731
Window Replacement (Vinyl) (72.3% ROI)
Average Cost: $17,641
Average Resale Value: $12,761
Deck Addition (Wood) (72.1% ROI)
Average Cost: $14,360
Average Resale Value: $10,355
Window Replacement (Wood) (68.9% ROI)
Average Cost: $21,495
Average Resale Value: $14,804
Entry Door Replacement (Steel) (68.8% ROI)
Average Cost: $1,881
Average Resale Value: $1,294
Deck Addition (Composite) (66.8% ROI)
Average Cost: $19,856
Average Resale Value: $13,257
Also, Every state is different, however, each goal is the same!
This shows 101 different U.S housing markets and how much value they retained.
Previosuly, In the Rochester Post I recently talked about “Buying and selling homes in the new year”. Page 10A
Also, I mentioned today’s buyers are looking for move-in condition homes that may only need slight cosmetic work. If a home needs a roof or windows, they are usually not at all interested and will move on to the next opportunity. If a home needs carpet or paint, or updated kitchen counters it is more interesting. However, a perfectly remodeled move-in home will always sell the fastest and for top dollar. Smart technology, quartz counters, large showers, free-standing tubs, and wood flooring seems to remain the top sellers in this market.
Also, Homes needing minor cosmetic improvements can be a good opportunity for buyers to catch a deal at below-market prices. Interest rates are appealing and allow buyers to maintain low monthly financial obligations while budgeting for improvements needed when owning a home. The challenges of today’s market is the increasing property values and looming student loan debt, both of which often prevent buyers from purchasing versus renting.
But also, I also mentioned fresh paint and flooring go a long way when prepping a home to sell. Ensuring the mechanicals are in good working order and there are no structural issues are the key factors to attracting buyers when selling your home. The greater the updates, the greater the price and the faster the sale. Also when prepping a home, less is better. Declutter, remove personal items such as family photos, wall diplomas and other personal effects that may cause a buyer to be distracted from the beauty of your home. These are all things that will help sell a home faster and are all worthwhile in the end.
Daniel Litvin with Advantage Lending Corp, in Rochester, one of my lenders mentioned that current interest rates “are holding strong at historic lows, these lows are making it possible for homeowners to get more house now for the same payment than they could if rates were higher”.
Find out more: Interior Decorating Trends for 2020