With 2015 anticipated to be the year recovery from the great recession finally comes to fruition, housing markets and employment are expected to hit pre-crisis levels. Does this mean that 2015 is the year to sell your home? And, after such a long wait, is your home really ready for sale and what home improvements are really necessary? Would there be any smaller fixes and home improvements that will give you great bang for your buck?
Give Buyers What They Want
In a survey conducted at the end of 2014, buyers, realtors and interior designers were all asked the question, “What features are most important in a prospective home purchase?”
- Surprisingly, prospective home buyers stated the most important home improvement is an open plan living area; the one feature in a home purchase they most wanted. Open plan is a long term trend in interior design but this is a big costly renovation which takes time and can produce a negative return on investment. According to Home Advisor, convert to open plan living and you stand to lose just under $ 10,000, depending on the individual building and the locality.
- Following in importance were updated kitchens and bathrooms, in 2nd and 3rd positions. If a full remodel is out of the question, even a “facelift” – painting cabinetry and walls, changing handles and bathroom facets, and replacing the kitchen sink can make any house feel new again and increase value.
- Upgrading or refinishing existing flooring is the best home improvement from a monetary point of view and ranked 4th in significance for potential buyers.
- Painting is another inexpensive and easy home improvement choice to clean and bring a place up to date. If you’re painting to sell your home in the near future, choose a colour scheme that’s neutral and pleasing.
- Finally, lighting is extremely important. One of the best investments in your home improvement plan is updated lighting.
- Everyone should declutter when preparing to sell, it makes for a far more harmonious lifestyle while keeping your home “show ready”.
- For low spend home improvements, a vacuum cleaner and coat of paint work wonders.
- Small details speak volumes. Little home improvements like installing new light switches, new faucets or new door hardware can bring a home up to date and make the space feel more finished
- At the end of the day, first impressions are key to having potential buyers fall in love with your home. Simple strategies like staging, painting the front door, and make sure there is adequate lighting all contribute to the first impression that causes a buyer to develop a binding emotional bond with a home.
Study the marketplace and speak to a reliable local agent who can advise which attributes sell a home in your neighborhood. All your home may need is a good cleaning and some staging. Spending a lot of money on home improvements may not give the best return.