With the real estate market flooded with houses for sale and record low home prices, it’s a buyers-market. If you are planning to sell your home soon, it pays to know which renovations and additions will increase the value of your property. Knowing if the money that you spend to fix-up your current home will pay off when it comes time to put it on the real estate market can put you way ahead in the real-estate game.
When you are completing renovations on your home with the intention of selling it, make sure they are done properly and are clearly of good quality. Using a professional to do the work will not only give you the quality final product you want, but will also ensure that a building permit (if one is required) will be obtained and a warranty on the workmanship and materials will be in place. Real estate professionals agree that if you want to get the best resale value for your home, get renovations done by an expert.
In fact, an artfully done renovation can make the difference between your home selling quickly — and, in some cases, for a hefty profit — or remaining on the market for months. Banks are also becoming more particular about the condition of the homes they are lending on.
Also, be certain that any renovations you do in your home are appropriate to your house and neighborhood. Be careful not to do renovations that cannot be recovered because you overspent on them. For instance, it makes no sense to put $100,000 kitchen into your home when the average selling home price in your neighborhood is $250,000.
Plan your home-selling experience by anticipating what repairs or upgrades your home needs to make an impression on potential buyers. Have them done professionally and within the average selling price of your neighborhood in order to recoup the greatest amount of your money in the sale.
Remodeling magazine’s cost vs. value report is a good tool gauge how much of your renovation dollars you can recoup.
Top 10 Home Improvement Projects for Resale Value in 2012:
- Kitchen Remodel
- Replacing entry door
- Window Replacement
- Adding a Deck
- Finishing basement or attic space
- Bathroom Remodel
- New Siding
- Garage door replacement
- Home Office Remodel
- Adding a second bathroom