Renovations to get a good price for your house

2022-06-15 13:30:36 By : Ms. Alice Alice

Subscribe to our Newsletter and receive the content that interests you in your email.By: Donna Fuscaldo, AARP, Mar 21, 2022Although the properties for sale disappear from the market quickly, getting the highest possible profit when selling your house is not a sure thing.You could sell it as-is, sure, but if you want to make the most profit, you may need to do renovations.That's especially true for many near-retirees who have lived in their homes for decades, and are now preparing to downsize.An old-fashioned paint color, cluttered rooms, and old shelves and appliances can turn off shoppers, even when inventory is tight.“A strong market means buyers will accept asking price and even above it, regardless of what a house looks like,” says Clayton Dekorne, editor-in-chief of JLC Group of Zonda Media, a research firm. of real estate market.“However, anything that is in disrepair, especially on the exterior of the house, can be used to negotiate a reduction in the price of the house.”Depending on where you live, you may not be able to replace kitchen drawers or install hardwood flooring to get the most money from the sale, but there are some upgrades that will give you a good return on your investment (ROI).Here we show you four possibilities.Save 25% the first year when you join AARP with the option of automatic renewal.Get instant access to discounts, programs, services and all the information you need to improve your quality of life.There is nothing that makes such a bad impression as an outdated and worn exterior appearance.Peeling paint, a broken garage door, and poor siding are all red flags for prospective buyers.It's why exterior renovations tend to give homeowners a higher ROI.“The data from the Cost vs.Value (cost vs. value) over the past 20 years overwhelmingly show that for detached single-family homes, exterior renovations such as siding, garage door, and roof are the ones that generally they provide the highest return on investment,” says DeKorne."Why?From a psychological point of view, when a potential buyer arrives at a property that looks good and is in good condition, they start the transaction with a positive impression.”Not convinced?Consider a garage door replacement, for example.According to the 2021 Cost vs Value Index, the cost to replace a garage door is $3,900 nationwide.The ROI: 93.8%.Installing a prefabricated stone cover on the outside of your home will give you an ROI of 92.1.And you'll recover 68.3% of the cost to replace a vinyl siding.If you change the windows in your home, you should recover around 68.8% of your investment.When it comes to what buyers care about, the kitchen tends to top the list.However, renovating a kitchen can be expensive, especially if you have cabinets from the 1980s. Nationwide, a complete high-end kitchen remodel can cost you about $150,000, but the ROI is only 53.9%.On the other hand, a mid-level kitchen total renovation will cost you about $75,000 and give you only a 57.4% ROI.What does give you significant ROI is a small, mid-level renovation that costs no more than $27,000;With that option, you can recover about 72% of your investment.Prospective buyers can be satisfied with a move-in ready kitchen that needs updating in the future, knowing that one day they will put their personal touch on it.But if the improvements are already made and are not to your liking, this can be an obstacle to the sale.“The kitchen is what buyers care about the most,” says Trish Gesswein, director of sales listings at Houwzer.“Most people are interested in having a renovated kitchen.We see a trend of people painting cabinets and adding backsplashes to keep costs down.” Replacing cabinet hardware can also modernize an outdated kitchen when homeowners are on a budget.There's nothing that looks as old-fashioned and old-fashioned as paint colors from days gone by.You might like flowers or bright, bold colors, but you can't tell if buyers will like them.That's why Kurt Clason, owner of Clason Remodeling Co. and president of the Remodelers Council of the National Association of Home Builders (NAHB), advises sellers to choose neutral colors when repainting their home.Buyers want to visualize their possessions in space, and if color is highly personal, that's harder to do.“People who want to buy a home don't want to spend time repainting.New paint makes the house look clean and fresh,” says Clason.If you smoke or have pets, purchasing paint with an odor neutralizer can help eliminate unpleasant odors.If you've recently painted and the color is neutral, painting the trim is an inexpensive way to make your walls stand out.For sellers on a budget, tidying up and cleaning can help make the home look more attractive.Even well-appointed homes will benefit from removing furniture, photos, and other personal belongings, as well as thoroughly cleaning floors and walls.If the carpet is old and worn, consider replacing it.You never know, you could find hardwood floors under the carpet, just in need of a polish and a new color.“Today, less is more.People need to visualize their belongings in their new home,” says Gesswein."Make your home look as clean and tidy as possible."Donna Fuscaldo is a contributor specializing in personal finance and health.She has spent more than two decades writing and covering news for various national publications, including The Wall Street Journal, Forbes, Investopedia, and HerMoney.We are a nonprofit, nonpartisan association that helps people over the age of 50 improve the quality of their lives.You are leaving the AARP.org website and going to a website that is not operated by AARP.It will be governed by a separate privacy policy and terms of service.Your email address is now confirmed.You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age.You can also manage your communication preferences by updating your account at any time.You will be asked to register or log in.In the next 24 hours, you will receive an email to confirm your subscription to receive emails related to AARP volunteering.Once you confirm that subscription, you will regularly receive communications related to AARP volunteering.In the meantime, please feel free to search for ways to make a difference in your community at www.aarp.org/volunteerJavascript must be enabled to use this site.Please enable Javascript in your browser and try again.