Everyone wants to boost their home value before selling. So it’s reasonable to wonder if more is always better. Should you spend lots of money on renovations before you sell? Do expensive renos tend to earn you significantly higher when selling?

Here we explain why you should stick with Simple Renos to Add Value Before Selling.

Start with a Budget & a List

People first need to figure out their budget for renovations. This, right off the bat, will help people identify how much money they have available to update their home. Once you know your budget, you can ensure you use the money in the most efficient way to add value to your home before you sell.

In order to make your budget, you’ll first need to create a full list of improvements you feel could be made, in order of importance. For example, if your carpet is covered with stains and is torn, put that at the top of your list. Aspects of your home that could be a non-starter for buyers should be prioritized.

Example:

• Carpet stains in living room - needs replacement - $2,000
• Ugly, outdated bathroom - needs remodeling - $3,000
• Dirty exterior- power wash the siding - $0 - $300
• Poor landscaping - add curb appeal: flowers, shrubs, or wood chips - $100-$300
• Scuffed walls - all walls need a new layer of paint - $400-$3,000
• Kitchen - full remodeling - $15,000-$20,000

Imagine you have carpet stains, an unsightly bathroom, a dirty exterior, poor curb appeal, scuffed walls, and an outdated kitchen.

Weigh the Cost vs Recoup

Now that you’ve identified what needs renovating, you need to know if making the update is worth the cost. It's helpful to focus on projects that will recoup the most amount of money put into it. Keep in mind that just because you have the budget for a lot of renovation, it doesn’t mean you should. Here is why you should stick with simple renos to add value.

Big Renos

It may seem like putting a ton of money into a home would automatically mean the value goes up accordingly. This isn’t usually the case. Take bathrooms for example. Sellers who remodel their bathroom for $3,000 or less can recoup $1.71 per dollar spent.

Compare this to a high-end bathroom ($10,000-$25,000) remodelling which brings back a mere 87 cents per dollar spent. Remodelling a kitchen usually only will get you 50 cents back per dollar spent.

If you’re planning to enjoy the big renovations yourself and live in your home for a while, then big renos could be worthwhile. But if you’re just looking to do a big reno to sell, then save yourself the money, time, and effort.

Trends change quickly, so styles and designs of high-value renos may lose their perceived value faster.

Simple Renos

The chances are, simple renos are all you need. Sellers are almost guaranteed to recoup the money spent on paint, new carpeting, mid-range bathroom remodelling, light fixtures, and basic landscaping.

Let’s start outside. Curb appeal and landscaping are what buyers see first. Positive first impressions can easily increase your home’s value by several percent. Adding a new garage door, freshly painting the front door, planting annuals or evergreen trees boost curb appeal nicely.

Painting with neutral colours appeals to the widest range of buyers. A winning combo is a freshly painted home with a bright interior, and dark exterior with a richly coloured door.

Inside, if your bathroom needs renovating, you can add tiles in the bathroom that look great without the high price tag. Updating your doorknobs, lighting fixtures or cabinet handles is an inexpensive way to make your spaces classy.

Closing

Make your list, put it in hierarchical order, and reference recoup amounts for the individual projects. If you are tempted to put a ton of work into a project that simply won’t recoup enough of your investment, then do a much smaller scale update. Focus on the projects that are most needed that will impact buyers the most.

If you’re looking to sell in Sarnia-Lambton, give The Blue Coast Team a call today at (519)331-3746 and it’s time to come home to the Blue Coast!