While the Middle TN area was not hit as hard as some, 2008 was still tough on Nashville home sellers. While industry experts project the residential real estate market should start rebounding appreciably in 2010, there is still a price war out there in the Nashville real estate market. If you currently have your TN home for sale or are thinking of selling your home it better be well coifed and in sparkling condition or other offerings will outshine it. However, remodeling decisions are particularly tough to make, especially if you’re remodeling to get your home sold. If you don’t update, your home may not attract buyers. If you do update, you may not be able to recoup what you spend.
I came across an article on FrontDoor.com titled Top 10 Home Updates That Pay You Back that I thought nicely addressed the aforementioned dilemma. I’ve paraphrased the article below and added some additional information as well.
Top 10 Home Updates
These projects will bring the biggest return on investment if you sell your home
By Dona DeZube, FrontDoor.com
The secret to successful remodeling is to keep up with the Jones’ — but never surpass them. Whether you want to make more money than you spend, or just recoup your remodeling expenses if you sell your Nashville, Brentwood or Franklin, TN home know what’s standard in the neighborhood.
Does everyone have laminate kitchen countertops? Splurge on granite and you’ll be the envy of your friends, but you won’t get your money back at resale. Is your home in a high-end neighborhood? Laminate countertops will save you money, but if you have to sell, high-end buyers will discount their offer because your kitchen isn’t what they expect or simply not buy your home at all.
Before you pick up a hammer, allow me to walk through your home with you and I will advise you on what we need to do to maximize its selling price. This is part of my job as a local real estate expert! I will advise you for free and with no obligation.
“The homes that sell in a buyer’s market have four things in common: an in-demand location, the right price, a perfectly maintained exterior and updated kitchens and baths,” says Susan Huerta, a Realtor with Long & Foster Real Estate, Clarksville, Md.
To get the biggest bang for your remodeling buck, try one of these 10 projects, which have the highest payoffs, according to Remodeling Magazine’s 2009 Cost vs. Value Report (CVR):
