Hi! Thanks for returning to my blog. This week's #motivationmonday will address listings and what upgrades to make-if any.
When I started selling real estate and working with sellers-they were often curious to discover ways to maximize their profits and minimize any losses. Our system at Shaffer is to conduct an initial consultation and after evaluating resale values-make recommendations regarding market values, then--address property conditions. When discussing potential renovations, the conversation began with goals. If you are considering doing upgrades to your home-here are some practical tips and tricks to consider:
First-establish a clear goal for completing the project. What is the reason for remodeling? Are you interested in selling? Are you simply looking for an investment opportunity--upgrading your homes value? Or, is your goal to create a better living space for yourself and your family?
Next-it is best to keep your upgrades in alignment with your neighborhood and the surrounding home values. A good rule of thumb is to keep the value of your property within 15 to 20 percent of homes in your area.
So, for #motivationmonday, I thought it would be helpful to address the top 5 remodeling projects from homes sold in Virginia Beach, Virginia, including job costs, resale values and cost recoupment.
1) Entry Door Replacement-Steel. Job Cost $1,795.00, Resale Value $2,000.00, Cost Recouped 111.4%
2) Siding Replacement-Vinyl. Job Cost $13,122.00, Resale Value $11,000.00, Cost Recouped 83.8%
3) Window Replacement-Vinyl. Job Cost $16,932.00, Resale Value $13,400.00, Cost Recouped 79.1%
4) Bath Remodel-Universal Design. Job Cost $32,530.00, Resale Value $16,857.00, Cost Recouped 51.8%
5) Minor Kitchen Remodel. Job Cost $21,901.00, Resale Value $11,429.00, Cost Recouped 52.2%
As you can see, it's best to evaluate the potential return on investment for your time, money, and effort. Here are some additional tips to consider:
- Remodel with mass appeal in mind. Potential buyers are usually attracted to neutral, mainstream designs.
- Don't go cheap when it comes to construction. If you're a do-it-yourselfer, honestly evaluate your ability to do the project right.
- Don't remodel in a different style from the rest of the house. Additions and improvements that look "tacked on" may detract from your home's appeal.
- Don't turn a bedroom into a bathroom, closet, etc.-it reduces the number of bedrooms, a chief selling point.
- Don't underestimate the value of a clean house. Clean homes sell! Make sure the inside and outside are spic-and-span. Clean out the gutters. Wash the windows and remove cobwebs and bugs.
- Trim the hedges, cut and edge the lawn, sweep the sidewalks and driveways. Plant some colorful flowers out front.
Based on my experience, if two similar homes in the same area are both for sale, the one that is cleanest, with the most appealing front yard will sell first. The best return on investment is often the simplest. And, if you would like a complimentary market analysis of your home, our knowledgeable, friendly Shaffer agents are here to help. Simply sign up on our website today. See you soon! Warmly, Susan