A question that comes up often when a client is considering placing their home on the market is should something be replaced or renovated in the home to improve the selling price? The answer in the short run is yes; replace a broken or worn out item, certainly make the cosmetic improvements, but don’t renovate the kitchen or bath just to sell the home.
If the water heater is making noises, if the garage door is bent and off track or, if the faucet in the bathroom is leaking then repair or replace it. If something is broken when buyers walk through the home during a showing, it will pull down the price of the home when an offer is made and provide a negotiating edge to the buyer. Keep in mind, even if the buyer didn't notice it when they made the offer, the home inspector will pick it up - or at least should. This will give the buyer a chance to submit a lower offer, or back out of the agreement altogether.
But, when it comes to renovating, don’t. As you can see from the graph linked here, (Cost of improved compared to return on sale - table) the only thing that returns 100% of the investment is replacing the front door.
If you do make large improvements, make those renovations a few years before you are going to sell. Living in the home for about five years after you complete the project, you can consider the difference between the cost of the renovation and the resulting effect on selling price as your enjoyment return. Living with the improvement makes for a better living space for the time that you stay. Then, when you sell the home, the additional value makes sense, or in this case, dollars.
In the near future, "Ten things you can do to make your home appealing on the market".
Morris Hagerman is a local real estate agent with Real Estate One in Royal Oak, Michigan. He serves Berkley and the other Woodward 5 communities, including Ferndale, Pleasant Ridge, Royal Oak and Huntington Woods. Hagerman is also a member of the Berkley/Huntington Woods Area Chamber of Commerce. You can contact him by phone at 248-854-8440, email at morrishagermanproperties@gmail.com or visit his web page.
In the near future, "Ten things you can do to make your home appealing on the market".
This comment has been removed by a blog administrator.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteAll those tips I was searching for a long time! As a home owner I appreciate this types of reading and hope all people love this blog written. Symcorp renovations specialize in local Gold Coast home (residential) renovation projects from bathroom to kitchen. Thanks!
ReplyDeleteIts as if you had a great grasp on the subject matter, but you forgot to include your readers. Perhaps you should think about this from more than one angle. Garage Doors Camarillo CA
ReplyDeleteGreat information. Thanks for providing us such a useful information. Keep up the good work and continue providing us more quality information from time to time. click here
ReplyDeleteincluding reasonable comments here... roofing contractor Raleigh
ReplyDeleteThis is only the data I am discovering all over the place. A debt of gratitude is in order for your website, I simply subscribe your online journal. This is a decent blog.. granite installers in Kansas city
ReplyDeleteOne of the best reading about "home improvement & insurance of real estate". If you wants to know best builder insurance Australia,Visits to our site.
ReplyDeleteYour content is nothing short of brilliant in many ways. I think this is engaging and eye-opening material. Thank you so much for caring about your content and your readers. top article
ReplyDeleteBe realistic as possible about the appliance you need. FREEZER REPAIR IN SAN DIEGO
ReplyDeleteYour article has piqued a lot of positive interest. I can see why since you have done such a good job of making it interesting. Website lucacasino888
ReplyDelete