When you renovate features in your home, you want to get the most bang for your buck. Not only do you want to make your home a better place for you and your family to live, but you also want your renovations to add to your home’s resale value.
But what, exactly, are the features that will help your home sell faster?
Give Your Renovations Some Character
According to recent data from Realtor.com (which analyzed more than 1 million single-family listings), the top three renovations that will help you sell your home quickly and at a prime price point? A chef’s or gourmet kitchen, a theater room, and a home gym. These renovation projects were named the “most profitable home features for sellers banking on quick sales.”
Those three features were deemed the most profitable. But they weren’t the only renovations that helped homes fly off the market. Also included on the list of features that will help your home sell faster include a three-car garage (#4), solar panels (#5), a home office (#9), and an in-ground pool (#10).
As the new year is here, plenty of homeowners look for ways to renovate their spaces to keep them feeling interesting and updated. If you’re preparing to put a home on the market, keeping up with trends is key because unless your prospective buyers are flippers, staggers, or redecorating fiends, nothing can make would-be buyers turn tail faster than some outdated decor
Also, keep in mind that there are some renovation trends that you should retire at this time, features such as:
- Granite Counter Tops
- The Edison Bulbs
- Statement Range Hoods
- All White Kitchens
- Barn Doors
You can read more of whats out and whats in Right Here
The Renovation Takeaway
If you’re thinking about renovating and adding features to your home, you’re going to want to think about your return on investment and choose a renovation that’s going to help your home sell quickly and profitably with character.
We all think that painting is a personal choice and that the paint color is a personal preference and this is true if your not planning on selling your home any time soon. But if you are planning to sell in Oakland County Michigan, then it is better to re-think this approach.
So if you’re thinking about putting your Oakland County Michigan house on the market, obviously you want to do everything you can to increase the value before you sell. And if you want to add to that value without breaking the bank? Try a little paint, but choose wisely the paint colors you want to use as it will affect your bottom line.
Paint Color Analysis
According to Zillow’s 2018 Paint Colors Analysis, which analyzed the effects different paint colors had on Oakland County home values, choosing the right paint colors—and incorporating those paint colors in the right way—can make a huge difference when you list your home and your net proceeds.
Which paint colors will give you the most bang for your buck? According to the analysis, painting your door black can boost your home’s sales price by 2.9% while covering the bathroom walls in a periwinkle blue can add another 1.3%.
The kitchen is another area where the right paint colors can add serious value. The analysis found that a “tuxedo kitchen” (which features light walls and dark cabinetry) can increase the value of a home by an impressive $1,547. But the wrong paint color in the kitchen can cause prices to plummet; a brick red shade can lower a home’s selling price by $2,310.
If you’re thinking about putting your home on the market, you should definitely consider painting. The right paint and a few strokes of the brush may be all it takes to add thousands of dollars to your home’s final sales price.
What a start to the beginning of the home buying and home selling season in Oakland County, Michigan, all being great news for home values and home sellers currently listing their homes, most homes across the Oakland County, Michigan are up 7% and even more since March of 2017. According to the most recent Home Price Index Report from CoreLogic, home prices nationwide increased by 7% from March 2017 to March 2018. According to an April 2017 article from the National Association of Realtors, the median home price in March 2017 was $236,400. This means the average homeowner has gained nearly $17,000 in wealth from their homes over the past year. This is great news, except inventories have been very low for Oakland County home buyers in the market to purchase a new home, but now we are seeing this staring to reverse with more home inventory increasing.
Thanks to an historic low housing inventory available it has been daunting for home buyers to find the perfect home, and if they do find one that fits their needs it becomes a bidding war between the Oakland County home buyer and their competition. Until recently, the hyper-competitive market was starting to discourage potential Oakland County home buyers. In fact, in March 2018 the number of buyers requesting home tours dropped 1.4% nationally, and the number of buyers writing offers dropped nearly 2% (according to the Redfin Housing Demand Index). The numbers don’t lie, but the return of housing inventory could not be better news for Oakland County home buyers who are desperate to find the perfect home before the school year begins.
However, according to the Demand Index, in April, newly listed homes for sale were up an impressive 6.6% year-over-year. It looks like the tides are (finally) starting to turn for potential Oakland County home buyers. This increase in inventory should make it a bit easier out there for potential Oakland County home buyers. So if you’ve been thinking about purchasing a home, now is a great time to make a move.
In this tight Oakland County Michigan housing market it is not easy to settle for something that does not need remodeling. The prospect of finding the perfect home that does not need some sort of work or remodeling or updates is daunting. Oakland County remodeling cost must be considered when deciding on a perfect property that fits most of your needs and wants. With the low inventories in today’s market the lowest in some time, makes it harder for what buyers demand, and that is a move-in ready home.
Today’s busy schedules and tighter budgets mean that many home buyers have little patience for or to consider remodeling cost for Oakland County homes. It’s a stressful situation for home buyers to face, but having the right expectations and realistic knowledge of the current market explained by their buyer agent is critical. Remodeling cost for Oakland County homes can be mitigated to the home buyer by realizing what needs to be done right away or what they can possible live with until a later date.
Oakland County Remodeling Cost Ideas
Unlike the years past when there were plenty of homes to choose from and more reasonable prices, this market has little in the way of the perfect home that has everything a buyer could want. Is it realistic to be able to find the perfect condition home in Oakland County when the inventory level is so low? The answer is probably not. Oakland County remodeling cost does not have to be completely out of the budget as little things can make a big change and save some expense. Here are some inexpensive things to get the best bang out of your dollar and make the home feel more perfect for you.
- New Cabinet Hardware
- New Faucets
- Toilet Seats
- Paint Old Tiles
- Update Lighting
- Update Your Kitchen For Under 100.00 Here’s how
- Paint Your Tub
These are just a few ideas that can save you time, money and avoiding losing a bunch of money on that Oakland County remodeling cost.
Remember, I’m here to help! ..Call me anytime Realtor Tom Gilliam 248-790-5594