It might not be at the forefront of your mind, or maybe you’re haunted by it in your dreams, but let’s face it, we’ve all thought: Should I renovate my home before I sell it? If you’ve been considering it or don’t even know where to get started, everyone and their mom will likely tell you that investing in your home will raise property value, but high-budget projects are still just as scary. Luckily, some realtors have found that homeowners get 65% to 70% back when finding a buyer. What are the highest impact, lowest cost areas to start with? Glad you asked:
1. Start with refinishing floors or repainting walls. If you’re already headed to Lowe’s or the local hardware store by now, look through the paint swatches! Opt for modern colors, instead of the common beige or tan swatches that are going out of style. You don’t have to go crazy (no one wants neon walls) but adding a pop color wall in a darker toned green, blue, or red can make a huge difference in warming up a space. The exciting reality is that replacing or refinishing existing hardwood floors and making small changes in paint tones alone can improve the profit you make by 15%!
2.Check out your roof and vinyl before getting the house appraised. These are two of the most common for homeowners to be required to fix, so save yourself some time and double check before you get a number on the house! Homeowners on average recoup 70-80% of the cost for those upgrades, making it incredibly cost efficient to fix BEFORE the house is appraised. Often, buyers look for white vinyl instead of outdated black screen holders and any holes in screens with outdated frames will require full replacement of the screen.
3. For an unlikely yet high return on investment, consider replacing your garage door. Depending on the feel of your home, and those fun Home Owners’ Association guidelines, garage door replacements typically recoup 106.3% of their cost. So if the purchase or installation prices seem a little too high, your money will be returned in full, and then some. Plus, curb appeal is your best friend to attract new and potential buyers to your home.
4. Update your old light fixtures. Some websites will tell you that this a DIY, but it’s best to stay safe. Look into finding a local contractor or electrician to ensure that your latest purchase from Lowe’s doesn’t cost you more down the road in wasted time and energy. Some lighting fixtures, such as chandeliers are not in as high of a demand as they were in the early 2000s, so update the room with simple additions like recessed lighting to make rooms feel warmer, modern and inviting!
There are so many ways to take on the selling process, and sometimes that entails a little bit of remodeling. There’s never a one size fits all approach to find the right buyer for your home, but some renovations that allow smaller budgets and shorter periods of time to complete could be your ticket towards a quick sell and major return on investment. Keep an eye out for inspiration on Pinterest or in Home Magazines to change things up for the next family!