You’ve outgrown your home and it’s time to move on. It’s in pretty good shape, but they say a few quick fixes here and there can add zeros to the end of your asking price, but is renovating before you sell really worth the investment?
It seems like a pretty cut and dry situation – renovating and upgrading your home should push the asking price up, especially when faced with a buyer’s market where potential owners can be picky about what they want. Unfortunately, common sense in this case is skewed against you, and spending money on costly renovations can end up cutting into your bottom line.
Do You Even Need To Renovate?
You may have lived in this house for years and can see its potential in your sleep, but your vision is unique, and might not translate to potential buyers who might be looking for a home they can customize to their own tastes. Before you go and start pricing new kitchens and bathrooms, do a little market research on your neighborhood will help you decide whether you need to make upgrades in the first place. What do the homes on your street and in your area have that yours doesn’t?
Have a chat with your realtor – they have a direct insight into what home buyers are looking for, and can make invaluable suggestions on what should stay the same, or what might be worth undergoing a little change.
Minor Changes Make A Difference
In some instances, minor changes throughout your home can help upgrade the look, which makes it easier for buyers to imagine themselves there.
If your vinyl or linoleum flooring is looking a little worse for wear, it might need a good scrub but you can always install floating vinyl flooring – it’s relatively inexpensive and easy to do. Rather than tear out your cupboards, sanding them down and re-staining, or even simply swapping out old hardware for new can transform the look of your kitchen in no time, and save you from spending your profit before you earn it.
Let The Experts Do Their Thing
Make a list of any minor issues that are in need of attention, inside and out. DIY upgrades are good for small projects, but for larger problems, you may want to hire a professional crew. Obtain any quotes for major repairs. Are they financially worth it? If not, you may want to consider splitting the bill with the potential homeowner. Give the interior a fresh coat of paint in white or neutral colors that compliment the house design and existing decor.
Consider bringing in newer, modern furniture to stage your home during the duration of showings, and rent a storage locker where you can store extra furniture and other items that tend to make your home look crowded.
You can even bring in a professional cleaning crew to give your house a good solid once over, as well as deep clean any carpet, especially those in heavily trafficked areas.
Don’t discount your curb appeal – a beautiful front lawn makes a beautiful first impression.
Ideally, the only work you should want to perform on your home before you leave will involve minor maintenance. It may still be your home, but to potential buyers it’s a blank canvas and you don’t want your personal touches to blind them from their own vision.