This newsletter is a copy of an article that ran in the Realtor Magazine. The full article can be viewed at Cost vs Value. It is written for Realtors working with sellers who have some - but not unlimited - cash for upgrades and describes budget-minded enhancements that can be made to make their homes stand out.
1. Tidy up kitchen cabinets
"Potential buyers do open kitchen cabinets and look inside," says Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D., "Home owners can add rollout organizing trays so when buyers peek in, they feel like there's lots of room for their stuff."
2. Add or replace tile
"By retiling very inexpensively, you make a room look way cleaner than it was," says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. "Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms."
3. Add a breakfast bar
When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. "In one home, there was a cutout in the wall between the kitchen and the living room," explains Matthew Quinn, a sales associate at Quinn's Realty & Estate Services in Falls Church, VA., who handles estate and real estate sales for family members whose loved ones have passed away. "We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600."
4. Install granite tile instead of a slab
"Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade," says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. "instead, home owners can put in 12 inch granite tiles for about $300 in materials and get very high impact for little money."
5. Freshen up a bathroom without retiling
"With a dated bathroom, I recommend putting in a new medicine cabinet for $100 - $150, light fixture for about $100, a faucet for $50 to $75, and a vanity for $200 - $300," says Wilder. "And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you've done a bathroom remodel for $1000 to $2000."
6. Freshen up the basement
"If home owners have cement block or poured concrete walls in the basement, suggest they have a contractor fill in cracks with hydraulic cement and then paint with waterproof paint," recommends Wilder. "They can then add a top coat to add color. They can also paint the basement floor with a good floor paint, which spiffs it up. The basement may not be finished, but it's no longer a damp dungeon."
7. Add a room
Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. "One time, we closed off a half-wall to an office and then added a door to the other side of the room, thus creating another bedroom," says Quinn. "That $400 procedure, which took a contractor one day, netted about $40,000 in the sales price." Zuluaga has also added bedrooms inexpensively. "In a two-bedroom house, there was an archway that led to a third room that was used as a den" he explains. "It had a dry bar where there would have been a closet, so we took out the dry bar and created a closet so the owners had a third bedroom."
8. Spruce up cabinet fronts
Suggest home owners update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1000. "If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on," explains Morrissey for $1500 to $4000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all of the cabinets refaced. "With refacing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes," says Morrissey. "If they have oak cabinets today, they can have cherry the next day."
9. Replace light fixtures
"In a foyer and in bathrooms and kitchens" says Wilder, "replacing overhead light fixtures provides a lot of pop for a little money." If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula.
10. Tech-up the garage.
"Sometimes we replace the garage door opener with a remote touch-pad entry system," says Zuluaga. "That costs about $425 and makes it look like a high-end system"
If you would like an estimate of what your home would sell for in today's market I would be more than happy to come by, have a look at your home, and then provide a CMA (comparative market analysis) which will provide you with an estimate of what your home should sell for, along with a marketing plan to get maximum exposure for your home.
If you'd like to chat more about the topic presented here, or the Real Estate market in general, then please call me on (617) 997 9145, or email me at Dani.Fleming@MAPropertiesOnline.com.