Introduction
According to Mark Roemer Oakland, homeowners want the best possible price while selling their homes while buyers want to lower it. To make your home more attractive to potential buyers, you can renovate your home and add more value to it. Let’s dive deeper and figure out how you should renovate your home before selling it and if it’s worth the resources.
The Discussion
1. Things to consider before renovating your home – Before you start buying materials and booking appointments with contractors for renovating your home, you need to check out the health of the market in your neighborhood. If your home is in a sleepy market, renovating makes sense to quicken transaction time. On the other hand, if homes in your neighborhood sell out within weeks, you should list yours as soon as possible instead of renovating it.
The timeline is also a big factor that needs some consideration. How much time do you have before you move into your new home? If you’re short on time, consider simpler things like updating lighting fixtures, painting rooms, installing new kitchen fixtures, and other such small upgrades. When you have a few months before you move into your new home, you can think about lengthier upgrades like kitchen and basement remodeling, bathroom changes, roofing installation, or custom cabinet installations.
2. ROI – All kinds of renovations won’t bring you better buyers and more money for your property. You need to think long and hard about the return on your investment before you decide on any renovation. Consider the cost of renovation, delays, a timeline of the project, carrying costs, missed market cost, and other such factors.
You need to have a cost vs value mindset when it comes to renovations. The success of your renovation project doesn’t just depend on the perceived value it adds. Instead, it also depends on a variety of other factors, from the value of similar homes in your neighborhood to the condition of the rest of the house and how much the value of other homes fluctuates in your area.
3. DIY it – Most renovation projects don’t generate as much ROI as most homeowners think. That’s why you need to be pragmatic with your approach. Usually, big projects like hardwood flooring and marble countertops wouldn’t increase the selling price by a huge margin.
That’s why you need to stick to smaller and less costly projects if you’re not sure about the potential price increase. The best way to keep renovation costs low is to DIY it. Thoughtful lighting upgrades, updated cabinets, and fresh paint go a long way and can be done by yourself. You can also switch out the heavy curtains and drapes that make your home look smaller.
Conclusion
Mark Roemer Oakland suggests that you plan out the renovation before you jump into it. You need to make sure that you don’t go overboard on the renovation. The renovation is being done to attract more buyers and it should give you a healthy return on your investment if you’re going through that effort.