If you are looking to sell your property, it’s highly likely that you’ll want to give your home a little bit of a touch up before you put it on the market or get it valued.
But will the renovation costs be worth it when you sell? Sometimes simply increasing your sale price does not mean you’ll increase your profit…
Be cost-effective in decision-making
When looking at home renovation costs, try to achieve a return of $1.50 for every $1.00 spent. This means you have to be cost effective. For example, a kitchen remodel costs a significant amount of money. It is important to spend no more than 4-6% of the property’s value on a new kitchen. Something as simple as painting the walls will also have a big impact on the perception value of the property.
Keep your ideal buyer in mind
There is little to no point in renovating a home to your specifications and style if you are not going to be living there in the future. Having the dated old bathroom at the rear of the property refurbished might seem like a great way to improve the look of your home, but if prospective owners would rather open up the back of the house for a deck, then it will be a waste of money.
Some of the most popular house improvements that buyers look for when buying a home are an extra bathroom, built in storage, an outdoor entertaining area, and a new kitchen.
Which areas are most important
One of our top home renovation tips is to pay attention to landscaping. Although this may only be 1% of your properties value, it can add your sale value more on a dollar for dollar basis than any other renovation.
Also paying attention to the smaller, unseen issues can prove vital when selling. Buyers pay attention to the building inspectors report in the final stages, so investing money in the unglamorous, less visible side of renovations will pay dividends.
Seek expert advice for the design
As with all home improvements, it’s a good idea to hire an expert to help you. Architects, landscapers, and interior decorators will all be able to advise you on the feasibility of your plans and ensure they comply with local building codes.
To avoid making unnecessary and expensive mistakes prior undertaking home improvements, talk to a trusted real estate agent to advise you of the ability to sell of your home in its present condition.
If you want advise about renovations and selling your property, get in touch with Clark Real Estate today! Our expert agents will help advise you every step of the way.
