Repairs That Pay Off in a Cooling Market
In the changing market, some sellers are remodeling properties to avoid cutting
costs. But what repairs or small cosmetic improvements will make a difference
between getting your asking price or giving a discount?
Between mid-July and mid-August 2022 about 95% of home sellers made updates
or repairs before listing their properties, up from 71% of sellers six to 12 months
ago according to Realtor.com. But not all renovations are worth the cost to sellers.
The top three interior remodeling projects with the highest return on investment
are hardwood floor refinishing, new wood flooring, and an insulation upgrade,
according to a recent National Association of Realtors report.
Some sellers might find that smaller fixes, such as a fresh paint job can make a
bigger impression on buyers than pricier changes such as a renovated third
bathroom. A big remodeling project, such as a new kitchen or deck might not be
worth the investment and can delay the seller’s timeline.
Bottom line: focus on more affordable projects that appeal to buyers and look
beautiful in photos.
