Wednesday, August 21, 2019

4 Financial Benefits of Making Upgrades to Your Home before Selling

Home upgrades can definitely pay for themselves and then some when it comes time to sell. With a few caveats that will be discussed in a moment, kitchen and bathroom remodeling tend to have the highest return on investment whereas individual luxury appointments that homeowners are sometimes inclined to splurge on to make their homes more “glitzy” often prove ill-advised financially.

First Impressions Matter

Fixing the siding on your home, sprucing up the gutters, and investing in regular landscaping can dramatically improve your home’s resale value by enhancing its curb appeal and improving that all-important first impression.

Potential Buyers See Their New Home

The biggest mistake that homeowners can make when thinking about renovations for a resell is overthinking about themselves and not enough about the future homeowner. This lack of attention to what the next homeowner will likely want out of your home is reflected in a low return on investment for luxury upgrades and garage conversions.

The fact is that most homeowners actually want a place to park their cars in the wintertime. Garage conversions are truly double-edged swords in the sense that they do increase the square footage of a home, but they also eliminate the possibility of parking a car indoors when the temperatures drop.

Most people in the market for a new home prefer a regular garage and mid-grade renovations in the bathroom and kitchen. A marble floor or high-grade cabinets may have been what you’ve always dreamed about, but those high-end appointments are unlikely to be precise to the future buyer’s taste. 

Help prospective homeowners see their new home by sticking to mid-grade, fairly down-the-middle upgrades.

Kitchens and Bathrooms Are Very Important

Kitchens and bathrooms are significant to future homeowners. One brilliant piece of advice is to take a tour with your real estate agent to determine what kinds of appointments are in the homes for sale in your neighborhood.

This kind of survey will give you a good idea about what future homebuyers are comparing your home against. You’ll be able to make a more informed calculation in terms of weighing the costs of renovations against the likely return on investment. 

Anecdotally, real estate ads always seem to mention updated kitchens and bathrooms. You don’t still need to completely redo your bathroom or kitchen to see the increased value either. Something as simple as replacing the tile flooring can make a big difference.

The payoff of Fixing Roof

Getting your roof in sell condition is imperative because those in the home buying market often cite a leaky roof as grounds for considering another home. People searching for a home will be relieved to know they won’t have to be responsible for replacing the roof anytime soon.

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