When it’s time to sell your home, you’re often ready to do whatever it takes to maximize your profits. A traditional way to boost your home’s value is to undergo renovations. However, knowing which upgrades will increase your bottom line is difficult. You risk spending your own hard-earned cash making improvements that only benefit the home’s next owner. Fortunately, there are renovation projects that are reliable for increasing a home’s value.
House Flippers Are Professional Renovators
Many homeowners expect renovations to radically increase their home’s value because of popular television programs that show how home investors boost a home’s value through home repairs. However, this formula only works because the investors are professional renovators who have the expertise to fix up a house themselves. This cuts out the need to pay a professional contractor to make the renovations.
Unless you have the skills to upgrade your home yourself, you’ll be forced to pay a contractor to do the work for you. These costs add up, usually to more than you’ll recoup in the sale. Because of the cost, it’s best to choose just one or two renovation projects to undertake.
Strategically Renovating Your Home to Boost Your Home’s Value
Complete any repair work that ensures your home will meet buyer’s expectations for the property, such as working plumbing, secure windows and doors, a non-leaky roof, reliable air and heating, and a sound, well-constructed structure. Although these repairs will not increase your home’s value, they will prevent the value from decreasing.
Make small upgrades to the home such as painting the walls and trim a basic color. Shampoo the carpets, wash and wax any hardwood floors, and scrub the tiles and grout. Modernize your fixtures if they are outdated. When choosing colors and fixtures, opt for basic, neutral options to avoid offending your potential buyers’ tastes.
Add a bit of curb appeal to the home to preserve its value and ensure a quick sale. Curb appeal can include painting the home if necessary and adding basic landscaping. Make sure your yard is well-tended and consider adding basic elements such as a plant or flower box. You may want to paint your front door or garage door, as well. However, don’t invest in extreme landscaping or installations, such as a bird bath.
Avoid investing in upgrades that make your home an outlier in its neighborhood. While you might hope this will help your home stand out over the competition, in reality these enhancements are unlikely to pay off as the home’s value will be partially determined by the neighborhood.
When it comes to major projects, the biggest payoffs come from upgrading the kitchen, replacing damaged exterior siding, and installing better windows. Additionally, bathroom renovations and improving outdoor spaces like decks or patios can increase the home’s value enough to recoup costs. If you are planning to sell your home soon, it’s best to choose just one of these costlier renovation projects, unless your home is in disrepair. Otherwise, you’re unlikely to recoup the money you spent on the upgrades.
Avoiding Costly Renovations While Still Maximizing Profits
Renovating your home is a costly undertaking that may not pay off. Not only that, but it takes time and work to upgrade your home before the sale. If you want to sell quickly and get the most out of your home, you may want to contact a home investor who will pay cash for your home. A home investor saves you time and money that you would spend renovating and selling your home, and they have the expertise to help you quickly navigate the selling process. In many cases, you’ll have cash in your hand within 48 hours.
You deserve to get the most money out of your home as possible, and sometimes renovations can help you boost that bottom line. If you strategically improve your property, you can recoup your investment.