I just found an article that I posted on my blog on this same subject. Here's the link to the article that addresses the top 10 home updates and what's best to do before listing:
Hope this helps!
The Cascade Team
Simply Outrageous Service! Not Outrageous Commissions!
If you are talking paint, new floors, new interior doors for example that would be worth it if you have the funds.
A brand new kitchen and bath are great selling points, but are costly and time consuming.
If your home is very dated you may want to change a few things, but be very careful in doing costly upgrades.
The main thing is to have your home in good condition. Make sure the AC and furnace are working properyly. No cracked or broken windows. Repair a leaking roof. And of course make sure the lawn is cut, trimmed and green. Clean the interior and remove any clutter.
Last, price it right and you should be in good shape.
'Best of Luck to You.
Kawain Payne, Realtor
I hope that helps.
Maripat Klint (818) 606-8046
Coldwell Banker Greater Valleys
I think it is of course a case-by-case basis, but it often is worth looking into bringing a property up to the condition of the comparables, unless the property has a better use (zoning opportunities, etc.), or the condition is really bad (tear down, etc.), or other such issues exist.
All the best,
Most of the time it is better to "Stage " the property to get top dollar,the better the house looks ,the more a buyer will usually pay for it ,if however you are selling a house for land value ,it it would be a waste of money to do any fix up at all.Good Luck !
You have to do an analysis of upgrade costs compared to recent sales of updated and or renovated homes in your neighborhood. Contact a local Realtor in your area have them give recent sales in your neighborhood within 0.50 miles. Request similar properties in original and updated condition. Compare update costs to similar comparable sales. You can determine what is more cost effective upgrading or selling in current condition.
Gail Mercedes Cole
I deal with lots of investors and there is no way that you could redo your home for a cost effective price and maximize the dollars like investors do. Not to mention, do you have the time to supervise the project? Do you have the contacts at the city to get permits pulled faster? The list goes on and on.
Don't get caught up in the grand illusion that "flipping" a house is easy or you can make a lot more money. You are lacking time, experience and know how.
Sorry for the direct answer but that is how I work. I don't like to give my clients false expectations. Feel free to call me so we can schedule a time to talk about selling your home:
Jason P. Galardi
Multi Million Dollar Listing Agent
Keller Williams Beverly Hills
First, you need to make sure your home is not already the most expensive in the neighborhood. If it is, then I would say don't do it as it may be difficult to attract a buyer of that level.
Second, make sure you have the money, time and know how(or have hired the right people) It takes time to renovate/upgrade a house. Cutting corners will hurt you more than help you.
Third, What are you upgrading? Bathrooms and Kitchen yes, but perhaps a hot tub, pool or game room might not be the right thing to do.
1. you will be able to set a higher asking price
2. you will sell for more
3. you will attract more qualified buyers
This market has many first time buyers looking for homes in nice condition. What is available does not meet the demand (in my area. ) Be sure the upgrades are good quality upgrades that the consumer is looking for:
Top in demand with my (Los Angeles Area) buyers are:
Hardwood floors or good quality tile floors (travertine etc)
Granite or similar counter on all counter tops (kitchen and bathrooms)
A/C is a God send in Los Angeles if you can do it.
I think the answer to this question will be different in almost every different scenario. But as for a catch all answer... Improvements that add technology and modernness to the property, such as tank-ess water heaters and cutting edge solar panels that the homeowner does not have to maintain out of their own pocket, would increase the value of the property. Gold flaking the outlet covers, would probably not.
Stick with solid improvements that MOST people would see the value in!
All the best,
Kieran Jackson, CA DRE # 01903647
Keller Williams Hollywood Hills
Short Sale Specialist (SFR)
Upgrades depend on how much you plan to spend and most importantly what your return rate will be on those upgrades. What is the current value of the home? will adding upgrades increase the value? is it worth the cost and return rate? These are questions you will have to decide on prior to doing some renovations.
On the other hand, if the home is already in great condition and offers some extra features, you may not need to spend on major upgrades. Usually minor cosmetic repairs will do, ie., painting the home, repairing minor details, staging the home, removing excess furniture and personal belongings, keep the home fresh and clean, bright, remove animal scent (if applicable). Remember you also have buyers that wish to buy a home as is -- come in and make their own upgrades and renovations, at a great price purchase price. Best of luck
The rental market is heating up, I can not keep my inventory for more than 2 weeks.
If anything buy more and get as many mortgagees as you can. money is cheap, prices are low, rent is high.
All signs that tell you keep it
Adel Rafael - President
RPM West San Fernando Valley
Cal Broker Lic # 00910636
20945 Devonshire Street Unit 205
Chatsworth, CA 91311
Office (818) 727-0100
Fax (888) 710-1823
1. Kitchens and Bathrooms
Kitchens and Bathrooms pay off huge when upgraded in general. If there is dated flooring or counters, replace them, shop around you can usually get some good deals and it regularly will bring you almost 3-5 times what the cost of the simple upgrades cost.
Have a great day,
It certainly depends on the situation. If a seller is trying to get "top dollar" and sell their home quicker, then careful consireation must be taken of what "like Properties" have to offer. Obviously painting, staging, de-cluttering and landscaping are all a given. I always make recommendations through a buyer's eyes as well as use professional stagers to provide a quote for staging. A home may need granite or appliance upgrades and if it is expected and the competition has it, then I would recommend the same unless the price was reduced to make up for the difference. But buyers are not always looking for a perfect deal so sellers need to discuss upgrading, painting, etc. with their respective agents. I have always found that at a minumum, painting, de-cluttering and staging is required!
Frank Dolski MBA, ABR, e-PRO
Coldwell Banker Hearthside Realtors- Lahaska, PA