The key to a successful renovation to sell is only doing things that add value to your property. It’s always helpful to be prepared, and that’s especially true when you’re scraping off tiles, tearing down cabinets and creating the kitchen of your dreams, all while hiking up your home’s value. Over the years, we’ve helped many property owners sell their home fast by doing a few edits in their home. And here are things to consider when you’re renovating to sell.
Do a Thorough Home Inspection First
One of the most important steps in a real estate transaction is the home inspection. Before making any remodelling projects, dealing with potential issues in your property should be addressed before listing it.
Have a clear vision
Have a detailed plan for what you want your room to look like when it’s completed before looking for contractors. Change of mind about the design in the middle of a project can be costly. Being decisive and showing your vision to your contractor will also provide them with the right expectation and full scope of the work. It will make it easier for the contractor to give you an accurate estimate too.
Setting Your Budget
It’s always a good idea to put aside a little extra for unforeseen expenses like clean-up costs to electrical and plumbing repairs. While you can plan a budget and stick to it, things will be easier to handle and will be less stressful for you as well financially, if you’ve set a slightly heftier budget in case something unexpected comes up.
Hire a Qualified Contractor
Usually, for first-time renovation projects, home owners are compelled to call upon either the first one to give you a quote or the cheapest one. Frustration, delays, and unplanned expenses – these will be more likely what you’ll experience in failing to get someone qualified. Make sure you ask to see their recent work and check references and research online for reviews of contractors. Ask your neighbors. It is also helpful to find someone local, as they are accustomed to weather conditions in your area.
Now, here are remodeling projects that will surely reward you when it is time to sell your home.
Reduce maintenance hassles
Some quick fixes and improvements before selling that are worth the expense are repairing a broken fence, updating faulty wiring, sealing water leaks and applying a fresh coat of paint on the walls. New roofing, which would cost around $7,500 will give you 107% ROI.
Add space and open up the floor plan
There are some things you can do to make your property look like there are more livable square-footage than it actually does.
- Continuous flooring. Having different floor material in each room breaks the flow, which makes the space seem smaller. Choose one material and use that same flooring all throughout the space. Replacing your flooring with wood all throughout would cost around $4,700 and will give you back 106% ROI, according to the National Association of REALTORS®.
- Clear out clutter. Put away unnecessary things around the house, like furniture, backstock, etc. Open up the space as much as possible.
- Make the most out of your space. Consider converting the attic and/or basement into a functional space like a living area or a bedroom. A basement conversion project would cost around $46,900 and would reap a 64% ROI.
Add curb appeal
The first impression is the only impression when selling a home. Make sure the driveway is clear and exterior walls are neat. Simple tweaks like applying a fresh coat of paint onto the front door and exterior walls, trimming bushes are just some cheap and easy ways to enhance the look from the outside. Replacing a garage door would practically pay for itself – cost is around $2,100 and would have a ROI of 95%.
The kitchen will likely make or break any property listing as it’s one of the most important considerations of any home buyer. Upgrade worn-out surfaces, choose a more neutral finish, and material for your countertop and cabinets. Updating appliances into stainless ones are also a plus. On average, a complete remodel would cost around $68,300 and recover around 59% on resale.
The bathroom is another key home feature to look into. You’d probably shell out around $35,000 and will pay back 57% upon resale.
If you’re after energy efficiency, an HVAC replacement also tops the list for resale ROI – 85%, while a $2,400 spent on insulation upgrade will give you back 83%.
Not only will these projects encourage you to enjoy living in your home more right now, but also make it more desirable for potential buyers when you decide to move out someday. We hope that we helped you learn what home improvements pay off and is best for your home remodeling project. If you’re looking for new and fresh ideas for how to prepare your home for a quick sale, contact the agents at Broadpoint Properties.