You’re trying to sell your house and want to make the highest amount possible. How can you ensure that you maximize your return on your investment? Sometimes all it takes is a good home staging. Other times, you may need to remodel certain areas to appeal to current buyers, especially if you have an older home. If you’re wondering whether to take on a remodeling project, here are some things to consider.
#1. Will you recoup your costs? Upgrades can be a great thing if they actually increase the resale value of a home. But remodeling for the sake of making your home appear more appealing to buyers will profit you nothing if you don’t actually make back your remodeling costs. Be sure that whatever project you decide to undertake will increase the value of your home enough to at least break even on your remodeling investment. Of course it’s best if you don’t just break even, but make a little money in the process.
#2. Every buyer is different. Just because you add new stainless or concrete countertops to your kitchen and upgrade your bathroom vanities with new marble sinks and waterfall faucets, that doesn’t mean it will appeal to everyone. Every buyer has different tastes. What if yours is more interested in granite countertops or would prefer a modest bathroom upgrade with a tile shower or backsplash? If you’re going to remodel certain rooms in you house, consider upgrades that are likely to appeal to the widest selection of buyers. Look at what’s popular and trending right now and likely to stand the test of time for future homeowners as well. Your home is your investment now, but that investment will transfer into new hands, and buyers are likely considering that before making a purchase decision.
#3. Invest in necessary repairs over minor cosmetic defects. If you know your roof is 20+ years old, you may want to look into getting a new one. Or if your house is covered in 80s wallpaper, you may want to invest in an updated paint job. Completely remodeling for the sake of hiding minor cosmetic issues that your buyers can likely fix (and will want to do so on their own to get the look they want) will end up being costly to you in the long run, especially if you ignore major, necessary upgrades in the process. Think about issues that the buyers’ home inspector will likely notice, and get those issues fixed first.
#4. Consider hiring a professional home staging company. As mentioned before, sometimes all you may need is a really good staging. Sure, you might have laminate countertops and most of your showings are starting to reveal that buyers want granite. Does that mean you should go and spend $4000 on new kitchen countertops? Not necessarily. Consider hiring a home stager to take a look at your house and provide their professional opinion on how to downplay the laminate and highlight the more positive features of your home.
#5. Vintage could be good. If you have an older home, you may want to think twice before replacing your vintage floors or appliances with upgraded, modern ones. A lot of people are starting to enjoy a more vintage look, and those items could even increase your home’s resale value as they approach “antique” age.
#6. All it takes is one. One buyer is all you need to sell your house. While it might seem attractive to end up in a bidding war, you really only need one person who is genuinely interested and qualified to pull off a successful closing. If your home has been sitting on the market for quite some time, consult with your realtor to determine if a remodel might help you. It may be that your home is not selling because there is a major problem. Or it could just be that you haven’t found the “right” buyer yet. In either case, patience is key.