We recently received a great question from Lynn that we wanted to answer today. She wanted to know, “Is there a good rule of thumb for how much to fix up a house before putting it on the market?** Also, what improvements give homeowners the best return on their investment?”**
Every house is different, so there are a few different questions that we will typically ask to help us narrow down the answer. They include:
1. Is it a buyer’s or seller’s market? If we’re in a seller’s market, a lot of times you can get away without having to do too much in terms of repairs because there is so little for buyers to choose from. In a buyer’s market, however, sellers are entering a beauty contest and with the increased competition they will need to make sure that their home looks its absolute best.
2. What does the competition look like? Before we list a home on the market, we need to know what the market actually looks like so we can position your home the right way. We look at the competition throughout the city and in the same neighborhood.
3. What will the next owner want? If we spend $10, we want to make sure we get at least $15 back, so we really need to consider which repairs and improvements the next owner will want and pay a premium for.
When it comes to home improvements that bring the highest return, there are a few specific ones we usually focus on. The first is curb appeal. It’s how you entice buyers to come inside and take a look, so your home has to be inviting. We’ve also seen a lot of home sellers have success with remodel work in their kitchens and master bathrooms as well.
If you’re thinking about selling your home in the future and are curious about the specific repairs you can make to bring up your home’s value, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you.