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Three DIY Projects Can Increase Sale Value by $10,000 or More
by
Jacquelyn B. Marks
For many homeowners facing the possibility of foreclosure, selling the property before it enters the default process via short sale presents a more viable solution. If you are planning to do so, you naturally want to get the best possible return for your real estate property. Problem is, with so many foreclosure houses put up on sale these days, and with rates hitting rock bottom, how do you exactly gain more advantage?
If you are into DIY projects, with a few enhancements you can actually add more appeal and value to your property. With the stiff competition, homeowners these days are actively looking for ways to dress up their homes for success before putting them on the market. The great news is some of these strategic enhancements do not necessarily need to cost you a fortune.
Here are the top three Do-It-Yourself (DIY) projects that you can do that can considerably bring you the highest possible return on investment upon resale:
1. De-Clutter and Clean Your Property
To stage your home, make sure to remove any personal items, thoroughly wash and clean every nook and cranny of the house, including the outside areas. Remove all clutter and old, dilapidated furniture, clear counters, organize those closets, as well as polish mirrors and woodwork. Estimated overhead cost for cleanup is around $400, with a potential Return On Investment (ROI) of $ 2,000 on your sales price. That s an estimated 403 percent return!
2. Lighten and Brighten Your Home
Open those windows and make sure everything is squeaky clean and can be easily opened and closed. You can either replace your curtains or remove it altogether. Make sure to eliminate any obstacles that may block light streaming in from the windows. Check if there are any light fixtures that need to be replaced or repaired. For this DIY project, possible cost incurred is estimated to be around $420 with an ROI of $ 1, 690 — or 299 percent.
3. Repair Plumbing and Electrical Systems
These are key aspects that are always taken into account by homebuyers. Update any old and leaky faucet handles and spouts, as well as have any leaks properly repaired, especially those under the kitchen sinks and bathroom. Have your laundry room pipes checked and make sure your toilet is in good working condition. All traces of stains and mildew should be removed.
For your electrical system, make sure to update all old wiring for all modern appliances and audio/video equipment. Your doorbell should be in proper working condition along with service sprinkler systems. Take time to check all lights and outlets that do not turn on properly and have them fixed as well. Estimated cost of this DIY project is around $808 with an anticipated ROI of $3,175 or 293 percent.
If you have the budget, seriously consider getting a professional to stage your home. Statistics have shown that home staging has a proven record of raking in bigger returns, therefore giving your more bang for your buck. Of course, there is also the fact that a more attractive home will definitely speed up the sale of your property.
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