According to a recent study by John Burns Research and Consulting, 99% of real estate agents say they have seen homes listed for sale that need repairs or updates. Whether you're a homeowner looking to improve your living space or a seller looking to increase the value of your home, you may want to try DIY renovations.
Yahoo Finance contributor Ross Mac provides valuable insight for homeowners embarking on renovation projects, including tips for maximizing impact while minimizing costs.
For more expert insights and the latest market trends, click here to watch the full episode of Wealth.
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video transcript
According to John Burns Real Estate Consulting, new research has found that 99% of current and anticipated resale properties require some type of repair. So, if you are planning to sell your home, is it worth doing some work in advance? Do you want to put it on the market?Here are tips from Yahoo Financial Contributor Ross Mack to help you get the best return on your DIY and renovation investments. got it. So what do homeowners tackling these projects need to protect? Well, over half of Americans would rather renovate their home and actually buy a new place, right? Of course, right? We call it less than 3% on a mortgage if you're locked in, but do you really want to get more than 7% on your mortgage? Right. And I think when you're thinking about renovating your home, you need to ask yourself the following questions: Am I trying to sell it? And if so, how can I get the highest profit? Because when you think about it, you think, oh, I might have to redo the kitchen or the bathroom. Maybe you need to finish that basement. You know, those are things that make you feel good, but they might not actually increase the value, right? I think it's really important to actually research the land when it comes to that. Search, go to Zillow and really see what other similar homes in the neighborhood are selling for, are the bathrooms actually finished, do the kitchens have the latest appliances? Let's actually understand. , etc. But one thing I learned while researching the show is that when all is said and done, there is shock value. So really, it's the look of the that gives you the most bang for your buck. Next to the house is the interior. And when we're talking about the exterior, we're talking about garage doors. I'm talking about the front door. You're probably talking about stone veneer for siding, right? And then you can go to the kitchen. But I think it's important to understand from an aesthetic standpoint that when it's all said and done, shock value is what gives you the biggest initial benefit. garage door. Kitchen Walkout is on My Him Pinterest Board now, Ross. So that's what I keep in mind as the owner of that home, Ross. thanks so much. Please be grateful. thank you.