Triangle Area Real Estate News & Information

One of the questions we get asked most frequently from sellers is, "Should I update my home before selling it?" The reason so many sellers ask is that they are concerned that either they will lose money if they don't update or that they don't have the money they would need to make the updates and are concerned that we're going to "require" them to do so. We could possibly rank this as the most misunderstood element of home selling by sellers. Certain updates will impact the value of your home more than others. Certain curb appeal, low cost, elements help it attract more buyer attention. While expensive renovations are largely unlikely to recoup the money spent, let's go over what is and is not an update you should make in this month's Ask a Professional.

Should I update my home?

With inventory at historic lows, you may decide to take advantage of the sellers market and your your home without making updates. Buyers have limited options and can make repairs themselves, and they know it! According to Freddie Mac, nearly two in five homebuyers are willing to make repairs themselves. If you are wanting to stay in your home longer, and by longer, more than five years, here are the items that recoup your investment.

The top items that recoup an investment are hardwood floors with 147% of the investment, a new roof recoups 100%, garage door replacement 100%, vinyl siding 82%, bathroom renovation 71%, vinyl windows 67%, and kitchens 67%. We want to issue a word of caution on the bathroom and kitchen renovations, they are seriously subject to personal taste. If you are looking to sell before five years, a kitchen can wait, and our advice would be to focus on items that give a greater return for the investment and improve overall curb appeal. The one thing we would never advise is to undertake a major update such as a kitchen, bathrooms, adding on a screened in porch etc right before selling as these are money losers. These are the type of improvements that you're better off doing when you will be there to enjoy them for 3-5 years at least.

Curb appeal that makes your home most attractive to buyers are small touches, that will not cost you an arm and a leg. Repainting trim on the outside of your home is one. Repainting the interior of your home. We recommend painting interiors neutral colors, remediating odors, changing out dated fixtures, replacing handles, and putting new mulch in your yard, these are all things that increase curb appeal and pay dividends in terms of sale price.

Should you use a Realtor?

Whether you are undergoing renovations or you are looking to increase curb appeal, it's to your advantage to consult an experienced local Realtor to find out the value of your home "as-is" and more importantly what buyers in the local market are looking for. Prior to listing your home a Realtor can evaluate what needs to be adjusted for curb appeal and what really could stand to be renovated. Why? MY NC Homes offers sellers a free consultation with a professional stager for just this reason. We work in your neighborhood and know what is in demand and have vetted tradespeople who we know will do a good job at a fair price.

Tags

• Home Improvements (5)
• Renovations (3)
• Home renovations (2)
• Return on Investment (1)
• ROI (1)