02/08/2022
Many homeowners take on major renovations to spruce up their home before putting it up for sale. After all, fixing up your home will always increase your home's value, right?
WRONG.
"Fix it and flip it" is a term often associated with real estate, but more often than not, upgrades fail to pay for themselves. This is why it is so important to have an agent by your side to guide you, who knows the local market and what buyers are looking for.
In order to figure out which renovations will add the most value when you sell, and therefore yield the highest return, you must first understand the different types of renovation projects:
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These types of renovations include items like a new roof and/or windows, updating mechanical systems such as your HVAC, and making sure safety issues like electrical concerns are addressed. Updating the "big ticket items" will allow buyers to purchase your home with more confidence. These are the "unseen" items that hurt the most to update but typically bring the best return.
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Sprucing up your curb appeal helps your home look good when prospective buyers arrive. This is their first impression of your home. Although these updates don't add a considerable amount of value, curb appeal is important if you want your home to sell faster. This includes a well-manicured lawn and landscaping, a freshly painted door, and new fixtures and house numbers.
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These are typically your larger projects. While most of these efforts will not recoup their entire cost, most will come close. This includes updating kitchens and bathrooms, new flooring, adding central air, and fresh paint.
If you're considering tackling a home renovation of your own โ whether you are thinking of selling now or in 15 years โ give me a call first! I can tell you what projects will give you the best return on investment and recommend trusted contractors to help.
