Certain home renovations can seriously increase a property’s sale price, such as updating the kitchen or finishing the basement. But if the goal is to increase the home’s value, it’s important not to sink more money into the upgrades than you’ll make back on the sale. Here are some basic rules to follow that can help make sure you don’t overspend on renovations.
- Don’t move the plumbing. This gets expensive quickly! Instead, find ways to rearrange the kitchen and bathrooms without moving sinks, toilets, etc.
- Update rather than replace. Not thrilled with the cabinets? Instead of ripping them out, try a new coat of paint and some updated hardware. Making repairs is often cheaper than replacing.
- DIY what you can. Doing your own painting and simple installations can really save money. Just make sure to defer to the experts on the truly skilled labor, like electrical.
- Consider the ROI. Do some research into which updates will increase a home’s value, such as replacing the garage door or the siding, and which updates aren’t as likely to pay off, like adding a master suite or building a patio.
Sellers Pro Tip: While remodeling can definitely make a home more appealing to buyers, it’s not the only thing that can! Remember that deep cleaning and careful staging can freshen up a house, too. Renovations should be just one of the tools in your home selling tool kit.