That Sell The Fastest,
Do you see that quote above? Whether you know it or not, it’s true. Very true.
Each year thousands of home owners needlessly lose thousands of dollars when selling their home. But they don’t lose the money for reasons you might think. They lose money because they unknowingly left it on the table…for the buyer to pocket…by failing to recognize the hidden profit potential of their home.
And those hidden profits exist in two areas.
First, most home owners never discover that certain small, even inexpensive repairs to their existing home could generate many times their cost in additional home value. But on the other hand, other repairs and improvements can cost you dearly. It’s critical to know what repairs and improvements to spend money on…and which ones to leave alone.
Second, when many savvy home owners decide to make profitable repairs before selling, they expose themselves to the ruthless world of contractors and their deceptive schemes and potential rip-offs that drive up the costs of home repairs.
Between not knowing what to repair to bring you maximum profit, and dealing with the world of contractor schemes, it’s easy to understand how you might become overwhelmed with the whole process. But don’t despair.
That’s why I created this helpful report.
In the following pages, I’m going to reveal to you exactly what areas make sense to fix and what areas to leave alone…not using “opinion,” but real world facts. Then, I’m going to give you a “behind the scenes tour” of the games contractors play when fixing your home.
This way, you’ll be armed to the teeth with knowledge and strategies to stay one step ahead of the game…and maximize the value of your home when you sell.
So let’s get going…
How To Select Home Improvements That Pay Dividends
Generally speaking, there are two ways to go about home improvements. You’re either going to splurge on your home because it’s your palace and you simply want a beautiful place to live, OR, you’re going to take a more logical, pragmatic approach designed to increase your home’s value.
Problem is, you’ll never achieve both. In fact, many home owners expose themselves to the very problems they’re trying to avoid in the process of home fix-ups.
Take Carol and Tom Jenkins, who four years ago purchased a home for $190,000. Since buying their home, they’ve spent over $60,000 fixing it up and making it the “perfect” place to live. A few months ago they put the home on the market at $270,000. The best offer they received was only $235,000.
Their mistake? Spending money on amenities and features that were ancillary to the value of the home. Just because you spend $30,000 on the fix-up of your home doesn’t mean you’re going to get it out when you sell. It doesn’t automatically make your home worth $30,000 more. And that’s exactly why you need to know which fix-ups pay off big, and which ones will cost you potentially thousands of dollars.
Let’s take a look at the most common areas of fix-up...
Painting Your Home
Time and again, painting proves to be one of the most basic, yet most profitable of home fix-ups. There’s virtually nothing a coat of paint won’t fix, especially if you plan on selling your home within a few years.
According to the National Association Of Realtors, professionally painting the exterior of a home costs an average of $3,250, and recoups nearly 100% of it’s cost. But that’s not the profitable part of painting.
Studies also show that painting the exterior has a meaningful effect on reducing the time to sell. And reducing time to sell means you’re saving potentially thousands in interest, taxes, and other overhead costs required to maintain your home and mortgage during the “for sale” period.
Rather than spending money on less visible “infrastructure” issues of your home, you’re frequently better off fixing the cracked front steps and painting the entry and front door.
Here’s an area that can mean serious profit when selling your home. Even small, basic improvements to your kitchen can pay big dividends. For most buyers, the kitchen is the heart of the home. And that means it has the greatest profit potential. Here are a few suggestions for improving your kitchen without investing tens of thousands in remodeling costs:
In the short term, consider changing floors, cabinets and fixtures. Consider sanding, staining, or painting dingy looking cabinets. Replace old cabinet hardware – a low-cost improvement that can make a huge difference in appearance.
Take a look at your counter tops and other surface areas that draw the eye. Take a look at the kitchen sink and fixtures. If they’re old and worn, replacing them with contemporary fixtures and sink can make a world of difference…not just in aesthetics, but hard dollars.
In some cases, spending $4,000 on a functionally outdated kitchen can add as much as $15,000 in extra value of the home.
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