As competition heats up among home sellers in today’s market, gaining a competitive edge matters now more than ever. While many homeowners look to tackle home improvement projects before putting their home on the market to attract as many buyers as possible and garner the best possible sales price, not all home improvements deliver the same return on investment.
According to a recent Zillow survey conducted by Harris Poll, a majority of recent sellers—65% to be exact—take on at least two home improvement projects to get their home ready for market. And, according to home-management platform Thumbtack, sellers invested, on average, $5,400 when hiring a professional to complete common home-improvement projects.
But where was that investment directed? According to the survey, among those who sold their home in the last two years, the following projects were the most popular before listing their home for sale:
– Interior painting: 40%
– Carpet cleaning: 35%
– Landscaping: 33%
Nearly 3 in 4 recent sellers (74%) believe that taking care of these projects helped to sell their home. And the reasons why are fairly obvious. Enhancing landscaping is critical to creating the best possible curb appeal, while fresh paint and carpets make a home feel new, spacious and fresh—must-haves among most homebuyers. According to Thumbtack, a well-maintained home can sell for about 10% more than a similar home in just average condition.
Which projects were not at the top of the list for recent sellers? Just 11% of respondents felt that appliance repair and replacement and roof repair, maintenance or cleaning helped sell their home. Additionally, fewer than 1 in 5 recent sellers (17%) felt that a kitchen renovation carried a worthwhile return on investment—not surprising given the average price tag of more than $10,000.
If listing your home is in your near future, talk to a local real estate professional about which home improvements could most positively impact your home’s sale. According to the Zillow survey, 30% of recent sellers believe more home improvements or repairs would’ve helped them attain a higher sales price, so don’t miss your opportunity to do so.
DFW Property Management.com manages properties in the entire Dallas / Fort Worth metroplex. We offer two property management packages: Gold, and Platinum. Please click on the links to read more about each one, or check out our comparison page. Give us a call at 682-200-6700 if you have any questions