Home Renovations: Projects the Market Deems Valuable
Greg McCown is a licensed agent with Home Real Estate, and lives in the Near South
“What do I to make my house more valuable?” and “What should I do to make it more sellable?” I hear these two questions almost daily in real estate. On the surface, they are very similar questions, but to an agent, they tell a different story. Firstly, they speak to the mindset of the homeowner. One looking to increase value may be open to bigger, time consuming projects like additions or finishing off that attic space. But, if someone asks me how to ready their home for the market, they want it more “sellable”. Those are usually shorter-term projects that offer the biggest visual bang for the buck. I could do at least a novelette on these two vastly different paths, but for now, let’s concentrate on making your house as sellable as possible...leading you to the most value and profit from your particular house.
If you’re getting your house ready to sell, keep in mind that no one project will return more money to your pocket than it costs. Some of the highest returns are in decks (around 85% return on your money). Kitchens and baths, less. Consider this, areas of the home that are used and enjoyed on a daily basis offer the best returns. People will pay good money to enjoy the fruits of your labors! A $10,000 kitchen face-lift doesn’t get you a total kitchen remodel, but with new solid-surface counters, flooring and appliances, it may mean the difference between one offer in a month, to multiple offers day one of your listing.
The quick and “easy” fixes: These are not fun, but necessary and relatively cheap. First of all de-clutter! Not many can picture their life in a house if all they see is yours. Get rid of stuff and when you feel you’ve taken out all you can, go through and reduce that by half. Next, neutralize your home. The eggplant purple accent wall was great, but now it’s time to paint over that with a warm “greige”. Wall papers usually cater your personal tastes, so those typically should be removed. Hardwood floors may lay hidden under old carpet. If so, refinishing those is a cheaper and better answer than new carpet. Remember, details matter...a lot! If you’re not a great painter and can’t cut-in a line with the best of them, then hire it done. Clean lines, clean home. The less visual “noise” from sloppily done projects the better! Deep clean. If you think someone might look somewhere, they will, so make sure your house shines inside and out!
– Greg McCown, Section 8 Representative, greg.mccown@nearsouth.org