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Maximizing my property's worth

I am getting ready to sell a ranch house in a great part of Charlotte , was build in 1980 so it needs a new kitchen and flooring , however , since it doesn't have a garage , I am not sure , the value would raise proportionally . 

Is it worth it ?
  • January 12 2010 - Charlotte
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Answers (6)

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I don't think you should over do it in this market.  I would suggest you just paint the cabinets and change the hardware... to give them an updated look.  If you can just change the formica to a nice looking one... they have some good looking ones now.  Try not to spend more than $1000.  Hopefully $700.  
  • January 13 2010
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Painting (sanding, priming, painting a good neutral color) cabinets and replacing the hardware can work miracles in a kitchen and/or bath.  And costs more in 'sweat equity' than it does in supplies.  Flooring is critical.  If the carpet is in bad shape or is a loud color, look into the cost of replacing it.  Not necessarily with top of the line carpet (it has a lot to do with your expected selling price, expected profit, and neighborhood norm).  If the carpet is neutral and in reasonably good shape clean it before you make any decision. 

Really, really the best idea is to get someone who knows your market (an RE agent who knows about presentation marketing or a stager with a good track record) to visit your house.  As a rule of thumb, I tell clients to improve the kitchen and clean the floors.  But recently, when I saw a property, I told the client to clean the kitchen and replace the mis-matched, patterned carpets with laminate wood floors.  It depends on the house. 

All of our suggestions are abstract.  To protect your investment, you need concrete advice.
  • January 14 2010
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Profile picture for Meisela
Thank you "Savvy " , I would think of it , maybe then just paint nicely the cabinets and have new hardware , but how about the hardwood floor in the kitchen/ dinning area ? and how about new carpet ( barber ? )
  • January 13 2010
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Listen to Nancy Lee's advice. Spending $20K to gross another $15K does not make sense. Also be careful of over improving any property. The most recent comparable sold homes in your immediate area will have a greater influence on what you can expect to sell for and over improving could make it impossible to recover the costs. You should also consider the amount of time it will take to do any extensive work as lost time on the market.
  • January 13 2010
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It is unlikely you will recover the cost of renovations.  It is likely, without some level of renovation, your house will sell quickly or at an acceptable price.  'Fixer' just does not move as quickly as 'turnkey' moves these days.  As I suggested on your other thread, talk to a local agent and/or stager about the best ways to improve the presentation marketing of your house.
  • January 13 2010
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Hello ~

Kitchens and master baths are usually a safe investment since those are the rooms that bring the most return on the sale of the home.  Neutrals are always good for selling and updating does increase eyes to the property and possibly more traffic from buyers, but then again it all depends on the buyer profile looking in your particualr neighborhood.  

I would suggest definitely having an agent come visit your home there in Charlotte since they would be most knowledgeable to what they are seeing from buyers as to what they are looking for in a home and for your area in particular.  They could forward you some comparables of recent solds and ones currently active on market so you can see what your competition is and pretty much see if it is even necessary.  

Please let me know if you'd like me to forward one of my contacts there in Charlotte who is a top realtor.  Best of luck to you!  Happy new decade!

~Farrah
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  • January 12 2010
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