So, you’re thinking about buying a home. Maybe you’re a first time buyer, looking at the market to find that first starter house for you or your family. Maybe you’re a long time buyer, someone who invests in real estate and turns around and sells houses for a profit. Or maybe you’re in the middle, someone who is looking to move up on the selling ladder.
That last person is the one targeted often. They are moving from a starter house to a larger home, usually for more room for their children, more space, a better location, and a better school district. This last person experiences a hardship: Often, buying a new home means tinkering and adjusting the value of their current home. This is the selling guide.
In March 2016, the average home sale price for a home in the United States was $186,000. In fact, it is almost cheaper to buy a home than rent in the top 100 cities in the United States, according to 2016 data. In 2015, there were 501,000 homes sold in the United States. And 52% of home buyers it finding the right property as the most difficult part of buying a home.
When selling their home, in preparation for the buying process, in which the house will be sold quickly after the buying of the new house, the house owner may run into the trouble of owning a house that is in desperate need of repairs. That kitchen sink is a little wonky, those bathroom tiles are cracking, and the landscaping is a little less than par.
Here’s where to start.
Many realtors say that the landscaping is one of the most important parts of the house to renovate. Think about it: It’s the first part of the house that people will see when driving up to have a tour. They will see the lawn, whether it’s well-kept; they will see the bushes, whether they are trimmed; they will see the edges, whether they are cut.
They say that redoing the landscaping of your yard to make it more attractive can have a return on investment up to 150% when selling the house. An attractive yard shows that you as an owner care about your property, which inspires confidence that you have kept up the rest of the house.
Another positive way to get a high return on investment is remodeling your kitchen. Even a minor kitchen remodel can have a ROI of up to 82%. The kitchen remodel can include putting in new counters, adding tile in place of wood or carpet on the floor, putting in new appliances, a new paint job, cleaner windows, and even dusting.
Bathroom additions add approximately 86.4% return on investment. This can include putting in a new toilet or shower head, putting in new tiles in place of those cracked old ones, putting in a new mirror, or even a new paint job for a more pleasing affect.
All these renovations help get the property ready for sale. All will be important when an individual or couple walks through the property and takes a look at the house for the first time. Square footage and space matter; however, a person has to feel at home in a house or feel a strong emotional connection to it usually to buy.
And these renovations make for better pictures as well. This is especially important in today’s changing landscape for house buying. Almost all (99%) of millennial home buyers search online for homes, dwarfing their predecessors. Out of all home buyers, 44% look online for properties.
Real estate is a tricky business. Certain factors, such as downturns in a market, crime in a certain area, the school district (which influences housing prices by up to 20%), can affect the asking price. HGTV recommends selling the home by less than 15-20% of what it is worth.
Real estate poses dilemmas for many home buyers. Factoring the cost of a house–the asking price, the upkeep needed, the utilities, the mortgage–can all sway a person one way or another. Finding the right buyer can take time, which may be financially difficult if the person selling the house has already bought another, leading to two mortgages.
Real estate is important. Sell your house wisely.
