If you’re looking to sell your home, don’t fall into these home improvement mistakes.
Selling a property is notoriously expensive, with agents and buyers fees usually costing around 6 percent of your home’s selling value. Because of this, you need to avoid spending too much cash prior to the sale of your property to make the best profit possible.
Read on to discover what renovations are worth doing to increase your property’s value, and the home improvement traps you should avoid.
In this article, we’ll answer the following questions:
How long do most houses take to sell?
Should you make repairs to a house before selling?
Is it worth renovating before selling?
What home improvement adds the most value?
What home improvements add the least value?
Should I move out while renovating?
How long do most houses take to sell?
How long your home will take to sell depends entirely on the location, the market, and the house price. All of these factors have a significant impact on the time your property takes to sell.
Taking all this into consideration, the average US home takes around 12 weeks to sell depending on the state and city. In a ‘hot’ market, a home is more likely to take less than 3 months to sell as property is in demand.
‘Hot’ areas for 2023 include El Paso in Texas, Hartford-West Hartford in Connecticut, and Louisville in Kentucky.
Should you make repairs to a house before selling?
Before selling your home it’s a good idea to make the necessary repairs so your property is more attractive to potential buyers. However, don’t go overboard - there’s no need to completely renovate your home as you’ll likely lose the cash you inject.
Check whether your electrical wiring, boiler, gas pipe, and sinks all function properly before putting your house on the market.
Is it worth renovating before selling?
While a renovation will make your home more appealing on the housing market, doubling chances of a sale, it’s essential not to overspend on renovations as you’ll lose a significant amount of money on a sale. When performing renovations, make sure to use neutral colors and avoid unique furniture pieces to appeal to the most potential buyers.
What home improvement adds the most value?
If you’re looking to make home improvements to increase the overall value of your property, you want to focus on renovations that either add space or a better design.
Here are the top four ways to increase value:
Loft conversion
There’s a lot of untapped space in a loft, and carrying out a loft conversion could add more bedrooms which means more value. The more square foot your home has, the more appealing it’ll be to potential buyers - especially if in a desirable area.
A new kitchen
The kitchen makes up between 5 and 15 percent of your house value. If you want to add more value to your property, we recommend renovating your kitchen prior to the sale. Luckily you don’t have to rip out your interior and start again to increase value - simply paint cabinets and switch out countertops for a quick and inexpensive fix.
Basement conversion
More space means more value, and renovating your basement into a spacious living area is a surefire way to make your home more appealing to potential buyers.
Like loft conversions, performing a basement renovation isn’t cheap - costing on average between $12,000 to $70,000.
A new bathroom
Bathrooms are an effective way to add a sense of luxury to a home and make it more appealing to potential buyers. You don’t need to spend thousands on new fixtures and fittings - instead, add new tiles and flooring and make sure your bathrooms are free of any mold and grime.
What home improvements add the least value?
Completing home improvements to your property right before a sale can be risky, especially if you spend too much and can’t make back the money you’ve spent.
Avoid these three improvements to make a good return on your property investment:
Swimming pools
Although a swimming pool might seem like an attractive asset when buying a home, some people aren’t fond of the idea due to upkeep costs. They’re also expensive to install, costing on average from $30,000 to $70,000 and it’s unlikely that you’ll make all your money back after the sale of your property.
New windows
It can be tempting to revitalize your home with shiny new windows, but this is not a cost-effective idea as each window costs around $600 to replace on average.
To save money in the long term, you should only replace windows if they’re broken or leaking. To improve the look of your home, we recommend painting the window sills and trims for a new lease of life.
Unique furnishings
There’s nothing wrong with injecting character into your home, but if you’re looking to sell within the next few years, don’t purchase furnishings that are too quirky. Your property needs to appeal to the vast majority of people in order to sell quickly and for the best possible price.
Should I move out while renovating?
If you’re carrying out significant work on your property to essential rooms in your home, such as the bathroom or kitchen, you might want to consider living in a rental property while you finish essential repairs. This will make carrying out a renovation a lot more bearable and let your workmen get on with the job quicker.
If you’re only carrying out minor repairs like a paint job or replacing flooring, there’s no need to move out in the interim, especially since renting a new home and moving your belongings can be costly.
Improve your home and sell quickly
Carrying out the right renovations prior to sale is the best way to increase the desirability of your property on the market. By making smaller repairs that improve the overall look and feel of your home, for example, replacing floors and repainting, you’ll be able to sell your home quickly and for the best possible price.
