Every year, US home owners spend an astonishing $300 billion on renovating their homes. While remodeling and repairing can be a rewarding experience and opportunity to customize one’s living arrangement, renovating to sell your home is another matter.
If you’re wondering if you should renovate your home before selling it, you’re not alone. Let’s look at some of the factors that might affect your decision to renovate, and how you can affordably renovate your house.
RETURN ON INVESTMENT
One of the most important decision-swayers for renovating your house is if you will receive a good return on investment (ROI).
It doesn’t benefit you to invest in a renovation that doesn’t increase your ROI. If you invest too much into a renovation without receiving any ROI on it, the renovation becomes a money pit that leaves your wallets lighter than it would have had you not renovated.
On the other hand, sometimes it does make sense to renovate a home that won’t increase your return on investment.
If your home is in a location that isn’t ideal, the market is tough, or the surrounding area is highly competitive, with plenty of renovated houses, then it might be a good idea to renovate your house to help it stand out. This is especially true if you’re hoping to sell quickly, as paying off a mortgage for a house you have moved out of but can’t sell will come with its own costs.
WHAT ARE THE BEST COST-EFFECTIVE HOME RENOVATIONS FOR SELLERS?
By now you might be wondering what you can do to make the most out of your renovation without breaking the budget.
Save money on your renovation by renovating the areas that sell houses, such as kitchens and bathrooms. New countertops, a fresh coat of paint, or even a deep cleaning can improve your house’s likelihood of being bought.
Curb appeal can also do wonders at attracting potential buyers to a house that has been lightly renovated. Trimming or planting trees and flowers, adding mulch, and power-washing the driveway and exterior of the house can make your home’s landscaping entice buyers into viewing and potentially buying your renovated home.