For a home that’s only a few years old, selling “as is” may deliver the best return. And if the home’s a tear-down, obviously you wouldn’t invest a dime into renovations before putting it on the market. It’s all the homes in the middle, where home improvements could significantly increase the resale value and reduce the time it sits on the market, warranting the renovation investment.
Popular home improvements to boost resale value
1. Curb appeal. Does the exterior of the home look run-down or dated? Popular finishes applied to the exteriors often include new siding, windows, doors, gutters and roofing. A bit of landscaping and yard cleanup will also help.
2. The interior. Many homeowners will do some painting. Replacing dated carpets with pre-finished hardwood or linoleum can update the appearance at a reasonable cost. More expensive renovations may include a new kitchen and bathroom plumbing fixtures throughout.
People buy homes for emotional reasons, then justify with logic. When you’re selling, every improvement should be logical. It’s business, so keep emotions out of it. Don’t create the kitchen you’ve always wanted in a home you’re moving out of.
Some extravagances may be justifiable. If yours is the only home on the block without a swimming pool, installing one could bring the price per foot up to that of the rest of the homes on the street. Whenever you consider investing in renovations, make sure they are in sync with the prices of similar homes in the area. The recovery rate for renovations tends to be higher on luxury homes than it is on modestly priced houses.
Buyers generally want a home with good bones. This means that any major maintenance item such as the roof, exterior paint or furnace are more important than a gorgeous kitchen. If a roof is leaking, the Buyer will worry about the condition of the rest of the home as the roof is what protects the structure, most people’s largest investment they will ever make.
Eli Chi, Realtor, Century 21 Energy Realty
Investment Real Estate, Fort St. John
Selling peace of mind
A new roof definitely improves the appearance of a home, but will the buyer perceive the home to be more valuable? Will that perceived value more than offset the cost of the roof upgrade? Perhaps. But here it comes down to more than appearance.
One of the main reasons buyers will pass on a home purchase is the fear of large future costs. The prospective buyer may not notice a dodgy roof from the street, but the home inspector will be sure to bring it to their attention. It can be a heart breaking deal breaker in the eleventh hour.
Let’s face it; most people buy a bit more house than they anticipated when they started house hunting. With sizeable mortgage payments, things are probably going to be a rather tight for some time. Prospective buyers have reason to be concerned. When choosing from the short list of 2 or 3 homes, the one with no anticipated expenses for over twenty years could be holding the trump card. A new roof warranty will be a very powerful closing tool for your agent.
If you’re considering a new roof, make certain you receive a fully transferable warranty certificate for the materials and installation. Rest assured all Crucial Roof Services warranties are transferrable. Without question.
If a re-roof is not in your budget, there are some other options we could discuss. For example, giving a tile roof a good cleaning, fixing any leaks, repairing flashings and replacing any cracked or broken tiles would make your home a lot more attractive to a buyer.