The Time to Renovate is Now!

There are lots of things you can do to more effectively sell your home. I’ve actually heard of people burying a St. Joseph statue upside-down in the yard in the hopes that it will make their house sell quicker. But, what if you live in a condo and don’t have a yard? Vivian S. Toy of The New York Times recently wrote a great article called “Spending to Sell”. In the article, she talks about several things a homeowner can do to increase your home’s value as well as its chances of selling faster.

In each example, Ms.Toy describes the renovations made to the property and how they affected the home’s resale value. Since most of the homes she discussed were in the $500,000 to 2 million range, the dollar amount of each home’s renovation were on the higher side as well. Even so, there are many affordable options available which allow homeowners to significantly improve the home before putting it on the market. Painting the interior with a neutral color is the single most affordable option to add value to a home. Changing outdated lighting fixtures or increasing the lighting in dim or dark spaces is another very affordable way to add value.

Generally speaking, updating the kitchen by installing new cabinetry, granite countertops, or stainless appliances, will yield a significant return on your investment. Also, updating a bathroom with new cabinetry, lighting, fixtures, or by adding electric radiant floor heating, will also increase the home’s resale value. Do pay close attention, however, to the style of your home. If the interior style is designed as Victorian or Traditional, it may not make sense to add an ultra modern kitchen. If at all possible, try to preserve the original feel of the house when making improvements.

The most important thing for a seller to keep in mind is that it is a buyers’ market. Buyers are getting way more “bang for the buck”, so it is important to make your house/condo stand out as a worthwhile investment. Think about it…wouldn’t you rather buy a house that is move-in ready rather than investing time and money into a fixer-upper which is comparable in size and price? It’s a no-brainer when you look at it that way.

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