There are several reasons why you would want to remodel your home. One of the better ones is to make sure that you live in a functional house that will provide you and your family with a high-quality home. The other reason, if you are in the market as a seller, is to attract better offers from buyers. New homeowners looking to set up roots are more likely to match your asking price and make an offer faster for a home that seems well maintained.
Should You Renovate Your Home for the New Homeowners?
Truth be told, there is a very fine line between renovating your home for the new homeowners because you want to get a better offer faster and overdoing it. Yes, better-maintained homes fetch better prices but the fact of the matter is, there are some renovations that will never justify the price. For example, if you are considering a $75,000 kitchen remodel just so you can turn around and sell the house next week, there is a very good chance that it will not add $75,000 to the offers you receive. That kind of investment only pays off if you intend to spend another decade or so living and enjoying that house.
Should you remodel your house for the new homeowners? Absolutely, you can. And there are certainly advantages to doing so, but you need to be smart about the kind of remodels or renovations you make. Here are some tips on renovating your house before putting it up for sale.
Renovation Tips Before Selling
1. Make Renovations That Pay Off
According to a “Cost vs. Value Report” by Remodeling Magazine in 2013, there are certain renovations that add instant value to the home. These values can be felt in the sale price as well. These remodels include:
- Entry door replacements (you can recoup about 86% of total cost).
- Siding replacements (you can recoup about 79% of total cost).
- Deck addition (you can recoup about 77% of total cost).
By focusing on such minor renovations, you will not only make your home more desirable in the eyes of the new homeowners, but you can instantly add more value to the final sale price thus redeeming a huge chunk of the total cost of renovations.
2. Focus on Bathroom and Kitchen Remodels
There are two main areas in any home that the dwellers tend to spend most of their time: the kitchen and the bathroom. Many realtors will tell you that you need to focus on making these two areas as attractive and as functional as possible. If you are going to spend money on renovations, try to focus mostly on these two areas. While you are probably only going to recoup about 75% of your total costs from the minor kitchen and bathroom renovations, it really isn’t about the price as much as it is the “attraction” factor. When the kitchen and the bathroom look topnotch, most home buyers will be comfortable with making an offer and working on the rest of the house once they’ve moved in.
3. Upgrade the Hardware and Fixtures
It’s been a long-standing open secret that including a viable home warranty plan in the sale is generally a good idea to help sell the house faster. When it comes to selling, homes warranties can be lifesaving for both the seller as well as the buyer. As the seller, you need to seriously consider upgrading the hardware and fixtures in your home not only to save on power but to also get better warranties, better appliances, and overall, a safer home. Buyers are going to get worried if they think they will have to redo the wiring and invest a significant amount of money for new HVAC systems or microwaves. Put their minds at ease by upgrading the hardware and fixtures in your home as part of your renovation efforts.
4. A Fresh Coat of Paint Will Work Wonders
It might sound a little simplistic but a fresh coat of paint will make your house “pop”. Try not to use too many deep shades that will make it look dark and gloomy. The most effective kinds of paint hues are cheerful and bright colors that tend to reflect a lot of light. These are particularly effective when used in smaller rooms such as guest rooms that need to appear a bit larger and roomier than they actually are in real life. A carefully selected and expert-approved paint job will make your house look much more welcoming to the right buyer.
5. Go With What the Market Wants
This is one mistake that almost every seller makes when looking to renovate their home for the new homeowners: they consider their own taste as opposed to what the market wants. You don’t have to hold a county-wide survey to get an inkling of what people “just love” right now. All you have to do is correct certain styles that might be a turn off to your target market. It is during such times that you should listen to your realtor. If he/she tells you that the market is over that 90s look, don’t insist on it, no matter how much you love it.
These important tips will help you sell your home faster and for a better price. What are your tried-and-true tips for home renovation?