Want to get more out of your home sale? Invest in these home improvement projects!
Thinking about selling your home in the near future? If you’re still a few months out, you’re in the perfect position to make some value-adding renovations and upgrades. Whether it’s remodeling your kitchen or making essential repairs, now’s the time to get things done and make your future listing and sale much easier and more profitable.
In this article, we’ll run through several ways you can maximize your home’s value ahead of sale while also making it easier and faster to sell. Let’s review.
Compared to remodeling a kitchen, or renovating a bathroom, taking care of essential repairs probably sounds really boring. It’s also counterintuitive, since most of these critical repairs—from fixing leaking pipes to replacing a roof—aren’t really things that stand out or impress prospective buyers in your home’s online listing. But, make no mistake: they are essential to your sale. If not dealt with ahead of listing, any major problems with your property could come back to haunt you and put your closing in jeopardy.
Let’s run through an example. If your home’s furnace is making strange noises, do not just leave that as a mystery for the buyer’s home inspector to find! By doing so, you could give the buyer leverage to ask for repairs, price changes, or—worse—back out of the offer altogether. Deal with the problem now, before you list. Call an HVAC professional for heating repair and get your furnace checked out ahead of time. By doing so, you’ll save you and your realtor some major headaches down the road.
What if I want to stay and remodel
If you get into the project and decide you would rather stay in your home, you can always look into a renovation loan from The Richard Woodward Mortgage Team to finance your home improvement. They have a wide range of home improvement loan programs the can turn your home into your dream home. From an FHA 203K, a Homestyle Renovation, or a jumbo whole house rebuild, we have you covered.
You can run some number for you and see if it works for you, call now at (214) 945-1066 or start a free application here.
Looking to add value to your home ahead of listing? If you have the time and budget, a kitchen remodel is the perfect project. On average, homeowners who complete a mid-range kitchen remodel see an 80.5% return on their investment (ROI). However, you can easily push your ROI even higher. In many communities and neighborhoods, the right kitchen will be the key selling point of your property.
You can maximize your ROI by:
- Getting great deals on quality materials: Don’t just choose the cheapest countertops and cabinets. You’ll often get what you pay for. Instead, work with your contractor to find high-quality materials on sale or at exclusive bulk prices.
- Design for the next owner: You may love fuchsia, but you’re probably alone in wanting that color featured in your kitchen. If you want to maximize your value, plan a kitchen remodel with wide-ranging appeal.
- Think about functionality: Every homeowner wants a kitchen that looks great. But, it also needs to be usable. After all, busy families need a kitchen they can easily picture themselves living in and using. Design and plan with that in mind.
If your home’s bathrooms look and feel outdated, it’s time for a refresh. By completing a master bathroom remodel ahead of selling your home, you can greatly improve its value and attractiveness to prospective buyers. A newly renovated bathroom can help your home sell faster and at a higher price. That’s a win-win for you.
The average bathroom remodels nets U.S. homeowners around a 70% return on investment. With the right approach and mindset, however, you can easily beat that. To get the most out of your bathroom remodel:
- Limit your layout changes: The more you move in your bathroom, the greater your project overhead will be. Try leaving as much of the plumbing and fixtures in place as possible.
- Focus on essentials: Prioritize replacing the shower over the tub, and make sure you get the basics right—the toilet, shower, and vanity—before adding new features and fixtures.
- Avoid mistakes and rework: Keep your costs down by ensuring the work gets done right—the first time. Always work with certified, licensed, and experienced professionals, such as plumbers and electricians.
Work with your realtor
Every home is different. Every neighborhood is different. What works in Dallas, Texas may not have the same impact on a home’s value in Los Angeles, California. For example, if your realtor finds that all the properties in your area at your price range feature upgraded kitchens, you may need to invest in a remodel ahead of listing just to keep up with the competition and stay at your planned listing price.
Our recommendation? Talk to your realtor and get their professional opinion on your property and what it will take to successfully sell it at your desired asking price. After all, realtors are more than just transactional agents who take care of paperwork. Their expertise is knowing the local market. They’ll be able to provide you with the guidance and advice you need to get your home ready to list.
Next, check out this helpful infographic! It contains even more tips and advice to help you successfully add value to your home ahead of listing.
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