Owning a home is an investment, often the biggest one many of us will make. As with all other investments, there are risks.
Substantial jobs like replacing your HVAC system or repairing the roof are no longer the responsibility of a landlord; they’ll come out of your pocket. So if you’re planning to downsize or are thinking of moving into a newer house, you may want to do a few key things first.
- Do the Major Repairs
Before you even consider attempting to sell your house, order a thorough inspection of all the major repairs that may be necessary. The buyer will be making a massive investment already, so he or she isn’t going to be thrilled about additional costs such as roof repairs and replacement.
A pre-inspection report can be worthwhile to identify which repairs will get you the highest value obtainable from your home.
- Paint Every Room
A fresh coat of paint can go a long way. It gives the house a lift that makes it feel new, but it’s possibly the most affordable in terms of renovations.
This includes the exterior of the house as well. An exterior paint job can result in a 55% ROI while the interior averages a 107% ROI.
Buyers are motivated by the experience of a space that feels big and bright. Focus on lighter colors, because dark shades can have the opposite effect.
- Consider New Flooring
Carpets are relatively out of date. Most potential homeowners look for a modern feel as well as something they can easily clean.
If they have pets or children, messes will be more difficult to clean with a wall-to-wall carpet. Hardwood, vinyl, and tile are much more sanitary, since they trap less dirt and moisture.
- Kitchen Remodels
A kitchen remodel can raise the value of your home, even if you don’t necessarily recoup the full amount you’ve spent. It’s the most used area of the house, so many buyers often look at the aesthetics and functionality of the kitchen above all else.
Anything from a simple backsplash to a complete upgrade of the cabinetry can range from $5,000 to $50,000, depending on how extensive you decide to go.
- Bathroom Remodel
On average, remodeling a bathroom can cost upwards of $10,000. This varies depending on the amount of plumbing work you decide to do.
But it’s usually well worth it, because an entire bathroom remodel can increase the value of your home while providing a return of around 50%.
- Improve the Lighting
Lighting can make or break the ambiance of a room. It’s also an effective DIY renovation that doesn’t necessarily require you to hire extra help.
Little touches such as lighting underneath the kitchen cabinets or overhead lights in the closet can make the space feel much more inviting. A tip for homeowners is to have 100 watts of electricity for every 50 square feet within the house.
- Keep the Exterior Landscape Simple and Clean
As we mentioned before, homebuyers look for a house that doesn’t require a massive amount of work. When you start scheduling people to view your home, the first thing a potential buyer will see is the facade.
If the landscape isn’t well kept or appears to need a significant amount of labor to keep up, your prospect may develop a poor initial impression of the entire property.
- Do a Deep Clean
Renovating your home doesn’t necessarily require thousands of dollars to create a fresh look.
The more potential buyers can see themselves living in the house, the more likely they’ll be to make an offer. That can be difficult for them if rooms are filled with nursery furniture and photos from your last family vacation.
So before you put your house on the market, do a thorough, deep clean of every room. Get an early start on packing to declutter the house of bulky furniture or any personalized items.
- Add Smart House Elements
For less than $1,000, you can upgrade your home into a smart house. Items like electric thermostats or energy-efficient lightbulbs can make a substantial difference from the buyer’s perspective.
They’ll perceive they could afford to pay a little extra up front because they’ll be saving on their monthly bills.
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Home repairs and renovations to increase the value of your residence don’t require you to break the bank. You can accomplish surprising upgrades with almost any budget.
Start by evaluating your home and identify which areas need the most work. Figure out how much you can realistically invest toward any renovations and delegate appropriately.
You’d be surprised by how even the smallest adjustments, at little to no cost to you, could make a huge difference.