A recent survey by John Burns Research and Consulting revealed that 99% of real estate agents say they have seen homes for sale that need repairs or updates. Whether you’re a homeowner looking to enhance your living space or a seller aiming to boost your home’s value, tackling DIY renovations may be necessary.
Yahoo Finance contributor Ross Mac offers valuable insights for homeowners embarking on renovation projects, including tips on maximizing impact while minimizing costs.
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This post was written by Angel Smith
Video Transcript
A new survey finds 99% of current and expected resale listings are in need of some sort of repair that’s according to John Burns real estate consulting.So if you are trying to sell your home, is it worth it for you to do some work before putting it on the market?Yahoo, finance contributor, Ross Mack is here with some tips to get the best return on your diy or your renovation investment here.All right.So what do the homeowners out there that are undergoing these projects need to keep in mind?Well, one, I think everyone has to understand.Right, more than half of Americans would much rather renovate their home and actually try to buy a new place, right?It makes sense, right?If you’re locked in and call it sub 3% for your mortgage, do you really want to go out there and get over 7% on a mortgage?Right.And I, I think when you’re thinking about renovating your home, you need to ask yourself, am I trying to sell it?And if that’s the case, how do I get the biggest bang for my buck?Because when you think about it.You’re gonna be like, oh maybe I need to redo my kitchen, my bathrooms, maybe I need to finish that basement.You know, those are the things that for you are gonna make you feel better, but it might not actually add to the value right?When it comes to, I think it’s very important to actually survey the land and maybe go on Zillow and actually look at what some of the other comparable homes in your neighborhood are selling for to actually get a sense of does they, do they have finished bathrooms?Do they have, you know, updated appliances in the kitchen, et cetera?But one of the things that I learned in doing the research of the show is that when it’s all said and done, there’s a shock value.So what actually would give you the biggest bang for your buck is the exterior of the house followed by then the interior.And so when we’re talking about the exterior, we’re talking about that garage door, we’re talking about that entry door, maybe stone veneers on the sidings, right?And then that then you can get to the kitchen.But when it’s all said and done, I think it’s important to understand from an aesthetic standpoint that shock value is what’s gonna give you the first biggest bang for your buck.A garage door.Kitchen walkout is on my Pinterest board right now, Ross.So that’s something that I’m keeping in mind for what I do own that house, Ross.Thanks so much.Appreciate it my man.Thank you.
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