Thinking about throwing your house on the market? You may be trying to take advantage of high values, which is smart. Yes, interest rates are going to create some challenges, but properties are still selling at a good pace, especially quality ones. People cannot afford the time or cost to update a house. If they are going to pay inflated rates, they need to be able to pay for everything at once. Trying to get full value for a property that needs 50k in renovations or more is going to be difficult, especially within three months.
Investing in your property could net a return, including a faster sale. New construction is a major selling point because it means things are under warranty which also keeps insurance costs down. If you can get the work done quickly, you can see a faster return on your investment.
Important Changes Buyers Want To See
When someone looks at a house, they see a property they want to live in or invest in. Either way, the less they have to do, the more interested they are in the property? Why? Because doing the work, while covering higher mortgage payments, is never ideal. That’s why you may want to invest some time and money in these areas:
- Driveway & yard: You do not want an excited seller to pull up and see a driveway and yard that needs a lot of work. That literally sets a negative tone before they get into the house.
- Kitchen: Starting with cabinets, sink and countertops, you need to make sure that people can see themselves cooking and eating in that kitchen. A new kitchen is a major selling point.
- Appliances: Throughout the house, appliances are a major necessity and the age and quality of those appliances will be heavily scrutinized. New owners may not want to have to replace them, not just because of cost.
- Roof & windows: 10 year old roof and windows are not a problem. They are not new, but they are still in great shape. A 20 year roof will raise questions with the buyer and their insurance company.
- Bathrooms: Small, older bathrooms are harder to sell.
- Laundry room: There is a lot of time spent in laundry rooms. If they can have space and make it easy to get clothes too and from, you are going to peak the interest of plenty of buyers. It’s a selling point few people talk about.
- Closets & storage: If your house does not have a garage, that will immediately take you off some people’s list. People love garages because of the storage they offer. With high costs, having the ability to use your own garage for storage rather than renting a unit is a great way to save money. Buyers look at storage, closets and cabinet space because it impacts their day to day.
- Air conditioning & heat: Are the units in good shape? Are they new? New means they are energy efficient and usually still under warranty. This is a major selling point in areas that deal with either higher heat or cold stretches throughout the year.
- Lighting: While not a major selling point, a house with beautiful lighting does become more appealing.
Investing in these areas of the property can help you not only sell your home faster, but will also raise its value significantly. If you cannot address all these areas, consider doing a walkthrough with your realtor and determine what areas to focus on based on need and current budget. Improving any of these areas will increase your chances of getting fair market value.
