Renovations That Boost Home Resale Value

TABLE OF CONTENTS

Why Renovate Before Selling Your House?

Top Five Renovations Worth Doing When Selling

Kitchen Upgrades

Add or Update Your Bathroom(s)

Upgrade Your Floors

Install New Windows

Add a Deck or Patio

Get Help Selling Your Property with Unbiased Options

Selling a house can be a lengthy and complex process, even if you have a buyer ready to go. However, as a home seller, you want to maximize the amount you can receive for your property so you’re not leaving any money on the table. Investing in renovations is one of the best ways to add value to the home. But, if you’re looking to sell soon (i.e., within the next year), which renovations are worth doing? We’ve compiled five of the top options that will pay dividends once you close.

Why Renovate Before Selling Your House?

There are a few reasons to renovate different areas of your home before selling it, including:

  • Faster Inspections – Home buyers typically want a four-point inspection report before signing a deal. This inspection examines the plumbing, HVAC, roof, and electrical system. So, if you’ve already renovated or done repairs, getting an inspector to sign off on your property is easier.
  • Better Appeal – If your house is a little run-down, it might not sell very quickly, even when demand is high. Renovating the most popular sections of the home makes it more appealing to buyers, who will see the property as “move-in ready.”
  • Higher Sale Price – While most renovations don’t have a positive return (meaning you won’t make more than you spent), they can still allow you to increase the home price by several thousand dollars. You can get more money to purchase a new home or invest.

Top Five Renovations Worth Doing When Selling

Technically, you can renovate many elements of your home before putting it on the market (or closing a deal). However, the five options that benefit the selling process are:

Kitchen Upgrades

On average, a mid-range kitchen renovation can yield a 71 percent return. While these remodels can be pricey (up to $28,000 in some cases), you’ll see a noticeable difference in the final sale price.

If you don’t have the budget for a major renovation, you can choose which elements to upgrade. Here are some common components to make your kitchen look and feel more modern:

  • New Appliances – If your kitchen has old or worn-out appliances, upgrading them to newer versions will make it look more inviting.
  • Paint Job – A fresh coat of paint doesn’t cost too much (especially if you do it yourself) and can cover up a lot of visible wear and tear.
  • New Cabinet Doors – You don’t have to rip out the entire cabinet to make it look fresh and modern. New doors can transform the kitchen without breaking the bank.
  • Backsplash – If your kitchen doesn’t have a backsplash, adding one is relatively inexpensive because it doesn’t involve tearing anything out or making holes in the wall.

Add or Update Your Bathroom(s)

When buyers start comparing properties, they always pay attention to the number of bedrooms and bathrooms. If your house only has one or two bathrooms for the entire building, adding a new one could help attract more people to the listing. Alternatively, you can upgrade one or more of the existing bathrooms to look better.

Adding a new bathroom can be expensive, costing an average of under $50,000. The ROI (return on investment) is about 54 percent, so you can expect to add at least $28,000 to the listing price. In some cases, you can use the existing equity in the home to pay for this renovation.

If you want to cut costs, replacing the fixtures and sink can significantly change how the space feels. Also, even something as simple as a deep clean could make a dingy bathroom look brand-new.

Upgrade Your Floors

Flooring is essential to any home, especially if you’re upgrading dingy hardwood or replacing worn-out carpeting. Also, keep in mind that the type of flooring you use matters. For example, some people may want carpeting everywhere except the bathroom and kitchen, while others would prefer hardwood in every room.

So, consider the types of buyers you’re expecting and whether the floors will appeal to their tastes. As a rule, families want new carpets for pets and children, while couples and individuals may prefer something more modern. You can also consider the cost of adding vinyl laminate floors that look like hardwood but are far more resilient.

Install New Windows

Generally, new windows don’t do much to improve the look of a home, but they are extremely practical. On average, you can expect a 72 percent return on new windows, making it a reasonable renovation. Typically, you should install energy-efficient windows that help trap heat in the winter and allow maximum airflow during the summer.

Consider how prospective buyers may use the windows. The windows don’t necessarily need screens if they’re more interested in cooling the house with A/C. However, many budget-conscious families will want windows that allow them to cool the house naturally without increasing their utility bills.

Add a Deck or Patio

As with adding a new bathroom, installing a new deck is expensive. However, with a 72 percent return on investment, you can recoup most of that once you sell the house. Plus, if you’ve already built equity in the property, you may be able to put in a new wood deck with no money out of pocket.

A patio usually costs more than a deck because it requires a larger foundation and higher-priced materials. A wood deck is relatively easy to install, and with the right coating, it will last for decades before needing a replacement. However, sometimes a deck doesn’t make sense, particularly for single-floor homes with flat terrain. In that case, a deck may seem out of place.

Get Help Selling Your Property with Unbiased Options

Selling a home while doing renovations can be overwhelming if you do it all yourself. Let Unbiased Options help handle the logistics of selling your property so you can focus on the next stage of your life. Contact us today to find out more!

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