Deciding whether to invest in some home improvements before putting your house on the market can be hard to measure. On the one hand, you wonder whether it’s worth the time and effort to fix up a home you won’t even live in. On the other, you may wonder whether a potential buyer would even notice the changes.
This is a dilemma that sellers run into when they are ready to put their home on the market and prepare to move. The answer really depends on how hot the market is, how much time and money you have to spend, and, ultimately, how much you hope to get for your home. One thing that will definitely affect the sale of a home is necessary repairs that haven’t been addressed. Many buyers will not purchase a home that needs a new roof, for example, but they might if it needs new wallpaper. This isn’t just about the cost difference but about the structure of the home. Most prefer a home that is in move-in condition.
Know What Improvements Matter Most
To be a smart seller, you need to weigh the cost of improvements against the home’s market value. Know that kitchens and bathrooms always carry the highest return on investment. Perhaps take a day and tour other homes on the market in your neighbourhood and compare them with yours to see your competition. Minimum improvements to consider before selling include patching holes in walls and ceilings, repairing broken appliances and heating systems, and replacing leaky taps. It may sound backwards to invest in your home when you are about to sell, but making key upgrades will actually increase your return on investment spend on the backend of the sale.
If you’re wondering where to start, consider these five home improvements that can increase your home’s value and promise a return on your investment. Unknown to many, home renovations in other countries can be claimed under home office tax deductions. In Australia, One Click Life mentioned in a post that home renovations that are deemed vital to the overall work of the employee can be claimed under their tax returns.
1. Upgrade Flooring
The carpets and floors of a home or flat are some of the first things potential buyers will notice. They are also an easy way to make a place feel homely. Picking new flooring for the kitchen will draw a buyer’s eye to this essential area. The great thing about a flooring upgrade is that it doesn’t have to break the bank. Vinyl, carpet, and laminate flooring offer an amazing and functional look at half the cost of hardwood, increasing your home’s value without decreasing your bank balance too much.
New flooring in key areas of the home, such as kitchens, bedrooms, and family rooms, is sure to wow the buyer. Laying new vinyl or laminate in your kitchen, one of the most well-used rooms in your home will stand out as a charmer at the open house. Of the many benefits of vinyl tile, one of the most crucial for kitchens is its resistance to dampness and moisture. Laminate is also a popular choice as it’s known for being scratch and stain-resistant.
Nothing says fresh and cosy like new carpet in bedrooms and family rooms. There are many benefits to adding carpet to your home. Carpet is much more cost-effective than hardwood floors, and the insulation it provides appeals to the buyer looking for a soft, quiet room.
2. Upgrade Cladding or Paint on the Outside of Your Home
Adding a fresh coat of paint is another cost-effective way to increase the value of your home. Choose colours like white, light grey, dark grey, or charcoal. Don’t forget your front door and trim. If your home has cladding that needs sprucing up, consider painting over it. Almost all cladding can be painted over. Running a cost comparison between replacing and painting comes in handy – consider the type of cladding, how much paint would be necessary, and how it would compare aesthetically with replacement.
3. Upgrade Plumbing
The savvy homebuyer will test all sinks, flush all the toilets, and run the waste disposal units before taking a home seriously. If they notice a drippy tap or slow drain, it could give them pause. It could be a small factor that stops your home from getting the attention it needs to shine. No one wants leaky taps, clogged drains, or backed-up septic systems, so don’t give a potential buyer’s imagination the chance to consider themselves in a home with poor plumbing. All water features should run leak-free, and drains should operate free and clear. Consider how well your water heater works and the condition of your pipes before listing.
4. Add More Living Space
If you have a garage that’s not in use or an attic that can be converted to additional living space, you may want to consider what that would entail. Additional living space appeals to many buyers who want to feel like they will grow into the home.
5. Add Energy Efficient Improvements
If you need to replace an outdated heating system, consider replacing it with an energy efficient combi-boiler. Alternative energy sources may also be worthwhile as solar thermal, and biomass boilers are two options that can save homeowners money. Even simple fixes like replacing old light bulbs with LED ones and swapping old appliances with energy-efficient ones can make a big impact.
Improve a Little at a Time
Spending some time and money making improvements to your home now is one of the best investments you can make. Enjoy your home while you’re living in it and have it ready to sell one day in the future. Doing one or two things at a time over the span of a few months to a year is ideal, but in a pinch, focus on what you can do over doing nothing at all. It will pay off in the end.