What can you do to your house to get the more value and the highest return on investment before you put it on the market in St. George, UT?
We’re going to cover the top three things you can do to your property in St. George that will increase the value the most before you put it on the market. This isn’t going to be like HGTV where your budget is $50,000 where you’re going to do full gut jobs, and you’re going to cut down walls. This isn’t going to be like that because let me tell you a secret, HGTV isn’t real. This read is going to be for real people like you and me who may only have a couple thousand or maybe even a couple of hundred dollars that we can spend on the property to make it look amazing before it hits the market. And if you only had a few hundred dollars, wouldn’t it make sense to spend the money where you get the highest amount of return and the best value? Of course!
With that being said, let’s look at the top 3 items that you, as a seller, can do to get the best return on investment.
- Far and away, the best thing you can do with your money is to spend it on an excellent, clean paint job. Things like the family room, rec room, dining room, living room, and bedroom all need to be a light color, neutral paint. And if you already have a bright color paint job, maybe you’d get by with just a touch-up. But if you have bold colors, things like green, red, purple, yellow. There’s a lot of yellow houses lately. That’s not what I mean by neutral. Think white, think gray, think eggshell. You don’t want people to remember the color of paint in your house, that’s not what you want people to remember about your home. Paint should almost be an afterthought. Its primary purpose is to brighten up the space and open up the area. Youse your paint complement the furniture in your house.
Improve the Lighting
- Improve lighting only where possible. You’re not going to buy a lavish chandelier. You’re going out and buy light fixtures that don’t match the style or even the size for when you’re going to put the light fixture. While the goal of the paint is almost an afterthought, avoid attention where it’s hidden in plain sight, you want the opposite for light fixtures. You want people to notice how nice the fixture is and how bright the rooms are. And the good thing is that Home Depot or any big box retailer has really great and affordable track lighting fixtures that can drastically improve the space. Old lighting fixtures detract from the value of the house. New lighting fixtures brighten up the room, make the room look larger and are one of the best investments you can do before you sell your home.
Replace wall outlets, faucets, knobs, door handles, and drawer pulls
- These things make a difference. These are things that you spend a little amount of money on and it can make a difference. You may be thinking to yourself, “Am I going to go out and spend $50 and then get a $100 worth of value? Not worth it to me.” Point well taken. Think about it this way. If you go out and replace the door handles on your 1940’s door and you get something from this century, your incremental value may not increase a hundred dollars, but your home will sell faster and time is money. Old fixtures take away from the house’s value, it’s distracting, and people get caught up in the smallest little details. Ugly, dirty, yellow outlets. Replace them with nice GFCI outlets, gets some nice, bright wall covers and when you put it on the wall, it’s going to look nice paired up with that fresh coat of paint.
Wonderful! Now that you know what to do, Here are the top three things you have to make sure not to do! Don’t waste your money with these three property upgrade mistakes. This time, let’s talk about three mistakes, areas that I see a lot of sellers waste their money on when they’re rehabbing a home. These are upgrades that they think they’re going to put it on a property but don’t convert when it comes to a return on investment. These are tried and true. A lot of people think that pumping money to certain areas of the home will get a higher equity position in the house, and it simply doesn’t happen. Let’s dive into it.
- Let’s go to the first spot in the house. I see a lot of people wasting money on kitchen countertops in their properties. If you live in a C-class or B-class neighborhood, don’t over upgrade for the neighborhood. Nice Formica countertops are all that you need to have. It’s what the buyers are expecting from the property, and it’s going to be too costly to put money in something that you don’t need to do like Granite countertops on a property. The return on investment simply isn’t there. Get an inexpensive, Formica countertop that can look like granite. I’ve seen some nice-looking Formica countertops, and it’s almost hard to tell from the eye that it’s Formica and not granite or Corian. You don’t need to go high end. Don’t do it, it’s a waste of money, and it will not increase your return on investment.
Knocking down walls
- Let’s go to the second spot in the house. The bedroom! If you have a three bedroom, one bathroom house, a lot of owners and sellers think, “What if I knocked down a wall and create a master suite for my buyer? Then we’ll have two bedrooms instead of 3, and they’ll have a private entrance way to the bathroom. It could increase my chances of selling the property and increase the equity of the house.” No, don’t do it. Bedrooms count when it comes to properties. Getting rid of a bedroom to create a master suite is a huge mistake. I’ve seen people do it, and it is a wrong move. Stick with the floor plan that you got. Keep it that way.
- The third big mistake that people are spending money on in their properties, the third way to waste a ton of money is to over-upgrade the bathroom. You do not need to put in a nice big tub with jets or anything like that. You don’t need to put in multiple sinks in or a walk-in shower, anything like that. That’s not something you need to do in your property, and it is wasting money. This is the number one way that people waste money on the property they are selling or on their property. Putting money into a bathroom does not yield the type of return of investment that people think that it does. So you want to avoid over-upgrading the bathroom instead bathrooms should look simple. Simple tub, simple shower, and a simple little vanity mirror. Use some nice tile on the walls on the floor where you can put vinyl down. That’s all you need in a bathroom to make sure that you’re getting the bang for your buck. That’s the power of real estate.
These are a few ideas on what to invest in and what not to invest in. At the end of the day, you know your target market, and you want to make sure you sell the property sooner at the price it deserves, to get the ROI you need. And even if you are looking to buy or sell, we here at BRESS, LLC can surely assist you with some great tips and strategies! Fill out this form now, and our team will be in touch right away! Or give us a call anytime! 866-409-0670