Right now, it’s challenging to find a new home. Houses are marked as “pending” the day they are listed, people are waving home inspections, paying over the appraised value, and you must be pre-approved for a loan before you can even look. Many homeowners are choosing to skip renovations since we’re in a seller’s market, but that may be a mistake. Not upgrading certain areas of your home before listing could be preventing you from attracting the most buyers. It’s essential to make a competitive offer on a new home in this market. If you have the instant equity a few renovations can give you, why not take it? So, where do you begin?
Curb appeal can be an inexpensive renovation that can quickly turn a budget if you’re not careful. Make sure you start with a plan of action; identifying what you want to accomplish, how, and a budget. Small changes to curb appeal can help get more buyers in the door!
Typically trimming bushes, pulling weeds, and removing grass from the cracks in your sidewalk or driveway doesn’t cost any money but makes a big difference in the look of your home.
Power washing the outside of the home, adding a pop of color to the landscaping with flowers, and repainting the door and shutters are low-cost options that make your home look more inviting.
Finally, if you have a larger budget and extra time, you may consider adding a front porch or patio space. If you already have a front porch, even better! Create an inviting seating area because nothing says “welcome home” like a cozy front porch.
Kitchens and baths sell homes. The kitchen may take up the most significant portion of your budget, but your return on investment will have you smiling to the bank (or credit union).
Paint is a modest budget option, though it may take more time. If the cabinets are wood and looking sad, paint them! Choose a color that feels clean and looks good with the backsplash, countertops, and the floor.
Cabinet pulls and a new faucet are additional lower budget items to update. If you are adding these along with fresh paint, you could have a space that looks brand new and attracts more buyers.
Flooring, appliances, countertops, and backsplash are higher-end items that can make a big impact. You can purchase nicely used appliances or consider replacing one or more if they’re currently mix-matched in color. That way, you’re not buying all new.
New countertops look fabulous but are pricy and take some time to curate. Unless the current countertops in your home are a crazy color or are in disrepair, save some money here.
Flooring is a big one because it will help make a house flow better. Choose one flooring option to maintain a clean look. Flooring that is long-lasting, durable, and easy to clean may attract more buyers. Carpet is plush and cozy, but luxury vinyl is waterproof and may hold up better with kids and pets in the home. Vinyl flooring is also reasonably easy to install, and if you watch enough YouTube videos, you can do it yourself to save money on installation fees.
Bathrooms can become pricey but they may not need to be depending on your current situation. Again, make sure you have a good plan of action before you begin; identifying what you want to accomplish, how, and a budget. Replacing the toilet with a dual-flush, adding a new faucet for the sink, updating the showerhead, installing a new towel rack and toilet paper holder, and painting are all things that can be low-cost.
If you need to replace the shower/bathtub, the cheapest option is to get an insert. If your bathroom is small or you want it to stand out, tile is an option. Ensure you work with a contractor to meet your county’s code and prevent accidental damage. Match the backsplash with your shower tile if you go with the tile option. This will make your bathroom look polished.
Ready to renovate and bring in more potential buyers? Contact Community West if you need help securing funds with a Home Equity Loan! If you have any questions, reach out to a licensed professional. Before renovating, make sure you have read all your county’s bylaws. Certain homes require approval for any renovations due to historic preservation. If you end up tearing down any walls, make sure you do not disturb any pipes or wiring without consulting a professional first.