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Experts Share How To Decide To Fix A Home Or Sell As Is, To Maximize Returns On Investment
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Getting top dollar for a home is a unique formula, where a buyer may place a bid at or above the seller’s asking price. However as with anything that is for sale, a home that has great curb appeal, amenities and upgrades can draw more interest from buyers.
Freshening up a home doesn’t have to cost a lot of money but there are some investments that can help increase the value of the home almost immediately.
Many homes can almost look like new with a few staging tricks. A few fixes and replacement of knobs on kitchen cabinets can do wonders, while some fresh paint in the master bedroom makes the place look entirely different. A bathroom can look more pleasant with a shower curtain that brightens up the entire spot, with decorative and functional shower curtain rings to accentuate it and enhance the overall look. Thorough cleaning here and there may be necessary too.
As mentioned before, outdated homes may need extra work that will cost more. The house may call for an extensive kitchen or bathroom project or a new roof entirely. Because of these, home sellers often rethink their home improvement decisions, wondering whether or not such an investment will pay off, and by how much and when if it does.
In an article on the Capital Gazette, experienced real estate agents Bob and Donna McWilliams cited a report from Remodeling Magazine to paint a clearer picture of home improvement costs in the D.C. area.
A minor kitchen remodel in the D.C. area averages nearly $19,000 while a major kitchen revamp can cost a little over $54,000. An upscale kitchen remodeling project can reach a whopping $110,000. Home sellers can have a new bathroom for $37,600 or remodel an existing one for almost $16,000. If the garage needs some remodeling, it will cost some $49,000. Roof replacement, new vinyl siding and a new front door are estimated to reach a total of $30,800.
In general, the McWilliams noted it is "probably not worth the effort to make expensive changes" unless home sellers intend to stay in the house and enjoy the home upgrades. Because the market can be very volatile, it is suggested that home sellers who are unsure about spending for home upgrades should consulting with their real agent. It is important to remember that the law of diminishing returns and real estate market conditions need to be taken into account when deciding to take the home improvement plunge.
Hooks & Rings is a Foster City, California-based seller of shower curtain rings made of stainless steel with ball bearings. Started in 2013, the company is committed to providing each customer with the highest standard of customer service. Hooks & Rings gives 10% of every dollar from proceeds before taxes to educational and charitable purposes.
Paul Aysen is a graphic designer in Kansas and writes for online publications on various topics such home and bath remodeling.
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