Top 5 Home Renovations to Consider Before Selling Your Home
When done correctly, renovating your home kills two birds with one stone. It makes the home nicer for yourself for the rest of the time you live there, and the home’s value can be drastically increased when you decide it’s time to sell it.
Renovations of all kinds, minor and major alike, are not cheap tasks though, and can become more expensive investments in the short term based upon the size of the project. In the long term, big renovations nearly always add value to the property, but be prepared to invest a large amount of money, the value of which might not be returned until a much later date and likely not 100%.
With that considered, here are the top 5 home renovations to consider before selling your home:
1. Garage Renovation
A garage renovation is among the best value returning projects you can do. Replacing the door will make the exterior of your home look more attractive if you are conscious of how different designs affect your home’s aesthetic. Updating the inside will help to impress potential buyers as you can market the space as a modern workshop or man cave. The average cost of a garage renovation varies, but as long as the door is better than your old one and you have organized and updated the garage itself, this project is one that will always return nearly all of your investment.
2. Insulation Updates
Attic insulation upgrades are one renovation that most people don’t initially consider when renovating, but it’s up there with a garage refresh for the most worthwhile interior updates. In fact, it’s one of the few that will actually provide more value to the home than it costs.
Insulation is key to the comfort and sustainability of a house - a home with unreliable insulation will feel uncomfortable no matter the weather, and will add hundreds to your electricity and heating bills over time. Insulation upgrades are relatively cheap to do as well, with most attic insulation renovations costing around $1,500.
According to U.S. News, you can expect to see about a 108% return on your investment for insulation renovations, making it one of the few that is guaranteed to bring in more money than what you spent on it.
3. Bathroom Renovation
Having a beautiful and well-equipped bathroom tells others that you care about self-care and can help to create a cleaner image of the home as a whole. It’s one of those things that you don’t notice too much if it looks fine, but when the bathroom is in a state of disrepair, it becomes the focal point of all the things wrong with a home.
A bathroom renovation can include replacing cabinets, sinks, bathtub, shower doors, etc. Expect to see about a 80% to 90% return on your investment for bathroom renovations, but similarly with the kitchen renovation, this may vary slightly depending on exactly what you choose to do with the space.
4. Kitchen Remodel
A kitchen remodel is one of the best ways to renovate your home while still getting a good bang for your buck at the sale. Kitchen renovations are broad in scope and possibility and allow a lot of options in the direction of the project.
You can start simple, perhaps by replacing one or two appliances, re-tiling an area of the kitchen, or installing other accessories to your walls such as smart outlets. Small-scale kitchen remodeling projects return about 81% of the investment spent according to Remodeling Magazine, and do not require too much capital nor time to accomplish.
Larger scale kitchen projects might include installing new floors, upgrading major appliances such as the fridge or stovetop, or installing new contemporary mission cabinets. These renovations will cost more initially, but can yield a much higher return based on the usefulness-over-time of the upgrades and how much they improve the kitchen as a whole.
5. Sustainability Improvements
Sustainability improvements will always add longevity and reduced energy costs to a home, but you may not see a return on your investment in the same way as other items on this list.
Instead, sustainable renovations aim to make a home cheaper and more environmentally friendly to live in, raising the value not so much monetarily as it does raise the value with regards to long-term energy usage and the home’s eco-footprint. This can certainly be a selling point to buyers who are environmentally conscious, but it can also be an opportunity to educate potential buyers on the benefits of having a sustainable home and sell them on the transition away from their former lifestyle.
Some other common renovations to consider include heating and air conditioning upgrades, installing green appliances and low-impact electronic equipment, and sealing drafts and windows are just some ways you can make your home more attractive to a buyer and also more sustainable and friendly to the environment.
If you are considering upgrades in preparation of selling your home, give us a shout at 213-215-4758 or contact us easily online. We can help you decide what makes the most sense to do and get your home sold for top dollar!