The study surveyed 500 real estate agents throughout the nation to learn the top 10 low-cost, do-it-yourself improvements that help increase the likelihood a home would sell.
Ranking in the top five are: clean & de-clutter, lighten & brighten, repair electrical & plumbing, landscaping, and home staging. But how much benefit can you really expect to get from each of these home improvement categories?
According to the study, the top home improvement (since 2003) continues to be to clean and de-clutter your home. It may cost you about $400 to make the most of this home improvement but sellers who make the financial commitment can benefit by seeing a "returning value of just over $2,000 to the home's sale price". That's a 403 percent return on investment (ROI).
Coming in at the number two spot is lightening and brightening your home. This makes perfect sense. If a home is dark and difficult to view, many buyers won't spend even minutes in it. Buyers want to be able to explore the home, seeing every detail. Also, homes that are dark often convey a dreary tone and may give buyers the suspicion that there may be hidden damages in the home.
Interestingly, home staging fell to the number five spot. In the 2011, study it ranked third. However, for this year, do-it-yourself tasks such as repairing electrical and plumbing issues, and maintaining landscape, ranked higher, respectively.
"In a buyer's market, sellers need to dress their homes for success before putting them on the market," said Louis Cammarosano, General Manager at HomeGain.
It could be a sign of the times, that do-it-yourself home improvement projects are creating greater ROI. With many homes falling into foreclosure or being put on the market as a short sale, there is lots of inventory that is lacking a little tender loving care.
Sellers who are listing their home on the market should take a close look at the competition and then, as I've written in previous columns, see their home through the eyes of a potential buyer. In other words, check out its flaws and fix those issues.
Remember, buyers don't have a history with your home. They're not necessarily attached and willing to overlook the downside of your property.
Create a do-it-yourself task list and target those areas that need some work. Then bring in the experts to do the maintenance and repairs that need professional care. Investing a little more into increasing the potential sale of your home can mean not only more money but also a faster sale.
Rounding out the top 10 on the HomeGain.com National Home Improvements study are shampoo or replace carpets, repair floors, paint interior walls, update kitchen & bathroom, and paint the exterior of the home. For more details on the study and to see a complete analysis of the cost versus the ROI, visit HomeGain.com.
Copyright© 2013 Realty Times®. All Rights Reserved
Copyright ©2013Realty Times®. All Rights Reserved