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Increasing Your Home’s Value: Five Fool-Proof Methods

August 15, 2016

If you are like many individuals who are in the process of selling their home in the summer months, you may be wondering how to get the best value for your home. By following these five areas of improvement, which may cost as little as a few hundred dollars, you could be getting a higher return on your investment once your property is on the market.

1) Refresh the bathà this could cost $300 to $1000, but the potential return is 2 to 3 percent. Buyers want to see that a home is fresh and well-kept, particularly in the bathrooms. Install new fixtures, update the mirror and improve the lighting—these improvements will result in a heightened sensory experience for the buyer and will make the bathroom a more appealing space.  

2) Choose a few main rooms to repaintà If you do it yourself, this could cost as little as $100, whereas professional painting is around $1,000. The potential return on this investment is 1 to 3 percent. Paint does wonders in magically transforming a room that has turned dingy over time. However, be wary of repainting your entire house before putting it on the market. Hone in on the kitchen and bathroom for a complete fresh coat of paint, as well as rooms that are brightly colored. The best picks of paint are those in the white and off-white family, as a neutral palette allows for the buyer’s eye to center in on the home’s attributes, instead of being distracted by garish colors.

3) De-clutterizeà This costs nothing if done by the homeowner, whereas a professional ‘de-gunking’ can cost around $2,500. Nothing drives away would-be buyers faster than clutter, grime, and the weird smells that accompany a messy home. Also vital to the process is de-cluttering and depersonalizing the space as much as possible. For severely cluttered residences, or if you’re downsizing and need help winnowing your possessions, consider hiring a professional organizer. Natural light truly helps the house appear more open, so be sure to open the window curtains and blinds before the open house. Also thoroughly clean the entire interior by vacuuming, dusting, and wiping down every surface.

4) Enhance the Exteriorà The cost of this task can range from $150 to $7,500, with a potential return of 2 to 5 percent. Sprucing up the exterior should happen before you even attempt to sell your home. Consumer Reports recommends starting with basic maintenance: mowing the lawn, trimming overgrown shrubs, and applying a fresh layer of mulch to garden beds. Much like your home’s interior, it’s important to make minor repairs, such as replacing cracked siding boards or repointing brick walls. Pay close attention to the roof, once minor repairs have been completed.

5) Make some adjustments to the kitchenà This task costs around $300 to $5,000, with a potential return of 3 to 7 percent. The old real estate adage goes, ‘the kitchen sells the home,’ but you should not be foolish in dropping a small fortune on a new one before selling your home—a few key improvements will have a greater impact. Bill Wilson, a real estate professional in Upstate New York, advises clients to make the minor repairs that can lead to serious second thoughts for buyers—such as the leaky faucet, loose light fixture, and the counter burn mark. Once those minor repairs have been addressed, think about a gentle spruce-up. By spending only a few hundred dollars, you can probably paint the walls, update the cabinet hardware, and add new curtains—all of which will give the space a clean, fresh look.

Our Real Estate Department can help you if you are considering selling your home. Please contact HoganWillig with any questions about the above material, and if you wish to speak to an attorney, at 716-636-7600. HoganWillig is located at 2410 North Forest Road in Amherst, New York 14068, with additional offices in Buffalo, Lancaster, Ellicottville, and Lockport.