Spring is officially upon us and is traditionally the time when homeowners spruce up their homes either for their personal enjoyment or to ready them for sale. While projects for your own enjoyment vary in size and budget, those who are planning to put their homes “on the market” want to get the most “bang” for their buck and ideally a reasonable return on investment.
Remodeling magazine, in cooperation with REALTOR® magazine, prepares an annual “Cost vs. Value Report” in which the actual cost of a remodeling project is weighed against the amount a seller can anticipate recouping at resale. Of the 35 projects that were evaluated, replacing an entry door to steel was the highest ranking mid-range project with an estimated 73% return, followed by attic bedroom addition (72.5%), minor kitchen remodel (72.1%), and garage door replacement (71.9%). Recent trends speak to the allure of replacement projects over full scale remodels because they generally have lower price tags; for example, replacing the entry door at a cost of $1,238 compared to minor kitchen remodel averaging $19,588. For a full copy of the report, visit www.costvsvalue.com.
If you are planning to sell your home but simply don’t have the budget to take on larger scale projects, it’s a good time to just recall some of the most basic but very effective home staging tips that will present your home in the best light possible to potential buyers. Much attention is given to the interior of the home, but I want to start on the exterior as curb appeal is paramount to getting a buyer to even walk in the front door. Take a completely unbiased look at your home and make note of the very best features that can be played up and the very worst which need to be eliminated or remedied. Never underestimate the power of a first impression. If your front door is not overly appealing consider applying a quick coat of paint and add a wreath. For the inside of the home, the three most important (and free) things are to keep the home clean, clutter free and odor free. Go room by room to fix the small projects you have been avoiding. Depersonalize and de-clutter your home as much as possible. Rearrange furniture to accentuate living spaces and a focal point in each room. If you have it in your budget to consult with and hire a home staging professional, it could well be worth the cost in the shorter time from listing to sale of the property and also selling the home for closer to asking price. For an in depth look at current staging ideas, feel free to download our Gold Star Stage Guide at www.eralandmark.com/staging.
You may be wondering if the upcoming 2012 selling season is the right time for you to consider selling your home. It may very well be, depending on price range and location. “How’s the market?” is the question on everyone’s mind of late… and I am happy to report that it is much improved over previous years. We had a robust first quarter of sales and the entire MLS is reporting very strong pending sales. The good news for home sellers is less competition with fewer homes for sale than in the recent past. The inventory levels below $350,000 are quite low and well-priced and properly staged homes are moving near asking price. We look forward to a healthy spring and summer real estate market.
©ERA Landmark Real Estate 2013. All rights reserved. Robyn Erlenbush CRB, Broker/Owner. Each ERA Office is independently owned and operated.
All information contained herein is gathered from a variety of sources deemed reliable, however, it is not guaranteed or verified by the seller, ERA Landmark, or any of its associates. We urge independent verification of each and every item submitted to the satisfaction of a prospective purchaser.
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