Realtor Redux: Cosmetic improvements will help long-time homeowner appeal to younger generation of buyers
At Redux Realtors, we specialize in advising homeowners on which home improvements will return the most money when it comes time to sell. Many times our clients are move-up buyers or homeowners who are looking to cash out some of their home equity and move toward a downsized lifestyle.
On our latest project we’ll be working with a long-time homeowner who plans to downsize and move out of state to be closer to family. We want to help this homeowner earn top dollar when the home goes to market, which will help make that move a little easier.
As-is the house could list for $600,000. With a few key improvements, we expect to list at $639,000.
The house is a classic California ranch home in Fullerton that’s districted for Troy High School. Once we work our Redux Realtors magic, the property will be ideal for a young family looking to send their kids to a top performing school like Troy, known for its Troy Tech magnet and International Baccalaureate programs.
With that in mind, our aim is to freshen up this great house by removing some of the more dated elements that might deter homebuyers who are in their late 20s to early 30s. On top of our list is rejuvenating the interior walls. For starters, the existing wall paper has got to go. A fresh coat of neutral paint will replace the dated wall paper and will give the house a bright, clean look when it’s time to show it to prospective buyers.
The existing sea foam green carpets are also likely to give younger buyers pause, so we plan to install fresh carpets of a neutral color. And to brighten up the home even more, we’ll remove the existing drapes. If we have money left in our budget, we will also examine the cost of painting the kitchen cabinets to brighten that space as well.
All together we are working with a budget between $9,000 and $11,000. With this kind of money we can make several cosmetic home improvements that may otherwise create roadblocks in the minds of potential buyers. Thoughtful touches to a home’s aesthetic can help decrease the time a house sits on the market, increase the competition among homebuyers for a particular property and drive up the sales price.
Our suggested improvements will allow us to add nearly $40,000 to our asking price, an added gross profit to the seller of about $30,000. Not a bad investment if you ask us! Stay tuned for “after” photos and an update when the house hits the market.