5 Ways to Raise the Value of Your Home
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Raising Value to your home
DAILY REAL ESTATE NEWS | THURSDAY, 2015
A seller may be able to boost the value of their home by an additional 12 percent, with just a few smart pre-listing repairs, according to a new survey of 300 residential real estate professionals by the Consumer Reports National Research Center. On a median, single-family home priced at $205,000, that could be a potential gain of $24,600.
Best time to sell: The best single month to sell a home is from April through June, with the best selling month identified as April, according to the Consumer Reports survey of real estate professionals.
“You don’t have to spend a ton of money to increase the value of your home," says Dan DiClerico, senior editor for Consumer Reports. “Some simple, inexpensive fixes throughout the house can make it more appealing to potential buyers.”
Here are some of the fixes that the Consumer Reports survey of real estate professionals uncovered as being the most important:
Cost range: $0 (do-it-yourself) to $2,500 (pro)
Potential return: 3% to 5%
Clear away any clutter and depersonalize the space as much as possible.
2. Makeover the kitchen
Cost range: $300 to $5,000
Potential return: 3% to 7%
The kitchen was rated as the most important room to have in top shape before selling, according to the survey. Real estate professionals recommend focusing on minor repairs that center on the function of the kitchen first, such as repairing leaky faucets, loose light fixtures, or blemishes on the countertop. Then, they recommend small enhancements, such as painting the walls, updating the cabinet hardware, adding new curtains, or light fixtures.
3. Freshen up the bathroom
Cost range: $300 to $1,000
Potential return: 2% to 3%
Make simple improvements, such as caulking the tub or re-grouting the floor or adding new bathroom fixtures to brighten up the space. Updating the mirror and lighting also can have a big impact, the real estate professionals surveyed said.
Cost range: $100 (do-it-yourself) to $1,000 (pro)
Potential return: 1% to 3%
Sixteen percent of the real estate professionals surveyed said that interior painting is an important part in bringing about a sale of a home. But the seller likely doesn’t need the entire house repainted, but maybe just a redo of one or two rooms to curb costs. The two prime candidates for being repainted: Kitchens and bathrooms. Paint in whites and off-whites and a neutral palette – such as grays and beiges -- help buyers focus on the home’s features more than be distracted by bright colors, agents note.
5. Exterior touch ups
Cost range: $150 to $7,500
Potential return: 2% to 5%
Agents recommend that their clients concentrate on basic maintenance first, such as to mowing the lawn, trimming overgrown shrubs, and applying a fresh layer of mulch to the garden beds. They also recommend making any minor repairs, such as replacing cracked siding boards or repainting brick walls. The real estate professionals also recommended taking careful note of any repairs needed with the roof: 31 percent of agents surveyed said the roof is one of the most important parts of the home to have in good shape.
The latest Cost vs. Value Report, produced by Remodeling Magazine in conjunction with Association of Real Estate Agents® Magazine, uncovered some of the top home remodeling projects that offer some of the largest returns at resale. Many of the biggest payback projects had to do with enhancing the exterior of the home.
The following are the top five projects nationally in terms of cost recouped, according to the Cost vs. Value report:
1. Entry door replacement (101.8%)
2. Manufactured stone veneer (92.2%)
3. Garage door replacement (88.5%)
4. Siding replacement, fiber cement (84.3%)
5. Garage door replacement (82.5%)
Check out the latest Cost vs. Value Report to learn more about the top home remodeling projects for resale. Also, read more about easy enhancements sellers can do to help increase the value of their home in Consumer Report’s full report, “How to Make Your Home More Valuable,” which can be accessed online or found in the March 2015 issue of Consumer Reports magazine.
Source: “Top 5 Ways to Boost the Value of Your Home,” Consumer Reports (Jan. 29, 2015)