Consumer Reports: Sellers can increase value by 12%
NEW YORK – Feb. 4, 2015 – A seller may be able to boost the value of their home by an additional 12 percent, with just a few smart pre-listing repairs, according to a new survey of 300 residential real estate professionals by the Consumer Reports National Research Center. On a median, single-family home priced at $205,000, that could be a potential gain of $24,600.
"You don't have to spend a ton of money to increase the value of your home," says Dan DiClerico, senior editor for Consumer Reports. "Some simple, inexpensive fixes throughout the house can make it more appealing to potential buyers."
Here are some of the fixes that the Consumer Reports survey of real estate professionals uncovered as being the most important:
Cost range: $0 (do-it-yourself) to $2,500 (pro)
Potential return: 3% to 5%
Clear away any clutter and depersonalize the space as much as possible.
2. Makeover the kitchen
Cost range: $300 to $5,000
Potential return: 3% to 7%
The kitchen was rated as the most important room to have in top shape before selling, according to the survey. Real estate professionals recommend focusing on minor repairs that center on the function of the kitchen first, such as repairing leaky faucets, loose light fixtures or blemishes on the countertop. Then, they recommend small enhancements, such as painting the walls, updating the cabinet hardware, adding new curtains or light fixtures.
3. Freshen up the bathroom
Cost range: $300 to $1,000
Potential return: 2% to 3%
Make simple improvements, such as caulking the tub or re-grouting the floor or adding new bathroom fixtures to brighten up the space. Updating the mirror and lighting also can have a big impact.
Cost range: $100 (do-it-yourself) to $1,000 (pro)
Potential return: 1% to 3%
Sixteen percent of real estate professionals said that interior painting is an important part in bringing about a sale of a home. But the seller likely doesn't need the entire house repainted – maybe just a redo of one or two rooms to curb costs. The two prime candidates for being repainted: Kitchens and bathrooms. They should paint with whites and off-white colors and a neutral palette – such as grays and beiges – to help buyers focus on the home's features; bright colors tend to distract them.
5. Exterior touch ups
Cost range: $150 to $7,500
Potential return: 2% to 5%
Agents recommend that their clients concentrate on basic maintenance first, such as mowing the lawn, trimming overgrown shrubs and applying a fresh layer of mulch to garden beds. They also recommend making needed minor repairs, such as replacing cracked siding boards or repointing brick walls. The real estate professionals also recommended taking careful note of any repairs needed with the roof: 31 percent of agents surveyed said the roof is one of the most important parts of the home to have in good shape.
The latest Cost vs. Value Report, produced by Remodeling Magazine in conjunction with Realtor® Magazine, uncovered some of the top home remodeling projects that offer some of the largest returns at resale. Many of the biggest payback projects had to do with enhancing the exterior of the home.
The following are the top five projects nationally in terms of cost recouped, according to the Cost vs. Value report:
1. Entry door replacement (101.8%)
2. Manufactured stone veneer (92.2%)
3. Garage door replacement – midrange project (88.5%)
4. Siding replacement, fiber cement (84.3%)
5. Garage door replacement – upscale project (82.5%)
Source: "Top 5 Ways to Boost the Value of Your Home," Consumer Reports (Jan. 29, 2015)
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