A home that is updated, modern and fresh allows the buyer to ‘see the future’. Giving a potential buyer the ability to visualize their family in your home is an opportunity that you should seize. Buyers are swayed by cost and emotion. If the rooms in your house are outdated or in disrepair, it will be very difficult for the buyer to see past the cash outlay and headaches that lies ahead to modernize the space. Does this apply to functional renovations such as roofing, siding and windows? Contrary to what you might believe, these offer the lowest return on investment.
Obviously, fixing a leaky roof or dilapidated windows is necessary and should be repaired. However, if they are in overall decent repair and might simply need to be updated, leave this to the new home owner. On average, spending money in these areas will only result in a 40-50% return – and sometimes not even that much. Home buyers assume that roofing, siding and windows are present and in decent condition. More importantly, there is no emotional attachment to these aspects of the home, and because buyers tend to focus on the interior of the home, this is where your money should be spent.
Stay tuned! Over the next four weeks, we will show you what you SHOULD be spending your pre-sale renovation money on…
