Are You Renovating to Sell?
Renovating a home can be costly and cumbersome. So what’s the point of renovating your home if you’re only planning to move out soon after? Market appeal, of course. In many cases, you can increase the value of your home greatly by making some minor renovations — but even if the value isn’t increased, the home itself might be easier to sell.
In the world of reselling, though, different renovations can have vastly different effects. The question is, what are the home improvement projects that will give you the most bang for your buck when it comes to reselling?
Minor Bathroom Remodel
Totally gutting and rebuilding your bathroom might come with a price tag that is hard to recover during a sale — but a minor bathroom remodel often pays off. Replacing your tub, tiles, toilet, and/or sink fixtures (along with a fresh coat of paint) will run you around $10,000 according to national averages, but will often add the same value (or more) to your home. As long as your plumbing is in good working condition, there is no need to start from scratch.
Landscaping and Exterior Improvements
When it comes to selling a home, first impressions matter. The exterior of your home is the first thing that people see — and it dictates their initial estimate of a home’s value and overall appeal. Many homeowners take advantage by investing in the home’s exterior. Landscaping, painting, new siding, and other exterior renovations can have a relatively low cost compared to other projects — but they have a high payoff in terms of attracting buyers and ultimately closing the deal.
Minor Kitchen Remodel
The kitchen is the one room in most homes that gets consistent use, and the vast majority of buyers pay special attention to the condition, appearance and layout of the kitchen. Old countertops and obsolete appliances can be a huge turnoff for buyers, and can diminish the appeal of your property considerably. On the other hand, popular features (e.g. stainless steel appliances or quartz countertops) can add value and interest to your home. You don’t need to buy restaurant quality appliances to reap the benefits of a kitchen remodel. What’s important is that the space looks new and inviting.
Finished Attic or Basement
Size matters when it comes to real estate — and having more square footage in your home will almost certainly increase value. One of the easiest ways to add living space to your home is to finish an existing attic or basement. The cost of the project can vary drastically depending on the current condition of your unfinished space, but whether you’re adding a third bedroom in your attic or a family room in the basement, the added space has the potential to pay off when your home hits the market.
Hiring the Right Contractor
Whether you’re renovating to sell or to stay, it’s equally important to hire a trusted and reliable home renovation contractor who has experience in doing the type of work you need. Ask around with friends and neighbors for recommendations, and always make sure to get a clear quote and written guarantee for your project. If you’re going to go through the hassle of remodeling, you want to make sure that the work is completed to a high professional standard — and at a fair rate.