Home Renovations That Yield the Best Return
When planning to sell a home, a few renovations can help the home sell faster and can sometimes increase the value, making the seller more money. Many sellers get in too deep, however. Not all renovations will yield a return on investment that is close to the price that was paid. To avoid sinking money into a renovation that will not increase the value of the home or that will only yield a small percentage of what was paid, consider investing in the following renovations before putting the house on the market.
General Home Maintenance
If the home needs a new roof or if the siding is in disrepair, taking care of these types of basic maintenance renovations can yield a much higher return than putting money into aesthetic improvements. Buyers will be more interested in purchasing a home that is move-in ready and will not need renovations immediately. While these renovations may not increase the attractiveness of the home, buyers will be more inclined to notice than it may seem.
If flooring in the home needs to be replaced, it can be very tempting to follow the latest flooring trend. Trends move quickly, however, and what is in style today may not still be if the home doesn’t sell in six months. Some buyers may also be put off if they are not in love with the current trends. Opting for a flooring style that is timeless, such as hardwood or laminate that looks like hardwood may be a surer bet. Talk to specialists at a local flooring store to find the best deal and identify enduring classics.
Many homeowners enjoy painting with bold colors, but it can pay to repaint walls with neutral colors before putting a home on the market. Buyers like to be able to visualize their own belongings and décor in a space. Neutral colors are also easier to paint over, so buyers may feel that a home will be easier to customize when they see neutral colors. Instead of going for plain white, it can help to speak to a renovation company and get tips on what may be the most appealing for a specific home.
Market trends such as specific types of showers, windows, and energy saving additions may yield a high return on investment. Market trends change quickly and may vary by region, however. Speaking to a general contractor and doing research to find out which features homes that have currently sold in the area are equipped with can help a buyer to select the market trends that will be of the greatest value.
To find out what home renovations may yield the best return, contact a renovation company in your area before putting the home on the market.