Buyers love hardwood and tile over carpet except for possibly in the bedroom areas. They like the flexibility provided with tile and wood when it comes to using area rugs and other decorative elements. Hard surface granite or marble counter tops are still the popular choice. These trends remain constant on the entire east coast.
As you consider you options for updates, there is a wonderful website you may find helpful. It provides an analysis of warious typical projects with regards to cost vs value from a regional perspective.
Consider viewing the following:
My husband and I have come up with kind cool way to set homes apart...when we list we do all the logistical stuff, virtual tours, lots of pictures, posting to a gazillion online portals...all of that and then we.....tada
Share the HomeStory - we literally ask our sellers to write in their own handwriting what they love about their home and the reason they are selling. The #1 question a buyer has especially when they find a house they love is...Why are they selling?
We've had great success with our Home Stories - here are two you can check out on our site South of SouthPark (excuse my hubby Mike the blogger sometimes he's not as witty as he thinks!)
Lots of good people and good answers here Good Luck whatever you decide!
Mike & Rhonda Gibbons 704.651.6551
Owner / Broker
Don Anthony Realty
Buyers are looking for anything priced right. If you didnt make any updates and priced properly, it would sell. But to answer your question on ROI, I would recommend just preparing the home to look move-in ready. People want the upgrades without having to do the work.
Fresh paint is always good - neutral colors, light tones.
Make sure carpets are clean - flooring is one of the items that people talk about changing as soon as they get in the home anyhow, so this is least important, unless yours is in awful shape now.
Kitchen and bathroom countertops - get nice stone like granite, but if you can't afford it but want something equally appealing to the eye, opt for quartz - a cheaper, but just as pretty alternative.
Make sure cabinets are in decent shape as well in kitchen and bathrooms.
For a free consultation, let me know and I'd be glad to come out and take a look!
Buyers want the most for their money. When working with buyers I have them make a list of everything they want in a home and then divide it into three sections "want", "Need" and "must have".
On almost every list we find:
updated kitchen appliances
No gold fixtures
tile in bathrooms
When updating the most bang for your buck will be in the kitchen and bathrooms. If carpets are worn they must go. A fresh coat of paint throughout the home and outside is going to be your best ROI. Don't forget the front door! Paint or replace if needed. Invest a little in the landscaping .. curb appeal will either make them want to come in or drive off.
Hope this helps.
Desiree Hillard, Broker
Nathaniel Duclos, Broker
"PoweHouse of activity"
Keller Williams Realty
countertops: you are going to have to go with real stone (granite, etc) if you expect to sell >$300k. try to pick a color of something that goes with your floor, and that looks 'new.' females pay a lot of attention to the kitchen, so you should consider replacing your kitchen sink if you are replacing your kitchen counter. get a sink that mounts *under* the counter, not overlapping it. vessel sinks are hot items for the bathrooms, save yourself a ton of $ buy purchasing them online (along with the vessel sink faucets) instead of at lowes/home depot. newer cabinetry has hidden hinges, cheap updates include simply adding stain to the cabinets and adding new hardware (drawer pulls and handles). note that they have do it yourself kits at the home improvement stores to stain your current countertops and make them look high end; these kits are expensive, run the risk of not turning out well, and it'd be cheaper and safer to just buy a counter that looks like stone.
If you dont have crown moulding yet, it is one of the best architectural 'wow' factors you can add for the money.
Assess what price you want to sell at, then search for houses that are +$50k that have sold nearby. you want the "look" of the more expensive houses, because your buyers will have looked at those homes and find yours as having similar features buy a 'better bargain."
as far as ROI, it used to be a lot more straightforward... With the market to sell homes so bad, you either need to take the hit and sell it lower than you'd like, or take the hit and put money into it to make it look updated and modern in order to sell it. my guess is that it turns out to be equal in the end on whichever path you choose... For example: While you might put $40k into a house and get a +$25k increase in sales price, if you didn't put the $40k into the house, it would probably take much longer to sell and you'd end up taking a -$15k hit after the buyer's inspector and appraiser and real estate negotiations.
The best ROI that you can get for your house will undoubtedly be your investment in selecting a Realtor. I am likely to get flamed for this, but I wouldnt hold onto a Realtor longer than 3 mos, 6 at the most. and interview at least a half dozen before you make a selection. find out what they will do for you: open houses are a waste of time, open houses where they invite other realtors are helpful. printing out paperwork to leave when the potential buyers come in that outlines what is new, what is improved, what is great about living there is essential. if you arent getting 2-4 showings per week, either your home is priced very wrong or your Realtor is lazy. the best way to pick a realtor? Pretend you are a buyer -- Call and view some homes that are close to your price point and near where you live. See how well you are treated. do they guide you through the home telling you what features are nice/significant/valuable? do they let you wander while they make phone calls in the entryway?
