Greetings from the Vermont Mortgage Company! We hope you’ve finally dug yourselves out of all the snow. Last week we discussed good ways to buy a home in a Sellers Market. Now, we are switching sides and writing up some tips on how to help sell your house! Probably one of the most common ways of preparing your house to sell is to renovate some areas. To make sure you don’t sink a lot of money into the wrong renovations, we are here to help guide you to get an equal return, or more!
There are many ways to prepare your house for putting it on the market. Renovating certain aspects can give you a leg up over other sellers, and increase the worth of your home. However, some changes are worth more than others. We have compiled a list of ways you can renovate your home to get the most return, as well as the best ways to attract buyers.
- Hardwood Floors – Everybody loves some nice hardwood floors! These are a very safe way to increase the value of your home. Do away with carpeting or linoleum floors and invest in some nice oak flooring. On average you’ll receive around a 95% return on it. If you already have flooring, having it refurbished can gain you an equal amount of return.
- A fresh coat of paint – The first thing somebody will see is the outside of your house from either the sidewalk or their car. A fresh coat of paint in a neutral color can brighten a house and catch the eye of anybody passing by. Investing in the exterior of the house can pull in a lot of potential buyers. Along with the paint, invest in some landscaping around the house. Especially in the springtime, a well groomed lawn and flowers can make a house inviting and all the more dream like.
- Redoing the Roof – On the topic of exteriors, a newly shingled roof can also add a lot of value to a home. This falls into the curbside appeal of a home, and can help a potential buyer make the snap decision to check out your house. A lot of buyers will do some preliminary searching online or in the car before going to a real estate agent, so it’s best to make a good impression early on. An extra tip for better curbside appeal: new garage doors. While one may not think of it, redoing the “nose of the house” can add a lot. Replacing cheap plastic ones with nice wooden doors can make a house stand out in a good way.
- The Kitchen – While ones first thoughts are to the kitchen, a complete makeover is usually unnecessary. Doing a huge renovation right before selling is usually not the best idea financially. However, redoing certain aspects of the kitchen can help a lot. Stainless steel appliances and granite/marble counters are still widely popular, and will win any potential buyer over another kitchen that looks dated. Even minor renovations can offer around 100% return, or more in some cases.
- General upkeep – A new kitchen or bathroom will do little if the roof needs to be replaced. Before focusing on the luxuries, you should make sure the house itself is well maintained. If there is a musty smell from leaking water in the basement, that should be fixed before redoing the floors. Check the state of the roof, insulation, and rooms not used as often as others. If a buyer knows they’ll have to drop extra money to renovate or redo parts of a house, it will scare off a potential buyer, no matter how many extra luxuries you add.
We hope these tidbits serve you well! If you think you’re going to be selling your home sometime in the future, why not put aside some money and begin renovating early? You’ll be able to enjoy these new luxuries for a while before saying goodbye to your house.
As you know, we are always around to help! Feel free to give us a ring at 802-863-2020, or visit our digital home at our website! We are always happy to help!