Twice
recently I have been called by sellers who will be listing their homes
and have been asked for advice on improvements they want to make.This is a smart, proactive move on the sellers’ part as they want to make their homes as marketable as possible but do not want to over-improve and get little in return for their investment.
Real estate agents are in the trenches, see many, many homes, and are in sync with what appeals to buyers. Where can you get better advice on what might be done and how it should be done to
maximize the return on the investment made?
Two examples that came to mind were sellers I helped — one who made mistakes in upgrading and the other who did everything right.
Big investment, small return
The work was already done when I was called for the listing appointment.The kitchen had been upgraded with high-end cabinetry, granite countertops, custom tile flooring and a SubZero refrigerator and Viking 6-burner cooktop. A dream kitchen for the owner.
However, this kitchen belonged in a house twice the value of their house. The house sold, but the sellers only recouped a small fraction of their kitchen investment.
Small investment, big return
A condo had a kitchen that was tired and worn out.I recommended a kitchen makeover which cost $6 thousand; including stainless appliances.
The owner really thought there should be granite countertops. I advised not to spend the money, but to get a laminate that had the faux granite appearance.
The kitchen came out beautifully and the condo sold quickly, for $20 thousand more than a comparable unit that had an original kitchen.
So, if you are thinking of selling your home and possibly making some improvements prior to listing, please contact a real estate agent FIRST who has a handle on the local market and knows the inventory. It will be the best advice you can get and will likely put money into your pocket instead of taking it out.
by on Feb 17, 2014 • 7:05 am
SECB.com
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