Welcome to another edition of Mark's Market Update!
We are meeting with more and more sellers who are asking about preparation for sale. We know that the market recognizes homes that are prepared for sale, priced right, and marketed to the highest level possible. When evaluating preparation for sale, and what projects to complete prior to listing, it is important to know that every project has a different return on investment. Reviewing Home Remodeling Magazine Cost vs. Value 2020 there are a couple interesting things to highlight when focusing on the Midwest
Minor kitchen remodels will get you the best return on investment of any project.This includes updated flooring and appliances. There is about a 74% return on investment! High end updated kitchen remodel there is only about a 49.5% return on investment.
Minor bathroom updates and remodels net about a 53% return on investment. High end upscale Bathroom remodels net lower at 46% return on investment.
Vinyl Siding gives a better return on investment, when comparing to Fiber Cement siding
Vinyl window replacement has the higher ROI than wood. Wood window replacement is higher end, but will need more maintenance throughout the years.
See below for posting of all estimated returns. We are always thrilled to answer any questions, or provide free advice about return on investment. Note: although there may not be a direct high ROI, the project in most cases will have the impact of Increased Saleability, and a wider buyer pool. As such, in today's market (where there is a shortage of inventory), the ROI may be even greater with these projects. Make sure to consult a real estate professional prior to potentially "throwing bad money at the home"
If you have any questions about buying, selling, or investing, don't hesitate to call, email, or text!
Estimated Home Valuation: www.stlouishomevalues.org
Skip the hassles of doing any projects and selling instantly: Stl Rocket Listing https://www.thegellmanteam.com/stlrocketlisting2.php