When sellers are preparing to list their home they may be considering updating or renovating spaces that are old fashioned or outdated. We asked our System members the age old question, “To renovate or not to renovate?”
Go for bright and light
Instead of renovating say, an outdated kitchen, advise sellers to clean the kitchen thoroughly from top to bottom. Clean the stove, oven and refrigerator. Add fresh knobs to the cupboards, remove all clutter from kitchen counters and window sills, and remove the items for the top of the refrigerator. Clean cupboards and drawers and the inside of the refrigerator if it is staying. Be sure to repair anything that is broken. If you have wall paper, remove it and paint it a clean neutral color. Remove window treatments and let the sun shine in. Buyers like light and bright kitchens, so check all the light bulbs. Let the buyer replace things of personal taste like appliances and counters and flooring. For the final touch, remove litter boxes and pet toys and food when showing your home. Mandy Herring, www.MandyHerring.com
Consider where to spend
Don’t recommend sellers spend money on renovations, unless they are professional home renovators. Instead advise them to spend money on maintenance, getting the home in tip top shape, cleaning and de-cluttering! Rob McKibbon, www.BIGRob.ca
Realize it may be a matter of taste
Unless we’re talking about something truly unsightly and awful, counsel your sellers to list “as is.” There is no guarantee they will see a return and sometimes the improvements can actually detract from a buyer’s opinion of the home. Just because you love the new tile floor doesn’t mean the new owner will. Tracy Larson, www.FloridaKeysMarketUpdate.com
Meet local codes
Suggest that sellers clean as much as possible, remove all debris and clutter, polish wood and glass, repair “dings” wherever possible – improve enough to present with pride. Furthermore, remind them that repairs of local code violations will generally help get a thumbs up from the local inspector and the bank appraiser. Preventing these (often minor) violations may help to get the loan passed and obtain the highest possible value. Remember, saving the buyer from contributing to some municipal escrow account and/or signing affidavits to complete repairs after closing should also result in a higher sale price. Joseph Washick, www.trulia.com/profile/josephwashick
Get appraised
While renovations may increase the value of the home theoretically, it all depends on local property values. Appraisals rules no matter how good the home smells, tastes or feels. Joseph Goodman, http://www.possessthelands.com/
Looking for more information on home improvements? Check out Money Crashers’ article, “7 Home Improvement & Remodeling Ideas that Increase Home Value (And What to Avoid).”
