It started with simple houses being built using mud, raw timber, and brick. Today, we have homes that have evolved into incredible architectural masterpieces to become energy efficient and part of some of the world’s most grand designs.
With homeowners, a house isn’t just a simple building structure meant to shelter its occupants. Houses have all kinds of different meanings depending on who you ask. It’s a sacred sanctuary, haven, investment, form of passive income, family inheritance, and more.
So, imagine how much value you would want to take out of your home if you put it up for sale. You can try House Heroes or any other real estate seller, but ultimately, you want the best value for this special part of your life. So it’s no surprise if you find yourself considering renovating your home when you’ve finally decided to put your home up for sale.
Whether you choose to redo it to be appealing to potential buyers or you’re doing it to add more value, there are some key points you need to know before choosing to renovate your home. In this article, we’ll be looking at those key factors and helping you better understand what to expect when renovating your home to put it up for sale.
What To Know
Understand Your Market
Unfortunately, choosing to spend $100,000 on a bathroom renovation for your home doesn’t mean that it will be worth more in the eyes of potential buyers. There’s no point in investing in a task that could scare potential buyers away. You also don’t want to spend money on renovation costs that won’t give you the return you’re looking for.
Every area has a specific target group of buyers. That means that you have to do the necessary research to understand what your buyers are looking for and what they can afford. If you know what your buyers want, you can have your renovation costs make the space appealing to potential buyers. You don’t want them to feel like they’ll have to spend more fixing the house once they’ve bought it.
A healthy way to go about this is to make sure that you get back $3 for every dollar you spend on renovations. Once your expected return on investment goes beyond what your buyers can afford, you need to re-evaluate.
Renovate for Convenience
Remember, you’re renovating your home for two reasons: to make your home appealing to potential buyers and so it has a little added value. This isn’t about you or what you’d prefer if you lived there.
Having said this, you need to understand that renovating your home should be about making the potential buyer feel like they don’t have to spend much after buying it.
You may want to spend your renovation expenses on things like changing the outdated kitchen counters. Changing them to something simple that can accommodate modern features may appeal to any new homeowner. You can also have the old timber frames changed throughout the house and put up some fresh paint.
If you have a larger budget, you can invest in creating an ideal, functional floor plan. This means adding an extra bedroom if you have a two-bedroom, one-bathroom setup or adding a bathroom if you have a three-bedroom, one-bathroom setup. Breaking down walls and making your home more open could also work in your favor since more and more buyers are purchasing those kinds of homes.
The Little Details Count
Believe it or not, your decor does have a significant impact on the success or failure of your selling experience.
The floors and walls set the tone for your home. All this, including the windows, need to work together to make any potential buyer feel like they can incorporate their style to make this house a home. Though you may like the use of bright and bold colors, sticking to more neutral paint colors allows potential buyers to come along with any pieces that they may already own.
Try to make your home look appealing and accommodate various tastes without using decor and colors that could potentially exclude buyers and their personal belongings.
A real estate agent would be fantastic for helping you to understand your market. Speaking with an interior designer would be beneficial for getting advice on how best to renovate your home to appeal to potential buyers.
Working together can help you find a perfect balance in getting a great return on your investment while making the space ideal for any buyer.