Our Real Estate Blog
Some home projects and improvements can't wait - a leaking hot water heater or a water damaged floor need to be replaced right away. Other, planned renovations and upgrades are optional. Consider not only your current needs, but the potential impact of any large planned upgrade on your home's value before you proceed. If you are upgrading your home to sell it soon, the improvements you make should add value to your home and be recouped when you are ready to sell.
4 Home Improvements that Add the Most Value to your Home (and 3 That Don't)
Some upgrades enhance the overall value of your home, while others allow you to improve the look of your home, and recover the majority of your costs when you sell. According to Bankrate.com, the best places to invest your upgrade dollars include:
A new garage door: It may not be fancy or a feature you notice, but replacing a sagging, out of date or ailing garage door with a newer, more secure model is a money savvy upgrade. The average garage upgrade costs about $3,600 -- and adds about $3,500 to the selling price of the home, making this a renovation that (almost) pays for itself.
Kitchen Update: Bringing a dated or worn kitchen up to current day standards -- a makeover that usually costs about $22,000 for the average home -- can improve the selling price of your home by thousands of dollars. The average kitchen update boosts the value of a home by up to $18,000.
Enhance your yard with a deck: According to the Balance, adding a deck in your backyard expands your living space and allows you to add value to your home. The average cost of a wood deck is $10,000 -- and that deck adds an average of $9000 to your home's value, making it easy to add space without a huge investment.
Replace siding: The curb appeal of your home has a significant impact on your ability to sell it and on the price you receive. According to the Balance, replacing aging siding with a similar quality new version allows you to recover about 75% of your investment. It will also make your home more appealing to buyers.
Projects that Don't Add Value to your Home
You should not take on these projects if you truly want to enjoy the results for a while, as they won't have much of an impact on the selling price or value of your home. Some, like swimming pools, can even scare away buyers that would otherwise be interested in your property. According to the Balance, the worst home upgrades include swimming pools of all types, interior painting (because buyers may prefer different colors) and whole roof replacement (except in emergencies).
Looking to list your house and maximize its value? Ultimately, a home selling timeline can make a world of difference, regardless of where your house is located.
A home selling timeline enables you to map out the home selling journey. Then, you can decide the best steps to ensure you can achieve your home selling goals as quickly as possible.
Now, let's take a look at three tips to help you craft an effective home selling timeline.
1. Set a Deadline
When do you want to be out of your current house and living elsewhere? Establish a home selling deadline, and you can determine how much time you have to navigate the home selling journey.
If you need to sell your home in a matter of weeks, you'll likely need to move quickly if you want to achieve the best-possible results. Thus, you'll need to make a plan to ensure you can promote your house to the right buyers and speed up the home selling process.
Conversely, if you have several months to sell your house, you may be able to take a gradual approach to listing and promoting your residence. In this scenario, it may be worthwhile to conduct a home inspection, identify any underlying home problems and address these issues. That way, you can perform assorted house improvements to boost the value of your residence.
2. Determine Your Budget
A home selling timeline and budget often go hand-in-hand, and for good reason. If you craft a home selling budget in conjunction with your timeline, you can ensure you have the necessary finances for expenses that may arise during the home selling journey.
For example, consider what may happen if a homebuyer identifies myriad home problems during an inspection. In this situation, a buyer may ask you to complete home improvements in order to move forward in the home selling process. And if you have already set aside funds for home improvements, you can complete these tasks and ensure you can stick to your home selling timeline.
3. Consult with a Real Estate Agent
For home sellers, it generally helps to hire a real estate agent. This housing market professional can help you create a successful home selling timeline and address a wide range of home selling hurdles.
A real estate agent understands the complexities of selling a house and will make it easy for you to make informed decisions throughout the home selling journey. He or she will teach you about the housing market and ensure you can establish a competitive initial asking price for your residence. Next, a real estate agent will promote your house to prospective buyers and help you review offers on your residence. And once you receive a fair homebuying proposal, a real estate agent will ensure you can quickly and effortlessly finalize a home sale.
Set up a timeline for selling your house – you'll be glad you did. If you use the aforementioned tips, you can establish an effective home selling timeline that guarantees you can optimize the profits from your home sale.
After you decide to sell your home, it may be only a few weeks before you need to pack up your belongings and relocate to a new address. Thus, it may be beneficial to start planning ahead for moving day. By doing so, you can sell any items you have no plans to bring to your new address before moving day arrives.
Ultimately, there are many items that you may want to sell prior to listing your residence. These items include:
An outdated refrigerator, washer or dryer is unlikely to do you any favors when you show your home to potential buyers. At the same time, you may be unlikely to bring these appliances to a new home in the foreseeable future.
If your current appliances no longer serve your needs, you may want to sell your appliances and pick up new ones. New appliances may help make your home more attractive than ever before to potential buyers. Plus, you can account for the price of any new appliances when you set your home's initial asking price.
Meanwhile, you should have no trouble selling appliances online or at a yard sale. You also can donate appliances to a local charity or give them to family members, friends or others.
Your couch, work desk or other furniture have been staples in your residence for many years. Yet these items may take up lots of space. And in some instances, your furniture may make it tough for you to show off the true size and beauty of your house.
