Home Tip: Remodel

HOME SELLING TIP:
Remodeling, if done wisely, can result in a quicker sale and less negotiation with buyers over perceived shortcomings. Painting the house and updating the kitchen, baths, lighting fixtures and floor coverings are examples of improvements that can improve the sale price ,as well as, how quick the home will sell. Many sellers do not want to spend money to sell their house; however, I will tell you homes do sell faster when they have been updated.

The amount of return from a remodel investment that is recouped when the property is sold varies significantly from one place to the next and from project to project. For example, nationally, 70.7 percent of the cost of a major kitchen remodel was recouped at sale. What this report fails to mention is how fast these homes sell as opposed to homes that have not been remodeled. In Bloomington/Normal home sales, the kitchen seems to be the major item for recouping money and selling a home faster.

In today's slow economy, there are more contractors looking for work in some areas. And, in some cases, their prices have come down. This positively impacts the return on investment when the home is sold.