Are you getting ready to sell your home? If so, you may wonder what renovations will give you the biggest bang for your buck. This article will discuss some of the best renovations to do before selling your home. Keep in mind that not all of these renovations will apply to every home, so be sure to tailor them to fit your specific needs!
One of the best things you can do to increase the value of your home is to update the kitchen. This may include anything from painting the cabinets to installing new countertops or appliances. If your budget allows, a complete kitchen gut and remodel will certainly give you the highest return on investment. TheMLSonline has some great articles about home renovations, so check out their website today to get some ideas and inspiration for your space!
Another great way to add value to your home is by updating the bathrooms. This could be as simple as replacing fixtures and faucets or adding a fresh coat of paint. It could also be a mid-range bath remodel where you switch out flooring, fixtures, and maybe the toilet and vanity. If you have the budget for it, you could also do a complete bathroom renovation, including adding new tile, vanities, and lighting.
Painting is always a good option if your home needs some cosmetic updates. You could paint your home’s interior and/or exterior, depending on what needs to be done. This relatively inexpensive way to freshen up your home and make it more appealing to potential buyers.
Another cost-effective way to update your home is by decluttering and staging it for showings. This means removing personal items, such as family photos, and ensuring the space is clean and organized. You may also want to consider hiring a professional stager to help maximize your home’s appeal.
If you have dirty, worn-down carpets or floors, replacing those in some or all of the rooms in your house might be a good idea. If you have nice hardwood floors that are just a little faded, polish them up to give your home a fresh feel. New flooring will give your home an updated look and feel and make it more comfortable for potential buyers. Browse some flooring stores in your area to get a feel for pricing and material options.
Make Your Home Fragrance-Free
If you are a smoker or have pets, make sure your house doesn’t smell before you list it. Olfactory is one of our strongest senses, and a smelly house is a massive turn-off to potential buyers who tour your home.
If you have a front or backyard, some simple landscaping might be a good idea to try to increase home value. This could include things like planting flowers, trimming hedges, and mowing the lawn. A well-landscaped yard will make your home more inviting and add curb appeal. When potential buyers pull up, you want them to be able to picture themselves living there immediately.
Don’t Forget the Details
Finally, don’t forget about small details that can significantly increase your overall home value. This could include everything from power washing your home’s exterior and cleaning out gutters and downspouts to switching out old lighting fixtures and giving the front door a fresh coat of paint. These are more DIY projects, which can save you lots of money. Paying attention to the little things will go a long way in making your house look its best!
What Should My Home Renovation Budget Be?
As you can see, there are many different things and multiple projects you can do to increase the value of your home. The key is prioritizing the renovations that will give you the biggest return on investment and being mindful of your budget. Many buyers look for updates and expect to move into a home with some renovations. The whole house doesn’t have to look like it’s out of a remodeling magazine, but it should look presentable and appealing.
On average, homeowners spend about 1-3% of their home’s value on renovations yearly. So, if your home is worth $200,000, you would want to budget anywhere from $2,000 to $6,000 annually for renovations.
Of course, this number will vary depending on the scope and scale of your projects. A simple paint job might only cost a few hundred dollars, while a complete kitchen gut and major remodel could cost upwards of $50,000 or more. Before you remodel the entire house, take a step back and assess where your money would be best, given your budget, timeline, comparable, and local housing market conditions. Ask your real estate professional for advice, too. They look at homes all day and are in tune with prospective buyers.
Should I Renovate or Sell As-Is?
This is kind of a loaded question. Ultimately, the answer will depend on several factors, including your budget, how much time you have, and the current state of your home.
If you don’t have much money to spend or time to wait around, selling as-is might be your best bet. However, if you’re willing to invest some money and time into renovations, you could see a significant return on investment when you sell.
Consult With a Professional
If you’re not sure what to do, it’s always a good idea to consult with a real estate agent who can give you more specific advice for your situation. Another good way to gauge if you should be spending money on improvements is to get a home valuation to see what other homes like yours are selling for currently. You can use a free home valuation tool, like the one TheMLSonline offers, to find out what you might be able to get for your home in the current market.
Get a Home Valuation
You can take that valuation and compare it to what you originally bought your home for and your current mortgage balance. If the current potential sales price has you breaking even, you may want to wait a little while to sell. If it has you coming out way ahead, and the other comparable homes in your market don’t have any significant updates to them, then you may be able to skate by without even having to make improvements. That’s kind of the ideal situation.
Are You Planning Any Home Renovations?
These are just a few of the best renovations to do before selling your home. Be sure to tailor them to fit your specific needs and budget to get the most out of your investment!
We hope this article has given you some helpful ideas for renovations to do before selling your home. Be sure to consult with professionals like your real estate agent to get the most accurate advice for your specific situation, and get your free home valuation from TheMLSonline’s free online tool. Good luck!