Who does not want to have a home with a higher market value in today’s economy? We want it, you want it, and your sellers want it as well. So, before your sellers splurge on an extra family room or a dream kitchen, give them some advices on how to update their aging homes to secure a higher ROI.
Sellers Advice: Updating Aging Homes for a Higher ROI
Checking out the Neighborhood Houses
Projects like a kitchen renovation or bathroom remodeling always help in increasing the home’s market value and ensure a higher ROI. However, your sellers have to be strategic in choosing the right value-boosting projects.
Tell them to check out other homes in their neighborhood to see what projects would be the most suitable. They should add bathrooms on their houses if the number is less than what most of the neighboring homes have. Is curb appeal a thing in their area? Tell them to clean the driveway, paint the exterior, or update the porch to ensure the most return for their money.
Creating an Impression
Selling a house is mainly about impression – how well the sellers can impress the buyers. So, replacing the old front door with a new one usually returns a higher ROI. However, sometimes just painting the front door can return the same payoff. Apart from it, your sellers can replace a few old elements like some other doors, windows, and siding. These replacements will provide better financial return than bigger remodeling projects.
Updating an Outdated Kitchen
It is very common to have a dated kitchen in an aged home. But, a old-fashioned kitchen is actually a buyer-buster and thereby decreases the home’s market value. The first thing a buyer will think after walking into that kitchen is an expense of $50,000 to $60,000 needed for its renovation.
So, your sellers should remodel the kitchen even if the project is a bit costly. They can cut the cost by opting for minor fixes and replacements like fixing the hardware, updating the countertops and sink, buying some new appliances, replacing the old faucet and the cabinet doors, and painting the entire kitchen.
Fixing Plumbing and Electrical
Nobody wants to buy an old home with cracked or shattered plumbing and electrical fixtures. Tell your sellers to invest on a contractor to come out and review the home. It may not be as expensive as the sellers think to update the home’s plumbing and electrical fixtures without making any major changes. This small investment will increase their home’s value in a big way.
Update the Exterior
The first thing potential buyers see upon arriving at your home is the exterior. Complete a few projects to increase your home’s curb appeal while also increasing the value and possibly a higher ROI. All Around Roofing and Exteriors suggest updating your siding, paint, or roof to get the highest ROI. These are projects that can be completed easily and quickly by the right team of professionals and will increase the aesthetic appeal of your home while also making the long-term investment more attractive to buyers.
Keeping the Style Pertinent
Your sellers should keep in mind that updating an aged home after a style incongruous to the architectural features of the rest of the house does not add to the value. For example, making modern style replacements and fixings will look awkward in a Victorian style home and adding a pool is mostly worthless in a city with colder climate. In addition, renovations within the existing infrastructure of a home are much cheaper and return more value than additions of extra rooms.
Sellers have to be very smart if they want to get a higher ROI by selling an old house. Tell your sellers to understand the neighborhood, market demand, mindset of the possible buyers, and other variables before investing money on the updates of their old homes.