When selling a home, most seek to sell their home for the highest amount possible. It’s not uncommon for homeowners to look into renovations as a way to increase their selling price. But are renovations always going to lead to more money? The truth is, it’s complicated and depends on where you are planning to have the renovations completed.
Current Status of Your Home
First, it’s important to determine where your home value lies at its current state. Finding out the answer to your simple question of, “What is my home worth?” is easier than you think. You can obtain an estimate online or have an appraisal completed on your home.
Once you determine what your home is currently worth, you may be satisfied with this price. However, if you had a higher price tag in mind, the following areas are where you should place your focus.
If your house looks like it could use some work on the outside, chances are homebuyers will look in the other direction. First impressions are key. If the outside of your home is lacking focusing on adding curb appeal will be vital for you.
Buyers will develop a first impression on the exterior of your home. If the outside scares them away chances are they won’t want to waste their time taking a look inside. This means you will be immediately losing potential buyers.
Depending on where your budget lies for renovations to your home a few simple fixes may do the trick. Replacing anything you can that is outdated can greatly increase your chances of selling your home for a higher dollar. New design styles and updated fixtures will quickly catch the eye of the home’s next potential owner.
Focus on adding fresh coats of paint, new hardware, and restoring any damaged or highly worn flooring. More or less, make everything that is outdated appear newer.
Having a bigger budget for renovations can take you far in increasing the value of your home. Major places to focus on a full remodeling project would be your kitchen and bathrooms. These are considered high selling points within the housing market.
Buyers walking into a completely updated kitchen with new cabinetry and appliances or a grand master bathroom can seal the deal.
Contact an Agent
While all of these suggestions can help increase the value of your home before you get started, it’s important you consult with a real estate agent. Realtors will have a better idea of what the current housing market is like in your area and if going through the time and money for renovations is going to give you the biggest bang for your buck.