Unfinished projects and dated finishes will prevent a home from receiving a top dollar in a real estate transaction. Completing little projects such as baseboard molding, filling in holes in the wall, and hanging a new light fixture will project your home as a good buy and one that is move-in ready. Make buyers want to purchase your home by making it shine.
Significance of Repairs
Completing minor repairs is an integral part of routine maintenance to keep a home's systems functioning properly. Beyond that, when putting your home on the market, you will be competing with other houses for buyers. Don't let prospective buyers see unfinished repairs such as leaky faucets or water stains on the ceiling. A water stain on the ceiling can signal a larger problem, such as a leaky roof, which will spell expensive repair bills to potential buyers. A prospective buyer may either pass up your home or submit a low offer that reflects the repairs he may have to make.
Significance of Remodeling
Remodeling projects increase a home's value by improving and upgrading rooms and fixtures to modern, energy-saving alternatives. According to the National Association of Realtors, kitchen and bathroom remodels earn a 71-percent return on investment. A new roof earns a 60-percent return on investment. Making home improvements is a smart investment while residing in a home, and increases the home's value for possible sale later.
Types of Repairs
Homes repairs can include both small and large projects, from painting wrought-iron railings and fencing to large projects such as brickwork or fence repairs. Take a look around the entire home to assess any repairs that are needed to make it look its best and function efficiently. If you are putting your home on the market, it is important to complete exterior repairs to draw in prospective buyers and interior repairs to seal the deal.
Types of Remodeling
Updating a home with new flooring and windows can also add value. Keep the new finishes neutral to appeal to the most buyers. The National Association of Realtors indicates that family room and master bedroom remodels earn a 65-percent return on investment. Modern, move-in-ready rooms that show off the architectural details of the home and provide storage, such as closets and bookcases, can help sell a home. Additions such as crown molding also increase value.
Considerations
Treat your home as an investment and work to increase its value. All repairs and maintenance to a home should be done as needed to ensure the structure will withstand time and use. If you are planning on selling your home in the near future, only tackle remodeling projects that will allow you to earn back your investment in the shortest time frame. Make improvements that are consistent with other homes in the neighborhood.