If ever there was a time known as a “seller’s market,” now is that time. The real estate marketplace is highly competitive with attractive homes having offers within hours (in many cases) of going onto the market. With that in mind, homeowners considering selling their homes are under increasing pressure to know what home repairs pay off best when prepping your house to sell it.
Below you will learn about various wise repairs you can make as well as those that are unnecessary repairs in today’s market. Knowing the difference allows you to invest in worthwhile home repairs while avoiding unnecessary expenses as you prepare to sell your home.
Home Selling Strategy: Which Repairs Are Worth It?
Resist the temptation to “overdo” things when prepping your home to sell. In many areas, the available home stock is so low that buyers are willing to pay for the repairs themselves just to get in a home or neighborhood they like.
While most buyers do enjoy the idea of moving into a freshly painted home, many of them prefer to choose the colors themselves. The only time you need to consider fresh paint is if you have rooms that are overly personalized and risk rendering potential buyers unable to see themselves living in the rooms.
Consider Curb Appeal
There aren’t enough good things that can be said about adding a hint of curb appeal to your home when trying to sell. People often drive by to see if the home is attractive to them in person before scheduling a tour. The right touches can make a huge difference. These are some updates worth considering.
- Update your exterior paint. It’s a cost-effective and relatively simple upgrade that adds a lot to the attractiveness of your home.
- Pay attention to minor landscaping. Things like sodding and investing up to $3,000 on your landscaping can deliver a 100 percent return on investment according to the National Association of Realtors.
- Consider replacing garage doors. This upgrade delivers nearly 95 percent ROI for sellers and can make a huge difference in the appeal of your home to buyers.
- Upgrade your siding. Upgrading from tired, worn old siding to modern fiber-cement siding can make a huge difference in the appearance and appeal of your home’s exterior to buyers.
The most expensive of these upgrades is the siding upgrade, if you can’t afford to upgrade, consider pressure washing and sprucing up your existing siding for a more cost-effective upgrade that will yield better results.
Interior Updates Worth Considering
There are only a few rooms inside your home that are worthwhile when it comes to updates in a seller’s market. For instance, if you remove old or outdated bathroom fixtures or garish colors (such as an avocado green bathtub or Pepto pink wall tiles) from your bathroom it can increase the appeal of interior spaces.
Additionally, if you invest in a minor kitchen remodel you can recover about 70 percent of the upgrade (provided you keep it small). In some cases, simply upgrading to energy-efficient appliances will be sufficient.
Another upgrade to consider for the interior of your home is upgrading to hardwood floors or refinishing your existing hardwood floors. The key is to keep things simple and cost-effective while relying on upgrades that provide the greatest potential return on your investment.
Home Improvements that Do Not Add Value
You should also consider avoiding upgrades that do not add value to your home when selling. These become expenses you’re unlikely to recover and include the following:
- Extensive professional landscaping.
- Utility upgrades.
- New HVAC systems.
- New Roof.
- Adding a swimming pool or hot tub.
- Making dated décor changes.
- Installing solar panels.
If you’re planning to update your home before putting it on the market, consider contacting Mid America Mortgage to see if we can help with a home repair loan.
