Selling a house that needs work

Green Escrow | Remodel

Ten years ago, a house that needed a little TLC would fina ready market. These days, millennials are looking for more “move-in ready’ homes and that can lead a house that needs work to languish. Some realtors such as Coldwell Banker, Keller Williams and Compas are offering renovation services with no upfront cost to the seller that they recoup once the house sells.

Other possibilities include instant buyers (“ibuyers”) who will purchase the house at below market value, renovate it, then flip it at a profit. One benefit is that these buyers will pay cash upfront for the property.

The housing market remains strong and options are available for all looking to sell.

When to renovate – and when not to

Green Escrow | Remodel

The prospect of renovating or remodeling a home can be exciting but it’s often wise to take a step back and consider it thoroughly. Sometimes it’s more prudent to wait and sometimes it’s wiser to postpone it indefinitely – if not completely.

First of all, consider the expense. It’s almost guaranteed that a big project will cost more than the the original estimate, especially if contractors are involved. If you’re looking to significantly increase the value of your home, make sure the return will justify the expense.

Secondly, projects are going to be disrupting. Just how long is it going to take to put in that new flooring? Of course, the complexity of the project will determine how long it will take, but take the time to consider how long life will be turned upside down.

Finally, it all comes down to: is it worth it? Unless the answer is an unequivocable YES then why not wait and consider the ramifications more thoroughly.

Looking to sell? Hire a handyman

Green Escrow Services Tools

When it comes time to put your home on the market, it literally pays to invest some time and money into getting it into top shape. Too often homeowners are used to maneuvering around elements that are old, worn-out or even broken. Just remember, a potential buyer has never seen your home before and they’re going to have a sharp eye out for anything that is substandard.

Some common areas that could use improvement:

  1. Paint: Chances are your walls could use a fresh coat
  2. Countertops: You don’t need to remodel the entire kitchen; in fact it’s amazing what new – freshly cleaned – countertops will add
  3. Lighting: These days brightly-lit rooms are the norm so adding some recessed or pendant lights might just do the trick

Remodel, Increase Value – and Stay?

Green Escrow | Remodel

Houzz & Home reports in a recent survey that , fifty-three percent of home owners in the United States say they are remodeling their homes to increase value – but are planning on staying in these homes for at least the next five years. Meanwhile, sixteen percent of those remodeling plan to sell their home in the next two years. Twenty-two percent insist that home prices are increasing at too fast a rate to even consider moving. Finally, one in four say they would prefer to move, but remodeling their home makes much more sense at the present time.

The most popular remodels are kitchens and bathrooms while replacement projects include flooring/ceiling/panelling as well as windows/doors and roofing.

Homeowners in the Northeast and the West typically spend more on their renovation and remodel projects.