Although we all want to believe the home we buy will last us forever, the reality is that at some point or another it will no longer be enough, and we’ll have to do some renovations. Maybe the kids have grown and left the house, leaving you with spaces that you don’t know what to do with. Selling the home is a good choice at this point, but before you put it one the market, you’ll want to do some renovations to bring it up-to-date and make it more attractive to buyers.
However, when it comes to renovations, less is usually more, and the best decisions are often those that prevent you from starting enormous projects. Here are some tips to consider to make sure you’re heading down the right path with your renovations.
Make Smart and Informed Decisions
Every homeowner has a long list of projects they’ve always wanted to tackle but never have. When deciding to sell, it’s tempting to want to try and accomplish everything on this list. But this is not a smart move. You need to remember you’re renovating to add value to your property and to help position it in the market, not to make yourself happy.
To avoid getting in over your head, start by making the complete list of all the things you’d like to do on your home. Then, begin crossing off those that aren’t going to add tangible value to your home. Consider bringing in an appraiser to tell you the current value of your home, and use this information to determine what is going to give you the best boost in value. You can also ask the agent what the market is looking for, which will allow you to focus on the repairs that will make your home more attractive to prospective buyers.
Renovations Are Not For You
Fixing up your house can be very exciting, but it can also be expensive and time-consuming. You must remember that you are not going to be around to enjoy the improvements you make on your home, so don’t make them according to your own tastes and habits. Instead, focus on market needs, and shoot for middle-of-the-road design elements that will appeal to a wider group.
Set Your Budget
Once you’ve decided on what you’re going to renovate and how, the next thing to focus on is budget. Take a look at your financials and speak with your agent to determine how much is a realistic amount to spend on repairs.
When doing this, always try to leave yourself a buffer. So, for example, if your budget is $20,000, take away around $5,000 and try to work with what’s left. If something unexpected happens, know that you have some extra funds to help you out. But if you start spending at max budget right away, it’s really easy to go over once things get rolling.
A job worth doing is worth doing well
Since home improvement is so expensive, many homeowners try to save money by doing renovations themselves. This is a good idea, to a point. Be realistic about what you can and can’t do, and remember that you’re renovating to sell. Doing a so-so job on something might save you cash, but buyers will see through it and you’ll end up suffering in the end. Money spent on qualified professionals is almost always money well-spent.