If you’re selling, here are some financially efficient renovation tips.
Unfortunately, home renovations don’t always bring a great return on investment; in most cases, you’ll actually lose money. For instance, if you do a major kitchen remodel, you can expect to get back around 70% of your money. A master suite edition will only get you back about 60% of your money. Decks are only slightly better; a wood deck will bring around a 70% return on your investment, and if you use a composite material like Trex, then you’ll only get back 60% to 65% of your money.
When you sell your home, your goal is to make as much money as possible. The ways to do that are pretty simple, and you don’t even need to hire professional contractors to accomplish them:
Painting. Paint your home in neutral colors like beige; this will better allow buyers to envision themselves living there.
Depersonalization. Taking down and storing family photos will also help buyers imagine themselves in your home.
Professional cleaning. If your home is nice and clean from top to bottom, that could easily add a few thousand dollars to your value, especially after COVID’s appearance on the scene.
“If you plan to sell in the short term, stick to simpler, cheaper projects.”
Replacing your siding. Alternatively, you could give your existing siding a good power wash to give the exterior of your home a whole new look. Be sure to check for holes in your siding too, so as not to let in any bugs or moisture.
Updating your property’s landscaping. This may not be as important during the winter, but come the spring market, people want to see a prim and proper lawn.
Decorating with a consistent theme. Be sure to keep your decorations fairly neutral and consistent throughout the home; that could include accenting your walls with curtains of a certain color, throw pillows, etc. This is an extension of the staging process, which helps you get the biggest bang for your buck.
If you don’t plan to move out of your home for five or more years, then go ahead and make those larger renovations like in your kitchen and bathroom. You’ll gain equity over time that will make up for the costs. If you plan to sell in the short term, however, stick to the simpler fixes I’ve mentioned today.
For any further questions you have about preparing your home for the market, don’t hesitate to reach out to Tru Advantage Realty. We’d love to help you.
