If you are planning on selling an investment property, profitability is a top-of-mind priority. Before committing to a remodel or major repairs, it is important to crunch the numbers and estimate the added value such overhaul could bring. By calculating your return on investment and evaluating current demand and trends, you reduce the risk of over-improvement.
As a rule of thumb, major renovations upward of 10% of the total property value warrant careful consideration. Oftentimes, minor repairs and tweaks are enough to make potential homebuyers feel ready to move in. With this in mind, we put together a list of four low-cost ideas to prepare your investment home for selling.
Spruce Up the Curb Appeal
Your home’s exterior is the first impression anyone has of your home. Removing all the mold, mildew, and pollen that build up on vinyl siding, sidewalks, and porches can make a world of difference to the look of your home. Most hardware and home improvement stores rent pressure washers, or you can hire someone to pressure-wash the exterior of your house.
Basic lawn care and a well-kept yard can also add significant value to your home’s curb appeal. Make sure to keep your lawn and shrubbery well-manicured and water your plants and flowers to keep them lively.
Clean it Up
We sometimes overlook the dirt, lint, and dust that can accumulate in window screens and air vents. Vents can be cleared of dust by using a vacuum, and screens can be removed and sprayed with a hose to remove dirt. Cleaning windows both inside and out can have a big impact, as buyers will want to see the view outside from every room.
Let In the Sunlight
Buyers are looking for homes that are “light and airy.” When selling a home, natural light should be your best friend. Make sure your window treatments are not blocking the light from coming in. If you have heavy curtains, it may be wise to replace or put them away.
In addition, few things are as prone as dim lighting to make a living space look smaller, so it’s always a good idea to ensure your rooms have adequate ceiling and lamp lighting. Be certain to replace any bulbs that are burned out in chandeliers and double-check all bulbs on the exterior as well.
Keep it Neutral
Keeping things neutral is a universal piece of advice when you’re trying to sell a home. When painting your walls, choose neutral colors that appeal to a wider range of people. Grays and greiges are some of the top neutral picks because they provide a minimal and clean look.
Are you interested in selling and buying investment real estate? Call RLG today to learn how our financial experts can help grow your business.