Professional advice is essential for homeowners making improvements
This group has been slower to downsize than in previous generations – which has created a bit of a logjam when it comes to real estate market dynamics. And one of the biggest reasons Baby Boomers aren’t selling is that many of their homes need work.
Many Boomer homes are outdated, and in order to sell in today’s marketplace, they need repairs, renovations and improvements. In the March-April edition of Carolinas Market Update, a bi-monthly real estate video series produced by the Allen Tate Companies, President and CEO Pat Riley talks about the importance of updates.
“Your Realtor is your trusted advisor when it comes to repairs and remodeling,” said Riley. “They can advise which upgrades will bring the greatest return on investment, as well as which improvements will seem dated in just a few years.”
Generally speaking, sellers will recoup the highest percentage of dollars on updates to kitchen and bath, appliances and hardwood floors, as well as opening up the floor plan, said Riley.
Buyers will also assume a home’s structural items are current and in good working order. These include electrical, plumbing, heating and air, roof, crawl space and insulation.
“Updates in these areas will help your home sell faster, but not necessarily for more money,” said Riley.
The biggest mistake homeowners make is waiting until they are ready to sell to make improvements.
“By making improvements now, you can downsize when you are ready. In the meantime, you can enjoy those upgrades,” said Riley.
Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle and Upstate S.C. regions. It is produced every other month by the Allen Tate Companies and features information, statistics, trends and predictions about the real estate market in North and South Carolina.