3 Quick ways to help increase the value of your home
People are always asking us what’s the best way to increase the value and selling price of our home. We took a look at recent industry information, trends and returns on investments and came up with the top 3 things that you can do to quickly increase the value of your home.
This is part of a continuing series of articles and helpful tips and insights into help you you’re your home by Nick Santoro and Joe Santoro of Personal Property Managers (www.personalpropertymanagers.com ) Personal Property Managers specializes in real estate sales and marketing, home downsizing, content clean out and removal and estate sales, and services Pennsylvania and New Jersey.
1. Refurbish the bathroom, not the kitchen
It has long been told that the best remodeling you could do was the kitchen. We found this to not be true. According to cost vs. value studies, we found it’s actually the bathroom remodel that adds the most value to a house.
According to recent studies, it makes the most logical sense to redo the bathroom because with a bathroom remodeled you are adding functionality to your home whereas kitchen upgrades are often more about fashion.
Recent remodeling studies show that a mid-range $3,000 bathroom remodel results in a $1.71 increase in home value for every $1.00 spend on renovation.
Plus when guest come to stay with you, they are going to be a lot happier that you have a nicer bathroom than kitchen. Did you know that kitchen renovations offer among the lowest returns on investment? Both mid range and upscale work on the kitchen recover only about half of their investment.
Invest wisely and don’t invest too much money in the bathroom. An upscale remodeled $12,000 bathroom result only in an $0.87 increase in home value for every $1.00 spent.
2. Selling season
Home sales reach their peak in June, during the last week of that month residential real estate transactions are 40% higher than average. But when is the right time to list your home?
The home season starts to crank up in January and February. But to get the most bang for your buck you might want to list your house during the last two weeks of March. There’s a sharp spike in visitors making contact with real estate agents beginning in mid-April and continuing into July.
Selling in the last weeks of March, before the peak in agent contacts and after the peak of newly listed homes in February puts your home in the sweet-spot where it’s likely to be seen quickly and not get lost within a flood of new listings.
3. Psychologically price your home
Ending your home price in a ‘9’ also is something powerful to consider. According to national real estate trade groups, if you were going to sell your house for $150,000, just pricing it down by $1,000 and selling it for $149,000 ends up in you making $2175 more than you would if you priced it at $150,000.
For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at http://www.personalpropertymanagers.com or simply give us a call at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping to home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty.