Remodeling to Gain a Higher Sales Price
You’re thinking about selling your home - do you remodel first? Or sell ‘as is’?
The truth is… while remodeling can be a significant process, if done right it can also boost your sales price and cushion your family’s finances.
We’ve outlined the best areas to focus on when it comes to renovations in order to effectively raise the value of your property, and recoup your investment.
Here are the 4 renovations and repairs that offer the best bang for your buck:
1. Raise your curb appeal.
Making a first impression with a buyer is critical. The exterior of the home is the first thing they see when deciding to purchase. Even basic efforts such as power washing your home’s exterior or landscaping can improve your home’s value. More costly investments such as replacing a garage door, adding a new coat of exterior paint, or adding stone veneer can still be a wise investment.
Ever watched a series on HGTV? It’s all about the hardwood. In fact, replacing your home’s hardwood flooring, despite being a significant expense, can add about 2.5% to your home’s final sale price. Alternatively, you can get new carpeting or install hardwoods in the common areas of the home and carpeting in the bedrooms.
Interior paint goes a long way. A new coat, especially in the high-traffic areas like the living room, dining room or kitchen, can brighten up a space and make an impact. Your walls can take serious damage from years of home ownership, and a simple coat of paint can hide these defects, and even update a home. Is there a ‘perfect’ color to use? Experts often suggest Benjamin Moore’s Gray Owl. However, any neutral light color will work well.
4. Square Footage
Hiring a construction company to add more livable space in your Colorado home can be a great investment, provided that you’re doing it in order to make your home comparable to your neighbors. Adding more bedrooms, or extending a common area will only be a wise investment if you’re considering your neighborhood. If you’ve got a bigger home than those on your block with a higher price tag, it may be more difficult to sell.
5. Smart Kitchen Upgrades
For many families, the kitchen is the hub of the home. Many buyers place an updated kitchen high on their priority list when selecting a house. Therefore, it could be useful to remodel your existing kitchen. But this is one area where you’ll want to make smart, budget-friendly changes - install new stainless-steel appliances, paint cabinets, and get modern hardware knobs or pulls.
The updates you do to your home prior to selling need to be neutral and appeal to the majority of buyers. Custom colors or ‘odd’ features generally won’t serve you here. Think about the changes you do being timeless and matching multiple styles and needs.