One of the most common questions we hear from our listing clients is whether or not they should renovate or remodel their homes prior to putting them on the market.
Whether your goal is to make more money off the sale of the home or to help it to sell faster, part of our services to our clients is to help you figure out where to focus your time, energy and money.
Make repairs first
Concentrate first on making needed repairs. The buyer will most likely ask for these fixes, especially if they are for problems that show up on the home inspection report, so making them before listing the home helps avoid delays during the transaction.
Being proactive is always a smart move in real estate
Some of these tasks include fixing peeling paint, broken windows, torn screens, dripping faucets and loose or missing handrails.
Any problems that affect health and safety should be addressed first. Then, use what’s left of your budget to make the cosmetic fixes that are attractive to homebuyers in your home’s price range.
Consider minor upgrades
“Don’t spend money that won’t yield a return on the investment. The best expenditures for most markets are paint, carpet, light and plumbing fixtures,” Matthew George, the chief appraiser of Eagle Appraisals Inc. in Denver, Colo. tells The Wall Street Journal.
Decide which room or rooms require the most updating and start with those. Minor upgrades, such as new appliances or kitchen and bathroom countertops will do more to change your sales price compared to redoing the kitchen or bathroom entirely.
In fact, a major kitchen or bathroom remodel is a money pit, according to Remodeling Magazine. The magazine’s 2019 Cost vs. Value Report warns that you’ll spend $ 66,196 on a kitchen remodel, on average, yet you’ll only recoup 62.1 percent of that when you sell the home.
You’ll do better on a minor kitchen remodel, spending $22,507 and realize an 80.5 percent return.
There is simply no way you will make back what you spend when it comes to remodeling or room additions.
In fact, the repair or renovation task that returns the most is a new garage door (97.5 percent). To get the details about the study, visit remodeling.hw.net.
Save money or time?
In a real estate transaction, time is most definitely money. The longer a home sits on the market, the better the chances that the homeowner will end up taking less than planned to get it sold.
The most common reason a home doesn’t sell is that it’s overpriced. Second to that, however, are homes that aren’t in decent condition.
Keep in mind that the first week that the house is on the market is known in the industry as “the honeymoon period.” This is when new listings receive the most attention and the more people that view the home, the quicker it will sell.
A recent study from a large real estate analytics firm finds that homes get four times as many visitors in the first week they’re on the market than they do one month after listing.
With repairs and cosmetic fixes out of the way, your home may be the belle of the real estate market during that first week.
We’re happy to meet with you and offer suggestions on which repairs to make first and on which tasks to focus on after that.
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Introduction to Jennifer Y. Ross & The Westchester Living Team at COMPASS
Jennifer comes from Platinum Drive to Compass as an experienced agent. She epitomized Platinum Drive Realty’s motto “I grew up here. I live here. I sell homes here” and she is known for providing each of her clients with an exceptional experience guided by her expert local knowledge. She works tirelessly to ensure each of her clients has a professional, enjoyable and successful Westchester community & home buying search or selling experience. She often remains very friendly with her clients and welcomes the opportunity to be an ongoing resource as they settle into Westchester Living. Every step she takes will embody her core principals; integrity can never be compromised, clients’ interests always come first and character, commitment, and passion truly matter. For her buyer clients, Jennifer looks forward to the opportunity of being “Your NYC to Westchester” guide and real estate broker. For her seller clients, Jennifer is proficient at implementing an aggressive marketing strategy in order to obtain the best price possible in a highly efficient and seamless manner. Jennifer thoroughly enjoys assisting buyer clients in navigating the landscape of the Westchester residential real estate market. She is skilled at enabling clients to define where they see opportunity & facilitating the process from initial search through closing. Jennifer was awarded the Platinum Drive Star Award for Outstanding Performance in Sales & Client Services in 2014 & Platinum Drive Realty’s Superstar Award for Excellence in Sales and Client Services 2015 & 2016 for her outstanding performance in sales and client service. In addition to her passion for local real estate, Jennifer has a firsthand understanding of home renovation and new construction. Upon moving from NYC to Scarsdale, she and her husband performed an extensive renovation on their first home. After completion, they moved onto their second project in Larchmont, a full house renovation and expansion. More recently she is active with local developers who specialize in new home construction, home expansions and renovations. Jennifer has the ability to understand a home’s full potential and can help clients find or create their dream home. Jennifer was the Manager of Platinum Drive Realty’s Larchmont Office. Jennifer was raised in Scarsdale. After graduating from Scarsdale High School, Jennifer received a BA in Child Study & Sociology from Tufts University and an MA in Language & Literacy from New York University. Jennifer currently lives in Larchmont with her husband, Michael, and their three sons, Braden, Devon & Zane. She specializes in communities in Southern Westchester with a concentrated focus on the Sound Shore Communities of Larchmont, Mamaroneck, Rye Neck, Rye, New Rochelle as well as her hometown of Scarsdale. Prior to real estate, Jennifer was a teacher in the Mamaroneck Public Schools. Jennifer has a deep understanding of the local school systems and the needs of young families.
Professional Associations & Accreditation
Jennifer is a Licensed Associate Real Estate Broker & has her Accredited Buyer Representative designation (ABR) and her Seller Representative Specialist designation (SRS). Jennifer is a member of the Hudson Gateway Association of Realtors & the National Association of Realtors. Jennifer’s
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