The better your house looks, the more money you may be able to sell it for, and the faster you may be able to sell it. But how much money does it make sense to spend to improve its appearance?
In Carolyn Janik’s new book, The Monopoly® Guide to Real Estate, you’ll find easy-to-read advice on buying and selling property, paying and collecting rent, borrowing and lending money, and more. According to Janik, the relatively low-cost ways to improve your property that pay off the most are these:
• Exterior and interior painting—Can return its cost outlay tenfold. Choose neutral colors.
• Cleaning and landscaping—Cut back overgrown everything. Fill in bare spots on lawn. Remove toys, old cars, mops, etc. Curb appeal counts.
• New kitchen floor—The new laminates are relatively inexpensive.
• New wall-to-wall carpeting or refinished hardwood floors—Dirty flooring turns off buyers. Watch for sales at carpet warehouses. Choose neutral colors.
• New lighting fixtures—Make your house bright and stylish.
• New faucets—Rusted, pitted plumbing fixtures are repulsive to most buyers. Give them shiny new ones.
Also, Janik notes, “Buyers expect that certain structural elements and systems will be functioning properly. If they aren’t, prospective buyers may be scared off. Fix the problems, but don’t bang drums and toot horns about what you have done. And don’t increase the asking price to cover your costs! Advertising that certain major problems have been repaired will actually hurt your deal.”
