When you’re putting your REO property on the market, it makes sense that you want to maximize your equity. A large-scale remodeling project could boost your property value, but it can be time-consuming and if not carefully controlled, your budget can derail badly. Consider doing smaller, do-it-yourself projects to get the best return on your investment. Learn more about the levels of repairs for an REO property sale you can make before going to market to increase your ROI.
Do It Yourself Projects
Kitchens and Bathrooms
Buyers tend to gravitate toward updated kitchens and bathrooms. With a little thought and elbow grease, you can give your kitchen and bathrooms a fresh look by painting your cabinets a neutral color, swapping old cabinet and drawer pulls with contemporary designs and change out the outdated lights. A good scrub on all surfaces, including the floors, will give a nice sparkle to the rooms.
Stage the Place
The key to creating a warm and inviting place that buyers want is to remove unnecessary, distracting items from sight. They need to be able to visualize their things in place. By artfully staging furniture, you can provide an illusion of greater space.
Boost Your Curb Appeal
There are no second chances to make a good first impression, so curb appeal is vital to a successful house sale. Overgrown bushes, dead grass, broken fences and faded paint tend to scare off potential buyers before they even set a foot inside the house. It’s worth your time and a few bucks to upgrade your curb appeal. Fixing the fence, replacing the dead grass with live grass and trimming the bushes are effective ways to enhance your exterior. A new mailbox, freshly planted flowers and a few bags of mulch create a more welcoming entrance to buyers.
Bring Your House Up to Code
Many homes do not meet current codes, although at the time of construction, they were built to code. So, does the house have to be up to code before you sell it? It depends on the code violation, and there are federal, state, and city regulations to consider. By law, sellers must make certain disclosures about the property to potential homebuyers. For example, is there lead paint or asbestos on the property?
More states or municipalities require sellers to meet certain codes or ordinances prior to the close of their sale. Sellers can check with their local real estate agent, hire a home inspector or call the local building department or city hall to inquire about local requirements.
Consider a Major Renovation
Most remodeling projects to boost the value of the house prior to sale rarely recoup the cost of those renovations through a higher sale price. It may make sense to take lower offers and leave the renovation ambitions to the new owners. Alternatively, you may have a project that needs to be done just to initiate bids.
Which renovations will yield the biggest return on investment? Minor cosmetic repairs go a long way to a quicker sale with the least investment. Replacing your dingy floors and adding fresh paint in a trendy neutral color on your tired walls upsells your house better.
Replacing your roof and aging siding can potentially yield a higher return on investment. Better yet, having those repairs done prior to inspection and appraisal will increase the value of your home and reduce the odds of having to fix or adjust home inspection notes later in the sale.
A modern kitchen is a huge draw. but rather than invest huge amounts of money into a major overhaul, buying updated appliances is an easy way to add value and make your home more attractive to a wider range of buyers.
We Can Help
An experienced professional REO property preservation team can you prepare your REO property for sale and sell it faster. Please contact First Freedom Preservation today and learn how they offer top-quality craftsmanship through lawn and interior upgrades to raise REO marketability.