Best Ways to Boost Your Home Value in St. Augustine
Are you thinking about selling your house? It might be the perfect time. There are buyers, and lots of them, who are ready and able to pay the price in today's marketplace.
But there’s a catch. (Isn’t there always?) They want a home that’s move-in ready – they don’t want to spend extra money on top of the purchase price for paint or new appliances. Some buyers, looking for homes in a vacation-heavy destination like St. Augustine, are only interested in turn-key properties. And no one, outside of flippers, is interested in buying a fixer-upper.
Why Aren’t Buyers Interested in Fixer-Uppers?
It makes sense when you think about it. They’re having to pay a lot of money for a house in today’s market. The entry prices for certain zip codes in our area are approaching mid six figures ($420,000 for a single-family home in 32082 as of June 2024) and many homes are in the high six figures or climbing into the multi-million dollar range.
This leads to two types of buyers.
The first are the group who can afford the down payment and monthly mortgage, but will not have a lot of spare cash to comfortably afford upgrades after they move in. On the other end are buyers who are not interested in extra work after they spend top dollar on a new home.
So, if your home is outdated or needs some TLC, buyers might offer a lower price than what you’re hoping for or skip your property altogether.
Middle Age Homes Are Ready for a Facelift
There are a lot of homes that need upgrades right now. Millions are entering their prime remodel years, as defined by homes between 20 and 39 years old. Check out this graph from John Burns Research and Consulting (JBRC) for the hard data.
If your house falls into this category, it’s important to consider making selective updates to help it appeal to buyers, so it sells fast.
New appliances, a new deck, new flooring, a new water heater, a new kitchen counter, a bathroom renovation, or the addition of solar panels all sound like great ideas, but how do you know which projects are the right investment?
Ask a Local Expert
By working with a local real estate agent to be strategic about the improvements you make, you’ll be sure you’re making a smart investment.
Those new marble countertops in the kitchen look great, but will you see a direct impact on ROI? The reality is no, and you might even lose money on an upgrade like that.
St. Augustine-based agents will know exactly what buyers are looking for. Why? Well, we go on a lot of private showings and talk to buyers every day. Second, we live in this community, and have bought houses here, so we can speak from our own personal experience. We’ll fill you in on which changes will make your house more attractive and valuable.
Still not convinced? Here’s a little story that just happened to us – and led to a record-breaking sale.
We had a client who had a spectacular property, but all of their equity was tied up in the house. It needed some cosmetic work, so we took care of the deep cleaning, pressure washing, painting, and landscaping. (Note: this unique investment on our part was due to a variety of factors and does not reflect the majority of properties we list.) These seemingly small upgrades made all the difference and the house sold for a record-breaking figure in the area.
Image Courtesy of Ricky Singh/ Unsplash
You can get creative when thinking about upgrades. For example, you don’t need to run out and buy a new water heater if your current one is less than ten years old. Every home is unique and a couple hundred bucks spent on fresh flower beds could lead to thousands of dollars in return. Take advantage of our local knowledge and we’ll help you weigh the cost and benefit of various upgrades before listing your property.
The bottom line is selling a house in St. Augustine right now requires more than just putting up a For Sale sign. You need to make sure it’s in good condition to attract buyers who are willing to pay today’s high prices.
