Home upgrades for a quicker saleDate posted: 7/18/14 11:30:00 AM
Michael Mahon, general manager of HER Realtors, knows a thing or two about selling a home quickly. He said even in the fall season, which is generally considered a slow time of the year for residential real estate sales, homeowners can take a few steps to expedite the amount of time their home is listed on the market.
Mahon urges homeowners looking to make a quick sale to consider upgrading the exterior condition of their home.
"Curb appeal is everything," Mahon told U.S. News. "Driving into the driveway and walking into that front door sets the expectations."
Homeowners can choose to plant a garden, trim bushes or add a fresh coat of paint to their garage door to spruce up their curb appeal. Another good way to improve an exterior look is by installing a new front door.
An average steel entry door replacement cost homeowners slightly more than $1,100 in 2013. According to the National Association of Realtors, owners who installed a new steel door returned 85.6 percent of their investment at the time of their sale.
"Realtors know that curb appeal projects offer great bang for your buck, because a home's exterior is the first thing potential buyers see," said Gary Thomas, president of NAR. "Projects such as siding, window and door replacements can recoup more than 70 percent of their cost at resale. Realtors know what home features are important to buyers in your area and can provide helpful insights when considering remodeling projects."
Cash-strapped homeowners interested a quick renovation before a home sale should consider taking out a home equity line of credit. This type of credit line is given to a qualified homeowner - who is often asked to put their home down as collateral - and could be used for remodeling plans, a down payment on a car or student loan repayment.
Attracting attention to a home
One of the best ways to lure potential buyers to a home is by differentiating the property from the rest of the neighborhood, according to Investopedia. This could include high-grade windows or a new roof. Any improvement should be practical. Color designs should also appeal to the widest audience, so it's best to avoid any neon paint.
Additionally, any home upgrades should complement the current set of features that the home offers. That means homeowners shouldn't build an in-ground pool, though they could add a deck to an existing pool.
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