and bath, are certainly worthwhile, but major remodeling of those rooms isn’t wise. Don’t ignore repairs that a home inspector would red-flag or a mortgage company would demand before issuing a loan to a buyer. If you’re facing major problems like a leaking roof or outdated electrical wiring, you must either address those repairs yourself or be prepared to make major concessions on pricing to the buyer so that they won’t have to bear the burden of major repairs as well as the price of the home.
STARTING WITH THE BASICS
Keep in mind that the market value of your home is determined by the prices of homes recently sold in your area. Remodeling your kitchen to outshine others might not get you more money for your home, especially if it exceeds the market value buyers are willing to pay. You could spend more money than you’d make in return. It’s possible to “over-improve” a home beyond the value of an area by putting so much money into improvements that it would be impossible to recover it. That said, every home offered for sale should meet basic expectations—a sound roof, functioning gutters and downspouts, a foundation without cracks, a functional heating and air- conditioning system, solid subflooring, and safe and secure electrical wiring. With financer-mandated home inspections, any shortcomings might have to be remedied to get the buyer’s financing approved. You don’t need to undertake extensive remodeling projects to sell your home or increase the value of your property. You do need to be sure your property is up to the standards of the neighboring homes.
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