Even in a pricey market, a well-renovated home can score bids that drive up the sale price. But not all renovations are worth it. If you want to sell in a few months, these five upgrades might offer the best return on investment in today’s market.
You remember the first rule of real estate, right? Location, location, location. Well, that applies to what drives home sales, too. “Bidding wars are typically driven by high demand in a particular area and a low supply of homes,” says Jen Patchen, a real estate agent with Opendoor. But that doesn’t mean there aren’t things you can do to ensure that your property—wherever it is—will net top dollar or even inspire a bidding war. Patchen points out that, “The features of the home are big drivers for multiple buyers to bid on the same property. That’s why when you’re selling, you need to be thoughtful about what draws people into your home, from pricing the home correctly to recent upgrades and even staging, which results in a higher demand for the property.”
In addition to Patchen, we chatted with real estate agents Denis Smykalov of Wolsen Real Estate, Casey Napolitano of NDA Real Estate, Sarah Stone of Douglas Elliman, and Kevin Garcia of WLM Realty to find out the five home features that are most likely to lead to your home selling for more than your asking price. Armed with that knowledge, you can make a few tweaks to your home, and take advantage of this seller’s market.
1. An Updated Kitchen
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2. A Renovated Bathroom
Think home spa, rather than powder room; when it comes to bathrooms, it’s all about luxurious touches. “Upgraded fixtures, spacious layouts, and relaxing features such as soaking tubs or walk-in showers can impress buyers and fetch higher prices,” says Smykalov. In other words, give them what they didn’t know they wanted.
TREVOR TONDRO
3. Curb Appeal
NATHAN SCHRODER
4. Outdoor Gathering Areas
When it comes to imagining what might make your house desirable, think outside the walls. “Outdoor living spaces, such as nicely decorated patios, decks, or gardens, can be seen as extensions of the living area and can make a house more appealing, leading to higher offers,” says Napolitano. Consider adding a deck, patio, or outdoor fireplace if you don’t already have an al fresco gathering spot.
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5. Staging
“Staging” your home to get it ready for visitors might not count as a permanent feature of your house, but it can definitely affect your sale. “Staging a home well helps potential buyers visualize themselves living there, boosting their emotional connection to the property,” says Garcia. “According to a 2021 study by the National Association of Realtors, staging a home can increase the offered price by 1% to 5% compared to similar unstaged homes on the market. Additionally, staged homes spend 70% less time on the market. In essence, staging not only increases the value of a home, but also helps it sell faster.”
You can hire a company such as Showhomes to have your house professionally staged. If you prefer to DIY, Stone suggests, “Start off with decluttering and organizing. Remove absolutely everything besides the furniture, your rugs, and decor. All the toys, stacks of mail, pet items, and food bowls, all of that goes in the closets/ basements/ or attic. Depersonalize! Take down all your family photos and high school diplomas, and yes, even your mvp trophy from your high school tennis team. Then, make sure your home is sparkling clean. Evaluate the walls, ceiling, and moldings, where are touch-ups needed?”
Stone goes on to add, “A lot of sellers I work with say, ‘How much can this possibly matter?’ The answer? A lot! Buyers, particularly millennial buyers who have grown up with HGTV lack the visualization to see a room that is cluttered with dated bulky furniture and be able to imagine the ‘after.’ You have to serve it up to them on a silver platter.”
She argues that the time and energy put into staging is definitely worth the effort, saying, “The amount of money you spent on these fixes will net you up to 25% more to your sale price, which is to say a huge return on your investment.”
JOSHUA MCHUGH
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Source: https://www.housebeautiful.com/design-inspiration/home-makeovers/g44094720/five-features-that-make-a-home-sell-over-asking/?utm_campaign=Homeward%20Bound&utm_medium=email&_hsmi=261721548&_hsenc=p2ANqtz–86QZok6-IhhpXAGiEcoo_nPFyr5QjyWePWKDyReSk9aZQV-WFF6QbMrnskmSizv9oVhx04le2X3FB_9j6rdOzWKVg6w&utm_content=261721548&utm_source=hs_email