In December, when most of us are busy with holiday events, a springtime home sale appears be a long way away. However, if you’re thinking about putting your home on the market in the new year (spring or earlier), now is the time to ask…Are you prepared?
It’s hard to distance yourself from your home — especially a home that means a lot to you and your family. However, you need to put aside the emotional attachment and consider the process a business transaction. Just remember what you thought about when you were looking to buy. You looked at the size, acreage, number of bedrooms and baths. These are the things potential buyers will consider as well. It’s not about what you’ve done to make the home comfortable for you; it’s about what others see when viewing their future home.
In recent years, there’s been a growing distance between the cost of home improvement and recouping money from renovations, after home sale. In an article from MSN Real Estate, “Remodeling costs have dropped 10% to 15% in the past five years even while the cost of materials rose about 17%, says Sal Alfano, editorial director of Remodeling Magazine, which released the 2011-2012 edition of its annual Cost vs. Value Report in late 2011.” The chart below represents Boston and surrounding areas, indicating a decline in return on average remodeling cost from 2005 to present, as provided by Remodeling, The Magazine. Click on the image for more details…
Some home improvements do generate a return on investment. These improvements have more to do with sensibility than extravagance. If you’re planning to sell your home, here are just a few renovations that can create a positive impact on your future sale from MSN Real Estate.
- Replacing damaged or worn siding (Vinyl & Fiber Cement) improves outward appearance & home sale-ability, approximately 69-78% return in value
- Renovating attic space to include a master bedroom (bath optional, depending on budget)
- Replacing a damaged garage door can improve curbside appeal and garners approximately a 71% return in value
- Addressing interior wall damage; filling in nail holes, wall cracks, repairing damaged moldings, replacing wall colors with neutral tones
- Taking care of the entry door (replace, repair, clean or paint)
An article from Houzz offers some additional information on boosting your home’s resale value that aren’t very expensive or time consuming. You may also want to consult with a local design expert on what can be done to improve your home at a low cost. Keeping in mind that some work can be done by yourself to reduce expense. Real estate professionals and interior designers may have some insight into what buyers in your marketplace may be interested in seeing. The key rooms providing impact to a home’s value are the kitchen and bath(s). To maximize return, simple changes may provide the needed boost to your kitchen. Consider instead painting, refinishing or replacing some fixtures to improve the overall appearance. Some additional items to address prior to listing your home may include landscaping, power washing the exterior and walkways to provide a good first impression to home buyers as they approach your doorway.
Do realize that you can’t expect to satisfy everyone. Large renovation projects should be saved for investment properties requiring updating or to satisfy your own home needs.
Fortunately, homeowners in Boston’s suburbs can take advantage of the high demand for housing created by the shallow pool of homes and low interest rates. Attractive hardwood floors, a fresh coat of paint, cleaning up the interior & exterior of clutter will make your home inviting to buyers.
Contact me with your questions, I’ll be glad to assist.
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