Making upgrades can be as easy as replacing the handset on your front door and freshening up the paint job, or as daunting as remodeling an entire kitchen or master bath. The question always is, what home improvements give the best return on the remodeling dollar?
This is what we’ll be discussing in Chapter 6 of How To Sell Homes Fast For Top Dollar that you can read online
Upgrading with ROI in Mind
STARTING WITH THE BASICS
Every listed home should meet the basic expectations of any buyer. It should have a sound roof, functioning gutters and downspouts, foundation without cracks, functioning heating and/or air-conditioning system, solid subflooring, and safe and secure electrical wiring. With finance-mandated home inspections, any shortcomings may be required to be remedied to get buyer financing approval.
It is important to understand that the market value of a home is determined by the prices of comparable homes recently sold in the area. Extensive remodeling to sell the home or to increase the value may not pay off. The property needs to be up to the standards of neighboring homes, so while the kitchen has to be comparable to others, spending $25,000 to remodel a kitchen in an area where comparable homes recently sold for $275,000 will not increase the house’s value to $300,000. While it may be a helpful selling feature, it won’t return dollar-for-dollar value.
MECHANICAL MAINTENANCE IS A MUST
It is easy to get wrapped up in the more eye-pleasing aspects of preparing a home to sell. However, the upkeep of all the more mundane aspects of the home cannot be overlooked.
These mechanical features require consideration:
- Electrical boxes and wiring
- Natural gas lines
- Central heating and air-conditioning
If these components are old, outdated, or not working correctly, the home’s appeal is lowered, as is the eventual sale price.
According to the National Association of Realtors®, 65% of homebuyers surveyed wanted to be sure their new home had a working central air system. Of the 31 mechanical features inquired about in the survey, this was the most important.
People want to purchase a home that reflects their aesthetic tastes and lifestyles, but also one that is safe and sound. Faulty electrical systems do not provide a feeling of safety. Leaky plumbing arouses concerns of mold infestation and sewage problems. These areas can require extensive work and they are extremely important. Overlook them in the preparation stage, and you run the risk of trouble later with inspections and appraisals.
Watch the video and then read the corresponding chapter of How To Sell Homes Fast For Top Dollar. Then ask David your questions, so he can record more videos to answer them and provide more clarification as needed.
If you have a home to sell, call me at (727) 249-4022 so we can talk about your home selling goals. We’ll work together intensively on selling your home fast for top dollar.
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