It’s not uncommon in today’s real estate market for sellers to make repairs and renovations to their home to make it more attractive to potential buyers. These upgrades can drastically improve a property — so much so that the homeowner may rethink selling!
Investing approximately one to three percent of the asking price into your home initially often yields returns of around eight to 10 percent. If you’re thinking of selling in 2016 or simply want to upgrade for the new year, here are some recommendations that will make your home more appealing to you and potential buyers.
When One Door Closes
Replacing your front door can change a home’s entire exterior appearance. According to Remodeling’s 2015 “Cost vs. Value Report” for the Chicago area, installing a steel door for $1,391 results in 100.8 percent cost recuperation, while a fiberglass door for $3,196 results in a 92.2 percent recuperation. Design blogs and DIY television shows recommend painting your door a bright, bold color. However, if you plan to sell, a neutral color with a decorative glass panel is the more profitable decision.
Less is More
Brokers surveyed in the National Association of REALTORS® (NAR) 2015 Remodeling Impact Report said that a kitchen upgrade was the top interior project for attracting buyers. Full renovations may have seen bigger payoffs in past years, but this trend seems to have changed. Instead of completely replacing cabinetry, install refreshed fronts and new hardware. Swap out laminate countertops and repaint trim for a more modern look and feel.
From the Ground Up
New and refinished floors are a huge draw for buyers, as well as a source of pride for any homeowner. Based on cost estimate from the national Association of the Remodeling Industry and NAR’s estimated cost earned, 91 percent of the project cost was recovered for new wood floors and 100 percent of the project cost was recovered for refinished hardwood floors.
If you’d like to know what home improvements are the most popular in your local community, let’s talk. I can provide valuable insight and guidance so you can accomplish your real estate goals in 2016.
A Simple Tool to Help You Understand Your Local Market
Real estate is a constantly changing marketplace, and knowing how your neighborhood is performing will keep you on top of the action. Baird & Warner’s Market Insight allows you to see all of the real estate activity in your specified area. Select the community you’re interested in learning more about, and you can choose to receive emails that provide you with all of the real estate transactions and details specific to that selection. This interactive report charts such data as sold homes, properties for sale, inventory levels and even days on market. Please contact me if you’d like to sign up.