Should I Renovate My Home Before Selling To Get More Money
Faith Led Interior Design Show | Episode 54
Buyers are turned off by a big to-do list when it comes to a new home, but is a renovation really worth the time and investment?
Are you getting your home ready to sell and feeling unsure about whether you should renovate it first? It can be difficult to know if the time, effort, and investment will be worthwhile.
In today’s episode, I am sharing our top do’s and don’ts when it comes to making updates to your home before selling. If you are thinking about selling your home or want to know what is the best decision and the most important things you should do to get top-dollar, this episode is for you.
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Be Blessed Verse
This week’s verse is Psalms 37:4-5 (TPT)
It says, “Find your delight and true pleasure in the Lord, Yahweh, and He will give you what you desire the most. Give God the right to direct your life, and as you trust Him along the way, you’ll find that He pulled it off perfectly!”
We delight in You, and we pray that you would give us the desires of our hearts... That you would put your desires inside of us…That we would desire what you desire today in our lives.
Transform our desires, we pray! Help us to desire that which is good according to your Word.
Should I Renovate My Home Before Selling To Get More Money
Sellers want to know this:
How to determine if a renovation before listing my home, in this current market, will give me my desired home value?
Will a renovation give me my desired ROI (Return On Investment)?
How to know if you should renovate your own home before listing & selling? Will I get a higher price? Is it worth the bother?
Is a home renovation necessary for a top-dollar home sale? Does it increase the value of their property?
Glad You Asked!
The following are our expert opinions on:
Whether a pre-listing renovation is the best option? Is it worth the time, hassle, and money?
What we do & don't recommend when remodeling a home to list & sell.
There are many factors involved to increase your home's value before listing it to sell.
Clients are asking, “Will I get a good return on my investment if I renovate before selling my house?
Certain renovations have had a promising ROI or return on investment.
Results may vary based on the type of renovation and materials used. Also, a big factor is the professionalism of the renovation.
I have seen a lot of money spent wrongly - money wasted and then more money for the re-do! I have seen this done in multi-million dollar houses. That is not an idea!
Bad decisions and designs can actually have a reverse effect. It can have a negative effect on the financial bottom line.
Projects that are done poorly and unprofessionally can repel a buyer.
We don't want that, of course!
Are you selling your home soon?
The current real estate marketing conditions are important.
Right now, it is a Seller's Market, the last quarter of 2023. That means that probably not as many renovation projects are necessary.
This can lead to smaller renovations and a smaller renovation budget. That should be a good thing for your bottom line.
When we determine the type of buyer that is coming through your home for sale, the decisions made should fit their needs.
I do have a Value Report. I run this report on every home to help determine the value of doing or not doing the home repairs or renovations. Those decisions also help to determine the selling price.
Examples of What I Have Found That Add to the Value of Your Home
1| Kitchens
Major or minor kitchen renovations can have a significant positive ROI.
The kitchen is where home buyers bee-line to first. It is a very important selling point of your home. Some say the most important area of your home.
It is also the area that can add major costs, so if selling be aware of all extra costs.
You want the most bang for your buck, as the saying goes!
Other kitchen thoughts are: Are the appliances updated and in good condition? Countertops, backsplash, cabinets, hardware, plumbing fixtures, and so on...
2| New Bathroom Renovations
Like kitchens, updates on bathrooms can add a significant return on your investment.
Especially the master bath, minor and major updates are common. Improvements in the functionality of the bathroom can make a huge difference.
Like the kitchen, these bathroom updates are worth it and usually with a positive financial reward. With virtual design, clients can preview their furniture, colors, and furniture arrangements prior to buying.
Photo by Med Badr Chemmaoui on Unsplash
3| Home Offices
Home offices are coming back and have been all the rage, as many more are working from home.
Many have redesigned their open spaces which take up a lot of square footage to incorporate a more private office space.
We have gotten creative. Most of the time we have been able to use the space available without having to do a major renovation.
4| Curb Appeal
The first impressions are huge on your house sale.
A professional designer, such as myself, pays careful attention to the impact areas.
Landscaping and exterior painting are common updates.
Your garage door and front door, and updating the front entryway are very important.
Very important is what the buyer sees when they open the front door.
It should be wow or do as close to that as possible.
4 Tips for Home Renovations and Renovation Projects
Tip #1: Take Care of Major Issues So Your Buyer Won't Have To
When it comes to home renovations the most important thing is to take care of major issues. Especially those that are dangerous.
