25+ year ol house will be going on the market. Wondering which improvements will get the best ROI.
Kitchen Appliances (stove, diswasher, refrigerator, and microwave) have been replaced.
Wall-to wall carpeting needs to be replaced. What to replace with? New carpet or hardwood (laminate vs solid)?
Wall paper will be removed and all rooms will be painted.
Roof is 2 years old.
Siding is vinyl and in good shape.
Bathrooms are in good shape.
Exterior wood trim work will be painted/repaired as necessary.
What else should be considered?
Replies
Ask the expert
What does your R.E. agent say? They ought to know what are the major factors in your market.
Good luck.
Norman
R.E. agent says replace carpet with hardwood flooring. Get rid of the wallpaper and paint the walls. I don't doubt the R.E. agent knows what sells, but the more that is put into a fix-up the easier it is for the R.E. agent to sell the house. I'm trying to find the happy median....get back more than is invested in the fix up.
Removing wallpaper (unless it's fairly innocuous or is "period appropriate" for a dining room, eg) and painting is a no-brainer. It's relatively cheap, and even if the new owners decide to repaint they start from a "clean slate".
Replacing the flooring (if not badly worn), however, it a harder call. It's more expensive than paint, and hardwood may not be the appropriate choice.
Maybe you should ask a few friends to give you their "first impressions" as they enter the house and walk through it -- what details pop out at them as good or bad?
Hardwood Flooring
R.E. agent said hardwood flooring was definitely something that should be done. The current carpeting definitely has to be replaced with something. New carpeting would be less expensive than wood flooring but agent said go with the hardwood. Question, would you consider floating laminate a waste of time vs real hardwood?
That's exactly what I'd do. I'd install something like Pergo and sell the place. Every month it sits unsold is money you'll never get back. Depending on what shape the wallpaper is in I might paint over it.
A heck of a lot depends on the nature of the house, and where it's located. Hardwood may make sense farther south, but up here where it actually gets cold a nice wall-to-wall carpet feels much better on the feet and gives a much "warmer" impression when you enter the house. This is especially true of a "family" home where the target buyer is a couple with small kids. (Also be aware that any stairways may not be easily/cheaply converted to hardwood.)
25 Is A Critical Age
Your house has just crossed the threshold into being an "old" house- at least, to insurance companies. What this means to the next buyer is thet only less desirable "Form 3" insurance will be offered. Less coverage, more exclusions, higher premiums.
Getting 'upgraded' is no easy matter. Factors the insurance companies will consider include alarm systems (centrally monitored), fire sprinklers, electrical service upgrades, and upgrades to the basic plumbing. To be considered, work must be performed by licensed professionals and all necessary permits obtained.
On the 'plus' side, the house is new enough that lead paint and asbestos issues are not concerns.
I'd avoid 'quick fixes' with tub surrounds, vinyl siding, or carpeting. When I see those things, I wonder what they're hiding. Another concern is whether the air conditioning is using an obsolete refrigerant.
Finally, look at the shrubbery. If it's the stuff that was planted when the house was new, it's too old, too overgrown, and too close to the house.
Actually curb appeal is the most effective ROI in real estate.