When it comes to selling your current furniture, there may be no reason to wait. If you sell your current furniture today, you can earn extra cash that you can always use to buy new furniture for your new house. Furthermore, you can avoid the challenges commonly associated with moving big, bulky furniture from your current address to a new residence.
As a home seller, it is important to make it simple for prospective buyers to fall in love with your residence. And if you have decorations set up around your home, it may be difficult for a buyer to envision what life may be like if he or she purchases your house. As such, if you have lawn decorations, paintings or other decorations outside and inside your home, you may want to sell these items sooner rather than later.
Selling decorations online or at a yard sale is an effective option for those who want to get rid of various decorations. On the other hand, if you need to get rid of decorations immediately, you can give your current decorations away for free.
Lastly, as you get ready to sell your home, you may want to hire a real estate agent too. With a real estate agent at your side, you can receive expert recommendations as you navigate each stage of the property selling journey. As a result, you can receive comprehensive home selling support and boost the likelihood of a fast, profitable property selling experience.
There is no right or wrong time to sell a home. However, it is important to remember that selling a home is a life-changing decision. And as such, the decision to sell a home should not be taken lightly.
If you are unsure about whether now is the right time to add your house to the real estate market, there is no need to stress. For those who understand all of their options, they can make an informed decision about selling a residence.
Meanwhile, if you ultimately decide to list your residence, there are several things you can do to boost the likelihood of enjoying a successful home selling experience. These include:
1. Analyze Your Home's Condition
The condition of your home can have far-flung effects on your home selling experience. If you allocate time and resources to analyze your house's condition, you may be able to identify problems that otherwise could slow down the home selling journey. Then, you can address these issues before they escalate.
Oftentimes, it helps to conduct a home inspection before you list your residence. This inspection will enable you to quickly identify any underlying problems with your residence and determine the best ways to correct these issues.
2. Learn About the Local Housing Market
The local housing market may impact how much a buyer is willing to pay for your residence. For example, if an abundance of high-quality residences is available, a buyer has no shortage of options at his or her disposal. In this instance, home sellers likely will need to do everything possible to stir up interest in their houses due to the sheer volume of properties available to buyers.
If you learn about the local housing market, you can determine whether a buyer's or seller's market is in place. For instance, if the number of homes exceeds the number of property buyers, the real estate market likely favors buyers. Or, if the number of homebuyers exceeds the number of top-notch homes available, the real estate market likely favors sellers.
Don't forget to review the prices of homes in your city or town that are comparable to your own, either. That way, you can use this housing market data to establish a competitive initial asking price for your residence.
3. Collaborate with a Real Estate Agent
A real estate agent is a home selling expert who can guide you along each stage of the property selling journey. As a result, a real estate agent will make it easy for you to sell your home and maximize your house sale earnings.
In addition, a real estate agent can provide helpful resources as you navigate the home selling journey. And if you ever have home selling concerns or queries, a real estate agent is prepared to respond to them.
Ready to list your residence? Take advantage of the aforementioned tips, and you could reap the benefits of a successful home selling experience.
If you want to list your home, it generally is a good idea to address any house selling concerns right away. That way, you can alleviate these concerns before they slow down the home selling process or prevent you from accomplishing your desired home selling results.
Now, let's take a look at three common home selling concerns, as well as tips to help you resolve these issues.
1. Meeting Your Home Selling Timeline
If you want to sell your home by a specific date, it often helps to establish house selling milestones. Then, once you have these milestones in place, you can determine the steps you'll need to take to stay on track with your home selling timeline.
Of course, it typically helps to maintain flexibility relative to your home selling timeline. If you can quickly adjust your house selling timeline as needed, you may be better equipped than ever before to enjoy a seamless home selling experience.
2. Determining the Right Initial Asking Price for Your Home
How you price your residence can have major ramifications on your house selling experience. If you conduct a home appraisal, however, you can gain the insights you need to establish a competitive initial asking price for your home.
A home appraisal usually won't take long to complete, and the evaluation enables you to obtain a property valuation. Once you have this valuation, you can use it to price your residence competitively – something that could help you speed up the home selling journey.
3. Optimizing Your Home Sale Earnings
As a home seller, your goal is likely to earn as much as you can from your house sale. Yet optimizing your home sale earnings may be difficult, particularly if you fail to promote your residence effectively. But if you learn about your target buyer, you could boost the likelihood of getting the best price for your residence.
Think about your home and why a buyer may want to purchase it. Next, you can craft a home listing to highlight your house's amenities and features to the right groups of buyers.
Take a look at the local housing sector, too. If you find out how your residence stacks up against comparable houses in your city or town, you may discover innovative ways to differentiate your home from the competition. And as a result, you could reap the benefits of a fast, profitable home selling experience.
Lastly, if you require extra help during the home selling journey, don't hesitate to contact a real estate agent. This housing market professional can offer tips and recommendations to help you identify and address home selling hurdles before they get out of hand. Best of all, if you ever have concerns or questions at any point in the home selling journey, a real estate agent is happy to respond to them.
Want to add your house to the real estate market? Address the aforementioned home selling concerns, and you can enter the housing market with a plan in place to achieve the optimal results.