Before staking that “For Sale” sign in your front lawn, consider a few renovation projects that will return the best bang for your buck. At the onset, it can seem like a daunting and endless list, but consider only those remodeling projects that will help you sell your home quickly and at asking price. Because unfortunately, just because you put $20,000 into renovations doesn’t guarantee you’ll recoup the same value (though expect about 80 to 90 percent if you choose wisely!) The key to adding value is to focus on what’s most important to a buyer, rather than what may be important to you.
Boosting Curb Appeal
First, let’s discuss curb appeal. Potential buyers judge your home on that first drive-by, and an attractive first impression can lure people into that all-important open house. According to Bankrate.com, a good first impression can add 5 to 10 percent to the value of your property. If the exterior color of your home is fading, fix that first. Choose exterior paints and details that match the period and style of your home, while making sure another house on the block doesn’t already have those colors. Another easy fix is updating your front door with a new color of paint and new hardware. This will help set up a buyer to envision the first time they walk into their new home and start their new life.
Photo by Allan Ferguson via Wikimedia Commons
Landscaping
Start by replacing overgrown shrubbery with trim flowering foundation plants. Mix heights and colors for a dramatic, but beautiful effect. A focal point, like a cobblestone walkway or charming fountain can add major value to your property, according to Frontdoor.com. If you’re not sure where to start, visit your local garden centers as they often offer free services. Or, if you admire a neighbor’s yard, ask what worked best for them. Focus on the most appealing outdoor space of your property. If it has a sprawling backyard, give that area more love and attention to encourage buyers to spend time there.
Add-ons
To really step up your game, add a sunroom to your home. A sunroom counts in the home’s square footage, but only when it’s heated and cooled for year-round use. If your house has small rooms that block natural light, you’ll want to create a large space that creates an inviting atmosphere and becomes the hot spot for eating or entertaining guests. Sunrooms can be used for many purposes, so any potential buyer will be able to see opportunity here. Bonus: a sunroom is usually only half to one-third the cost of adding a standard room to your home! When choosing the appropriate team to work with, look for a company that takes care of the entire sunroom project, from permits to design to construction.
Kitchen and Bathroom Remodels
Now, let’s refresh the interior of your home. The two projects that can give you the most bang for your buck are minor kitchen and bathroom remodels. Always go for the minor remodel if the space only needs a cosmetic update and not a drastic floor plan change. According to Remodeling magazine’s annual “Cost vs. Value” report, homeowners can expect to recoup 72 percent of the cost at resale for a kitchen remodel. Even with a minimal budget, a typical remodel can include: upgrading the countertops, replacing cabinet fronts and drawers, replacing appliances such as the sink, faucet and stove, installing/updating the flooring and a fresh coat of paint. And don’t forget window treatments. Changing the drapes is an easy detail to fix.
Photo by Tomwsulcer via Wikimedia Commons
According to HomeAdvisor, the average cost of a bathroom remodeling project is $9,000 with a comprehensive remodel likely to cost $15,000+. Consider adding modern lighting, updating your vanity, replacing tiles with new vinyl or ceramic options and adding new bath towels and accessories. If you have a larger budget, consider replacing the tub, toilet and vanity. Again, keep these changes ultra-functional and in-line with the home’s architecture and you’ll likely please all the different types of buyers.
The Fine Details
When remodeling for someone else it can be easy to forget about smaller details. Take care of all the basics so you can sell fast. Just because we’re discussing renovation projects, doesn’t mean you should neglect to give your house a good, deep clean—especially the windows! It can mean the difference between a space that feels dusty and dark or a space that feels spring-like and airy. Also, take care of any minor paint touch-ups and remove all items you personally adore, but might not suit everyone’s tastes.
Photo by newlivinghouston via Flickr
Already put a home on the market? Tell us what you’ve done to prepare or what you’re considering doing in the comments.
