Saturday, 18 November 2017

Do Renovations Make a Big Impact on the Selling Price of a Home?

Written by Posted On Thursday, 19 October 2017 17:35

Even if you don’t plan on selling your home in the near future, you still need to think about how your next few renovations are going to impact the value of your property. While most projects won’t bring the value of your property down, they could be a waste of money if you aren’t careful. Here is a closer look at how renovations impact selling prices and a few steps you can take to maximize your investment.

Cosmetic Renovations

Homeowners who plan on selling in the next few months should at least consider carrying out a handful of cosmetic upgrades. Just because your home is new or well-maintained doesn’t necessarily mean that it will be appealing to a large percentage of buyers. The goal of most cosmetic renovations is to improve the allure of a home by making it relatively neutral. Popular options include putting fresh paint on the walls, replacing fixtures, and deep cleaning. When you are updating the appearance of your home, you should try to create a welcoming and comfortable atmosphere.

Boost Curb Appeal

Improving the curb appeal of a home won’t raise its value immensely, but it will make the property much easier to sell. Most experts agree that you should spend at least a few days improving the appearance of your yard before listing your home or having it appraised. The best way to improve the curb appeal of a home is to pull up to the property as if you are a picky buyer who is looking for issues to complain about. Simple projects such as removing dead bushes, trimming trees, and getting clutter off your lawn will impress appraisers as well as buyers.

Major Structural Projects

Structural changes are slightly more complicated, and you should always work with a local contracting company during these projects. Not only are many structural projects dangerous to carry out, but they might also be illegal without the proper licensing and permits. Luckily, structural and mechanical upgrades often add the most value to a home. All of the major systems in your home including the plumbing, electrical wires, outlets, heaters, and coolers should be working perfectly before you consider listing your property.

Choose a Renovation

As a general rule, homeowners need to do a little research so that they have a good idea of what the return will be on their next project. It might be tempting to carry out a popular renovation like completely overhauling the kitchen or adding solar panels to the roof, but those projects won’t always add much value to a home in certain areas. In addition to speaking with a local real estate agent, you will also need to discuss your ideas with an experienced contractor. Once you have come up with a few different projects, you can then start pricing out each of the renovations.

Saving on Your Next Project

The easiest way to save money on home renovations is to take your time and conduct as much research as possible. You could potentially save thousands of dollars by waiting until the off-season to carry out your projects. A renovation company or home improvement store might give you discounts if you start planning your projects a few months in advance. Certain companies, such as Rules of Renovation, realize that homeowners should also try to be as flexible as possible with days and times. Those who are flexible with their hours might be offered discounts as well.

Updating and upgrading your home is a great way to boost your real estate investment, but you still need to be cautious. Any mistakes that you make during the planning process could result in major headaches when it comes time to sell your home.

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Rachelle Wilber

Rachelle Wilber is a former real estate agent now turned freelance writer that specializes in home realty, mortgage, and building. She graduated from San Diego State University with her Bachelor's Degree in Journalism and Media Studies.

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