These are some things that I have done that have worked for me in selling a couple of investment properties, which were both older homes (read Challenging!)
1. Get a home inspection done and fix whatever the inspection requires that has to do with safety or function.
2. Look hard at the kitchen. In one kitchen, I started out being stubborn about not wanting to replace a st ove that was very functional, but a little scratched up. I finally saw the light and replaced the stove with a shiny new model. AMAZING how one new shiny appliance can update a kitchen!
3. And then there was the carpet and what I thought was good enough carpet. Good enough is okay for living, but not for prospective buyers! If the carpet needs replacing, just do it before any body is shown your home.
4. Clean inside and outside and then clean some more. Clean like you have never cleaned before. Clean as though if you don't pass inspection, you will have to do 100 situps!
5. Then the very last stage prior to putting a sign in the yard is to stage the home to add pizazz and buyer emotional appeal. I just helped another Realtor and her client with a staging consultation and the client completed the staging herself and the photos are fantastic. The latest word is that there is an offer coming!!!
6. Pull back the drapes, turn on all the lights, Leave the air or heat on at a comfortable temperature.
7. Turn on some soft music and relax, because your home is now ready for a sign to go in the yard. .
So before seeking a one answer fits all I would recommend that you contact a local real estate agent to make recommendations relative to your market and type of home.
You may learn that making some upgrades won't yield you the return you are hoping for so best to get a professional opinion first.
Baths, kitchens, appliances, hardwood floors, and central air are changes that can produce high returns, but unless you've owned the home a long time or you purchase one well below market value ie a foreclosure it is unlikely to receive 100% of every dollar spent in return.
There are energy efficient changes you can make also which is popular and desirable in areas like Manhattan and you might qualify for a deduction on your income taxes.
Hope this helps!
make sure the home is clean and organized and in a presentable form. Appearances have a great impact, so any amount of cosmetic fix-up is highly recommended. it is probably time to do that paint job you've been putting off.
Often improvements to the kitchen and bathroom areas are considered to be best bang for the buck in terms of raising the property value, but you have to be careful not to over-improve. A house in a neighborhood where the average price of similar properties is 70,000 will not magically increase in value by 30,000 if you put in 20,000 into an amazing kitchen and bathroom update. Be conservative in relation to your property's price range.
Landscaping is another easy way to increase curb appeal. In a lot of cases you can do a whole lot by trimming, removing plants that don't work with the house, and planting others that enhance its beauty.
Amos Elroy, SFR (Short-Sale Specialist Certified)
Residential Real Estate Investment Consultant
Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 / (888) HOB-NJRE
FAX (888) 462-6573
Twitter & Facebook: HobNJRE
All that said, do not count on recouping every penny you spend, but if you do these things, price your home propery and hire a great agent that will market your home explosively - most especially online where the buyers are - you'll succeed.
Unwavering Commitment to Service, Unsurpassed Results
When you are interviewing Realtors, make sure you ask this same question when they visit. It will be pretty clear who is most skilled at it.
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