Are you planning on selling your home? If so, there can be a lot to think about before you make the official decision. Ultimately, you want your home to sell for a higher price than you originally purchased it for. Yes, the overall size of your home matters, but there are cosmetic factors that can also affect the value. Most homebuyers can agree that they want an open floor plan and a large kitchen. Renovated spaces such as a bathroom and kitchen can make your home sell for a higher price. Although, the work that it requires to renovate can be a bit daunting. Determining whether to renovate your home is a big decision so keep reading with answers to some of your questions.
Consider what needs to be fixed
When looking around at your home, you may or may not notice some things that need to be fixed. The truth is, the buyer probably will, too – unless you fix it. Buyers will often look for homes that require few repairs. A little prevention can keep you from losing a valuable buyer during the selling
process. There are some home repairs that are critical and others that are not so critical. The kitchen, bathroom, and exterior typically have the most mechanical systems, which leave greater room for damage. Check that your kitchen appliances, sinks, shower, and garage door are all working properly. A little do-it-yourself maintenance here and there can prove itself worthy once you are going through the selling process. Are there some things that need a little bit of fixing? If so, consider what you can do to fix them prior to the home inspection.
Focus on the highest return on investment
Particular renovations are valued higher than others. ROI, or return on investment, is calculated by dividing the profit earned on an investment by the cost of the investment. Typically, in business and real estate, you want projects to yield a high ROI. Minor kitchen remodels can result in a high return on investment. Because people value their kitchens so much, even a couple of small remodeling projects can benefit you. Think about this; the kitchen is the main focal point within a house. You entertain and cook using your kitchen. Buyers are usually aware of the kitchen and what they want out of it. If you are asking yourself, “should I remodel my kitchen before selling?” The answer is yes. Another home improvement that will give you a good return on investment is a garage door and entry door replacement.
According to Remodeling Magazine’s Cost vs. Value
report in 2022, replacing a garage door resulted in 93.3% of the cost recouped. Other items in the home, like a new window or roof, can also result in a buyer being very pleased with their purchase and more willing to buy at the price you’d like. Since remodeling can make your home feel disorganized and a little chaotic at times, you want it to all be worth it. Knowing you are making a strong financial decision will make it a lot easier to make the call!
What does not need fixing?
As important as it is to know what yields a high ROI, it is also important to know what not to fix when selling a house. A closet upgrade or major bathroom remodel are two fixes that may not always give you the return you are looking for. Again, this can vary from house to house, but typically people are the least interested in a new closet or a completely new bathroom. If you have a decently nice bathroom, you can potentially replace a couple of features to make it look new instead of tearing it all out. Think wisely and do your research before you decide to renovate your home. Each room can be very different in the buyer’s eyes.
An energy-efficient home attracts buyers
Making your home more energy efficient can be done in a number of ways. You can add insulation to your home or replace old appliances with new ones. If you can prove to a seller that their energy bill will be low, it could get them to value your home more. Consider printing out your recent utility bill or leaving the energy star tag on your appliances. Buyers are looking for ways to save monthly, especially if they are first-time home buyers who are taking out a mortgage.
Consider the curb appeal of your home
When someone is searching for renovated homes for sale, they will typically look at a picture of your home on the street. Just like a first impression when you meet someone, they will most likely have their first impression of your house by the way it looks on the outside. Are the bushes trimmed nicely? Does the house have a nice coat of paint? Is there rust anywhere? All of these items are things that can immediately stand out to the buyer when they see a picture of your house. In order to improve the curb appeal of your home, you do not have to make huge renovations. Sometimes, all it takes is a trip to your local home improvement retailer.
Do what makes you happy
It seems like everyone has their opinion on what you should do with your home. At the end of the day, the decision is yours. Whether you make a huge renovation or a couple of small ones, you can still be happy about the final sale of your home. Completely renovating your house can sometimes be tricky for sellers, especially if you have a busy life. Obviously, you want to sell your home for a high price, but you should not do it at the expense of your own mental health. Do what makes you happy, and you will still find a perfect buyer.
If you are ready to put your home on the market, Jess Williams
is a qualified agent who can help! Jess and his team want to get you the best sale regardless of your renovations. Reach out to Jess when you’re ready for next steps!