When selling a home, one of the biggest questions a homeowner asks is, “should I renovate before I sell?” Many people believe renovating will guarantee them more money, but the answer isn’t always that simple. While in some cases, home renovations can improve the value significantly enough to be worth the cost and time, it simply doesn’t make sense in other cases.
Your real estate agent will help you determine whether specific home upgrades will bring a return on investment. When planning renovations, here are a few other things you should consider:
YOUR TIMELINE
How quickly are you looking to sell your home? If you don’t need to sell your home in a short time and find that something needs fixing, then it makes more sense to do so. However, a significant renovation wouldn’t make sense if you’re looking to move in the very near future with a quick sale.
BUDGET
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What budget do you have to put towards renovating? It might be worth reconsidering whether renovating will set you back more than you’ll earn in a potential sale.
HOME VALUE/LISTING PRICE
Do you know the value of your home and the equity you have available? What is the value of other homes in the area? It may be worth renovating if you live in a luxurious neighborhood with upscale, competing properties. However, if your community features moderate houses, the additional renovation may not be worth it.
CURRENT MARKET
What is the market like where you live? If your community is currently experiencing a seller’s market, then you likely won’t have to make many renovations to get the home sold. Renovations in a buyer’s market would make more sense, as they would give your home a little extra pizzazz to help it stand out from the crowd.
Now that you know the various factors that go into determining whether or not to renovate, it’s time to consider what to fix and what not to fix before selling a house.
WHAT NOT TO FIX WHEN SELLING A HOUSE
We’ve already established that listing a house for sale can often make sellers want to renovate in hopes of making more money, but that doesn’t mean you should fix everything. Ideally, you’ll speak to your agent first, who will be able to give you the ins and outs of the current market and trends in your area, which will help you learn what buyers are seeking. Here are a few things that you can typically skip fixing with no issue:
ANYTHING COSMETIC
While there are easy cosmetic upgrades, like a fresh coat of paint to brighten the space, sellers can often skip many cosmetic repairs. Minor cracks in the bathroom and kitchen tiles, scratches along the floors, outdated finishes, and other minor cosmetic repairs are normal and expected by buyers. Of course, feel free to complete these tasks if you could undergo them at a low cost, but spending unnecessary money is likely not worth it.
DRIVEWAY AND SIDEWALK CRACKS
While curb appeal is a high priority when selling a home, minor cracks and chips in the driveways and sidewalks are not typically necessary to fix. However, the exception would be a severely damaged driveway to the point that it’s unusable.
PARTIAL ROOM UPGRADES
As a general rule, if you don’t have the time or money to complete a project, don’t start it. When a buyer walks into your home, you’d like them to visualize themselves living there, and if you’ve left incomplete projects behind, this could be more challenging for them.
WINDOWS AND WINDOW TREATMENTS
While many would argue that a window replacement adds value, it’s often an unnecessary repair. Unless your windows are cracked or broken, and the seals are in complete disrepair, it’s probably unnecessary. Similarly, if your window treatments are broken or dirty, or you’d like to take the curtain rods with you, simply taking them down solves the issue. Not only does it eliminate the need to replace them, but it can also freshen the space and make it brighter and more appealing.
RENOVATIONS THAT INCREASE HOME VALUE
Now that you know what not to fix, let’s discuss the types of renovations that buyers want to see.
Several of these renovations can add to the value of your home, from simple ideas like refreshing the curb appeal and outdoor spaces to more elaborate projects like renovating your entire kitchen.
AMP UP YOUR OUTDOOR SPACES
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Curb appeal begins out front, and it’s as easy as ensuring the lawn is neat and trim, landscaping and flowers are tidy, the paint isn’t chipping, and everything is well-lit. In the yard, increasing curb appeal could mean adding colorful plants and flowers, staging the areas with cozy furniture, or even adding a deck for entertaining. These upgrades create a warm feeling that invites buyers inside.
ADDING LIVABLE SQUARE FOOTAGE
If you have the time and the budget, this is one of the best ways to add value and profit to your home. An unfinished basement, for example, can be finished with drywall and flooring to create what is known as a “liveable space.”
UPDATE YOUR KITCHEN
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One of the most popular questions is, “should I remodel my kitchen before selling?” While the answer remains a strong “maybe” because of various factors, updating a kitchen is an excellent way to add value to your home. Some things to consider first:
- Is the kitchen outdated?
- Can you afford to remodel it?
- Do you have the time to redo it?
- Would minor adjustments add value?
Assumably, if you are considering a complete remodel, then your kitchen is very outdated, and if it isn’t, consider performing minor adjustments instead. Smaller fixes like additional cabinet space, a kitchen island, and a double sink are all excellent choices that will add value at half the effort.
KEY POINTS TO CONSIDER
The answer to whether you should renovate your home or not is not quite as simple as “yes” or “no” and often depends on various factors. Simple and quick fixes can usually be done instead of larger and more expensive ones with the same return. If you need to make a more extensive renovation, ensure that you have the proper budget and time to finish the job. The variety of renovated homes for sale is significant and can often give you an idea of what to consider for your home.
When you’re ready, contact Virginia Beach Realtor® Brandon Carney for expert insight into your home renovation projects. Brandon can help you plan out your home upgrades to ensure that your property stands out against all the rest. Get started today!
*Header photo courtesy of Pexels
