Realtor Redux: Long-time rental property gets ready for market
At the Redux Realtors our aim is to help our clients make strategic improvements to their homes so they can reap the highest return on their investment once the home hits the market.
With our most recent project, a home with an out-of-state owner that’s been a rental property for the past 15 years, we’ve identified several “strategic” improvements that are necessary and a few of them may be costly.
The biggest item on our list is a new roof. The new roof will cost several thousand dollars, but will also provide a major appearance upgrade. In addition newer roofing technologies such as tiles designed to reflect solar heat can help lower utility costs. A new roof can increase a home’s resale value by as much as $12,000, according to some estimates.
The other item on our list that will be sure to cause a transformation is all the landscaping work we plan to do. The house is currently hidden by overgrown hedges, which may be a deterrent for some buyers. By trimming the landscape, we can better frame the house and make it more inviting to prospective homebuyers. Investments in landscaping can return as much as 20%, according to some estimates.
The outdoor areas are not the only part of this property that will need some TLC, but the interior improvements will have to be made with a conservative budget since such a large chunk of our budget will go toward the new roof. We also plan to refinish the original wood floors, add a new layer of interior paint, install new kitchen cabinet hardware and bring in a professional cleaner. To complete the look and accentuate the home’s many wonderful features, we also plan to stage the home using pieces from our own collection.
Overall, we anticipate this project will require an investment of about $25,000 from the home seller. All together, we expect work to last about three weeks to a month. As-is, the current tenant has offered $525,000 to purchase the house. With our Redux Realtor improvements, we hope to sell north of $625,000.
We look forward to updating everyone once the house is complete.