Whether you’re home is Noblesville, Carmel, Cicero or Fishers, as a realtor I’m constantly counseling my clients on the best home improvement projects to increase the value of your home. Yes, kitchens and bathrooms sell homes, BUT you need to beware of what is an appropriate update for YOUR home.
The value of your home is determined by a realtor who performs a CMA or Comparative Market Analysis. A CMA compares your home to others in the neighborhood with similar square footage, number of bedrooms, lot size, etc…that have recently SOLD (within the previous 6 months is ideal). This comparison is done against all similar homes in your neighborhood and often does not take the interior condition of the home into consideration. As unfair as that may sound, such is life! It is very important not to over-improve your home – you NEVER want to be the most expensive home in the neighborhood. Selling the most expensive home in a neighborhood is often a challenge and although you may find someone to purchase the home for your asking price, there is always a possibility the home will not appraise for your sales price. A home that does not appraise for the sales price will leave the buyer unable to obtain financing. Unfortunately, I’ve seen this happen more than once this year. Yes, a home with upgrades will most likely sell quicker than its non-updated counterparts, but not necessarily for more money.
My top 5 upgrade recommendations to get the best return for your investment:
- Hardwood Floors – A detail most Indianapolis home buyers are looking for.
- Paint – Very inexpensive way to make a HUGE impact. Neutral is usually best for selling. You might like bold, but a crazy color can actually turn away buyers.
- Hardware Update – Cabinet hardware, Faucets, Doorknobs – all can make a big statement
- Kitchen Appliances – It is no secret kitchens sell homes and shiny new appliances can be a real attraction.
- Landscaping – Pull out the shrubs from 1970, trim back overgrown branches – neat, clean, well kept is the key. I’ve seen many buyers pass on seeing the inside of a home due to the poor curb appeal.
There are so many projects to update your home, but BEFORE you start tearing out your floors or buy those new appliances– please give me a call (even if you don’t plan on selling in the near future). I’m happy to perform a FREE CMA for you to determine the value of your home and counsel you on smart upgrade decisions that will yield the best return for your investment.