As you prepare to sell your home, you may be wondering — should you renovate before you sell? The answer varies depending on the person and their individual needs. For example, someone who needs to relocate soon may not have time to renovate, while someone who is interested in increasing the home’s return on investment (ROI) isn’t likely bound by a deadline. Even people who need to sell by a deadline may devote some time to several home renovations.
Regardless, there are benefits to renovating your home, such as increasing your home’s market value, upgrading old systems that actually hurt the home value, implementing features buyers look for nowadays, and improving the chances of your home selling quickly. Buyers appreciate new and/or improved homes that are ready to be moved into, and they are more likely to pay more for those homes as a result.
Home renovations to consider
Some renovations provide a higher ROI than others. Consider implementing these renovations that increase home value and your ROI, based on the 2022 Cost vs. Value Report
by Remodeling magazine.
Garage door replacement
A garage door in good working order is an absolute must. The average cost is a little over $4,000, based on the cost of removing the original doors and installing a new set with heavy-duty steel tracks. New garage doors sell for 93.3% of the price, one of the largest recoups on investment to consider implementing.
Manufactured stone veneer
More for aesthetic rather than functionality, a stone veneer inspires a classic, sophisticated look that many buyers gravitate to. You don’t need too much of it — stone columns on either side of the front door add a significant amount of classy appeal to the entryway alone. Depending on how much stone veneer you want, it can cost a little over $11,000 but has a recoup of 91%.
Minor kitchen remodel
Remodeling your entire kitchen isn’t necessary, but a small upgrade goes a long way. The report describes a minor kitchen remodel as replacing appliances with newer, energy-efficient models; installing new countertops or a double-bowl sink; replacing hardware; repainting the walls; installing new flooring; and refacing cabinets with newer, more sleek panels. A majority of these changes are purely cosmetic, but buyers love a modern and functional kitchen. The average cost is about $30,000 or less, and the recoup is 71.2% compared to 53-57% for significant kitchen upheavals.
Today’s buyers look for a designated outdoor area to relax, entertain guests, or work, but before you install a deck, you need to understand that the material you choose matters. Wood decks are less expensive at around $20,000 but require more maintenance. The recoup is 64.8%. Composite decks boast improved durability but cost about $5,000 more than classic wood. The recoup is 62.1%.
Home renovations to avoid
Not all renovations are worthwhile investments — in fact, some might even hurt your home value. Here’s a list of what not to fix when selling your house.
Too much wallpaper
In a best-case scenario, you want to get rid of every single strip of wallpaper and paint over the walls with a simple, neutral color like off-white, beige, or a classy dark wine. Buyers may not like your wallpaper design, not to mention how difficult it is to remove. Do yourself a favor, strip off the wallpaper, and settle for a fresh coat of paint instead.
Textured walls and ceilings
Much like wallpaper, textured walls and ceilings are nearly impossible to remove. Leave the home experiments to buyers after they buy; in the meantime, tackle the time-consuming process of removing the textures to prevent your buyers from losing interest.
Bright, bold colors
Your walls should represent a blank canvas — a new opportunity for buyers to add their personal touches and change the home to suit their style. Opt for neutral colors like off-white and beige, but buyers might also appreciate dark tones like wine and navy, depending on the room. If you’d rather be safe than sorry, the off-white and beige tones are always the safest choice.
Home office conversion
Home offices have seen a surge in popularity over the last few years thanks to remote work, but you shouldn’t assume your buyers want a home office to begin with. If you have a study or spare room with wall outlets already in place, great! The buyer may use that as an office if they desire. If you plan on converting a bedroom into an office — don’t. You’ll have to pay for additional wall outlets and hardware to account for every office device.
These are a couple of extra things to keep in mind when renovating and selling your home.
Don’t forget the exterior! Curb appeal is what people see when they look at your house from the street or sidewalk, and it’s important for making the best first impressions on buyers. Spruce up the lawn and tidy the sidewalks. Store children’s playground sets and pet toys. If you want to invest in some landscaping, don’t go overboard. Buyers don’t necessarily care for animal-shaped shrubs or sprawling fields of flowers. A manicured lawn and a set of trimmed bushes are more than enough.
Consult a real estate agent
For additional advice or information concerning the real estate market and how to sell your home for top dollar, consult a local real estate agent. They understand the current state of the market and what buyers look for in a home and will steer you in the right direction. Moreover, real estate agents are specially trained to market your home across a broad audience and negotiate with buyers in your favor. An agent is an invaluable wellspring of information and resources, especially for new and inexperienced sellers.
For the best agent in the Baja California Sur region, contact Coldwell Bankers Riveras
, a top-rated real estate team with nearly 20 years of experience. They have bought and sold homes in a variety of beautiful neighborhoods in Mexico, including Cabo San Lucas and La Paz. Connect with them today!