When it’s time to sell your family home, you want the best price you can get, especially if you’ve lived in and loved it for years. For that reason, many homeowners think about remodeling their home before putting it on the market.
A few well-placed updates can raise the value of your home and justify a higher take-home price. However, not every update will bring a higher return on investment that makes your renovations worthwhile.
Before you tackle updates, research decent prices for the updated homes in your market. If they look promising, then you may consider some of these high-grossing repairs before selling your home.
1. Structural Renovations
Homebuyers tend to look first at the big-ticket items before they’ll put down earnest money. Items such as the roof, siding, HVAC systems, water heater, and electrical can make a buyer run the other way if they’re not fairly current.
You have two choices here: You can replace some or all of these, or you can lower the price to reflect the cost they are apt to represent for the new homeowner. Many owners simply go for the remodel with the hope of a higher return when they sell the house, but this is up to you.
Curb appeal says a lot to most buyers, especially if you don’t have it. Overgrown flower beds, worn and wilted plants, patchy grass, and cracked hardscaping make a house look cheap and old. When you compare these details to other renovations, it’s pretty affordable to bring in a landscaper to improve your property.
Windows are expensive replacements, but they make a huge difference in the comfort of a home. Worn windows let conditioned air escape and allow bugs to enter the structure, both of which are big downsides for a prospective buyer.
While it may not be feasible to replace all the windows in your house, why not update a few? Solid choices are the windows in the living room and bedrooms, where people will spend the most time. Each window you replace will increase the value of your home.
4. Mechanical and Plumbing
You don’t want red flags to go up during the home inspection, so take care of all the mechanical and plumbing issues in advance. Leaks should be fixed, broken pipes replaced, and your water heater should be in good working order.
If your house is 50 years old or more, update the electrical system. Old wiring poses a fire hazard that many homeowners refuse to consider. For the safety of your home and the sake of your final asking price, make sure that’s updated and safe.
One of the best ways to modernize the appearance of your home without spending a lot of money is to replace the fixtures. New light fixtures, faucets, door knobs, drawer and cupboard handles, and other detail upgrades put a polished finish on a great home.
Don’t underestimate the impact of beautiful flooring. A new, modern floor can transform a space, and it’s one update that will capture the interest of shoppers.
Flooring material isn’t as expensive as it used to be. Now you can purchase tile and laminate that resembles wood for a fraction of the price of hardwood. New carpet also adds appeal to a space, and a quality carpet can be purchased for less than $1.00 per square foot.
Most homebuyers desire as much natural light as they can get. Adding a window to a dark room may not be feasible, but you can update the artificial light to resemble natural rays.
Consider sunken lights, hanging lights, or lights under your upper cabinets in the kitchen. Adding central lighting in a room that doesn’t have it can also be a big perk.
8. Resurface Cabinets
If the layout of your kitchen is desirable, don’t tear out your outdated cupboards just yet. Many homebuyers don’t care what their cupboards look like on the inside (within reason), as long as the exterior is up to date.
Replacing or repainting cupboard drawers and fixing them with modern handles is a good place to start. It’s an easy way to improve your kitchen affordably, yet recoup high value from the eventual sale.
9. Paint and Moulding
Buyers know they can easily paint or fix scratched walls and baseboards, but they often have difficulty recalling that during the walkthrough. An ugly paint color or worn and dinged mouldings tend to create a negative image in the minds of your potential buyers.
Painting, fixing holes and scratches, removing wallpaper, and attending to other cosmetic details can increase buyer interest and the asking price as well.
10. Window Coverings
Buyers love it when you leave window coverings behind after moving, and they’re even happier when the window coverings are attractive. Consider updating your window coverings with modern shades or drapes to complement the nicer aspects of your home.
Every update you make will boost the resale value of the property, but don’t choose updates you’ll regret. Stick with those that bring the most value to your home.