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We’re currently experiencing a seller’s market in the world of real estate. If you’re thinking about listing your home, that can be exciting. You might think sticking a “for sale” sign in your yard tomorrow will allow you to sell your home quickly as-is, and reap the benefits.
But, before you bust out the hammer and put up that sign, consider the fact that interest rates are on the rise.
Because of that, buyers are becoming more hesitant to pull the trigger when it comes to buying a new home. No one wants to make a home purchase only to have to put in thousands of dollars in repairs and upgrades immediately after signing on the dotted line.
Additionally, because it’s a seller’s market, you’re going to have a lot of competition. Making renovations that add value to your home will make your property more enticing to potential buyers, so you’ll be able to sell faster and at a higher listing price.
So, should you renovate your home before selling it? In most cases, yes. With that in mind, let’s talk about the kinds of renovations that will make a difference in the value of your home, and what will be most attractive to buyers.
Renovations That Add Value
One of your top priorities before selling your home should be getting as much out of it as possible. Even in the best markets, you can still boost the value of your home with a few simple renovation projects. It’s all about knowing which upgrades add the most to your home, without having to spend a lot of money in the process. If you want to make top dollar on your home sale, consider projects like:
- Outdoor structures
- Bathroom remodels
- Replacing old windows
- Adding attic insulation
- Replacing the roof
- Finishing the basement
To sell your house as quickly as possible once you’ve made your renovations, you should also consider the neighborhood your home is in, and what type of buyer might be most interested in the property. If you think a family is most likely to move in, your renovations should add comfort and space. If your home is in a business district that is more likely to attract a professional single, making modern upgrades and renovating things to be as functional as possible should be your priority.
Renovations That Boost Safety
Everyone deserves to feel comfortable, safe, and secure in their home. When a potential buyer looks at your listing, that’s one of the things they’ll keep in mind. Thankfully, you can offer buyers peace of mind by making a few safety and security upgrades.
First, no one is going to want to shell out a lot of cash for a property if it isn’t up to code. Even people who are into “fixer-uppers” don’t want to get into a nightmare situation where they’ve bitten off more than they can chew.
One common renovation homeowners make before selling is upgrading their pipes if they’re degraded or made from old materials. Even if your pipes are in good shape, making smart plumbing upgrades like leak detection systems and green faucets can make a big difference in the appeal of a home.
If your house has ever experienced any type of damage from natural disasters, it’s also crucial to make sure it’s structurally sound and there are no lingering negative effects from that event. For example, if you experienced flooding, consider replacing the drywall and carpet in those areas of the home. When carpet gets wet, it can cause a lingering stench and hold onto mold and mildew. Wet drywall can also cause mold to form, and it might also create soft spots and warped walls.
No matter what your home has been through, it’s not often that something is beyond repair. Take the time to replace anything that’s been damaged, so your home will pass an inspection with flying colors.
Renovations That Make a House a Home
There’s a reason home staging has become so popular in recent years. So much so, that 47% of buyers’ real estate agents state that home staging has an impact on the buyers’ view of the home. People want to be able to see themselves in a house when they’re taking a tour of it.
Some of the best home staging tips you can use to make your property more attractive include:
- De-personalizing the space
- Getting rid of clutter
- Going neutral with decor
- Adding a few houseplants
- Using natural light
- Rearranging your furniture
When it comes to renovations, focus on areas that see a lot of traffic. The kitchen, for example, is often referred to as the “heart of the home”. Renovating your kitchen by adding more space, upgrading the cabinets and countertops, or simply applying a fresh coat of paint can make a big difference.
You can also transform the feel of your home by giving extra rooms a more specific purpose. For example, with so many people working remotely nowadays, having a home office can be a big draw. Home gyms are also becoming increasingly popular. Think of what you might like to see on your own house hunt, and apply those ideas to your renovations.
There’s no telling just how long this seller’s market will last. But, that doesn’t mean you should be in a rush to list your property. Take the time to make the right renovations, boost your home’s value, and get the most out of your sale.