What Not To Renovate Before Selling Your Home

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Services for Real Estate Pros

What Not To Renovate Before Selling Your Home!!

Renovating and updating ones home is a task that most homeowners either avoid like the plague or unfortunately become renovating or updating happy and overdo!!

 

What does renovating or updating overdo really mean?

This typically means renovating or updating any and everything in a home regardless of the potential return on money (investment).

 

The irony is that most homeowners renovate or update solely according to their liking and usually justify their actions with a barrage of points.

 

However, if a situation should arise that requires a homeowner to sell their home in the near future or at times immediately, they usually list everything that they've updated or renovated with expectations of getting back 100%  or more on their money (investment).

 

As a homeowner it could be a wise idea to seek professional help before you make renovating decisions.

 

Here are a few professionals you may want to consult with in the initial stage:

Renovation Company - They could provide you with recommendations and budgets.

 

Interior Designer - They could help you with floor planning, layout and selecting design finishes that complement each other.

 

Local Realtor or Realtor that works mainly with investors - They could provide you with current design trends for homes that have recently sold, especially the homes that sold for top dollars quickly.

 

This may seem like a lot of people to consult with before renovating but doing lots of research upfront isn't to be underestimated. Have you ever heard the old adage " cut once but measure twice?"

 

Here are the top seven (7) updates with average return on money according to the " Cost vs Value Report, produced by Remodeling magazine in cooperation with the National Association of REALTORS® and REALTOR® Magazine"

 

Hint: Kitchen renovations are apparently NOT number one anymore!

 

Project                                                Average Recoupe On Investment

1. Entry Door Replacement                                    101.8%

2. Manufactured Stone Veneer                                92.2%

3. Garage Door Replacement                                    88.4%

4. Siding Replacement (vinyl)                                   80.7%

5. Deck Addition (wood)                                             80.5%

6. Minor Kitchen Remodel                                         79.3%

 

Bathroom Remodel has dropped to number 13 with an average of 70% return.

To read complete report click here.

 

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Gary Raze 09/02/2015 05:00 AM
  2. Jeanne Dufort 08/30/2015 12:12 AM
  3. Morris Real Estate Marketing Group 09/02/2015 05:05 AM
Topic:
Home Selling
Location:
Ontario Durham Region Pickering
Tags:
what not to renovate before selling your home

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Show All Comments
Ambassador
2,306,103
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

It's always wise for the seller to follow the advice of their real estate agent.  Great writing. 

Aug 28, 2015 10:31 AM #4
Rainmaker
2,433,224
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I had heard entry door had moved up in the rankings, I just didn't know they were first. Great post Wandanna Melliphant !

Aug 28, 2015 11:40 AM #5
Rainmaker
1,317,857
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Lots of great information here. Nice post and it has lot of great ideas for sellers /buyers to consider.

Aug 28, 2015 12:51 PM #6
Rainmaker
1,082,380
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

This is a very helpful post - we just listed a house with brand new low-e windows on a 10 year old house. The sellers were not aware that they wouldn't be able to recoup their money or anywhere close to it.

Aug 28, 2015 03:05 PM #7
Ambassador
4,308,994
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

You got a point Wandanna Melliphant . When the sellers rennovate, it's their taste - and that may not match with many buyers taste!

That's why NOT TO! 

Aug 28, 2015 03:44 PM #8
Rainmaker
4,433,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the post. I will share it with home sellers.

Aug 28, 2015 09:29 PM #9
Rainmaker
1,695,540
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Renovating because a home owner wants to enjoy those renovations is a great reason to upgrade, because recouping costs isn't the goal. But when updating to sell, it is definitely important to know what adds value and will be recouped, and what doesn't!  

Aug 28, 2015 09:49 PM #10
Rainmaker
2,589,084
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

My seller wanted to put in a concrete patio where there was none because he thought it would help the property sell. NO NO NO says I. Meanwhile, the termite report came in and they wanted $5000 to treat. Bye bye patio. Always listen to your agent...for many reasons

Aug 28, 2015 11:32 PM #11
Rainmaker
1,429,677
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Wandanna Melliphant Some very good points here. Listen to the pros.

Aug 29, 2015 12:30 AM #12
Rainmaker
559,505
Digital Digital
Alachua, FL
full service

Hi Debbie,

Yes, this yearly report gives an insight into the current and upcoming home decor trends. I was also surprised to see that kitchens and bathrooms didn't make it in any of the first five spots. It goes to show, the market is always changing!

Aug 29, 2015 05:27 AM #13
Rainmaker
559,505
Digital Digital
Alachua, FL
full service

Hi Evelyn,

I had to do a double take for the entry door. But, it does make sense as a nice curb appeal with an inviting entry door, sets the stage.

Aug 29, 2015 05:30 AM #14
Rainmaker
559,505
Digital Digital
Alachua, FL
full service

Hi Sharon,

I completely understanding. It's also not an easy concept to gasp by most homeowners. I have an appointment with a seller on Monday and he spent thousand replacing: siding, deck, furnace etc. Unfortunately these items will not come close to a dollar for dollar return on his investment.

Aug 29, 2015 05:41 AM #15
Rainmaker
559,505
Digital Digital
Alachua, FL
full service

Hi Gita,

I'm going to actually print the report and use at my listing appointment.

Have a fabulous weekend!

Aug 29, 2015 05:42 AM #16
Rainer
278,566
Dinah Stallworth-Lewis
Priority Real Estate LLC - 318.332.8281 - Natchitoches, LA
NATCHITOCHES, LA HOMES FOR SALE

Wandanna,

Great presentation and information in this blog.  I am very surprised to see that kitchen remodel is at the bottom of the list now.   Thanks for updating us. 

Aug 29, 2015 11:13 AM #17
Rainmaker
362,038
Jeanne Dufort
Coldwell Banker Lake Country - Madison, GA
Madison and Lake Oconee GA

Excellent post - these things will vary a bit from region to region - but the simple idea for sellers to remember is this: while not all improvements will earn you a dollar for dollar return, many of these could be the difference between getting an offer or languishing on the market.

Aug 29, 2015 11:58 PM #18
Rainmaker
2,035,024
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Depends on the market for sure on what to do if anything beyond clean, lightbulbs, fill the pot holes.

Aug 30, 2015 01:16 AM #19
Rainmaker
823,778
Maureen Bray Portland OR Home Stager ~ Room Solutions Staging
Room Solutions Staging, Portland OR - Portland, OR
"Staging Consultations that Sell Portland Homes"

I usually advise clients to look at comparable properties in their area that are on the market ... if the same price range all has new countertops, or a new roof, or newer appliances, that's what buyers will be looking for.

Aug 30, 2015 04:26 AM #20
Rainmaker
234,676
Mery Fernandez Empire Network Realty Luxury Brokerage
Empire Network Realty INC. - Orlando, FL
The Rise of An Empire, Let's Build Yours!

Hello and congratulations on your featured blog post! Well done and hope to see you have many more featured post. 

Sep 02, 2015 01:17 AM #21
Rainer
105,987
Chris Mamone
Keller Mortgage - Tacoma, WA
Senior Loan Officer

Great blog post! I always say someone else is going to redo what you do to your home. Just make sure your home is clean and decent looking and give the borrower the image of what they can do to the place! Helps you sell quicker!

Sep 03, 2015 09:01 AM #22
Rainmaker
335,970
Vick The Realtor .
Olympus Executive Realty INC. - Orlando, FL

Congrats on your featured blog, hopefully you can keep them coming, topics that are featured take blogging talent!

Sep 03, 2015 02:18 PM #23
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