Wednesday, July 13, 2011
Cost v. Return
What improvements give you the biggest return on investment? This can be a tough question to answer and quantify, however there are some definite ways to improve a property that will get a seller a better sale price.
HomeGain did their annual home improvement and staging survey. The marketing company surveyed nearly 600 real estate professionals to find out which DIY home improvement projects give sellers the biggest return on investment
The following are six projects under $1000 (amounts estimated) that made their list:
1) Cleaning and de-cluttering - Remove any personal items, clear off counter tops, organize closets and shelves, and make home sparkling clean
Return- $ 1,990
2) Brightening- Clean all windows inside and out, replace old curtains/blinds, update lighting fixtures, and remove any thing that blocks light from the windows (ie: china cabinet, bed frame)
Return- $ 1,550
3) Smart staging- rearrange furniture, remove furniture to make room seem bigger and create a good flow, bring in new accessories and furnishings (could be from other rooms in the house) to enhance rooms.
4) Landscaping enhancements- To create curb appeal and freshen up back yard add mulch, bushes and flowers. Maintain lawn and current plantings well.
5) Repairing electrical or plumbing- Fix leaks under sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home's electrical with new wiring for modern appliances, fix any lights or outlets that do not work, and replace old plug points with new safety features.
6) Replacing or shampooing dirty carpets- steam clean carpets, replace worn carpets, and repair any floor creaks.
Return - $1,739
Other ideas for simple staging:
1) fresh flowers
2) sheer curtains
3) area rugs
4) outdoor furniture on decks and patios (even in winter)
5) bowl of fresh fruit in kitchen or dining room
6) new house numbers
7) new mailbox
8) wreath on front door
*image provided by google images