What To Do and What To Avoid When Renovating Your Home for Resale Value
After living in a home for years, it’s easy to let some things go to the wayside. Renovating a home may seem like more trouble than it’s worth, but the truth is, there are many home renovation projects that can add value to your home. If you’re in the market to see your home again, it may be time to finally get around to those home renovation projects you’ve always had on your mind.
Though some renovation projects will end up making you money, there are some renovation projects that you should try to avoid, as they may lower your resale value or ultimately lose you money. Before you renovate or sell your home, here are some renovation tips to keep in mind, including the best and worst renovations you can add to your home:
- BEST: Fireplaces. Adding a fireplace, or upgrading your fireplace is an easy way to add value to your home. Consider upgrading to a gas or electric stove fireplace, or even just adding safety accommodations to your current fireplace. You can also do easy projects like updating the appearance of your fireplace to make it more modern.
- WORST: Wallpaper. Try to avoid wallpaper when updating your home. Wallpaper is an extremely personal choice that varies from person to person, and it’s notoriously hard to remove. This could potentially steer buyers away from your home. Instead, try opting for neutral paint colors, as this will make rooms feel bigger and make it seem easier for potential buyers to personalize the home.
- BEST: Adding a Bedroom. If you have an unfinished attic or basement, consider finishing it and making it a finished bedroom. This adds usable space to your home and makes the home more available to bigger families. Don’t, however, build a new bedroom from scratch, as adding an addition to your home may lose you money; finishing an existing room will get you the most resale value.
- WORST: Luxury Kitchens and Bathrooms. Updating your kitchens and bathrooms with high-end fixtures and appliances may seem like an appealing and easy way to add value to your home, but it’s very easy to get carried away. In fact, the average cost of a kitchen renovation is roughly $68,000, and the resale value is only $40,000. That’s a loss of almost $30,000! Instead, focus on updating to modern, mid-range appliances and fixing things that look outdated, used, or worn. Over-personalizing will always drive people away.
- BEST: Curb Appeal. Don’t underestimate the outer appearance of your home! Try updating your front door or garage door to have security or smart device features. These are immediately apparent features and are seeing a huge 77%-90% addition to resale value.
- WORST: Removing Closets. Do NOT remove your closets to add more square footage! A bigger bedroom or office might seem like a good idea, but people want and need closet spaces. Many people walk through potential houses and literally count the number of closets in a home. People need closets!
- BEST: Attic Insulation. Adding insulation to your attic to make it a usable and comfortable space is an easy way to add resale value. Most people are getting over 100% of the cost recouped, meaning that adding insulation is essentially getting you money at no cost to you.
Looking to sell your home? Trust Berkshire Hathaway Home Services John M. Brabham Real Estate to guide you through the selling process! Our experienced agents will help you with pricing, marketing, showing, and closing, and will take the time to understand your personal needs. Visit our website to request more information or give us a call at (803) 775-1201.