Sellers, the best bang for your buck!
Don't assume that because home prices are out of free-fall that you can stab a For Sale sign in your lawn and be flooded with offers. This isn't 2003. If you want maximum buck for your property, you need to make sure it makes a bang when buyers see it.
Focus on high-impact improvements that can be done in less than 30 days and enhance the two most important aspects of the buyer experience:
The first impression.
The "feel" that buyers get when they walk through your home.
The Big Five
The following five improvements give homeowners the best return on investment when they sell:
Upgrade the kitchen. The kitchen is the heart of the home and the room where luxury becomes practicality. Most buyers spend a great deal of time in the kitchen, and it sets the tone for their walk-through. If your kitchen is outdated, hire a professional kitchen remodeling company to give you a quote for new countertops and cabinets. Pick out a new sink and sleek clean cabinet hardware. When you rip out your old cabinets and counters, hire a flooring person to lay down new flooring, whether it's laminate or tile. Paint using a color that complements your tile or countertop colors. Don't install new appliances unless yours are very old and worn.
Likely cost: $20,000-$25,000.
Likely payoff: Up to $40,000 in increased sale price.
Redo the bathroom. If you don't have the budget for a kitchen upgrade, the next best place to spend your cash is in the primary or master bathroom. Here, cosmetic upgrades can make a big difference. Have the bathtub bleached so it's snow-white. Re-tile the shower/tub surround. Replace a fabric or plastic shower curtain with a glass enclosure. Replace linoleum with ceramic floor tile. Upgrade old sink fixtures. Either replace an old wall mirror or frame it in dark wood to make it look stylish. Replace outdated medicine cabinets in wood that matches the mirror frame. Replace outdated light fixtures. Paint. You can do the same in other bathrooms and create a very classy, coordinated effect.
Likely cost: $5,000 for a master bath; $1,000-$2,000 for smaller baths.
Likely payoff: Up to $10,000 for each upgraded bathroom. Main or master baths give you the most profit.
Landscape the front yard. Hire a landscaping company if you're busy; do it yourself if you're not. But turn your front yard into a frame for your home. Tile or brick the walkways and line them with lights. Lay down new sod. Replace landscaping plants or plant new ones, interspersing them with potted plants and statuary for a nice mixed effect. Upgrade outdoor lighting. Consider a subtle fountain for the sound of falling water. Pay attention to how your front door looks. If it's peeled or dated, replace it.
Likely cost: $3,000-$10,000.
Likely payoff: $15,000-$20,000, plus greater curb appeal.
Improve the entry area. What do people see when they enter your home? A dim entry foyer with stained laminate flooring and poor lighting? Consider first impressions and line of sight. For example, if you just upgraded your kitchen, why would you want something blocking the view from your entryway? Upgrade your flooring -- install new tile or laminate, or if the floor is wood, have it refinished. Try colorful rugs. Install brighter, more modern light fixtures.
Likely cost: $1,000-$3,000.
Likely payoff: $3,000-$5,000.
Paint. Color is a personal choice, true, and your buyers will probably change the paint colors when they move in, but that's no reason not to paint when selling. You're out to showcase your home in its best light, and taking the time and trouble to hire a professional painter tells buyers you have taken care of your home. Don't fall into the "white or beige" trap, but also avoid rich, dark colors, because those don't appeal to everyone. Think about richer colors with wider appeal: khakis, sage greens, rich tans, subtle Tuscan golds. Hire a pro and focus on the details: window and door trim, baseboards, crown molding and so on.
Likely cost: $3,000-$5,000.
Likely payoff: $5,000-$7,500, plus faster offers.
There's much else you can do, but these choices have shown time and again that they deliver the most money on the final sale for sellers.
Focus on high-impact improvements that can be done in less than 30 days and enhance the two most important aspects of the buyer experience:
The first impression.
The "feel" that buyers get when they walk through your home.
The Big Five
The following five improvements give homeowners the best return on investment when they sell:
Upgrade the kitchen. The kitchen is the heart of the home and the room where luxury becomes practicality. Most buyers spend a great deal of time in the kitchen, and it sets the tone for their walk-through. If your kitchen is outdated, hire a professional kitchen remodeling company to give you a quote for new countertops and cabinets. Pick out a new sink and sleek clean cabinet hardware. When you rip out your old cabinets and counters, hire a flooring person to lay down new flooring, whether it's laminate or tile. Paint using a color that complements your tile or countertop colors. Don't install new appliances unless yours are very old and worn.
Likely cost: $20,000-$25,000.
Likely payoff: Up to $40,000 in increased sale price.
Redo the bathroom. If you don't have the budget for a kitchen upgrade, the next best place to spend your cash is in the primary or master bathroom. Here, cosmetic upgrades can make a big difference. Have the bathtub bleached so it's snow-white. Re-tile the shower/tub surround. Replace a fabric or plastic shower curtain with a glass enclosure. Replace linoleum with ceramic floor tile. Upgrade old sink fixtures. Either replace an old wall mirror or frame it in dark wood to make it look stylish. Replace outdated medicine cabinets in wood that matches the mirror frame. Replace outdated light fixtures. Paint. You can do the same in other bathrooms and create a very classy, coordinated effect.
Likely cost: $5,000 for a master bath; $1,000-$2,000 for smaller baths.
Likely payoff: Up to $10,000 for each upgraded bathroom. Main or master baths give you the most profit.
Landscape the front yard. Hire a landscaping company if you're busy; do it yourself if you're not. But turn your front yard into a frame for your home. Tile or brick the walkways and line them with lights. Lay down new sod. Replace landscaping plants or plant new ones, interspersing them with potted plants and statuary for a nice mixed effect. Upgrade outdoor lighting. Consider a subtle fountain for the sound of falling water. Pay attention to how your front door looks. If it's peeled or dated, replace it.
Likely cost: $3,000-$10,000.
Likely payoff: $15,000-$20,000, plus greater curb appeal.
Improve the entry area. What do people see when they enter your home? A dim entry foyer with stained laminate flooring and poor lighting? Consider first impressions and line of sight. For example, if you just upgraded your kitchen, why would you want something blocking the view from your entryway? Upgrade your flooring -- install new tile or laminate, or if the floor is wood, have it refinished. Try colorful rugs. Install brighter, more modern light fixtures.
Likely cost: $1,000-$3,000.
Likely payoff: $3,000-$5,000.
Paint. Color is a personal choice, true, and your buyers will probably change the paint colors when they move in, but that's no reason not to paint when selling. You're out to showcase your home in its best light, and taking the time and trouble to hire a professional painter tells buyers you have taken care of your home. Don't fall into the "white or beige" trap, but also avoid rich, dark colors, because those don't appeal to everyone. Think about richer colors with wider appeal: khakis, sage greens, rich tans, subtle Tuscan golds. Hire a pro and focus on the details: window and door trim, baseboards, crown molding and so on.
Likely cost: $3,000-$5,000.
Likely payoff: $5,000-$7,500, plus faster offers.
There's much else you can do, but these choices have shown time and again that they deliver the most money on the final sale for sellers.
posted by The Mother-Daughter Team at
9:11 PM
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