You may have heard of homeowners renovating before they sell their homes.
Most people may wonder why they should spend money to renovate a home they will no longer use? The answer is simple — to increase its value. Selling homes is not easy, and selling them at increased asking prices is even harder, but the right renovations can change all that.
Not only will they help in selling homes, they will also increase value to sell at asking prices, while netting a profit after the expenses of renovations. The right renovations increase a home’s value and make it easier for homeowners to ask buyers to pay more.
This means they make a real estate professional’s job a lot easier as well.
Whether you are a homeowner or a real estate professional selling homes, we have done the research and come up with some renovation tips to increase value.
7 Renovation Tips to Increase Value
Here are just 7 renovation tips to increase value when it comes to selling homes.
1. Add Curb Appeal
First impressions are always important, and adding curb appeal can be a real game changer when it comes to selling homes. From your mailbox and pathways to the garden and porch, everything that buyers can see before entering your home can impact their offers.
Fix or replace the mailbox, pave your driveway, maintain your garden, and spruce up the porch with paint and light furnishing. These small improvements can go a long way in increasing value, and you won’t regret making these investments before you list your home or start an open house.
Related: Add Curb Appeal for Selling Houses
2. Add a Home Office
Due to the recent prevalence of the work-from-home concept, many buyers are looking for homes with a home office. It has become a priority for many, with some buyers being present in the market specifically for this reason, because their current home cannot support a home office.
Work is always a priority, and most people do not want to compromise on productivity in the current economic state of the country. If you renovate to convert an extra space into a designated home office, you can increase your home’s value and its demand in the market.
Just remember to create ample work space, add a phone line, some data ports, and grounded outlets.
3. Add Natural Light
Buyers will not buy what they cannot see and when it comes to selling homes, the more brightly lit a home, the better chances of it getting offers. Dark and gloomy looking interiors put people off, and buyers cannot envision themselves in such spaces, let alone make offers for them.
Your home needs to let in as much natural light as possible. You will often see open houses with fully drawn curtains, and this is the reason for it. Renovations that let in more sunlight increase a home’s chances of being sold in the market.
There are many ways to increase natural light in your home like adding skylights, windows, or taking down walls.
If taking down a wall means you will get better flow of natural light, it is worth the effort. However, do not start taking down walls only for the sake of natural light, it should go with the overall aesthetic and functionality of the home.
4. Add Visual Space
Space is the number one motivator for buyers. Most buyers are only in the market because they have outgrown their current homes and are looking for a home with more space. Similar to adding natural light, if taking down a wall means creating more space for an open floor plan, you may as well do it.
Buyers typically already know the square footage of your home, and you cannot change that. However, taking down a wall to create an open plan means you can make your home feel bigger. Additionally, open floor plans also intrigue buyers because of their entertainment benefits.
Renovations that create open floor plans and make the home feel more spacious are also more likely to increase value. Moreover, when the time comes for an open house, always remember to de-clutter your home to make every room feel bigger than it is.
Related: De-Clutter for Success
5. Renovate the Kitchen
Renovating kitchens is a surefire way to increase value for selling homes. However, it can go horribly wrong if you do not plan this renovation right. Spending an amount on renovations that is so large that it can’t be recovered from the house’s sale is a known mistake sellers tend to make, and kitchens are prime for this costly mistake.
You need to closely examine renovation costs and assess the value of your kitchen renovations against how much it will increase your final selling price. Making huge kitchen renovations like adding marble or granite counter tops to a home whose market value caps at 150,000 dollars is not sensible.
While expensive countertops or restaurant-grade stoves are not for every home, adding a window over the sink or upgrading kitchen appliances are small things that can be profitable. They add appeal to any kitchen in any home, their costs can be recouped easily, and you’ll be able to make some profit from the final selling price.
6. Consider Bathrooms
Most homes have a set number of bathrooms according to the minimum requirements of a household, and this is because bathrooms can be expensive. They have high fixture and plumbing costs involved, which is why you should consider the expenses before you opt to upgrade or add a bathroom.
However, if you have the space and the money, have old, unappealing bathrooms in the home, or need an additional bathroom, you should go for this renovation. Having old or not enough bathrooms can really sour the deal for an otherwise interested buyer.
Moreover, newly renovated bathrooms are very appealing to buyers, and you will increase value for selling when you add a fresh new bathroom.
7. Renovate the Basement
Basements are incredibly versatile. They have ample space and can be turned into game room, bar, media room, gym, or a playroom for your kids. If you renovate your basement and have a clear vision of what you want, go for an open floor plan and try to add a bathroom.
A bathroom in your open floor basement can contribute a lot towards increasing value for selling homes.
These are just a few renovation tips to increase value for selling homes. There are many other small things you can do to increase value like de-cluttering your home, power cleaning for open houses, and getting professional pictures for your listings.
Whether you are a homeowner or a real estate professional, these renovation tips and many other small things can make a big difference for selling homes. At the end of the day, everyone wants the best possible deal for selling homes, and the right renovations can justify better prices for buyers.
Always remember not to overspend and assess the renovation costs against the final selling price. It is also a good practice to account for time delays and unexpected expenses when renovating to increase value.
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