B4 • Friday, November 29, 2024
thegardenisland.com
THE GARDEN ISLAND
Here’s what not to fix when selling a house Mia Taylor BANKRATE.COM Before putting your home on the market, it’s important to make it look its best for prospective buyers. Getting a home in show-ready shape might involve decluttering the interiors, sprucing up the curb appeal and investing in key repairs around the residence. But don’t get carried away. Pouring too much money into the home can be a losing investment: It won’t substantially improve your sale price, leaving you out-of-pocket for unnecessary expenses. Here are some of the things homeowners need not fix when listing a home for sale. Why you don’t need to fix everything As a general rule, it’s a good idea to focus on fixing items that may impact your home’s sale price. Beyond that, money spent on repairs and replacements may be wasted, as prospective buyers may not find the improvements necessary or even notice the work was done at all. In addition, most major renovation projects do not recoup the money you spend on them at resale. “Many times a major kitchen renovation or room addition won’t give you the return on investment that you might expect,” says
Jade Lee Duffy, a Realtor with Epique in San Diego, California. For example, spending thousands of dollars on fancy new kitchen tiles can backfire: Buyers have their own taste and don’t want to end up paying for new tile that they don’t like. Projects like extensive landscaping, highend fixtures and new pools typically do not offer a dollar-for-dollar return either, she says. Buyers do usually expect the house to be in “good working order,” though, says Duffy. Before embarking on repairs, consult with a local real estate agent for advice and input about projects that make the most sense — and might translate into better offers.
keeping buyers from making offers” should sellers take that into consideration and adjust their price accordingly, or replace the appliances, she says. w Aging windows: You want your windows to be sparkling clean, but don’t bother to actually replace them. New windows are a costly endeavor that typically will not prove valuWhat not to fix when able when listing your selling a house home on the market. “We Just as important as never recommend replacknowing what to fix is ing windows,” says Fox. knowing what you don’t “We’ve rarely had a client need to bother with. not move forward with an There’s typically no need to offer because the windows address relatively small is- are old.” w Outdated floor coversues, including: w Minor electrical or ings: As long as it’s in deplumbing issues: Often buy- cent shape, it’s probably not worth replacing wall-toers will not worry about wall carpeting or datsmall, isolated electrical What you should fix COURTESY OF BRANDPOINT and plumbing problems — ed-looking floor tiles. when you sell the light switch attached to Buyers might not adore National Association of Re- thermostat can’t keep up Julie Upton, a Realtor with the set temperature, nothing, the faucet that them, but they can be easaltors’ most recent “Rewith Compass in the San buyers — and buyer’s drips a bit before stopping. ily replaced with something modeling Impact Report,” Francisco Bay Area, sugagents — will notice.” “Just disclose these issues more to the new owner’s refinished hardwoods are and let the buyer deal with personal taste. one of the few renovation gests concentrating on Beyond repairs it,” says Upton. w Any project you can’t things buyers typically no- projects that actually reYou only have one w Older appliances: Real finish: Avoid starting any tice most. “Buyers see coup more than their cost. chance to make a first imestate listings love to name- work that may not be able flooring, walls, kitchens Although it’s a less sexy and baths,” she says. “They fix, updating an aging or pression with buyers, so in- drop snazzy brands or tout to be completed prior to a “newly outfitted” kitchen/ listing. Works-in-progress focus on beautiful main liv- faulty heating, venting and vesting in your home’s bathroom/laundry room — can negatively impact a air conditioning (HVAC) front entrance and the iming spaces. That is where and certainly, state-of-theprospective buyer’s imsystem might also be worth mediate area is usually you should start.” art appliances can be You should address basic considering, especially if money well spent. “When pression of your home: ”A appealing. But not having you live in a warm-weather the exterior of a home has wear-and-tear in these arhalf-finished anything looks locale. “The number one re- good curb appeal, it means them is rarely a dealworse than just leaving it eas. For example, fresh breaker, especially in a hot as is,” says Upton. “It also it is attractive to look at paint is a must, says Upton pair is HVAC during any market, says Keri Rizzi, a and inspires confidence,” sends a signal that the — in fact, she advises summer home sale,” says Realtor with HomeSmart in seller ran out of money, so says Dino DiNenna, a broagainst even listing a home Dustin Fox, a Realtor with White Plains, New York. a buyer may think they can without repainting the inte- Pearson Smith Realty in ker-Realtor with Southern Only “if feedback repeatoffer less because the seller Lifestyle Properties in Hilriors first. Refinishing hard- Ashburn, Virginia. “If your may be in financial disair conditioning is toward wood floors can also be a ton Head, South Carolina. edly comes in stating that good idea. According to the the end of its life and the “Good curb appeal can the old appliances are tress.”
U.S. pending home sales rise for third straight month REUTERS Contracts to buy U.S. previously owned homes rose unexpectedly in October, notching a third straight month of increases, despite high mortgage rates and as inventory of properties for sale continued to build and a healthy job market fortifies the finances of prospective buyers. The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on signed contracts, rose 2.0 percent last month to 77.4 — the highest since March — from 75.9 in September. Economists polled by Reuters had forecast contracts, which become sales after a month or two, would fall 2.0 percent after increasing 7.5 percent in September, the largest increase in more than four years. Pending home sales rose 5.4 percent from a year earlier and all four regions saw month-overmonth and year-over-year increases. “Homebuying momentum is building after nearly two years of suppressed home sales,” said Lawrence Yun, the NAR’s chief economist. “Even with mortgage rates modestly rising despite the Federal Reserve’s decision to cut the short-term interbank lending rate in September, continuous job additions and more housing inventory are bringing more consumers to the market.”
help to sell a home faster and at a much better price.” Staging can also make a home more desirable and appealing to buyers. Wellstaged homes sell faster than unstaged ones, says DiNenna. “Plus, it can increase the selling price of a home by 20 percent or more,” he says.