These five simple steps will make you thousands!
If COVID-19 has you cooped up and frustrated, don't despair. If you channel all of that energy into your house you can increase its value by up to 12%! It's still very much a seller's market despite the impact of COVID-19—my last listing in Buckeye received multiple offers and sold for $5,000 over list price just two weeks ago. Interest rates are at record lows—hovering at around 3.5% for a 30-year fixed—and resale prices are well beyond the 2006 market peak. With that out of the way, pour yourself a glass of wine and read on…
Consumer Reports convened a panel of 303 real estate and construction professionals from around the country to give their top 5 proven methods to get a significantly higher resale value for your home. When combined, you can increase your home's value by an average of 12%.
Clean up your act…
Potential return: 3 to 5%
The surest, best way to scare a buyer is with a cluttered, dirty, stinky home. Bruce Irving, a renovation consultant and real estate agent based in Cambridge, Mass., tells clients to imagine their boss is coming to dinner with his or her spouse. “Your home should be at least that nice,” he says. De-cluttering and de-personalizing the space is vital. Buyers will find it difficult to imagine themselves in your home if it’s filled with family photos and personal effects.
Surrounded by an insurmountable amount of clutter? Consider hiring a Realtor® like Sonny who can provide assistance with moving and storing your least needed treasures. If you are having trouble letting go of that desk or antique dresser that's just too big for the space, consider contacting a professional organizer through the National Association of Professional Organizers.
“We’re not counselors, but we have skills to help people think through why they’re having trouble letting go of certain items,” says Jennifer Lava, president of the Austin, Texas, chapter. In addition to making your current home more sellable, which raises its resale value, a pro can help you get off to an organized start in your new digs.
Zhuzh up that kitchen…
Potential return: 3 to 7%
Fifty-three percent of real estate professionals surveyed by Consumer Reports say that the kitchen is the most important room of the house to have in great shape prior to selling. Do the minor repairs first—leaking faucets, loose light fixtures or ceiling fans, burn mark on counter top, etc. Painting the walls and updating your cabinet hardware can make the kitchen look much more expensive.
If your kitchen is badly outdated, you may wish to consider spending more to elevate your home above the rest. Consider new counter tops (quartz, granite), under-mount sink, and stainless appliances (including refrigerator). If going with new counter tops, stay away from laminate, concrete, and Corian® since they will not add significant value to your home.
Revitalize your bath…
Potential return: 2 to 3%
Forty-two percent of real estate professionals surveyed said the bathroom is one of the most important rooms of the home to have in good shape. “Simple improvements like caulking the tub or re-grouting the tile floor will go a long way in the mind of a buyer,” says agent Bree Al-Rashid.
Consider installing new bathroom fixtures to make the space look brighter, more appealing, and on-trend. “I tell my clients to replace anything with a handle, especially if the home has hard water, since it causes so much metal corrosion,” says Ginny Ivanoff, a real estate consultant in Carlisle, Pa. The same is true here, in Arizona.
Are you looking for maximum return? Consider quartz or granite counters with under-mount sinks, new light fixtures, new faucets, new toilets (if what you have are really, obviously old), and updated flooring.
Paint the interior…
Potential return: 1 to 3%
Sixteen percent of real estate professionals said interior painting is an important element in fostering the sale of a home. Sometimes all you need to make your rooms sparkle is a Magic Eraser, or selectively paint a few rooms.
Kitchens and bathrooms almost always need a complete repaint given due to being high traffic areas. You should also paint any brightly colored rooms. “Most people do not have the vision of what a room could look like, and instead they walk away and later say, ‘Oh, that’s the house with the purple bedrooms,’ ” says Kim Parten, a real estate pro from Horseshoe Bay, Texas. “I’ve had homes not sell, or sell for less, because of purple bedrooms.”
Whites and off-whites tend to attract the most buyers because the neutral colors allow them to focus on a home’s attributes. In my experience, grays and beiges are very reliable. They’re not too warm, not too cold, and work best with most types of furniture. You want buyers to be able to imagine themselves in your space.
Improve the exterior curb appeal…
Potential return: 2 to 5%
Forgive me, but I'm going to revive the overused job interview analogy. Would you go on a job interview without brushing your hair and wearing a nice, clean outfit? Not if you want to be offered the most amount of money. Ignore the exterior of your house at your own peril, as there is no better way to devalue your home than putting it on the market with a mediocre, so-so exterior and yard.
Start with basic maintenance: mowing the grass, trimming shrubs and trees, and applying a fresh layer of rock to your garden. As with the interior, you need to address minor issues such as repairing damaged stucco, replacing cracked or rotting eaves, pressure washing the exterior, cleaning off the pigeon poop, etc. A full exterior re-paint with an on-trend color scheme will go a long way.
Thirty-one percent of real estate professionals said the roof is one of the more important parts of the home to have in good shape. Have a handyman walk your roof and replace any cracked tiles, re-affix loose tiles, and repair missing end caps. If there isn't a leak and you're just addressing cosmetic issues, you probably don't need to hire a licensed roofer.
Hire an experienced, neighborhood Realtor® like Sonny
Potential return: 2%
Technically this is #6 (haha)… My listings sell for an average of 2% over list price. Nothing gets homes sold in the shortest amount of time for the most amount of money than an agent who understands your local market, and has a marketing plan that works like Sonny's Sold-in-3 Guarantee. You might save a couple thousand going with a discount agent, but their lack of experience, inability to hire the right photographers, and attention may cost you $50,000 or more on the price.
Sonny Shrivastava has over 12 years of real estate experience, over 450 sales to his name, and received multiple industry awards. He makes selling your home an easy, no-hassle process. If you need help with liquidating or storing of personal items, Sonny can refer you to professionals who can assist. Sonny also has licensed contractors who can help with larger projects. Sonny's listings often receive multiple offers and sell for thousands over list price. If you are interested in selling your home for the highest price, Sonny would be happy to prepare a detailed market activity report for your area free of charge and with no obligation.
Real Estate has always been one of the most secure investments and all-around best way to build personal wealth. Sonny in Arizona has helped hundreds of buyers and sellers achieve their dreams of home ownership and financial independence. Licensed since 2007, Sonny consistently sets high price records for his sellers and helps his buyers obtain homes at the lowest possible prices while beating out other buyers in multiple offer situations.