Preparing To Sell Your House Sooner Than Competition
This Article On Preparing To Sell Your House Sooner Than Competition
Should I remodel before I put my house on the market and will I recoup my investment?
- The Remodeling Cost vs. Value Report, produced by Remodeling magazine in cooperation with the National Association of REALTORS® and REALTOR® Magazine, provides estimated costs for 36 midrange or upscale home-improvement projects
- They provide this along with the percentage of cost that owners can expect to recoup when they sell
- The report says large-scale jobs aren’t likely to return sellers their full cost
- But there are improvements worth doing since some will return almost 100 percent
- Others may not have a one-hundred percent payback, but they improve the market position of the property in relation to the competition
Remodeling Your Home Prior To Listing It
Preparing To Sell Your House By Julie Hayward Of Edge Realty LLC:
- As a general rule, simple low-cost projects tend to return a greater value
Projects expected to top or come close to the 100 percent payback in multiple markets are:
- entry door replacement
- stone veneer, midrange & high-end garage door replacement
- midrange window replacement and minor kitchen remodels
With the exception of the kitchen job, they’re all replacement projects. Upgrading or replacements usually cost less and provide larger returns than remodels or additions
Importance Of First Impressions When Preparing To Sell Your House
First impressions are important so replacements that offer the largest return are the ones that are most obvious to buyers when they first view a house either in person or online, such as new door or garage door.
- Siding replacement also provides great value when the time to sell
- Manufactured stone veneer is also hot right now and expected to recoup 92.2 percent of its cost on average nationally
- Kitchens yield the highest return when remodeling
- It is the only remodeling job breaking that breaks into the top 10 in terms of payback
- The minor kitchen remodels with a national average cost of $19,226 returns a national average payback of 79.3 percent.
Preparing To Sell Your House And Top Renovations
Top 5 projects nationally in percentage of cost recouped:
- Entry door replacement (101.8%)
- Manufactured stone veneer (92.2%)
- Garage door replacement—mid-range (88.5%)
- Siding replacement, fiber cement (84.3%)
- Garage door replacement—upscale (82.5%)
Recouping Remodeling Costs By Home Sellers
How much sellers can expect to recoup from home improvements depends on the size and type of job, and the market they live in.
- Other factors also come into play, such as what updates are typical for the neighborhood and how important the improvement is to the buyer
- While the data can’t be extrapolated directly to a specific home or neighborhood, you can use the Cost vs. Value Report as a guideline
Compare and contrast whether or not improvements make sense for you before putting your house on the market.
About The Author
This article on Preparing To Sell Your House By Julie Hayward was written by top Illinois real estate agent Julie Hayward who is the owner/broker of Edge Realty LLC. Julie Hayward is a writer for Gustan Cho Associates Mortgage Information Center and is the realtor of choice by most mortgage loan originators and mortgage companies in Chicago and surrounding suburbs. Julie Hayward is an expert in home values in the following counties of Chicagoland Area:
- Cook County
- Will County
- Kane County
- McHenry County
- Lake County
- DuPage County.
Maximum FHA Loan Limits in these three Chicagoland counties is $365,700 and Julie knows the hot spots in each of the six Chicagoland counties and all of her clients become her lifelong friends. Julie Hayward can be reached at 312-504-9228 or you can email Julie Hayward at [email protected]