Many homeowners decide to renovate their house before putting it on the market to increase its selling price. However, depending on the type of renovation you perform, this can sometimes be an ineffective strategy. In this article, we’ll take a look at factors you should consider when deciding whether or not you should renovate your home before selling it.
How Renovations Before Selling Can Help the Realty Value of Your House in San Marcos, TX
When deciding whether or not to renovate your home before selling, you’ll first want to assess whether it’s a viable option for you based on your area and home. Check out these pros and cons of home renovation before selling. If you choose to renovate your house before putting it on the market, it’s a good idea to consult with local real estate professionals for tips and insights on what improvements might be best made to your home to maximize your return on investment.
Do Sellers Benefit from Low to Mid-Cost Renovations?
There are many low to mid-scale renovations that can help make your home more appealing to buyers. If you’re trying to decide which projects will give you and your home maximum bang for your buck, consider factors such as: at how much square footage will this renovation add to the home, whether or not the renovation will involve plumbing or wiring work, and will the renovation be seen from the yard or upon entering the home.
Invest in Small, Effective Fixes for Your Kitchen
Remodeling your kitchen doesn’t necessarily mean you have to buy new appliances or install marble countertops. Small fixes, such as replacing broken cabinet doors and countertops with those made of a smooth laminate, will help your house sell. However, don’t overdo it on aesthetics—that may make it harder for potential buyers to picture themselves in your home. When in doubt, stick with neutral colors that work well in any kitchen setting.
Modernize Your Home
On average, you can recover at least 30% of your investment for major improvements over ten years. These numbers only consider original costs—costs to purchase new materials and equipment not included in NAR’s estimates. But, if it has been ten years or more since your last remodel, that 30% number might be a bit high as resale values decline over time.
Improve Your Yard
As home values are on the rise, one of your biggest expenses as a seller can be your yard. Spending money on landscaping will pay off in big ways! Improving your yard before selling can instantly add to your home’s price tag. Plus, once potential buyers see what a beautiful yard they could own, they’ll be less hesitant about taking over responsibility for it.
A Fresh Coat of Paint Goes a Long Way
An inviting exterior is a surefire way to catch the attention of potential home buyers—if you’re planning on listing your home, it might be in your best interest to invest in some fresh pain in addition to landscaping improvements. It’s an easy fix that can make a major difference.
Cost Estimates
Not every home renovation will pay for itself when you sell your home. However, some renovations are more likely to be profitable than others. Improvements such as replacing your dated HVAC system might only recoup 30-50% of the cost, but these types of improvements can help close the sale.
Enjoy Your Renovations
If you don’t plan on selling your home right away but plan on doing so in the next few years, there’s no reason you can’t make some improvements to enjoy for yourself until you move! For example, new cabinets, countertops, and/or appliances can make your time in the kitchen more pleasant, an improved yard can improve your mood every time you arrive home, a swimming pool can be great for entertaining family and friends (though a pool may not increase your home’s value, and can actually be a deterrent to buyers who aren’t interested in maintaining a pool).
Conclusion
If your home is needing some improvements, renovating it before putting it on the market can be very advantageous. A buyer is going to be much more likely to offer you top dollar for your house if you’ve got any problems taken care of—the less work a person needs to do after moving in, the more likely they are to choose to buy your house out of all the houses for sale in San Marcos, TX.