Once you have seen the competition, then you can make a decision on what is the best way to update your home for today's market.
If you are thinking of putting your home on the market...you need to look at it from a buyer's perspective. I recommend consult with a couple of Real Estate agents and ask them for advice on what to do and not to do.
A lot depends on the price point of your home as well...The higher the price of the home the more move in ready they are expecting it to be. By that I mean granite countertops and hardwood flooring.
You are not want to spend a lot of money that you may not recoup back. if your carpeting is in good shape then do not repalce it. Hardwoods/lamnate flooring are asthetically more appealing to buyers today as a whole; but it does not mean that if you have carpet in good condition to tear it up just to put hardwood floors in.
In terms of countertops the granite ones are the most popular right now and the prices on them have gone down dramatically.... but again it is personal taste and depending on the condition of the kitchen and what you are trying to get out of the house it may not make financial sense.
I always do a walk through on a home with a potential seller... I explain things that they may want to fix and should do to help sell a home. Decluttering a home is huge. The more open and spacious you can make a home look the better it will be to prospective buyers. You want soemone who has done this daily to tell you what they recommend or what you should price the home at based on the current condition of it.....
Also, Not all Realtors are the same. Some will want you to overspend to make their lives a lot easier with no return on the investment of what you are going to spend. Others (like myself) will tell you what the home should sell for in it's current condition versus doing certain upgrades..then you have to decide if the cost outweighs the gain.
Also, the way A Realtor markets the home plays a large part in hwo well the home will sell... not all Realtors are the same in marketing and a home that is ready to move into with all the upgrades done can sit on the market if it is not properly marketed... I have sold homes where others have failed becuase of this...
So, my advice is talk to a couple of Realtors. have them come out ot your home and give you advice on what to do and not to do and decide if it is worth the investment
In general buyers are looking for homes that are move-in ready. Neutral paint colors and minimal clutter - this allows them to visualize their furniture and personal items in the home. Sometimes creative staging allows you to work with what you have and not put any money into it. It all depends on what your home looks like - I'd love to come by discuss your options as well as what's going on in the Yorkshire community.
According to this year's Cost vs. Value annual report, the most ROI for remodeling projects in the Charlotte area was a minor kitchen remodel, bringing in a 78% return. This was classified by replacing cabinet fronts and adding new hardware. Replacing dated appliances with energy efficient models. Replacing laminate countertops with a hard surface counter, including adding a mid-priced sink and faucet. This also included repainting trim, adding wall coverings, and removing and replacing resilient flooring. Hardwoods would be a nice touch throughout the downstairs as well, or even the cheaper alternative of laminate wood flooring.
The Yorkshire neighborhood has seen many distressed sales in the past six months, 46% to be exact. In order to compete against the low prices of the short sales, foreclosures, HUD homes and the like, you need to stand out from them. These updates you've suggested will help distance yourself from12 homes already listed in your neighborhood.
If you would like to discuss this further, feel free to contact me. Thanks and good luck!
Helen Adams Realty
Talk to 2 or 3 agents before you doing anything and you will get an idea of what you need to do win the game.
You have asked a really good question! There are several factors that a Listing Agent will consider when guiding a Seller Client. I would review the current Listings (there are 9 Actives, 2 of which are currently under contract) to see what our competition has to Offer and the Comparable Sales to see what has sold. I would also take into consideration what the market price is for your home and then back in to what updates we can do in order for you to still be able to hopefully sell.
I do think Buyer's are looking for a turn key property, meaning updated. Most Buyer's don't want to have to make the esthetical changes and it is still very much a Buyer's market so they will be diligent about trying to get their needs fulfilled. I do think a solid surface countertop, such is granite, is important. I also feel like hardwoods are common on the main level rooms and are desireable. Of course, there might be Buyer's who do want carpet so it is a matter of preference. Spending money on kitchens and baths are typically good areas of a home to get the best return on your investment.
If you have not partnered with a Listing Agent/Realtor, then I would love the opportunity to meet and learn about how I can help accomplish your Real Estate goals. I have worked with several Seller Clients where we have made updates to prepare their home for the market as well as I have several investors who renovate and sell homes. There are several cost effective projects that make a huge difference.
Please let me know how I can help and best of luck!
Debra M. Buck
In this market, we recommend everyone have the house in the very best condition possible for you. Fresh, neutral paint colors, clean or new carpets, updated kitche and or baths if possible. If thesre things are not financially possible, we can view your home and give you a check list of the very best things to do for your money to compete with the other listings in the area. Good luck and please call if you would like my assistance! Lee Ann Miller 704 562 2922