If you’re thinking about selling your home in Lakewood or Long Beach, you’ll need a free comparative market analysis, or CMA. Typically, a Realtor® provides you with a CMA after evaluating your home’s features (including its size, location, and add-ons or upgrades) and comparing them to other, similar homes in the same area.
The comparative market analysis lets you know how to price your home when you put it on the market.
But what if it’s lower than you thought it was? Can you bump that number up, and if you can, what will it take?
The short answer: There’s no one-size-fits-all solution when it comes to improving a home’s value. You’ll need to talk to your Lakewood Realtor and rely on his or her experience and expertise to figure out what’s going to work best for your home… and your sale.
Should You Make Major Renovations Before You Sell Your Home in Lakewood?
Making major renovations just to sell a home can be a big mistake. Repairs, though, are another story. If your home needs a new roof, your Realtor may suggest that you replace it before you put your house up for sale; likewise, major electrical issues, plumbing problems, or even cosmetic repairs can make a huge difference in whether you’re even able to sell your home.
Most home improvements don’t pay off at the closing table. You could end up spending tens of thousands of dollars on an improvement that you feel should increase your home’s value—but all that matters is whether buyers see it that way.
What the Pros Say About Home Improvements
According to HGTV, most home improvements don’t boost your house’s value that much; typically, you should save your home improvement budget for your new home so you can enjoy the benefits you’re creating.
The average return rates for common home improvements generally look like this:
Minor bathroom remodel: 102%
Minor kitchen remodel: 98%
Exterior improvements: 95.5%
Major bathroom remodel: 93.2%
Major kitchen remodel: 91%
Deck, patio, or porch addition: 90.3%
Replacement windows: 89.6%
Bonus room updates: 72.8%
Living room updates (décor): 66%
Bedroom updates: 52%
Remember, though, that even if an improvement like a minor kitchen remodel doesn’t pay off in dollars at the closing table, it could be worth its weight in gold when it comes to helping you sell your home more quickly (and closer to your original asking price).
Are You Planning to Update Your Home Before You Put it on the Lakewood Real Estate Market?
Whether you’re thinking about making a few updates here and there or you’re considering a major remodeling project, the key is to talk to your Realtor before you whip out your checkbook. Your Realtor will gauge the market based on what’s sold recently (and what hasn’t sold) to figure out where your money will be best spent… or whether you should keep it in your bank account and let the new owners undertake the upgrades.
Let’s Talk About Selling Your Home in Lakewood, CA
When you’re ready to find out how much your home is worth, call our Lakewood seller’s agents at 562-882-1581 for your free comparative market analysis. We’d also love the opportunity to discuss how we can put your home in front of all the right buyers to help you sell it quickly—and at the right price.