With housing prices at their highest annual gain since 2005, homeowners may be considering placing theirs back on the market and upgrading themselves. Compound the rising prices with low interest rates, and it’s hard not to jump on the bandwagon. It’s important to make your house stand out with some home improvements before you put it on the market to give you an extra edge. Be smart with the changes you make and ensure that they are both economic and practical.
Get your roof ready. Your roof is the first thing prospective buyers will see when they pull up to your home, so make sure it’s in the best shape possible. Get a contractor you trust to look over your roof inside and out. If changes are necessary, look at costs and talk to the contractor about options. You may even want to change the roof style entirely, depending on the style and climate of the location your home is in. The money you spend to upgrade your roof will definitely increase the value in your home, and may even help you get a break on your taxes.
Front door is the first impression. Your front door is the next thing your potential buyers will be looking at, so you want to make sure it makes them take notice. Unlike your roof, your front door may not need to be completely replaced: a fresh coat of paint can make it seem new without cutting into your remodeling budget. Look at replacing hardware such as door handles, hinges and mailboxes as needed with matching, updated pieces that grab attention.
Walkways and porches are important. Make sure your porch and walkways are looking good and are in good condition. Spruce up, paint and patch (unless there’s a larger problem with structure).
While there may be many things you WANT to do, they may note be the best ideas if you’re planning to sell. Here’s a few things you may want to avoid;
Kitchen renovationsmay seem like a good idea, but they can be expensive and may not make your home any more appealing to potential buyers. While you may want new cabinets and love a particular style, a potential buyer may have other design ideas. Don’t waste the money on a kitchen upgrade if you’re selling. That said, IF….your kitchen is truly outdated and in need of repair, consider making only the necessary changes to make it functional for a new buyer.
Bathroom renovations are a lot like kitchens. If you’re selling, it’s not the time to redo showers and lavatories. As long as the bathroom is functional, save the funds and put them to use in other areas.
When it comes to putting your home on the market, a simple coat of paint can make a world of difference—good or bad. Instead of getting crazy on remodeling to set your house apart from others on the market, only spend your hard-earned cash on investments you know will return value to the home.