Whether or not you should renovate your property before selling it is a controversial topic without a clear-cut answer to it. On one hand, renovation itself is a lengthy, expensive and an arduous project that most find worth only if you intend to keep living in the house you are renovating. On the other hand, it could significantly boost the resale value of the place. Still, this requires a lot of knowledge and experience, seeing how some of the greatest ideas may not bring you that great ROI should you decide to sell the place. This being said, here are a few suggestions that could make the renovation of your property prior to its sale definitely worth your while.
Entry door replacement
The first renovation you could make is replacing your entry door with a safer, more aesthetic and more energy-efficient one. This renovation usually costs under $3,000 and it brings an incredible return on your investment. You see, as soon as they move into your home, the new owners will proceed to replace all the locks on doors and windows, which only goes to prove how high the overall safety of the entry door is ranked on their priority list. Moreover, going with a unique hand-carved door (which you could get for this modest amount) may play a vital role in leaving a great first impression. As a comparison, repairing your roof may bring a more of a practical value to your home, it probably won’t be able to return your investment.
Improving your backyard
Reshaping your home’s backyard is another investment that can make the value of your property skyrocket. According to one survey, a mature tree can boost the value of your property by up to 19 percent. Still, if you are in a hurry to sell you won’t be able to wait for the tree or a shrub to mature, which is why this method is only viable for those who are planning at least several years (or a decade) in advance. On the other hand, building a wooden deck in your backyard is a fairly simple and inexpensive project that could be completed for as little as $1,000. In turn, it could return as much as several times this amount during the sale.
Kitchen and bathroom modernization
The first two areas any potential buyer will enter as soon as they step into your home are your kitchen and your bathroom. Seeing how self-sustainability is taking the world by storm in 2017, you can greatly benefit from investing a bit into low-flow bathroom elements and low-power kitchen appliances. Still, visual enhancements usually give even greater ROI. We are talking about elements such as vinyl flooring for the bathrooms and stone countertops for the kitchen. Still, in order to be 100 percent sure about which of these trends give the best ROI in your region, you might want to contact local realtors and inquire a bit further on this topic.
Are solar panels worth it?
Finally, we mentioned self-sustainability as one of the major trends but what about its poster child – the solar panel installation. Here, you have a bit of controversy seeing how they do save you quite a bit of money they are also an expensive investment. To make the long story short, installing a tiny panel to power something smaller, like a water heater, may be more cost effective for resale than trying to power the entire household in this way. The reason behind this is simple, these solar-powered water heaters can repay themselves in as little as two years, while replacing the entire grid may take 9 to 12 years to fully pay itself off.
So, to answer the question from the headline – if you do have the funds and time for it, you should definitely renovate your property before selling it. However, you need to renovate with the intention of boosting the home’s resale value which is not the same thing as doing some work on your family home. Here, you need to take the approach of cold, calculated pragmatism and do some simple math. On one side, you do the research on how much would a certain upgrade cost and on the other, you inquire about how much of a property value boost you can expect from it. Silly as it may sound, it really is that simple.