In the current economy, given the vast number of homes on the market and the limited number of potential buyers, competition is fierce. And Stan Grabowski, manager of the residential contracting company, Small Home Repairs LLC, fully understands that homeowners looking to sell their homes right now face a particular dilemma. Indeed, it is crucial that your home grabs the attention of future homeowners and entices them to make an offer. But, with many savings accounts severely depleted, few people have the funds to execute the upgrades they would like to.
Your home, however, is not a lost cause. Even if you cannot afford a complete renovation, Grabowski says that getting the most for your home really depends on knowing which rooms to focus on, and which repairs are the most important.
Where To Start
When prospective buyers come to your home, they are most concerned with two rooms, says Grabowski — the kitchen and the bathroom. If you can focus your attention on improving these two areas, then you’re more likely to leave a lasting impression. Start by going into these rooms and making two lists. One should be a compilation of things that are already great in the room, and the other should be a list of changes you would like to see made. Then, go with the repairs that will have the most impact, or will help enhance the already impressive aspects of the room.
Understand Your ROI
It’s no secret that new kitchens and bathrooms add to the value of your home, says Grabowski. But his advice to clients is to always compare the cost of the renovations against the return on your investment (ROI). If you will be able to reasonably increase the asking price of your home as a result of the construction, then move forward with the project. But, if your budget is already pretty tight and the remodel won’t make a noticeable impact, then you should probably spend your money elsewhere in the home.
If you’re unsure what designates a redesign as “impactful,” consult a residential contractor in your area or ask your realtor to walk through your home and make suggestions. Both parties have seen other properties in your neighborhood and will be able to compare your home to the competition.
Economical Upgrades
One cost-effective and particularly helpful improvement for older homes, explains Grabowski, is having the bathroom tiles and tub re-glazed. This improvement, he adds, may bring the best return for the money it will cost to complete. For a total transformation of the bathroom in addition to the re-glazing, add a new medicine cabinet or vanity, replace the toilet, add new light fixtures, and replace the tiles on the floor. It gives the impression that the room has been remodeled, but will cost you less than half of what it would take to completely gut the room and start over.
Quick-Fixes
When it comes to executing the ideal room, it’s all about the finishing touches. And many times, these final additions are relatively inexpensive. Start by swapping out the handles and knobs on doors and cabinets for updated alternatives, replacing outdated light fixtures and adding a fresh coat of paint.
By the time you’ve completed all of Grabowski’s suggestions, you may not even want to move out anymore.
