If you’re trying to sell a home, chances are you’ve thought of ways to get the biggest payday possible. If this is true, then you’ve probably also given some thought to making renovations before putting it up on the market. Sometimes, adding a $30,000 renovation can add a couple hundred thousand dollars to your asking price, making it an excellent move to renovate. But a renovation can end up being a big waste of your money and your time. So how do you figure out which projects, if any, are the smart ones to move forward with before selling your home?
Fix problematic or unsightly areas
If a potential homebuyer is serious about looking at your home as a purchase, they will want far more than drive-by look-see at the place. They’ll want to go inside and check out the space for themselves, to see if it is truly a home that they can imagine themselves happily living in. Research has shown that most buyers will decide whether or not they want a house based on their first two minutes inside.
Two minutes isn’t very long to leave a good impression, is it?
If a renovation fixes glaring eyesores and other functionality/appearance problems in the home, then it is likely a wise project to put on your to-do list. Even simple modifications, like painting a room or papering the walls, can be accomplished quickly while massively improving upon the salability of the house. If that’s not enough of a reason to pick up a quick weekend project, these renovations are kind to your wallet, too.
If you’ve been living in the space for long enough, you might not even notice some obvious flaws in the look of your home. Have someone who hasn’t been over in a while visit and check it out with their fresh perspective. They might help you by pointing out issues that you’ve walked past time and time again without noticing.
Put some work into an out-of-date kitchen
Some people consider the kitchen to be the most important room in the house, and they might not be wrong. After all, the kitchen is where the food is! Even if you’re not a gourmet chef, chances are you spend a lot of time in your kitchen. How updated is this vital room in your home? If everything in the kitchen seems outdated or old-fashioned, then you might get quite a mix of reactions from potential buyers.
There are generally two reactions you’ll see most commonly with an outdated kitchen area.
Some buyers will see the kitchen as a home improvement project, one that they will have to pay for if they bought the house. Chances are they’re internally cringing at the thought of paying for a renovation of any size right after buying a new home.
Others will immediately walk away from the house, completely disinterested. Most people don’t want to move into a place that requires fixing-up to meet their standards. They want a place that’s ready to move into, and it is essential that the kitchen be at least moderately up-to-date for almost any buyer.
Fix any problems in your flooring
You probably don’t give too much thought to the floor, even though you’re standing right on top of it. But for someone looking at the house for the first time, any problems with the floor could be a breaking point, as they likely don’t want to burden themselves with the cost of repairing or replacing flooring. Stained carpeting or bubbling laminate flooring could greatly reduce the ability of your home to sell, and new hardwood flooring can easily up your asking price.
Do some local research
Chances are, any renovation that adds appearance or function to a home will likely up its sale value. However, you have to remember that the home is part of the neighborhood, and you need to know how the home you’re selling stacks up in comparison to others in the area. What do some of the other homes in your area have that yours does not? Look into your local housing market. What are the qualities of the fastest-selling houses? What specifics are homebuyers looking for in a new house?
You need to think of how a renovation will add value in the eyes of the buyer before you decide to proceed with certain projects.
Know when DIY isn’t good enough
Depending on the project and your skill, some renovations can be done on your own. This, of course, saves you money as you don’t have to hire someone. But sometimes, a professional is truly necessary. There’s no shame in calling in someone who can help make your home everything you want it to be before it hits the market. Making mistakes on your own while trying to tackle a DIY project can severely hinder your ability to sell the house.
There are three essential factors to consider when deciding whether you really need to call in a professional.
1). Any renovations made need to be up to code and pass inspection. If they aren’t, the value of your home cannot increase.
2). Homes have to be inspected before closing. If you make any mistakes in the wiring or plumbing of your home, the inspector will likely point them out. And that might make your buyer change their mind.
3). Power tools can do more harm than good when in inexperienced hands. If you’re not entirely, absolutely sure of what you’re doing with power tools, it is best to call in the pros.
Even if you plan on doing some DIY work on the home, call in a professional anyway. They’ll often conduct free estimates or point out issues that you might have been unaware of. And there’s no such thing as too much information when it comes to trying to sell your home!