A home’s resale value is always important to a homeowner. Home renovations if done right and smart can make a huge impact on a home’s worth. Some homeowners are ready for a big project such as a kitchen or bathroom overhaul, but others do not have the time, resources, or energy to tackle these. If you are in the market to sell your home, some small projects can boost the value and time it takes to sell your home.
“People buying may not have the greatest imagination, and they want to walk into something that’s turnkey,” says Sandy Scheinman, a real estate salesperson at Douglas Elliman Real Estate in New York City. “In a competitive market, offering a home that looks renovated and new is really what you need to do to compete.”
According to Scheinman, renovations can increase a home’s price by 10% to 12%. In order for these changes to not only add monetary value but also gain a buyer’s interest, you must make smart choices in your projects. Here are some great tips to follow to make your projects a success.
Design with buyers in mind
“If you are doing the renovations for resale, choose the types of fixtures and styles that will appeal to your target audience,” says Michele Morrison, a real estate agent with the Sereno Group in Los Altos, CA. “Don’t build your dream home if it’s not for you.”
What you may love, another person may hate. The key to renovations is to opt for designs that are universally flattering.
Paint a room
Painting a room can cost around $200 – $400 and only take about a day but the impact is huge. Updating the walls in a warm gray or white will give the room a fresh look in a neutral color.
It is always important to use a color that is neutral and not polarizing. Some buyers will walk into a home hate the eggplant walls and leave.
Add crown molding
Crown molding gives a room a finished and improved look. This wood can be added to the top edge of walls, door frames, or cabinets. This project typically costs between $300 to $500 per room and only takes a few days to paint, prep and install. Crown molding is not only a lovely touch but can also cover problem areas on walls or around windows and doors.
“This renovation increases value by setting the home apart from other comparable homes in the area,” says Richard McMurray, owner of DFW Crown Moulding in Fort Worth, TX.
In the past, a bathroom in a home served only basic needs and was more simple in design. Today, the bathroom is a major part of a home’s grand showcase. Today’s buyers want a nice large bathroom with a soaking tub and natural light.
“We’re seeing a trend where people are expanding the size of the bathrooms and having his-and-her showers. It’s more of a room than what it was in the past,” Nematnejad says.
A bathroom renovation can be costly, $35,000 to $65,000-plus, but there are simple updates you can do to please a buyer’s eye. Some buyer-pleasing ideas include replacing a linoleum floor with tiles, painting the vanity, installing a new sink and faucet, and putting in new lights.
Another project that can cost anywhere from $65,000 to over $100,000 but can recoup the cost of about 65% of the project when you sell your home is renovating the kitchen. Kitchens are not just a place to cook anymore, today’s homeowners use the kitchen as a living space.
“The more you put into [a kitchen renovation], the higher the resale cost recouped percentage is going to be,” says Robert LaFleur, owner of Building Professionals, Inc. in Westford, MA.
Follow these tips and you are sure to be please with the outcome of the sale of your home. If you are in the market to sell, contact a local Realtor who can help you through the process.
Click Here For the Source of the Information.