Renovation Tips to Boost Resale Value
Are you considering selling your house in the next year? Typically there is a bit of remodeling or staging that happens when putting your house on the market. Before you tear your whole place apart, make sure you are investing in the upgrades that will give you the best return.
There’s no surprise that the first item on our list is the most frequently used room, the kitchen. Since the kitchen is used so often and is a gathering area in your house, it makes it your number one renovation priority. Up-to-date kitchens help entice buyers, therefore money you spend updating your kitchen can usually be expected to find it’s way back into your wallet. According to Remodeling Magazine’s 2011-2012 Cost vs Value Report, midrange minor kitchen remodels – new countertops, appliances, cabinet fronts, and hardware – have an average national cost just shy of $20,000 and get 72% return on investment. Though aesthetics are important, the driving remodeling force is functionality. Before you start, do some research and set a budget that reflects your main priorities for the new space.
2) Low cost improvement projects
Renovations don’t always have to be huge undertakings. Think small. Even small, inexpensive home improvement projects can change the face of your home and make a big impact. Things like a coat of paint, improving the landscape in your front yard, updating house numbers, and replacing light fixtures make a difference and help your home make the best possible first impression.
3) Follow local trends
Keep your eye on what’s working for others. Market trends can provide clues as to whether buyers will respond to a remodeling effort you’re pondering. Currently trending are open floor plans and modern bathrooms.
4) Stay Neutral
When you’re trying to sell your home, you want to appeal to the largest number of potential buyers that you can. Hold off on painting the living room a bold color, no matter how much you might love that shade of pink. Instead, go with gray tones. Not only do neutral colors help buyers visualize themselves permanently living in a home, but subdued tones are also easier to paint over.
5) Don’t go overboard
Renovation costs can quickly add up, we all know that. Don’t get caught in the home improvement trap of shelling out remodeling dollars you won’t make back upon resale. To be sure you’re spending wisely, ask a real estate professional for advice on whether or not to pursue a particular renovation you may be considering.
6) Know your limitations
Often the question that comes up when considering renovations are to DIY or not. Although it is cheaper to do it yourself, know your limitations and avoid having to pay a contractor to fix your mistakes. If you’re not 100% sure you can handle a project, find someone to help you. Doing so is likely to save you time, money, and frustration in the long run.
We are happy to give you our input from our experience of what is most meaning to buyers and hope this information is helpful to you!