Here’s how you can maximize your ROI on a home sale.
Recently, I’ve had a number of properties that were in serious need of repairs. These homeowners all asked me what they needed to do to get their homes sold for top dollar.
In most cases, when a seller hasn’t been able to maintain or update their property, they can benefit more from making it look clean, neat, and fresh as opposed to making expensive updates or repairs.
“Kitchen and bathroom remodels are only going to get you 60% to 80% of your money back.”
Something as simple as a fresh coat of paint or a new carpet can make a huge difference. Decluttering, depersonalizing, and simplifying what’s in the home to open up the space and make it look as nice as possible will help without spending significant money to do repairs. Many studies have shown that kitchen and bathroom remodels are only going to get you 60% to 80% of your ROI, and that’s a lot of work to put into a property.
I recently sold a property with a bad roof that needed to be completely replaced because it was a rental for 30 years. We were able to get 30 offers for this home without completing any additional work.
We’ve also sold homes that were in fine condition but were a little dated. Instead of spending money on repairs that you won’t see a return on, cleaning and decluttering is how you maximize the sale price in most cases.
Others may say you need to do a lot of staging and bring in extra furniture, and in some cases that’s appropriate. However, for the majority of homes, you can use what’s already there for staging.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.