Selling a home can be an incredibly difficult undertaking. Factors such as market viability and timing are at the top of the worry list, but the issues with selling don’t stop there. In a buyer’s market, the real estate sector will be flooded with similar homes in similar price ranges. The increased competition can be a hard obstacle to overcome but a few minor home renovations might make all the difference in the world between selling or not.
The important thing to remember when considering renovations is added value. While amenities like hot tubs or playrooms might be a great fit for your family, they may not make any difference at all to a potential buyer. For that reason, it’s best to focus on non-specific remodels that can apply to everyone. Below is a list of four practical renovations that will help sell a home:
Closet Build-Outs
Few things in a home are more pitiful than a huge closet with single clothes rod and a lonely shelf above it. With a few minor alterations that wasted space can be reclaimed and become huge selling points. Adding in a second layer of shelving, cubbies along the sides for extra sheets & pillows, a shoe shelf on the opposing side and even a tie hanger on the inside of the door can be game changers. While the return on investment may be minimal this is a remodel that can be accomplished relatively cheaply.
Replacing Vinyl with Tile
There are many new vinyl and sheet floorings that are very nice looking, tile is simply better when it comes to resale value. Whether deserved or not, vinyl has a reputation as cheaper overall product. Tile offers a durability and ease of repair that just isn’t possible with vinyl and sheet flooring. When a tile is damaged it can be replaced. When sheet flooring is damaged, the whole section usually has to be replaced.
Bathroom Upgrades
The bathrooms of a house are one of the most frequently used rooms and a high value item on a buyer’s short list. Bathroom upgrades don’t have to be expensive to increase value, just practical. A fresh coat of paint, a new modern faucet, and even new hardware on the sink & medicine cabinets will be certain to impress. With help from bath and kitchen buying groups, you can be sure to find the most up-to-date ideas and designs.
New Windows
Replacing old windows with moisture damage due to broken seals is a must. New, energy efficient windows are huge bonuses to buyers that tell them you took care of their new potential investment. According to Bankrate, an online expert in home finance and trends, replacing old windows with new wood or vinyl ones can cost on average around $11,000 with a return value of around $8,500. That means the cost recouped would be around 77%.
There are many renovations that can be done to a home to help sell it. The main thing to focus on when determining what to remodel is the value being added. If you can approach any potential upgrades from an unbiased buyer’s perspective, there is little you can do to go wrong.