Renovating a house can be a daunting task, but there are several steps to follow before selling. Research the best time to sell in your area, commit to a representation strategy, complete home improvements, price your home competitively, stage your house to sell, and market your listing effectively. Consult with a Realtor® and a general contractor before embarking on a renovation project.
Remodeling doesn’t have to be a time-consuming process if you plan ahead. Start your remodeling early so that you’re ready at the peak selling season. If you have a house full of remodeling projects to tackle, do them in the proper order to save money and time.
The start of any home renovation requires a bird’s eye view of the entire process. Make sure to answer the two questions: what you want to be changed and how much money you want to spend.
When getting ready to sell your house, there are tons of things to do before listing your home. Here are 9 renovations to tackle without much hassle before you list, plus advice on when to let a dated house sell for what it is.
Renovating before selling involves painting neutral, uniform colors, adding a fresh coat of paint, updating your front door, completing a bathroom remodel, and decluttering. Treating your house like your car and detailing it before selling can help increase the chances of selling faster.
To ensure the highest possible return on your home-flipping investment, make simple repairs, clean and declutter, and style your home. Remember to consider the pros and cons of listing the house and avoid unnecessary repairs and upgrades.
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What is the most expensive part of remodeling a house?
The kitchen, bathroom, basement, and other entertainment areas are the most expensive parts of a home remodel. These areas can transform a living space into a more functional and aesthetically pleasing environment, but they also require significant financial investment. Understanding which parts of a remodel are the most expensive can help homeowners plan and budget more effectively. Structural changes and repairs, particularly those involving the foundation, are one of the most costly aspects of a remodel. Repairing or reinforcing a foundation and removing or altering load-bearing walls requires professional expertise and can significantly increase costs.
What adds the biggest value to a house?
To increase the value of your home, consider cleaning and decluttering, adding usable square footage, making your home more energy-efficient, painting, improving curb appeal, upgrading exterior doors, updating your kitchen, and staging your home. Home improvements can help increase its worth, and there are various ways to pay for them, such as cash-out refinancing, home equity loans, or home improvement loans. If you plan to sell your home, it’s crucial to determine the cost and recoupment of the improvements.
The value of your home can increase or decrease due to various factors, including factors out of your control like the local housing market. Strategic upgrades to the premises can significantly increase the value of your home, enhance your equity stake, make it more marketable, and improve your quality of life while occupying it.
What part of your house is the most worth remodeling?
In the most sought-after housing markets, a kitchen or bathroom remodel represents a lucrative investment opportunity, frequently generating returns in excess of 100%.
What is the most expensive thing to fix in a house?
The 10 most expensive home repairs include siding, storm damage, foundation repairs, heating and cooling equipment, sewer line repair, roof repairs, driveway repair, and termite damage. These repairs can be costly and can impact the value of your home. To prevent these repairs and protect your savings account, it is essential to take preventive measures. Budgeting for these repairs is a good strategy, but it may not always be feasible. Preventing these repairs from occurring in the first place can save you as much money as possible.
What is the biggest selling point of a house?
The kitchen and master bath are the rooms buyers most closely inspect and judge in a house, as they are the interior spaces where the most value can be added during a sale. However, it can be difficult to justify spending money on upgrades if you’re selling your home, and if you don’t, your home might lag on the market. To maximize your time and money allocated to for-sale upgrades, Trulia suggests focusing on these “make it or break it” focal points. If you’re a seller with a tight timeline and budget, focus on these rooms first.
What adds the most value to properties?
Top 6 home renovations that increase value when selling a home include loft conversion, curb appeal enhancements, energy-efficient upgrades, bathroom renovation, kitchen renovation, and driveway/off-road parking. Home renovation projects enhance the aesthetics and functionality of a living space, potentially increasing its market worth. Revitalizing outdated or worn-out elements, such as updating a tired kitchen, modernizing a bathroom, or refreshing interior and exterior paint, can breathe new life into a home, making it more visually appealing to potential buyers.
What decreases property value the most?
Property value can be lowered by various factors, including neglected maintenance, sloppy home improvement projects, outdated kitchens and bathrooms, damaged roofs, mold or mildew damage, asbestos, smoking, and other out-of-control factors. Neglectful maintenance, outdated kitchens, and patchy projects can lead to lower property values. Other factors include messy neighbors, foreclosures, power lines, natural disasters, local real estate market, and the overall economy. To improve property value, it is essential to identify which factors can be addressed and which cannot. By addressing these factors, homeowners can potentially increase their home’s value.
What size house sells the fastest?
Last year, homes between 5, 000 and 10, 000 square feet in the top 1 by price nationwide took an average of 97 days to sell, while those between 2, 000 and 5, 000 square feet took 102 days. This trend has continued in early 2021, with luxury midsize homes taking an average of 110 days to sell, larger ones requiring 127 days, and smaller ones requiring 113 days. This suggests that there is a sweet spot for selling luxury properties quickly, as buyers are seeking homes that are not too big or too small.
