Even in this aggressive seller’s market, it’s always important to make your home “show ready” in order to maximize its sale price. However, what “show ready” means is open to interpretation and depends on market conditions. Because of limited inventory in today’s market, buyers are expanding their search criteria to look at homes that they otherwise would not consider. This includes homes that need some repairs, updates, or general TLC.
What sorts of repairs do we recommend that maximize your ROI in a seller’s market? Here are our top 5 recommendations:
- Paint: Our #1 recommendation in most sales. Your home’s paint is likely chipped, dirty, and outdated. Choosing a modern and neutral color, along with our other recommendations, will also give the impression that your home is newly renovated. This is also a huge area for sweat equity value, since you can usually paint your whole home for a few hundred dollars.
- Carpet: Unless your carpet is very new, it probably looks worn down, dirty, and dated. As a result, it will often detract from your home’s value and appeal, especially to first-time buyers. New carpet is inexpensive, often costing around $5000-$8000 to redo a whole home.
- Luxury Vinyl Tile or Plank: Vinyl has come a long way in terms of its look and durability. In fact, we see vinyl going in even in some luxury homes nowadays. Instead of replacing or refinishing a tired wood floor, consider replacing it with LVT. Also consider adding it in bathrooms, laundry rooms, and basements instead of more expensive tile flooring. The price of this flooring rivals carpet and contributes to a modern look.
- Lighting: In keeping with the theme of updating and modernizing, lighting is another surprisingly inexpensive way to update your home. You can purchase a good quality light fixture for $100-$200 at the hardware store. We recommend updating lighting especially in living rooms and kitchens. Also swap out dungy light switch covers to really pop with your new paint colors for about $1 each.
- Landscaping: Some quick sprucing up outside will add curb appeal and make a great first impression. You can make your landscaping look fresh and new by weeding and adding new mulch or rock around your home, pruning trees, power-washing your siding and entertainment spaces, painting or staining decks, and adding some potted plants or flowers.
Now is a great time to consider selling your home for top dollar. If you’d like us to recommend what repairs would be right for your home, contact us at 612-269-1902, firstname.lastname@example.org, or fill out the comment card on our website.