Are you planning on putting your house on the market? You may have heard that a little renovation work can have a big impact on your home’s market value. That’s true, renovations often boost home values and help sellers set higher listing prices. But that can come at a steep cost.
Home renovation spending hit a record high in September 2018, when it reached nearly $10 billion for that quarter, according to the Australian Bureau of Statistics. Queensland was an especially active area for renovations, with homeowners in the region dropping $1.85 billion on new furnishings, remodellings and other updates.
Even if you’re thinking about forgoing a professional contractor altogether and going the do-it-yourself route, you should know that some renovations will provide a bigger return on investment than others. Homeowners need to be judicious about which projects they take on, especially if their end game is to increase their home’s value before putting it on the market. Consider prioritising these DIY home renovations before selling your house.
It’s best to avoid taking on any major home renovation projects if you’re hoping to bring in more money from a sale. Not only do most homeowners like the skills and knowledge needed to tackle significant remodelling work themselves, those kinds of updates rarely add enough value to your home to warrant the cost. A 2018 Remodeling Magazine survey found that the home value increase from a major kitchen model, for instance, amounted to roughly 53% of the total project cost. You may have a really nice kitchen when it’s all said and done – at least until you sell your house – but you will have lost money on that remodelling job.
A better route is to focus on smaller upgrades that require less money and experience to complete. Relatively simple updates to your house’s exterior – adding a fresh coat of paint, resodding the lawn, replacing a weathered door, removing rotted wood, etc. – give prospective buyers a better first impression. Increasing your home’s curb appeal is a great way to raise your asking price without committing to a long, expensive renovation project.
DIY renovators shouldn’t attempt to take on too much when updating their bathrooms – adding an entirely new bathroom should be taken completely off the table – but you do have options. Replacing a showerhead with a luxury, high-pressure model will certainly make an otherwise modest bathroom look more impressive.
In a similar vein, getting rid of old outdated faucets and countertops and replacing them with something with represents a more modern aesthetic is a good and relatively simple way to increase your home value. Chrome and brushed nickle are very popular finishes right now, and there are many elegant options to choose from.
Although a major kitchen remodelling job will likely set you back, modest upgrades to your kitchen could help increase your home value. Think more along the lines of replacing an old refrigerator or removing linoleum countertops in favour of a sleek, refined granite finish.
Open-concept kitchens may be all the rage right now, but DIY renovators don’t have the funds or the skills to tear down what may be load-bearing walls, install a kitchen island and lay down hardwood floors. If you set your sights on smaller upgrades, you can bring your kitchen into the 21st century and impressing prospect buyers without spending too much money.
One important thing to keep in mind is to respect the character of your home, particularly if your house dates back to the turn of the century. White marble countertops and brass kitchen range hoods wouldn’t look quite right in an otherwise rustic home. Be mindful about any changes you make and if they complement the style of your house.
Whether your looking at updating your bathroom, kitchen or other area of the house, keep in mind that a deep cleaning can do wonders for your home’s presentation. Clearing out any clutter and giving your home a good scrubbing from top to bottom will certainly help with staging your house.
For more information about getting the most value possible when selling your house, contact Ray White Surfers Paradise Group today.