Home renovations tips to sell your home more quickly
When first placing your home on the market, you could notice an influx of visitors traveling in and out without making any serious offers upfront. If your house has been up for quite some time, this lack of offers could be pointing in the direction of a much-needed renovation. Sometimes, in order to sell a home at a sufficient rate, specific improvements need to take place for buyers to really see its value.
Even with the smallest of budgets, certain renovations really go a long way. Start by considering the basic value of your property. Buyers will know exactly what they are looking for and how much they’re willing to spend based on the attributes your home has. In order to walk away with a good return, as well as a happy new homeowner, let’s look at the ways to measure out spending!
Renovation tips to sell your home
Ask an expert
Getting in touch with an expert in the area of renovating to sell is always a great idea. A specialist in this field will be able to tell you exactly what you need to do as well as the estimated budget required to carry out the project. The benefits should be self-explanatory, as it’ll allow you to know approximately how much things cost upfront. Many may have no idea how much a specific project costs, and thus, an expert will offer a starting point. Of course, the main goal here is to improve your home’s resale value rather than give it a complete makeover.
Know which renovations offer the most profit
Before getting started, bear in mind that some home renovation projects are more profitable than others. We can narrow these down to the most commonly used rooms of the home: the kitchen and the bathroom. Potential buyers will be looking for flaws in these spaces, as they are the most scrutinized rooms of the home. Thus, pay special attention to any looming renovations in these spaces.
When it comes to cosmetic fixes, paint is a foolproof way to add value to the home without spending a fortune. Not only this, but when it comes to selling, painting the interior rooms of the home is often an obligation. This is because it’s likely been painted to suit your personal taste and of course, you can’t expect potential buyers to share them. The colours of your walls can impact the emotions of your buyers, so make sure to opt for neutral tones in place of bright ones.
It’s important to mention that depending on the improvements you choose, the percentage of money invested which returns to you will vary. As mentioned above, these are the most profitable renovation projects:
Bathroom: 75 to 100%
Kitchen: 75 to 100%
Interior and exterior paint: 75 to 100%
Next in line are projects with an average return on investment:
Roof renovation: 50 to 80%
Furnace or heating system replacement: 50 to 80%
Finishing the basement: 50 to 75%
Adding a family room: 50 to 75%
Installing a fireplace: 50 to 75%
Installing hardwood floors: 50 to 75%
Garage addition: 50 to 75%
Door and window replacement: 50 to 75%
Deck addition: 50 to 75%
Central air conditioning: 25 to 75%
Finally, let’s consider renovation projects that may not be worth it when it comes to their return. As they offer the lowest ROI:
Landscaping: 25 to 50%
Concrete or asphalt paving: 25 to 50%
Fence: 25 to 50%
Pool: 10 to 40%
Now, that you have a better idea of the renovations to focus on, let’s look at three rules to follow in order to increase your chances of selling.
First, it’s important to only spend time and money on things that will ultimately improve your chances of selling your home. Second, your prospective buyers will want to know how and if your home is structurally sound. No matter the decor or interior appeal, the most important thing to a prospective buyer will be a structure that’s in good shape. Finally, make sure your home is clean, well taken care of and with relatively neutral surfaces. Working from a starting point of neutral surfaces will allow you to attract a wider set of potential buyers.
A last consideration is to investigate the potential of home staging. This can be an asset as well as an alternative to renovation that allows for an improvement of interior appearance for potential buyers. Some interior designers specialize in home staging, so if you’re interested, do plenty of research regarding rates and services.