Thursday, February 17, 2022 / by Flr Team
Preparing to sell your home can sometimes be scary. Popular shows like “Fixer Upper” or “Flip or Flop” can make it seem like you’ll need to spend thousands of dollars to prepare your home for the market, but this is not always the case.
The average homeowner getting their home ready to sell won’t see a huge return on investment for many of the biggest home renovations, i.e. a kitchen renovation can cost an average of $68,000 but you’re likely to recover only $40,000 from the sale, and a bathroom renovation can cost an average of $35,000 but you’re likely to recover only $20,000 from the sale.
The National Association of Realtors states that most big home upgrades simply don’t recoup their cost. If you are dying to renovate your bathroom, do it early on so you can enjoy your renovation. It won’t be financially worth it to do right before selling.
Another thing to add is that home repairs are frequently more expensive, take longer, and need more skill than most expect. With many supply chains being backed-up, it’s harder to finish a home improvement project on time and under budget. Try not to start a big project until the items and tools you need to finish it are physically in your home.
Replacing broken or damaged things like light fixtures, faucets and cabinet hardware can quickly change the appearance of a home and help it sell quickly or even appraise for more. However, be sure not to replace anything with new, trending items that may be too flashy or obnoxious. It may be off-putting to some buyers. Choose neutral colors and common fixture styles that can appeal to everyone.
So what do you need to fix at a bare minimum? Anything that is a significant safety issue and would cause your home to fail inspection is a good place to start. Any major leaks, infestations, sewage issues or electrical hazards should be repaired before putting your home on the market.
No matter what kind of housing market we’re in, there are several things everyone should do to get a quick sale. Make sure your home is clean, decluttered, somewhat staged, and with the best curb appeal that you can manage.
You may not actually need to fix anything to get your home market ready. An experienced real estate agent will know what is needed in the current market and have a good idea of what repairs are necessary to get your home in line with comparable sales at your desired price.
Florida Lifestyle Realty