Spend a little, gain a lot: Small investments to amplify your home’s value
Last year, Central Indiana had its best housing market ever… until to that point anyway. This year, we’re still booming, up another 5%. Of course, what sells and who’s benefiting most — buyers or sellers — depends on where you’re at.
“We’re in a dual market,” explains Carpenter Realtors’ Amy Englert. So, if you’re in the sweet spot, it continues to be a real stress to find a listing. [Buyers] better have cash and no contingencies. But if your home isn’t at the average sell price for that area, it’s more of a buyer’s market.”
If you’re a seller looking to get the best price for your home, Englert urges you to put your best foot forward, regardless of which way the market leans. Here are her tips for making affordable improvements that pack a big punch.
Get them at the door
Not everybody wants to take on sweeping upgrades once they’ve decided to list their home. And whether you don’t have the time, the money or the interest, that’s ok. Focus on curb appeal, especially that front door.
“Potential buyers are standing at your front door while the realtor unlocks it. They’re looking at your house, they’re looking at the door,” Englert says. “That’s where first impressions start.”
So, she encourages sellers to spruce things up out front: power wash the porch, trim the bushes, add a colorful planter, and slap a fresh coat of paint on the front door — black gives a bold pop and works with most colors.
Once the potential buyer is inside, build on that good first impression by keeping the home clean — Englert recommends investing in a deep clean to make it clutter-free and fresh smelling. “I’ve had people walk in the front door and turn around because the house didn’t smell good,” Englert says.
Show them what could be
Not every potential buyer has the vision to imagine hardwood floors in place of carpet or creamy walls instead of floral wallpaper. You can give people a taste of your home with a more modern touch by changing the first couple of rooms. Bonus, it’s less costly and time consuming than making cosmetic updates throughout the house.
“Nobody wants carpet right now,” says Englert. “You don’t have to take up all the carpet in the house, but at least give them an idea of what it could look like — do the first two rooms in scraped laminate.”
Be modern… but respect the home you’ve got
There’s a lot of attention paid to home trends these days. Gray walls, brushed nickel handles, clean-lined light fixtures. Jumping on board with these updates has the potential to make your home look ultra-modern. But, Englert cautions, only if it fits.
“When it comes to colors, I’ve started going with a creamy white [walls] sometimes, because gray doesn’t work with wood floors and a lot of the decor people have… I’ll work with the house that I’ve got, not what the world is telling me.”
Any time you’re investing in your house hoping for a financial payoff, there’s a risk. However, spending about 1% to 2% of your asking price on seemingly minor updates can go a long way toward maximizing your profit. Done right (and with some good fortune), a $3,000 to $5,000 investment can translate into a $10,000 value to the buyer.
But, don’t take it too far. “Sellers need to get a lot of good ideas and advice bore spending money. Make sure it’s relatable to your demographic. Preview houses and stick to simple things like cosmetic upgrades and deferred maintenance. Don’t go hog wild,” she says. “