HOME VALUE 101
Let’s begin with this Direct Statement: Realtors® are not the ones who decides how much your home is worth. The market tells us how much your home is worth. 5 Factors to Home Value: 1 – Location, 2 – Timing, 3 – Competition, 4 – Condition, 5 – Price.
Of these 5 Factors, You can ONLY Change 2: Price & Condition
5 Quick Tips to Boost the Condition (Value) of Your Home:
1. Clean Up, Clear Out
- Cost Range: $0 (DIY) to $2,500 (PRO)*
- Estimated Potential Return: 3 to 5%*
Nothing drives away would-be buyers faster than clutter, grime, and the weird smells that accompany a messy home. Buyers will also have a hard time imagining themselves in your home if it’s filled with family photos and other personal effects.
2. Spruce Up the Kitchen
- Cost Range: $300 (DIY) to $8,000 (PRO)*
- Estimated Potential Return: 3 to 7%*
In real estate, the saying “that the kitchen, more than any other room, sells the home.” The kitchen is among the most important rooms of the home to have in good shape before selling.
But that doesn’t mean you should drop tens of thousands of dollars on a new one before putting your house on the block. My advice to clients is to make all those minor repairs that can lead to serious second thoughts for buyers—the leaky faucet, the loose light fixture, the burn mark on the countertop.
Once you’ve made the kitchen fully functional, think about a gentle spruce-up. For a few hundred dollars, you can probably paint the walls, update the cabinet hardware, and add new window treatment, which will give the space a clean, fresh look.
If the kitchen is badly outdated, think about investing a couple thousand dollars for a top-performing refrigerator, range, and dishwasher, all with popular stainless-steel finish. Then consider New countertops and floors.
3. Freshen Up the Bath
- Cost Range: $300 (DIY) to $3,000 (PRO)*
- Estimated Potential Return: 2 to 3%*
Buyers want to see that a home is clean and well-maintained, especially in the bathrooms. “Simple improvements like caulking the tub or re-grouting the tile floor will go a long way in the mind of a buyer. Beside the Kitchen, bathrooms are one of the most important rooms of the home to have in good shape.
Installing new bathroom fixtures will make the space look brighter and more appealing. You might be able to add a new floor and vanity countertop for less than $1,000, especially if you use inexpensive vinyl and laminate.
Adding new toilets is also a smart upgrade because it can improve the look of a home while also making it more water-efficient.
4. Paint the Rooms—Selectively
- Cost Range: $300 (DIY) to $4,000 (PRO)*
- Estimated Potential Return: 1 to 3%*
A fresh coat of paint is the quickest way to transform a room. But it probably doesn’t make sense to have your entire house repainted prior to putting it on the market.
Light shades of Gray add Off-Whites tend to attract the most buyers; the neutral palette allows them to focus on a home’s attributes. They’re not too warm, not too cold, and they work with most types of furniture, so buyers will be able to vision themselves in the space.
As for the paint, itself, if you’re getting your home ready to sell, choose a paint that does a good job of hiding old paint and leaves a fairly smooth surface.
5. Enhance the Exterior
- Cost Range: $300 (DIY) to $6,000 (PRO)*
- Estimated Potential Return: 2 to 5%*
You wouldn’t go to a job interview without brushing your hair and putting on a crisp, clean outfit. Nor should you try to sell your home without sprucing up its exterior. Start with basic maintenance: mowing the lawn, trimming overgrown shrubs, applying a fresh layer of mulch to garden beds.
As with your home’s interior, it’s also important to make minor repairs, such as replacing cracked siding boards or repointing brick walls. Any house could probably also stand a good power washing, follow with any necessary paint touch-ups, especially to the front of the home, which will get the most scrutiny. It might be worth completely repainting the entry door, if won’t make the rest of the facade seem tired and outdated.
The ROOF is another area to pay close attention to because prospective buyers are sure to do the same. The ROOF is one of the more important parts of the home to have in good shape. People always ask, “How Old is the ROOF?”
Ideally increasing the value of your home is to create that “Picture Perfect Appearance“. By: A.) Making your home appealing to attact potential buyers, B.) so that they can imagine themselves living there in the home, and C.) where it’s requires minimal work to move in “Move In Ready“.
* Indicates “Estimated Potential Return” base on Consumer Report Research. I can NOT be held liable for any contract negotiations with contractors, and/or appraisals now or in the future.