Charlotte’s heated housing market is showing signs of cooling off in recent months. That said, some people looking to step into the real estate market on the sell side haven’t seen many of the eye-popping offers reported earlier this year.
Experts say that if you’re looking to put your home on the market and maximize your profits, it may be worth considering a few renovation projects, even if they’re relatively minor updates.
Here are some expert tips to help you grow your home equity and get the most out of it when you sell it.
When preparing to list your home, Will Allen, owner of Renovation Sells Charlotte, says that what was popular when you bought your home may not be as desirable now. It is necessary to consider that there is a
“Today, baby boomers are the largest group of home sellers, and millennials make up the largest group of buyers,” he said. “So it’s a completely fragmented market where the baby boomers who built their homes in the late 80s, 90s and early 2000s are obsolete.”
He added that many millennial buyers aren’t looking for homes that they have to renovate themselves after purchase.
“They want to buy a completely turnkey home from day one. It was the same amount of traction that an updated home would have,” said Allen, a company focused on renovating homes soon after they hit the market.
Consider current trends
Knowing which styles are popular among current homebuyers can help you maximize your return on investment once you’ve shown your home and started getting offers.
In today’s Charlotte market, that for many means a “fresh look” defined by “brighter” colors, Allen points out.
And in the kitchen, stainless steel appliances are still popular.
“Many of the older brown cabinets with darker greenish granite that were popular in the late 1990s and early 2000s have been completely discontinued and buyers have been asking to get rid of them. It’s a big one,” Allen added.
keep things relatively neutral
Embracing your own style is part of making a home a home, but Allen said leaving a very original feature when showing a home could alienate some buyers. I advise that there is
Instead, Allen recommends “empowering the house” by adopting styles that can appeal to a wide range of prospective customers.
He gave the example of a Cotswolds townhome community where his company worked earlier in the year. In one unit for sale, the owner kept features like “wild” wallpaper, black accent walls, and “the craziest counterstone I’ve ever seen.” Another “400 square feet smaller” unit sold at the same time was refurbished to give it a more “clean and fresh” look.
The smaller townhome “ultimately sold for hundreds of thousands of dollars more than it was four units down,” says Allen.
Small changes can have big impact
Allen points out that you don’t have to undertake a major construction project to add value before you put your home up for sale.
“The most important thing you can do is repaint,” he said. “You have to repaint.”
Other updates that could have a “big impact,” Allen advises include:
Updating “bad or outdated” flooring
Add kitchen backsplash and update kitchen cabinets and hardware
Installation of new lighting fixtures
Get new tiles, shower glass, and/or vanity in your bathroom
work with reliable and competent people
If you want to do a renovation that requires outside help, such as a contractor, before you sell, Allen stresses the importance of doing your research before hiring anyone to ensure the whole sales process doesn’t get bogged down. .
“The market is changing so fast that people need to choose contractors who won’t drag them out for six months,” he said. “They need a professional and reliable crew that can come and go in weeks rather than risk bad market timing.”