One significant asset for many coaches is their home, and if you’re looking to sell in the near future (any time from now to five years from now), there are ways to improve your curb appeal and bump up your asking price, without investing lots of time and money. In fact, it’s been shown that small, strategic renovations can have a huge impact on your home’s attractiveness to buyers and may make them more likely to put in an offer. Read on to find out how to make the most of what you’ve got so you’ll be confident about selling when the time is right.
Does it make sense to renovate before you sell? If you know you’ll be selling your home within the next few years, it doesn’t make sense to make expensive renovations, but it does make sense to make smart ones. You’ll want to consider industry advice and research the costs and time required for any project before committing to it. That said, certain areas tend to be more important to potential buyers than others: the exterior of the home (garage, siding, landscaping, deck, etc.) and, on the interior, the kitchen and bathrooms. These might be smart places to focus your energy, while bearing in mind that complete overhauls are expensive.
Where should you start? It can be overwhelming trying to decide which upgrades to tackle and whether or not they’ll recoup expenses when it comes time to sell. But here are some loose guidelines to use as a jumping-off point to start your renovation projects:
1. Which minor problems can you solve easily?
Think about simple fixes. Sometimes fresh paint and new fixtures can give the kitchen or bathroom a major facelift. Consider projects you can take on by yourself, like painting the front door or window frames, replacing door knobs or switch plates or even upgrading flooring with do-it-yourself laminate. Remember that the bottom line is to make the home more appealing and saleable without losing your profit.
2. Focus on appearance over function.
Don’t waste your money on big-ticket items. Now is not the time to replace the water heater or HVAC. As long as they’re functional, they won’t change your asking price. Your goal is to make your home look pleasing and livable. Focus on aesthetic, affordable adjustments that suit current tastes (rather than just your own) and make the home attractive to buyers. Again: paint is your friend.
3. Think about improvements, not just maintenance.
What counts as maintenance? That would be things like installing new plumbing or replacing the gutters or furnace. These may keep your home in long-term working order, but they don’t increase its value. They aren’t noticeable to buyers and they cost a lot of money. However, if you replace the windows and make your home more energy-efficient, homebuyers can appreciate this added savings over the months and years to come. If you do decide to spend some real money on a renovation, make it something that your potential buyers can immediately see or that have inherent value they can easily grasp.
Smart Indoor Renovations
Think about minor updates that can help your home stand out without breaking the bank.
1. Declutter and clean.
More often than not, emptying out storage rooms and closets and giving your home a deep clean can improve its appearance and give prospective buyers the illusion of more space. The best part? Cleaning and streamlining don’t cost much, if anything at all.
2. Open up the space.
If you’re going to renovate, invest in design that opens up the space. In 2020, 44 percent of real estate agents cited “need for more space” as the number one moving motivator.6 So, if you’re going to make a change, make it one that adds to the overall sense of space—like combining kitchen and living areas into one great room, or replacing a bathtub shower with a walk-in shower.
3. Refresh major items at eye level.
Replacing your kitchen cabinets is a huge expense, so avoid this unless they’re in poor condition and must go. Otherwise, consider repainting them to give your kitchen a significant refresh at a fraction of the cost.
Once again, remember that paint is your friend. Do a bit of research into modern, popular paint colors and stick to bright, airy tones to make smaller rooms appear larger. Fresh paint has the added benefit of making your home look cleaner and more current, and it doesn’t have to cost much.
5. Upgrade the bathroom.
Consider some minor bathroom adjustments—bathrooms are always high up on potential buyers’ lists. Again, don’t spend a fortune, but do think about tackling one project that you think you can manage yourself, like paint, new fixtures or updated flooring or countertops.
Outside The Home
How can you make your home stand out? There are a handful of manageable updates that can seriously impact your house’s appeal:
1. Maintain your landscaping.
People do tend to judge a book by its cover and attractive landscaping gives the impression that a home is well taken care of.
2. Fix your front door.
One of the first things buyers see, the front door is often overlooked when homeowners consider easy renovations. Paint it or replace it with something brightly colored or uniquely modern, like steel or glass. A fresh look for the front door can be memorable to potential buyers.
3. Replace the garage door.
Upgrading the garage door gives your house’s exterior a major visual boost. It’s also one of the single most cost-effective ways to increase your home’s value without blowing a lot of cash—in fact, while a garage door can cost upwards of $3,600, you’ll recoup nearly 100% of it. And it will make a great first impression.
4. Touch up the paint.
If you can’t or don’t want to spend the money on repainting the entire exterior of your home, consider just touching up the problem areas—address chips and flakes, the front door and trim or pressure wash the outside to flush away dirt and mold.
Even in a sellers’ market, overpricing your home can work against you. Despite the fact that there are fewer houses on the market, the economy is suffering and unemployment rates are still high, so buyers might be less inclined to enter a bidding war. And with mortgage rates at an all-time low, buyers are not desperate to purchase anything they don’t feel is priced right. Do your research to make sure you’re asking (and getting) a fair price.
This article was written by Rosa Ivey. When you’re ready to take that next step, contact me, Rosa Ivey. I can help you find the right type of mortgage to match your current needs and future goals. Plus, I can help you in any state across the U.S.
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