What is the most common room to remodel?
The kitchen is a crucial area for home remodeling, as it serves as the heart of the home, where family and friends gather for cooking, eating, and socializing. A well-renovated kitchen can significantly increase a home’s value and appeal to potential buyers. Renovations can range from simple updates like painting cabinets and replacing countertops to more extensive ones like rearranging the layout or installing new appliances.
Regardless of the extent, updating the kitchen can create a more functional and enjoyable space for cooking and entertaining. The bathroom, whether a master suite, guest bathroom, or powder room, should provide comfort and functionality.
What is the most expensive part of owning a home?
Homeownership comes with unexpected expenses, including property taxes, homeowners association fees, and homeowners insurance. The most costly part of homeownership is the upkeep and repairs of roofs, HVAC, plumbing, and electrical systems. Property taxes are determined by the township, city, or county in which the home is located, and can amount to $500 to $1, 000 a month. The effective average rate nationwide is 1. 1 of the home’s assessed value, but it varies widely by state and locality. The most expensive part of homeownership is the upkeep and repairs of the roof, HVAC, plumbing, and electrical systems.
What is the hardest room to renovate?
Kitchens and bathrooms are the most challenging rooms to remodel due to the electrical and plumbing work involved, as well as the installation of new fixtures and fittings. When considering the best room to renovate, it’s important to consider factors such as the time it will take to complete the kitchen or the room that will cause the most disruption. To help make the best decision, renovation pros have shared their expertise on which room to start in and why.
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A useful way to think about this is to categorize potential work to be done as maintenance and as impovements. Long ignored maintenance can be a turn off to a buyer. Repair as your budget allows before contemplating a sale so you get to enjoy the results yourself for awhile and spread the costs out. A hired inspector won’t have as long of a descrepancy sheet to show to the potential buyer. Improvements probably rarely pay for themselves because the potential buyer doesn’t care. They are buying what they see, not avoiding what was.
She’s so right. When we sold our home, our real estate agent was like upgrade, upgrade, upgrade. We didn’t have the time or money to do all that upgrading so instead we offered a credit (if and only if) the buyer made a big deal about it. Yes, it took us a little longer to sell the house; but our location was great. Eventually someone saw the light. We lowered the price slightly instead of all the upgrades; it made it easier for the buyer to pick what they wanted for the kitchen and flooring after they moved in.
This is so true. I look at homes for sale and you can tell the re-did the floors or the kitchen or paint, and the first thing I notice is that and think that would be the first thing I would change, I rather they concentrate on the big items like hvac, roof, foundation, plumbing, electrical, etc rather than cosmetic.
Love your articles! What you said about a smelly home really resonated in my olfactory memory! When we were home shopping a few years back we checked out a house that absolutely stunk! Our realtor shared why….the homeowner painted the inside of the house and was smoking cigarettes while doing it. It was horrible and we didn’t stay long inside.
Mom’s cabinets are custom made and dark oak. Today it would cost 35,000 to replace them. We are putting in a new countertop and the appliances are old so we will buy new. We will paint the interior. We will replace exterior doors. We will do minor electrical upgrades. We will put a new Central AC in as the old one is 35 years old! The furnace is new. Water heater will be replaced. Finally minor fixes here and there. And exterior Shudders will be painted. And finally we have a buyer who loves what we are doing and will pay us well. The home is out in the country!
There should be a disclaimer that this advice is regional and for marketing blue collar inexpensive homes. When you’re in the 1.5 to 2 mil area, buyers with that kind of money want “turn key”, just move in and upack. No fixing. I’m in Toronto Canada, and the houses that need work sit on the market a lot longer than the turn key houses. A $200,000 reno can bring $400,000 higher selling price, up to 100% ROI on the renos
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She’s right with the exception of old roofs. Most homeowners with old shingle roofs pray for damage due to weather so their insurance will replace. If a buyer agrees to you’re asking price and signs a contract they will then have the home inspected. If the inspector notes your roof shingles are bad the buyer may want a remedy. You have 3 choices. Give a credit, replace or refuse and take down that pending sale sign. Buyers deserve a respectable roof over their heads and are unlikely to put themselves in a future position to shell out another 30K + over the asking price.
While I agree that one doesn’t have to remodel a kitchen or bathroom and spend $50000 it would be nice if the home didn’t look like 1980 in 2022. Owners should update their home as they live and enjoy the updates so they can get a nice $$$$ for their home when they are ready to sell. As a buyer, I can live with a kitchen color that I may not like vs having cheat ass dysfunctional cabinets from the 80’s. I agree with a nice neutral color paint inside and out, declutter and clean clean and clean.