Recently our very own Angela sold her house. It was the best kind of sale because she sold it for more than the neighborhood asking price and nearly $100,000 over what she paid for it. She sold it on Facebook with back-up buyers.
That is what happens when you improve the house by increasing the price-per-square foot. In Angela’s case the neighborhood value goes up when a renovated house sells, so all of her neighbors should be taking notes on how they can improve their home’s value as well.
Buyers are looking beyond the home’s elements that they assume are in good working order- the roof, the plumbing, the air conditioner. They are looking for the bells and whistles of the home on the internet and the tour. That is what is going to attract them to seriously consider putting in an offer.
For example, according to Remodeling's 20014 study, a Baton Rouge kitchen remodel (average cost: $52,568) recoups the cost of renovating by about 75 percent and can add around $40,000 to your resale value. When renovating bathrooms in the area, the study shows that investing an average of $49,862 will increase the value of the home by $35,000, recouping 70 percent of your renovation costs.
How did Angela do it?
- Curb Appeal If a buyer feels good walking into the house, they begin to feel at home before they even make it through the door. Add some color to the garden, clean the porch of debris and manicure the lawn.
- Paint Fresh paint in warm and inviting colors say to a buyer that you take care of the home. Since paint is so affordable it will not put a dent in the budget but will add return to your investment.
- Countertops You get 80% of your value back from a renovation and taking on the heavy lifting on a project like this translates to a quicker sale. While replacing kitchen countertops may be your first instinct, don’t forget about the bathroom vanities.
- Staging Many people don’t have the vision to see how a space could function if it is empty. Make sure you don’t leave them guessing by having furniture in the house, but minimize personal touches, such as knickknacks and family photos.
- Space Highlight the space in your house. Showcase the functionality of the floor plan and the storage features. Potential buyers want to see that they can stay and grow in the house, even if in actuality they would only own it for a few years.