Go through the entire house. It is a good idea to get those unsafe items remedied prior to going into the real estate market.
Buyers are quick to notice these issues. They realize that it is a lot of work and the last thing they want is a major to-do list of home improvement projects.
That can be a huge turn-off and can definitely lose a home sale!
By remedying these major projects, it is a great way to present your home in its best light.
The more it shines as having been well taken care of and cared for the better! This will captivate potential buyers. It will give them a secure feeling that they are buying a loved, well cared for, and like a new home.
Tip #2: Resist the Temptation to Add On Livable Space
Adding more space to a home may seem appealing but mostly never worth the expense.
You must consider the disadvantages too! Does it help the resale value? Usually, the answer is no, so I don’t recommend it!
First of all, it can take too much time. To add space can be costly, time-consuming, and many times will not return your investment, hence, not worth it.
It could create a loss. Meaning you are putting more into the house than you are getting back. Again, definitely not worth it!
Instead, it is always better to focus on smaller projects in the existing space.
Fresh paint is always a great choice. Paint can make a big, even huge, difference. Painting can be a good investment and a way to easily update your home without spending a lot of money.
Hard surface flooring like hardwood floors and vinyl flooring are very popular.
These home improvements would be more effective to modernize and maximize your home's potential.
Make the existing rooms more functional and attractive to potential buyers.
These ideas are usually much better than taking on a remodeling project!
By investing in upgrades and minimal renovations you can add value to your home.
This can add value to your property without extensive additions and major renovations.
Tip #3: Update the Old, Worn Finishes that Date Your Home
What are things that date the home quickly?
A few things that date your home are old finishes.
These are common items that may not have been updated in a long time:
Light fixtures, cabinet hardware, honey oak cabinets, backsplashes, and a new countertop. This may be required if these items are from the 80s, etc.
Carpet is minimal these days here in Orange County, Southern CA. If you have old carpeting, installing a new carpet is always a great idea.
Since you are selling, the carpet does not have to be top-of-the-line. But the quality should go along with the quality of the property to give it the most value.
These items date a home very quickly and diminish the property value.
The good news is updating these finishes can breathe new life into the home. It can make it look modern, refreshed, and far newer than it actually is. Much value can be added without huge expenses!
So why not give your home a stylish makeover? Create an inviting atmosphere that will captivate potential buyers.
Take the leap and watch your old house be transformed into a contemporary oasis.
Tip #4: Get the Space Professionally Staged for Photos & Showings
Have you ever walked into a home where the furnishings don't quite match the price point? Or is it a fixer-upper home that is not in good shape?
Perhaps it feels darker, smaller, and an outdated floor plan. Compared to other homes in the current housing market.
As a Real Estate Agent, Interior Designer, and expert in staging, I'm here to help!
Now is not the time to advertise your personal taste. Usually, neutral colors appeal to the prospective home buyer.
It is good to strategically arrange furniture.
Also, adding tasteful decor, and creating a welcoming atmosphere are important.
I can transform your older home into a showcase that aligns with modern standards. This captivates potential buyers. That is a good thing!
Don't let your home's furnishings hold you back.
Let's work together to start with what you have. You can add items to make a big impact and make your property shine. It will command the attention and top dollar it deserves!
Then professional photos, drone shots, floor plans, house tour videos, color brochures, and all the marketing materials can be utilized!
My goal is to give you lots of special service!
I have tons of great beneficial ideas and advice, professionalism, and results.
So you can sit back, relax, and enjoy the process.
Thinking about selling your home?
Do you want to know what is the best decision and the most important things you should do to get top dollar?
I would love to help by doing a value report on your home.
Let's chat! You can schedule your discovery call here.
Ending Blessings to you and your families.
Father, thank You that I, and all your children, are called by Your Name! I am destined for a purpose. I thank You that Psalm 37:4-5 says that if I delight myself in You Lord, You will give me the desires of my heart.
Lord, I delight in Your plan for all of us. I delight in Your best gifts that You have in store for me and each of us. What a great promise!
I want Your best gifts and to be a delight to You Lord! That is the desire of my heart!
Next episode, I will talk about, “Can I pay less monthly payments buying a home than my rent payment?” I will be interviewing Danielle, who did just that and the benefits were huge, life-changing for her!
Until next time…
Now, Stop Dreaming, Start Designing your luxury home within your budget!
Blessings and See you next episode…
Resource
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