Are you ready to take the next step and sell your home?
There are many things to consider when putting your home on the market, one of them being home improvements and upgrades. Sellers often ask us what home improvements they should do to help get top-dollar for their home. From small updates to major projects, knowing where to allocate your time and money to attract the right buyers is crucial, so that you can sell your home for the most money in the shortest amount of time.
It’s the Little Things
Before buyers even come to see your home, they get their first impressions from the listing photos. Making small changes to the home’s interior can help bring about a more clean and cohesive look. Consider having your home professionally cleaned before the photos are taken. Get rid of faded curtains and/or broken blinds for an instant refresher that won’t break the bank. Replace dated fixtures and appliances to provide a more updated look to the house. Potential buyers can be easily turned off by small details. Some buyers may even assume that since the little things around the home weren’t taken care of, then it’s likely there are issues with some of the bigger items such as the roof, HVAC system and plumbing.
Paint, Paint, Paint
Painting is a relatively inexpensive way to improve the look of your home. Freshly-painted walls with neutral colors will definitely help to enhance the overall appearance of the house. Painting is generally a MUST if there are bright or bold colors that may not be attractive to most buyers. Keeping a neutral color palette is essential so that potential buyers can picture themselves and their own furnishings in the home. These colors also tend to make rooms look more spacious. If the home’s exterior is faded, consider a pressure washing or a fresh coat of paint. Be sure to stick to neutral color combinations outside as well to maximize curb appeal.
Major Projects: Worth it or Not?
While there’s no tried-and-true formula to guarantee that any home improvement will yield a higher selling price, there are definitely some that will help sell a house more than others. For instance, if the roof is leaking this could potentially lead to more issues during the home inspection, so take care of it before that “for sale” sign hits the front yard. On the flip side, adding a new media room, steam shower, or a pool may not be as prudent when considering your return on investment. Certain upgrades such as a new HVAC unit conditioning can add a lot of value and appeal. In Knoxville, temperatures can get up into the ‘90s, so many home buyers would prefer having an HVAC system is in good working order. Other upgrades that typically yield a positive return for sellers are minor updates to the kitchen (example: adding new counter tops), adding new bathroom fixtures and installing new flooring. As a general rule of thumb, away from major upgrades that are deemed more of an “option” than a “must” when selling your home.
According to Remodeling Magazine, you’re less likely to recoup your investment in a full kitchen remodel than you are on basic home maintenance such as new siding. That said, homes with updated kitchens typically sell faster and for more money than comparable homes that do not have updated kitchens. If you do opt to remodel, whether you plan to sell your home or not, make sure the style and finishes you select match the rest of the home. Again, keeping the overall look somewhat neutral can help command a higher price at the time of the sale.
HGTV points out that, “What you’ll get back on your investment depends on the value of your house, the value of houses in your immediate neighborhood, the housing market where you live, how soon you sell after making improvements, and the quality of the project itself. Installing a $10,000 stove in a $200,000 house, for example, ‘just doesn’t compute.’” Before making the decision to any major home improvement, carefully consider whether it’s a necessity. Is it something that will actually increase the value and overall desirability of your home? Don’t go overboard!!
Many of today’s home listings highlight green and eco-friendly features because sustainability is becoming more important to home buyers. Which of these types of improvements will help sell your house? One of the most effective improvements to make is adding energy efficient windows, which could help recoup up to 70% of the cost when selling a house. Other popular green features that are desirable to buyers include programmable smart thermostats, energy efficient water heaters, high-efficiency appliances and landscaping with native plants that are easy to maintain, which also help improve curb appeal.
In today’s market, especially in the Knoxville area, buyers will pay a much higher price, even over the list price in some cases, to purchase a home that is updated and considered move-in ready. We strongly recommend discussing any potential improvements or home staging ideas with your real estate agent before making any final decisions. The Holli McCray Group listing team is always available to answer any questions you may have about what improvements to make to help sell your house. Contact us today!