Minor repairs and quick fixes can produce significant returns in the form of a quick home sale and/or selling price. But as a homeowner, you need to determine which repairs will bring you the best return, and what your objectives are. While staging a home for sale may not be right for everyone, preparing your home for sale is recommended to make your home more marketable and reduce the time that it is on the market.
According to a study by HomeGain in 2012, the top 5 home improvements that are recommended in order of importance include:
- Clean & declutter
- Lighten & brighten
- Repair electrical & plumbing
- Landscaping
- Staging
Here are some estimates of what each project might cost and the benefit it would bring. Buyers will form an opinion of your home quickly, and making a good first impression might bring significant results.
[custom_table]
| Rank | DIY Project | Cost Benefit | ROI |
|---|---|---|---|
| Clean & declutter | $402 | $2624 | 403% |
| Lighten & brighten | $424 | $1690 | 299% |
| Repair electric & plumbing | $808 | $3175 | 293% |
| Landscaping | $564 | $1777 | 215% |
| Staging | $724 | $2145 | 196% |
| *information from HomeGain Home Improvement Survey | |||
[/custom_table]
Home sellers should keep in mind that preparing your home for sale is different than investing in it. Walk through your house objectively and make notes on what you think needs to be repaired, refreshed or replaced. Then review the list with us. Cleaning and decluttering as well as “depersonalizing” your home can go a long way in making a good first impression.
Prioritizing & Budgeting
Be realistic in your objectives. Prepare a budget for the necessary home repairs and prioritize which ones would bring the most return on investment. Keep in mind that some of the items on your list may not offer a financial return, but may be critical to the success of selling your home.
Which items can you do yourself?
These items usually require the least amount of money, but the most amount of time. If you have limited funds available for repairs, consider the tasks you can complete yourself.
Which items must be done?
We will help you determine an improvement strategy based on your subdivision and local market, as well as the age and condition of your home. Each situation is unique, and ultimately you will need to determine what you are prepared to spend in order to achieve a successful sale of your home.
Note: Improvements may not increase the sale price of your home, but may help you sell your home faster.
If you need help, you may find some resources available in our resource directory. So what improvements are you planning?