The profitability of home ownership is a product of many factors, and there are many ways you can increase the bottom line. Home buyers spend a significant amount of time viewing countless homes; securing the best price possible; and negotiating mortgages, prices and closing costs. Profit depends equally on sale price, however, so be sure not to neglect the selling process. After all, buying low and selling low produces the same result as buying high and selling high.
Home buyers gain confidence from knowing that with many other homes on the market, they can walk away from a sale if a satisfactory deal cannot be made. They may not have the same sense of control during the selling process, however, because it’s not possible to know exactly when potential buyers will come knocking.
Fortunately, sellers are able to impact many aspects of the process to attract buyers and get the best offer. So, which areas of home improvement really sell homes? What types of improvements seem the most profitable when considering time and budget.
The home’s exterior is one of the most important areas, along with the kitchen and bathrooms. Painting is one of the most important low-cost projects to focus on prior to the sale. Painting, either interior or exterior, is a simpler task than renovating a kitchen or a bathroom, and it can add thousands of dollars to the value of your home, making it a great choice for people looking to choose one project prior to the sale.
Time of year can affect the viability of repainting your home’s exterior. If you are selling during the summer months, painting may be made difficult by the fact that hot weather can cause paint to dry too quickly, resulting in an inferior look.
A simple color palette of neutrals that are harmonious with the exteriors of your neighbors’ homes is your best bet. Aim for two colors—one for the paint and one for the trim—and possibly a third color for the door. Consider which exterior paint colors are currently appropriate for your market.
Neutrals are also a good option when repainting the interior of your home; however, white should be avoided because it can be perceived as sterile and maximize the appearance of imperfections in older walls.
No matter how much time and money you devote to improving your home before you list it, there is no substitute for the guidance of financial and real estate professionals. Please
give us a call if you have any questions about this important process.