Best Home Renovations for Resale: Updates to Invest In
When the real estate market is favoring sellers, successfully selling your home typically takes less time to do. However, in a buyers’ market, finalizing a home sale may not be so easy. When potential buyers have a lot of homes to choose from, you’ll need to make your home stand out to beat the competition.
A home that looks unkempt and outdated won’t attract as many offers as more well-kept and modernized homes. The offers might not only come in slower, but they also won’t be as big. One option is updating your home to sell it faster and at a higher price point. While renovating your home keep in mind the following:
• Appearance Over Functionality
• Refresh Instead of Replace as Much as Possible
• Never Spend More Than You Can Recoup on Renovations
House hunters will be focusing more on the look of the home; they won’t have time to check how the appliances work or do other in-depth investigations. They’ll tour your home and check to see if it looks good, well-maintained, and catered enough to modern tastes.
So instead of spending money on major structural renovations and ripping out and replacing things, focus on making more minor but high-impact changes that will attract buyers. Here are some of the best home renovations for resale that are easy and affordable.
"The kitchen and bathroom sell a house. And most people buy the most expensive home they can afford. So they don't want to buy a house with a kitchen or bathroom that need to be worked on. That emotional tie is with the house where the kitchen and bathroom are in good condition." – Ken Perrin, President of Artistic Renovations1
Update the Bathroom
The best updates to sell your home will usually be in either the kitchen or bathroom. These highly functional rooms get a lot of use and so you want potential buyers to envision themselves in these rooms. When it comes to the bathroom, continue focusing on visuals. Outdated tile and dirty grout should be replaced. Old fixtures should be replaced with more modern options. Think timeless and use neutral colors if you re-tile and repaint the space.
Minor Kitchen Remodel
When you’re updating your home to sell, concentrate on refreshing highly visible areas like countertops and cabinets. If they are still in good condition, just give them a good clean. If they are looking a little shabby, cabinets can greatly benefit from a fresh paint job or varnish. Worn out countertops can also diminish the value of your home. Replace laminate counter tops that are showing their age and switch out unpopular tile countertops with Quartz or other natural stone surface materials.
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1. Kristen Hampshire, HGTV – Tips for Remodeling a Bath for Resale