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One home many years ago we turned down the first offer and no one ever offered us that much again. Brutal lesson (don't be greedy) we will never forget, RE agent told us to turn it down, she was so wrong. We had to turn a room into a 4th bedroom to get it sold at a lower price.
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Funny but this happened exactly to me too. I lost $30K from greedy. Ouch! I still hate my agent... she has such a strong mouth and wrong on mostly everything.
I guess my wife and I are just odd ducks. Our last four homes we bought, we did all the renovations we wanted over the years to them AS we lived in them. Then, we kept them clean and well maintained daily.
When the time came to sell our home due to a job change, etc. we just called a realtor and listed it. Maybe some touch up paint was needed where the dog rubbed her collar on a door jamb, but nothing over $100 spent to tidy up.
Because I have had the philosophy of maintaining our homes, just like I do my teeth. I know that if I do not maintain my teeth and care for them daily, there will be a day of reckoning come in the future. And that day will be when I have to spend a ton of money to replace or rebuilt my dental system that I ignored, over too many years. Same goes for our homes IMO.
Fun thread. I am a real estate junkie and we're getting ready to list our home. I know that paint is #1 value we'll get back. Everything else is less than 100% return on investment. Our location on navigable water gives us unique factor.
Having sold many homes in the past getting the right real estate agent, one who is excited to list and show our home and has experience with our local market, is very important. One home many years ago we turned down the first offer and no one ever offered us that much again. Brutal lesson (don't be greedy) we will never forget, RE agent told us to turn it down, she was so wrong. We had to turn a room into a 4th bedroom to get it sold at a lower price.
We will paint and re-carpet 2 bedrooms that need it (although first we'll get great steam cleaning that may save cost of replacement (no pets).
Almost no renovation returns 100% of cost per national RE statistics, although it may get it sold faster if your home is north of $500k. No good agent ever told us to spend any money. Listing at the right time of year solves many issues. Luckily we have a good man to hire to paint. Onto our new home, as soon an we find it.
I think this really depends on what your competition is. In NH, none of the homes look straight out of hgtv. I sold that house doing very little. Here in the Bay Area, it is rare to see a home listed that looks like the owner just decided 5 minutes ago to put the house up for sale. About the only time that happens is when an elderly person dies and the heirs just want their money. I don’t think they realize how discounted those homes are.
We spent $20k to get our '50s rancher on the market in 2005. Some was deferred maintenance, some was appearance. Our realtor evaluated it before and after, estimates we got about $30k more for the house. House sold in a week.
To sell our house in 2018, we just decluttered and polished it up--it was already in good condition, and recently painted. Spent a couple hundred bucks for cleaning. House sold first day listed.
Wouldn't have made sense to put more money into that house, we had already upgraded it over what the neighborhood would support because it was supposed to be our forever house.
Because I have had the philosophy of maintaining our homes, just like I do my teeth. I know that if I do not maintain my teeth and care for them daily, there will be a day of reckoning come in the future. And that day will be when I have to spend a ton of money to replace or rebuilt my dental system that I ignored, over too many years. Same goes for our homes IMO.
In some aspects, you're absolutely right. I've always made sure to fix whatever was broken in my homes and do preventative things like checking out systems regularly, cleaning gutters, etc. I've been more lax about cosmetic things. DH and I did what we wanted when we had the cash, but let the carpet in one high-traffic area get worn, didn't bother replacing the cabinet handles with the latest faux metal, etc. Those changes waited until the house went on the market so that what we did replace was new and fresh. The builder had pretty much used the same cabinet handles in every room and they had a central section that had originally been ivory-colored and had gotten discolored and grungy. There were over 30 that had to be replaced.
Maintain is one thing but did you spend $ on renovation / remodel during the house lifetime?
Sorry I missed this question. During the almost 10 years we owned and lived in the house, we replaced all of the flooring, painted, added shutters and other window coverings, and replaced the air conditioning unit and hot water heater. So yes, we did, but we did those things for ourselves not for resale, and lived there long enough to enjoy it.
Just put my place on the market. So far I've spent about twenty five dollars.
As an update, the house is now under contract. First person to look at it made cash offer. Will close in July. Approx 25% increase in value in 2 years. Home inspector couldn't find a single thing to repair. HOA inspector required me to repaint the grill on the top of the A/C unit, so I'm out another $5 for a can of spray paint.
I spent nearly $15K within a month period to do the following:
- complete remodel of basement bathroom (replaced shower, tile, vanity, toilet)
- drywall ceiling of bath + bed basement
- paint basement
- replaced all basement carpet with engineered hardwood
- 8 double pane windows
- 1 new patio door
- 1 new storm door
- paint entire garage
- removed all dead plants and put new plants front yard with mulch
- other misc
I am just curious on what other people do and spent. In my case, otherwise I don't have a livable basement although it's finished, it is old since 60s.
The amount spent greatly depends on the market value of the homes around you. If most homes sell for under $100K, adding $15K might not be a good ROI (Return On Investment). $15K on a home that sells for over $500K is a good investment provided the changes are what is expected in that market.
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