June 2018
In this Magnificent Insights, I will share my advice to homeowners, who have various amounts to spend ($1,000, $10,000 or $50,000), how to spend their funds in a way to maximize the sales price of their home.
No matter how much a seller has to spend, a well-executed home update can add significant value to the home’s sale price. Consider taking inventory every five years to see what needs to be repaired, replaced or updated.
I recommend sellers start with the first thing buyers see and focus some of their funds on curb appeal. Keep costs down with simple landscaping like tidying up garden beds with fresh mulch and add simple flowers or shrubs. According to fixr.com, DIY landscaping only costs $5-$8 a square foot. Replacing your front door gets more than 100 percent return on investment, according to Angie’s list experts. Power-wash siding and walkways brings out features and colors that fade with time. For those spending $10,000 focus on the roof. A well-kept roof shows potential buyers you have maintained your home and may alleviate buyer concerns of other issues. All of these ideas will accent your home’s exterior and make it sparkle.
We all know kitchens and bathrooms sell a home. Therefore, these spaces need to look their best. The more you can invest in updating these rooms, the more value will be added during a sale.
Bathrooms are generally small rooms where $1,000 can go a long way. Replacing the toilet with a sleeker, more efficient model or an updated sink with a new faucet are small investments that make a big impact. For kitchen updates with a $10,000 budget you can refinish cabinet doors, replace cabinet hardware, or install a new faucet.
The budget for a complete remodel of a bath or kitchen can be up to $50,000 especially with high end finishes. For bathrooms that may include custom vanities, frameless shower doors, marble tile and heated floors. For kitchens, custom cabinets, high end natural stone counters, upgraded appliances and flooring will affect your budget and will also be the statement to sell your home.
A fresh coat of paint makes any room appear bright and clean. Depending on your budget, this could be one room, or the entire interior. A good rule of thumb is to stick with neutral colors to coordinate with any buyers’ décor.
Don’t forget the power of a deep cleaning. Budget-conscious sellers can do this themselves for the cost of only the cleaning supplies. But, for those with more to spend, I recommend hiring a professional home cleaner. Nothing improves a home’s interior more than a good and thorough cleaning. Areas to focus on include carpet, windows, walls, baseboards, kitchens and bathrooms.
Sometimes a little de-cluttering is all it takes to enhance a home. This is completely free! Visit our blog article, Magnificent Manors Organizing Tips, for a few simple organizing tricks to make your space more functional and beautiful.
Finally, I like to warn sellers of a few poor investment options to avoid. These updates show little to no return on investment, and can actually lower your home’s value. Some include features that are too unique or customized, bright paint colors, textured walls, too much carpeting, and yard water-features.
If you’re interested in selling your home, please call me to get my free home market analysis and strategic marketing plan designed just for you! I can help you to optimize your home sales goals!
[email protected] | 703-798-1803
MARYBETH G. FRASER,
is the Team Leader, MBA & Realtor®
of The Magnificent Manors Team of KW Metro Center. She is a Certified Luxury Home Marketing Specialist® and Accredited Staging Professional® Licensed in VA & DC
For more information, please visit www.magnificentmanors.com
