Four upgrades that are still well worth making right now
As housing demand slows nationwide, sellers are already adjusting, by doing more improvement projects. This recent story says that almost all sellers made repairs or updates before listing in July and August. After all, fixing – or upgrading – a home’s features should help a listing stand out. However, which ones are the best investments?
We’re glad you asked. A ton of data on this topic is available from the National Association of REALTORS® here, but we wanted to highlight some of the information for you below.
Refinishing or installing hardwood floors will be worth the money and then some. These actions both have an above 100 percent ROI in the NAR survey. (The only other upgrade that broke the 100 percent mark was new insulation.) The point is buyers all over still love hardwood floors, and the better they look, the more desirable they are.
Don’t underestimate the power of the nose. We’ve mentioned this in a previous blog about pets, but it’s worth saying again. Sometimes, a deep cleaning is the best thing you can do to make your listing shine – literally. Doing so will rid a home of any bad odors, pets or otherwise. In fact, Homelight estimates that a good scrub could be worth an extra $1,700 or more.
It’s important to fix features buyers will see. We’re not trying to hide anything here, promise. However, features such as cabinets, doors, windows and walls need to be fixed, even if you have a small repair budget. Problems that will be evident in a home inspection should be remedied, too. The era of skipped inspections is certainly over for now.
Don’t forget about the exterior of the home. When it comes to upgrades outside your house, the NAR report gave roof repairs/replacements and garage door upgrades a 100 percent score when it comes to ROI. We weren’t surprised about the roof mention, but know that garage doors aren’t usually top-of-mind when it comes to features that need to be updated. In addition, don’t forget about the yard and landscaping. Sellers don’t need to take extravagant measures to make a home appealing, but simply re-sodding the front yard or similar actions can quickly pay off.
We know this is an uncertain time for sellers. However, one thing remains the same. It’s necessary to stand out. The proper team of real estate professionals can be extra valuable right now, and we always appreciate it when our partners and customers choose our team for their title and closing needs.