Renovating your home is generally a great way to increase its value, but certain projects might not be worth the hassle if you plan on selling your property in the near future. Some renovations won’t substantially increase the resale value of your home while others could actually drive away potential buyers. Here are a few variables that you should consider before starting your next home project.
Homeowners are often surprised to hear that many popular upgrades and additions can actually reduce the value of a home or make it more difficult to sell. That is why you should always do plenty of research and make sure that your project is going to have a good return on investment. In addition to speaking with a real estate agent, you will also need to take a look at nearby listings to see what local buyers are currently interested in.
Researching the Local Market
You should spend a few weeks researching nearby neighborhoods before carrying out any projects or putting your home on the market. Looking at nearby listings will help you price your home and decide which renovations are going to be worth the investment. As a general rule, you should always choose basic renovations that are universally appealing. Drastically altering the appearance or functionality of your home can complicate this process.
Renovations to Start With
Most real estate experts agree that the primary mechanical systems of a home must be working flawlessly before the property is listed. That includes all of your major appliances, the HVAC system, the electrical system, and your home’s plumbing. Trying to sell a home with leaking pipes or a damaged air conditioner can be very difficult. Once you are sure that all of those systems are working flawlessly, you can then choose a few cosmetic renovations like a fresh coat of paint or a redesigned entryway.
DIY or Professional Renovations?
Minor cosmetic projects can usually be handled by the average homeowner, but significant projects should be left to the professionals. You will most likely need to work with an experienced contractor from a company like Greene Concrete Cutting Inc if you plan on cutting into concrete walls, altering the foundation, or changing the structure of your home in any other way. Depending on where you live, you might even be fined if you carry out those projects without the proper permits and licenses.
Altering your home just before you plan on selling it is rarely a good idea, but there are some exceptions to that rule. The best way to determine which renovations are going to be worth the investment is to contact a realtor who understands the local market.
March 28, 2018