Your kids have left the house and the waves of the beach are calling your name, but the thought of selling the house you have lived in for the past thirty years is daunting. While the old vanity in the master bath has been fine for you and you know the kitchen could use a little updating, you are not sure what improvements should be made prior to putting your home on the market. With the buyer in mind, there are the “must dos” for both the interior and the exterior if you want to get top dollar for your house.
According to the 2017 Remodeling Impact Report, a complete kitchen renovation is the top item that buyers and realtors find to be the most important. It both appeals to the buyers and increases the value of the home for resale. According to the same remodeling report, a seller will get approximately 62% back on their kitchen renovation investment. The top reason for doing this project is to upgrade worn out surfaces, finishes and materials in addition to modernizing it.
And then you ask yourself, is a complete remodel necessary? What if we just do some upgrades and let the new home owners do what they want. It is a worthwhile option, as you will typically get a 57% return on your investment. Keep in mind during the upgrade that agents often hear that a kitchen is not functional and there is no pantry space. Both of which are very manageable during a basic remodel.
A bathroom renovation and a new master suite round out the top items that bring in the highest return as far as interior projects. Both items will offer at least a 50% return. When Anthony Team agents were asked what they hear the most from potential buyers, a consistent answer was “the master bath is too small.” Many of the older homes have small bathrooms because it was simply a place where you brushed your teeth. Today’s buyers are often looking for a sanctuary where they can unwind and relax. If space allows or can be created, a master suite should include a sitting area of some sort. A large walk-in closet as part of the master suite is a definite desire from buyers and last, but not least, a large bathroom that has natural light, duel vanities, a large shower and plenty of storage.
Now that we have the interior updated, it’s time to move outside. These can often be big ticket items, but also ones where the investment is 100% recouped. A new roof according to the 2017 remodeling report is the top item for exterior projects. Not only is it number one for increasing your home value, but it will also get you over 100% return on your investment. New vinyl windows are number 2 on the list with a 79% return. A new garage door is another upgrade that can really increase your curb appeal without a huge investment.
Yes, it can seem like a hefty undertaking, but one that is well worth it. A good rule of thumb according to Jim Anthony, F.C. Tucker 1st Vice President is “a homeowner should put approximately 1% of the home’s value back into the property each year or they will take a hit with the offers when they sell or at the inspection stage, or both.”
Sitting down with a Realtor before starting any projects can be very helpful. They can look at the neighborhood and compare the homes that have sold to yours and offer advice on necessary remodels so that you can get the most out of your home sale. Please feel free to call anyone on the Anthony Team, we are happy to help 317-220-6002.