Thinking about making an update before listing your home to sell? Wondering how much value can be recouped? I represent sellers on The Main Line PA who ask me all the time about updates and value so I wanted to break down some numbers on what recoups and what does not. First of all, you should always consult a reputable realtor if you are thinking to update before selling. According to Freddie Mac nearly two in five homebuyers would purchase a home that needs updates. For the updates that make the most difference in selling price though here is a list. Hard wood floors recoup 147% of the value, a new roof recouped 100% of the value, garage doors recoup 100% of the value, replacing vinyl siting recoup 82% of the value, bath renovations recoup 67% of the value, and vinyl windows and kitchen remodels recoup about 67% of the value. When you consider how much these remodels can cost, that is a lot of lost money. More importantly, this summer in a sellers market, time is money and inflation and interest rates are going up. In a sellers market and homes are selling for above asking price, as is, so it may not be worth the trouble. There are a lot of realtors who will tell you to make these upgrades without truly explaining the implications of waiting to sell, I am not one of them. If you are looking to sell your home and would like an accurate estimate of the value of your home, contact me today for a free home valuation. See more of my seller resources below and remember Kimmy Rolph Sells The Main Line and local areas.
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