If you have a home then there is probably a good chance you are affected by the declining values in real estate right now. If you are trying to sell your home, you may be finding that an almost impossible challenge. This is obviously a buyers market and the competition is fierce.
When you look at the competition you have to figure out what they are offering that you don’t have. There are lots of variables involved here – location, marketing, sales price vs assessed value, and of course – what your actual home has to offer.
That latter part is what I want to focus on because it relates to home improvement. It tells me that to help your home sell, you need to bring the overall quality of it up to the same level or better than other homes.
In other words - a buyers market is a prime time to focus on home improvements.
When I looked in my local paper today, I saw that most homes for sale fell into the $250,000 - $450,000 price range.
These are what they are offering:
Now those are top of the line improvements. Maybe you can’t afford to do all that, but even some minor changes will help make your home more appealing to prospective buyers.
Walk through your home and make a list of things that could use some updating or repair. If you note my list above you’ll see that most things listed have to do with the kitchen and bathroom. That’s because those are the prime areas that sell a home.
What do your countertops and cabinets look like? Are they in good repair?
Is your flooring outdated?
Are your appliances in good working order?
Does your bathroom have updated fixtures?
Are there any leaks or mold problems?
Focus on these key areas to enhance your home.
Work on the rest of your list, too. Try to see things through the eyes of a buyer or home inspector. It's easy to get lazy with our own surroundings. Now is the time to get on top of those things that could be a real eyesore to a potential buyer.
Spending the money to fix up your home will help you make it more marketable. Even if you don’t plan on selling, these changes will improve the overall value of it when real estate prices come back up.
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