Selling a home can be stressful. For both the real estate agent and the seller, the decisions made early in the process can have an outsized impact.
Do you price the home to sell quickly, but at a lower cost? Or do you increase the asking price and risk leaving it on the market for much longer? What about remodeling the home? Do you invest in a house project or two and hope for a bigger return?
Luckily, there’s a science to your remodeling strategy when it comes to selling a home. We’ll look at some of the home remodeling projects that provide the biggest benefit to a home’s resale value, especially here in northern Ohio.
A recent report by the National Association of Realtors (NAR) covered the remodeling projects with the biggest returns.
The list included a mix of different projects. Low-cost ones with a high impact, like a new steel front door or a minor kitchen upgrade, were included. More expensive projects with the potential to significantly increase the asking price of the home also made the list. This included basement and attic conversions to living areas or a complete kitchen renovation.
Here’s a list from the NAR report of the remodeling projects with the greatest ROI (return on investment):
As a real estate agent, you should provide insight like this so the seller can prioritize remodeling work to maximize the sale value. Keep in mind the timeline that the seller may have. They may have to live in the remodeled home, which means you need to balance the cost, the work, and the joy over time that the seller and their family will see with the project.
With that goal in mind, NAR also included a “Joy Score” in the report. These are the projects that brought the greatest joy to homeowners, including new flooring, an additional bedroom suite, and painting the interior rooms. The Joy Score list included:
Every market and every region of the country has its own quirks, variations, and popular home features, so it makes sense that there is a difference in the value of remodeling projects for the sellers and real estate agents in Ohio. From our experience and research, here are a few Midwest trends to keep in mind as you develop a home-selling strategy.
In Ohio, kitchen remodeling projects often deliver a significant ROI. Home buyers remember the kitchen because it’s the heart of the home. You want the buyer to feel good about the house, so even a small investment in new appliances, cabinetry, and an updated countertop can mean a quick sale with a nice return.
With the temperate climate in Ohio, a family has plenty of time to spend outside. That’s why additions like a new deck, a patio, or an outdoor grill can be very attractive to a buyer.
Nothing can make a home less attractive than a dated or cluttered bathroom. A quick bathroom remodel for an older home, featuring a stylish sink, a clean shower, and modern faucets, can greatly increase the perceived value of the home.
An unfinished basement is forgettable. But a remodeled basement that can be converted into an office or an entertainment area represents possibility in the eyes of the buyer. A basement remodel is not only attractive but can also increase the usable square footage of the home. This is a good investment when you prepare a home for sale.
When strategically planning your home remodeling projects, you want to appeal to the widest audience possible, whether you're a real estate agent or a home seller.
Tackle projects to correct what might be seen as a negative in the eyes of a potential buyer. That includes painting the interior walls and doing any repair work in the home. After that, balance the joy, convenience, and return when considering a remodeling project.
If you have questions or want to work with a title agency that has expertise in the northern Ohio market, contact Network Land Title Agency. Our experts are ready to work with you to ensure the smoothest, easiest process possible as you sell an old home or purchase a new one.