If you are getting your home prepared for sale, you may be thinking about doing some renovations so that it shows better and brings you a larger sale price. There are some renovations that do bring more value to the home, but some will actually just cost you more than they are worth. This article will discuss the best home renovations you can do when selling your home to get the most value for your money.
Considerations to think about first
You may believe that any renovation you do is going to add value to your home, but this will also depend on your location. There is such a thing called overbuilding for the neighbourhood. In each location, there is a set range of what people will pay for a home, depending on amenities like square footage, number of bedrooms and lot size. You can’t expect to go over that amount by fully renovating your home. The interior of your home truly has the least impact on the value of your home.
Renovations that don’t add value
There are actually some renovations that can bring down the value of your home or won’t give you a return on your money. A swimming pool is one of those renovations that could actually decrease your pool of buyers (because not all buyers want a swimming pool). The extravagant cost of a swimming pool will only be worth it if you plan to use the pool yourself for many years. Don’t add a swimming pool if you intend to sell your home in the near future. Another example of a losing-money renovation would be wall-to-wall carpet. If the floors in your home need replacing, adding carpet may detract some buyers. Elaborate landscaping, while being a draw to buyers, won’t pay for itself in home value. It may help sell your home quicker, but it won’t sell it for more money.
Renovations that do add value
Updating your kitchen is probably the best renovation in terms of value for your money. Kitchens truly do sell homes and if your kitchen is dated and not-functional, buyers may get turned off and just see work for them to do. Adding new cupboards, counters and floors will definitely up the value of your home and sell it quicker.
Bathrooms will have the same impact, especially the master bathroom and the main powder room. Buyers want fully-updated and functional bathrooms that wow them. Spending your money on a bathroom renovation before you sell your home will be money well spent.
While landscaping won’t increase the value of your home, other exterior projects may. These include adding a new roof, patio or deck. Buyers want to see beautiful and finished outdoor spaces and these will often increase the value of your home as well.
Finally one of the easiest and most cost effective renovations can be a fresh paint job. By painting the trim and walls in a neutral tone can bring a fresh look to any room and project home that is well maintained. Stay away from personal preferences and harsh colours. You want to appeal to the most people.
Most of all watch your budget look a comparable houses in comparable neighbourhoods and assess if your expense and time is worth it.