3 Mistakes to Avoid When Remodeling Your Home to Sell!
1. Assuming You Will Receive a Dollar for Dollar Return on Your Remodel Investment
Money, money, money! The goal is to put as little money into your remodel and get the most money out of the sale of your home, right? News break! Unless you bought a foreclosed or well below market value home, you will not receive a dollar for dollar return, or more, on most remodel investments you put into your home. For instance, your home is valued at $200,000. Choosing to invest a $60,000 kitchen remodel into your home, will most likely not make your home value $260,00+. So, if you can't get a full return or more on your remodel investment, why make it?
The two most common reasons a remodel is needed before you stick your for sale sign on your lawn is to make your home appealing to buyers and set your home apart from other homes in your area and price point. Both of which will help your home sell fast and at a higher price than other homes in your similar market. If your home is dated and worn out, it may not be appealing for buyers to even look at. Working with an experienced design professional to implement cost effective and appropriate updates, may be the key to attracting buyers. Having the most updated and aesthetically pleasing home in your similar market may increase the sale price of your home, thus allowing you to recoup more of your remodeling costs. No, you may not recoup dollar for dollar or more, but when done right, your remodel investment can help you sell your home fast and at a higher price, than to comparable homes in your market.
2. Not Choosing the Right Quality Products for the Value of Your Home
We all know money plays a huge part in selling a home. Now we know that recouping dollar for dollar or more of a remodel investment, is not complete reality. So you may be thinking about heading out to your closest big box store to buy the cheapest products you can find! Before you do, consider the value of your home! Grabbing the cheapest particle board cabinets, laminate countertop, peel and stick backsplash, or faux marble vanity top, may not be the best option to add value to your home. If you are going to make a remodel investment, you want to make sure you are selecting products that are the right quality for the value of your home. So, what are people looking for in a remodel?
Key spaces highly judged by home buyers are kitchens and bathrooms. Flooring is also on the top of the list of finishes that either add value or turn buyers away. Desired kitchen features include light colored cabinetry with soft close hinges and multi-functional cabinetry, granite, quartz or solid surface countertops, layered lighting options, tiled backsplashes, and stainless or black stainless appliances. Bathroom remodels include desired features such as walk in showers, tile work, light colors, chair height elongated front toilets, and brushed nickel finishes. Tile and luxury vinyl planks and tiles are the most common flooring products used in kitchens and bathrooms. Hardwood flooring, tile, carpet and luxury vinyl planks and tiles are also suitable and desired by home buyers for other spaces in your home.
3. DIY Disasters
Installing products and finishes yourself is definitely a way to save money and increase return on your home improvement investment. However, you can quickly get in over your head with a mess that will cost you more in the end. When you decide to install something yourself, you are claiming to have a level of expertise and knowledge that suggests you can install the project safely and with accuracy and skill. Remember, watching a DIY video, will not make you an expert in the field. Don't make the mistake of installing something yourself that will, in the end, cost you more to have removed and done by a professional, or cause a safety hazard. Tackle projects you are confident in, and leave the others to a professional!
Considering remodeling before you sell? Set you appointment with me to make sure you are investing where it counts!