Despite what many home sellers think, not all renovations will earn you money in your home sale. Knowing the renovations that will add value to a potential home buyer is a key part of the home selling process.
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The big question that home sellers should be thinking about is, “What renovations do I need to make in order to earn more money on my home sale?”
This question, however, could use a little re-framing: “What do I need to do to sell my home within my desired timeline and also see a bigger return?”
Part of assessing what renovations are worth getting is deciding how long you plan to live at the house or property. If you think it'll be for a while longer, then ask yourself: Will this change be enjoyable for me?
In addition to that, think about the renovation in terms of your expenses. Will it end up saving you money in the long run? Adding more insulation to your attic, for example, makes your home more energy efficient, which helps to cut costs of being a homeowner.
For some, certain features of the home won't really be appealing to potential buyers. Some of our current buyers, for example, are in the process of purchasing a 4-bedroom /1.5-bath home. Their goal as new homeowners will be to add another bathroom to this century-old property. Though this won't be a cheap endeavor, it will surely ramp up the saleability of the home in the future.
The No. 1 seller slip-up is to over improve their home, which is an easy mistake to make.
Though I'd like to be able to touch on all possibilities in this blog post, I'll keep it short. Therefore, if your home isn’t competitive in your specific market, seek the expertise of a real estate professional and/or a professional renovation company who can both give you a sense of what your renovations will cost. An agent, like myself, can lend expertise in helping you understand what the cost of the renovation vs. the price the renovation will add to your home's resale.
The No. 1 seller slip-up is to over improve their home, which is an easy mistake to make; making improvements above and beyond your neighborhood or competitors in the market can be especially dangerous.
When you list your home with us, we’ll advise you hire a professional stager who will create a list specific to your needs. We will also do our best to make suggestions for some cost-effective improvements.
If you’re closing in on selling your home, don’t hesitate to reach out to me and my team so we can help you make good decisions for your home renovations. If you have any questions, please reach out to us as well. We hope to hear from you soon!