Should I renovate before selling my home?

Should I renovate before selling to get more money for my home?

Sellers
Last Updated: May 01, 2020

You’ve decided to sell and are willing to make some improvements to get a better selling price, but what is going to get you the most return for your investment?  This question requires careful consideration and here are some tips that will keep you moving in the right direction.

 

According to the National Association of Realtors 2019 statistics, you should not do a total gut job in the kitchen.  Just because it’s your dream kitchen, doesn’t mean it is someone else’s.  Instead, consider a minor kitchen remodel, which can net as much as an 80% ROI.  A mid-range kitchen remodel might include high-efficiency appliances, new cabinet fronts, hardware, resilient flooring and painting.  Two other interior renovations that fall closely behind in popularity are new wood flooring (although luxury vinyl planks are a more affordable option) which has a net ROI of 90%, and HVAC replacement which nets approximately 71% ROI.

 

Most of my clients won’t look at the inside of a home if the outside doesn’t capture their interest.  A popular and easy way to spruce up your curb appeal aside from landscaping is to add a new steel entry door.  They are stronger than fibreglass and wood doors, providing greater security and durability, netting a 75% ROI.  Vinyl windows are next on the list providing greater energy efficiency and netting an 80% ROI, with new garage doors coming in around 87%.  

 

By adding newer energy-efficient items to your home, you will save money on energy bills and insurance which is also a plus to potential buyers.

 

Written by Kimberly Aguilar, Realtorâ - RE/MAX Realty Unlimited, Tampa, Florida