How To Save on Your Home Renovation

If you’re selling, here are some financially efficient renovation tips.

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Unfortunately, home renovations don’t always bring a great return on investment; in most cases, you’ll actually lose money. For instance, if you do a major kitchen remodel, you can expect to get back around 70% of your money. A master suite edition will only get you back about 60% of your money. Decks are only slightly better; a wood deck will bring around a 70% return on your investment, and if you use a composite material like Trex, then you’ll only get back 60% to 65% of your money.

When you sell your home, your goal is to make as much money as possible. The ways to do that are pretty simple, and you don’t even need to hire professional contractors to accomplish them:

  • Painting. Paint your home in neutral colors like beige; this will better allow buyers to envision themselves living there.
  • Depersonalization. Taking down and storing family photos will also help buyers imagine themselves in your home.
  • Professional cleaning. If your home is nice and clean from top to bottom, that could easily add a few thousand dollars to your value, especially after COVID’s appearance on the scene.

"If you plan to sell in the short term,
stick to simpler, cheaper projects."

  • Replacing your siding. Alternatively, you could give your existing siding a good power wash to give the exterior of your home a whole new look. Be sure to check for holes in your siding too, so as not to let in any bugs or moisture.
  • Updating your property’s landscaping. This may not be as important during the winter, but come the spring market, people want to see a prim and proper lawn.
  • Decorating with a consistent theme. Be sure to keep your decorations fairly neutral and consistent throughout the home; that could include accenting your walls with curtains of a certain color, throw pillows, etc. This is an extension of the staging process, which helps you get the biggest bang for your buck.

If you don’t plan to move out of your home for five or more years, then go ahead and make those larger renovations like in your kitchen and bathroom. You’ll gain equity over time that will make up for the costs. If you plan to sell in the short term, however, stick to the simpler fixes I’ve mentioned today.

For any further questions you have about preparing your home for the market, don’t hesitate to reach out to Tru Advantage Realty. We’d love to help you.

Are You Buying and Selling?

At the moment, it’s better to sell your current home before buying.

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The real estate market is still very competitive during the holidays, and one thing that’s been helping our buyers get their next home under contract is selling their current house first.

"It’s better to put your current home
under contract before buying another."

Put yourself in the seller’s shoes and imagine that you’ve received two similar offers on your property: One has no contingencies, the other has the contingency to sell their home before buying yours. Everything else is the same except for the contingency difference. You don’t know when that buyer’s house will sell. The market is hot, but we sometimes still see properties sit for a couple of months. Then, you could also run into issues with the buyer’s financing.

This demonstrates why it’s better to put your current home under contract before buying another; it helps you make a stronger offer to the seller. They’ll be more willing to choose your offer if it doesn’t have extra “what ifs” attached.

We’d love to walk alongside you during the process of selling and buying your next house. If you need anything or have questions, call or text us. We’d be glad to help you.

What’s the Advantage of Entering the Market Now?

This is why the winter months are a smart time to sell a home.

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As the fall season begins to wind down and the holiday season ramps up, the number of available homes on the market can begin to dwindle. This comes from the common misconception that your home is worth more money in the spring and summer because of the increased curb appeal brought on by a well-groomed lawn and beautiful flowers.

There are still plenty of active buyers out there searching for a home during the holiday season. This can be a great opportunity for savvy sellers to take advantage of their equity and capitalize on the lower inventory. With interest rates so low this year, buyers can stretch their dollars a bit further.

Waiting until spring just means more competition, which could potentially drive down your asking price. That’s just the basic economic principle of supply and demand at work.

"Buyers can stretch their money
a bit further this year."

Unfortunately, nobody has a crystal ball or knows what tomorrow will bring, especially after a year like this. The only thing we can tell you is that right now, home values are higher than they’ve been in a long time. We can almost guarantee there is someone out there looking for a home just like yours right at this very moment.

If you’re interested in learning more about how much equity you’ve gained this past year and what kind of doors it can open for you, give us a call or send us an email today. We look forward to hearing from you soon.