renovating to grab their attention.
Return on Investment (ROI) is generally claimed to be less than 100% in real estate, so the rule of thumb is “less is more.” However, the fact is that you MUST cover the BASICS to be competitive in the market and not risk a low offer. Covering the basics allows you to price competitively in the market. If you go for upgrading for FINESSE, you may very well not get an equitable ROI. These decisions must be made carefully and take into consideration your time, expenses and delay in getting the home to market.
STARTING WITH THE BASICS
Every listed home should meet the basic expectations of any buyer. It should have a sound roof, functioning gutters and downspouts, foundation without cracks, functioning heating and/or air-conditioning system, solid subflooring, and safe and secure electrical wiring. Where there are finance-mandated home inspections, any shortcomings may be required to be remedied to get buyer financing approval.
MECHANICAL MAINTENANCE IS A MUST
It is easy to get wrapped up in the more eye-pleasing aspects of preparing a home to sell. However, the upkeep of all the more mundane aspects of the home cannot be overlooked.
These mechanical features require consideration:
• Electrical boxes and wiring • Natural gas lines • Plumbing • Central heating and air-conditioning
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