No Guarantees in Real Estate Remodeling
August 13th, 2009 categories: Pricing
In greater Cincinnati, West Chester, Liberty Township and Fairfield homeowners often itemize home improvements with associated costs and hand it to me prior to listing their property.
The thought process is “original cost+improvements+appreciation= list price”. At that moment I feel like the proud mom in the recent Staples TV commercial- the one where she spent a fortune on graphing calculator – only to find her son proudly displaying the word “booger”- on the screen of the newly purchased school supply. Obviously the result was not what the mother anticipated.
Sometimes we spend a lot of money and don’t get the expected results.
Home improvements are tricky (2008 Cost vs Value Report)- homeowners rarely reap a dollar for dollar reward for work done. When a sellers asks what they should do- personally I think 4 things have the highest rate of return:
- Fresh coat of paint- that means removing dated or bright wallpaper and repainting the entire place in neutral tones. While you’re painting- catch up with caulking.
- Clean or replace carpet. If it is too old to clean (or too dirty) replace it. If you clean it, make sure there are no bubbles or bulges- have it stretched so it is smooth.
- Declutter and clean up the interior
- Clean up flower beds, walkways and if needed- paint the front door.
It’s better to spend “improvement dollars” in the right way and then price your property for a speedy sale.
If you cannot decide what to do before listing your home or condo - call or email me for advice.
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